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The GST annual return & GST audit report for the first year, which is 2017-18, had to be submitted before December 31, 2018, but saw three extensions - March 31, 2019, June 30, 2019 and finally August 31, 2019. However looking at the recent statistics released by the authorities it is observed t...

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Category : Income Tax | Comments : 0 | Hits : 4186

The National Company Law Appellate Tribunal (NCLAT) has refused to give interim relief to IL&FS auditors Deloitte and BSR Associates regarding the move to ban them. On August 9, the NCLT rejected the plea made by Deloitte and BSR Associates, who had challenged the tribunal’s jurisdictio...

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Category : Corporate Law | Comments : 0 | Hits : 247

The National Company Law Tribunal (NCLT) has admitted the insolvency plea filed by public sector lender Bank of India against debt-ridden real estate firm Housing Development and Infrastructure Ltd (HDIL). In a filing to the BSE, the Mumbai-based real estate firm said the company has been admitte...

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Category : Insolvent Professional | Comments : 0 | Hits : 192

The government has initiated the process of filling up upcoming vacancies in the top management of large public sector banks (PSBs), unlike last year when several top banks remained headless for months. The Banks Board Bureau (BBB) has invited applications for the post of managing director (MD) a...

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Category : Banking | Comments : 0 | Hits : 344

The Ministry of Corporate Affairs has amended the Companies (Share Capital & Debentures) Rules by removing Debenture Redemption Reserve requirement for Listed Companies, NCFCs and HFCs. The decision has been taken in pursuance of the Budget announcements for 2019-20 by Union Finance & C...

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Category : General | Comments : 0 | Hits : 326

Ontario, home to both Canada’s capital city, Ottawa, and the country’s largest city, Toronto, issued 997 invitations to apply for Canadian permanent residence to Express Entry candidates on August 15. Express Entry candidates who received an invitation were required to have work exper...

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Category : Income Tax | Comments : 0 | Hits : 3436

A committee headed by CBDT member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code, said the finance ministry on Monday. The report's recommendations could not be known immediately. The task force--as the committed was called officia...

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Category : Income Tax | Comments : 0 | Hits : 698

A government panel tasked with overhauling the nearly six-decade-old Income-Tax Act on Monday recommended significant relief for taxpayers, including an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class India...

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Category : Income Tax | Comments : 0 | Hits : 234

The government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC). Corpora...

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Category : Insolvent Professional | Comments : 0 | Hits : 244

In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those who deposited unaccounted cash during demonetisation.  In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Gen...

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Category : Income Tax | Comments : 0 | Hits : 329

The much-awaited report on the new direct tax code (DTC), which will replace the existing income tax act of 1961, will be submitted to finance minister Nirmala Sitharaman on Monday, said one person privy to the development, requesting anonymity. The finance ministry-appointed task force, headed b...

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Category : Income Tax | Comments : 0 | Hits : 498

In a move to revive the flagging Gold Monetisation Scheme 2015, the Reserve Bank of India (RBI) has made it easier for depositors to hand over their holdings of the precious metal. In an amendment to the scheme, the RBI said that, while all deposits have to be made at collection & purity test...

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Category : RBI | Comments : 0 | Hits : 405

Finance minister Nirmala Sitharaman Friday said her officials are in discussions with their counterparts in the PMO and once the talks are over government will figure out what remedial steps should be taken and announce the same. However, she refused to say if government is planning to come out w...

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Category : Finance | Comments : 0 | Hits : 270

The CBDT  said all communications made by the tax department to assessees from October 1 will carry a Document Identification Number (DIN) in order to promote transparency. With a view to bringing greater transparency in the functioning of the tax administration and improvement in service de...

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Category : CBDT | Comments : 0 | Hits : 570

The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted ‘free ATM transactions’ per month set for users. In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical...

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Category : RBI | Comments : 0 | Hits : 290

The Reserve Bank of India (RBI) on Tuesday said housing finance companies (HFCs) will be treated as a category of non-banks, adding, it will release a revised regulatory framework for these entities. This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, conferring ce...

