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Tax Audit Date Extension - Request for Tweet / Retweet
Posted Date : 22-Sep-2018 , 12:57:01 am | Posted By CASANSAAR

Everytime On Due Date MCA site crashed, GST site crashed, Income tax site crashed. Do they think that we professionals are magicians. We are unable to cope up with all these last dates with the poor efiling structure.  Form 3CD  amended midway (20/08/2018) of the Financial Year, Frequen...

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Category : Tax Audit | Comments : 1 | Hits : 1917

SEBI has rights to regulate auditors for activities under its regulations - MCA
Posted Date : 21-Sep-2018 , 09:49:21 am | Posted By CASANSAAR

SEBI is "well within its rights" to regulate auditors with respect to activities under its regulations, a senior government official said amid chartered accountants' apex body ICAI raising concerns about the proposal. Corporate Affairs Secretary Injeti Srinivas also said that there wil...

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Category : SEBI | Comments : 0 | Hits : 266

Govt appoints 14 executive directors in banks
Posted Date : 21-Sep-2018 , 09:45:44 am | Posted By CASANSAAR

As many as 14 general managers have been appointed as executive directors in different public sector banks, according to an official order issued Thursday. Shanti Lal Jain and Vikramaditya Singh Khichi have been appointed as executive directors in the Bank of Baroda initially for a period of thre...

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Category : Banking | Comments : 0 | Hits : 348

Govt hikes interest rate on PPF, other small savings by up to 0.4%
Posted Date : 20-Sep-2018 , 08:21:25 pm | Posted By CASANSAAR

The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on...

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Category : Banking | Comments : 0 | Hits : 263

CA Vivek Khurana filed Nomination for Central Council Election of ICAI
Posted Date : 20-Sep-2018 , 04:15:52 am | Posted By CASANSAAR

CA Vivek Khurana has filed nomination papers for the Central Council Elections (Northern Region) of ICAI 2018. CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of Khurana Vivek & Co., a leading Chartered ...

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Category : ICAI Election | Comments : 0 | Hits : 234

SEBI approves new KYC norms for FPIs
Posted Date : 18-Sep-2018 , 10:33:53 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) has approved new KYC norms for foreign portfolio investors.  Stating this the SEBI Chairman Ajay Tyagi said that new guidelines will be issued soon.  He said, SEBI to allow foreign portfolio investors to trade in commodity derivatives...

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Category : SEBI | Comments : 0 | Hits : 215

21 Lakh directors may get another chance to adhere to KYC rules
Posted Date : 17-Sep-2018 , 11:32:25 pm | Posted By CASANSAAR

The government is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official.  The government could give another 15 days for meeting the compliance norms or ...

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Category : Companies Act | Comments : 0 | Hits : 1700

Exam, Pattern & Syllabus for GST Practitioners
Posted Date : 17-Sep-2018 , 11:10:53 pm | Posted By CASANSAAR

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized 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 Central Goods and Services Tax Rules, 2017, vide Notificat...

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Category : GST | Comments : 0 | Hits : 1134

Government notifies withholding tax waiver for masala bonds
Posted Date : 18-Sep-2018 , 09:25:15 am | Posted By CASANSAAR

Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.  The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...

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Category : Income Tax | Comments : 0 | Hits : 270

Dena Banl, Vijaya Bank, BoB to merge to form India's 3rd largest Bank
Posted Date : 17-Sep-2018 , 10:53:34 pm | Posted By CASANSAAR

Three state-run banks - Dena Bank, Vijaya Bank and Bank of Baroda - will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country's banking system. The government will continue to provide capital support to the merged e...

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Category : Banking | Comments : 0 | Hits : 431

21 lakh company directors fail to register for eligibility
Posted Date : 16-Sep-2018 , 10:04:53 am | Posted By CASANSAAR

Less than 12 lakh individuals, or just over 35% of the 33 lakh “active directors” have complied with the newly-mandated know-your customer or KYC requirement to be eligible for board positions in companies. The deadline ended on Saturday midnight and the ministry of corporate affairs ...

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Category : Companies Act | Comments : 0 | Hits : 692

Suggestions/feedback on evaluation of examination answer books system - ICAI
Posted Date : 16-Sep-2018 , 09:49:31 am | Posted By CASANSAAR

Announcement 15th September, 2018 Sub: Suggestions/feedback on evaluation of examination answer books system. The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system th...

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Category : ICAI | Comments : 0 | Hits : 293

TDS/TCS provisions under GST to come into effect from Oct 1
Posted Date : 13-Sep-2018 , 11:10:58 pm | Posted By CASANSAAR

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers...

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Category : TDS | Comments : 0 | Hits : 1512

Consultation process on for finalising NFRA technical rules
Posted Date : 14-Sep-2018 , 09:27:06 am | Posted By CASANSAAR

The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (NFRA), Union minister P P Chaudhary has said. Besides, the Corporate Affairs Ministry is processing applications received for the posts of chairperson and full-time members at the re...

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Category : NFRA | Comments : 0 | Hits : 715

NCLT/NCLAT shouldn't interfere in insolvency resolution proceedings - SC
Posted Date : 14-Sep-2018 , 09:00:27 am | Posted By CASANSAAR

The Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional and the Committee of Creditors of the lender banks of a sick enterprise under th...

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Category : Insolvent Professional | Comments : 0 | Hits : 751

United Bank of India increases MCLR by 5 basis points
Posted Date : 14-Sep-2018 , 08:52:04 am | Posted By CASANSAAR

Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 per cent across tenors. "The Asset Liability Management Committee of the Bank..has revised the tenor based MCLR of the bank with effect from September 14, 2018,"...

