Government panel moots tax relief for companies
Posted Date : 20-Aug-2019 , 08:21:16 am | Posted By CASANSAAR
A government panel tasked with overhauling the nearly six-decade-old Income-Tax Act on Monday recommended significant relief for taxpayers, including an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class India...
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Income Tax |
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Govt plans debt waiver for small distressed borrowers under IBC
Posted Date : 19-Aug-2019 , 09:48:39 am | Posted By CASANSAAR
The government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official.
The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC).
Corpora...
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Insolvent Professional |
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Income Tax Dept issues checklist to trace unaccounted demonetisation cash
Posted Date : 19-Aug-2019 , 09:39:23 am | Posted By CASANSAAR
In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those who deposited unaccounted cash during demonetisation.
In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Gen...
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Income Tax |
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Govt panel gets time till Monday to submit direct tax code report
Posted Date : 17-Aug-2019 , 07:10:25 am | Posted By CASANSAAR
The much-awaited report on the new direct tax code (DTC), which will replace the existing income tax act of 1961, will be submitted to finance minister Nirmala Sitharaman on Monday, said one person privy to the development, requesting anonymity.
The finance ministry-appointed task force, headed b...
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Income Tax |
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RBI makes it easier to deposit gold under scheme
Posted Date : 17-Aug-2019 , 07:07:44 am | Posted By CASANSAAR
In a move to revive the flagging Gold Monetisation Scheme 2015, the Reserve Bank of India (RBI) has made it easier for depositors to hand over their holdings of the precious metal.
In an amendment to the scheme, the RBI said that, while all deposits have to be made at collection & purity test...
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RBI |
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FinMin in talks with PMO over steps for revival of the economy
Posted Date : 17-Aug-2019 , 06:58:33 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman Friday said her officials are in discussions with their counterparts in the PMO and once the talks are over government will figure out what remedial steps should be taken and announce the same.
However, she refused to say if government is planning to come out w...
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Finance |
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All communication from tax dept to assessees to carry DIN from Oct 1 - CBDT
Posted Date : 16-Aug-2019 , 08:50:41 am | Posted By CASANSAAR
The CBDT said all communications made by the tax department to assessees from October 1 will carry a Document Identification Number (DIN) in order to promote transparency.
With a view to bringing greater transparency in the functioning of the tax administration and improvement in service de...
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CBDT |
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Banks cannot charge for failed transactions, balance enquiry - RBI
Posted Date : 16-Aug-2019 , 08:49:10 am | Posted By CASANSAAR
The Reserve Bank of India asked banks to not charge customers for failed transactions at ATMs or include it as part of the permitted ‘free ATM transactions’ per month set for users.
In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical...
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RBI |
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RBI to issue revised norms for housing finance companies
Posted Date : 14-Aug-2019 , 10:52:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday said housing finance companies (HFCs) will be treated as a category of non-banks, adding, it will release a revised regulatory framework for these entities.
This comes after the Finance Act, 2019 amended the National Housing Bank Act, 1987, conferring ce...
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RBI |
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Reliance Jio to set up one of the world’s largest Blockchain networks across India
Posted Date : 14-Aug-2019 , 10:48:18 am | Posted By CASANSAAR
Reliance Jio is all set to install one of the largest Blockchain networks across the country in the next 12 months with tens of thousands of nodes operational on day one.
Speaking at the 42nd Annual General Meeting (AGM) of Reliance Industries, Chairman Mukesh Ambani called upon on the security, ...
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Bitcoins |
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MCA panel moots CSR expenditure as tax-deductible
Posted Date : 14-Aug-2019 , 10:46:25 am | Posted By CASANSAAR
In a sweeping recommendation, a high-level committee led by Corporate Affairs Secretary Injeti Srinivas has proposed to make corporate social responsibility (CSR) expenditure tax-deductible and allow companies to carry forward the unspent balance for a period of 3-5 years.
This if accepted ...
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MCA |
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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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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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