Union Budget 2024 Highlights: Announcements by Finance Minister Nirmala Sitharaman

Summary of Direct and Indirect Tax Proposals: Budget 2024-25  Summary of the direct and indirect tax proposals made in the Budget 2024-25 (Finance Bill 2024) presented by Smt Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs: Highlights of the … Continued

Chairman, CBIC has launched CBIC’s WhatsApp Channel – ‘CBIC India’

In the weekly newsletter dated January 8, 2024, Chairman Sanjay Kumar Agrawal of the Central Board of Indirect Taxes and Customs (CBIC) shared noteworthy updates. From the launch of CBIC’s WhatsApp channel to commendable achievements, the newsletter provides insights into … Continued

New ITR forms: What’s new in ITR-1 and ITR-4 for AY 2024-25?

New ITR forms AY 2024-25: Taxpayers will now be required to provide information regarding cash receipts and all their bank accounts within the country according to the latest Income Tax Return (ITR) Forms for the Assessment Year 2024-25, as notified … Continued

Extension of time for GSTR-3B Filing for November 2023 in specific districts of Tamil Nadu

In response to the devastation caused by the MICHAUNG cyclone in early December 2023, the deadline for monthly GST returns has been extended, in respect of the taxpayers whose principal place of business is located in the four cyclone-affected districts … Continued

Know about: “Discard Income Tax Return option.”

The income tax department has introduced a new functionality on its website- ‘Discard ITR’. This new feature will allow taxpayers to discard their previously filed but unverified Income Tax Returns (ITR).  Starting from Assessment Year 2023-24, this new ‘Discard ITR’ … Continued

Updated Income Tax Return (ITR U) – Check out this option

Filing an Updated Income Tax Return (ITR-U) under section 139(8A) ITR-U refers to the Updated Return form used for filing an amended or revised income tax return in India. It is a provision provided by the Income Tax Department to … Continued

IT Refund: IT Department urges Taxpayers to respond to Past Tax Demands.

The Income Tax Department on September 23, 2023, called upon taxpayers to promptly respond to intimation of outstanding tax demands, adding that it will help in faster processing of income tax returns (ITR) and quicker issuance of refunds. For the … Continued

CBDT extends deadline for filing ITR return and submitting audit report.

Income Tax Department has extended the deadline for ITR filing for certain categories of taxpayers. This has brought great relief to the taxpayers/institutions falling in these categories and they have also been saved from paying heavy penalties due to delay. … Continued

Amnesty Scheme for LLPS – MCA issues circular condoning delay in filing Form 3, 4 and 11

The Ministry of Corporate Affairs (MCA) has notified the Limited Liability Partnership (LLP) Amnesty Scheme. The ministry vide circular number No. 8/2023 issued on 23rd August 2023 condoning the delay in filing of Form-3, Form-4 and Form-11 under Section 67 … Continued

New Annual Information Statement (AIS) – 50 Transactions reported in Income Tax Portal

The Income Tax Department has announced the roll-out of a new statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year. So far, the Income Tax Department has been … Continued

MCA amends strike-off rules – Mandatory filing of overdue Financial Statements, before striking-off of companies

The Ministry of Corporate Affairs (MCA) has notified an amendment to the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. The amendment provides more clarity on the filing requirements of overdue financials before applying for … Continued

ITR filing for AY 2023-24 starts. CBDT enables Excel Utilities for ITR-1, ITR-4

ITR filing for AY 2023-24 starts. CBDT enables Excel Utilities for ITR-1, ITR-4 For the assessment year 2023-24, the Income Tax Department has released an offline Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam. The utility is available for download … Continued

What happens if Pan Card is not linked to Aadhaar ?

It has become a mandatory process to link your PAN with Aadhaar. This is an important process because this will allow your income tax returns to be processed. Linking of your PAN with Aadhaar is also required if you are … Continued

Linking PAN & Aadhaar before March 31, is mandatory

It is mandatory to link Permanent Account Numbers (PAN) to Aadhaar by March 31, 2023. The last date to link Permanent Account Number (PAN) to Aadhaar is nearing soon. According to the Central Board of Direct Taxes (CBDT), the apex … Continued

Ministry of Corporate Affairs to launch 56 forms in V3 portal from Jan, 2023

Source: MCA Circular The Ministry of Corporate Affairs (MCA) is all set to launch the Second Set of Company Forms on the MCA21 V3 portal, in January 2023, comprising of total 56 forms. The first lot will consist of 10 … Continued

CBDT extends due date for filing Income Tax Return for AY 2022-23 to Nov 7

The Central Board of Direct Taxes (CBDT) said in a notification that the ITR filing due date has been extended as it had last month extended the deadline for filing audit reports. CBDT extends the due date for furnishing Income … Continued

MCA extends time for filing e-form DIR-3-KYC & DIR-3-KYC-WEB

The MCA vide General Circular No. 09/2022 dated September 28, 2022 extends the timeline for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without fee upto October 15, 2022. Director’s KYC Filing is an annual compliance and applies to every person who … Continued

Small Companies thresholds further increased by MCA (Paid-up Capital/ Turnover)

MCA has further revised/ increased the ‘paid-up capital’ and ‘turnover’ thresholds applicable in the case of ‘small companies’ under the Companies Act, 2013, to reduce compliance burden for more number of companies to be treated as ‘small companies’, as part … Continued

ICAI permits CA in Practice, Firms of Chartered Accountants to register on GeM Portal for rendering Professional Services

The Institute of Chartered Accountants of India ( ICAI ) has permitted the Chartered Accountants ( CA ) in Practice, Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services. The ICAI has said that, … Continued

MCA further extends due date of filing Annual Return and Financial Statement till March 15.

The Ministry of Corporate Affairs (MCA) has again extended the due date of filing Annual Return and Financial Statement. The MCA has again relaxed the levy of additional fees for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 … Continued

MCA grants extension of time for filing Financial Statements & Annual Return for 2020-21

The Ministry of Corporate Affairs has recently granted the much-needed relief by extending the dates for filing of the 5 important e-forms with the removal of additional fees on the e-forms, namely Forms Annual Financial Statements -AOC-4, AOC-4 (CFS), AOC-4, … Continued

I-T department rolls out new Annual Information Statement – How AIS will be helpful in filing your tax returns

The income tax department (I-T dept) on Monday rolled out the new annual information statement (AIS) on the compliance portal. This annual statement provides a comprehensive view of information to a taxpayer and the facility to submit online feedback. The … Continued

GST collection in October crosses ₹1.3 lakh crore, second highest ever

The gross GST revenue collected in the month of October 2021 exceeded ₹1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end … Continued

MCA relaxes additional fees in filing of Annual Financial Statement under the Companies Act, 20l3

On October 29, 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7 / MGT-7A for the financial year ended … Continued

MCA Extends Due Date for holding AGM

MCA has extended the Due Date for Holding of AGMs by the companies, by 2 months from the original due date in respect of the financial year 2020-21 ended on 31/03/2021. Accordingly, respective ROCs have issued extension Orders, which are … Continued

ITR filing deadline for FY 2020-21 extended to December 31, 2021

The government on Thursday extended the deadline to file income tax return (ITR) for FY 2020-21 by 3 months to December 31, 2021 from September 30, 2021. The extension of the deadline is for those individuals whose accounts are not … Continued

Ubharte Sitaare Fund: Rs 250-crore export-oriented fund for MSMEs launched

Union finance minister Nirmala Sitharaman on Saturday launched the Ubharte Sitaare Fund (USF) for export-oriented small and mid-sized companies and startups in Lucknow. Sitharaman had announced the fund in her Budget speech in 2020 in the backdrop of constraints faced … Continued

India’s Forex reserves rise to lifetime high of $621.5 billion

The country’s foreign exchange reserves increased by $889 million to a lifetime high of $621.464 billion in the week ended August 6, 2021, RBI data showed on Friday.   In the previous week ended July 30, 2021, the reserves had … Continued

GSTN issues advisory for taxpayers regarding Blocking of E-Way bills.

The Goods and Service Tax network on 4th August 2021 has decided to resume the blocking of e-way bill generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the … Continued

CBDT extends Due Date for filing various Income Tax Forms

The Central Board of Direct Taxes (CBDT) has extended the due dates for electronic filing of various Forms under the Income-tax Act, 1961. Considering the difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, … Continued

Government grants further extension in timelines of Income tax compliances

Government grants further extension in timelines of Income tax compliances   The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on … Continued

New TDS rules to be applicable from July 1- Highlights

Till date, TDS was deducted only on the notified nature of payments. From 1st July,2021, businesses are required to deduct TDS on purchase of goods along with the current scope of TDS deduction applicable on notified nature of payment or … Continued

MCA gives compliance relief to businesses due to second wave of COVID-19

  The ministry of corporate affairs (MCA) has offered relaxation in certain compliance requirements for businesses, including a longer interval between two board meetings in view of the hardships during the second wave of the pandemic. Companies are normally required … Continued

Belated and Revised ITR Filing Date extended for AY 2020-21 to 31st May 2021 due to COVID-19

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be … Continued

SEBI extends deadlines for filing financial results for Indian listed firms due to COVID-19

The Securities and Exchange Board of India (SEBI), on Thursday, relaxed the deadline for listed Indian firms to announce their financial results in the wake of surging covid-19 cases in the so-called second wave of the pandemic in the country. … Continued

MCA allows India Inc to spend CSR funds for COVID-19 vaccination awareness campaigns

In a significant boost to corporate India looking to undertake CSR around the COVID-19 pandemic, the corporate affairs ministry (MCA) has clarified spending of CSR funds for setting up “makeshift hospitals and temporary Covid care facilities” would be treated as … Continued

Cabinet approves MoU between ICAI and Chartered Accountants Australia and New Zealand

This provides an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes.The Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ) will … Continued

New MCA rules make cryptocurrencies, benami, loan disclosures mandatory

India Inc will have to declare investments in cryptocurrencies, relationships with dissolved companies and loans extended to related parties, among a host of other disclosures mandated by the government to improve transparency. Starting April 1, companies must state if they … Continued

MCA establishes Central Scrutiny Centre for scrutiny of Straight Through Processes (STP) e-forms

In the Budget 2021, it was mentioned that govt. will be establishing technology based on data analytics, artificial intelligence, machine learning tools in the areas of finance, taxation and online compliance monitoring among others. Accordingly, MCA has now established a … Continued

Year-long IBC suspension to be lifted ‘after March 24’, hints MCA

The Ministry for Corporate Affairs Ministry has hinted that the suspension of the Insolvency and Bankruptcy Code (IBC) is likely to be revoked after March 24. he Ministry for Corporate Affairs Ministry has hinted that the suspension of the Insolvency … Continued

Extension of due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021

CBIC had extended, vide Press Note regarding extension of due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021. This is the second extension given by the government. The deadline was earlier … Continued

Companies get relaxation for Annual Filings of 2019-20 upto 15/02/2021 without additional fees.

Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2020, it has been decided that no additional fees … Continued

RBI removes Cooling Period for Bank Branch Audit for CAs

The Reserve Bank of India (RBI) notified the change in norms on eligibility, empanelment, the appointment of Statutory Branch Auditors in Public Sector Banks from years 2020-21 onwards. The RBI notified Rotation Policy instead of Cooling Period for Bank Branch … Continued

International Taxation: Decoding DTAA & Foreign Tax Credit

WHAT IS DOUBLE TAXATION OF INCOME? When the same income is taxed more than once,  due to levying of tax by two or more jurisdictions, on the same income asset or financial transaction, this results in double taxation. This may … Continued

6 Crucial changes in GST Rules applicable from January 1st, 2021

The year 2021 has come up with the various changes in Goods and Service Tax (GST) Rules which will have a direct impact on the business registered under the GST regime and the businessmen who are planning to get themselves … Continued

Due date for filing income tax returns further extended

Income tax return filing due date: ITR FOR COMPANIES:- Deadline for filing income tax return for 2019-20 by companies extended by 15 days to Feb 15, 2021and for individuals by 10 days to Jan 10, 2021 In a major development, … Continued

Govt. cancels GST Registration of 163k Business entities for Non-Filing of Tax Returns

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more.   Furthermore, the department would persuade 25,000 taxpayers, who have … Continued

Govt cancels GST registration of 163k business entities over non-filing of tax returns

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more. Furthermore, the department would persuade 25,000 taxpayers, who have not … Continued

QRMP scheme launched for GST payers with turnover up to Rs 5 crore

The government has launched the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme in a bid to ease the return filing experience of the Goods and Services Tax (GST) taxpayers. The scheme will come into effect from January … Continued

Income Tax department to reject tax audit reports filed without ICAI authentication

The income tax department will validate with the Institute of Chartered Accountants of India (ICAI) the unique document identification number (UDIN) of chartered accountants when they upload tax audit reports, the finance ministry said on Thursday. To curb fake certifications … Continued

Finance Ministry extends deadline for making a declaration under Vivad Se Vishwas Scheme

The Ministry of Finance has extended the deadline for making a declaration under Vivad Se Vishwas Scheme till 31′ January, 2021 from 31st December, 2020. The Ministry of Finance has extended the deadline for making a declaration under Vivad Se … Continued

Forex reserves increase by over $100 billion since March lockdown; hit lifetime high at $572 billion

Amid a severe hit to the Indian economy by the Covid pandemic in the past eight months, the country’s foreign exchange reserves increased by more than $100 billion since the Covid-induced lockdown was enforced in March-end. From $469.9 billion in … Continued

I-T refunds worth Rs 1.32 lakh cr issued to 39.75 lakh taxpayers

The Income Tax department has issued refunds worth over Rs 1.32 lakh crore to over 39 lakh taxpayers so far this fiscal.   This include Personal income tax (PIT) refunds amounting to Rs 35,123 crore and corporate tax refunds amounting … Continued

RBI notifies Discontinuation of Returns/Reports under Foreign Exchange Management Act

For improving the ease of doing business in India and to reduce the cost of compliance, RBI has made a review of requirements of submission of various forms and reports under FEMA and has decided to discontinue submission of 17 … Continued

GSTN Portal now displays Annual Aggregate Turnover for Previous Financial Year

Prime Minister Narendra Modi launched GST into operation on the 1 st of July, 2017. GST was publicised as ‘one nation, one tax’ by the government, aimed to provide a simplified, single tax regime.  GST is a dual levy where the Central Government … Continued

No need to apply for loan interest waiver, relief to be automatically credited into accounts: Finance Ministry

Borrowers will not need to apply for the interest-on-interest waiver scheme for the six-month loan moratorium, the finance ministry has said, asking lenders to credit ex-gratia relief amount into the accounts of those eligible. The ministry late Tuesday issued a … Continued

Finance Ministry extends due date for filing of Income Tax Returns for FY 2019-2020

The income tax return (ITR) filing deadline for FY 2019-20 has been extended to December 31, 2020, for most individual taxpayers, from the earlier deadline of November 30, 2020. This the second time the tax filing deadline for FY20 has … Continued

Govt extends due dates for filing IT returns, audit reports, GST annual return

The government on Saturday said due dates for filing income tax returns and tax audit reports for FY20 for various classes of tax payers have been extended to give more time for tax payers to comply. The government also, on … Continued

RBI releases Long Form Audit Report (LFAR)

The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems.   The LFAR, which applies to statutory central auditors (SCA) and branch … Continued

Income Tax refunds worth Rs 88,652 cr issued to 24.64 lakh taxpayers so far this fiscal

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 … Continued

A platform to honour honest taxpayers will strengthen compliance and broaden tax base

Prime Minister Narendra Modi announced several tax measures on the eve of India’s Independence Day last week honouring the honest tax-paying citizen. You will now have to file your income-tax (IT) return or pay higher percentage of tax deduction at … Continued

Pace of economic recovery appears to be gathering momentum in August: Nomura

The economy sustained an increasing pace of recovery through August so far after a prolonged period of plateauing trends in July, according to a Nomura note on Monday. The Nomura India Business Resumption Index (NIBRI) inched up to 73.7 for … Continued

CBDT revises E-Assessment Scheme, 2019: Scope extended to cover Best Judgement Assessments by Faceless Assessment

The Central Board of Direct Taxes (CBDT) on Thursday revised the ‘E-assessment Scheme, 2019’ notified on September 12, 2019. The Government notified that now, the e-Assessment scheme shall be called Faceless Assessment. Now, the National e-Assessment Centre shall intimate the … Continued

New Compliances for the Charitable Trust & Institutions

Very Important update for Charitable Trusts and Exempt Institution registered under section 80G, 12A or section 12AA : New – Fresh Registration Required : Last Date 31.12.2020 All Charitable trusts and exempt institution which are already registered under section 80G, … Continued

RBI sets new conditions for Current Accounts to improve Credit Discipline

The Reserve Bank of India set new conditions for banks to open current accounts for large borrowers in order to strengthen credit discipline. Use of multiple operating accounts by borrowers—both current well as cash/overdraft accounts—has been observed to be prone … Continued

SEBI extends deadline for filing April-June corporate financial results to September 15

In a major relief to companies, the Securities and Exchange Board of India (SEBI) today extended the deadline for submission of financial results for the quarter, half-year, and financial year ended 30 June 2020 to September 15. The SEBI circular … Continued

CBDT has refunded Rs. 71,229 crore so far to help taxpayers during COVID-19 pandemic

The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue … Continued

CBDT allows One Time Relaxation for Verification of Tax Returns

The Central Board of Direct Taxes (CBDT) on Monday notified the one-time relaxation for verification of tax return for the Assessment Year 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, which are pending due to non-filing of ITR- V form and processing … Continued

SEBI signs MoU with CBDT for Data Exchange

A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations.   The MoU was signed by Smt. … Continued

The Micro Small and Medium Enterprises (MSMEs) hit by Covid pandemic may have something to cheer at last.

Insolvency and Bankruptcy Board of India (IBBI) has formulated a Special Resolution Process (SRP) for MSMEs who find their financial position unmanageable due to Covid crisis. While presenting the ‘Atma Nirbhar Bharat’ package Finance Minister had announced to come out … Continued

IBBI proposes to limit cases with insolvency professionals

In what may bring about major reform and efficiency in the insolvency regime in India, the Insolvency and Bankruptcy Board of India (IBBI) has proposed to limit the number of cases an insolvency professional can handle to five as it … Continued

GSTN will re-credit late fees collected

CBIC had vide Noti 57/2020 has stated that that maximum Late Fee for Form GSTR 3B has been capped at Rs. 500 for tax period July 2017 to July 2020 subject to returns being filed before 30th September 2020. But … Continued

New TDS rates on high-value cash withdrawals apply from today.

