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Customary Halwa Ceremony kickstarts process of compilation Budget documents
Posted Date : 24-Jan-2021 , 08:48:12 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginning of compilation of budget documents. Unlike the past, the voluminous budget docum...

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Category : Budget | Comments : 0 | Hits : 87

RBI proposes 4-tier structure for tighter regulation of NBFCs
Posted Date : 23-Jan-2021 , 11:03:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has proposed a tighter regulatory framework for non-banking financial companies (NBFCs) by creating a four-tier structure with a progressive increase in intensity of regulation. In its discussion paper on revised regulatory framework for NBFCs, the RBI has said the...

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Category : RBI | Comments : 0 | Hits : 164

Trusts and societies have till April 1 to register with MCA under CSR rules
Posted Date : 23-Jan-2021 , 10:59:34 am | Posted By CASANSAAR

The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of ot...

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Category : Corporate Law | Comments : 0 | Hits : 265

Government set to amend LLP Act; seeks comments on panel's report
Posted Date : 20-Jan-2021 , 08:11:57 pm | Posted By CASANSAAR

Decriminalising various offences, introducing a new concept of small LLPs and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act. As part of efforts to further improve the ease of doing business, the corporate...

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Category : Corporate Law | Comments : 0 | Hits : 497

SEBI extends relaxations for compliance with rights issues
Posted Date : 20-Jan-2021 , 10:43:56 am | Posted By CASANSAAR

Markets regulator Sebi on Tuesday extended relaxations for companies with regards to compliance with procedural norms pertaining to rights issues opening till March 31 amid the ongoing coronavirus pandemic. Earlier, this relaxation was given for rights issues opening till July 31, 2020, which was...

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Category : SEBI | Comments : 0 | Hits : 223

SC upholds IBC amendments mandating minimum threshold for insolvency process against developers
Posted Date : 20-Jan-2021 , 10:39:15 am | Posted By CASANSAAR

The Supreme Court on Tuesday upheld amendments to the Insolvency and Bankruptcy Code (IBC) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project, whichever was lower, for initiating the insolvency process against a defaulting developer. The homebuyers h...

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Category : Income Tax | Comments : 0 | Hits : 479

One held by CGST Delhi East officials for availing fake input tax credit of Rs 82.23 Cr
Posted Date : 19-Jan-2021 , 09:15:02 am | Posted By CASANSAAR

In the ongoing drive against availment of inadmissible ITC, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East unearthed a multi-layered network of fictitious firms being used to generate and pass on fake ITC. Through the use of extensive data analytics, officers identi...

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Category : GST | Comments : 0 | Hits : 310

Disclosure of interest under RTI necessary to establish applicant’s bonafide - HC
Posted Date : 18-Jan-2021 , 09:39:55 am | Posted By CASANSAAR

The Delhi High Court, in a ruling, has observed that the disclosure of interest regarding the information being sought by an applicant under the Right to Information (RTI) Law would be necessary to establish their bonafides. “This Court is of the opinion that whenever information is sought ...

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Category : General | Comments : 0 | Hits : 290

CBI Arrests Senior Railway Official, 2 Others In Rs.1 Crore Bribery Case
Posted Date : 18-Jan-2021 , 09:32:32 am | Posted By CASANSAAR

In its biggest bribe-trap case, the CBI arrested the chief administrative officer (construction) of the Northeast Frontier Railways on Sunday for allegedly receiving Rs. one crore for granting favours in awarding lucrative contracts to a private company, officials said. Mahender Singh Chauhan, a ...

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Category : Income Tax | Comments : 0 | Hits : 294

CA arrested for issuing fake bills of Rs 79.5 Cr Delhi CGST officials
Posted Date : 16-Jan-2021 , 08:46:20 am | Posted By CASANSAAR

The officers of Central Goods and Service Tax (CGST) commissionerate, Delhi (east) have detected a case of issue of fake bills of Rs 79.5 crore to wrongfully avail input tax credit (ITC) and arrested a Chartered Accountant (CA), according to an official statement issued on Friday. CA through thes...

