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5 reasons why deadline to file ITR needs to be extended this year
Posted Date : 22-Jul-2019 , 09:10:04 am | Posted By CASANSAAR

The last date for filing income tax return (ITR) for the assessment year 2019-20 with no penalty or a fine is July 31, 2019. However, the due date for ITR filing may get an extension for the taxpayers to file the return of income well beyond the last date even without paying any fine.  Here ...

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Category : Income Tax | Comments : 0 | Hits : 112

Punjab & Sind Bank flags fraud in Bhushan Power account
Posted Date : 22-Jul-2019 , 09:04:14 am | Posted By CASANSAAR

State-owned Punjab & Sind Bank reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently.  "On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against...

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Category : Banking | Comments : 0 | Hits : 44

NCLT allows MCA plea to implead 22 more parties in IL&FS case
Posted Date : 22-Jul-2019 , 08:54:37 am | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the petition of the Ministry of Corporate Affairs (MCA) to implead 22 more parties as accused in the alleged financial misappropriation in the debt-laden Infrastructure Leasing & Financial Services (IL&FS). This brings ...

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Category : Companies Act | Comments : 0 | Hits : 34

GST Council to decide on tax cut on EVs this week
Posted Date : 22-Jul-2019 , 08:46:54 am | Posted By CASANSAAR

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said. The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services...

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Category : GST | Comments : 0 | Hits : 32

Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
Posted Date : 20-Jul-2019 , 08:34:01 am | Posted By CASANSAAR

The government will charge a two per cent tax if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore, according to an amendment made to a Budget proposal and announced Thursday. Finance Minister Nirmala Sitharaman, in her Budget on July 5, had proposed 2 per cent tax deduction ...

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Category : TDS | Comments : 0 | Hits : 346

GST officers arrest one person for creating 90 fake firms, issuing bogus invoices
Posted Date : 20-Jul-2019 , 08:29:42 am | Posted By CASANSAAR

GST officers have arrested one person for creating about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon, the finance ministry said on Friday. The officers of Directorate General of GST Intelligence (DGGI), Headquarters, arrested one Anupam Singla, a resident ...

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Category : GST | Comments : 0 | Hits : 368

SEBI moots stricter disclosures on Auditor resignation
Posted Date : 19-Jul-2019 , 10:00:01 am | Posted By CASANSAAR

Markets regulator Sebi July 18 proposed stricter disclosures, including detailed reasons, on resignation of auditors, amid rising instances of auditors quitting companies. Besides, an auditor would have to provide appropriate disclaimer in case of auditor's resignation is due to non-receipt of i...

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Category : SEBI | Comments : 0 | Hits : 204

CA CPT Pass Percentage of June 2019 Exam
Posted Date : 19-Jul-2019 , 09:58:18 am | Posted By CASANSAAR

ICAI Press Release The Institute of Chartered Accountants of India (ICAI) announced the result of Common Proficiency Test (CPT) exam held on June 16, 2019. The result analysis of the CPT Examination in terms of total pass percentage & gender wise details are mentio...

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Category : CA Exams | Comments : 0 | Hits : 1055

NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates in IL&FS case
Posted Date : 19-Jul-2019 , 09:55:27 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has allowed the Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO). ...

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Category : Auditing | Comments : 0 | Hits : 267

Cabinet clears bill to amend Companies Law
Posted Date : 18-Jul-2019 , 09:41:10 am | Posted By CASANSAAR

The government Wednesday approved 43 amendments to the companies law as it seeks to further strengthen the regulatory framework and ensure stricter action for violations. From de-clogging of the National Company Law Tribunal (NCLT) to bolstering corporate governance standards and tweaking provisi...

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Category : Companies Act | Comments : 0 | Hits : 494

Internal Auditor of Unitech resigns
Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR

Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints. In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...

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Category : Auditing | Comments : 0 | Hits : 342

RBI wants audit firm partners under lens to stay off banks
Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR

Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...

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Category : RBI | Comments : 0 | Hits : 655

Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR

A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...

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Category : GST | Comments : 0 | Hits : 290

Cabinet approves eight amendments to IBC for easier resolution
Posted Date : 18-Jul-2019 , 09:23:22 am | Posted By CASANSAAR

The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 131

Cabinet approves bill to scrap 58 redundant laws
Posted Date : 18-Jul-2019 , 09:18:28 am | Posted By CASANSAAR

In its effort to weed out archaic and dead statutes, the Union Cabinet Wednesday approved a bill to scrap 58 laws which have lost their relevance. The NDA government in its two terms has sent to the chopping block 1824 old laws which had become redundant. After the Repealing and Amendment Bill...

