HC allows ITC under GST regime to realtor making shopping mall
Posted Date : 22-May-2019 , 08:36:23 am | Posted By CASANSAAR
The Orissa High Court has resolved an important issue of blocked credit under the goods and services tax (GST) regime for real estate companies constructing commercial spaces for the purpose of letting it on rent or lease.
The court has allowed input tax credit to a shopping mall construction c...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1746
|
 |
PNB may takeover Oriental Bank, Andhra Bank or Allahabad Bank
Posted Date : 21-May-2019 , 06:18:58 pm | Posted By CASANSAAR
In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources.
PNB could start the proce...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1215
|
|
CBDT issues draft notification for amendment in Audit Report of Trust / Institutions
Posted Date : 21-May-2019 , 06:15:57 pm | Posted By CASANSAAR
Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Se...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1228
|
|
SC stays HC order disallowing black money law to operate retrospectively
Posted Date : 21-May-2019 , 06:13:31 pm | Posted By CASANSAAR
The Supreme Court Tuesday stayed the Delhi High Court order which had held that the 2016 black money law cannot be allowed to operate with retrospective effect from July 2015 to book and probe offenders.
A vacation bench headed by Justice Arun Mishra also stayed the May 16 order of the high court...
Continue Reading...
Category :
Black Money |
Comments :
0 | Hits : 1469
|
|
MCA going to amend CARO - Companies (Auditor’s Report) Order
Posted Date : 21-May-2019 , 10:14:06 am | Posted By CASANSAAR
India is set to strengthen audit reporting standards with the role of auditors coming under cloud after a number of corporate frauds.
The ministry of corporate affairs plans to propose changes to the Companies (Auditor’s Report) Order or CARO as soon as the next government assumes off...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1506
|
|
Bank of Baroda looks to rationalise 800-900 branches aafter merger
Posted Date : 21-May-2019 , 10:08:49 am | Posted By CASANSAAR
State-owned Bank of Baroda (BoB) is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank.
The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1.
It does not ma...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1286
|
|
RBI to hold Structured Meetings with bank auditors to deal with divergences
Posted Date : 21-May-2019 , 10:03:16 am | Posted By CASANSAAR
To deal with the issue of banks diverging from the prescribed asset classification norm and consequent under-provisioning, the Reserve Bank of India (RBI) has kickstarted the process of holding structured meetings with their statutory central auditors (SCAs) at the end of every quarter.
T...
Continue Reading...
Category :
RBI |
Comments :
2 | Hits : 5925
|
|
CBDT allows advisors of foreign funds to double as asset managers
Posted Date : 21-May-2019 , 09:58:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has allowed Sebi-approved asset management companies (AMCs) to double as fund managers as well rather than being mere ‘advisors’ to offshore funds.
CBDT has removed a taxation-related rule that prevented such advisors to foreign funds from beco...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 822
|
|
GST Council may consider national bench of AAAR next month
Posted Date : 21-May-2019 , 09:54:31 am | Posted By CASANSAAR
The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers.
Sources sa...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1105
|
|
MCA mulls stricter audit norms amid IL&FS crisis
Posted Date : 20-May-2019 , 10:25:09 am | Posted By CASANSAAR
With ongoing probes into the IL&FS crisis highlighting the role of auditors in the fiasco, the Central government is now considering a revamp of the auditing process, making it more transparent, and auditors more accountable.
“There is a general consensus that the way auditing is ...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 1336
|
|
AAR allows input tax credit by debt settlement under GST regime
Posted Date : 20-May-2019 , 10:21:52 am | Posted By CASANSAAR
Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR).
The Bengal wing of AAR made the ruling whil...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1418
|
|
Govt plans introducing artificial intelligence system in MCA 21 portal
Posted Date : 20-May-2019 , 10:15:28 am | Posted By CASANSAAR
The government plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make the compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis.
