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Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.  The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated b...

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Category : RBI | Comments : 0 | Hits : 177

GST Network (GSTN) Tuesday said it has started offering free accounting and billing software to MSMEs with annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses. This software would help businesses create invoices and account statements, manage inventory and pr...

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Category : GST | Comments : 0 | Hits : 954

The Securities and Exchange Board of India (Sebi) on Tuesday proposed a framework for ‘regulatory sandbox’. The term is used to define live testing of new products and services on a small set of customers for a limited period of time. Typically, the regulatory provisions are relaxed d...

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Category : SEBI | Comments : 0 | Hits : 101

Top companies in the country may soon have to rely on a common goods and services tax portal to issue invoices to their customers.  The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a governme...

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Category : GST | Comments : 0 | Hits : 426

The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current lia...

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Category : Income Tax | Comments : 0 | Hits : 297

The Reserve Bank of India (RBI) has extended timings for customer transactions in the Real Time Gross Settlement (RTGS) system to 6 pm from 4:30 pm. The new time window for RTGS will come into effect from June 1. The RTGS is an online fund transfer system, supported by the RBI, which enables tran...

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Category : RBI | Comments : 0 | Hits : 531

The Supreme Court has dismissed a plea challenging the Telangana High Court verdict that a person can be arrested by the concerned authority in cases of Goods and Service Tax, GST evasion. The plea came up for hearing yesterday before a vacation bench of Chief Justice Ranjan Gogoi and Justice Ani...

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Category : GST | Comments : 0 | Hits : 869

The Delhi High Court on Monday notices to the Reserve Bank of India (RBI) and PayTM, seeking their response to a Public Interest Litigation (PIL) which claims that the digital payment company is violating the banking rules by operating a post-paid wallet. A division bench led by Chief Justice Rajend...

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Category : RBI | Comments : 0 | Hits : 455

To further safeguard the interest of investors in listed debt securities, the Securities and Exchange Board of India (SEBI) has tightened the disclosure norms for entities that have issued such securities. In a circular issued on Monday, the capital market watchdog made it mandatory for such comp...

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Category : SEBI | Comments : 0 | Hits : 266

The Ministry of Corporate Affairs (MCA) has sent out a look-out circular with the names of over 20 people suspected of economic offence, sources said on Monday. Sources said the circular includes the name of Naresh Goyal, the Chairman of the now-grounded Jet Airways. Look out circulars are issued...

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Category : MCA | Comments : 0 | Hits : 701

Following a raid by the Commissioner of Central GST and Customs, Gujarat-based Manpasand Beverages' managing director (MD) Abhishek Singh and chief financial officer (CFO) Paresh Thakkar have been arrested on allegations of GST fraud. The beverage company which manufactures fruit juices under...

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Category : GST | Comments : 0 | Hits : 908

Widening its probe against economic offenders, the Ministry of Corporate Affairs has prepared a list of 20 individuals and requested the Intelligence Bureau (IB) to not allow them to flee the country. The move comes in the wake of several such instances where offenders had fled the country soon a...

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Category : MCA | Comments : 0 | Hits : 313

The Reserve Bank of India Friday fixed the investment limit at Rs 54,606.55 crore for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows to park funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March ...

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Category : RBI | Comments : 0 | Hits : 228

The Central Board of Direct Taxes (CBDT) Task Force has been granted a two-month extension till 31 July, by the Finance Ministry, to draft new direct tax code, news agency ANI reported on Friday, 24 May, citing Finance Ministry sources. Earlier during the day, Finance Minister Arun Jaitley met al...

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Category : CBDT | Comments : 0 | Hits : 457

Public sector banks (PSBs) have recovered close to Rs 1.2 lakh crore from stressed assets during the financial ended March, primarily helped by resolution under the Insolvency and Bankruptcy Code (IBC), an official said. During the first half of the previous fiscal, banks recovered Rs 60,713 cror...

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Category : NPA | Comments : 0 | Hits : 176

The central board of Reserve Bank of India (RBI)  approved creating a specialized supervisory and regulatory structure for commercial banks, urban cooperative banks and non-banking financial companies (NBFCs). The decision is based on the recommendations of an internal committee under the cu...

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Category : RBI | Comments : 0 | Hits : 395

The Goods and Services Tax (GST) Authority has come out with a draft new simplified return form, which it plans to formally rolled out in July. The authority on Wednesday made the new format for filing GST return public with a view to obtain feedback on the user interface and its functionalities....

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Category : GST | Comments : 0 | Hits : 828

Punjab National Bank (PNB) may be centre of the next round of PSU bank merger in September where the Delhi-based lender could take some smaller PSU banks under its ambit. The names of Syndicate Bank, Oriental Bank of Commerce, Andhra Bank and Allahabad Bank are being considered for the merger. So...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 629

The Orissa High Court has resolved an important issue of blocked credit under the goods and services tax (GST) regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease. The court has allowed input tax credit to a shopping mall construction c...

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Category : GST | Comments : 0 | Hits : 1110

In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources. PNB could start the proce...

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Category : Banking | Comments : 0 | Hits : 567

  Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under  clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Se...

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Category : CBDT | Comments : 0 | Hits : 551

The Supreme Court Tuesday stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe offenders. A vacation bench headed by Justice Arun Mishra also stayed the May 16 order of the high court...

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Category : Black Money | Comments : 0 | Hits : 440

India is set to strengthen audit reporting standards with the role of auditors coming under cloud after a number of corporate frauds.  The ministry of corporate affairs plans to propose changes to the Companies (Auditor’s Report) Order or CARO as soon as the next government assumes off...

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Category : Corporate Law | Comments : 0 | Hits : 853

State-owned Bank of Baroda (BoB) is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1. It does not ma...

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Category : Banking | Comments : 0 | Hits : 683

To deal with the issue of banks diverging from the prescribed asset classification norm and consequent under-provisioning, the Reserve Bank of India (RBI) has kickstarted the process of holding structured meetings with their statutory central auditors (SCAs) at the end of every quarter.   T...

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Category : RBI | Comments : 2 | Hits : 1681

The Central Board of Direct Taxes (CBDT) has allowed Sebi-approved asset management companies (AMCs) to double as fund managers as well rather than being mere ‘advisors’ to offshore funds. CBDT has removed a taxation-related rule that prevented such advisors to foreign funds from beco...

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Category : CBDT | Comments : 0 | Hits : 111

The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers. Sources sa...

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Category : GST | Comments : 0 | Hits : 509

With ongoing probes into the IL&FS crisis highlighting the role of auditors in the fiasco, the Central government is now considering a revamp of the auditing process, making it more transparent, and auditors more accountable.  “There is a general consensus that the way auditing is ...

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Category : MCA | Comments : 0 | Hits : 715

Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling whil...

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Category : GST | Comments : 0 | Hits : 830

The government plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make the compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis. MCA 21 is the electronic backbone for the dissemination of informat...

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Category : Corporate Law | Comments : 0 | Hits : 861