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RBI slaps Rs 3.5-cr fine on Corp Bank, Allahabad Bank for flouting norms
Posted Date : 09-Feb-2019 , 10:35:29 am | Posted By CASANSAAR

The Reserve Bank has imposed a cumulative penalty of Rs 3.5 crore on state-owned lenders Corporation Bank and Allahabad Bank for violation of various norms. "This is to inform that Reserve Bank of India...has imposed an aggregate penalty of Rs 20 million on our bank due to some lapses in mon...

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Category : RBI | Comments : 0 | Hits : 367

SEBI comes out with format for annual secretarial audit of listed entities
Posted Date : 09-Feb-2019 , 10:30:28 am | Posted By CASANSAAR

Markets regulator Sebi Friday came out with the format for listed entities for preparing their annual secretarial audit and compliance reports.  This would also be applicable for the "material unlisted subsidiaries" of the listed entities, the regulator said in a circular.  ...

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Category : SEBI | Comments : 0 | Hits : 221

Govt panel favours lowering GST on under-construction flats to 5%
Posted Date : 09-Feb-2019 , 10:21:20 am | Posted By CASANSAAR

A ministerial panel led by Gujarat deputy chief minister Nitin Patel has come out in favour of lowering the goods and services tax (GST) on under-construction properties to 5% without credit for taxes paid on raw materials. The seven-member panel, which met in the national capital on Friday, also fa...

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Category : GST | Comments : 0 | Hits : 456

NCLT banned Auditor for 5 years who knew nothing
Posted Date : 08-Feb-2019 , 03:08:47 pm | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on February 6 barred Mukesh Choksi from being appointed as an auditor of any company for a period of five years, holding him guilty of signing off on a company’s books without inspection and colluding with its promoters in a fraudule...

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Category : Auditing | Comments : 0 | Hits : 800

Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee
Posted Date : 08-Feb-2019 , 04:21:23 am | Posted By CASANSAAR

CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose.  It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish.  ...

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Category : General | Comments : 0 | Hits : 286

Good Luck - CA IPCC Nov 18 Exam Results Likely to be announced today
Posted Date : 08-Feb-2019 , 09:31:07 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) will release the CA Intermediate Results for November 2018 examination today (February 8, 2019) on its official results website. The results for the CA IPCC examination that was conducted in the month of November 2018 will be made available a...

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Category : CA Results | Comments : 0 | Hits : 292

BSE to suspend 7 suspected shell firms for failing to cooperate with forensic auditors
Posted Date : 08-Feb-2019 , 09:26:06 am | Posted By CASANSAAR

The BSE has decided to suspend as many as seven suspected shell companies from Friday after they failed to provide the information sought by forensic auditors in a time-bound manner.  The firms facing suspension are Aadhaar Ventures India, Blue Circle Services, IKF Technologies, Prabhav Indu...

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Category : Auditing | Comments : 0 | Hits : 350

RBI slaps fine of Rs 1 Cr on State Bank of India
Posted Date : 08-Feb-2019 , 09:02:41 am | Posted By CASANSAAR

State Bank of India Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms.  RBI "in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on th...

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Category : RBI | Comments : 0 | Hits : 322

RBI raises collateral-free farm loan limit to Rs 1.6 lakh
Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR

RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...

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Category : Income Tax | Comments : 0 | Hits : 232

Banks liable for unauthorised withdrawals from customer accounts - Kerala HC
Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR

The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank. The court observed that...

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Category : Income Tax | Comments : 0 | Hits : 760

Cabinet approves abolition of Ombudsman for Direct, Indirect taxes
Posted Date : 07-Feb-2019 , 10:02:19 am | Posted By CASANSAAR

The Union Cabinet on Wednesday decided to abolish institutions of Ombudsman for income tax and indirect tax.  The approval comes against the backdrop of people preferring online grievance redressal mechanism.  The institution of Income-Tax Ombudsman was set up in 2003 to deal with gr...

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Category : Finance | Comments : 0 | Hits : 247

Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill
Posted Date : 07-Feb-2019 , 09:57:51 am | Posted By CASANSAAR

The Cabinet has approved a proposal for Official Amendments to Banning of Unregulated Deposit Schemes Bill, 2018.  Briefing media after the Cabinet meeting in New Delhi last night, Union Minister Ravi Shankar Prasad said, the amendments will further strengthen the bill to effectively tackle ...

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Category : General | Comments : 0 | Hits : 147

RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank
Posted Date : 06-Feb-2019 , 09:25:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) Tuesday said it has imposed a total penalty of Rs 2.2 crore on private sector lender Axis Bank in two separate cases. A penalty of Rs 2 crore has also been imposed on UCO Bank and Rs 1 crore on Syndicate Bank for violation of norms.  The RBI said penalty of Rs...

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Category : RBI | Comments : 0 | Hits : 786

SEBI comes out with rules to review performance of public interest directors
Posted Date : 06-Feb-2019 , 09:23:28 am | Posted By CASANSAAR

Markets regulator Sebi Tuesday came out with a strict framework for public interest directors serving at stock exchanges, clearing corporations and depositories.  Under the framework, public interest directors (PIDs) will be nominated for three years, extendable by another term of three year...

