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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 ...

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Category : MCA | Comments : 0 | Hits : 466

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...

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Category : GST | Comments : 0 | Hits : 271

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...

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Category : Corporate Law | Comments : 0 | Hits : 545

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...

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Category : RBI | Comments : 0 | Hits : 576

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...

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Category : CBDT | Comments : 0 | Hits : 978

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 ...

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Category : GST | Comments : 0 | Hits : 1529

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 ...

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Category : SEBI | Comments : 0 | Hits : 223

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...

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Category : Income Tax | Comments : 0 | Hits : 608

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...

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Category : Shares & Stock | Comments : 0 | Hits : 306

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...

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Category : Auditing | Comments : 0 | Hits : 593

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...

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Category : GST | Comments : 0 | Hits : 412

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...

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Category : GST | Comments : 0 | Hits : 739

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...

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Category : GST | Comments : 0 | Hits : 883

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 ...

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Category : Income Tax | Comments : 0 | Hits : 665

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...

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Category : CA Exams | Comments : 0 | Hits : 487

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...

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Category : ICAI | Comments : 0 | Hits : 554

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...

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Category : Insolvent Professional | Comments : 0 | Hits : 175

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...

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Category : MCA | Comments : 0 | Hits : 457

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 ...

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Category : Auditing | Comments : 0 | Hits : 1771

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 ...

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Category : Insolvent Professional | Comments : 0 | Hits : 183

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. ...

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Category : RBI | Comments : 0 | Hits : 160

Govt inspected Jet Airways' Books after allegations of fraud
Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR

Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details. This happ...

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Category : Corporate Law | Comments : 0 | Hits : 297

ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2019-20 is available for e-Filing
Posted Date : 11-May-2019 , 08:39:49 am | Posted By CASANSAAR

Excel / Jav Utility for ITR 1, ITR 2, ITR 3& ITR 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly.   ITR 1 For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House P...

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Category : ITR | Comments : 0 | Hits : 540

GST Council extends deadline for realty firms to opt for old GST rate till May 20
Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR

The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...

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Category : GST | Comments : 0 | Hits : 607

Owners may have to pay different GST for identical flats
Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR

The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects.  The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...

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Category : GST | Comments : 0 | Hits : 797

CoCs must share all info on NPA accounts with bidders - IBBI
Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR

The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 515

NCLT begins bankruptcy process for Reliance Communications
Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR

The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...

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Category : Insolvent Professional | Comments : 0 | Hits : 582

CA Sansaar created history by conducted seminar at Attari Border
Posted Date : 06-May-2019 , 05:33:08 pm | Posted By CASANSAAR

CA Sansaar had created the history by organising Seminar at Attari Border. CA Sansaar had organised the study tour for members to Amritsar on 04-05 May 2019. Members from Delhi, Gaziabad, Mumbai, Rohtak, Kaithal, Patiala, Jaipur, Ludhiana, Narnaul, Chandigarh, Batala and Amritsar had joined the St...

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Category : International Business | Comments : 0 | Hits : 905

GST B2B invoices will have to be generated on Govt portal by Sept
Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...

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Category : GST | Comments : 0 | Hits : 1800

RBI weighs incentives for banks to move IBC
Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court.  It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...

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Category : RBI | Comments : 0 | Hits : 747

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