Reliance Capital to file Rs 10,000 cr defamation suit against its former auditor PwC
Posted Date : 14-Aug-2019 , 10:42:15 am | Posted By CASANSAAR
First, the statutory auditors resign claiming the company did not provide satisfactory answers to their queries. Then the company’s shares nosedive. Now the company is suing the auditors for false claims and damaging the company’s reputation. This is the story between Price Waterhouse &a...
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Auditing |
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CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees
Posted Date : 14-Aug-2019 , 10:38:07 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Tuesday denied reports of Income Tax notices being issued to Durga Puja committees in Kolkata.
"It is unequivocally stated that the said reports are factually incorrect and are strongly denied. It is a fact that no notice was issued to the Durga Pu...
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CBDT |
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Pass percentage of CA Final / Foundation / CPT May / June 19
Posted Date : 14-Aug-2019 , 10:28:38 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today announced the results of following examinations held in May/ June, 2019.
1. Chartered Accountants Final Examination (Old & New Syllabus)
2. Foundation Examination
Since December 1949, the Chartered Accountancy Examin...
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CA Results |
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CA Final and Foundation Exams (May-June) Result to be declared on 13th Aug 2019
Posted Date : 13-Aug-2019 , 12:02:49 pm | Posted By CASANSAAR
The results of the Chartered Accountants Final Examination(Old course & New Course) and Foundation Examination held in (May-June) 2019 are likely to be declared on Tuesday, the 13th August, 2019 (evening) / Wednesday, the 14th August 2019 and the same as well as the All India merit (upto the 50t...
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CA Results |
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Government detects Rs 45,000 crore GST evasion in FY19
Posted Date : 13-Aug-2019 , 10:39:38 am | Posted By CASANSAAR
Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, but now reports have surfaced saying that government has detected Goods and Services Tax (GST) evasion of over Rs 45,000 crore during the financial year 2018-19.
According to DNA, out of which, tax s...
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GST |
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No income tax on interest from accident compensation - HC
Posted Date : 13-Aug-2019 , 08:15:13 am | Posted By CASANSAAR
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J K...
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Income Tax |
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BSR & Co resigns as auditor of two Reliance group companies
Posted Date : 12-Aug-2019 , 11:55:24 am | Posted By CASANSAAR
BSR and Co, an affiliate firm of KPMG India, has resigned as auditor of two Anil-Ambani led Reliance Group companies—Reliance Infrastructure and Reliance Power, the company told the stock exchanges on Friday.
Earlier in June, Price Waterhouse and Co (PwC) had resigned as statutory aud...
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Auditing |
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IBBI to commence individual insolvency process soon
Posted Date : 10-Aug-2019 , 08:41:49 am | Posted By CASANSAAR
As rules and regulations on personal guarantors to corporate debtors are almost prepared, Insolvency and Bankruptcy Board of India (IBBI) may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC), said MS Sahoo, chairperson of IBBI.
Talking on the sidelines of a c...
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Insolvent Professional |
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President gives assent to Motor Vehicles (Amendment) Act
Posted Date : 10-Aug-2019 , 08:34:49 am | Posted By CASANSAAR
President Ram Nath Kovind has given his assent to the Motor Vehicles(Amendment), Act 2019. A Gazette Notification to this effect was issued by Ministry of Law and Justice yesterday. The Parliament had passed the bill in the recently concluded session.
The bill amends the Motor Vehicles Act,...
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General |
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Govt to introduce Bill for Ban on cryptocurrencies in next session of Parliament
Posted Date : 09-Aug-2019 , 08:48:30 pm | Posted By CASANSAAR
The Government informed the Supreme Court that an expert panel has recommended complete ban on private cryptocurrencies in the country and the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, will be introduced in Parliament in the next session.
The inter-minister...
