Extension of Last Date for availing the benefit of Alternate Composition Scheme from 30.04.2019 to 31.07.2019
Posted Date : 05-Jul-2019 , 09:57:05 am | Posted By CASANSAAR
Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No. 09/2019-Central Tax (Rate) dated 29.03.2019, an Alternate Composition Scheme has been made available to those suppliers of Services or Mixed Suppliers, who were not eligible for the primary compos...
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GST |
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Clarification regarding Annual Returns and Reconciliation Statement
Posted Date : 04-Jul-2019 , 04:08:01 pm | Posted By CASANSAAR
The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: -
a) Payment of any unpaid tax...
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GST |
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Finance Minister Nirmala Sitharaman to present Union Budget tomorrow
Posted Date : 04-Jul-2019 , 03:00:14 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will present the Union budget in the Lok Sabha tomorrow. This will be the first budget of the Narendra Modi government after assuming office for the second time. People from all walks of life have their expectations from the budget
In Telangana, Prasanna Tantri, ...
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Finance |
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HC asks RBI, ED to respond to plea alleging PayPal operating illegally
Posted Date : 04-Jul-2019 , 02:58:09 pm | Posted By CASANSAAR
The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization.
The bench of Chief Justice D N Patel and Justice C Hari Shankar issued not...
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RBI |
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Key Highlights of Economic Survey 2018-19
Posted Date : 04-Jul-2019 , 02:40:56 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in the Parliament today. The Key Highlights of Economic Survey 2018-19 are as follows:
Shifting gears: Private Investment as the Key Driver of Growth, Jobs, Exports and Demand
Surve...
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Finance |
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Auditors, bankers, directors involved in Bhushan Steel fraud - SFIO
Posted Date : 02-Jul-2019 , 07:41:33 am | Posted By CASANSAAR
The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam.
In...
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Auditing |
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Govt flags concern over concentration, lack of competition in Auditing
Posted Date : 02-Jul-2019 , 07:39:59 am | Posted By CASANSAAR
Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4.
Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...
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Auditing |
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UDIN being made mandatory from 1st July 19 for all Audit/Assurance/Attest function - ICAI
Posted Date : 02-Jul-2019 , 07:32:15 am | Posted By CASANSAAR
It has been noticed by the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders.
To curb this menace and malpract...
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ICAI |
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Vice President asks CAs to maintain highest ethical standards and urges them to isolate wrongdoers
Posted Date : 01-Jul-2019 , 09:59:02 pm | Posted By CASANSAAR
The Vice President of India, Shri M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives.
Shri Naidu asserted that all countries must speak with one voice to eliminate terror a...
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CA |
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Govt considering giving more powers to RBI to regulate NBFCs - FM
Posted Date : 01-Jul-2019 , 09:56:42 pm | Posted By CASANSAAR
The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha Monday.
Replying to a question, the minister said RBI was closely monitoring the liquidity...
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RBI |
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GST collection stands at Rs 99,939 crore in June 2019
Posted Date : 01-Jul-2019 , 09:55:22 pm | Posted By CASANSAAR
The total gross Goods and Services Tax (GST) collection in the month of June stood at 99,939 crore rupees. The total number of GST returns filed for the month of May was 74.38 lakh. Last month the GST collection crossed one lakh crore rupees.
An official release said, the revenue in the month of ...
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GST |
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Happy CA’s Day to all Partners in Nation Building
Posted Date : 01-Jul-2019 , 09:07:14 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...
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CA |
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Govt to introduce new return system for GST on trial basis today
Posted Date : 01-Jul-2019 , 08:53:41 am | Posted By CASANSAAR
The second anniversary of Goods and Services Tax (GST) will be celebrated today.
It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017.
Minister of State for Finance and Corporate Affairs Anurag Thakur will presid...
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GST |
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Fund transfer through RTGS, NEFT set to get cheaper from today
Posted Date : 01-Jul-2019 , 08:52:10 am | Posted By CASANSAAR
Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India decided it will not impose any charges on such transactions.
After announcing its decision to waive all charges on fund tran...
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Income Tax |
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RBI says will review fraud detection guidelines for banks
Posted Date : 30-Jun-2019 , 04:13:35 pm | Posted By CASANSAAR
The Reserve Bank of India is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR).
"There is a significant time-lag between the occurrence of a ...
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RBI |
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PwC resigns as an Auditor of Eveready Industries
Posted Date : 30-Jun-2019 , 04:10:53 pm | Posted By CASANSAAR
Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...
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Auditing |
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Income Tax dept will now pre-fill your salary, TDS details on ITR-1
Posted Date : 29-Jun-2019 , 09:19:36 am | Posted By CASANSAAR
To make the tax filing process easier for individuals, this year the tax department will be providing ITR-1 pre-filled with your salary, FD interest income and TDS details.
Earlier, these details were required to be manually entered by individual in the form. These details will be pre-fille...
