The government is considering introducing the procedure of “deemed admission” of companies under the Insolvency and Bankruptcy Code (IBC) for faster resolution of debt-laden companies.
In certain cases where the financial creditors have approached the National Company Law Tribunal (NC...
The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge...
The Reserve Bank of India (RBI) on Wednesday allowed entities that are eligible to receive foreign direct investment (FDI) to raise external commercial borrowings (ECBs), by enabling them to raise funds through automatic route up to $750 million per year.
The ECBs raised would be within the overa...
Facing sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government has relaxed norms for seeking exemptions from the controversial levy. The government, via a notification issued on Wednesday, scrapped the existing mechanism to approve start-ups applying ...
Markets regulator Sebi has decided to allow mutual funds to write call options subject to certain conditions. Generally, call options refer to an agreement that gives a buyer the right to purchase an asset at a specified price within a particular time period.
Currently, mutual fund schemes are pe...
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Bank of Maharashtra for deficiencies in regulatory compliance.
According to the RBI, the fine was imposed by an order dated January 4, 2019 "for non-compliance with `Master Directions on Frauds-Classification and...
A GST ministerial panel will suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued, the Finance Ministry said Wednesday.
Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attrac...
16th January, 2019
IMPORTANT ANNOUNCEMENT
REG: May 2019 CA Examinations
It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media.
It is hereby clarified that the timetable i...
The Union Cabinet today approved expenditure sanction of over 4200 crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project.
Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...
The Supreme Court on Tuesday reserved its judgment in petitions moved by operational creditors challenging the validity of Insolvency and Bankruptcy Code (IBC).
A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing the petitions moved by several operati...
With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...
Government has constituted a seven-member Group of Ministers (GoM) to boost the real estate sector under the GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM.
Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Mi...
The Reserve Bank of India has imposed a penalty of Rs 1 crore on Bajaj Finance for deficiencies in regulatory compliance.
According to RBI, the penalty has been imposed, by an order on January 3, for violation of 'fair Practices Code of Master Direction DNBR'.
"This ac...
The Metropolitan Stock Exchange (MSE) has invited applications for the post of managing director and chief executive officer for a maximum term of five years, according to a public notice issued Monday.
The candidate must be a qualified CA/MBA or equivalent with at least 15 years of relevant expe...
Indian businesses may soon be able to amend goods and services tax (GST) return mandated for carrying forward tax credit from the previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief...
The government has re-promulgated an ordinance to amend the companies law to further improve the ease of doing business as well as ensure better compliance levels. Since the Bill to make amendments to the Companies Act, 2013, is pending in the Rajya Sabha, the ordinance has been re-promulgated.
T...
The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor.
It was held :
We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...
Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. “...the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporat...
In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers.
The measure, once implemented, would check the widespre...
Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE.
The regulator conducted a probe between April 2014 and September 2015 into the trading activities of ...
Ashok Chawla resigned as the chairman of the National Stock Exchange(NSE) in light of the recent legal developments, the bourse said in a release on Friday evening.
The Central Bureau of Investigation(CBI) on Friday informed a special CBI court that it has got sanction from the government t...
Results of the Chartered Accountants Final Examination (Old course & New Course), Foundation Examination and Common Proficiency Test (CPT) held in November/December, 2018 are likely to be declared on Wednesday, the 23rd January 2019 around 6.00 P.M - ICAI
...
The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on Citibank India for not complying with directions regarding the 'fit-and-proper criteria' for directors of the bank.
The RBI in a statement, however, added that the action is based on deficiencies in regulatory co...
FOR INFORMATION OF THE MEMBERS
Subject: Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018” - till 31st January, 2019
This is for kind information of the members that the last date for complying with the CPE Hours requirement for the ...
Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment.
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...
Markets regulator SEBI on Thursday put in place a robust and strict cybersecurity framework for mutual funds and asset management companies (AMCs) to guard against breaches of data leak.
The new norms would be effective from April 1, 2019, Securities and Exchange Board of India (SEBI) said in a c...
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for the following:
i. Changes made by CGST (Amendment) Act,2018, IGST (Amendme...
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -
1. Increase in Turnover Lim...
The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...
The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided:
1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...