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Bitcoins |
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NCLT allows Government to ban Deloitte, BSR for five years
Posted Date : 09-Aug-2019 , 08:40:56 pm | Posted By CASANSAAR
In a major setback to the auditors, the National Company Law Tribunal Friday rejected Deloitte's and BSR's applications challenging the tribunal's jurisdiction to ban them from business for five years for their omissions and commissions in the ILFS Group scam.
This is the second setba...
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Auditing |
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0 | Hits : 1929
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Ayushmann KHURANA, Vicky Kaushal bag National Film Award for best Actor
Posted Date : 09-Aug-2019 , 08:29:31 pm | Posted By CASANSAAR
Bollywood stars Ayushmann Khurrana and Vicky Kaushal have jointly bagged the National Film Award for best actor for their roles in Andhadhun and Uri. Gujarati movie Hellaro has been awarded the best feature film.
Aditya Dhar won the Best Director award for his debut Uri: The Surgical Strike while...
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General |
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Only about 15% of taxpayers have filed GST Returns - CBIC
Posted Date : 09-Aug-2019 , 01:49:47 pm | Posted By CASANSAAR
With the last date to file GST Annual Return and GST Audit report fast approaching, a complex filing process and numerous data requirement has meant very few taxpayers have been able to comply with the filing process
In a letter to all Principal Chief Commissioners and Chief Commissioners o...
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GST |
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SC upholds homebuyers' rights as financial creditors under IBC
Posted Date : 09-Aug-2019 , 01:22:55 pm | Posted By CASANSAAR
In a major win for homebuyers, the Supreme Court on August 9 upheld the amendment in the Insolvency and Bankruptcy Code that confers them the status of financial creditors.
Dismissing the plea of over 200 real estate companies that had pleaded that the IBC amendment was illegal and unconstitution...
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Insolvent Professional |
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Reliance Capital joint auditors reject PWC allegations
Posted Date : 09-Aug-2019 , 08:23:17 am | Posted By CASANSAAR
Reliance Capitalon Thursday said its joint auditors have confirmed that there are "no violations" as alleged by the firm's previous auditor Price Waterhouse & Co Chartered Accountants LLP (PWC).
The board of directors of Reliance Capital on August 8 held special meeting to...
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Auditing |
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Income Tax department launches new way of making ITR e-verification
Posted Date : 09-Aug-2019 , 08:16:32 am | Posted By CASANSAAR
To ease e-verification process of income tax returns (ITR), the Income Tax department has now launched a new facility on its e-filing portal. Taxpayers can e-verify their ITR without even logging in to the e-filing website.
On the Income Tax e-filing website, you can see a new 'e-verify retur...
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ITR |
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Income Tax Dept issues FAQs on filing tax returns to help taxpayers
Posted Date : 09-Aug-2019 , 08:09:35 am | Posted By CASANSAAR
The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India.
Through frequently asked questions (FAQs), the Central Board of Direct Taxes (CBDT) has also clarified that repo...
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Income Tax |
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Income Tax dept relaxes assessment and scrutiny norms for start-ups
Posted Date : 09-Aug-2019 , 08:05:13 am | Posted By CASANSAAR
The income tax (I-T) department has relaxed its assessment and scrutiny norms for start-ups.
In a circular it directed its officers not to raise additional tax demands for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).
This will be done in cases wh...
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CBDT |
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MCA names 4 domestic Auditors to restate IL&FS books
Posted Date : 09-Aug-2019 , 07:52:46 am | Posted By CASANSAAR
The corporate affairs ministry Thursday proposed to NCLT four auditing firms to restate the accounts of the crippled Infrastructure Leasing & Financial Services (IL&FS) and some of its subsidiaries to verify fraudulent transactions.
The move comes even as the ministry awaits the NCLT view...
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Auditing |
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SEBI tightens disclosure norms on encumbered shares
Posted Date : 08-Aug-2019 , 08:57:55 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi), on Wednesday evening, tightened the norms for pledging of shares by promoters of listed companies.
In its circular, Sebi directed every listed firm to disclose detailed reasons for pledging of shares by its promoters along with the amount of stak...
