Govt to rework auditors framework amid crack down on auditing lapses
Posted Date : 27-Jun-2019 , 08:36:41 am | Posted By CASANSAAR
In a bid to have quality audit standards being practised in the country, the ministry of corporate affairs (MCA) is re-working the guiding framework for auditors.
According to the senior government official, the government is considering to further streamline and strengthen the provisions for aud...
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Auditing |
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Entities identified on basis of risk parameters to face GST Audit
Posted Date : 27-Jun-2019 , 08:33:36 am | Posted By CASANSAAR
The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion, irregular filing of returns and employing "questionable accountants". Unveiling the audit plan, the Directorate General of Audi...
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GST |
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MCA asked NFRA to review Auditing and Assurance Standards for Auditors
Posted Date : 26-Jun-2019 , 01:44:26 pm | Posted By CASANSAAR
Ministry of Corporate Affairs (MCA) has asked National Financial Reporting Authority (NFRA) to review Auditing and Assurance Standards for auditors, people familiar with the development said.
The ministry is mulling various options to strengthen the current audit framework in the wake of the rece...
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MCA |
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Govt to launch new KYC norms to weed out fraud CA, CS and CMAs
Posted Date : 26-Jun-2019 , 01:36:45 pm | Posted By CASANSAAR
A mandatory know-your-customer (KYC) exercise for over three lakh professionals including chartered accountants, cost accountants and company secretaries will soon be launched by the Ministry of Corporate Affairs (MCA), reports DNA.
The development follows similar disclosure norms brought in earl...
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CA |
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RBI launches CMS for filing online complaints against banks, NBFCs
Posted Date : 25-Jun-2019 , 05:54:57 am | Posted By CASANSAAR
The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redre...
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RBI |
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Aadhar (Amendment) Bill introduced in Lok Sabha
Posted Date : 25-Jun-2019 , 05:48:15 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad introduced the Aadhaar and and Other Laws (Amendment) Bill, 2019 in the Lok Sabha today. It will replace an ordinance issued in March this year and proposes stiff penalties for violation of norms.
The Bill seeks to amend Aadhaar (Targeted Delivery of Financial and...
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Income Tax |
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Printing process for General Budget 2019-20 commences with Halwa Ceremony
Posted Date : 23-Jun-2019 , 05:50:40 am | Posted By CASANSAAR
Halwa ceremony marking the commencement of Budget printing process for the General Budget 2019-20 was held in North Block here today afternoon in the august presence of the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman.
Union General Budget 2019-20 is to be presented ...
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Budget |
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SEBI sets new rules for applicant confidentiality in resolution process
Posted Date : 20-Jun-2019 , 09:55:54 am | Posted By CASANSAAR
Markets regulator SEBI has set various grounds on the basis of which an applicant can be assured confidentiality while filing a plea under the settlement mechanism.
In a circular, the regulator also listed the factors that can adversely affect the applicant's claim for confidentiality.
&qu...
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SEBI |
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MCA may amend LLP Act to keep check on shell companies
Posted Date : 20-Jun-2019 , 09:53:12 am | Posted By CASANSAAR
In an attempt to keep a check on shell companies, the Ministry of Corporate Affairs may amend the LLP Act to tighten regulation for companies which seek to change their status to limited liability partnership (LLP), reported Business Standard, citing people in the know.
The number of companies co...
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MCA |
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ED arrests two former IL&FS executives in money laundering probe
Posted Date : 20-Jun-2019 , 09:47:19 am | Posted By CASANSAAR
The Enforcement Directorate has arrested two former executives in connection with its money laundering probe in the Infrastructure Leasing and Financial Services Ltd (IL&FS) alleged financial irregularities case.
Officials said former joint MD of the company Arun K Saha and MD of ...
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Income Tax |
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RBI fines HDFC Bank Rs 1 crore for violation of KYC norms
Posted Date : 19-Jun-2019 , 09:48:12 am | Posted By CASANSAAR
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions.
The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currenc...
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RBI |
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New Income Tax guidelines tightens screw on tax evaders
Posted Date : 19-Jun-2019 , 09:45:32 am | Posted By CASANSAAR
Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CB...
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Income Tax |
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Govt of India compulsorily retires 15 Senior Officers of the IRS (C &CE) with immediate effect
Posted Date : 19-Jun-2019 , 09:39:12 am | Posted By CASANSAAR
In exercise of the powers conferred by Clause (j) of Rule 56 of the Fundamental Rules, the President of India has retired 15 officers of Indian Revenue Service (IRS)(C&CE) in public interest with immediate effect on completing 50 years of age. These Officers are of the rank of Principal Co...
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Custom |
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SEBI permits stock exchanges to introduce futures on commodity indices
Posted Date : 19-Jun-2019 , 09:36:55 am | Posted By CASANSAAR
Capital markets regulator SEBI today permitted stock exchanges with commodity derivative segment to introduce futures on indices. SEBI in a circular said, the stock exchanges, willing to start trading in futures on commodity indices, are required to take prior approval for launching such contracts.
