Browsed by
Category: News

ICAI reopens empanelment of members to act as observers for Nov 20 exams

ICAI reopens empanelment of members to act as observers for Nov 20 exams

Examination The Institute of Chartered Accountants of India 16th September, 2020 IMPORTANT ANNOUNCEMENT Sub: Reopening of empanelment of members to act as observers for November, 2020 examinations. In continuation to the Announcement dated 20th August 2020, it is informed that the window for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, November, 2020 is reopened from 16th September to 20th September 2020. The eligible Members, who had not applied earlier, may get…

Read More Read More

Income Tax Department carries out searches in Jammu & Kashmir

Income Tax Department carries out searches in Jammu & Kashmir

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained investments in immovable properties, construction of hotels and residences aggregating to Rs. 25 crore in the last six financial years have been seized during the search, though he has not paid any tax since A.Y. 2014-15. Almost all these investments…

Read More Read More

MCA releases Companies(Share Capital and Debenture) Amendment Rule 2020

MCA releases Companies(Share Capital and Debenture) Amendment Rule 2020

  [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section OA  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION  New Delhi, 5th June, 2020  G.S.R.(E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely: – 1. Short title and commencement.- (1) These rules may be…

Read More Read More

cryptocurrency: Supreme Court lifts ban

cryptocurrency: Supreme Court lifts ban

The Supreme Court of India lifted ban on the cryptocurrency on the 4th of March 2020. The Reserve Bank of India had issued a circular in the year 2018 which barred banks in India from dealing in cryptocurrency. A plea challenging the RBI’s circular was raised which had now been allowed by the Supreme Court of India. Trading in cryptocurrencies will now be allowed, after lifting the ban on cryptocurrency. What do you think will be the possible implications in the tax regime?…

Read More Read More

Provision for Quarterly Payment of GST by MSMEs

Provision for Quarterly Payment of GST by MSMEs

The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly payment of GST is available to those MSMEs who opt for composition levy under section 10 of CGST Act, 2017. This information was given by…

Read More Read More

Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies

Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies

Major racket of fake invoicing of Rs 7896 crore busted involving network of 23 shell companies Two Accused Arrested & Remanded to 14 Days Judicial Custody The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, which procured and generated invoices without actual supply of goods and availed as well as…

Read More Read More

GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February crosses 1 lakh crores

GST Revenue collection for February, 2020 Rs. 1,05,366 crore gross GST revenue collected in February The gross GST revenue collected in the month of February, 2020 is Rs. 1,05,366 crore of which CGST is Rs. 20,569 crore, SGST is Rs. 27,348 crore, IGST is Rs. 48,503 crore (including Rs. 20,745 crore collected on imports) and Cess is Rs. 8,947 crore (including Rs. 1,040 crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53 lakh. The government has settled Rs. 22,586 crore to CGST and Rs. 16,553 crore to SGST…

Read More Read More

CBDT notifies on the manner of making PAN inoperative

CBDT notifies on the manner of making PAN inoperative

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th February, 2020 G.S.R. 112(E). – In exercise of the powers conferred by proviso to sub-section (2) of section 139AA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:- 1. Short title and commencement. – (1) These rules may be called the Income-tax (5th…

Read More Read More

Spice+ to offer 10 services in single web form says MCA

Spice+ to offer 10 services in single web form says MCA

MCA Secretary inaugurates SPICe+ web form SPICe+ to offer 10 services by 3 Central Government Ministries/ Departments in a single web form Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs(MCA), today inaugurated the ‘SPICe+’ Web Form here today. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified a new Web Form christened ‘SPICe+‘ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would offer 10 services by 3 Central Govt…

Read More Read More

MCA Circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016

MCA Circular for filing of various forms in the Registry (MCA-21) by IPs appointed under IBC, 2016

General Circular No. 04/2020   F.No. 01/02/2019- CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi-1. Dated: 17.02.2020  To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016).  Sir, Several requests have been received in the Ministry with respect…

Read More Read More