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Category : General | Comments : 0 | Hits : 139

Cabinet extends 15th Finance Commission's term up to Nov 30
Posted Date : 18-Jul-2019 , 09:13:42 am | Posted By CASANSAAR

Cabinet has approved the extension of the term of Fifteenth Finance Commission up to 30th November this year. It will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2...

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Category : Finance | Comments : 0 | Hits : 97

BSR & Associates resigns as Auditor of IL&FS Engineering
Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR

BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...

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Category : Auditing | Comments : 0 | Hits : 253

Disciplinary proceedings initiated by IBBI cannot be quashed by NCLT - NCLAT
Posted Date : 17-Jul-2019 , 08:36:18 am | Posted By CASANSAAR

In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) can’t quash the disciplinary proceedings initiated by the insolvency regulator IBBI. This will be the position even if the IBBI’s proceeding had been ini...

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Category : Income Tax | Comments : 0 | Hits : 207

CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns
Posted Date : 17-Jul-2019 , 08:28:15 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20. There were reports in social media that the taxp...

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Category : CBDT | Comments : 0 | Hits : 374

SEBI provides new format for compliance report on corporate governance
Posted Date : 16-Jul-2019 , 09:16:16 pm | Posted By CASANSAAR

Markets regulator Sebi July 16 came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial ye...

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Category : SEBI | Comments : 0 | Hits : 117

No changes made in ITR forms after April 1 2019 - CBDT
Posted Date : 16-Jul-2019 , 09:12:44 pm | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has said, no changes have been made in any of the Income-tax Return (ITR) forms since the notification made on 1st April this year.  CBDT, in an official statement, said, there were reports in social media that the taxpayers were facing difficulties in fi...

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Category : CBDT | Comments : 0 | Hits : 197

Income Tax Dept snooping on social media posts is a misconception - CBDT
Posted Date : 16-Jul-2019 , 10:24:10 am | Posted By CASANSAAR

It is a "misconception" to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told PTI during an interview that the tax depar...

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Category : Income Tax | Comments : 0 | Hits : 538

RBI impose fines on Union Bank, SBI for flouting norms
Posted Date : 16-Jul-2019 , 10:15:26 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms, code of conduct fo...

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Category : RBI | Comments : 0 | Hits : 253

Allahabad Bank reports Rs 1,775 Cr fraud by Bhushan Power & Steel
Posted Date : 15-Jul-2019 , 08:21:55 am | Posted By CASANSAAR

Kolkata-headquartered state owned lender, Allahabad Bank, has reported a fraud of Rs 1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI). In a stock market notification, on July 13, the bank has alleged misappropriation of funds and manipulation in the books of accounts ...

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Category : Finance | Comments : 0 | Hits : 496

S R Batliboi & Co resigns as statutory auditor for IndusInd Bank
Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR

Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders. ...

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Category : Auditing | Comments : 0 | Hits : 1465

Will income tax department extend July 31 deadline for ITR filing?
Posted Date : 14-Jul-2019 , 06:08:10 pm | Posted By CASANSAAR

Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with t...

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Category : Income Tax | Comments : 0 | Hits : 1672

RBI to come out with mobile app for currency notes identification
Posted Date : 14-Jul-2019 , 06:05:48 pm | Posted By CASANSAAR

The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides...

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Category : RBI | Comments : 0 | Hits : 142

Gadkari appeals to MSMEs to plant trees
Posted Date : 13-Jul-2019 , 08:56:34 am | Posted By CASANSAAR

Union Minister Nitin Gadkari has written to all industry associations and registered MSMEs, urging them to plant as many trees as they can before the end of the monsoon season.  In the letter, Gadkari suggested that each small enterprise can plant and maintain a minimum of 5 trees, each medi...

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Category : General | Comments : 0 | Hits : 278

PAN not linked to Aadhaar card will become inoperative from September
Posted Date : 12-Jul-2019 , 05:04:27 pm | Posted By CASANSAAR

The government will invalidate all PAN cards that are not linked to Aadhaar by September 1. At the moment 180 out of the existing 400 million PAN cards are not linked to Aadhaar. To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will ...

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Category : PAN | Comments : 0 | Hits : 624

Essar Steel CoC likely to appeal against NCLAT order in Supreme Court
Posted Date : 12-Jul-2019 , 09:24:38 am | Posted By CASANSAAR

The State Bank of India-led committee of creditors (CoC) of debt-laden Essar Steel is likely to move the Supreme Court on Friday against the National Company Law Appellate Tribunal’s (NCLAT) order that reduced their share of the sale proceeds and also put the financial creditors and operationa...

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Category : General | Comments : 0 | Hits : 140

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