Allahabad Bank reports Rs 1,775 Cr fraud by Bhushan Power & Steel
Posted Date : 15-Jul-2019 , 08:21:55 am | Posted By CASANSAAR
Kolkata-headquartered state owned lender, Allahabad Bank, has reported a fraud of Rs 1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI).
In a stock market notification, on July 13, the bank has alleged misappropriation of funds and manipulation in the books of accounts ...
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Finance |
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S R Batliboi & Co resigns as statutory auditor for IndusInd Bank
Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR
Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders.
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Auditing |
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Will income tax department extend July 31 deadline for ITR filing?
Posted Date : 14-Jul-2019 , 06:08:10 pm | Posted By CASANSAAR
Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with t...
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Income Tax |
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RBI to come out with mobile app for currency notes identification
Posted Date : 14-Jul-2019 , 06:05:48 pm | Posted By CASANSAAR
The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction.
At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides...
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RBI |
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Gadkari appeals to MSMEs to plant trees
Posted Date : 13-Jul-2019 , 08:56:34 am | Posted By CASANSAAR
Union Minister Nitin Gadkari has written to all industry associations and registered MSMEs, urging them to plant as many trees as they can before the end of the monsoon season.
In the letter, Gadkari suggested that each small enterprise can plant and maintain a minimum of 5 trees, each medi...
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General |
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PAN not linked to Aadhaar card will become inoperative from September
Posted Date : 12-Jul-2019 , 05:04:27 pm | Posted By CASANSAAR
The government will invalidate all PAN cards that are not linked to Aadhaar by September 1. At the moment 180 out of the existing 400 million PAN cards are not linked to Aadhaar.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will ...
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PAN |
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Essar Steel CoC likely to appeal against NCLAT order in Supreme Court
Posted Date : 12-Jul-2019 , 09:24:38 am | Posted By CASANSAAR
The State Bank of India-led committee of creditors (CoC) of debt-laden Essar Steel is likely to move the Supreme Court on Friday against the National Company Law Appellate Tribunal’s (NCLAT) order that reduced their share of the sale proceeds and also put the financial creditors and operationa...
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General |
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Delhi Govt cancels GST registration of 1,282 traders for fraud
Posted Date : 12-Jul-2019 , 09:08:32 am | Posted By CASANSAAR
The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway​,” a government sta...
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GST |
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Income Tax disputes of Rs 5.71 lakh crore pending with CBDT
Posted Date : 12-Jul-2019 , 09:03:06 am | Posted By CASANSAAR
Income Tax (IT) disputes pending as on 31st March 2019 for the Central Board of Direct Taxes aggregated to Rs 5.71 lakh crore. While the proportion of the new appeals rises, the disposal of these appeals has diminished from the previous year, as per report for FY20 by CBDT. The number of cases dispo...
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Income Tax |
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Govt books 1,800 cases for issuing fake GST invoices
Posted Date : 11-Jul-2019 , 09:45:21 am | Posted By CASANSAAR
The Union government has booked nearly 1,800 cases for issuing fake GST invoices since 2017-18. The highest number of cases have been booked in the last financial year when the authorities booked 1,220 cases involving an amount of nearly Rs 9,500 crore. The government informed the Rajya Sabha that 1...
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GST |
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Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019
Posted Date : 11-Jul-2019 , 09:43:02 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019. It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019.
The banning of Unregulated Deposit Schemes Bill, 2019 will rep...
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Finance |
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SEBI slaps Rs 65 lakh fine on individual for fraudulent trading
Posted Date : 11-Jul-2019 , 09:40:18 am | Posted By CASANSAAR
Markets regulator Sebi Wednesday slapped a fine of Rs 65 lakh on an individual for indulging in fraudulent trading in the illiquid stock options segment at BSE.
The order follows a probe conducted by Sebi between April 2014 and September 2015 after it observed that 81.38 per cent of all the trade...
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SEBI |
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CBDT targets 1.30 crore new tax filers in FY 2019-20
Posted Date : 10-Jul-2019 , 08:45:32 am | Posted By CASANSAAR
The Central Action Plan (CAP) for 2019-20 drafted by the Central Board of Direct Taxes (CBDT), which was recently circulated among its top cadre, continues to focus on widening the tax base. The CAP acts as the policy action vision document for the Income Tax Department and is unveiled by the tax re...
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Income Tax |
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Parliament passes bill to allow using Aadhaar for opening bank accounts, get phone connections
Posted Date : 09-Jul-2019 , 09:13:10 am | Posted By CASANSAAR
Parliament on Monday passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get a mobile phone connection.
The Aadhaar and Other Laws (Amendment) Bill, 2019, was passed by Rajya Sabha by a voice vote.
The Bill, which also provide...
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Income Tax |
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Income Tax Dept Working on Issuing E-Pan on Real-Time Basis
Posted Date : 09-Jul-2019 , 08:30:48 am | Posted By CASANSAAR
The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed Monday.
"Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on ne...
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Income Tax |
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File tax returns if you have foreign trips, steep electricity bills
Posted Date : 08-Jul-2019 , 02:23:48 pm | Posted By CASANSAAR
The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh.
Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank ...
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Income Tax |
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PNB reports over Rs.3,800 Cr fraud by Bhushan Power & Steel
Posted Date : 07-Jul-2019 , 09:06:31 am | Posted By CASANSAAR
Punjab National Bank (PNB) on Saturday informed the exchanges about a fraud of Rs. 3,805.15 crore in NPA (non-performing asset) account of Bhushan Power & Steel Ltd. (BPSL).
This includes a domestic exposure of Rs.3191.51 crore at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh...
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Banking |
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Petrol price to rise by Rs 2.5, diesel by Rs 2.3 after FM raises tax
Posted Date : 06-Jul-2019 , 11:36:27 am | Posted By CASANSAAR
Petrol price will be hiked by over Rs 2.5 per litre and diesel by more than Rs 2.3 after Finance Minister Nirmala Sitharaman Friday raised taxes on the fuels to part-fund her Budget for 2019-20.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre eac...
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General |
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SEBI for listing social enterprises and voluntary organizations
Posted Date : 06-Jul-2019 , 11:24:47 am | Posted By CASANSAAR
Union Budget proposes creation of a social stock exchange- under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises and voluntary organizations.
Government to take up necessary measures for inter-operability of RBI depositories and SEBI depositori...
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Budget |
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Key Highlights of Union Budget 2019-20
Posted Date : 05-Jul-2019 , 02:43:23 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows:
10-point Vision for the decade
Building Team India with Jan Bhagida...
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Budget |
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GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs
Posted Date : 05-Jul-2019 , 02:14:35 pm | Posted By CASANSAAR
GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs
Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 Lak...
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Budget |
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All necessary steps to be taken to meet public shareholding norms of 25% for all listed PSUs
Posted Date : 05-Jul-2019 , 02:09:45 pm | Posted By CASANSAAR
All necessary steps to be taken to meet public shareholding norms of 25% for all listed PSUs
Government to start raising a part of its Gross Borrowing Programme in External Markets
New coins of One, Two, Five, Ten & Twenty Rupees easily identifiable to visually impaired to be made available fo...
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Budget |
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Union Budget Proposes Strengthening MSMEs to Boost Make in India
Posted Date : 05-Jul-2019 , 02:03:49 pm | Posted By CASANSAAR
Union Budget Proposes Strengthening MSMEs to Boost Make in India
Rs. 350 Crore Allocated Under Interest Subvention Scheme
Pension Benefit to 3 Crore Retail Traders, Small Shopkeepers with Annual Turnover Less Than Rs.1.5 Crore Under Pradhan Mantri Karam Yogi Maandhan Scheme
100 New Clusters to be...
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Budget |
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Public Sector Banks proposed to be provided Rs 70,000 crore capital to boost credit
Posted Date : 05-Jul-2019 , 01:56:35 pm | Posted By CASANSAAR
Public Sector Banks are to be further provided Rs 70,000 crore capital to boost credit for a strong impetus to the economy. To further improve ease of living, they will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one Public Sector Bank to acces...
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Budget |
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Union Budget proposes measures to deepen Corporate Debt markets
Posted Date : 05-Jul-2019 , 01:54:31 pm | Posted By CASANSAAR
A number of measures to further deepen bond markets have been proposed by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today.
The Finance Minister said, “Corporate Debt markets are crucial for the infrast...
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Budget |
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Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively
Posted Date : 05-Jul-2019 , 01:52:15 pm | Posted By CASANSAAR
Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively
Direct Tax revenue increases by over 78 % in FY2018-19 from FY 2013-14; rose to Rs. 11.37 lakh crore from Rs. 6.38 lakh crore
Relief proposed in Le...
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Budget |
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Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms
Posted Date : 05-Jul-2019 , 01:43:23 pm | Posted By CASANSAAR
Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms
In Transport sector, budget proposes PPP in railways, roadmap to make India a hub of maintenance, repair and overhaul and aircraft financing / leasing activities and&nbs...
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Budget |
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Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 crore
Posted Date : 05-Jul-2019 , 01:36:39 pm | Posted By CASANSAAR
Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to Rs. 400 crore from earlier cap of upto Rs 250 crore
Interchangeability of PAN and Aadhaar to file tax return proposed
2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage ...
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Budget |
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Govt hikes divestment target to Rs 1.05 lk cr for FY20
Posted Date : 05-Jul-2019 , 01:15:48 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Friday announced raising the disinvestment target to Rs 1,05,000 crore from FY2019-20 as against Rs 90,000 crore set in the interim budget.
Presenting the first Budget of the Modi government in its second term, Sitharaman said the sovereign external debt to GD...
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Budget |
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Govt to infuse Rs 70,000 cr into state-owned banks
Posted Date : 05-Jul-2019 , 01:06:57 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman Friday announced that the government will pump in 70,000 crores into public sector banks (PSBs) to strengthen them and enhance their lending capacity.
Unveiling Budget 2019-20, she said non-performing assets of PSBs have come down by Rs 1 lakh crore.
Banks have ...
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Budget |
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