GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs
Posted Date : 05-Jul-2019 , 02:14:35 pm | Posted By CASANSAAR
GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs
Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 Lak...
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Budget |
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All necessary steps to be taken to meet public shareholding norms of 25% for all listed PSUs
Posted Date : 05-Jul-2019 , 02:09:45 pm | Posted By CASANSAAR
All necessary steps to be taken to meet public shareholding norms of 25% for all listed PSUs
Government to start raising a part of its Gross Borrowing Programme in External Markets
New coins of One, Two, Five, Ten & Twenty Rupees easily identifiable to visually impaired to be made available fo...
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Budget |
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Union Budget Proposes Strengthening MSMEs to Boost Make in India
Posted Date : 05-Jul-2019 , 02:03:49 pm | Posted By CASANSAAR
Union Budget Proposes Strengthening MSMEs to Boost Make in India
Rs. 350 Crore Allocated Under Interest Subvention Scheme
Pension Benefit to 3 Crore Retail Traders, Small Shopkeepers with Annual Turnover Less Than Rs.1.5 Crore Under Pradhan Mantri Karam Yogi Maandhan Scheme
100 New Clusters to be...
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Budget |
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Public Sector Banks proposed to be provided Rs 70,000 crore capital to boost credit
Posted Date : 05-Jul-2019 , 01:56:35 pm | Posted By CASANSAAR
Public Sector Banks are to be further provided Rs 70,000 crore capital to boost credit for a strong impetus to the economy. To further improve ease of living, they will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one Public Sector Bank to acces...
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Budget |
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Union Budget proposes measures to deepen Corporate Debt markets
Posted Date : 05-Jul-2019 , 01:54:31 pm | Posted By CASANSAAR
A number of measures to further deepen bond markets have been proposed by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today.
The Finance Minister said, “Corporate Debt markets are crucial for the infrast...
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Budget |
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Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively
Posted Date : 05-Jul-2019 , 01:52:15 pm | Posted By CASANSAAR
Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively
Direct Tax revenue increases by over 78 % in FY2018-19 from FY 2013-14; rose to Rs. 11.37 lakh crore from Rs. 6.38 lakh crore
Relief proposed in Le...
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Budget |
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Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms
Posted Date : 05-Jul-2019 , 01:43:23 pm | Posted By CASANSAAR
Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms
In Transport sector, budget proposes PPP in railways, roadmap to make India a hub of maintenance, repair and overhaul and aircraft financing / leasing activities and&nbs...
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Budget |
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Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 crore
Posted Date : 05-Jul-2019 , 01:36:39 pm | Posted By CASANSAAR
Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 crore
Interchangeability of PAN and Aadhaar to file tax return proposed
2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage ...
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Budget |
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Govt hikes divestment target to Rs 1.05 lk cr for FY20
Posted Date : 05-Jul-2019 , 01:15:48 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Friday announced raising the disinvestment target to Rs 1,05,000 crore from FY2019-20 as against Rs 90,000 crore set in the interim budget.
Presenting the first Budget of the Modi government in its second term, Sitharaman said the sovereign external debt to GD...
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Budget |
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Govt to infuse Rs 70,000 cr into state-owned banks
Posted Date : 05-Jul-2019 , 01:06:57 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman Friday announced that the government will pump in 70,000 crores into public sector banks (PSBs) to strengthen them and enhance their lending capacity.
Unveiling Budget 2019-20, she said non-performing assets of PSBs have come down by Rs 1 lakh crore.
Banks have ...
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Budget |
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Extension of Last Date for availing the benefit of Alternate Composition Scheme from 30.04.2019 to 31.07.2019
Posted Date : 05-Jul-2019 , 09:57:05 am | Posted By CASANSAAR
Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019, an Alternate Composition Scheme has been made available to those suppliers of Services or Mixed Suppliers, who were not eligible for the primary compos...
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GST |
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Clarification regarding Annual Returns and Reconciliation Statement
Posted Date : 04-Jul-2019 , 04:08:01 pm | Posted By CASANSAAR
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -
a) Payment of any unpaid tax...
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GST |
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Finance Minister Nirmala Sitharaman to present Union Budget tomorrow
Posted Date : 04-Jul-2019 , 03:00:14 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will present the Union budget in the Lok Sabha tomorrow. This will be the first budget of the Narendra Modi government after assuming office for the second time. People from all walks of life have their expectations from the budget
In Telangana, Prasanna Tantri, ...
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Finance |
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HC asks RBI, ED to respond to plea alleging PayPal operating illegally
Posted Date : 04-Jul-2019 , 02:58:09 pm | Posted By CASANSAAR
The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization.
The bench of Chief Justice D N Patel and Justice C Hari Shankar issued not...