MCA 21 is the electronic backbone for the dissemination of informat...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1436
|
|
RBI directs Non-Banking Finance Companies to appoint Risk Officers
Posted Date : 17-May-2019 , 10:05:58 am | Posted By CASANSAAR
Reserve Bank of India said on Thursday that shadow banks also known as non-banking finance companies (NBFC) with asset size of more than Rs 5,000 crore should appoint a chief risk officer (CRO) in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Fina...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1335
|
|
CBDT orders transfer posting of 20 Principal Chief Commissioners
Posted Date : 17-May-2019 , 09:51:07 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has announced transfer postings of 20 principal chief commissioners of the Income Tax Department.
A CBDT official told ANI that Monday's order was issued after seeking the Election Commission's approval.
A total of 14 officers were promoted on M...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1872
|
|
New single GST Returns form to be rolled out in July
Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 2870
|
|
NCLT directs de-attachment of properties attached by SEBI
Posted Date : 17-May-2019 , 09:34:56 am | Posted By CASANSAAR
The Principal Bench of National Company Law Tribunal (NCLT) recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by the Securities and Exchange Board of India (SEBI). The attachment order was also upheld by the Securities ...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 956
|
|
Income Tax Dept probing gains made in agriculture income during demonetisation
Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR
The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees.
Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1274
|
|
NSE slaps fines on over 250 companies for non-compliance with listing regulations
Posted Date : 16-May-2019 , 08:52:17 am | Posted By CASANSAAR
The National Stock Exchange (NSE), after monitoring compliance of listing regulations of all its listed entities, imposed fines and issued notices to more than 250 non-compliant companies for March quarter, the exchange said on Wednesday.
Big names on the list included Adani Ports...
Continue Reading...
Category :
Shares & Stock |
Comments :
0 | Hits : 906
|
|
Audit report finds 107 cases of shady lending at IL&FS
Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR
In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies.
The report submitted by Grant Thornton last week to the new IL&FS board headed by U...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1316
|
|
Home buyers to pay 12% GST on dues if completion certificate issued by March 31
Posted Date : 16-May-2019 , 08:44:35 am | Posted By CASANSAAR
Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said.
Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1011
|
|
Exam for confirmation of enrollment of GST Practitioners to be conducted by NACIN
Posted Date : 15-May-2019 , 10:49:28 am | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1394
|
|
Exporters are likely to get GST refunds automatically by next month
Posted Date : 15-May-2019 , 10:33:40 am | Posted By CASANSAAR
Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said.
Under GST, every person making a claim of refund o...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1795
|
|
Income Tax officers to fast track disposal of appeal cases
Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16.
In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1295
|
|
Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) exams
Posted Date : 15-May-2019 , 10:15:26 am | Posted By CASANSAAR
14th May 2019
Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) exams
Admit cards in respect of May 2019 CA exams have been hosted on https://icaiexam.icai.org.
Candidates may download the same and print them at their convenience.
It may be no...
Continue Reading...
Category :
CA Exams |
Comments :
0 | Hits : 1130
|
|
ICAI releases E Version of Compendium of Ind AS effective 1.4.2019
Posted Date : 15-May-2019 , 10:11:23 am | Posted By CASANSAAR
ICAI releases E Version of Compendium of Ind AS effective 1.4.2019
We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are a...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1386
|
|
IPs to act as IRPs and Liquidators (Recommendation) Guidelines, 2019
Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR
Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 750
|
|
MCA-21 version 3 to offer ease of doing biz, online compliance monitoring
Posted Date : 13-May-2019 , 08:33:07 am | Posted By CASANSAAR
Amid the row over functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of MCA-21 database, which will address many current flaws in this online registry.
The new MCA-21 V 3.0 will have features like single source of truth, ease of doing business, e-ad...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 1048
|
|
Government plans further curbs on Audit Firms
Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR
Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit.
The ministry of corporate affairs and the National Financial Reporting ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 2963
|
|
NCLAT dismisses insolvency plea against SpiceJet
Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier.
A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 760
|
|
Banks must turn towards global trade-finance instruments - RBI
Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR
Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper.
This, however, may push up costs, the paper added. ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 808
|
|
|
