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SEBI enhances foreign investment limit for individual AMCs
Posted Date : 06-Nov-2020 , 10:40:28 am | Posted By CASANSAAR

In a circular issued, the Securities and Exchange Board of India (Sebi) enhanced the foreign investment limit per fund house from 300 million USD to 600 million USD. The move comes after several AMCs approached the regulator to increase the limit as Mint reported here . A surge of interest in int...

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Category : SEBI | Comments : 0 | Hits : 195

SEBI lays downs guidelines for due-diligence on debt securities
Posted Date : 05-Nov-2020 , 11:10:57 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Tuesday night laid down fresh set of norms for increasing diligence on debt securities.  Sebi prescribed enhanced disclosures in the trustee deed which would make it easier for debenture trustees to conduct due-diligence on encumbrances of...

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Category : SEBI | Comments : 0 | Hits : 729

Government extends Emergency Credit Line Guarantee Scheme by one month
Posted Date : 03-Nov-2020 , 08:51:00 am | Posted By CASANSAAR

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the e...

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Category : MSME | Comments : 0 | Hits : 1238

GST collection crosses Rs. 1 lakh Cr mark for first time since Feb.2020
Posted Date : 01-Nov-2020 , 12:35:55 pm | Posted By CASANSAAR

GST collections in October stood at over Rs. 1.05 lakh crore, crossing for the first time ₹1 lakh crore mark since February this year, the finance ministry said on Sunday. The Goods and Services Tax (GST) collections fell from the psychologically important ₹1 lakh crore mark as the lockdown i...

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Category : GST | Comments : 0 | Hits : 997

GST officers can arrest evaders without completion of assessment - Gujarat HC
Posted Date : 31-Oct-2020 , 09:12:11 am | Posted By CASANSAAR

The Gujarat High Court in a recent order has armed GST Commissioners with the power to authorise arrest of a person if he has reasons to believe that the person has committed a cognisable and bailable offence, and that the power can be exercised even before completion of assessment and determination...

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Category : GST | Comments : 0 | Hits : 1023

RBI cancels certificate of registration of seven NBFCs
Posted Date : 30-Oct-2020 , 10:24:25 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking finance companies. These include Malpani Financial Services Private Limited, Vishav Dealer Private Limited, U K Fin Services Limited, Prabhat (India) Limited, Compusta Securities Private Limited, Harsh...

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Category : RBI | Comments : 0 | Hits : 791

CGST officials bust racket for generating fraudulent ITC through fake billing of around Rs 1,278 Cr
Posted Date : 30-Oct-2020 , 09:54:14 am | Posted By CASANSAAR

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established ...

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Category : GST | Comments : 0 | Hits : 1329

FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees
Posted Date : 30-Oct-2020 , 09:47:58 am | Posted By CASANSAAR

Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, ba...

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Category : Income Tax | Comments : 0 | Hits : 502

RBI imposes monetary penalty on DCB Bank, Jio Payments Bank for rule violations
Posted Date : 29-Oct-2020 , 09:16:46 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on October 28 imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations. The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc....

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Category : RBI | Comments : 0 | Hits : 316

IBBI approaches SC to club all cases on personal guarantee pending in HCs
Posted Date : 29-Oct-2020 , 09:10:48 am | Posted By CASANSAAR

The Supreme Court on Wednesday heard the petition of the Insolvency and Bankruptcy Board of India (IBBI) to transfer all the ongoing cases of personal guarantee invocation currently under dispute including Reliance Group’s Anil Ambani from various high courts to the apex court and club them to...

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Category : Insolvent Professional | Comments : 0 | Hits : 241

GIFT IFSC prescribes framework for listing of Depository Receipts
Posted Date : 29-Oct-2020 , 09:04:51 am | Posted By CASANSAAR

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Deposito...

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Category : Finance | Comments : 0 | Hits : 207

Income tax department raids expose Rs 500-crore racket of fake bill entry operation
Posted Date : 28-Oct-2020 , 09:15:05 am | Posted By CASANSAAR

The income tax department carried out search and seizure action on October 26 on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing. The searches were carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, ...

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Category : Income Tax | Comments : 0 | Hits : 2408

Payment Date Extended for Vivad se Vishwas Scheme
Posted Date : 28-Oct-2020 , 09:04:02 am | Posted By CASANSAAR

In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declar...

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Category : Income Tax | Comments : 0 | Hits : 349

RBI asks lending institutions to implement waiver of interest on interest scheme
Posted Date : 28-Oct-2020 , 08:57:56 am | Posted By CASANSAAR

The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020. On October 23, the government had announced the scheme fo...

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Category : RBI | Comments : 0 | Hits : 256

Now file GST returns through SMS - Big relief to small traders
Posted Date : 27-Oct-2020 , 10:35:48 am | Posted By CASANSAAR

Another process of filing GST returns has been made easier for small traders. The GST Network (GSTN) has started the facility of filing quarterly returns through SMS for composition taxpayers with NIL returns. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which ...

