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IBBI is the competent body to act against resolution professionals - NCLAT
Posted Date : 22-Apr-2019 , 09:32:24 am | Posted By CASANSAAR

  The Insolvency and Bankruptcy Board of India (IBBI) will be the competent authority and not the National Company Law Tribunal (NCLT) to act against any resolution professional (RP) for dereliction of duty, the National Company Law Appellate Tribunal has stated in an order recently.  ...

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Category : Insolvent Professional | Comments : 0 | Hits : 54

Govt extends last date for GST sales return for March 19 to April 23
Posted Date : 21-Apr-2019 , 07:24:35 am | Posted By CASANSAAR

The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in' said. The l...

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Category : GST | Comments : 0 | Hits : 111

RBI clarification on 5 day week in commercial banks
Posted Date : 21-Apr-2019 , 07:19:23 am | Posted By CASANSAAR

It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct. RBI has not issued any such directions. Yogesh Dayal Chief General Manager Press Release: 2018-2...

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Category : RBI | Comments : 0 | Hits : 150

SEBI slaps Rs 1 crore fine on 11 entities for manipulative trade
Posted Date : 19-Apr-2019 , 10:28:32 pm | Posted By CASANSAAR

Markets regulator Sebi Thursday slapped a penalty of over Rs 1 crore on 11 entities for fraudulent and manipulative trading in the shares of Emed.com Technologies.  The regulator had conducted investigation from August 2013 to June 2014 regarding the trading in the scrips of Emed.com Technol...

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Category : SEBI | Comments : 0 | Hits : 241

CBDT identifies 20.4 million non-filers, asks I-T dept to take action
Posted Date : 19-Apr-2019 , 10:25:41 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers ha...

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Category : CBDT | Comments : 0 | Hits : 516

Samsung rapped for not passing GST benefits to consumers
Posted Date : 19-Apr-2019 , 10:23:20 pm | Posted By CASANSAAR

The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.  The notice, sources said, was served on the basis of a compla...

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Category : GST | Comments : 0 | Hits : 172

Banks Board Bureau identifies 75 senior officers for leadership roles in PSBs
Posted Date : 19-Apr-2019 , 10:18:17 pm | Posted By CASANSAAR

The Banks Board Bureau (BBB), the apex body for selection of whole-time directors of state-owned lenders, has identified 75 senior management personnel of public sector lenders to take over leadership role in the future. From a pool of 450 senior management personnel across nationalised banks, an...

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Category : Banking | Comments : 0 | Hits : 157

MCA withdraws memorandum that barred LLPs from manufacturing activities
Posted Date : 18-Apr-2019 , 11:33:03 am | Posted By CASANSAAR

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from ma...

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Category : MCA | Comments : 0 | Hits : 412

NFRA probing role of EY, KPMG and Deloitte in IL&FS case
Posted Date : 17-Apr-2019 , 12:18:17 pm | Posted By CASANSAAR

The newly formed regulator for auditors is probing the role of three of the big four auditors in the alleged financial irregularity in Infrastructure Leasing & Financial Services and two of its group companies.  National Financial Reporting Authority (NFRA) has asked Indian arms of EY, K...

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Category : NFRA | Comments : 0 | Hits : 1175

NCLAT allows promoters under liquidation settle with creditors
Posted Date : 17-Apr-2019 , 10:09:49 am | Posted By CASANSAAR

Opening up a new window for promoters looking to retain control of their companies facing bankruptcy proceedings, the National Company Law Appellate Tribunal (NCLAT) has held that shareholders and owners can reach a settlement with creditors when their entity is under liquidation and an official liq...

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Category : Insolvent Professional | Comments : 0 | Hits : 282

MCA bars LLPs from manufacturing & allied services
Posted Date : 17-Apr-2019 , 10:03:55 am | Posted By CASANSAAR

Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect - MCA ...

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Category : MCA | Comments : 0 | Hits : 585

Income Tax dept revises format of TDS certificate issued by employers
Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR

The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...

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Category : Income Tax | Comments : 0 | Hits : 392

Examination for Confirmation of Enrollment of GST Practitioners
Posted Date : 16-Apr-2019 , 09:55:17 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 : 389

DIN holders are required to file DIR-3 KYC form every year - MCA
Posted Date : 16-Apr-2019 , 11:12:35 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has issued some clarification with regards to filling of e-form DIR-3 KYC. In a notification, MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in th...

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Category : Corporate Law | Comments : 0 | Hits : 792

BoB expects to complete integration of Dena Bank, Vijaya Bank in two years
Posted Date : 16-Apr-2019 , 11:06:39 am | Posted By CASANSAAR

State-owned Bank of Baroda (BoB) is likely to complete the process of merger of Dena Bank and Vijaya Bank with it in two years, said a senior official of BoB. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1. Information technology platform integration alone will tak...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 286

IBC cases admitted over RBI circular to continue - IBBI
Posted Date : 15-Apr-2019 , 09:29:25 pm | Posted By CASANSAAR

Although the Supreme Court has quashed the RBI's February 12, 2018 order on non-performing assets (NPA), the cases admitted for resolution process based on the order would continue, as the NCLT admits cases only if it is sure of the default irrespective of any circular, said the Insolvency and B...

