IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment.
The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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Insolvent Professional |
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CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases
Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR
The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.
The CBDT said the extension of time is being granted after co...
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Category :
Income Tax |
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0 | Hits : 1815
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Lok Sabha passes Companies (Amendment) Bill, 2019
Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR
The Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...
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Corporate Law |
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Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019
Posted Date : 26-Jul-2019 , 07:45:31 am | Posted By CASANSAAR
Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019.
As per the said notification:
i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the fi...
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MCA |
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GST Council meet postponed
Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR
The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed.
The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir)
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GST |
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Parliament passes RTI (Amendment) Bill, 2019
Posted Date : 25-Jul-2019 , 10:48:32 pm | Posted By CASANSAAR
Parliament has passed the Right to Information (Amendment) Bill, 2019 with the Rajya Sabha approving it today amid opposition walkout. The Lok Sabah has already passed the bill.
The Bill seeks to empower the Centre to make rules to decide the tenure, salary, allowances and other terms of se...
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General |
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RBI committee recommends increase of loan limits to MSME sector
Posted Date : 25-Jul-2019 , 10:44:03 pm | Posted By CASANSAAR
A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs).
The Committee has also recommended revision of loan limit sanctioned...
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RBI |
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0 | Hits : 816
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IBBI tightens norms for insolvency resolution professionals
Posted Date : 25-Jul-2019 , 07:50:59 am | Posted By CASANSAAR
In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process.
Insolvency resolution professi...
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Insolvent Professional |
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0 | Hits : 958
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Finance Minister introduces IBC bill for faster bad loan resolution
Posted Date : 25-Jul-2019 , 07:33:22 am | Posted By CASANSAAR
The government came out in support of financial creditors and spelled out concerns over extensive litigation causing undue delays in insolvency proceedings, while introducing the Insolvency and Bankruptcy Code Amendment Bill in the Rajya Sabha on Wednesday.
The statement of object and reasons sai...
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Category :
Income Tax |
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0 | Hits : 789
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Cabinet approves amendments to Aadhaar Bill
Posted Date : 25-Jul-2019 , 07:27:47 am | Posted By CASANSAAR
Union Cabinet has approved Official Amendments to the Aadhaar and Other Laws (Amendment) Bill 2019.
Briefing the reporters after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said, the government has decided to make Aadhaar as identification document so that p...
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Income Tax |
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0 | Hits : 908
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RBI to review organisational structure as part of vision strategy
Posted Date : 24-Jul-2019 , 06:48:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will undertake review and reframing of its organisational structure to implement strategies that form its vision statement for 2019-22.
The apex bank will also enhance the performance assessment system for its employees, RBI said, adding that it will also use techn...
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RBI |
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0 | Hits : 774
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Parliament passes Finance Bill 2019
Posted Date : 24-Jul-2019 , 06:45:40 am | Posted By CASANSAAR
Parliament has passed the Finance Bill 2019 and Appropriation Bill 2019 with the Rajya Sabha returning them to the Lower House.
The Lok Sabha has already passed the bills. The Finance bill gives effect to the financial proposals of the Central Government for the financial year 2019-20. Whil...
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Finance |
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Deadline to file income tax return for FY 2018-19 extended to August 31
Posted Date : 23-Jul-2019 , 07:58:56 pm | Posted By CASANSAAR
The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing returns by July 31. July 31 was the deadlin...
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Category :
Income Tax |
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0 | Hits : 936
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Deloitte exits as auditor of two B.M. Khaitan group companies
Posted Date : 23-Jul-2019 , 08:56:37 am | Posted By CASANSAAR
The audit woes of the B. M. Khaitan Group companies continue with Deloitte Haskins & Sells LLP exiting two companies — Mcleod Russel India Ltd. (MRIL) and McNally Bharat Engineering Company Ltd.
About a month ago, PwC had exited group flagship Eveready Industries India Ltd. (EIIL). MRIL...
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Category :
Auditing |
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0 | Hits : 1079
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FM to Launch Taxpayer E-assistance Campaign at Income Tax Day
Posted Date : 23-Jul-2019 , 08:49:48 am | Posted By CASANSAAR
A country-wide 'taxpayer e-assistance campaign' will be launched on Wednesday by Finance Minister Nirmala Sitharaman to mark the 159th 'Income Tax Day', officials said on Monday.
The campaign has been conceptualised by the CBDT and it will be launched across all regional offices o...
