Income Tax notices can be sent to old address - SC
Posted Date : 29-Oct-2019 , 10:36:38 am | Posted By CASANSAAR
If you have not updated the address in the PAN (Permanent Account Number) database, then the Income Tax Department has every right to send any notice at your old address and complete the assessment accordingly.
In an important judgement recently, the Supreme Court has made it clear that the notic...
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Income Tax |
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IBC resolutions exceed new time limit of 330 days prescribed by Govt
Posted Date : 29-Oct-2019 , 10:33:22 am | Posted By CASANSAAR
The average time taken for completion of 156 CIRPs that have yielded resolution plans has overshot the government's revised deadline of 330 days for completion of the process.
According to the Insolvency and Bankruptcy Board of India (IBBI) data, till September 2019, 156 CIRPs have yielded re...
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Insolvent Professional |
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Gujarat HC serves notices on Govt, GST council for breach of refund norms
Posted Date : 28-Oct-2019 , 09:27:42 am | Posted By CASANSAAR
The Gujarat High Court has issued notices to the union government and the GST Council over the alleged breach of refund norms by field officers under the goods and services tax (GST) regime.
Under the Rule 92 of the Central GST (CGST) Act, the claim of the refund has to be made in the RFD 04 form...
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GST |
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Notice issued to a person not existing in the eyes of law - Valid or not?
Posted Date : 26-Oct-2019 , 02:16:16 pm | Posted By CASANSAAR
Notice issued to a person not existing / not alive in the eyes of law - Valid or not explained by Adv (CA) Kapil Goel with CA Vivek khurana.
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Income Tax |
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MCA reviews list of economic offenders, names sent to home ministry for action
Posted Date : 26-Oct-2019 , 10:20:50 am | Posted By CASANSAAR
Ministry of Corporate Affairs (MCA) has recently reviewed a list of individuals and corporates under the scanner over potential cases of financial irregularities. The ministry has referred over 80 names under various categories of look out circulars (LOC) after the review, government sources said.
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MCA |
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Concessional GST Guidelines revised for purchase of Vehicle by Disabled
Posted Date : 26-Oct-2019 , 10:12:20 am | Posted By CASANSAAR
Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises, Government of India, in pursuance of Ministry of Finance Notification No. 14/2019-Integrated Tax Rate dated 30.09.2019, has notified the revised guidelines for availing the concessional rate of GST, for purchase of ...
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GST |
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NCLAT asks ED, MCA to reach consensus on BPSL assets
Posted Date : 25-Oct-2019 , 01:03:42 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL).The ministry and directorate have locked horns over the issue...
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Corporate Law |
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Accounts with J&K Bank under ED scanner
Posted Date : 25-Oct-2019 , 09:46:18 am | Posted By CASANSAAR
The Enforcement Directorate (ED) is investigating several accounts with the J&K Bank, in which huge amounts were deposited and then withdrawn in cash over a period of time.
The agency is trying to ascertain the source of deposits in such accounts.
Based on the cases registered by the Jammu...
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Accounts |
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DGGI, Gurugram, busts racket issuing fake GST invoices of more than Rs 136 Cr
Posted Date : 24-Oct-2019 , 06:28:26 pm | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit, Gurugram arrested Sh. Rajiv Gupta on 23.10.2019, partner in M/s RST Batteries, Mundka Delhi and Director of M/s RST Batteries Pvt. Ltd Bahadurgarh, Haryana for orchestrating a racket involving fake invoices valued at more than ...
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GST |
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FM promises further GST simplification to help India improve biz ranking
Posted Date : 24-Oct-2019 , 06:14:20 pm | Posted By CASANSAAR
Union Finance Minister Nirmala Sitharaman on Thursday said efforts will be made to further simplify Goods and Services Tax, and expressed hope that it will help in further improving India's ranking in the World Bank's ease of doing business index.
India has jumped 14 places to rank 63rd i...
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GST |
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What are the CPE hours requirements for the members of ICAI
Posted Date : 24-Oct-2019 , 10:17:31 am | Posted By CASANSAAR
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ICAI |
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Cabinet approves MoU between India and Kuwait in the field of accounting, finance and audit
Posted Date : 24-Oct-2019 , 10:07:49 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) for capacity building and strengthening the accounting, financial and audit knowledge base in Kuwait.
Institute of Chartered Accountants of India (ICAI) and Kuwait Accountants and...
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Auditing |
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30,000 individuals under I-T scanner for money remitted abroad via RBI scheme
Posted Date : 24-Oct-2019 , 09:55:49 am | Posted By CASANSAAR
Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner, reports Business Standard.
The department has issued scrutiny notices to assessees, asking for details of foreign accounts, properties and shares ...
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Category :
Income Tax |
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Income Tax raids unearth Rs 1,000 Cr worth hawala money in Delhi
Posted Date : 24-Oct-2019 , 09:44:42 am | Posted By CASANSAAR
In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore.
The tax department has also found links to money laundering involving the business group engaged in e-governance projects and financial service...
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Category :
Income Tax |
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SEBI moves SC against SAT's order in PwC case
Posted Date : 23-Oct-2019 , 10:51:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has appealed in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the Price Waterhouse (PW) case. On September 9, the tribunal had quashed the order passed by the regulator against the global audit firm for its role in the Sa...
