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Extension of time limit of UDIN generation from 15 days to 30 days - ICAI
Posted Date : 19-Sep-2019 , 01:45:30 pm | Posted By CASANSAAR

Extension of time limit of UDIN generation from 15 days to 30 days - One Time Relaxation In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meet...

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Category : ICAI | Comments : 0 | Hits : 953

Dissenting financial creditor should not be discriminated - NCLAT
Posted Date : 19-Sep-2019 , 09:49:47 am | Posted By CASANSAAR

The NCLAT on Tuesday said ‘secured financial creditors’ should not be discriminated on the ground of dissenting vote, and given separate treatment in the settlement of claims. Allowing the appeal of Hero Fincorp Ltd, the appellate tribunal said that the amended regulations of the Inso...

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Category : Insolvent Professional | Comments : 0 | Hits : 856

NFRA to cover Public Sector Banks' Auditors too
Posted Date : 19-Sep-2019 , 09:45:31 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has made it clear that it has oversight powers on the auditors of nationalised banks (public sector banks) as well. There was a contention that PSBs don't fall within the definition of 'banking companies' under the NFRA rules and, ther...

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Category : NFRA | Comments : 0 | Hits : 1118

Income tax department issues warning against this fake SMS
Posted Date : 19-Sep-2019 , 09:39:01 am | Posted By CASANSAAR

After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links. Sample this. "Important Alert! Dear xxxxxxxx,...

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Category : Income Tax | Comments : 0 | Hits : 955

Govt constitutes Company Law Committee for examining and making recommendations on various provisions and issues
Posted Date : 19-Sep-2019 , 09:24:06 am | Posted By CASANSAAR

In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of corporates in ...

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Category : Companies Act | Comments : 0 | Hits : 1175

NGOs receiving substantial financing from Govt come under RTI Act - SC
Posted Date : 18-Sep-2019 , 08:21:08 am | Posted By CASANSAAR

Non-Government Organisations (NGOs) receiving substantial financing from the government are bound to give information to the public under the RTI Act, the Supreme Court held on Tuesday. The top court said that institutions like schools, colleges and hospitals which receive substantial aid from th...

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Category : NGO | Comments : 0 | Hits : 1351

GST invoices to be replaced by e-invoice from January 2020
Posted Date : 18-Sep-2019 , 08:18:19 am | Posted By CASANSAAR

All invoices of sales and purchase will be replaced via the government prescribed e-invoice pan-India from January 2020, people aware of the matter told CNBC-TV18. The goods and services tax (GST) council will deliberate on new format and system for issuing of e-invoice during their meeting on Septe...

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Category : GST | Comments : 0 | Hits : 3223

No documents required for updating photograph, email, mobile number in Aadhaar
Posted Date : 18-Sep-2019 , 08:14:52 am | Posted By CASANSAAR

Aadhaar card holders can now update their personal details such as photograph, biometrics, gender, mobile number and email ID without requiring to submit any physical documents. Cardholders who need to update their details can simply walk into the nearest official Aadhaar Seva Kendra and get them up...

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Category : Income Tax | Comments : 0 | Hits : 1217

OC trigger 50% of insolvency resolution process - IBBI
Posted Date : 18-Sep-2019 , 07:55:29 am | Posted By CASANSAAR

Almost 50 per cent of corporate insolvency resolution process (CIRP) cases initiated against corporate debtors is by operational creditors, while financial creditors have initiated 40 per cent of the total CIRPs against corporate debtors, the data compiled by Insolvency and Bankruptcy Board of India...

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Category : Insolvent Professional | Comments : 0 | Hits : 793

Applicability of ICDS with respect to ITR Forms
Posted Date : 17-Sep-2019 , 09:22:35 am | Posted By CASANSAAR

Applicability of ICDS with respect to ITR Forms by CA.Rajiv Jain with CA.Vivek Khurana. ...

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Category : Tax Audit | Comments : 0 | Hits : 1548

RBI extends coverage of Bharat Bill Payment System
Posted Date : 17-Sep-2019 , 09:15:04 am | Posted By CASANSAAR

In a consumer friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available o...

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Category : RBI | Comments : 0 | Hits : 967

SEBI mulls new whistle-blower mechanism to stem Auditor exits
Posted Date : 17-Sep-2019 , 09:11:32 am | Posted By CASANSAAR

With an aim to unearth financial irregularities and other fraudulent transactions at listed companies, capital market regulator Sebi is planning to set up a new whistle-blower mechanism for auditors and other 'gate-keepers' to report such cases. The proposed move assumes significance in t...

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Category : SEBI | Comments : 0 | Hits : 1214

Farm bodies exempted from 2% TDS on payments above Rs.1 Cr
Posted Date : 17-Sep-2019 , 09:06:00 am | Posted By CASANSAAR

To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% tax deducted at source (TDS) on payments above Rs.1 crore, an anti-abuse provision in the Income Tax Act introduced this year. Finance minister Nirmala Sith...

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Category : TDS | Comments : 0 | Hits : 1966

BlockChain - Why Should Professionals get into it?
Posted Date : 16-Sep-2019 , 09:11:15 am | Posted By CASANSAAR

BlockChain - Why Should Professionals get into it? by CA.Shailesh Churiwala and CA Vivek Khurana. ...

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Category : Bitcoins | Comments : 0 | Hits : 1453

RBI proposes new rules for getting small bank license
Posted Date : 16-Sep-2019 , 08:56:47 am | Posted By CASANSAAR

In a bid to get more participants in the small finance banking space, the Reserve Bank of India on Friday said it is thinking of permitting small private entities, payment banks, NBFCs, MFIs and cooperative banks to apply and convert into a small finance bank (SFB). RBI clarified only small priva...

