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No consensus on GST concession for digital payments
Posted Date : 12-May-2018 , 09:10:30 am | Posted By CASANSAAR

The Group of State Finance Ministers, which met here on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus. “We need some more data to arrive at a decision,” Sushil Kumar Modi, Deputy Chief Minister of Bihar ...

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Category : GST | Comments : 0 | Hits : 354

Subramanian Swamy pitches for abolition of income tax
Posted Date : 12-May-2018 , 08:58:14 am | Posted By CASANSAAR

Bharatiya Janata Party MP, Subramanian Swamy on Friday pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of incom...

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Category : Income Tax | Comments : 1 | Hits : 666

SEBI notifies new governance norms for listed firms, splits CMD post
Posted Date : 11-May-2018 , 12:47:00 pm | Posted By CASANSAAR

The market regulator Securities and Exchange Board of India (Sebi) on Thursday notified changes in the governance norms for listed companies to enhance governance and transparency. Separately, it issued a circular on the non-mandatory provisions such as disclosures of board evaluation, disclosure...

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Category : SEBI | Comments : 0 | Hits : 461

Banks under taxman scanner for GST refund on ATM transactions
Posted Date : 11-May-2018 , 10:20:27 am | Posted By CASANSAAR

 The indirect tax department’s investigation arm is scrutinising the GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said.  The taxmen are examining whether ba...

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Category : GST | Comments : 0 | Hits : 572

CBIC releases the list of e-way bill system grievance redressal officers
Posted Date : 10-May-2018 , 11:51:01 am | Posted By CASANSAAR

Central Board for Indirect Taxes and Custom (CBIC) has released list of grievance redressal Officers and their contact numbers for e-way bill system under rule 138D of Central/ State GST Rules, 2017. The list include, name of the concerned officer, designation, email id and contact landline numbe...

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Category : GST | Comments : 0 | Hits : 484

ITR 4 for AY 2018-19 is now available for e-Filing
Posted Date : 10-May-2018 , 11:19:51 am | Posted By CASANSAAR

CBDT has finally released Excel and  Java Utility of ITR-4 (For presumptive income from Business & Profession) for Assessment Year 2018-19. Earlier CBDT has released Excel and  Java Utility of ITR 1 on 14th April 2018 . CBDT has notified ITR Forms vide Notification No. 16/2018-Income T...

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Category : ITR | Comments : 1 | Hits : 1004

Walmart-Flipkart deal to face scrutiny from income tax dept
Posted Date : 10-May-2018 , 10:46:11 am | Posted By CASANSAAR

The Walmart-Flipkart deal will face fresh scrutiny from the income tax department. Even before Walmart’s acquisition of 77 per cent stake in Flipkart became official on Wednesday, the income tax department had sent a communication to the company, apprising them about the Sections of the Income...

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Category : Income Tax | Comments : 1 | Hits : 689

Court issues fresh order to attach Mallya's properties in PMLA case
Posted Date : 09-May-2018 , 03:22:35 pm | Posted By CASANSAAR

A Delhi court today issued fresh directions to attach the properties of businessman Vijay Mallya, who was declared a proclaimed offender for evading summons in a money laundering case related to FERA violations. Chief Metropolitan Magistrate Deepak Sherawat issued the order after advocate N K Mat...

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Category : General | Comments : 0 | Hits : 371

Finance ministry considers shore-up certificates to ease bad loan burden of lenders
Posted Date : 09-May-2018 , 01:47:43 pm | Posted By CASANSAAR

The finance ministry is looking at an idea to relieve banks of the burden of non-performing loans and allow them to focus on the core issue of financial intermediation by issuing ‘shore-up certificates’ against their stressed assets to shore up their capital.  “The Prime Mini...

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Category : Finance | Comments : 0 | Hits : 324

Food items served on train to attract full GST rate - AAR
Posted Date : 09-May-2018 , 08:41:17 am | Posted By CASANSAAR

Supply of food and beverages in trains will face goods and services tax as applicable on such items and not the concessional rate of 5% as specified by the government through a circular, Authority for Advance Rulings (AAR) said on Tuesday.  A train is a medium of transport and cannot be term...

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Category : GST | Comments : 0 | Hits : 489

ICAI members can have membership of CA Australia & New Zealand
Posted Date : 08-May-2018 , 11:55:53 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said it has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.  The Institute of Chartered Accountants of India (ICAI) has ente...

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Category : ICAI | Comments : 0 | Hits : 6401

Govt may seek explanations for discrepancy in Income Tax, GST returns
Posted Date : 08-May-2018 , 10:17:22 pm | Posted By CASANSAAR

In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GST returns. For this, the authority is looking to add a section in annual GSTR 9 form, reported Mint. GSTR 9 is a return to be filed once a year by registere...

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Category : GST | Comments : 0 | Hits : 541

Additional fees on annual filing of documents at MCA @ Rs.100 per day wef 1st July 2018
Posted Date : 08-May-2018 , 04:41:51 pm | Posted By CASANSAAR

The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.1...

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Category : Companies Act | Comments : 0 | Hits : 800

Fee regulations for insolvency professionals soon - IBBI
Posted Date : 08-May-2018 , 10:49:23 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some “light touch” regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP). The regulations will seek to impro...