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SEBI |
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IBBI prescribes CPE requirement for Insolvency Professionals
Posted Date : 08-Aug-2019 , 08:36:49 am | Posted By CASANSAAR
CPE Requirements.
(a) An IP shall undertake a minimum of 10 credit hours of CPE each calendar year and a minimum of 60 credit hours of CPE in each rolling block of three calendar years:
Provided that an IP is not required to undertake any CPE in the calendar year in which he is regis...
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Insolvent Professional |
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RBI slashes repo rate by 35 basis points
Posted Date : 07-Aug-2019 , 10:43:52 pm | Posted By CASANSAAR
The Reserve Bank has cut repo rate by 35 basis points to 5.40 per cent to give a fillip to the economy. Repo rate is the rate at which RBI lends to banks. This is the fourth consecutive time that the RBI's Monetary Policy Committee reduced the rate.
On earlier three occasions, RBI had reduced...
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RBI |
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RBI announces NEFT facility will be available round-the-clock for customers
Posted Date : 07-Aug-2019 , 10:20:06 pm | Posted By CASANSAAR
The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.
Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will...
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RBI |
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SEBI plans Rs.1 Cr reward, hotline access for informers of insider trading
Posted Date : 07-Aug-2019 , 08:31:52 am | Posted By CASANSAAR
Any inside information on insider trading in the stock market can get the informant a reward of up to ₹1 crore from Sebi, a hotline for sharing details to ensure confidentiality and a possible amnesty or settlement for minor wrongdoings in return for cooperation in the probe.
Capital market reg...
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SEBI |
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CBDT lays out revised region-wise direct tax collection target
Posted Date : 07-Aug-2019 , 08:17:24 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on August 5 laid out the target for achieving the government's revised direct tax collection of Rs 13.35 lakh crore.
In a letter to all principal commissioners, the CBDT laid out targets for each of its regions, with the Mumbai region expected to contr...
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CBDT |
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Govt wants to freeze accounts of IL&FS Auditors, 21 others
Posted Date : 06-Aug-2019 , 09:32:37 pm | Posted By CASANSAAR
In more troubles for the auditors of the crippled IL&FS--Deloitte and BSR, the corporate affairs ministry Tuesday moved the NCLT seeking to freeze their bank accounts along with those of 21 others who are impleaded in the main petition in the one of the largest fraud cases.
This comes even as...
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Auditing |
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Parliament passes Consumer Protection Bill
Posted Date : 06-Aug-2019 , 09:27:31 pm | Posted By CASANSAAR
Parliament has passed the Consumer Protection Bill, 2019, with the Rajya Sabah approving it today.
The Lok Sabha has already passed it. The bill aims at protecting the interests of consumers by establishing authorities for timely and effective administration and settlement of consumer...
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General |
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Parliament passes Jammu & Kashmir reorganisation Bill
Posted Date : 06-Aug-2019 , 09:26:08 pm | Posted By CASANSAAR
Parliament has adopted the resolution revoking the special status given to Jammu and Kashmir under Article 370 of the Constitution, with Lok Sabha approving it today.
The Lower House adopted the resolution with 351 members supporting it while 72 voted against it. The Rajya Sabha had adopted...
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General |
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RBI slaps Rs 8.5 crore fine on 11 banks for not complying with fraud reporting
Posted Date : 06-Aug-2019 , 07:57:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said it has imposed a collective penalty of Rs 8.5 crore on eleven commercial banks for violating norms on fraud classification and reporting by commercial banks and selected financial institutions (FIs).
While the RBI imposed a fine of Rs 1.5 crore on Or...
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RBI |
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Deloitte quits as auditor of DHFL
Posted Date : 06-Aug-2019 , 07:51:19 am | Posted By CASANSAAR
Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday.
Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of Corporate Affairs, one of the sources said.
Another source confirmed that Deloitte has quit, but without citing any r...
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Auditing |
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