In order to tighten the noose on those who don’t file income tax returns (ITR) despite earning taxable income and discourage cash transactions, the Finance Act 2020 introduced higher TDS (Tax Deducted at Source) rates on cash withdrawals for those … Continued

Government has further extended time limits for Income Tax return,TDS, Vivad Se vishwas Scheme etc

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, … Continued

Cooperative banks to be brought under RBI supervision

The Union Cabinet on Wednesday decided to bring all co-operative banks under the Reserve Bank of India through an ordinance. This was announced by Union information and broadcasting minister Prakash Javadekar during a virtual press conference. “Government banks, including 1,482 … Continued

Companies get more time to meet deposit repayment and debenture reserve norms amid COVID-19

The government has given a three-month extension to companies to set aside a part of the deposits and debentures maturing in FY21 in a dedicated account, a statutory requirement under the Companies Act. The Ministry of  Corporate Affairs (MCA) said … Continued

ICAI enables generation of Bulk UDINs for Certificates

A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. … Continued

MCA relaxes time to file forms for creation/modification of charges

In a view of the pandemic situation due to COVID-19 outbreak and several representations made, by the stake holders, Ministry of Corporate Affairs (MCA) has came out with a new scheme called “Scheme for relaxation of time for filing forms … Continued

EGMs deadline extended upto 30 Sept 2020 by MCA

MCA extends the deadline for conducting extra ordinary general meetings (EGMs) through VC/ OAVM/ Postal Ballot and passing of ordinary/ special resolutions, from 30 June to 30 Sept. 2020, provided the other guidelines of the framework, prescribed earlier, are adhered … Continued

GST Council provides relief for GSTR 3B delays

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today- 12th June 2020. The meeting was also attended by Union Minister of State for Finance & Corporate … Continued

Govt rolls out facility of filing of NIL GST Return through SMS

In a significant move towards taxpayer facilitation, the Government has today onwards allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had … Continued

Key changes notified in the ITR forms the Asst Year 2020-21

CBDT notified Income Tax Return forms of FY 2020-21 G.S.R. 338(E).— In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes has made the … Continued

CBDT replaces Annual Statement of TDS/TCS with new Annual Information Statement

The Central Board of Direct Taxes (CBDT) on Thursday notified Income Tax (11th Amendment) Rules, 2020. In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board … Continued

Despite pandemic, Tamil Nadu attracts 17 investors worth Rs.15,128

As many as 17 MoUs’ to bring in fresh industrial investments worth Rs 15,128 crore into Tamil Nadu were signed between a host of foreign companies and the Tamil Nadu government in the presence of chief minister Edappadi K Palaniswami … Continued

NCLAT quashes NCLT order to make MCA party in all insolvency cases

The National Company Law Appellate Tribunal (NCLAT) quashed an order of the National Company Law Appellate Tribunal (NCLT) directing that the Ministry of Corporate Affairs (MCA) be made a party to every case under the Insolvency and Bankruptcy Code (IBC) … Continued

MCA has extended the period for names reserved and re-submission of forms

Ministry of Corporate Affairs ( MCA ) has extended the period for names reserved and re-submission of forms. Issue description and Period/Days of Extension are as below: – Names reserved for 20 days for new company incorporation.SPICe+ Part B needs … Continued

RBI Governor Press Conference Highlights: Repo rate cut by 40 bps to 4%

The RBI Governor Shaktikanta Das announced a slew of measures aimed at further easing the liquidity conditions and providing relief to borrowers just a few days after the government concluded unveiling its five tranches of Rs 20 lakh crore worth … Continued

Google to invest in people and partnerships in India as it catches up with Azure, AWS in cloud

Technology behemoth Google is investing heavily in people and partnerships to grab a larger share of the Indian Cloud market, as it takes on global rivals Microsoft, IBM and Amazon Web Services in the country, a top company executive said. … Continued

Economic stimulus package for COVID Relief

Over five consecutive days of interaction with the country’s financial media, FM Nirmala Sitharaman provided the break-up of PM Modi’s Rs 20 lakh crore COVID-19 stimulus for India. At as much as 10% of GDP, the package did not appear … Continued

Relief for MSMEs! Insolvency proceedings threshold increased to Rs 1 crore from Rs 1 lakh

Finance Minister Nirmala Sitharaman on Sunday raised the minimum threshold to initiate insolvency proceedings to Rs 1 crore from the earlier Rs 1 lakh. In addition, with an eye on further enhancement of ease of doing business, the government announced … Continued

NCLT makes ‘default record’ mandatory

Financial creditors moving the National Company Law Tribunal (NCLT) for initiation of insolvency process will have to mandatorily file ‘default record’ from the information utility (IU). No new petition will be entertained without record of default under Section 7 of … Continued

Govt. extends Due Dates of all Income Tax Returns for FY 2019-20

The Central Government has extended the all due dates of all Income Tax Returns for the Financial Year 2019-20 amid COVID-19 outbreak. Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st … Continued

Highlights of Special GOI Package of Rs 20 lakh crores for Atmanirbhar Bharat (COVID-19)

Key Highlights of the Special economic and comprehensive package of Rs 20 lakh crores Announced by the Govt. of India, for relief and credit support related to businesses, especially MSMEs to support Indian Economy, Atmanirbhar Bharat and to fight against COVID-19. … Continued

TDS / TCS Rates for non-salaried payments reduced by 25% till March 31, 2021

In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts has … Continued

ICAI Clarification on ‘Above 15% Fees from a Single Client’

The Institute of Chartered Accountants of India ( ICAI ) has clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client. The ICAI has said that … Continued

CBDT orders tax officials to not issue scrutiny notices to taxpayers

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According … Continued

CBDT Defers Requirement of Registration of Charitable, Religious Trusts by 4 Months Till October 1

In  a relief to religious trusts, educational institutions and other  charitable institutions, the income tax department on Friday deferred by  4 months till October 1 the requirement of registration of these  entities. In  a relief to religious trusts, educational institutions … Continued

Govt suspends IBC provisions that trigger fresh insolvency proceedings

The government has decided to suspend insolvency and bankruptcy proceedings for at least six months owing to challenges businesses are facing due to the Covid-19 pandemic. A new Section is likely to be added to the Insolvency and Bankruptcy Code … Continued

TDS on salary and New Income Tax rates: Highlights

The Central Board of Direct Tax (CBDT) recently came out with a circular, offering clarifications for tax-paying employees on how they can migrate to the new concessional tax regime, which was announced in this year’s Union Budget. The lower income … Continued

Govt approval must for all FDIs from neighboring countries including China, in same lines as made by several countries

The government has amended the Foreign Direct Investment (FDI) policy to discourage opportunistic investment in Indian companies by neighbouring countries in the midst of the Coronavirus pandemic. This comes after China’s central bank recently raised stake in Housing Development Finance … Continued

All pending income tax refunds up to Rs 5 lakh to be released immediately, amid rise in coronavirus cases.

In the context of the COVID-19 situation and with a view to providing immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would … Continued

Companies Fresh Start Scheme, 2020 (CFSS-2020)

The Ministry of Corporate Affairs has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a first of its kind opportunity to both companies and LLPs to make … Continued

Nirmala Sitharaman: ITR / GST Return filing dates extended, relief from late fee, penalties

Finance minister Nirmala Sitharaman announced a slew of measures for extension of statutory and regulatory compliances in view of the corona virus pandemic spreading its wings and impacting the economy. Allaying fears that there is no economic emergency in the … Continued

Companies and LLPs confirm their readiness towards COVID-19: MCA

Advisory on Preventive measures to contain the spread of COVID19 The Ministry of Corporate Affairs ( MCA ) is in the process of developing and deploying a simple web form named CAR (Company Affirmation of Readiness towards COVID-19) for companies/LLPs … Continued

RBI digs into Yes Bank’s past, questions auditor

The Reserve Bank of India will check if troubled lender Yes Bank’s auditor had raised any alarm in the past year. The apex bank has been in touch with the auditor and will look into whether they had specifically issued … Continued

30 important Key features of GST New Return System:

First 15 features (1-15 points) as PART-I:- Supplier can upload the Tax Invoices on real time basis in Anx-1. Recipient can view his purchase Invoices on near real time basis. Recipient can also view whether supplier has filed his return … Continued

Key features of SPICe+ for Incorporation of New Companies in India

As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would save … Continued

Budget 2020 highlights: New income tax slabs, DDT gone..

In the union budget 2020, the following section 115BAC shall be inserted in the Income Tax Act, with effect from the 1st day of April, 2021, with  new income tax slabs and lower rates. These income tax rates are optional … Continued

CBIC extends GSTR-9 and GSTR-9C filing dates in a staggered manner

The Central Board of Indirect Taxes and Customs (CBIC) late on Friday night extended the due date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 in a staggered manner. The last date … Continued

MCA notifies (Winding Up) Rules, 2020: Shutting business now easier for small firms

The Ministry of Corporate Affairs (MCA) on Tuesday notified rules for winding up of companies, making it easier for smaller firms to wind up businesses without taking approval. The rules have provided summary procedures for liquidation of companies with asset … Continued

GST returns can now be filed in a staggered manner

The Finance Ministry has announced the three due dates for filing GSTR-3B for different categories of Taxpayers. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Considering the difficulties faced by … Continued

ITR Form for AY 2020-21: new disclosures that taxpayers need to make in new ITR forms

More disclosures are aimed at improving income tax compliances & e-assessments. In AY 2018-19, 58.7 million returns were filed, out of which about 23.7 million people filed returns with no tax liability While it may be commonplace in Uncle Sam’s … Continued

Important highlights in GST filing in 2020

E-invoice : New E-invoicing system is going to be implemented in GST which is mandatory from 1st April 2020 for taxpayers having an annual turnover exceeding Rs. 100 crore and then gradually to all B2B suppliers in the future. A … Continued