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Category : GST | Comments : 0 | Hits : 1050

Extension of due dates for Annual Return and Reconciliation Statement for 2018-19
Posted Date : 24-Oct-2020 , 03:13:16 pm | Posted By CASANSAAR

Extension of due dates for Annual Return and Reconciliation Statement for 2018-19 ...

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Category : GST | Comments : 0 | Hits : 403

Extension of due date of furnishing of Income Tax Returns and Audit Reports
Posted Date : 24-Oct-2020 , 03:08:21 pm | Posted By CASANSAAR

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia,...

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Category : Tax Audit | Comments : 0 | Hits : 743

Punjab & Sind Bank reports IFIN as fraud account to RBI
Posted Date : 24-Oct-2020 , 09:42:59 am | Posted By CASANSAAR

Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared ...

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Category : Banking | Comments : 0 | Hits : 437

Writ Filed in Various High Courts for Tax Audit Due Date extension
Posted Date : 24-Oct-2020 , 09:31:14 am | Posted By CASANSAAR

The Rajasthan Tax Consultants Association vs. Union of India (Rajasthan High Court), D.B. Civil Writ Petition No. 12605/2020. Matter will come up for hearing on 02nd November 2020 as per order dated 22.10.2020. The All Gujarat Federation of Tax Consultants Vs. Union of India (Gujarat High Court)...

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Category : Tax Audit | Comments : 0 | Hits : 377

Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
Posted Date : 23-Oct-2020 , 10:42:45 am | Posted By CASANSAAR

XML Schema for Income Tax Audit forms Form 3CA-3CD and Form 3CB-3CD has been updated yesterday night incorporating new 3CD reporting requirements applicable from 01st October 2020.   You Retweeted       ...

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Category : Income Tax | Comments : 0 | Hits : 624

RBI to conduct purchase of Govt securities under OMOs for Rs.20,000 Cr
Posted Date : 23-Oct-2020 , 10:18:24 am | Posted By CASANSAAR

On a review of the current liquidity and financial conditions, the Reserve Bank of India (RBI) today said that it has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs. 20,000 crores on 29th of this month. OMOs in general sense ...

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Category : RBI | Comments : 0 | Hits : 267

SEBI pulls up Prabhat Dairy for failing to comply with Auditors
Posted Date : 22-Oct-2020 , 10:05:02 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) which is investigating suspected irregularities in the delisting of Prabhat Dairy Ltd Tuesday asked the company to deposit Rs.1,292 crore in an escrow account for failing to cooperate with forensic auditors. Sebi is probing whether Prabhat Dairy d...

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Category : SEBI | Comments : 0 | Hits : 321

IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
Posted Date : 22-Oct-2020 , 09:46:11 am | Posted By CASANSAAR

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts...

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Category : Banking | Comments : 0 | Hits : 214

Mutual Recognition Agreement (MRA) between ICAI and Malaysian Institute of Certified Public Accountants
Posted Date : 22-Oct-2020 , 09:36:24 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified CA (Chartered ...

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Category : ICAI | Comments : 0 | Hits : 298

Income Tax survey to be conducted only after nod from high-ranked officers
Posted Date : 21-Oct-2020 , 10:11:36 am | Posted By CASANSAAR

Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval from principal chief commissioner or chief commissioner level officer, the Central Board of Direct Taxes (CBDT) has said. The CBDT has issued direc...

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Category : Income Tax | Comments : 0 | Hits : 381

CBDT keeps tolerance range for transfer pricing unchanged
Posted Date : 20-Oct-2020 , 08:53:42 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Monday reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic. India’s transfer pricing r...

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Category : CBDT | Comments : 0 | Hits : 285

No violation of any law in bringing cooperative banks under supervisory control
Posted Date : 20-Oct-2020 , 08:46:34 am | Posted By CASANSAAR

The Reserve Bank of India has said that there is no violation of any law of the nation in bringing the cooperative banks under its supervisory control. In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banki...

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Category : RBI | Comments : 0 | Hits : 238

How many Tax Audit have you completed so far ?
Posted Date : 19-Oct-2020 , 09:51:57 am | Posted By CASANSAAR

How many Tax Audit have you completed so far ? Plz participate in the online poll on Twitter. Here is the link for the same https://twitter.com/casansaar/status/1318043967749935105 #extendduedates #ExtendDueDate  ...

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Category : Tax Audit | Comments : 0 | Hits : 728

CBDT clamps down on coercive assessment, tax recovery measures by officers
Posted Date : 17-Oct-2020 , 09:44:06 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has restricted the coercive and intrusive powers of assessing and tax recovery officers with immediate effect. In its circular, the board asked the officers to take coercive and intrusive measures only after exhaustion of other means of recovery. It sai...

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Category : CBDT | Comments : 0 | Hits : 403

CBIC advises businesses to rectify GST return filing defaults
Posted Date : 16-Oct-2020 , 09:39:40 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday urged businesses to ensure that their pending tax returns are filed as defaults could prevent them from transporting goods. CBIC said that taxpayers with sales above Rs.five crore in the previous fiscal are advised to ensure that ...

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Category : GST | Comments : 0 | Hits : 1419

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