RBI puts Mumbai-based PMC Bank under directions
Posted Date : 24-Sep-2019 , 01:01:13 pm | Posted By CASANSAAR
The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019.
The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance in every ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 821
|
 |
Extension of Tax Audit Report - Request to Tweet / Retweet
Posted Date : 24-Sep-2019 , 10:03:26 am | Posted By CASANSAAR
No extension news till now for Last date of TAR, No response from Finance Ministry after lots of representation.
Request every Member to Please tweet / retweet to the Finance Minister and other authroites for the extension of Tax Audit Report Date. No use of Extension on 30th Septemeber (Last Dat...
Continue Reading...
Category :
Tax Audit |
Comments :
1 | Hits : 4565
|
|
CA Students protest against ICAI's evaluation methods, demand reforms
Posted Date : 24-Sep-2019 , 09:42:57 am | Posted By CASANSAAR
Students of ICAI and candidates who had appeared for ICAI exams have started a protest against the ICAI (Institute of Chartered Accountants of India) alleging error in evaluation of papers. Students all over India has started a protest today, September 23 demanding rechecking of papers.
#dearICAI...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 1065
|
|
Bank unions defer 2-day strike; operations to be normal on Sept 26-27
Posted Date : 24-Sep-2019 , 09:37:04 am | Posted By CASANSAAR
Officers' unions of public sector banks have deferred the proposed two-day strike following an assurance from Finance Secretary Rajiv Kumar to look into their concerns.
Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 868
|
|
CBI arrests GST inspector, BoB manager in separate cases of bribery
Posted Date : 24-Sep-2019 , 09:17:13 am | Posted By CASANSAAR
The CBI has arrested an inspector of the Central Goods and Services Tax Department in Dhanbad for allegedly accepting a bribe of Rs 50,000 to settle a pending enquiry, officials said Monday.
Jeetan Das, an inspector in the CGST department, had allegedly demanded Rs 2 lakh for settling the enquiry...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 997
|
|
GST Council takes in-principle decision to link Aadhaar with registration
Posted Date : 23-Sep-2019 , 08:50:51 am | Posted By CASANSAAR
The GST Council on September 20 took an in principle decision to link Aadhaar with registration of taxpayers under GST and also examine the possibility of making the 12-digit unique identification number mandatory for claiming refunds. The council also decided to withdraw a circular issued in June w...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1861
|
|
CBDT issues order to set-up National centre for e-Assessment
Posted Date : 23-Sep-2019 , 08:36:51 am | Posted By CASANSAAR
A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for income tax payers from next month.
The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1245
|
|
RBI tightens norms for banks, up penalties for failed ATM transactions
Posted Date : 21-Sep-2019 , 09:35:37 am | Posted By CASANSAAR
The Reserve Bank Friday prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints.
The financial compensation should be done suo motu by the bank, without waiting for a complaint or a c...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 974
|
|
GST Annual filing waived off for taxpayers below Rs 2 Cr turnover
Posted Date : 21-Sep-2019 , 09:30:47 am | Posted By CASANSAAR
The GST Council, in its 37th meeting held at Goa provided relief to MSMEs by allowing them waiver to file GSTR 9 and GSTR-9A.
Announcing the relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19, a statement said waiver of the requirement of filing FORM GSTR-9A for Compos...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1475
|
|
President Kovind clears ordinance to amend Income Tax Act
Posted Date : 21-Sep-2019 , 09:28:22 am | Posted By CASANSAAR
The President Ram Nath Kovind on Friday cleared an ordinance to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019. To arrest slowdown in the economy and boost growth, the government has cut corporate tax rate for new and domestic manufacturing companies.
For companies th...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1136
|
|
37th GST Council Meet Highlights
Posted Date : 21-Sep-2019 , 09:24:49 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items. All rate changes would be effective from 1 October
Higlights:
A uniform GST rate of 12 % will be levied on woven/non-woven polyethylene bags
GST council cuts tax rates on job work in diamo...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1920
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1130
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 2518
|
|
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...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 910
|
|
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 ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 789
|
|
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...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1204
|
|
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...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 797
|
|
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...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 932
|
|
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...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 850
|
|
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...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 1114
|
|
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,...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 948
|
|
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 ...
Continue Reading...
Category :
Companies Act |
Comments :
0 | Hits : 1162
|
|
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...
Continue Reading...
Category :
NGO |
Comments :
0 | Hits : 1327
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 3203
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1210
|
|
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...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 785
|
|
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.
...
Continue Reading...
Category :
Tax Audit |
Comments :
0 | Hits : 1544
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 965
|
|
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...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1179
|
|
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...
Continue Reading...
Category :
TDS |
Comments :
0 | Hits : 1936
|
|
|
