Govt cuts corporate tax rate to 22%, relief on buyback tax
Posted Date : 20-Sep-2019 , 12:27:05 pm | Posted By CASANSAAR
The government on Friday cut corporate tax rate for companies that do not avail of any tax incentive to 22%. Effective corporate tax rate after surcharge will be 25.17%.
New manufacturing companies will have to pay an even lower corporate tax rate of 15%.
Finance minister Nirmala Sitharaman to...
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Income Tax |
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RBI revises norms for Concurrent Audit System of Banks
Posted Date : 20-Sep-2019 , 09:48:56 am | Posted By CASANSAAR
The Reserve Bank of India ( RBI) has revised the norms for concurrent audit system of banks.
Concurrent audit aims at shortening the interval between a transaction and its independent examination.
Some of the revised norms included the option to consider whether concurrent audit should be done...
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RBI |
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Govt notifies changes to FDI in single-brand retail
Posted Date : 20-Sep-2019 , 09:20:17 am | Posted By CASANSAAR
The government on Wednesday formally notified the amendments to the foreign direct investment (FDI) policy in single-brand retail. Last month, the Cabinet had relaxed key aspects of the 30% local sourcing rules applicable to single-brand retail entities where FDI is over 51%.
In a boo...
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Finance |
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RBI determined to move to external benchmark on October 1
Posted Date : 20-Sep-2019 , 09:14:40 am | Posted By CASANSAAR
Reserve Bank of India (RBI) is determined to go ahead with the linkage of bank lending rates with external benchmarks and is also studying the possibility of mandating non-banking finance companies (NBFCs), people familiar with the matter said.
Earlier this month, RBI made it mandatory for banks ...
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RBI |
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Extension in the last date for payment of Membership /COP fee - ICAI
Posted Date : 20-Sep-2019 , 09:02:53 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India
Important Announcement
The Council of ICAI has decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 30th November, 2019.
Date: 18th September, 2019
M& C-MSS Section
ICAI, NOIDA...
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ICAI |
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Govt notifies 8.65% interest rate for EPFO members
Posted Date : 20-Sep-2019 , 08:39:06 am | Posted By CASANSAAR
Government has approved 8.65 per cent interest rate on deposits in Employees Provident Fund for 2018-19. Sources said, Ministry of Labour and Employment has notified 8.65 per cent rate of interest on EPF deposits for its over six crore subscribers.
The EPFO has been settling EPF withdrawal claims...
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Finance |
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Extension of time limit of UDIN generation from 15 days to 30 days - ICAI
Posted Date : 19-Sep-2019 , 01:45:30 pm | Posted By CASANSAAR
Extension of time limit of UDIN generation from 15 days to 30 days - One Time Relaxation
In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meet...
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ICAI |
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Dissenting financial creditor should not be discriminated - NCLAT
Posted Date : 19-Sep-2019 , 09:49:47 am | Posted By CASANSAAR
The NCLAT on Tuesday said ‘secured financial creditors’ should not be discriminated on the ground of dissenting vote, and given separate treatment in the settlement of claims.
Allowing the appeal of Hero Fincorp Ltd, the appellate tribunal said that the amended regulations of the Inso...
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Insolvent Professional |
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NFRA to cover Public Sector Banks' Auditors too
Posted Date : 19-Sep-2019 , 09:45:31 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has made it clear that it has oversight powers on the auditors of nationalised banks (public sector banks) as well.
There was a contention that PSBs don't fall within the definition of 'banking companies' under the NFRA rules and, ther...
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NFRA |
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Income tax department issues warning against this fake SMS
Posted Date : 19-Sep-2019 , 09:39:01 am | Posted By CASANSAAR
After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links.
Sample this. "Important Alert! Dear xxxxxxxx,...
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Income Tax |
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Govt constitutes Company Law Committee for examining and making recommendations on various provisions and issues
Posted Date : 19-Sep-2019 , 09:24:06 am | Posted By CASANSAAR
In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of corporates in ...
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Companies Act |
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NGOs receiving substantial financing from Govt come under RTI Act - SC
Posted Date : 18-Sep-2019 , 08:21:08 am | Posted By CASANSAAR
Non-Government Organisations (NGOs) receiving substantial financing from the government are bound to give information to the public under the RTI Act, the Supreme Court held on Tuesday.
The top court said that institutions like schools, colleges and hospitals which receive substantial aid from th...
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NGO |
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GST invoices to be replaced by e-invoice from January 2020
Posted Date : 18-Sep-2019 , 08:18:19 am | Posted By CASANSAAR
All invoices of sales and purchase will be replaced via the government prescribed e-invoice pan-India from January 2020, people aware of the matter told CNBC-TV18. The goods and services tax (GST) council will deliberate on new format and system for issuing of e-invoice during their meeting on Septe...
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GST |
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No documents required for updating photograph, email, mobile number in Aadhaar
Posted Date : 18-Sep-2019 , 08:14:52 am | Posted By CASANSAAR
Aadhaar card holders can now update their personal details such as photograph, biometrics, gender, mobile number and email ID without requiring to submit any physical documents. Cardholders who need to update their details can simply walk into the nearest official Aadhaar Seva Kendra and get them up...