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RBI |
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Key Highlights of Economic Survey 2018-19
Posted Date : 04-Jul-2019 , 02:40:56 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in the Parliament today. The Key Highlights of Economic Survey 2018-19 are as follows:
Shifting gears: Private Investment as the Key Driver of Growth, Jobs, Exports and Demand
Surve...
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Finance |
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Auditors, bankers, directors involved in Bhushan Steel fraud - SFIO
Posted Date : 02-Jul-2019 , 07:41:33 am | Posted By CASANSAAR
The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam.
In...
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Auditing |
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Govt flags concern over concentration, lack of competition in Auditing
Posted Date : 02-Jul-2019 , 07:39:59 am | Posted By CASANSAAR
Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4.
Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...
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Auditing |
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UDIN being made mandatory from 1st July 19 for all Audit/Assurance/Attest function - ICAI
Posted Date : 02-Jul-2019 , 07:32:15 am | Posted By CASANSAAR
It has been noticed by the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders.
To curb this menace and malpract...
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ICAI |
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Vice President asks CAs to maintain highest ethical standards and urges them to isolate wrongdoers
Posted Date : 01-Jul-2019 , 09:59:02 pm | Posted By CASANSAAR
The Vice President of India, Shri M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives.
Shri Naidu asserted that all countries must speak with one voice to eliminate terror a...
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CA |
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Govt considering giving more powers to RBI to regulate NBFCs - FM
Posted Date : 01-Jul-2019 , 09:56:42 pm | Posted By CASANSAAR
The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha Monday.
Replying to a question, the minister said RBI was closely monitoring the liquidity...
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RBI |
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GST collection stands at Rs 99,939 crore in June 2019
Posted Date : 01-Jul-2019 , 09:55:22 pm | Posted By CASANSAAR
The total gross Goods and Services Tax (GST) collection in the month of June stood at 99,939 crore rupees. The total number of GST returns filed for the month of May was 74.38 lakh. Last month the GST collection crossed one lakh crore rupees.
An official release said, the revenue in the month of ...
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GST |
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Happy CA’s Day to all Partners in Nation Building
Posted Date : 01-Jul-2019 , 09:07:14 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...
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CA |
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Govt to introduce new return system for GST on trial basis today
Posted Date : 01-Jul-2019 , 08:53:41 am | Posted By CASANSAAR
The second anniversary of Goods and Services Tax (GST) will be celebrated today.
It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017.
Minister of State for Finance and Corporate Affairs Anurag Thakur will presid...
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GST |
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Fund transfer through RTGS, NEFT set to get cheaper from today
Posted Date : 01-Jul-2019 , 08:52:10 am | Posted By CASANSAAR
Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India decided it will not impose any charges on such transactions.
After announcing its decision to waive all charges on fund tran...
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Income Tax |
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RBI says will review fraud detection guidelines for banks
Posted Date : 30-Jun-2019 , 04:13:35 pm | Posted By CASANSAAR
The Reserve Bank of India is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR).
"There is a significant time-lag between the occurrence of a ...
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RBI |
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PwC resigns as an Auditor of Eveready Industries
Posted Date : 30-Jun-2019 , 04:10:53 pm | Posted By CASANSAAR
Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...
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Auditing |
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Income Tax dept will now pre-fill your salary, TDS details on ITR-1
Posted Date : 29-Jun-2019 , 09:19:36 am | Posted By CASANSAAR
To make the tax filing process easier for individuals, this year the tax department will be providing ITR-1 pre-filled with your salary, FD interest income and TDS details.
Earlier, these details were required to be manually entered by individual in the form. These details will be pre-fille...
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ITR |
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Govt cuts interest rate on small savings schemes by 0.1 pc
Posted Date : 29-Jun-2019 , 09:13:00 am | Posted By CASANSAAR
The government has reduced interest rate on small savings schemes, including the National Savings Certificate and Public Provident Fund, by 0.1 per cent for the July-September quarter.
Barring interest on savings deposits, which has been retained at 4 per cent annually, rate on all other schemes ...
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General |
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SEBI tightens regulations for mutual funds to safeguard investors
Posted Date : 28-Jun-2019 , 08:16:17 am | Posted By CASANSAAR
The markets regulator on Thursday tightened investment norms for liquid mutual funds to protect investors from credit risks arising out of defaults by borrowers.
The Securities and Exchange Board of India (Sebi) said liquid funds can invest a maximum of 20% of their assets in a single sector as a...
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SEBI |
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RBI direct banks to accept coins of all denominations
Posted Date : 27-Jun-2019 , 08:39:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly.
The RBI puts into circulation coins minted by the central government.
It said coins have distinctive features which ar...
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RBI |
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