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Category : RBI | Comments : 0 | Hits : 467

Reliance Jio is all set to install one of the largest Blockchain networks across the country in the next 12 months with tens of thousands of nodes operational on day one. Speaking at the 42nd Annual General Meeting (AGM) of Reliance Industries, Chairman Mukesh Ambani called upon on the security, ...

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Category : Bitcoins | Comments : 0 | Hits : 356

In a sweeping recommendation, a high-level committee led by Corporate Affairs Secretary Injeti Srinivas has proposed to make corporate social responsibility (CSR) expenditure tax-deductible and allow companies to carry forward the unspent balance for a period of 3-5 years.  This if accepted ...

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Category : MCA | Comments : 0 | Hits : 252

First, the statutory auditors resign claiming the company did not provide satisfactory answers to their queries. Then the company’s shares nosedive. Now the company is suing the auditors for false claims and damaging the company’s reputation. This is the story between Price Waterhouse &a...

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Category : Auditing | Comments : 0 | Hits : 498

The Central Board of Direct Taxes (CBDT) on Tuesday denied reports of Income Tax notices being issued to Durga Puja committees in Kolkata. "It is unequivocally stated that the said reports are factually incorrect and are strongly denied. It is a fact that no notice was issued to the Durga Pu...

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Category : CBDT | Comments : 0 | Hits : 206

The Institute of Chartered Accountants of India (ICAI) today announced the results of following examinations held in May/ June, 2019. 1. Chartered Accountants Final Examination (Old & New Syllabus) 2. Foundation Examination Since December 1949, the Chartered Accountancy Examin...

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Category : CA Results | Comments : 0 | Hits : 825

The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in (May-June) 2019 are likely to be declared on Tuesday, the 13th August, 2019 (evening) / Wednesday, the 14th August 2019 and the same as well as the All India merit (upto the 50t...

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Category : CA Results | Comments : 0 | Hits : 518

Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, but now reports have surfaced saying that government has detected Goods and Services Tax (GST) evasion of over Rs 45,000 crore during the financial year 2018-19. According to DNA, out of which, tax s...

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Category : GST | Comments : 0 | Hits : 511

Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J K...

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Category : Income Tax | Comments : 0 | Hits : 231

BSR and Co, an affiliate firm of KPMG India, has resigned as auditor of two Anil-Ambani led Reliance Group companies—Reliance Infrastructure and Reliance Power, the company told the stock exchanges on Friday.  Earlier in June, Price Waterhouse and Co (PwC) had resigned as statutory aud...

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Category : Auditing | Comments : 0 | Hits : 430

As rules and regulations on personal guarantors to corporate debtors are almost prepared, Insolvency and Bankruptcy Board of India (IBBI) may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC), said MS Sahoo, chairperson of IBBI. Talking on the sidelines of a c...

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Category : Insolvent Professional | Comments : 0 | Hits : 670

President Ram Nath Kovind has given his assent to the Motor Vehicles(Amendment), Act 2019. A Gazette Notification to this effect was issued by Ministry of Law and Justice yesterday. The Parliament had passed the bill in the recently concluded session.  The bill amends the Motor Vehicles Act,...

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Category : General | Comments : 0 | Hits : 298

The Government informed the Supreme Court that an expert panel has recommended complete ban on private cryptocurrencies in the country and the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, will be introduced in Parliament in the next session. The inter-minister...

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Category : Bitcoins | Comments : 0 | Hits : 257

In a major setback to the auditors, the National Company Law Tribunal Friday rejected Deloitte's and BSR's applications challenging the tribunal's jurisdiction to ban them from business for five years for their omissions and commissions in the ILFS Group scam. This is the second setba...

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Category : Auditing | Comments : 0 | Hits : 1075

Bollywood stars Ayushmann Khurrana and Vicky Kaushal have jointly bagged the National Film Award for best actor for their roles in Andhadhun and Uri. Gujarati movie Hellaro has been awarded the best feature film. Aditya Dhar won the Best Director award for his debut Uri: The Surgical Strike while...

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Category : General | Comments : 0 | Hits : 203