Ernst & Young, Auditors to pay over $10 M to settle SEC charges
Posted Date : 03-Aug-2021 , 09:55:47 am | Posted By CASANSAAR
Accounting firm Ernst & Young LLP, a partner and two former employees agreed to pay more than $10 million to settle U.S. Securities and Exchange Commission charges they violated auditor independence rules, the agency said on Monday.
Ernst & Young, partner James Herring and former partners...
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Auditing |
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Delhi HC recalls CBI probe order after Income Tax department says email was sent due to systems error
Posted Date : 03-Aug-2021 , 09:17:27 am | Posted By CASANSAAR
The Delhi High Court has recalled an order directing CBI to probe whether an email that was sent to a private company by the Income tax department was genuine or not, after the authorities submitted that the communication was “triggered due to a systems error” and withdrew its allegation...
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Income Tax |
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Treated and purified sewage water for industrial use to attract 18 pc GST - AAR
Posted Date : 02-Aug-2021 , 08:37:42 am | Posted By CASANSAAR
Treated and purified sewage water is classified as 'water' under the GST Act and its supply for industrial use would attract an 18 per cent tax, the Authority for Advance Ruling (AAR) has said.
Nagpur Waste Water Management Pvt Ltd had approached the Maharashtra bench of AAR seeking a rul...
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GST |
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Gross GST collection in July crosses 1 lakh 16 thousand Cr rupees
Posted Date : 02-Aug-2021 , 08:33:01 am | Posted By CASANSAAR
The gross GST revenue collected in July crossed 1,16,000 crore rupees indicating that the economy is recovering at a fastpace and the robust GST revenues are likely to continue in the coming months too, the Finance Ministry Said. The revenues for the month of July 2021 are 33 per cent higher t...
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GST |
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0 | Hits : 219
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Gujarat govt transfers 36 officials for ‘fair probe’ into Rs 1,000 cr fake GST bill case
Posted Date : 31-Jul-2021 , 08:43:13 am | Posted By CASANSAAR
In connection with a case involving more than Rs 1,000 crore of fake GST (Goods and Services Tax) bills in Bhavnagar, the Gujarat government on Friday transferred 36 officials from Bhavnagar ranging from the deputy state tax commissioner to employees as junior as a clerk. The move is to ensure fair ...
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GST |
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0 | Hits : 406
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Supreme Court bench sets time limit for lawyers, says time to change old habits
Posted Date : 30-Jul-2021 , 09:25:09 am | Posted By CASANSAAR
A two-judge bench of the Supreme Court replicated the practice adopted by the Supreme Court of the United States by directing lawyers appearing in a case to confine their oral arguments to 30 minutes and submissions on law to three pages.
Wondering which country in the world would allow lawyers t...
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General |
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0 | Hits : 1218
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SEBI to ease rules for startups to go public
Posted Date : 30-Jul-2021 , 09:20:35 am | Posted By CASANSAAR
Sebi, the capital markets regulator, is considering rule changes to hold controlling stakeholders accountable from the current structure that focuses on regulating the so-called promoters or founders, as more companies with diversified shareholdings line up for initial public offerings.
...
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SEBI |
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Govt clears amendments to LLP Act; to decriminalise 12 offences
Posted Date : 29-Jul-2021 , 09:14:53 am | Posted By CASANSAAR
Continuing efforts to foster ease of doing business as well as encourage startups ecosystem, the government on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law.
Besides, a new definition for small LLPs will be intr...
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Corporate Law |
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0 | Hits : 871
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RBI imposes Rs.5 Cr monetary penalty on Axis Bank
Posted Date : 29-Jul-2021 , 09:05:22 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of ₹5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions by RBI
The penalty is for contravention of and non-compliance with certain provisions of dire...
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RBI |
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0 | Hits : 420
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Lok Sabha passes IBC amendment bill without debate
Posted Date : 29-Jul-2021 , 09:00:13 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the IBC amendment bill without debate, which among other things provide for a pre-packaged resolution process for stressed MSMEs.
Minister of State for Corporate Affairs Rao Inderjit Singh moved the bill for consideration and passage amid the din. The bill was ap...
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Insolvent Professional |
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Insolvency and Bankruptcy Code (Amendment) Bill to be taken up for consideration and passing in Lok Sabha
Posted Date : 28-Jul-2021 , 09:33:16 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 is likely to be taken up for consideration and passing in Lok Sabha today. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by President Ram Nath Kovind on 4th of April to offer an alternate bankruptcy resolutio...
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Insolvent Professional |
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0 | Hits : 287
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Govt identified more than 2.38 lakh companies as shell companies - MoS Corporate Affairs
Posted Date : 28-Jul-2021 , 09:32:10 am | Posted By CASANSAAR
Government has identified more than 2.38 lakh companies as shell companies in the last three years.
This information was given by the Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today.
He said the Government has und...
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Corporate Law |
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0 | Hits : 480
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Govt makes it mandatory to clear all dues of MSMEs within 45 days - Fin Min
Posted Date : 27-Jul-2021 , 09:35:16 am | Posted By CASANSAAR
Finance Minister said in view of Covid pandemic it has made it mandatory to clear all the dues of MSMEs within a stipulated time of 45 days to provide relief to such entities.
In reply to a question in the Lok Sabha, Finance Minister Nirmala Sitharaman said all the dues of MSMEs pending at ...