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Category : GST | Comments : 0 | Hits : 815

Mumbai businessman arrested for GST fraud worth Rs 31 Cr
Posted Date : 16-Jan-2021 , 08:38:02 am | Posted By CASANSAAR

The Maharashtra Goods and Services Tax (GST) department on Friday arrested a Vile Parle-based businessman for allegedly causing revenue loss of Rs. 31 crore to the state government by fraudulently claiming input tax credit. The joint commissioner of Maharashtra GST, Sampada Mehta, confirmed the d...

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Category : GST | Comments : 0 | Hits : 346

Gujarat HC rejects plea to extend deadline for filing tax audit reports
Posted Date : 15-Jan-2021 , 09:22:47 am | Posted By CASANSAAR

The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports. The Income Tax Department had on Monday rejected demand for further extension of the deadline for fili...

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Category : Income Tax | Comments : 0 | Hits : 307

18% GST on recovered pay for employees while leaving job without serving notice period
Posted Date : 14-Jan-2021 , 09:10:33 am | Posted By CASANSAAR

Leaving your job without serving the stipulated notice period will now cost employees 18 percent goods and services (GST) tax on the pay recovered for the notice period duration. The Gujarat Authority of Advance Ruling has held that an employee exiting a company without completing their notice pe...

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Category : GST | Comments : 0 | Hits : 1216

Income-Tax department brings out Faceless Penalty Scheme
Posted Date : 14-Jan-2021 , 09:07:02 am | Posted By CASANSAAR

The Income Tax Department has brought out a "faceless penalty scheme" to handle recommendations for penalty issued under its faceless assessment programme. The scheme notified on Tuesday seeks to ensure that any order arising from faceless assessment of taxable income is fool proof and ...

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Category : Income Tax | Comments : 0 | Hits : 441

5% more income tax returns filed this year - Income Tax Department
Posted Date : 13-Jan-2021 , 08:38:56 am | Posted By CASANSAAR

Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed annual income statements. Over 5.95 crore income tax returns (ITRs) for the fiscal year ended March 31, 2020 (2019-20) were filed by January 10, the Income Tax Department said...

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Category : ITR | Comments : 0 | Hits : 281

CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets
Posted Date : 13-Jan-2021 , 07:58:24 am | Posted By CASANSAAR

Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign...

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Category : CBDT | Comments : 0 | Hits : 293

Reserve Bank of India imposes monetary penalty on Deutsche Bank AG
Posted Date : 13-Jan-2021 , 07:56:30 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of Rs.2 crore (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (Interest Rate...

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Category : RBI | Comments : 0 | Hits : 160

Bank NPA may rise to 25-year high under severe stress - RBI
Posted Date : 12-Jan-2021 , 08:18:42 am | Posted By CASANSAAR

The bad loan ratio of banks in India could rise 600 basis points (bps) to 13.5% under the baseline stress scenario or nearly double to 14.8% by September this year, under a severe stress scenario, taking it to a 25-year-high, the Reserve Bank of India (RBI) said on Monday. Under the baseline scen...

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Category : RBI | Comments : 0 | Hits : 694

Delhi HC upholds arrest provision in CGST Act for tax evasion
Posted Date : 11-Jan-2021 , 09:28:11 am | Posted By CASANSAAR

The Delhi High Court has upheld the controversial provisions in the Central Goods and Service Tax (CGST) Act that gives power to authorities to arrest any person if there is “reason to believe” that he has committed tax evasion. A Bench of Justice Manmohan and Justice Sanjeev Narula g...

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Category : GST | Comments : 0 | Hits : 869

Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
Posted Date : 11-Jan-2021 , 09:22:49 am | Posted By CASANSAAR

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs...

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Category : Income Tax | Comments : 0 | Hits : 293

Rs 700 crore recovered, 215 arrested in crackdown on fake GST bills scam
Posted Date : 11-Jan-2021 , 09:20:28 am | Posted By CASANSAAR

Government's crackdown on GST fake invoice scam has resulted in recovery of Rs 700 crore, arrests of 215 persons, and unearthing of 6,600 fake GST Identification Numbers (GSTIN). About 2,200 cases have been filed over the past two months. Sources said that those arrested not only include fake...