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Category : Insolvent Professional | Comments : 0 | Hits : 523

IBBI suspends registration of IRP demanding exorbitant fees
Posted Date : 08-May-2018 , 10:44:20 am | Posted By CASANSAAR

Sending a strong signal, insolvency regulator IBBI’s Disciplinary Committee (DC) has suspended the registration of an insolvency resolution professional (IRP) Bhavna Sanjay Ruia for one year for charging an exorbitant fee. This move came after the Committee concluded that Ruia, who is enrol...

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Category : Insolvent Professional | Comments : 0 | Hits : 744

Govt considers time limit for withdrawal of cases under IBC
Posted Date : 08-May-2018 , 10:38:01 am | Posted By CASANSAAR

Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.  The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect o...

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Category : Insolvent Professional | Comments : 0 | Hits : 498

SC censures Income Tax dept for delay in filing appeal
Posted Date : 08-May-2018 , 10:35:42 am | Posted By CASANSAAR

The Supreme Court today came down heavily on the Income Tax Department for delayed filing of appeals in high courts and in the apex court. A bench comprising Justices A K Sikri and Ashok Bhushan took strong note of the usual delay in filing appeals by the IT department in cases related to income ...

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Category : Income Tax | Comments : 0 | Hits : 335

GSTN to rope in private entities for tax payer profiling, fraud analytics
Posted Date : 08-May-2018 , 10:32:42 am | Posted By CASANSAAR

GST Network has invited bids from private entities for "360-degree" profiling of taxpayers for early detection of fraud as it seeks to transform into an end-to-end platform for checking GST evasion, from being just a tax collection portal. The analytics company to be roped in will have ...

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Category : GST | Comments : 0 | Hits : 312

Bank employees to go on 2-day strike over wage revision
Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR

Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). "It is a matter of shame that whi...

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Category : Banking | Comments : 0 | Hits : 702

CBDT notifies the Protocol amending the DTAA between India and Kuwait
Posted Date : 07-May-2018 , 05:37:44 pm | Posted By CASANSAAR

A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force o...

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Category : CBDT | Comments : 0 | Hits : 218

ICAI Advisory for the candidates of CA examinations
Posted Date : 07-May-2018 , 05:35:15 pm | Posted By CASANSAAR

7th May 2018 Advisory for the candidates of CA examinations  Heavy winds/rains and thunderstorms have been forecast by the Indian Metrological Department on 7th and 8th May 2018, across various places in India. In view of the above, candidates who are scheduled to write the CA examin...

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Category : CA Exams | Comments : 0 | Hits : 657

Coaching Classes are liable to 18% GST - AAR
Posted Date : 07-May-2018 , 10:52:33 am | Posted By CASANSAAR

A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Service Tax (GST), according to a ruling given by the Maharashtra Authority for Advance Rulings (AAR). The ruling points out that a GST levy of 18% would apply on its fee...

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Category : GST | Comments : 0 | Hits : 591

NCLT suggests IBBI to review IBC regulations
Posted Date : 07-May-2018 , 10:47:33 am | Posted By CASANSAAR

The National Company Law Tribunal has suggested to Insolvency and Bankruptcy Board of India that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”. It also said that the resolution professional should be competent and ind...

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Category : Insolvent Professional | Comments : 0 | Hits : 243

Companies get scrutiny notices for mismatch in GST returns
Posted Date : 07-May-2018 , 10:28:47 am | Posted By CASANSAAR

GST officers have started sending scrutiny notices to companies whose tax payment did not match the final sales return, after revenue authorities detected underpayment of GST by about 34 per cent, a source said.  Besides, companies whose final sales return GSTR-1 did not match GSTR-2A, which...

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Category : GST | Comments : 0 | Hits : 1336

27th GST Council meet Highlights
Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR

The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...

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Category : Income Tax | Comments : 0 | Hits : 598

Over 23000 bank fraud cases involving Rs 1 lakh crore in five years - RBI
Posted Date : 04-May-2018 , 11:47:32 pm | Posted By CASANSAAR

Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 201...

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Category : RBI | Comments : 0 | Hits : 307

No changes in Insolvency and Bankruptcy Code till Sept
Posted Date : 05-May-2018 , 10:07:37 am | Posted By CASANSAAR

  The confusion and ambiguity in the Insolvency and Bankruptcy Code (IBC) will continue for some more time, as the Central government is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue. The government had formed...

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Category : Insolvent Professional | Comments : 0 | Hits : 408

SEBI allows exchanges to extend derivative trade till 11.55 pm
Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR

Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.  This is similar to the trading hours for commodity de...

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

Change in GST rate for digital transactions and imposition of Sugar Cess
Posted Date : 04-May-2018 , 11:23:25 pm | Posted By CASANSAAR

 Incentive to promote Digital Transactions:   1.        Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and...

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Category : GST | Comments : 0 | Hits : 736

​GST Council approves principles for filing of new return design
Posted Date : 04-May-2018 , 11:22:00 pm | Posted By CASANSAAR

GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows –  Onemonthly Return:All taxpayers excluding a few exceptions ...

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Category : GST | Comments : 0 | Hits : 1027

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