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MSME |
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0 | Hits : 673
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CBIC abolishes licence renewal requirement for customs brokers, authorised carriers
Posted Date : 26-Jul-2021 , 08:49:46 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade.
The CBIC has amended the Customs Brokers Licensing Re...
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Custom |
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Delhi-based businessman arrested for passing on fake input tax credit of Rs.128 Cr
Posted Date : 26-Jul-2021 , 08:45:52 am | Posted By CASANSAAR
GST Intelligence officials have arrested a Delhi-based businessman here for allegedly fraudulently passing on input tax credit (ITC) worth ₹128 crore, a senior official said on Sunday.
Investigations conducted by the officials of the Chandigarh zonal unit of the Directorate General of GST (...
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GST |
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RBI revises personal loan limit for bank directors to Rs.5 Cr from Rs.25 lakh
Posted Date : 24-Jul-2021 , 09:42:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has raised the limit of personal loan amount that can be granted by lenders to directors of other banks and their families at not more than ₹5 crore from ₹25 lakh. "The proposals for credit facilities of an amount less than ₹25 or ₹5 crore...
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Banking |
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IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021.
The amendment regulations enhance the discipline, transparency, and account...
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Category :
Income Tax |
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CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB
Posted Date : 21-Jul-2021 , 09:12:07 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer ...
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CBDT |
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Delhi High Court orders CBI to probe Income Tax department email
Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR
The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings.
The court order follows the petitioner, Three C Homes, whi...
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Category :
Income Tax |
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0 | Hits : 1806
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Rs 21,231 Cr spent by 21,349 companies on CSR funds in 2019-20
Posted Date : 20-Jul-2021 , 08:33:05 am | Posted By CASANSAAR
Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today.
Giving...
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Corporate Law |
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0 | Hits : 448
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New curbs on insolvency resolution professionals
Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI).
The change seeks to eliminate a ...
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Category :
Income Tax |
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0 | Hits : 702
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GST only on monthly maintenance over Rs 7,500 - Madras HC
Posted Date : 15-Jul-2021 , 09:36:14 am | Posted By CASANSAAR
In a relief to resident welfare association (RWA) members across middle and high-end housing societies, the Madras High Court has ruled that the goods and services tax (GST) is applicable to monthly maintenance amount exceeding ₹7,500 only and not on the full amount.
The decision overturns ...
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GST |
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WhatsApp messages have no evidential value - Supreme Court
Posted Date : 15-Jul-2021 , 09:30:42 am | Posted By CASANSAAR
‘Popularity is not a measure of reliability’ appears to have played on the minds of the Supreme Court, which on Wednesday said messages exchanged on social media platform WhatsApp have no evidential value and that the author of such WhatsApp messages cannot be tied to them, especially in...
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WhatsApp |
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0 | Hits : 1043
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Cabinet approves increase in Dearness Allowance and Dearness Relief
Posted Date : 15-Jul-2021 , 09:21:05 am | Posted By CASANSAAR
The Cabinet Committee chaired by the Hon’ble Prime Minister Shri Narendra Modi today has approved increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from 01.07.2021 to 28% representing an increase of 11% over the existing rate of 17% o...
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General |
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0 | Hits : 484
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GST officers unearth over Rs 35,000 Cr fraud in 2020-21, arrest 426 people
Posted Date : 14-Jul-2021 , 10:10:34 am | Posted By CASANSAAR
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intell...
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GST |
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0 | Hits : 1695
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GST officers bust network of 23 firms involved in fake ITC claims of Rs 550 cr
Posted Date : 13-Jul-2021 , 09:32:04 am | Posted By CASANSAAR
GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.
Based upon specific intelligence, the officers of the anti-evasion branch of Central Goods and Service Tax (CGST) Commissionerate...
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GST |
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0 | Hits : 602
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BSE, NSE issue guidelines for companies undergoing insolvency proceedings
Posted Date : 10-Jul-2021 , 09:50:04 am | Posted By CASANSAAR
In a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process.
In the recent past, the exchanges have come across instances where the approved resolution pl...
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Insolvent Professional |
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0 | Hits : 486
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CBIC streamlines faceless assessment for faster customs clearance
Posted Date : 10-Jul-2021 , 09:45:53 am | Posted By CASANSAAR
The CBIC has streamlined certain processes in Customs faceless assessment under which a customs officer would have to communicate his 'first decision' on the import document filed by an importer within three working hours.
In a circular to all principal chief commissioners of customs, the...
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Custom |
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0 | Hits : 627
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Sovereign Gold Bond Scheme 2021-22–Series-IV- Issue price
Posted Date : 10-Jul-2021 , 09:40:05 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series IV) will be opened for the period July 12-16, 2021 with Settlement date July 20, 2021. The issue price of the Bond during the subscription period shall be Rs 4,807 (Rupees Fo...
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RBI |
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RBI imposes penalty on 14 banks for non-compliance of rules
Posted Date : 08-Jul-2021 , 08:46:48 am | Posted By CASANSAAR
The Reserve Bank of India has imposed monetary penalties on 14 banks including Bank of Baroda and State Bank of India (SBI) for non-compliance of rules. While Bank of Baroda has been fined two crore rupees, Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse, Indian Bank, IndusIn...
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RBI |
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