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Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. Karpe and Ravi cease to be inde...

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Category : Banking | Comments : 0 | Hits : 399

The Institute of Chartered Accountants of India (ICAI) is a statutory body established for regulation of the profession of Chartered Accountants in India. ICAI, the second largest accounting body in the world is looking for a high profile and multi-faceted personality with proven leadership qualitie...

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Category : ICAI | Comments : 0 | Hits : 1831

There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...

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Category : Banking | Comments : 0 | Hits : 806

State-owned Allahabad Bank on Monday said the Reserve Bank of India (RBI) has asked it to freeze lending after its capital-to-risk weighted assets ratio (CRAR) fell below the mandatory 9% at the end of March. In a regulatory filing, the bank said the central bank had asked it “to restrict e...

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Category : RBI | Comments : 0 | Hits : 873

Railway minister CA Piyush Goyal has been given additional charge of the finance ministry and Smriti Irani has been supplanted from the information and broadcasting ministry to make way for Rajyavardhan Rathore, who has been been given the reins with independant charge. Union minister of state S....

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Category : Finance | Comments : 0 | Hits : 388

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 13th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ Union Territory of Andhra Pradesh, Arunachal Pradesh, Bi...

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Category : GST | Comments : 0 | Hits : 458

Petrol and diesel prices have been increased. Cost of petrol has been raised by 17 paise a litre and diesel by 21 paise per litre in Delhi . Fuel prices were last hiked 19 days ago.  With this, diesel prices touched an all-time high of 66 rupees 14 paise in the national capital. Petrol price...

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Category : General | Comments : 0 | Hits : 268

CBDT has finally released Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession) of Assessment Year 2018-19. Earlier CBDT has released Excel and  Java Utility of ITR 1 on 14th April 2018 and Excel and Java Utility of ITR-4 on 10th ...

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Category : ITR | Comments : 0 | Hits : 568

RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also sai...

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Category : RBI | Comments : 0 | Hits : 496

E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as 'motor vehicles' under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR). The Maharastra-bench of the AAR passed the order on an application filed by tyre-...

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Category : GST | Comments : 0 | Hits : 567

The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance.  "A review meeting has been called for some of the wea...

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Category : Banking | Comments : 0 | Hits : 249

Reserve Bank has initiated prompt corrective action against public sector lender Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring. The public sector lender yesterday reported widening of its net loss to Rs 1,225.42 crore in the March qua...

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Category : RBI | Comments : 0 | Hits : 241

The Institute of Chartered Accountants of India (ICAI) has issued notices to Indian arms of multinational auditing firms including Deloitte, PricewaterhouseCoopers, EY, KPMG, Grant Thornton and BDO, seeking details of corporate structures, investments and revenue.  The body is investigating ...

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Category : ICAI | Comments : 0 | Hits : 2532

United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation.  The bankers association has stirred up a hornets nest by offering an average pay inc...

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Category : Banking | Comments : 0 | Hits : 495

Google India will have to shell out a 10 per cent withholding tax for its payment to its Ireland unit for the AdWords advertising service for the assessment year 2013-14, the Income Tax Appellate Tribunal’s Bangalore bench has ruled. AdWords is an online advertising service developed by Goo...

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Category : International Taxation | Comments : 0 | Hits : 347

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 : 358

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 : 669

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 : 465

 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 : 573

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 : 487

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 : 1007

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 : 690

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 : 373

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 : 346

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 : 494

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 : 6405

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 : 542

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 : 801

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 : 525

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 : 746