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Category : Insolvent Professional | Comments : 0 | Hits : 159

CBDT sets 30 June deadline to dispose of demonetisation cases
Posted Date : 15-Apr-2019 , 09:23:35 pm | Posted By CASANSAAR

Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases. In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment i...

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Category : CBDT | Comments : 0 | Hits : 216

Businesses with turnover over Rs 2 Cr can now start filing GST Audit Reports
Posted Date : 15-Apr-2019 , 09:18:59 pm | Posted By CASANSAAR

Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal. The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by Jun...

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Category : GST | Comments : 0 | Hits : 375

Cabinet clears additional post of Deputy CAG
Posted Date : 15-Apr-2019 , 09:11:55 pm | Posted By CASANSAAR

The government has decided to create an additional post of Deputy Comptroller and Auditor General, which will oversee coordination of audits of states as well as telecommunication. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi Monday. "The Union Cabin...

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Category : Auditing | Comments : 0 | Hits : 115

Reinsurance brokers permitted to open foreign currency accounts - RBI
Posted Date : 13-Apr-2019 , 09:44:52 am | Posted By CASANSAAR

The Reserve Bank of India said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions. Earlier, the Insurance Regulatory and Development Authority of India (Irdai) had issued notification in this regard. Follo...

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Category : RBI | Comments : 0 | Hits : 200

Income Tax Appellate Tribunal gets third bench in Pune
Posted Date : 13-Apr-2019 , 09:32:29 am | Posted By CASANSAAR

The Income tax Appellate Tribunal (ITAT) established its first bench in Pune on August 9, 1971, while the second Bench was added in 2004. Pune is the fourth largest city as far as the number of pending appeals is concerned. The Income tax Appellate Tribunal, Pune zone, got its third bench for Pun...

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Category : Income Tax | Comments : 0 | Hits : 188

GST Network has 1.2 crore tax payers registered - CEO
Posted Date : 13-Apr-2019 , 09:26:54 am | Posted By CASANSAAR

A total of 1.21 crore taxpayers have been registered by the Goods and Services Tax Network (GSTN), its CEO Prakash Kumar said on Friday. "We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far," he said. An e-way bi...

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Category : GST | Comments : 0 | Hits : 292

SEBI comes up with revised guidelines for System Audit for Asset Managers, Mutual Funds
Posted Date : 13-Apr-2019 , 09:15:21 am | Posted By CASANSAAR

SEBI came out with revised guidelines for system audit to be conducted by mutual funds and asset management companies.  The guidelines come after "considering the importance of system audit in technology driven asset management activity and to enhance and standardise the system aud...

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Category : SEBI | Comments : 0 | Hits : 194

SC directs parties to give details of donations received via electoral bond
Posted Date : 12-Apr-2019 , 01:17:43 pm | Posted By CASANSAAR

Hearing a petition challenging the validity of the electoral bond scheme, the Supreme Court on Friday directed all political parties to furnish details of donations received via these bonds and said that the issue raised in the petition is "vital to fairness” of electoral process. The ...

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Category : Income Tax | Comments : 0 | Hits : 98

CEC appeals voters to come out in large numbers to exercise their franchise
Posted Date : 11-Apr-2019 , 10:54:34 am | Posted By CASANSAAR

Chief Election Commissioner Sunil Arora has appealed to voters to come out in large numbers to cast their votes in today's polling so that the bedrock of democracy becomes even more strengthened  and robust.  Talking to AIR News, Mr Arora said, the Commission's vision will take ...

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Category : General | Comments : 0 | Hits : 306

SEBI revises charges related to basic services demat account
Posted Date : 11-Apr-2019 , 10:48:02 am | Posted By CASANSAAR

nnual maintenance charges levied on debt securities held through basic services demat accounts will be revised from June 1, according to Sebi. The move is expected to further boost participation of retail investors in the debt market. Basic Services Demat Account (BSDA) offers limited services at...

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Category : SEBI | Comments : 0 | Hits : 433

Govt retains interest rate for General Provident Fund at 8%
Posted Date : 10-Apr-2019 , 04:35:54 pm | Posted By CASANSAAR

The government has retained the interest rate for General Provident Fund, GPF, Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year.  The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and gove...

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Category : Income Tax | Comments : 0 | Hits : 376

ITR 1 & ITR 4 is available for e-Filing for AY 2019-20
Posted Date : 10-Apr-2019 , 10:09:09 am | Posted By CASANSAAR

ITR 1 is For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs. 5 thousand (Not for an Individual who is either Director in a company ...

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Category : ITR | Comments : 0 | Hits : 562

Taxmen to scrutinise mismatch between ITR and service tax returns
Posted Date : 10-Apr-2019 , 09:57:24 am | Posted By CASANSAAR

The revenue department has asked tax officials to scrutinise the mismatch in turnover towards services between income tax returns and service tax returns by businesses during 2015-16 and 2016-17.  Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field format...

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Category : Income Tax | Comments : 0 | Hits : 801

RBI issues norms for banks to set up currency chests
Posted Date : 09-Apr-2019 , 09:14:07 am | Posted By CASANSAAR

Reserve Bank of India(RBI) has come out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room.  The RBI said that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. It added that for tho...

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Category : RBI | Comments : 0 | Hits : 465

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