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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0 | Hits : 780
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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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0 | Hits : 1539
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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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0 | Hits : 963
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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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0 | Hits : 1428
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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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0 | Hits : 946
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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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0 | Hits : 1954
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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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0 | Hits : 1149
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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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0 | Hits : 1121
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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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0 | Hits : 3546
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BlockChain - Opportunities and Challenges for Chartered Accountants
Posted Date : 13-Sep-2019 , 09:49:23 am | Posted By CASANSAAR
BlockChain - Opportunities and Challenges for Chartered Accountants by CA.Shailesh Churiwala and CA Vivek Khurana.
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Income Tax |
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0 | Hits : 1257
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RBI increases banks' loan exposure limit to single NBFC
Posted Date : 13-Sep-2019 , 09:43:28 am | Posted By CASANSAAR
The RBI on Thursday increased loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15% to 20% of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector.
According to the extant 'Large Exposures Framework (LEF)...
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RBI |
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All India level raids find bogus firms, fraudulent GST claims
Posted Date : 13-Sep-2019 , 09:38:21 am | Posted By CASANSAAR
In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government.
The raids were conducted on Wednesday by 1,20...
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GST |
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0 | Hits : 1593
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CBDT launches one-time facility for compounding of income tax offences
Posted Date : 12-Sep-2019 , 10:42:27 am | Posted By CASANSAAR
A one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said. It said this "one-time measure" is being undertaken to mitigate unintended hardship to taxpayers in deserving cases a...
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CBDT |
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GST Council likely to extend date of filing annual return, audit report for FY19
Posted Date : 12-Sep-2019 , 10:38:47 am | Posted By CASANSAAR
Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform.
Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to com...
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GST |
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0 | Hits : 2397
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CBDT eased prosecution norms for TDS, I-T return filing defaults
Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return.
CBDT’s circular, issued on September 9, sets the li...
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Income Tax |
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0 | Hits : 1352
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RBI panel suggests new intermediary under NHB
Posted Date : 11-Sep-2019 , 08:02:57 am | Posted By CASANSAAR
A Reserve Bank of India (RBI) panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a...
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RBI |
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0 | Hits : 903
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Subscribe CA Sansaar YouTube Channel
Posted Date : 10-Sep-2019 , 11:18:05 am | Posted By CASANSAAR
Please SUBSCRIBE CASANSAAR YouTube Chanel.
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General |
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Communication or NOC from Previous Auditor
Posted Date : 10-Sep-2019 , 11:14:04 am | Posted By CASANSAAR
Communication or NOC from Previous Auditor explained by CA Sanjay Agarwal.
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Auditing |
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Govt to tweak Income Tax Act, won’t replace it with direct tax code
Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR
The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown.
Some suggestions in the draft legislation, submitted to finance minister ...
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Income Tax |
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Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 - ICAI
Posted Date : 10-Sep-2019 , 09:43:51 am | Posted By CASANSAAR
Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013
1 Section 197(16) of the Companies Act, 2013 requires as under:
“The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid b...
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ICAI |
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