CBIC makes virtual hearing mandatory for GST appeal cases for expeditious disposal
Posted Date : 24-Aug-2020 , 09:20:42 am | Posted By CASANSAAR
The CBIC has asked GST field offices to conduct hearings in GST appeal cases via video conferencing for their expeditious disposal while ensuring social distancing. In April, the Central Board of Indirect Taxes and Customs (CBIC) had issued guidelines for conducting personal hearing in virtual mode ...
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GST |
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GST registration after physical verification of biz place if Aadhaar not authenticated - CBIC
Posted Date : 22-Aug-2020 , 10:19:50 am | Posted By CASANSAAR
Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration o...
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GST |
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NCLT begins bankruptcy proceedings against Anil Ambani
Posted Date : 22-Aug-2020 , 10:17:04 am | Posted By CASANSAAR
The NCLT has directed to initiate insolvency proceedings against Reliance Communications Chairman Anil Ambani to recover Rs 1,200 crore under the personal guarantee clause of the bankruptcy law.
Anil Ambani had given a personal guarantee to the loans given by State Bank of India (SBI) to Reliance...
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Insolvent Professional |
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4 PSU Banks to become private by end of this year
Posted Date : 21-Aug-2020 , 09:52:53 am | Posted By CASANSAAR
The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which it directly or indirectly ...
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Banking |
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All NBFCs can now provide MSMEs loans against dues via TReDS
Posted Date : 21-Aug-2020 , 09:31:58 am | Posted By CASANSAAR
The Cabinet on Wednesday allowed all non-banking financial companies to provide discount loans to MSMEs against dues from government departments, through the TReDS platform.
So far only a selected NBFCs and banks were on the platform and could give the discount loans to MSMEs.
Briefing the med...
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MSME |
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Canada issues 600 invitations to apply for Permanent Residence
Posted Date : 20-Aug-2020 , 10:31:20 am | Posted By CASANSAAR
Canada held its 160th Express Entry draw, inviting immigration candidates to apply for permanent residence on August 19. Canada invited PNP candidates in its latest Express Entry draw
The new Express Entry round issued 600 invitations to candidates with Comprehensive Ranking System (CRS) scores o...
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International Business |
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SEBI proposes to relax minimum public shareholding norms for firms under insolvency
Posted Date : 20-Aug-2020 , 10:21:37 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday proposed relaxation in norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process.
Besides, it proposed enhanced disclosure for such companies.
Sebi said it...
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SEBI |
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Govt considering giving MSME status to dealers
Posted Date : 19-Aug-2020 , 10:39:04 am | Posted By CASANSAAR
The government is considering according MSME status to dealers as it will enable them to avail benefits offered to micro, small and medium enterprises, Union Minister Nitin Gadkari said on Tuesday.
Micro, small and medium enterprises (MSMEs) comprising manufacturing and services units need to get...
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MSME |
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RBI releases framework for pan-India entity for retail payments
Posted Date : 19-Aug-2020 , 10:23:32 am | Posted By CASANSAAR
Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments. As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage a...
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RBI |
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Bank of Maharashtra writes off Rs 7,000 Cr owed by loan defaulters
Posted Date : 18-Aug-2020 , 10:23:57 am | Posted By CASANSAAR
The Bank of Maharashtra, a public sector bank, has “technically written off” a staggering over Rs 7,000 crore owed by loan defaulters in the last four years. The bank has said that it would recover the amount at a later stage and that it has not been waived permanently.
Activist and b...
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Banking |
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Appointment of BSR as an Auditor of IFIN was illegal - NFRA
Posted Date : 18-Aug-2020 , 09:57:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has observed that appointment of BSR & Associates, part of KPMG India network, as the auditor of IL&FS Financial Services Ltd (IFIN) was illegal and that the firm did not adhere to standards of auditing while scrutinising the accounts.
NFR...
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NFRA |
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Taxpayers not required to disclose high-value transactions in ITR
Posted Date : 18-Aug-2020 , 09:50:54 am | Posted By CASANSAAR
Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said.
"There is no such proposal to modify income tax return forms," an official said, responding to reports of the proposed expansion of reporta...
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ITR |
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SC dismisses IBC application filed more than three years after default
Posted Date : 17-Aug-2020 , 09:43:05 am | Posted By CASANSAAR
In what could be another blow to the Insolvency and Bankruptcy Code (IBC), the Supreme Court has said that the insolvency law is not out of purview of the Limitation Acts as it rejects an application for a default committed more than three years from the date of insolvency petition.
The apex cour...
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Insolvent Professional |
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All communication with taxpayers to be from NeAC under faceless assessment
Posted Date : 17-Aug-2020 , 09:35:51 am | Posted By CASANSAAR
The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer.
The Central Board of Direct Taxes (CBDT) has notified the N...