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Category :
Income Tax |
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0 | Hits : 773
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18% GST on flat owners paying monthly maintenance of over Rs 7,500
Posted Date : 23-Jul-2019 , 08:43:44 am | Posted By CASANSAAR
Flat owners will have to pay GST at 18 per cent if their monthly contribution to resident welfare association (RWA) exceeds Rs 7,500, the Finance Ministry said Monday. As per the rules, RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is ...
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GST |
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Government wants CCI probe on Big 4 Auditors
Posted Date : 22-Jul-2019 , 05:30:30 pm | Posted By CASANSAAR
The Indian government wants the country's antitrust body to assess whether the so-called "Big Four" auditing firms and their affiliates are hurting competition in any manner, a senior government official told reporters.
The Competition Commission of India (CCI) needs to conduct a su...
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Category :
Auditing |
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0 | Hits : 1104
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5 reasons why deadline to file ITR needs to be extended this year
Posted Date : 22-Jul-2019 , 09:10:04 am | Posted By CASANSAAR
The last date for filing income tax return (ITR) for the assessment year 2019-20 with no penalty or a fine is July 31, 2019. However, the due date for ITR filing may get an extension for the taxpayers to file the return of income well beyond the last date even without paying any fine.
Here ...
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Income Tax |
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0 | Hits : 1307
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Punjab & Sind Bank flags fraud in Bhushan Power account
Posted Date : 22-Jul-2019 , 09:04:14 am | Posted By CASANSAAR
State-owned Punjab & Sind Bank reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently.
"On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against...
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Category :
Banking |
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NCLT allows MCA plea to implead 22 more parties in IL&FS case
Posted Date : 22-Jul-2019 , 08:54:37 am | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the petition of the Ministry of Corporate Affairs (MCA) to implead 22 more parties as accused in the alleged financial misappropriation in the debt-laden Infrastructure Leasing & Financial Services (IL&FS). This brings ...
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Category :
Companies Act |
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0 | Hits : 822
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GST Council to decide on tax cut on EVs this week
Posted Date : 22-Jul-2019 , 08:46:54 am | Posted By CASANSAAR
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said.
The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services...
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Category :
GST |
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Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
Posted Date : 20-Jul-2019 , 08:34:01 am | Posted By CASANSAAR
The government will charge a two per cent tax if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore, according to an amendment made to a Budget proposal and announced Thursday.
Finance Minister Nirmala Sitharaman, in her Budget on July 5, had proposed 2 per cent tax deduction ...
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TDS |
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GST officers arrest one person for creating 90 fake firms, issuing bogus invoices
Posted Date : 20-Jul-2019 , 08:29:42 am | Posted By CASANSAAR
GST officers have arrested one person for creating about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon, the finance ministry said on Friday. The officers of Directorate General of GST Intelligence (DGGI), Headquarters, arrested one Anupam Singla, a resident ...
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GST |
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0 | Hits : 1097
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SEBI moots stricter disclosures on Auditor resignation
Posted Date : 19-Jul-2019 , 10:00:01 am | Posted By CASANSAAR
Markets regulator Sebi July 18 proposed stricter disclosures, including detailed reasons, on resignation of auditors, amid rising instances of auditors quitting companies. Besides, an auditor would have to provide appropriate disclaimer in case of auditor's resignation is due to non-receipt of i...
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SEBI |
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0 | Hits : 915
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CA CPT Pass Percentage of June 2019 Exam
Posted Date : 19-Jul-2019 , 09:58:18 am | Posted By CASANSAAR
ICAI Press Release
The Institute of Chartered Accountants of India (ICAI) announced the result of Common Proficiency Test (CPT) exam held on June 16, 2019.
The result analysis of the CPT Examination in terms of total pass percentage & gender wise details are mentio...
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Category :
CA Exams |
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0 | Hits : 2010
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NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates in IL&FS case
Posted Date : 19-Jul-2019 , 09:55:27 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has allowed the Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO).
...
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Category :
Auditing |
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0 | Hits : 918
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Cabinet clears bill to amend Companies Law
Posted Date : 18-Jul-2019 , 09:41:10 am | Posted By CASANSAAR
The government Wednesday approved 43 amendments to the companies law as it seeks to further strengthen the regulatory framework and ensure stricter action for violations.
From de-clogging of the National Company Law Tribunal (NCLT) to bolstering corporate governance standards and tweaking provisi...
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Category :
Companies Act |
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0 | Hits : 1155
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Internal Auditor of Unitech resigns
Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR
Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints.
In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...
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Category :
Auditing |
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0 | Hits : 942
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RBI wants audit firm partners under lens to stay off banks
Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR
Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...
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RBI |
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0 | Hits : 1371
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Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR
A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...
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Category :
GST |
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