CBDT extends till Jan 31 deadline for compounding of I-T offences

Taxpayers get one more chance to clear their tax dues. The CBDT has extended till January 31 the last date for taxpayers to avail a “one-time” facility to apply for compounding of income tax offences, an order issued on Friday … Continued

Late fee to be waived on GSTR-1 if filed by Jan 10, 2020

The Goods and Services Tax (GST) council has decided to waive off late fees for all taxpayers who have filed GSTR 1, if all refunds are filed by 10 January 2020. In the 38th meeting of the GST Council on … Continued

Large unlisted companies face quicker disclosure rule

Large unlisted companies may have to make quarterly or half-yearly filings, like their listed counterparts, as the government is considering amendments to the Companies Act to mandate more frequent disclosures in the aftermath of the IL&FS collapse. The ministry of … Continued

Non-filing of GST returns may lead to attachment of bank accounts

December, 26th 2019 CBIC issues Standard Operation Procedure to deal with non-filers Non-filing of GST (Goods & Services Tax) returns may lead to attachment of bank accounts and even cancellation of registrations. This is part of the Standard Operating Procedure … Continued

Not filing GST return could cost businesses their tax registration, assets

Not filing Goods and Services Tax (GST) returns on time could cost businesses their assets as well as their tax registration, according to a set of instructions the government has issued to field officers, aimed at forcing compliance. The standard … Continued

Major announcements in GST council meet dt : 18th Dec 2019

Here are some of the major announcements in GST council meet dt : 18th Dec 2019 The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded. Deadline … Continued

Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work will be subject to Disciplinary Proceedings

The Institute of Chartered Accountants of India (ICAI) today clarified that, Chartered Accountants joining Unrecognized ‘Networks’ for Professional Work amounts may result in Disciplinary Proceedings. The ICAI has said that, It has come to the knowledge of the Institute that … Continued

SEBI action against auditors not ‘turf war’: Ajay Tyagi

Capital markets regulator Sebi on Wednesday said its actions against auditors for faulty audits are within its “Parliamentary mandate”, and there is no question of “turf wars” on this issue. SEBI Chairman Ajay Tyagi said the watchdog is working only … Continued

Govt to set up NCLT bench in Chennai

The Centre has decided to set up a Bench of the National Company Law Appellate Tribunal (NCLAT) in Chennai for clearing pending litigations.   Apart from decision to set up the NCLAT Bench in Chennai, five newBenches of the NCLT … Continued

MCA amends threshold limits for Related Party Transactions.

The central government notified the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 on 18 November 2019. The amendment rules amend sub-clause 3 of rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014. … Continued

Insolvency regime for personal guarantors to corporate debtors from December 1

The insolvency regime for individual guarantors to corporate debtors will be in force from December 1, according to the government. The provisions for resolution for individuals under the Insolvency and Bankruptcy Code (IBC) is being implemented in a phased manner. … Continued

IBC proceeds formula may be reworked to avoid squabbles, legal delays

The government is considering a formula for distributing the proceeds of insolvency resolution among financial and operational creditors in a fixed proportion, said people with knowledge of the matter. The goal is to protect the interests of operational creditors and … Continued

Govt extends deadline for filing GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement)

In a relief to taxpayers, the government on Thursday extended the due dates for filing GST annual returns for 2017-18 to December 31 and for the financial year 2018-19, to March 31 next year. The dates for filing the reconciliation … Continued

Re-activate your de-activated DIN

Deactivation of DIN for non-compliance of KYC by company Directors has since been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. The Ministry of Corporate Affairs website (“MCA”), MCA has stated that the DINs which have not complied with the … Continued

MCA extends due date for filing of AOC 4 and MGT 7 (Financial Statements & Annual Return)

MCA has notified that the due date for filing of financial statements and annual return in e-forms AOC 4, AOC (CFS) and AOC-4 XBRL upto 30 Nov. 2019 and e-form MGT 7 up to 31 Dec. 2019 by companies without … Continued

Not received your tax refund? Here is what you should do

Direct credit to bank accounts of taxpayers is the only way the income tax department credits tax refunds. Filed your income tax return (ITR) for the assessment year (AY) 2019-20 on time but yet not receive your refund? Don’t worry. … Continued

What to do if you haven’t got tax refund yet

Are you wondering why you have not received your income tax refund yet despite having filed your income tax return (ITR) within the due date for assessment year (AY) 2019-20? There could be various reasons for the same. However, a … Continued

Don’t let the tax scrutiny spoil happy returns

The income tax department issues notices when it has doubts about income or expenses declared by the taxpayer. Unless you have misreported your income or assets or made wrong claims, you need not worry. Here is a rundown on when … Continued

Faceless scrutiny of income tax return.. Here is all you need to know

The E-assessment Scheme 2019 aims to eliminate human interface, reduce corruption and bring in transparency. The idea of faceless E-assessment was mooted in the Budget 2018 by the late Finance Minister, Arun Jaitley, who announced the proposal to introduce the … Continued

DIR-3 KYC for Financial year 2018-19 has been extended

As per Ministry of Corporate Affairs, if any person has been allotted “Director Identification Number” and the status of such DIN appears to be Approved then such Director needs to file a form to update DIR-3 KYC details in the … Continued

CBDT extends the due date for filing ITRs & Tax Audit Reports from 30 th September to 31, October 2019

The Central Board of Direct Taxes (CBDT) has decided to extend the deadline for filing of ITRs and Tax Audits Reports by a month. Given the relentless demands by Chartered Accountants (CAs) and tax consultants, the CBDT has given a … Continued

File revised tax returns after rectifying errors

Most of us collate all information relating to our annual income, investments and tax deducted at source (TDS) before proceeding to file our income tax returns. However, the income tax filing process is a fairly comprehensive exercise. We might miss … Continued

Missed Income Tax Return (ITR) Filing Deadline? Here Are Your Options

Individuals having an annual income of up to Rs2.5 lakh are not required to file income tax returns, according to Income Tax department. Missed the August 31 deadline for filing income tax return (ITR) for financial year 2018-19 (assessment year … Continued

Government mulls ceiling for audit firms amid crack down on lapses

India is considering tougher rules for audit firms, including a cap on the number of listed companies they can examine, according to a person with knowledge of the matter, as the government seeks to tighten oversight after a recent spate … Continued

Clarification on Auditor’s Certificate on Return of Deposits-DPT-3

  Clarification on Auditor’s Certificate on Return of Deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 This has reference to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 and further amendments. In this … Continued

All companies to file a one-time return of all outstanding receipts of money or loans from April 1, 2014, to March 31st, 2019

With a spate of corporate irregularities coming to the fore, the Centre has decided to make disclosure norms more stringent. Corporate India is now required to submit details of transactions involving the receipt of money or loans taken by them, which are … Continued

Income tax department eyes over Rs 100 bn from ‘struck off’ firms

The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company … Continued

MCA sees Rs 2.8 lakh cr recovery from IBC-led resolution process

Terming the current insolvency process and its outcomes as ‘super success, Ministry of Corporate Affairs sees total recovery amount touching Rs 2.8 lakh crore through resolutions with the settlement of two key accounts, including some others — Essar Steel, where … Continued

MCA brings more clarity on guidelines for reserving the name of the Company

MCA has created a dedicated unit Central Registration Centre (CRC) to expedite the incorporation related activities including Name approval. Yet the stakeholders were facing difficulty in getting the name approved due to lack clarity in the Rules for selection of … Continued

Government releases compliance schedule to ensure MSME payments

Directors of companies delaying payments for supplies made by small businesses will face imprisonment up to six months or pay fines between Rs 25,000 and Rs 3,00,000. The Ministry of Corporate Affairs has notified new guidelines to address the concerns … Continued

CBDT to share data with GST department to trap tax evaders

The government on Tuesday authorized the income tax department to share details including sales and profits that businesses have reported in their income tax returns with GSTN, the company that processes Goods and Services Tax (GST) returns, to scale up … Continued

DIR-3-DIN eKYC annual filing deadline extended to 30th June of next financial year

    MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 30th April, 2019   MCA has notified that the Deadline for Annual Filing of Form DIR 3 ((KYC of Directors) has been Extended from 30 April to 30 June, of the … Continued

MCA Extends Due date of filing form INC 22A (ACTIVE) till 15th June 2019

The Government of India, through the Ministry of Corporate Affairs, has made it mandatory for to file ACTIVE eForm or INC-22A.  The due date for filing INC-22A was 25th April 2019. There have been representations made to the MCA for … Continued

Income Tax Return Forms for Salaried Class, Professionals and self-employed individuals available for e-filing

The Income Tax Department has informed that the tax return forms i.e, ITR-1 and ITR-4 for the salaried persons, Professionals, and self-employed individuals are available in the official portal for e-filing. It also said that the other forms for Companies … Continued

Filing of e-Form DIR 3 for KYC of Directors mandatory, on Annual Basis – MCA

MCA’s Clarification on filing of e Form DIR – 3 KYC, annually, by all Directors holding DIN The Ministry of Corporate Affairs (MCA) has on 13th April, 2019, given the clarification with regards to filling of e-Form DIR – 3 … Continued

All Active Companies to submit “Active Company Tagging Identities and Verification” Form_INC-22A before 26th Apr 2019

Inactive Companies, Vanishing Companies, Shell Companies, Multiple Companies registered under the same address and Companies without proper Registered Offices operating have all been a problem with the Indian regulatory framework which have significantly hampered the ability of the MCA to … Continued

President promulgates Unregulated Deposit Scheme Ordinance

The President on Thursday promulgated the Banning of Unregulated Deposit Scheme Ordinance which seek to curb the menace of ponzi schemes and make such unregulated deposit scheme punishable. The Ordinance will help put a check on illicit deposit taking activities … Continued