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Category : Banking | Comments : 0 | Hits : 606

SEBI may allow foreign entities in commodity markets
Posted Date : 14-Sep-2018 , 08:48:53 am | Posted By CASANSAAR

With an aim to deepen the commodity derivatives market, regulator Sebi is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market. Besides, the regulator may deliberate on the issue of introducing a common applicatio...

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Category : SEBI | Comments : 0 | Hits : 559

Auditor who exposed Harshad Mehta scam to do forensic audit of Amrapali
Posted Date : 13-Sep-2018 , 08:44:19 am | Posted By CASANSAAR

The Supreme Court said Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group companies as also the assets of its directors since 2008 are "experienced and reputed" and one of them had even exposed the infamous Harshad Mehta scam. Mehta, a stockbroker, wa...

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Category : Auditing | Comments : 0 | Hits : 899

Govt plans special courts under NCLT by Nov to deal with insolvency cases
Posted Date : 12-Sep-2018 , 10:08:59 pm | Posted By CASANSAAR

Special courts under the National Company Law Tribunal (NCLT) are likely to be set up by November to deal with an increasing number insolvency cases. The Ministry of Corporate Affairs is working on this proposal. Officials in the ministry said 30 judges might be recruited. “Our focus i...

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Category : Insolvent Professional | Comments : 0 | Hits : 379

Govt sets up office of GST Commissioner (Investigation) to deal with tax evasion
Posted Date : 12-Sep-2018 , 10:04:15 pm | Posted By CASANSAAR

The revenue department has created the office of Commissioner GST (Investigation) to deal exclusively with enforcement issues like search, seizure and arrest, as it looks to crackdown on tax evaders.  Initially, the government was going slow on enforcement action to give time to the industry...

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Category : GST | Comments : 0 | Hits : 863

Foreign income of visiting NRI is not taxable - ITAT
Posted Date : 12-Sep-2018 , 10:08:26 am | Posted By CASANSAAR

In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year. The number of day...

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Category : Income Tax | Comments : 0 | Hits : 599

IBBI working on group insolvency norms - IBBI Chairman
Posted Date : 12-Sep-2018 , 10:04:51 am | Posted By CASANSAAR

Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Sahoo Tuesday said the process of putting in place the norms on group insolvency is underway. “The work has started on group insolvency norms, but I will not be able to give a timeline as to when it will be finalised,” Saho...

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Category : Insolvent Professional | Comments : 0 | Hits : 365

Insolvency & Bankruptcy Code to be main tool for bank debt resolution
Posted Date : 12-Sep-2018 , 09:54:06 am | Posted By CASANSAAR

The government wants to deploy Insolvency & Bankruptcy Code (IBC) as the main tool for bank debt resolution and is not keen on the use of asset reconstruction companies (ARCs) and proposed asset management companies (AMCs). While some of the banks have shown their keenness in pursing the plan...

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Category : Insolvent Professional | Comments : 0 | Hits : 370

SC asks banks to maintain status quo in insolvency proceedings against power firms
Posted Date : 12-Sep-2018 , 09:46:15 am | Posted By CASANSAAR

The Supreme Court on Tuesday asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting power companies in the country. A bench headed by Justice R F Nariman also asked the banks not to file any insolvency cases till November when the apex court would hear ...

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Category : Insolvent Professional | Comments : 0 | Hits : 382

MCA notifies issue & transfer of all shares in dematerialised form only by all unlisted Public companies
Posted Date : 11-Sep-2018 , 10:06:41 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has notified that with effect from 2nd October, 2018, issue of further shares and transfer of all shares by unlisted public companies shall be in dematerialised form only. The MCA has taken this step as a measure for further enhancing transparency, investor pr...

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Category : MCA | Comments : 0 | Hits : 363

Govt waives off late fee on GST returns
Posted Date : 11-Sep-2018 , 08:01:07 am | Posted By CASANSAAR

  The government has launched a one-time scheme to waive late fee for delayed furnishing of filing the goods and services tax (GST) return-1 form for the period July 2017 to September 2018, to encourage taxpayers to furnish the returns.   The waiver, which will be effective till 31 ...

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Category : GST | Comments : 0 | Hits : 1331

Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases
Posted Date : 10-Sep-2018 , 10:37:15 pm | Posted By CASANSAAR

It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to ...

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Category : GST | Comments : 0 | Hits : 1323

SBI withdraws plan to sell Essar Steel loans post NCLAT order
Posted Date : 08-Sep-2018 , 11:19:12 am | Posted By CASANSAAR

Country's largest lender State Bank of India Friday said it has withdrawn the process of sale of debt of Essar Steel to asset reconstruction companies (ARCs) after the NCLAT asked lenders of the debt-ridden firm to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedant...

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Category : Banking | Comments : 0 | Hits : 320

RBI slaps Rs 1 Cr fine each on UBI, BoI, BoM for delay in fraud detection
Posted Date : 08-Sep-2018 , 09:45:02 am | Posted By CASANSAAR

The Reserve Bank has imposed a total penalty of Rs 3 crore on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts.  The central bank in three separate releases Friday said it has imposed a penalty ...

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Category : RBI | Comments : 0 | Hits : 363

FinMin simplifies GST refund claim process for businesses to ease compliance burden
Posted Date : 06-Sep-2018 , 08:07:41 am | Posted By CASANSAAR

Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by simply submitting a printout of 'GSTR-2A' form to tax authorities instead of giving all purchase invoices of a month. GSTR-2A is a purchase return auto-generated by the system based on the...

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Category : GST | Comments : 0 | Hits : 848

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