RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000
Posted Date : 04-Oct-2019 , 08:44:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of PMC Bank ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 775
|
 |
MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%.
MAT is the minimum tax to be paid by companies that keep their taxable profit lo...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 984
|
|
ICAI to check role of Auditors in PMC bank financial irregularities
Posted Date : 03-Oct-2019 , 10:01:34 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender.
Taking note of the "enormity of the matter", the ICAI on Wednesday ...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1051
|
|
No Postponement of CA November 2019 Exams - ICAI
Posted Date : 03-Oct-2019 , 09:40:07 am | Posted By CASANSAAR
It has been brought to our notice that certain announcement is being circulated on social media that the CA Exams will be held in December instead of November 2019.
In this connection, it is hereby clarified that the above announcement has not been issued by the Institute and the exams slated for...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 1594
|
|
SEBI allows Mutual Funds to invest in unlisted NCDs
Posted Date : 02-Oct-2019 , 09:32:05 am | Posted By CASANSAAR
Markets regulator Sebi on Tuesday allowed mutual funds to invest in unlisted non-convertible debentures (NCDs) up to a maximum of 10 per cent of the debt portfolio of a scheme in a phased manner.
This would be subject to such investments in unlisted NCDs having simple structures (with fixed and u...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 927
|
|
Thomas Cook's Auditors investigated by Accounting Watchdog
Posted Date : 02-Oct-2019 , 09:29:03 am | Posted By CASANSAAR
Britain’s accounting watchdog has begun an investigation into EY’s audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed.
The Financial Reporting Council said its enforcement division was investigating EY’s audit of the fina...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1276
|
|
PMC Bank created more than 21,000 fake accounts to hide loans
Posted Date : 02-Oct-2019 , 09:25:09 am | Posted By CASANSAAR
Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors.
The complaint, filed with the Economic Offence...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1968
|
|
Personal income tax slabs could be revised
Posted Date : 02-Oct-2019 , 09:19:54 am | Posted By CASANSAAR
Days after finance minister Nirmala Sitharaman slashed corporate tax rates to boost a slowing economy, the government is now planning to rationalise personal income tax rates too, according to a report. "...the idea is to give at least a 5 percentage point benefit to every taxpayer," Hindu...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2354
|
|
CBDT launched Documentation Identification Number (DIN) system
Posted Date : 02-Oct-2019 , 08:33:17 am | Posted By CASANSAAR
The Documentation Identification Number (DIN) system of Central Board of Direct Taxes (CBDT) has come into existence from todaywiththe generation of about 17,500 communications with DIN on the very first day. This path breaking DIN system has been created as per the direction of Finance Minister Ms....
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1979
|
|
GST collection stands at Rs.91,916 Cr in September
Posted Date : 01-Oct-2019 , 06:06:33 pm | Posted By CASANSAAR
Goods and Services Tax (GST) collection in the month of September has stood at 91,916 crore rupees as against 98,202 crore rupees in the preceding month.
Out of which, CGST is 16,630 crore rupees, SGST is 22,598 crore and IGST is 45,069 crore rupees.
The total number of GSTR 3B Ret...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1266
|
|
SBI becomes first Indian bank to have office in Australia’s Victoria
Posted Date : 01-Oct-2019 , 09:33:44 am | Posted By CASANSAAR
State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria.
The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year In...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 921
|
|
PMC Bank case raises question on role of RBI, Auditors
Posted Date : 01-Oct-2019 , 09:17:09 am | Posted By CASANSAAR
The loan irregularities at the Punjab and Maharashtra Co-operative (PMC) Bank raises questions on the roles of regulator (RBI), auditor, independent directors and bank directors, Minister of State for Finance Anurag Thakur said on Monday and added that the government will look into all the areas bec...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1432
|
|
Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
Posted Date : 01-Oct-2019 , 09:07:29 am | Posted By CASANSAAR
The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route.
“We have found beneficiaries of 12 companies listed on NSE and BSE which evaded tax through the LTCG route,” a source close ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3493
|
|
Last date for filing DIR-3 KYC extended till 14th Oct 2019
Posted Date : 01-Oct-2019 , 08:52:11 am | Posted By CASANSAAR
Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. Stakeholders may kindly note and plan accordingly. - MCA
...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 778
|
|
Govt compulsorily retires 15 more senior tax officials on graft charges
Posted Date : 28-Sep-2019 , 10:29:26 am | Posted By CASANSAAR
The government has compulsorily retired 15 more tax officers in the fourth tranche of its crackdown on errant officials accused of corruption and other malpractices.
