Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June.
The government plans to increase scrutiny on businesses amid lower-than-expected GST collec...
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.
This means that a person or entity would not be able to settle a case of tax evasion by just p...
The National Financial Reporting Authority (NFRA), the newly created regulator for auditors, has begun full-fledged investigations into the audit failure at Infrastructure Leasing and Financial Services (IL&FS) after taking over the job from the Institute of Chartered Accountants of India (ICAI)...
India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters.
The failures were detecte...
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman held her third Pre- Budget Consultation Meeting with the stakeholders from Financial Sector and Capital Markets here today.
The main areas of discussion during the Meeting included issues relating to the Ca...
The government has reduced the rate of the contribution made by employees and employers under the Employees' State Insurance (ESI) Act from 6.5 per cent to 4 per cent. In a release, the Ministry of Labour and Employment said, the government has taken a historic decision to reduce the rate of con...
The Securities and Exchange Board of India (SEBI) has approached the Supreme Court challenging the order of the National Company Law Tribunal (NCLT) which had ruled that the Insolvency and Bankruptcy Code (IBC) would override the SEBI Act.
A Bench of Justices Indira Banerjee and Ajay Rastogi issu...
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified".
On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterh...
Union Cabinet has approved the Aadhaar and Other Laws (Amendment) Bill 2019 to replace Aadhaar and Other Laws (Amendment) Ordinance 2019.
This will enable UIDAI to have a more robust mechanism to serve the public interest and restrain the misuse of Aadhar. After the amendment, no individual will ...
The Finance Ministry on Tuesday unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism.
The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the...
A day after the government forcibly retired a dozen senior Income-Tax Department officials over charges of corruption, the CBDT on Tuesday demoted four officials on the basis of "pending" vigilance cases against them. The four officials have been demoted from the rank of Joint Commissioner...
The National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court.
However, a...
Reserve Bank's new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset cases under the Insolvency and Bankruptcy Code (IBC), according to a report.
The RBI came out with a revised prudential framework for resolution...
The Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20 here today. Her second Meeting was with the stakeholder Groups from Industry, Trade and Ser...
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: -
In May, 2019 a prototyp...
The Reserve Bank of India has constituted a six-member committee to review the entire gamut of ATM charges and fees. In a press release, the RBI said, Chief Executive of Indian Banks’ Association VG Kannan will chair the committee consisting of senior officers from National Payments Corporatio...
Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on June 10. However, the banks cannot ask the account holders to maintain any minimum balance in lieu of such facilities.
Earlier, additional facilities made these ...
The central government on Monday took the unprecedented step of seeking a ban on auditors Deloitte Haskins & Sells and BSR & Co for their alleged role in helping hide bad loans at the bankrupt IL&FS Financial Services.
The government sought a five-year ban under Section 140 of t...
Twelve senior officers of Income Tax Department including one of the ranks of the joint commissioner were compulsorily retired by the government on charges of corruption and professional misconduct.
Sources said the list is topped by a Joint Commissioner rank officer against whom there are ...
Amid instances of frauds at companies, chartered accountants are facing the “most heat today” as strong auditing and accounting standards are in place, said a senior government official.
The remarks of Corporate Affairs Secretary Injeti Srinivas also come at a time when the role of au...
The ongoing examination for Chartered Accountants (CA), conducted by the Institute of Chartered Accountants of India (ICAI), has sparked a debate with the use of abbreviated names “Namo” and “Raga” of two of the country’s most recognisable political figures in a questio...
The government will look at setting up a national institute for valuers on the lines of chartered accountants' apex body ICAI, a senior official said Saturday.
The Companies Act, 2013 provides a comprehensive framework for development and regulation of the profession of valuers.
Corporate ...
Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog SEBI will start automatic sharing of data between them.
The move also comes against the backdrop of concerns over corporate governance practices amid instances of misdoings and financial irregulari...
After the Reserve Bank of India (RBI) restricted audit firm S.R. Batliboi & Co. Llp, a member firm of EY, from auditing commercial banks for a year for "lapses" in a statutory audit, HDFC Bank today cancelled the appointment of the auditor.
In a regulatory filing, HDFC Bank said its...
The finance ministry is likely to propose Rs 50 crore as the turnover threshold for entities to generate e-invoice on a centralised government portal for business-to-business (B2B) sales as it looks to curb GST evasion, an official said.
The GST Council, which will meet on June 20, will take a fi...
The Reserve Bank of India Thursday announced it was waiving off charges that are applied on bank transfers carried out either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement System (RTGS). The central bank asked consumer banks to pass on this benefit to customers, essentia...
Creditors can expect 100 per cent recoveries from their client companies going under the Insolvency and Bankruptcy Code (IBC) process for resolving cases of stressed assets and non-performing assets.
"This is because new NPA companies going through the IBC system are active businesses,...
The six-member monetary policy committee (MPC), headed by RBI Governor Shaktikanta Das, has decided to reduce key repo rate by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect.
The reverse repo rate under the LAF (liquidity adjustment facility) has been adjusted to 5...
Under the Transaction of Business Rules, the Government has reconstituted Cabinet Committees. These include - Appointments Committee of the Cabinet, Cabinet Committee on Accommodation, Cabinet Committee on Economic Affairs, Cabinet Committee on Parliamentary Affairs, Cabinet Committee on Polit...
Reserve Bank of India will announce its second bi-monthly monetary policy for current fiscal year in Mumbai this morning.
The three day meeting of the monetary policy committee (MPC) began on Tuesday amid expectations of a third straight rate cut of 25 basis points.
The key lending...