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Category :
Income Tax |
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RBI Board approves transfer of Rs 57,128 Cr as surplus to central govt
Posted Date : 17-Aug-2020 , 09:27:21 am | Posted By CASANSAAR
The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20.
In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent.
These decisions were taken at the 584th meeting o...
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RBI |
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SEBI issues procedure for exchanges to handle investor complaints against listed Cos
Posted Date : 14-Aug-2020 , 11:01:58 am | Posted By CASANSAAR
Markets regulator Sebi on Thursday came out with a framework for handling investor complaints by exchanges as well as standard operating procedure for actions to be taken against listed companies for failure to redress such grievances.
Under the framework, exchanges can levy penalty on companies ...
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SEBI |
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RBI revises norms for core investment Companies
Posted Date : 14-Aug-2020 , 11:00:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure.
The new guidelines were based on the recommendations of the Working Group to Review Regulatory and Supe...
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RBI |
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Income Tax surveys to be conducted only by investigation wing, TDS directorate - CBDT
Posted Date : 14-Aug-2020 , 10:55:47 am | Posted By CASANSAAR
The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes (CBDT) has said.
In an order, the CBDT said officers in Direc...
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CBDT |
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RBI mandates system-based asset classification for UCBs
Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...
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RBI |
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Foreign investors of AIFs in IFSC given exemption from furnishing PAN
Posted Date : 13-Aug-2020 , 10:55:41 am | Posted By CASANSAAR
The government has granted an exemption to non-residents (NRs) investing in category I and category II alternative investment funds (AIFs) located in the International Financial Services Centre (IFSC) from furnishing the permanent account number (PAN).
This was a long-standing dema...
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PAN |
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PM Modi to launch another major direct tax reform to benefit taxpayers
Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR
Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing.
The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...
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Category :
Income Tax |
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CBDT unearths money laundering worth over Rs 1000 Cr involving Chinese nationals
Posted Date : 12-Aug-2020 , 09:52:41 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has unearthed money-laundering worth over 1,000 crore rupees involving Chinese and Indian nationals. The Income Tax Department has conducted searches on premises of Chinese entities, their close confederates and a couple of bank employees.
CBDT said, based on ...
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CBDT |
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Supreme Court gives equal inheritance right to daughters from 1956
Posted Date : 12-Aug-2020 , 09:51:16 am | Posted By CASANSAAR
In a landmark judgment, Supreme Court has ruled that daughters will have inheritance rights equal to those of sons from properties of fathers and grandfathers right from the codification of the law in 1956.
A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah cleared the confusion arising ...
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General |
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IBBI comes up with Red Flags for IPs to detect avoidance transactions
Posted Date : 11-Aug-2020 , 10:49:43 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a document which lists 'red flags' to detect avoidance transactions by corporate debtors.
The document provides guidelines to insolvency professionals (IPs) for understanding certain warnings, or red flags, in this...
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Insolvent Professional |
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SEBI amends rules for filling of executive director posts
Posted Date : 11-Aug-2020 , 10:45:32 am | Posted By CASANSAAR
Markets regulator SEBI has made changes pertaining to the proportion of executive director posts to be filled up through different modes and composition of selection committee.
Besides, SEBI said that an employee, who has put in at least seven years as junior accounts assistant and junior enginee...
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SEBI |
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FM Nirmala Sitharaman inaugurates NIP Online Dashboard
Posted Date : 11-Aug-2020 , 10:35:22 am | Posted By CASANSAAR
Finance and Corporate Affairs Minister Nirmala Sitharaman inaugurated the National Infrastructure Pipeline, NIP, Online Dashboard in New Delhi today through video conferencing.
The online dashboard is envisaged as a one stop solution for all stakeholders looking for information on infrastru...
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Finance |
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Coaching classes are not eligible for GST exemption - AAR
Posted Date : 10-Aug-2020 , 10:44:07 am | Posted By CASANSAAR
Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR). A similar stand has been taken earlier, including by the Maharashtra bench of the AAR.
Entry No 66 of ...
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GST |
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PM launches Rs 1 lakh Cr financing facility under Agri-Infra Fund
Posted Date : 10-Aug-2020 , 10:29:35 am | Posted By CASANSAAR
Asserting that the government's agri-reforms are focused on empowering small farmers, Prime Minister Narendra Modi on Sunday launched a financing facility of Rs 1 lakh crore under the Agri-Infra Fund that will help create post harvest infrastructure in villages and generate jobs.
He also said...
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Finance |
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IBBI amends rules for corporate resolution, voluntary liquidation process
Posted Date : 08-Aug-2020 , 09:53:29 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation.
The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to repr...
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Insolvent Professional |
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IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
Posted Date : 07-Aug-2020 , 10:41:07 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
The Regulations require the committee of creditors to fix the fee payable to the liquidator. Where the...
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Insolvent Professional |
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