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SEBI |
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RBI bans use of agents to chase loans
Posted Date : 23-Oct-2019 , 10:38:13 am | Posted By CASANSAAR
The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers. This was communicated by the central bank in a response to queries raised by the banking industry, two senior bankers told ET.
While t...
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RBI |
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Online proficiency self-assessment test for independent directors from Dec
Posted Date : 23-Oct-2019 , 10:35:40 am | Posted By CASANSAAR
All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards, according to an amendment to the Companies Act notified by the Ministry of Corporate Affairs (MCA) on Tuesday. This rule will come into effect from D...
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MCA |
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NCLT allows MCA to appoint statutory auditors to IFIN
Posted Date : 23-Oct-2019 , 10:21:18 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has allowed the ministry of corporate affairs (MCA) to appoint Mukund M Chitale & Co the statutory auditor for IL&FS Financial Services (IFIN).
IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the compan...
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MCA |
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SEBI might investigate whistle-blowers' complaints on Infosys
Posted Date : 23-Oct-2019 , 10:15:30 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) may seek clarification from Infosys' management on charges level levelled by the whistle-blower.
Unnamed whistle-blowers on behalf of employees wrote to the US-based office of the Whistleblower Protection Program on October 3 alleging wilful m...
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SEBI |
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Assessment thorough e-Proceedings or faceless e-Assessment under income tax act
Posted Date : 22-Oct-2019 , 10:41:09 am | Posted By CASANSAAR
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Category :
Income Tax |
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MCA amends rules to allow Companies to comply with KYC norms
Posted Date : 22-Oct-2019 , 10:28:53 am | Posted By CASANSAAR
In a relief to companies that had been rendered inactive after they failed to comply with the know-your-customer rules, the government has given them an option to change their status and become active.
The Ministry of Corporate Affairs (MCA) has amended rules to allow such companies to make a fil...
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MCA |
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ePayments mandatory for businesses over Rs 50 Cr from Nov 1 - CBDT
Posted Date : 22-Oct-2019 , 10:25:56 am | Posted By CASANSAAR
Government has asked businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act, said Central Board of Direct Taxes in a statement.
The CBDT further ...
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CBDT |
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SC Issues non-bailable warrants against MD of 32 Companies for Ignoring Order
Posted Date : 22-Oct-2019 , 10:14:44 am | Posted By CASANSAAR
The Supreme Court has issued non-bailable warrants against managing directors of 32 companies for not complying with its order.
The managing directors now face imminent arrest and will have to be produced in the top court by the Mumbai Police if they fail to get preventive orders.
The li...
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Category :
Companies Act |
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GSTN to release improved version 3 of GST return filing interface
Posted Date : 22-Oct-2019 , 10:01:19 am | Posted By CASANSAAR
GST Network, provides the IT infrastructure and services for the implementation of the GST, will on October 22 release the version 3 of GST return filing interface.
The new version has incorporated many improvements suggested by users. Currently, version 2 of the GST return filing interface...
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GST |
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Govt brings commodity option trading, settlement at par with equities
Posted Date : 21-Oct-2019 , 09:02:17 am | Posted By CASANSAAR
The government has brought commodity options trading and settlement on a par with equities, paving the way for new norms for farmers and small and medium enterprises to step up hedging.
Commodity options can now be settled directly. The current practice is options devolve into futures first and t...
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Shares & Stock |
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0 | Hits : 788
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SEBI lays down stricter norms for Statutory Auditors
Posted Date : 21-Oct-2019 , 08:56:15 am | Posted By CASANSAAR
Regulator Sebi put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned. The norms have been issued against the backdrop of...
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SEBI |
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New GST return forms may force firms to change ERP systems
Posted Date : 21-Oct-2019 , 08:49:02 am | Posted By CASANSAAR
The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems.
Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as pur...
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Category :
GST |
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Corporate income tax cut will help revive investment in India: IMF
Posted Date : 19-Oct-2019 , 09:50:57 am | Posted By CASANSAAR
Changyong Rhee, Director, Asia and Pacific Department, IMF, said that following a marked slowdown in the last two quarters in India, the economy is expected to grow at 6.1% this fiscal.
The International Monetary Fund (IMF) on Friday supported India’s recent decision to reduce corporate inc...
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Category :
Corporate Law |
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What is Under-reporting or Mis-reporting of income under Income Tax Act?
Posted Date : 18-Oct-2019 , 07:09:03 am | Posted By CASANSAAR
What is Under-reporting or Mis-reporting of income under Income Tax Act?
New Penalty Provisions under Section 270A,
Immunity under Section 270AA of Income-tax Act.
Explained by Advocate (CA) Kapil Goel with CA Vivek Khurana.
https://youtu.be/V3KvlcicDSE
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Category :
Income Tax |
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0 | Hits : 1226
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Regulator, auditor should be held responsible for frauds in banks- Anurag Thakur
Posted Date : 18-Oct-2019 , 07:01:32 am | Posted By CASANSAAR
The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, wh...
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Category :
Banking |
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