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Category : GST | Comments : 0 | Hits : 962

Sovereign Gold Bond Scheme 2020-21 (Series X) – Issue Price
Posted Date : 09-Jan-2021 , 09:46:47 am | Posted By CASANSAAR

In terms of Government of India Notification No.4(4)-B(W&M)/2020 dated October 09, 2020, Sovereign Gold Bonds 2020-21 (Series X) will be opened for the period January 11-15, 2021  with Settlement date January 19, 2021. The issue price of the Bond during the subscription period shall be Rs5,...

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Category : General | Comments : 0 | Hits : 308

DGGI Gurugram arrests one for fraudulently availing ITC of Rs 8 crore
Posted Date : 09-Jan-2021 , 09:46:09 am | Posted By CASANSAAR

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC)  on goods-less invoices. On the basis of the investigation conducted till date...

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Category : GST | Comments : 0 | Hits : 270

RBI ask banks to align internal audit function with global best practices
Posted Date : 08-Jan-2021 , 08:14:15 am | Posted By CASANSAAR

The RBI on Thursday asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS). As per a 2002 guidance note, banks are required to put in place a risk based internal audit (RBIA) system as part of th...

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Category : RBI | Comments : 0 | Hits : 991

CBIC introduces liberalised Authorised Economic Operator package for MSMEs
Posted Date : 08-Jan-2021 , 08:06:41 am | Posted By CASANSAAR

The Central Board of Indirect Taxes & Customs (CBIC) on January 7 said it has introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances. In order to attract MSMEs to become Authorised Economic Operators (AEOs) and ava...

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Category : MSME | Comments : 0 | Hits : 177

NCLT allows restoration of a company struck off from ROC
Posted Date : 07-Jan-2021 , 10:00:07 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT), Chennai, has allowed the restoration of a city-based Real Value Realties India Private Limited, which was struck off from Registrar of Companies, after the Income Tax Department pleaded that the company had pending dues. The company was struck off in 2017...

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Category : Income Tax | Comments : 0 | Hits : 1009

RBI unveils guidelines for digital payment infra fund
Posted Date : 07-Jan-2021 , 09:46:08 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday announced operational guidelines for the Payments Infrastructure Development Fund (PIDF) scheme, aimed at encouraging deployment of more digital payments infrastructure across tier-3 to tier-6 centres. The fund will be used to subsidize banks and non-ban...

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Category : RBI | Comments : 0 | Hits : 177

RBI introduces identification number to track large value transactions
Posted Date : 06-Jan-2021 , 10:49:19 am | Posted By CASANSAAR

The Reserve Bank of India on Tuesday said legal entity identifiers will be mandatory for all fund transfecs worth Rs. 50 crore and above. The LEI is a 20-digit number used to uniquely identify parties involved in financial transactions world over. LEI numbers of the beneficiaries and remitters mu...

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Category : RBI | Comments : 0 | Hits : 1492

RBI imposes Rs. 2.5 Cr Penalty on Bajaj Finance for breaching regulatory compliance norms
Posted Date : 06-Jan-2021 , 08:16:16 am | Posted By CASANSAAR

The Reserve Bank of India on Tuesday imposed a penalty of ₹2.5 crore on Bajaj Finance Limited for breaching regulatory compliance norms. "The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the comp...

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Category : RBI | Comments : 0 | Hits : 270

Due date for filing GST Returns for period October - December is January 13 - GSTN
Posted Date : 06-Jan-2021 , 08:10:22 am | Posted By CASANSAAR

The due date for quarterly filing of Goods and Services Tax Returns for the third quarter of 2020 (the period between October and December) is January 13, the GSTN said on Tuesday. "The date currently being shown in the GSTR-1 tile is 31.01.2021 which is erroneous and the correct date i.e. 13.0...

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Category : GST | Comments : 0 | Hits : 382

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