The Companies (Amendment) Ordinance, 2019 – highlights

The Companies (Amendment) Ordinance, 2019 was promulgated on January 12, 2019. It repeals and replaces the Companies (Amendment) Ordinance, 2018 promulgated on November 2, 2018. The 2019 Ordinance amends several provisions in the Companies Act, 2013 relating to penalties, among … Continued

HIGHLIGHTS OF BUDGET 2019

HIGHLIGHTS OF BUDGET 2019 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has been abolished from … Continued

Get income tax refund in one day from 2020

By 2020 taxpayers will have their income tax filing system run not by “Sarkari” IT teams but by IT major Infosys. The union cabinet on Wednesday cleared a Rs 4240 crore worth proposal that promises to trim down processing of … Continued

Auditors barred from putting a value on companies they are auditing

An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate … Continued

32nd GST Council Meeting – Key Takeaways

Outcome of 32nd GST Council Meeting -The highlights of the reliefs announced by FM Arun Jaitley are as below: 1. Threshold limit for GST Registration increased to 40 Lakhs Effective April 1, the GST exemption threshold has been raised from … Continued

GST Council slashes Rate on Certain Services

GST Council in the 31-meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy … Continued

GST Council extends Due Dates for Annual Returns and other GST Returns

The 31st GST Council meeting concluded today under the guidance of Union Minister Arun Jaitley has taken some important decisions including the due date extension for GST Annual Returns and some other Returns. As per the recommendation of the Council, … Continued

MCA extends Annual Return due date upto 31 Dec. 2018

Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03.2018 on account of various factors, it has been decided to relax the additional fees payable by companies on e-forms … Continued

GSTN enables facility to claim Refund of Tax due to any Other Reason

The facility to claim Refund on account of any other reason has now enabled in the Goods and Services Tax Network ( GSTN ). In statement released today, the official twitter account of the GSTN tweeted that “Facility to claim … Continued

As SEBI reforms startup listing, SMEs must ensure funds are not misused

Amid SEBI banning as many as 239 entities for alleged money laundering, taxation consultancy PwC has called for a three-year locking-in for the entire pre-listing capital held by promoters to curb tax evasion and other illegal activities through market platforms. … Continued

Keep your DIN status approved by filing DIR-3 KYC before 5 th October, 2018

The Ministry of Corporate Affairs (MCA) has decided to give 21 lakh India Inc directors another 15 days to reactivate their Director Identification Numbers (DINs) by filing Know-Your-Customer (KYC) details upon paying a reduced fee. The decision was taken by … Continued

2.1 million company directors may get another chance to adhere to KYC rules

The government is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official. The government could give another 15 days for meeting the compliance … Continued

CBIC to weed out a million assessees from GST tax net

The Central Board of Indirect Taxes and Customs (CBIC) has initiated a process to weed out approximately 12 lakh Goods and Services Tax (GST) assessees who have fallen off the tax map. “The CBIC has communicated to field officers to … Continued

Surge in filing of Income Tax Returns by 71% upto 31st August,2018

There has been a marked improvement in the number of Income Tax Returns (ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs … Continued

MCA extends due date of DIR-3KYC / E-KYC of Directors

In order to update the Directors database of The Ministry of Corporate Affairs(MCA), MCA has requested all Directors holding a DIN to complete DIN KYC before 15th September 2018. To complete DIN KYC, the Director would be required to file a … Continued

Last date to submit ITR extended to August, 31 2018 – CBDT

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income Tax Returns (ITR) to 31st August, 2018.  Earlier, the due date for filing of ITR for Assessment Year 2018-19 was July 31, 2018. As … Continued

India replaces France as world’s 6th biggest economy

India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. … Continued

India to remain fastest growing economy: ADB

India will continue to be the fastest growing major economy, ahead of China, with 7.3% growth rate in 2018-19 and 7.6% in 2019-20, the Asian Development Bank (ADB) said on Thursday. The growth in India will be driven by increased … Continued

SEBI calls for stringent laws against erring auditors, valuers

India’s capital market regulator has proposed amendments to tighten laws governing auditors and other third-party individuals hired by listed companies for auditing financial results, among other things. The Kotak Committee, formed to come up with proposals for improving corporate governance, … Continued

ICAI UDIN aims to address concerns of CAs with respect to forgery and fake use of name by Non CAs.

ICAI have launched Unique Document Identification Number (UDIN) facility which is a unique number, which will be generated by the system for every document certified/ attested by a Chartered Accountant and registered with the UDIN portal available at https://udin.icai.org/ with effect from 1st July … Continued

SEBI tweaks rules for IPOs, buybacks and takeovers

The Securities and Exchange Board of India (Sebi) on Thursday eased several rules relating to Initial Public Offers (IPO), rights issues, buybacks and takeovers. The regulator’s board approved these changes as also those relating tenures of managing directors of market … Continued

Companies Act Compliance: Consequences of not filing Annual Return

The financial statements and annual returns of all company must be filed on time with the ROC / MCA each year. As per Companies Act, 2013, non-filing of annual return is an offence, consequences of which affect the directors, as … Continued

GST payers can move jurisdictional tax officer to change username, password

  Taxpayer would be required to approach the concerned jurisdictional tax officer to get the password for the GST Identification Number (GSTIN) allotted to the business The Finance Ministry on Thursday said that GST registrants can approach jurisdictional tax officer … Continued

I-T department bars CAs from valuing shares of closely held firms

The income tax (I-T) has barred all Chartered Accountants (CAs) from valuing shares of closely-held companies. Earlier, the fair market value of unlisted equity shares was calculated at the option of the company on either the book value on the … Continued

How new single monthly GST return system will be implemented

The Goods and Services Tax (GST) Council on Friday finally approved single monthly return with an aim to boost collections and compliance. The new system is scheduled to be implemented in next six months — but could take more time. “The … Continued

SEBI panel proposes stricter norms for RTAs

A Securities and Exchange Board of India (Sebi) panel on Friday proposed tighter ownership and governance norms for registrar and transfer agents (RTAs). According to a discussion paper released by Sebi, the panel, headed by former Reserve Bank of India … Continued

SEBI puts in place new framework to check non-compliance of listing rules

Sebi has put in place a stronger mechanism to check non-compliance of listing conditions, wherein exchanges will have powers to freeze promoter shareholding and even delist the shares of such defaulting companies. The move is aimed at maintaining consistency and … Continued

MSME credit to grow at 12-14% over next 5 years: ICRA

The credit to micro, small and medium enterprises (MSMEs) is expected to grow at 12-14 per cent over the next five years, helped by higher lending by non banking finance companies (NBFC) to the segment, says a report. As on … Continued

World Bank projects India’s FY19 GDP growth at 7.3%

The World Bank today projected India’s GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20. The World Bank’s biannual publication, India Development Update: India’s Growth Story, expects the economy … Continued

Forex reserves jump by $168 million to $421 billion

The country’s foreign exchange reserves rose by USD 167.8 million to USD 420.758 billion in the week to March 2 on an increase in core currency assets, the Reserve Bank of India said today. In the previous reporting week, the … Continued

GSTR-3B may be extended till June, simplified return forms on cards

The GST Council in its meeting on Saturday is likely to extend the deadline for filing of simplified sales return GSTR-3B by three months till June. The Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is … Continued

Private equity investors bring in deals worth $983 mn in January: Thornton

Private equity (PE) investors announced deals worth $983 million in January, a 23 per cent rise in value terms over last year, driven by big ticket transactions, says a Grant Thornton report. According to the assurance, tax and advisory firm, … Continued

Deadline for filing revised or belated income tax return for past 2 assessment years is March 31

The date you actually need to focus on is March 31, because that is the last day to file revised and belated income tax returns (ITR) for assessment years (AY) 2016-17 and 2017-18, with interest, if any, for late filing. … Continued

SEBI READIES P-NOTE FRAMEWORK FOR GIFT CITY

Market regulator Sebi is readying a framework for issuance of participatory notes (p-notes) from international financial services centres such as GIFT City. It is in talks with FPIs, which act as issuers of p-notes, sources said. The move comes at … Continued

Shell companies crackdown: Govt removes exemptions from ITR filing

Seeking to crackdown on shell companies, the government has proposed to remove exemption available to firms with tax liability of up to Rs 3,000 from filing I-T returns beginning next fiscal. The Union Budget 2018-19 has rationalised the I-T Act … Continued

Forex reserves surge by $4.1 bn to a new high of $421 bn

India’s foreign exchange reserves swelled by USD 4.12 billion to a new high of USD 421.914 billion on a healthy increase in the core currency assets and uptick in the gold stock, the Reserve Bank said today.   The total … Continued

Tax incentives for International Financial Services centre

In order to promote trade in stock exchanges located in International Financial Services Centre (IFSC), the Union Finance and Corporate Affairs Minister Arun Jaitley proposed to provide two more concessions for IFSC. Presenting the General Budget 2018-19 in Parliament Jaitley … Continued

PE fund multiples to raise $1 billion for resurgent India

Multiples Alternate Asset Management, the private equity fund founded by former ICICI Venture CEO Renuka Ramnath, is set to raise as much as $1billion in what could be one of the largest capital-raising plans by a domestic asset manager. The … Continued

Foreign investors pump $3 billion into capital markets, forex at record high in January

Foreign portfolio investors (FPIs) have invested a phenomenal $3 billion (close to Rs 18,000 crore) in India’s capital markets this month on expectations of high yields as corporate earnings are expected to pick up with the economy gathering momentum after … Continued