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ITR |
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Govt cuts interest rate on small savings schemes by 0.1 pc
Posted Date : 29-Jun-2019 , 09:13:00 am | Posted By CASANSAAR
The government has reduced interest rate on small savings schemes, including the National Savings Certificate and Public Provident Fund, by 0.1 per cent for the July-September quarter.
Barring interest on savings deposits, which has been retained at 4 per cent annually, rate on all other schemes ...
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General |
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SEBI tightens regulations for mutual funds to safeguard investors
Posted Date : 28-Jun-2019 , 08:16:17 am | Posted By CASANSAAR
The markets regulator on Thursday tightened investment norms for liquid mutual funds to protect investors from credit risks arising out of defaults by borrowers.
The Securities and Exchange Board of India (Sebi) said liquid funds can invest a maximum of 20% of their assets in a single sector as a...
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SEBI |
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RBI direct banks to accept coins of all denominations
Posted Date : 27-Jun-2019 , 08:39:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly.
The RBI puts into circulation coins minted by the central government.
It said coins have distinctive features which ar...
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RBI |
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Govt to rework auditors framework amid crack down on auditing lapses
Posted Date : 27-Jun-2019 , 08:36:41 am | Posted By CASANSAAR
In a bid to have quality audit standards being practised in the country, the ministry of corporate affairs (MCA) is re-working the guiding framework for auditors.
According to the senior government official, the government is considering to further streamline and strengthen the provisions for aud...
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Auditing |
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Entities identified on basis of risk parameters to face GST Audit
Posted Date : 27-Jun-2019 , 08:33:36 am | Posted By CASANSAAR
The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion, irregular filing of returns and employing "questionable accountants". Unveiling the audit plan, the Directorate General of Audi...
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GST |
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MCA asked NFRA to review Auditing and Assurance Standards for Auditors
Posted Date : 26-Jun-2019 , 01:44:26 pm | Posted By CASANSAAR
Ministry of Corporate Affairs (MCA) has asked National Financial Reporting Authority (NFRA) to review Auditing and Assurance Standards for auditors, people familiar with the development said.
The ministry is mulling various options to strengthen the current audit framework in the wake of the rece...
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MCA |
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Govt to launch new KYC norms to weed out fraud CA, CS and CMAs
Posted Date : 26-Jun-2019 , 01:36:45 pm | Posted By CASANSAAR
A mandatory know-your-customer (KYC) exercise for over three lakh professionals including chartered accountants, cost accountants and company secretaries will soon be launched by the Ministry of Corporate Affairs (MCA), reports DNA.
The development follows similar disclosure norms brought in earl...
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CA |
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RBI launches CMS for filing online complaints against banks, NBFCs
Posted Date : 25-Jun-2019 , 05:54:57 am | Posted By CASANSAAR
The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redre...
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RBI |
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Aadhar (Amendment) Bill introduced in Lok Sabha
Posted Date : 25-Jun-2019 , 05:48:15 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad introduced the Aadhaar and and Other Laws (Amendment) Bill, 2019 in the Lok Sabha today. It will replace an ordinance issued in March this year and proposes stiff penalties for violation of norms.
The Bill seeks to amend Aadhaar (Targeted Delivery of Financial and...
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Income Tax |
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Printing process for General Budget 2019-20 commences with Halwa Ceremony
Posted Date : 23-Jun-2019 , 05:50:40 am | Posted By CASANSAAR
Halwa ceremony marking the commencement of Budget printing process for the General Budget 2019-20 was held in North Block here today afternoon in the august presence of the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman.
Union General Budget 2019-20 is to be presented ...
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Budget |
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SEBI sets new rules for applicant confidentiality in resolution process
Posted Date : 20-Jun-2019 , 09:55:54 am | Posted By CASANSAAR
Markets regulator SEBI has set various grounds on the basis of which an applicant can be assured confidentiality while filing a plea under the settlement mechanism.
In a circular, the regulator also listed the factors that can adversely affect the applicant's claim for confidentiality.
&qu...
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SEBI |
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MCA may amend LLP Act to keep check on shell companies
Posted Date : 20-Jun-2019 , 09:53:12 am | Posted By CASANSAAR
In an attempt to keep a check on shell companies, the Ministry of Corporate Affairs may amend the LLP Act to tighten regulation for companies which seek to change their status to limited liability partnership (LLP), reported Business Standard, citing people in the know.
The number of companies co...
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MCA |
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ED arrests two former IL&FS executives in money laundering probe
Posted Date : 20-Jun-2019 , 09:47:19 am | Posted By CASANSAAR
The Enforcement Directorate has arrested two former executives in connection with its money laundering probe in the Infrastructure Leasing and Financial Services Ltd (IL&FS) alleged financial irregularities case.
Officials said former joint MD of the company Arun K Saha and MD of ...
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Income Tax |
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