Lok Sabha Passes the Code on Wages Bill, 2019
Posted Date : 30-Jul-2019 , 09:55:13 pm | Posted By CASANSAAR
The Lok Sabha today passed The Code on Wages Bill, 2019. While opening the discussion for consideration and passing of the Bill, Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar said that it is a historic Bill which aims to transform the old and obsolete labour laws...
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General |
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Income Tax dept to use data analysis, risk profiling to increase tax mop up
Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR
The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal.
In the 2019-20 Budget, the g...
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Income Tax |
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IBC Bill won't encroach on SC domain - Finance Minister
Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR
The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday.
She was replying to a debate on the amendments to the code in the ...
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Insolvent Professional |
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Rajya Sabha passes The Insolvency and Bankruptcy Code
Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR
The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies.
Replyi...
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Insolvent Professional |
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RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar
Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines.
The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...
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RBI |
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IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 29-Jul-2019 , 07:55:17 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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0 | Hits : 1024
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JW Marriott Hotel fined Rs 25,000 for levying GST on bananas
Posted Date : 28-Jul-2019 , 07:37:40 am | Posted By CASANSAAR
JW Marriott Saturday was fined Rs 25,000 by the Chandigarh Excise and Taxation department for illegally levying 18 percent GST on fresh bananas served to actor Rahul Bose.
Fresh fruits are tax-free under the GST regime.
Bose, last Sunday had posted a video on micro-blogging website...
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GST |
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GST Council slashes tax rates on electric vehicles, chargers
Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR
Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August.
The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers.
The Council also made hiring of elec...
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GST |
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0 | Hits : 889
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500 CA Exam Answer Sheets Found With Unauthorised Person in Kolkata
Posted Date : 27-Jul-2019 , 08:21:33 am | Posted By CASANSAAR
Kolkata Police found 500 Chartered Accountancy exam answer sheets at the residence of an unauthorised individual named. The answer sheets are of a CA exam conducted in June 2019.
Ray, an accountant who works at a CA firm, is not an authorised examiner of the Chartered Accountancy exam. Police say...
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CA Exams |
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IBBI amends norms for insolvency resolution process for Corporate Persons
Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process.
The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...
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Insolvent Professional |
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SEBI fixes minimum staggered delivery period of 5 days for commodity futures
Posted Date : 27-Jul-2019 , 08:02:05 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges.
Staggered delivery period is the duration during which sellers or buyers having ...
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SEBI |
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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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0 | Hits : 908
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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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Income Tax |
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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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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 : 982
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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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Income Tax |
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0 | Hits : 800
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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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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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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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Income Tax |
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0 | Hits : 947
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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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Auditing |
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0 | Hits : 1099
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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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Income Tax |
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0 | Hits : 790
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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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Auditing |
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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 : 1323
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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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Banking |
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0 | Hits : 900
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