Investment in participatory notes hits 6-month high of Rs.1.5 lakh cr in December

According to SEBI data, the total value of P-note investments in Indian markets – equity, debt, and derivatives – increased to ₹1,52,243 crore at December-end from ₹1,28,639 crore at the end of November. Investments in domestic capital markets through participatory … Continued

Government sends tax notices to cryptocurrency investors as trading hits $3.5 billion

  The government has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said. … Continued

PE investments jump 55% to all-time high of $24 bn across 591 deals in 2017

Private equity firms invested $23.8 billion across 591 deals in 2017, making it the biggest year for PE investments in India, says a report. According to deal tracker Venture Intelligence, the investment value is 39 per cent higher than the … Continued

Direct tax mop-up jumps 19% in FY18

Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs 6.89 lakh crore, the tax department said on Wednesday. The collections till January 15, 2018 represent over 70% of the Rs 9.8-lakh-crore … Continued

Unexplained deposits in focus, taxmen ordered to go all out in the next three months

The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the … Continued

World Bank says India has huge potential, projects 7.3% growth in 2018

India’s growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has “enormous growth potential” compared to other emerging economies with … Continued

Listed SMEs to touch 1,000 in next 2 yrs: Merchant banker

The number of small and medium enterprises listed on BSE and NSE platforms is expected to reach 1,000 in the next two years from nearly 350 at present, leading merchant banker Guiness Corporate Advisory Services said today. More companies will … Continued

Bitcoin risks: Government warns against cryptocurrency, says don’t get trapped

Weeks after the Reserve Bank of India issued its third warning against the crypto currency trading, the Finance Ministry today said that virtual currencies are not legal tender and such currencies have no protection. It said the virtual currencies (VCs) … Continued

Filing of final GST returns deadline extended till Jan 10

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to … Continued

Non-compliance to be ‘very costly’ for companies: Government

Sending out a strong message to corporates, the government has said non-compliance will be “very costly” and strong deterrents will be there to curb the dangerous adventure of using companies for wrongful purposes. Continuing the clampdown on illicit fund flows, … Continued

Here’s why India has decided to crank up its crackdown against Bitcoins

Here’s why India has decided to crank up its crackdown against Bitcoins The rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has come under the government’s lens. Bitcoin can be an easy way to evade tax … Continued

Demonetisation, GST will bring long-term benefits for Indian economy: IMF on Narendra Modi’s one-off policy moves

The disruptive impact of demonetisation announced last year is a temporary phenomenon and the scrapping of the high-value currency would bring “permanent and substantial benefits”, according to the International Monetary Fund (IMF). In an interview to CNBC TV18, IMF Economic … Continued

117 companies raise Rs 62k cr via IPOs in Apr-Nov FY18, highest in 5 years

As many as 117 companies have garnered a staggering Rs 62,736 crore through IPOs in the first eight months of Financial Year 2017-18, much higher than the cumulative amount raised in the last five fiscals, Parliament was informed on Friday. … Continued

MCA introduces Condonation of Delay Scheme 2018 for defaulting companies

MCA introduces Condonation of Delay Scheme 2018 (CODS-2018) for defaulting companies to file its overdue returns/documents due for filing till 30.06.2017 by temporarily activating DIN of disqualified directors       General Circular No………./2017 File No. 02/04//2017   Ministry of … Continued

Modi government set to issue notices to GST defaulters

The government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.   According to a report in Business Standard, the government is set to issue … Continued

Forex reserves jump by $1.2 bn to $401.94 bn

  India’s foreign exchange reserves increased by USD 1.2 billion to touch USD 401.942 billion in the week to December 1, according to the RBI data. The surge in reserves was aided by an increase in foreign currency assets, a … Continued

Credit growth gathering steam: RBI

Credit offtake from banks is gradually gathering steam, going by Reserve Bank of India data. This is underscored by the fact that year-on-year credit growth nudged closer to 10 per cent as on November 24, 2017. Given the overhang of … Continued

FPIs pump over Rs 19,700 crore in November, highest in eight months

Foreign investors pumped over Rs 19,700 crore into the country’s stock markets in November, the highest in eight months, mainly due to government’s plan to recapitalise PSU banks and surge in India’s ranking in the World Bank’s ease of doing … Continued

CBDT shoots off letter to taxmen, says don’t go overboard on fishing and roving inquiries in wake of demonetisation drive

The Central Board of Direct Taxes (CBDT) has sent a missive to all assessing officers (AOs) to stick to protocol while pursuing cases of “limited scrutiny” and not resort to “fishing and roving inquiries” in such cases. The Central Board … Continued

Cannot provide relief for de-registered firms, disqualified directors: Minister

The Corporate Affairs Ministry has ruled out providing any relief for the 2.25 lakh de-registered companies and the 3.09 lakh disqualified directors, stating that these actions were caused by the ‘operation of law’. “There is no proposal before us to … Continued

GST return filings for October rise 11% to 4.4 million

Around 56% of the registered taxpayers have filed their GSTR-3B returns for October by 20 November, says GSTN Taxpayer compliance under the goods and services tax (GST) system is steadily improving with 4.4 million assessees filing summary of the transactions … Continued

CBDT signs 7 more unilateral APAs with taxpayers

The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to … Continued

India jumps 30 places on World Bank’s ease of doing business index, breaks into top 100

Doing business in India became much easier over the past one year because of a raft of policy reforms, an annual World Bank index showed on Tuesday, in what is possibly a shot in the arm for Prime Minister Narendra … Continued

MCA scanner on banks lending to deregistered companies

The corporate affairs ministry is likely to ask the department of financial services to take action against the banks which have continued lending to companies that have been deregistered. The ministry is also likely to raise the issue of banks … Continued

GST returns filing: Tax experts doubt system’s accuracy; only a quarter of taxpayers meet October 31 deadline

Increasing the fear of an unravelling of the exercise of invoices-matching, which is crucial to realising the presumed merits of the goods and services tax (GST), like reduction of tax evasion and cascades, three-fourths of the 60 lakh eligible taxpayers … Continued

MCA extends the due date for filing all AOC-4 (Annual Financial Statemet) till 28.11.2017.

  Ministry of Corporate Affairs has extended the due date for filing the Audited Financial Statement for Financial Year 2016-17 till November 28,2017.     Keeping in view the requests received from various stakeholders, for allowing extension of time for … Continued

Government tightens screws on assets owned by deregistered companies

The corporate affairs ministry today asked states to complete identification of properties owned by deregistered companies at the earliest and ensure district administrations prevent transactions in those assets. Amid intensifying efforts to fight the black money menace, the ministry has … Continued

Exporters can claim refund this week for GST paid in August, September

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said today. GST Network (GSTN), the company handling … Continued

India should prioritise public banking sector reforms: IMF

India must prioritise implementation of public banking sector structural reforms, enhance the efficiency of labour and product markets, and modernise agriculture sector to accelerate its growth, the IMF said Friday. The country’s growth is expected to accelerate in the medium-term … Continued

Banks begin to accept GST input claims to grant working capital

More than 90 days after the roll-out of the goods and services tax (GST), lenders are gravitating to sanctioning working capital loans, especially to micro and small units, against documents used in the new tax regime. They are no longer … Continued

GST: Tax department seeks details of transitional credit data

The tax department has sought explanations from banks and financial institutions, including multinationals, on transitional credit claimed by them in July under the goods and services tax (GST) regime, two people with direct knowledge of the matter said. Deputy commissioners … Continued

IMF favors three structural reforms in India

The IMF has suggested a three- pronged approach for structural reform in India that includes addressing the corporate and banking sector weaknesses, continued fiscal consolidation through revenue measure, and improving the efficiency of labour and product markets. Deputy Director Asia … Continued

Individual businesses to soon be under ambit of bankruptcy code

The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process of individuals … Continued

SEBI fixes penalty for non-compliance of shareholding norms

SEBI has tightened the noose on listed companies not adhering to norms with regard to minimum public shareholding (MPS). Those that are non-compliant will have to pay a fine of Rs.5,000 a day. In addition, the entire promoter holding, except … Continued

GST Council meeting: Full text of recommendations made by panel today

More than three months after the Goods and Services (GST) was introduced, the GST Council made a number of big changes today, to give some relief to small and medium businesses (SMEs) on filing and payment of taxes. The panel … Continued

MCA plans to ease process for starting biz

The Ministry of Corporate Affairs plans to simplify the existing processes for setting up a company, according to a public notice. In this regard, the ministry — which is implementing the Companies Act — has sought views from the stakeholders. … Continued

Govt wants early warning system on shell companies

The ministry of corporate affairs (MCA) says work has begun for an “early warning system” regarding shell companies.   The term is used to refer to a company without active business operations or much of assets. This by itself isn’t … Continued

Govt to widen usage of GST database

The goods and services tax (GST) might find use in national accounts beyond the routine application of indirect taxes in converting gross value added (GVA) into gross domestic product (GDP). “We have started an exercise to look into this. A … Continued

India is world’s 40th most competitive economy: WEF

India has been ranked as the 40th most competitive economy — slipping one place from last year’s ranking — on the World Economic Forum’s global competitiveness index, which is topped by Switzerland. On the list of 137 economies, Switzerland is … Continued

200,000 more directors disqualified for holding posts in defaulting companies

The corporate affairs ministry has disqualified another 200,000 directors for holding posts in defaulting companies that have not filed their financial returns for the last three years or more, taking the total number to over 300,000, while cancelling the registration … Continued