...
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SEBI |
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Independent Directors, Rating agencies, Auditors under SEBI lens in IL&FS case
Posted Date : 18-Jun-2019 , 07:10:39 am | Posted By CASANSAAR
A large number of individuals and entities, including independent directors, top management personnel, rating agencies and auditors formerly associated with crisis-hit IL&FS may soon face action by capital market regulator SEBI for their role in the alleged fraud at the group.
SEBI has been c...
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Category :
Auditing |
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GST Council meet on 21 June to focus on checking tax evasion
Posted Date : 17-Jun-2019 , 02:23:08 pm | Posted By CASANSAAR
Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
The government plans to increase scrutiny on businesses amid lower-than-expected GST collec...
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GST |
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New income tax rules from today, no escape just by paying penalty
Posted Date : 17-Jun-2019 , 02:18:30 pm | Posted By CASANSAAR
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.
This means that a person or entity would not be able to settle a case of tax evasion by just p...
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Income Tax |
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NFRA seeks documents from auditors in IL&FS probe
Posted Date : 15-Jun-2019 , 07:48:31 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at Infrastructure Leasing and Financial Services (IL&FS) after taking over the job from the Institute of Chartered Accountants of India (ICAI)...
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NFRA |
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Govt alleges 22 audit violations by Deloitte, KPMG arm in IL&FS fraud case
Posted Date : 14-Jun-2019 , 09:00:04 am | Posted By CASANSAAR
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters.
The failures were detecte...
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Auditing |
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FM holds Pre-Budget Consultation with representatives of Financial Sector and Capital Markets
Posted Date : 14-Jun-2019 , 08:56:49 am | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her third Pre- Budget Consultation Meeting with the stakeholders from Financial Sector and Capital Markets here today.
The main areas of discussion during the Meeting included issues relating to the Ca...
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Budget |
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Govt reduces ESI contribution rate from 6.5 to 4 per cent
Posted Date : 14-Jun-2019 , 08:54:14 am | Posted By CASANSAAR
The government has reduced the rate of the contribution made by employees and employers under the Employees' State Insurance (ESI) Act from 6.5 per cent to 4 per cent. In a release, the Ministry of Labour and Employment said, the government has taken a historic decision to reduce the rate of con...
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General |
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SEBI moves SC against NCLT order on IBC overriding SEBI Act
Posted Date : 13-Jun-2019 , 12:13:52 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has approached the Supreme Court challenging the order of the National Company Law Tribunal (NCLT) which had ruled that the Insolvency and Bankruptcy Code (IBC) would override the SEBI Act.
A Bench of Justices Indira Banerjee and Ajay Rastogi issu...
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SEBI |
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Reliance Capital calls PWC's observations baseless, unjustified
Posted Date : 13-Jun-2019 , 12:11:42 pm | Posted By CASANSAAR
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified".
On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...
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Auditing |
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Cabinet approves Aadhaar and Other Laws (Amendment) Bill 2019
Posted Date : 13-Jun-2019 , 12:10:34 pm | Posted By CASANSAAR
Union Cabinet has approved the Aadhaar and Other Laws (Amendment) Bill 2019 to replace Aadhaar and Other Laws (Amendment) Ordinance 2019.
This will enable UIDAI to have a more robust mechanism to serve the public interest and restrain the misuse of Aadhar. After the amendment, no individual will ...
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General |
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New GST return mechanism will be implemented in phases
Posted Date : 12-Jun-2019 , 09:29:37 am | Posted By CASANSAAR
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the...
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GST |
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CBDT demotes four Income Tax officers over pending vigilance issues
Posted Date : 12-Jun-2019 , 09:02:39 am | Posted By CASANSAAR
A day after the government forcibly retired a dozen senior Income-Tax Department officials over charges of corruption, the CBDT on Tuesday demoted four officials on the basis of "pending" vigilance cases against them. The four officials have been demoted from the rank of Joint Commissioner...
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Income Tax |
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NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC - NCLAT
Posted Date : 12-Jun-2019 , 08:59:17 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court.
However, a...
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Insolvent Professional |
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RBI's norms to give more headroom to lenders to resolve big ticket NPAs
Posted Date : 12-Jun-2019 , 08:53:13 am | Posted By CASANSAAR
Reserve Bank's new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset cases under the Insolvency and Bankruptcy Code (IBC), according to a report.
The RBI came out with a revised prudential framework for resolution...
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RBI |
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FM holds Second Pre-Budget Consultation with the Representatives of Industry, Services and Trade Groups
Posted Date : 12-Jun-2019 , 08:51:48 am | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her second Meeting was with the stakeholder Groups from Industry, Trade and Ser...
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Budget |
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CBIC releases Transition plan to the new GST Return
Posted Date : 12-Jun-2019 , 08:49:51 am | Posted By CASANSAAR
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: -
In May, 2019 a prototyp...
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Income Tax |
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