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Category : RBI | Comments : 0 | Hits : 1076

Merged entity of UBI, PNB, OBC to become operational from April 1, 2020
Posted Date : 15-Sep-2019 , 10:59:07 am | Posted By CASANSAAR

The amalgamated entity of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday. The merged unit, likely to have a new name, will be the second-largest bank in the country after Stat...

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Category : Banking | Comments : 0 | Hits : 1189

GSTN decides to make Aadhaar authentication mandatory for new dealers from January 2020
Posted Date : 15-Sep-2019 , 10:45:43 am | Posted By CASANSAAR

The GST Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January next year to check malpractices in GST. This was announced by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group of Ministers of GST Network. Addressing media...

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Category : GST | Comments : 0 | Hits : 957

Govt announces fresh incentives to boost exports and housing sector
Posted Date : 15-Sep-2019 , 10:43:40 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman has announced a fresh set of measures worth around 70,000 crore rupees to boost exports and housing sector. She said that the government will provide a 10,000 crore rupees special window with an aim to help complete ongoing affordable and middle-income housing pro...

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Category : Finance | Comments : 0 | Hits : 877

GSTN releases online version of two simplified forms for taxpayers
Posted Date : 14-Sep-2019 , 08:47:27 am | Posted By CASANSAAR

The Goods and Services Tax Network (GSTN) on Friday released two forms-- ANX-1 and ANX-2--for simplified online returns. A taxpayer will have to file FORM GST RET-1 (normal), or FORM GST RET-2 (Sahaj), or GST RET-3 (Sugam) returns. Annexure of supplies (GST ANX-1) and annexure of inward supplies ...

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Category : GST | Comments : 0 | Hits : 1965

ED slaps show cause penalty notice of over Rs.229 Cr FEMA violation against PwC
Posted Date : 14-Sep-2019 , 08:46:06 am | Posted By CASANSAAR

The Enforcement Directorate (ED) has slapped an over Rs.230-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday.  They said the notice was issued under the Foreign Exchange Management Act (FEM...

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Category : Income Tax | Comments : 0 | Hits : 1070

Canara Bank board gives approval for merger with Syndicate Bank
Posted Date : 14-Sep-2019 , 08:43:20 am | Posted By CASANSAAR

The board of Canara Bank has given in-principal approval to the merger with Syndicate Bank. Finance Minister Nirmala Sitharaman had announced consolidation of 10 state-run banks into four large-scale banks on August 30. "The Board of Directors of the Bank in its meeting held today, considere...

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Category : Banking | Comments : 0 | Hits : 1228

Firms with annual income upto Rs 2 crore could get GST return relief
Posted Date : 14-Sep-2019 , 08:38:19 am | Posted By CASANSAAR

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing annual returns. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. "It is ranging from 25...

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Category : GST | Comments : 0 | Hits : 1136

Cost Inflation Index for FY 2019 -20
Posted Date : 14-Sep-2019 , 08:33:21 am | Posted By CASANSAAR

CBDT prescribed Cost Inflation Index (CII) for the Financiya Year 2019 - 20 is  289....

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Category : Income Tax | Comments : 0 | Hits : 1242

E-assessment scheme for faceless scrutiny of income tax returns notified
Posted Date : 14-Sep-2019 , 08:27:31 am | Posted By CASANSAAR

The income tax department’s scheme for assessing tax returns electronically without any personal contact between officials and tax payers has become effective, with the government notifying the e-assessment scheme, 2019, on Friday. Personal representation is allowed under the scheme in spec...

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Category : Income Tax | Comments : 0 | Hits : 3559

BlockChain - Opportunities and Challenges for Chartered Accountants
Posted Date : 13-Sep-2019 , 09:49:23 am | Posted By CASANSAAR

BlockChain - Opportunities and Challenges for Chartered Accountants by CA.Shailesh Churiwala and CA Vivek Khurana. ...

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Category : Income Tax | Comments : 0 | Hits : 1264

RBI increases banks' loan exposure limit to single NBFC
Posted Date : 13-Sep-2019 , 09:43:28 am | Posted By CASANSAAR

The RBI on Thursday increased loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15% to 20% of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector. According to the extant 'Large Exposures Framework (LEF)...

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Category : RBI | Comments : 0 | Hits : 973

All India level raids find bogus firms, fraudulent GST claims
Posted Date : 13-Sep-2019 , 09:38:21 am | Posted By CASANSAAR

In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government. The raids were conducted on Wednesday by 1,20...

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Category : GST | Comments : 0 | Hits : 1609

CBDT launches one-time facility for compounding of income tax offences
Posted Date : 12-Sep-2019 , 10:42:27 am | Posted By CASANSAAR

A one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said. It said this "one-time measure" is being undertaken to mitigate unintended hardship to taxpayers in deserving cases a...

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Category : CBDT | Comments : 0 | Hits : 3343

GST Council likely to extend date of filing annual return, audit report for FY19
Posted Date : 12-Sep-2019 , 10:38:47 am | Posted By CASANSAAR

Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform. Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to com...

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Category : GST | Comments : 0 | Hits : 2404

CBDT eased prosecution norms for TDS, I-T return filing defaults
Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return. CBDT’s circular, issued on September 9, sets the li...

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Category : Income Tax | Comments : 0 | Hits : 1362

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