India growing pretty robustly: World Bank President Jim Kim

India has been growing “pretty robustly”, World Bank President Jim Yong Kim has said as he predicted a strong global growth this year. Speaking at the Bloomberg Global Business Forum meeting here on Wednesday, Kim also called for more cooperation … Continued

Only Rs 12,000-cr Input Credit claims valid

The government on Friday said only Rs 12,000 crore of the Rs 65,000 crore of input tax credit claimed by assessees for the pre-GST stocks were valid. The governments, both the Centre and states, had got Rs 95,000 crore of … Continued

GST interim returns: Over 30 lakh paid tax in August, matching July trend

While the number of businesses registered for the goods and services tax (GST) has crossed 90 lakh, much higher than tax base in the previous regime, filing of even the interim (summarised) returns and tax payments are not keeping pace. … Continued

FDI likely to rise further after GST: Moody’s

India is likely see increased foreign direct investment (FDI) inflows on the back of reforms such as introduction of the goods and services tax and the bankruptcy code, international ratings agency Moody’s said in a report on Monday. “Combined with … Continued

Jurisdiction-free I-T assessment on the cards

To check corruption and harassment, the tax department will soon launch a pilot of “jurisdiction-free assessment” where a tax officer will not get to know identity of the assessee as allotment of cases will be done randomly by computers rather … Continued

Financials hit a new high in India

Lending and borrowing money is now India’s fastest-growing segment, and the successful industry and lenders are the latest darlings of equity investors. The share of banks and non-banking finance companies (NBFCs) in the market capitalisation (market cap, or m-cap) of … Continued

I-T department goes after defunct companies for tax frauds

The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past. Former directors of such closely-held … Continued

Bankruptcy board to register 100 more insolvency professionals to add to 940

The Insolvency and Bankruptcy Board of India (IBBI), which has so far registered 940 insolvency professionals (IPs), is in the process of granting registration to about 100 more such professionals, according to its whole time member Navrang Saini. “It is … Continued

Tax authorities to scan GST transition credit claim of 162 companies

As many as 162 companies that have claimed GST transitional credit of over Rs. 1 crore are under the scanner of tax authorities who would verify whether the claims are eligible. In the transitional credit form TRAN–1 filed by taxpayers … Continued

CBEC plans strategy to bring more businesses in GST net

Tax officials are working out strategies to encourage more businesses to register for the Goods and Services Tax (GST) and further increase the taxpayer base. At present, there are about 90 lakh businesses registered to file returns and pay taxes … Continued

FPI inflows: India’s forex reserves all set to hit whopping $400 bn mark; here is how long it took and why

India’s foreign exchange reserves have climbed tantalizingly close to the $400-billion mark on September 1 on the back of strong foreign portfolio investments into the Indian market, especially the debt segment The reserves are hitting the psychological threshold also because … Continued

Auditors come under lens amid crackdown on shell companies

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors’ role is also being looked into for … Continued

World Bank accepts many of Modi govt’s reform claims, big thumbs-up likely next month

The government expects a double-digit improvement in India’s rank in the global index on ease of doing business, likely to be announced by the World Bank next month. A senior official told ET that the World Bank had shared its … Continued

Filing Dates for GSTRs for July extended by a month to October 10

  Press Information Bureau Government of India Ministry of Finance 09-September-2017 20:19 IST   The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a) In view of … Continued

Centre asks banks to restrict accounts of 2.09 lakh firms

The finance ministry has advised all banks to take immediate steps to restrict transactions in bank accounts of more than 2.09 lakh companies, whose names have been struck off the Register of Companies. Banks have also been advised to step … Continued

Attack on shell firms: MCA issues notices to errant NBFCs

In yet another attempt to crack the whip on shell companies, the Ministry of Corporate Affairs has issued notices to companies which were supposed to act as non-banking financial companies (NBFCs) but have not registered with the Reserve Bank of … Continued

Forex kitty swells by $3.57 billion, closes in on $400 bn-mark

The forex reserves surged by a massive USD 3.572 billion to touch a record high of USD 398.122 billion for the week ended September 1, on account of rise in foreign currency assets, RBI data showed on Friday. In the … Continued

SEBI warns of rising external debt risks as masala bonds surge

The rupee-denominated bonds, popularly known as masala bonds, are likely to add to the nation’s external liabilities even if they don’t hold any risks to currency movement, a top Sebi official said on Wednesday. “When money flows into the country … Continued

Directors of Shell firms can’t join other companies’ boards

Directors of shell companies which have not filed tax returns for three or more years will be barred from taking similar positions elsewhere or getting reappointed, the government said, as it intensified the crackdown on firms that exist only on … Continued

Over 2.09 lakh firms struck off, bank accounts frozen: Govt

Banks have also been asked to step up their vigil against those companies that are non-compliant with various regulations and not carrying out business activities for long, a senior finance ministry official said as authorities continue their crackdown against shell … Continued

ITR filing date extended to October 31

Tax payers who were supposed to file their income tax returns by September 30 now have some more time on their hands. The government has extended the deadline to file income tax returns for such tax payers until October 31. … Continued

I-T Department to focus more on e-assessment to reduce human interface

The Income Tax Department will focus on widening of tax base and maximise e-assessment to cut down on human interface, according to an official statement. Also, efforts will be made by the Central Board of Direct Taxes (CBDT) to exceed … Continued

Total bad loans seen at whopping $130 bn; as defaults rise, cases at NCLT accumulate

Stressed loans near $10-billion mark; total bad loans seen at over $130 billion; 250 NCLT cases across 10 benches While many of the loan exposures had turned toxic in 2015 and 2016, bankers were looking to recover their dues via … Continued

Last date for filing of GST returns for July, Aug extended

Businesses will have more time to file the final GST returns as the government on Monday extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August. … Continued

CBDT signs 4 more APAs with taxpayers in August

The Central Board of Direct Taxes (CBDT) signed four more advance pricing agreements (APAs) in August with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The four APAs entered into during August, 2017 pertain … Continued

1% of expected invoices uploaded to GSTN

About 1% of the expected goods and services tax invoices had been uploaded on the GST Network more than a month after the facility opened, suggesting a last-minute scramble near the September 5 deadline and a clamour for an extension. … Continued

Deadline for Aadhaar-PAN linkage extended till December 31

The government on Thursday extended by four months the deadline for linking PAN with biometric identifier Aadhaar till December 31.   The deadline for linking PAN with Aadhaar for taxpayers was to end on Thursday.   This comes at a … Continued

July GST collections of Rs 92,000 crore exceeded target: Finance Minister Arun Jaitley

Goods and services tax (GST) collections have exceeded estimates in the first month of the landmark levy’s rollout despite a significant number of assessees not having filed returns yet. “We seem to be comfortable… The redline has been crossed in … Continued

GST returns filing: Deadline ends, figures suggest robust collections

Given that the states’ combined GST tax revenue is estimated to be roughly equal to that of the Centre, a monthly GST revenue of Rs 1.55 lakh crore would meet the projections. As the extended deadline for filing the first … Continued

Debt resolution top priority in insolvency process, says IBBI chief

Resolution of indebtedness of a firm will be the top priority of all constituents of the insolvency and bankruptcy mechanism in the interest of the stakeholders, and it will think about liquidation only if it finds that the resolution is … Continued

GST amount collected hits Rs 50,000 cr mark from 20 lakh businesses

The government has collected goods and and service tax (GST) amount of Rs 50,000 crore so far with 20 lakh assessees having filed an interim tax returns on the GST Network as of Wednesday evening.   In addition, 28 lakh … Continued

Record reserves turn costly cash pile for RBI

As India’s foreign-exchange reserves march toward the unprecedented $400 billion mark, its central bank faces a costly conundrum. To keep the rupee stable and exports competitive, it is having to mop up inflows that’s adding cash to the local banking … Continued

GST Return Filing: How to handle discounts and additional cost

One of the sea changes brought about by the GST era is the way we determine the value of goods and services. As a business, one needs to be aware of the changes in the valuation method and also how … Continued

Forex reserves in India set to hit $400 bn mark; gain strongest in Asia

India’s foreign exchange reserves are set to hit the $400-billion mark. It already touched a new high of $393.61 billion as on August 11, 2017, and the pace of forex reserves accretion has been the strongest since 2005. The gain … Continued

Big relief for taxpayers, GST deadline to file returns extended by CBEC to August 28

In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns … Continued

Here’s how a missing column in GST return form is creating trouble for India Inc

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply … Continued

Banks’ auditors under lens: RBI seeks explanation on differences in write-downs

The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET. … Continued

Economic Survey 2016-17: Arvind Subramanian says 5.4 lakh new tax payers added post demonetisation, calls GST astonishing feat

Economic Survey 2016-17: Chief Economic Adviser Arvind Subramanian while speaking at the Economic Survey 2016-17 said that there has been a regime shift in terms of macroeconomic stability since demonetisation. He revealed that about 5.4 lakh new tax payers have … Continued

10 days to go; GSTN set for last minute rush on slow pace of returns filing

With barely 10 days left for goods and services tax (GST) assessees to file summarised interim returns, the GST Network (GSTN), the IT back end for the indirect tax regime, hasn’t yet started witnessing high-frequency traffic, indicating a possible last-minute … Continued

Millions of firms not ready to file returns under GST: Kumar

Millions of companies in India are still not ready to file their first returns under the new goods and services tax (GST) ahead of an 20 August deadline, a top official told Reuters, urging them not to leave things to … Continued

Narendra Modi government identifies 5 ports to boost cruise tourism

Union minister for shipping Nitin Gadkari on Tuesday announced that the government has identified five major ports — Mumbai, Mormugao, Mangalore, Chennai and Cochin — to boost cruise tourism in India. While the number of Indians who took a cruise … Continued