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Income Tax |
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OC trigger 50% of insolvency resolution process - IBBI
Posted Date : 18-Sep-2019 , 07:55:29 am | Posted By CASANSAAR
Almost 50 per cent of corporate insolvency resolution process (CIRP) cases initiated against corporate debtors is by operational creditors, while financial creditors have initiated 40 per cent of the total CIRPs against corporate debtors, the data compiled by Insolvency and Bankruptcy Board of India...
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Insolvent Professional |
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Applicability of ICDS with respect to ITR Forms
Posted Date : 17-Sep-2019 , 09:22:35 am | Posted By CASANSAAR
Applicability of ICDS with respect to ITR Forms by CA.Rajiv Jain with CA.Vivek Khurana.
...
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Tax Audit |
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RBI extends coverage of Bharat Bill Payment System
Posted Date : 17-Sep-2019 , 09:15:04 am | Posted By CASANSAAR
In a consumer friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available o...
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RBI |
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SEBI mulls new whistle-blower mechanism to stem Auditor exits
Posted Date : 17-Sep-2019 , 09:11:32 am | Posted By CASANSAAR
With an aim to unearth financial irregularities and other fraudulent transactions at listed companies, capital market regulator Sebi is planning to set up a new whistle-blower mechanism for auditors and other 'gate-keepers' to report such cases.
The proposed move assumes significance in t...
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SEBI |
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Farm bodies exempted from 2% TDS on payments above Rs.1 Cr
Posted Date : 17-Sep-2019 , 09:06:00 am | Posted By CASANSAAR
To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% tax deducted at source (TDS) on payments above Rs.1 crore, an anti-abuse provision in the Income Tax Act introduced this year.
Finance minister Nirmala Sith...
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TDS |
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BlockChain - Why Should Professionals get into it?
Posted Date : 16-Sep-2019 , 09:11:15 am | Posted By CASANSAAR
BlockChain - Why Should Professionals get into it? by CA.Shailesh Churiwala and CA Vivek Khurana.
...
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Bitcoins |
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RBI proposes new rules for getting small bank license
Posted Date : 16-Sep-2019 , 08:56:47 am | Posted By CASANSAAR
In a bid to get more participants in the small finance banking space, the Reserve Bank of India on Friday said it is thinking of permitting small private entities, payment banks, NBFCs, MFIs and cooperative banks to apply and convert into a small finance bank (SFB).
RBI clarified only small priva...
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RBI |
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Merged entity of UBI, PNB, OBC to become operational from April 1, 2020
Posted Date : 15-Sep-2019 , 10:59:07 am | Posted By CASANSAAR
The amalgamated entity of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday.
The merged unit, likely to have a new name, will be the second-largest bank in the country after Stat...
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Banking |
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GSTN decides to make Aadhaar authentication mandatory for new dealers from January 2020
Posted Date : 15-Sep-2019 , 10:45:43 am | Posted By CASANSAAR
The GST Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January next year to check malpractices in GST. This was announced by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group of Ministers of GST Network. Addressing media...
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GST |
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Govt announces fresh incentives to boost exports and housing sector
Posted Date : 15-Sep-2019 , 10:43:40 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman has announced a fresh set of measures worth around 70,000 crore rupees to boost exports and housing sector. She said that the government will provide a 10,000 crore rupees special window with an aim to help complete ongoing affordable and middle-income housing pro...
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Finance |
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GSTN releases online version of two simplified forms for taxpayers
Posted Date : 14-Sep-2019 , 08:47:27 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) on Friday released two forms-- ANX-1 and ANX-2--for simplified online returns.
A taxpayer will have to file FORM GST RET-1 (normal), or FORM GST RET-2 (Sahaj), or GST RET-3 (Sugam) returns. Annexure of supplies (GST ANX-1) and annexure of inward supplies ...
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GST |
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ED slaps show cause penalty notice of over Rs.229 Cr FEMA violation against PwC
Posted Date : 14-Sep-2019 , 08:46:06 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has slapped an over Rs.230-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday.
They said the notice was issued under the Foreign Exchange Management Act (FEM...
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Income Tax |
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Canara Bank board gives approval for merger with Syndicate Bank
Posted Date : 14-Sep-2019 , 08:43:20 am | Posted By CASANSAAR
The board of Canara Bank has given in-principal approval to the merger with Syndicate Bank. Finance Minister Nirmala Sitharaman had announced consolidation of 10 state-run banks into four large-scale banks on August 30.
"The Board of Directors of the Bank in its meeting held today, considere...
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Banking |
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Firms with annual income upto Rs 2 crore could get GST return relief
Posted Date : 14-Sep-2019 , 08:38:19 am | Posted By CASANSAAR
The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns.
Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. "It is ranging from 25...
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GST |
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Cost Inflation Index for FY 2019 -20
Posted Date : 14-Sep-2019 , 08:33:21 am | Posted By CASANSAAR
CBDT prescribed Cost Inflation Index (CII) for the Financiya Year 2019 - 20 is 289....
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Income Tax |
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E-assessment scheme for faceless scrutiny of income tax returns notified
Posted Date : 14-Sep-2019 , 08:27:31 am | Posted By CASANSAAR
The income tax department’s scheme for assessing tax returns electronically without any personal contact between officials and tax payers has become effective, with the government notifying the e-assessment scheme, 2019, on Friday.
Personal representation is allowed under the scheme in spec...
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Income Tax |
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