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Category : SEBI | Comments : 0 | Hits : 145

Linking Aadhaar with PAN card compulsory to file income tax returns - SC
Posted Date : 06-Feb-2019 , 09:17:44 am | Posted By CASANSAAR

The Supreme Court on Monday said that it was essential to link Aadhaar with the PAN card to file income tax returns. The court was hearing the government’s plea against a Delhi High Court order allowing the respondent, Shreya Sen, to file income tax returns for 2018-’19 without linking h...

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Category : Income Tax | Comments : 0 | Hits : 633

Income taxpayers to start getting refunds within 24 hours in next 2 years
Posted Date : 06-Feb-2019 , 09:15:23 am | Posted By CASANSAAR

The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.  The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infra...

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Category : Income Tax | Comments : 0 | Hits : 143

RBI to punish Auditors for lapses in Bank Audit
Posted Date : 05-Feb-2019 , 07:34:59 am | Posted By CASANSAAR

Reserve Bank of India said it would punish statutory auditors for lapses in conducting banks’ statutory audit and may even bar them from taking fresh audit assignment depending on the magnitude of it. The regulator said the quantum of punishment will depend on the magnitude of divergence fr...

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Category : RBI | Comments : 0 | Hits : 2502

GST throws a challenge to CAG - Rajiv Mehrishi
Posted Date : 05-Feb-2019 , 07:08:49 am | Posted By CASANSAAR

GST has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India (CAG) Rajiv Mehrishi said Monday.  The new indirect tax regime, however, also offers an opportunity as the data is available on a single platform making it poss...

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Category : GST | Comments : 0 | Hits : 446

IDBI Bank may now become LIC IDBI Bank or LIC Bank
Posted Date : 05-Feb-2019 , 07:01:20 am | Posted By CASANSAAR

The board of IDBI Bank Monday proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation. Last month, the insurance behemoth completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more t...

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Category : Banking | Comments : 0 | Hits : 660

Board of bankrupt companies can access documents - SC
Posted Date : 04-Feb-2019 , 11:51:08 am | Posted By CASANSAAR

The erstwhile boards of bankrupt companies will now have access to vital documents, including proposed resolution plans of the companies they ran, while participating in the meetings of the lenders, the Supreme Court has ruled.  The apex court in its order dated January 31 also ruled, howeve...

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Category : Insolvent Professional | Comments : 0 | Hits : 265

Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1 - CBDT
Posted Date : 02-Feb-2019 , 04:45:51 pm | Posted By CASANSAAR

The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal, thus making their tax liability zero, CBDT Chairman Sushil Chandra said Friday, explaining the proposal made in the Union Budget for 2019-2...

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Category : CBDT | Comments : 0 | Hits : 260

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed
Posted Date : 01-Feb-2019 , 01:54:48 pm | Posted By CASANSAAR

  Individual taxpayers having taxable annual income up to  Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.  While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways &...

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Category : Budget | Comments : 0 | Hits : 552

Highlights Of Interim Budget 2019-20
Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR

The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:   New Announcements Farmers 12 crore small and marginal farmers to be provided wit...

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Category : Income Tax | Comments : 0 | Hits : 868

Tax collections increased from Rs 6.38 Lakh Cr in year 2013-14 to almost Rs 12 Lakh Cr
Posted Date : 01-Feb-2019 , 01:39:27 pm | Posted By CASANSAAR

  The Government has reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Due to this, the tax collections increased significantly from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore this year...

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Category : Budget | Comments : 0 | Hits : 204

Budget 2019 - Defence budget hiked to Rs. 3,05,296 crore
Posted Date : 01-Feb-2019 , 01:30:12 pm | Posted By CASANSAAR

  Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-20 in Parliament toda...

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Category : Budget | Comments : 0 | Hits : 110

One Lakh villages to go digital over next five years
Posted Date : 01-Feb-2019 , 01:28:27 pm | Posted By CASANSAAR

India having emerged as the world leader in the consumption of mobile data, the Government now aims to widen its impact by reaching out to the interior and rural areas. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & ...

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Category : Budget | Comments : 0 | Hits : 95

Govt allocates Rs.64,587 Crore for Railways in 2019-20
Posted Date : 01-Feb-2019 , 01:26:55 pm | Posted By CASANSAAR

  In the Interim Budget 2019-20, the Railways has been allocated Rs.64,587 crore.  The Railways’ overall capital expenditure programme is of Rs.1,58,658 crore.  This was stated by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, while...

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Category : Budget | Comments : 0 | Hits : 95

Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax
Posted Date : 01-Feb-2019 , 01:25:45 pm | Posted By CASANSAAR

The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax. These measures have also led to seizure and attachment...

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Category : Budget | Comments : 0 | Hits : 216

Union Budget 2019 - Live Updates
Posted Date : 01-Feb-2019 , 07:12:38 am | Posted By CASANSAAR

FM Piyus Goyal to present Interim Budget 2019 today. CASANSAAR are providing you live updates of Interim Budget 2019. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES. Individual taxpayers having annual income upto 5 lakhs will get full tax rebate Capital gains exempti...

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Category : Budget | Comments : 0 | Hits : 2587

CBDT notifies verification scheme for issuance of e-notices to taxpayers
Posted Date : 01-Feb-2019 , 09:20:42 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has come up with a new verification scheme for issuance of e-notices to taxpayers. It will also process the taxpayers’ information, related documents and make the data available to the assessing officer, it said in a notification on Thursday. “...

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Category : CBDT | Comments : 0 | Hits : 957

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