The Central Board of Direct Taxes (CBDT) compulsorily retired 15 senior officers under Fundamental Rule 56(J) on corruption and oth...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1313
|
|
Finance Minister asks PSUs, ministries to release payments in a timely manner
Posted Date : 28-Sep-2019 , 10:22:36 am | Posted By CASANSAAR
The finance ministry has asked government departments to clear outstanding dues of suppliers and service providers worth Rs 20,000 crore within the first week of October to provide liquidity in the festival season. It also called for investment plans of ministries over the next four quarters in a bi...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 992
|
|
Forex reserves decline by USD 388 million to USD 428.57 billion
Posted Date : 28-Sep-2019 , 09:40:31 am | Posted By CASANSAAR
India's forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets. The Reserve Bank data released on Friday showed that in the week to September 20, foreign currency assets a major component of overall reserv...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1007
|
|
Date for filing ITRs,Tax Audit Reports extended till October 31
Posted Date : 27-Sep-2019 , 09:54:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of income tax returns (ITRs) & Tax Audit Reports from September 30th 2019 to 31st Oct 2019 in respect of persons whose accounts are required to be audited. The CBDT said that a formal notification for the same will be ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1474
|
|
CBDT extends taxman's deadline to December 31 for Demonetisation Cases
Posted Date : 27-Sep-2019 , 08:23:36 am | Posted By CASANSAAR
The CBDT on Thursday extended the deadline up to December 31 for the Income-tax department to complete the final assessment of about 87,000 entities that made suspicious deposits post-demonetisation.
The existing deadline of September 30 is being "extended" by three months after conside...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1369
|
|
SEBI asks mutual funds to invest in listed equity securities
Posted Date : 27-Sep-2019 , 08:21:42 am | Posted By CASANSAAR
With an aim to safeguard mutual fund investors from high-risk assets, regulator Sebi has asked asset management companies to make all their investments in listed or to-be-listed equity securities.
The new framework comes after the board of Securities and Exchange Board of India (Sebi) approved a ...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1010
|
|
Income Tax Dept to scrutinise 4 lakh taxpayers under new e-assessment system
Posted Date : 27-Sep-2019 , 08:15:53 am | Posted By CASANSAAR
The Income Tax (I-T) Department has recognised around 4 lakh taxpayers who will face inspection under the new e-assessment scheme 2019. The new scheme was notified recently by the finance ministry for carrying faceless scrutiny of Income Tax Returns (ITR).
The I-T Department has served notices to...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1418
|
|
Constitution of High Level Independent Committee - ICAI
Posted Date : 27-Sep-2019 , 08:08:02 am | Posted By CASANSAAR
September 26, 2019
Announcement
Constitution of High Level Independent Committee
The Institute of Chartered Accountants of India (ICAI) has decided to constitute a High Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations including Regu...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 956
|
|
ITRs & Tax Audit Reports Extended from 30th Sep,2019 to 31st of Oct, 2019
Posted Date : 26-Sep-2019 , 10:33:04 pm | Posted By CASANSAAR
On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of persons whose accounts are required to be audited.Formal Notification will follow.
Tweet by Inco...
Continue Reading...
Category :
Tax Audit |
Comments :
0 | Hits : 2124
|
|
RBI modifies directions slapped on PMC Bank
Posted Date : 26-Sep-2019 , 09:25:27 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today reviewed and modified the directions slapped on Punjab and Maharashtra Cooperative Bank Ltd, Mumbai in Maharashtra.
According to the modified directives, it has been decided to allow the depositors to withdraw a sum not exceeding 10,000 rupees of the total ba...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 776
|
|
SEBI relaxes FPI norms, allows off-market transfer of securities
Posted Date : 26-Sep-2019 , 10:03:27 am | Posted By CASANSAAR
Easing the regulatory framework for foreign portfolio investors, Sebi has simplified KYC requirements for them and permitted them to carry out off-market transfer of securities.
Besides, the regulator has broad-based the classification for foreign portfolio investors (FPIs) and simplified their r...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 840
|
|
CBDT to hold high-level review of I-T e-assessment system before its roll-out
Posted Date : 26-Sep-2019 , 09:59:45 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will on Thursday conduct a pan-India review of the ambitious e-assessment system for income-tax payers before rolling it out next month. The CBDT, which frames policy for the Income-tax department, had last week set up the National e-assessment Centre (NeAC) ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 984
|
|
Rahul Gandhi supports students demand for ICAI exam papers re-evaluation
Posted Date : 25-Sep-2019 , 02:36:02 pm | Posted By CASANSAAR
Chartered accountancy (CA) students who have been protesting against the Institute of Chartered Accountants of India (ICAI) demanding a re-evaluation of their answer sheets have found support from Congress leader Rahul Gandhi.
"Across India 12 lakh CA students are fighting for their right ...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 993
|
|
Procedure and Process followed in Examination System
Posted Date : 25-Sep-2019 , 10:26:46 am | Posted By CASANSAAR
ICAI has made an announcement with respect to Evaluation of answer books of CA exams on 21st September, 2019. Thereafter, a webinar was conducted on 22nd September, 2019 wherein the procedure and processes followed in the examination system were explained and all the misgivings about the examination...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 1005
|
|
RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
Posted Date : 25-Sep-2019 , 10:03:23 am | Posted By CASANSAAR
As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were spec...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 691
|
|
Section 7 Application under IBC governed by Article 137 of Limitation Act - SC
Posted Date : 25-Sep-2019 , 08:46:13 am | Posted By CASANSAAR
Supreme Court has held that applications under Section 7 of Insolvency and Bankruptcy Code (IBC) are governed by Article 137 of the Limitation Act for computation of limitation period.
The judgment was rendered by a Bench of Justices Rohinton Nariman, R Subhash Reddy and Surya Kant.
In the pre...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 885
|
|
|
