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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 1276
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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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RBI |
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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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GST |
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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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CBDT |
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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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GST |
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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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Income Tax |
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RBI panel suggests new intermediary under NHB
Posted Date : 11-Sep-2019 , 08:02:57 am | Posted By CASANSAAR
A Reserve Bank of India (RBI) panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a...
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RBI |
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Subscribe CA Sansaar YouTube Channel
Posted Date : 10-Sep-2019 , 11:18:05 am | Posted By CASANSAAR
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General |
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Communication or NOC from Previous Auditor
Posted Date : 10-Sep-2019 , 11:14:04 am | Posted By CASANSAAR
Communication or NOC from Previous Auditor explained by CA Sanjay Agarwal.
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Auditing |
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Govt to tweak Income Tax Act, won’t replace it with direct tax code
Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR
The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown.
Some suggestions in the draft legislation, submitted to finance minister ...
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Income Tax |
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Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 - ICAI
Posted Date : 10-Sep-2019 , 09:43:51 am | Posted By CASANSAAR
Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013
1 Section 197(16) of the Companies Act, 2013 requires as under:
“The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid b...
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ICAI |
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Frauds worth Rs 32,000 crore rattle 18 public banks within three months - RTI
Posted Date : 09-Sep-2019 , 09:21:56 am | Posted By CASANSAAR
A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in between April and June this year, an RTI query has revealed.
The country's largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-...
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Banking |
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Govt gets tax bonanza from online ads on Google, Facebook
Posted Date : 09-Sep-2019 , 09:17:40 am | Posted By CASANSAAR
Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March, said a tax official privy to the development.
The tax department collected ₹939 crore in the year to 31 March, up from ₹590 c...
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Income Tax |
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RBI refuses to extend Equitas SFB’s deadline for listing
Posted Date : 07-Sep-2019 , 08:31:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has refused to extend Chennai-based Equitas Small Finance Bank’s deadline for listing. The banking regulator said that the bank cannot open new branches till further orders. The order comes at a time when the bank completed three years of operations.
RBI said...
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RBI |
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Madras HC directs Cognizant to approach Appellate Authority on tax dispute
Posted Date : 07-Sep-2019 , 08:23:41 am | Posted By CASANSAAR
A Division Bench of Madras High Court has partially allowed an appeal by IT major Cognizant against a single judge order, while upholding its direction to the company to approach the tax appellate authority for a remedy.
The order was issued on an appeal filed by the company against a single judg...
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Income Tax |
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Issues and challenges with Tax Audit and Tax Audit Report - Queries and Answers
Posted Date : 06-Sep-2019 , 08:58:49 am | Posted By CASANSAAR
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Tax Audit |
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SEBI plans 3-tier structure to bolster cybersecurity, prevent attacks
Posted Date : 06-Sep-2019 , 08:50:03 am | Posted By CASANSAAR
Regulator Sebi has envisaged a three-tier structure to bolster cyber security in securities market and plans to deploy data analytics and new generation technologies to deal with various challenges.
Sebi plans to set up a Cyber Security and Compliance Reporting System for the regulated entities t...
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SEBI |
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NCLT approves JSW Steel's Rs.19,700 Cr bid for Bhushan Power & Steel
Posted Date : 06-Sep-2019 , 08:43:25 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process.
The NCLT approved the offer while stating that profits made by Bhus...
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Insolvent Professional |
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Clarification Regarding 44AD - Tax Audit or Not?
Posted Date : 05-Sep-2019 , 09:39:36 am | Posted By CASANSAAR
Clarification Regarding Section 44AD of Income Tax Act - Tax Audit or Not?
by CA. Sanjay Agrawal,
https://youtu.be/Uy0ay43k9qo
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Tax Audit |
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CBDT enters into 26 APAs during the current Financial Year
Posted Date : 05-Sep-2019 , 09:35:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 Bila...
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CBDT |
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Bank of Baroda employees to get 15 crore shares at 20% discount
Posted Date : 05-Sep-2019 , 09:22:22 am | Posted By CASANSAAR
Public sector lender Bank of Baroda or BoB will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said on Tuesday. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regula...
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Banking |
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RBI makes repo-linked interest rates mandatory
Posted Date : 05-Sep-2019 , 09:07:09 am | Posted By CASANSAAR
The Reserve Bank of India has made it mandatory for banks to link all of their new loan products, be it personal, housing or auto to an external benchmark like the policy repo rate.
Stating that transmission of policy rate benefits under the current framework has not been satisfactory, RBI ...
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RBI |
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Auditors will have to file annual reports to NFRA
Posted Date : 04-Sep-2019 , 08:31:10 am | Posted By CASANSAAR
Auditors of companies overseen by the National Financial Reporting Authority (NFRA) will need to disclose their findings separately as the government looks to address audit-related concerns and step up transparency.
The government is set to notify a new form that will require auditors to fi...
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NFRA |
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CBDT constitutes startup cell to address various tax grievances
Posted Date : 04-Sep-2019 , 08:27:44 am | Posted By CASANSAAR
In order to further dispel the fears surrounding the Angel Tax for startups, the Central Board of Direct Taxes (CBDT) has constituted a startup cell to redress grievances and address various tax related issues. It also has the provision to file these grievances online. The body also reiterated the m...
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CBDT |
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RBI's task force recommends moves to ease credit markets
Posted Date : 04-Sep-2019 , 08:25:31 am | Posted By CASANSAAR
A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks.
These moves are aimed at d...
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RBI |
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Cabinet approves Infusion of capital by Government in IDBI Bank
Posted Date : 04-Sep-2019 , 08:12:31 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.
It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Governmen...
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Banking |
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0 | Hits : 867
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MCA sets up expert committee for valuation professionals
Posted Date : 03-Sep-2019 , 09:44:47 am | Posted By CASANSAAR
The Corporate Affairs Ministry (MCA) has set up a eight member 'Committee of Experts' to examine the need for an institutional framework for regulation and development of valuation professionals. The Panel would be headed by IBBI Chairman M S Sahoo.
It would also cover the regulatory arch...
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MCA |
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PAN will be generated automatically if taxpayer uses Aadhaar for filing returns
Posted Date : 03-Sep-2019 , 09:41:26 am | Posted By CASANSAAR
The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases.
According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall b...
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Income Tax |
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