Biz can file returns, pay taxes for July on GSTN portal

Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal. “The window for filing GSTR–3B has … Continued

Syndicate Bank to raise ₹4,500-crore capital this fiscal

Syndicate Bank is planning to raise ₹4,500 crore this financial year (2017-18) to bolster its share capital base. “The bank this fiscal is planning to raise ₹2,500 crore under common equity (CET-1), ₹1,000 crore under AT-1, and ₹1,000 crore Basel-III … Continued

5 lakh businesses opt for composition scheme under GST: Hasmukh Adhia

Five lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today. Nearly 71 lakh excise, service tax and VAT assessees have migrated to … Continued

Businesses can start filing July returns on GSTN from August 5

The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today. Businesses can start filing their first … Continued

Companies and financial institutions mop up close to Rs 56,000 crore by way of fund raising through equities

Companies and financial institutions have mopped up close to Rs 56,000 crore by way of fund-raising through equities so far in 2017. This is about 20% higher than the amount of Rs 46,733 crore raised in 2016. The fund-raising has … Continued

Income tax returns filing, PAN-Aadhaar linking deadlines extended to 5 Aug, 31 Aug on deluge of complaints

In a last minute decision, the government on Monday extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers. While ITRs can now be filed by August 5, the Aadhaar-PAN … Continued

77.5L traders registered under GSTN till July 18

The Government on Friday said as many as 77.5 lakh traders are registered on GSTN and help desks have been set up in every commissionerate to facilitate filing of tax return. “Till July 18, 2017, the total number of GSTIN … Continued

GST deadline: Tax composition scheme last date extended till August 16

The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16. Small businesses with turnover of up to Rs 75 lakh earlier had time till … Continued

Now, India Inc vendors under I-T lens, firms asked to give payment details

The income-tax (I-T) department has asked large corporate entities, including multinational firms, to furnish details of employees off the payroll to check whether they are filing tax returns after deduction at source, or TDS. According to I-T officials, many lawyers, … Continued

Government draws up checklists for GST audits

The Centre has created a detailed road map for goods and services tax (GST) audits barely 20 days after the levy’s rollout, listing risks, target industries and even potential auditees for officials examining corporate India’s transition to the new regime. … Continued

Micro-finance rebound shows rural India recovering from demonetisation

India’s vast rural hinterland, which makes up 70% of the country’s population, is showing signs of recovery from last year’s cash crunch, boosting optimism that increased spending will help the broader economy regain its vigour. The micro-finance industry is rebounding, … Continued

Gujarat retains top slot of states with most investment potential

Gujarat has retained the top position in the list of 21 states and UTs with most investment potential, according to a report by economic think-tank NCAER. Gujarat is followed by Delhi, Andhra Pradesh, Haryana, Telangana, Tamil Nadu, Kerala, Maharashtra, Karnataka … Continued

GST impact on taxpayers: GSTN chief Navin Kumar says 35,000 registering every day

Over two weeks into the goods and services tax (GST) regime, Navin Kumar, chairman of GSTN — the IT backbone of the system — speaks to Sumit Jha on how taxpayers have adopted the new system. What are the latest … Continued

Bad loan crisis: Crackdown by banks sends borrowers scrambling to offer solutions

Indian banks are beginning to spot a welcome change in their customers’ behaviour: borrowers who have seen their accounts classified as stressed or non-performing are approaching the lenders with proposals to resolve such accounts in a time-bound manner. The tough … Continued

GSTN portal to be ready for invoice uploading from July 24

Businesses can start uploading their sale and purchase invoices generated post-July 1 on the GSTN portal from July 24, a top company official said today. The Goods and Services Tax has kicked in from July 1 and so far, the … Continued

IBBI notifies rules for bankruptcy probe

The Insolvency and Bankruptcy Board of India (IBBI) has powers to start probe against service providers registered with it without intimating them, according to new regulations. IBBI, which is implementing the Insolvency and Bankruptcy Code (IBC), has notified the regulations … Continued

Directorate set up under CBEC for data analytics and nabbing evaders

The government has set up a new wing under the indirect taxes body to provide intelligence inputs and carry out big data analytics for taxmen for better policy formulation and nabbing evaders. The Directorate General of Analytics and Risk Management … Continued

SME lending: YES Bank ties up with US-based OPIC, Wells Fargo

YES Bank has teamed up with the Overseas Private Investment Corporation (OPIC) and Wells Fargo on an agreement to lend up to $150 million to small and medium enterprises (SMEs) in India. Under the agreement, OPIC will provide $75 million … Continued

Taxpayers have to opt for GST composition scheme by July 21

Small businesses with turnover of up to Rs. 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services Tax regime, GST Network said. To opt for composition scheme, the taxpayer needs to log … Continued

GSTIN display on sign boards must for businesses

Traders and businesses will have to display the GST registration number on their business sign boards and the registration certificate in premises. Also, composition dealers will have to mention that they are availing the composite scheme and are not entitled … Continued

GST impact on companies: Gloom and doom vanishes, India Inc at ease

Contrary to gloomy predictions, the roll-out of the goods and services tax (GST) has been a much smoother affair and the industry has adapted to it without major hassles. As FE spoke to a cross-section of the industry, several government … Continued

EPFO’s new enrolment scheme works, 10 million members added in three months

The government’s idea of including the number of Employees Provident Fund Organisation (EPFO) subscribers to calculate formal jobs is likely to swell the latter’s formal number.   For, the PF body has added a little more than 10 million members … Continued

GST impact: Dismantling of check posts save 24-36 hours of trucking time

The Goods and Services Tax (GST) is saving fleet owners between 24-36 trucking hours, besides around Rs 7,500 per trip at the tax check posts which have since been dismantled, an industry association said on Monday. “Our quick check has … Continued

Big data analytics to become $16 billion industry by 2025

Big data analytics sector in India is expected to witness eight-fold growth to reach $16 billion by 2025 from the current $2 billion, industry experts said here. The sector is expected to reach $16 billion by 2025 and register CAGR … Continued

Historic GST launched at midnight, from today India is finally one nation, one tax

India embraced the goods and services tax (GST) on the intervening night of Friday-Saturday, in a move that marked the culmination of the country’s long and chequered journey toward a uniform, all-encompassing, pan-India indirect tax system. The GST would militate … Continued

GST spawns Rs 20,000 crore business for tax, tech consultants

For decades, Sugal & Damani Group focused on lotteries before it entered the online bill payment business with Payworld. Now, it has become a GST service provider (GSP), an entity that will help businesses register, upload electronic invoices and file … Continued

GST Network reopens for registration

With barely five days left for the roll-out of the goods and services tax (GST), the GST Network (GSTN), a company that provides information technology systems for the GST, reopened registration for assessees on Sunday.   That was for new … Continued

Companies can avail input tax credit for most business expenses

Buying cleaning liquids for ‘Swachh Bharat’ as part of corporate social responsibility or taking a business associate out for lunch, companies will be able to set off all taxes paid on their consumption of goods and services when they clear … Continued

Bankruptcy Code: Banks to refer Essar Steel, Electrosteel, Bhushan Steel to NCLT

The fate of three near-bankrupt steel companies — Essar Steel, Bhushan Steel and Electrosteel Steels — which together owe lenders nearly `1 lakh crore will now be decided by the National Company Law Tribunal (NCLT). Having failed to recover their … Continued

Capital gains tax evasion under CBI scanner

The Central Bureau of Investigation (CBI) is probing if any government officials were involved in misusing stock exchange platforms to benefit from the long-term capital gains tax (LTCG) exemption. According to sources, CBI officials visited the headquarters of the Securities … Continued

GST Council meet clears 5 set of rules, defers e-way bill rule, relaxes deadline for filing returns

The GST Council on Sunday made the dreaded anti-profiteering clause more palatable specifying a sunset clause of two years even as it relaxed the deadline for filing returns under the goods and services tax (GST) till September. The Council also … Continued

Stressed assets open floodgates for insolvency professionals

The Reserve Bank of India’s (RBI’s) move to push 12 large non-performing assets (NPAs) of the banking system into the insolvency process has created a massive business opportunity of up to Rs.2,500 crore for insolvency professionals. To put the numbers … Continued

Aadhaar must for filing returns from July 1: CBDT

The CBDT today made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1. The policy—making body of the Income Tax Department issued a statement stating that … Continued

PE/VC investments hit 10-year high at $3.1 bn in May

Private equity and venture capital (PE/VC) investments have recorded the highest monthly investments in the past 10 years at $3.1 billion in May 2017. For the third consecutive month in a year, the investment flow crossed the $2-billion mark.   … Continued

SEBI plans stricter norms for Independent Directors

Markets watchdog Securities and Exchange Board of India (SEBI) plans to overhaul the regulatory framework for corporate governance, including appointment and removal of independent directors, people familiar with the matter said. Besides, a high level panel is looking at corporate … Continued

One nation, one tax department: I-T takes cue from GST

The one-nation, one-tax principle that underlines the goods and services tax (GST), set to be rolled out on July 1, could be adopted in a much more broader sense by the income tax department through a path-breaking initiative on jurisdiction-free … Continued

Bad loan crisis: Arun Jaitley says visible action on NPA’s soon

The resolution of the vexed issue of massive non-performing assets (NPAs) in the banking system is a work in progress and some “visible action” will be initiated over the next few days under the NPA ordinance promulgated recently, finance and … Continued

Foreign investors pour in $4.2 billion in May, mostly in Debt

Foreign investors have pumped $4.2 billion in the country’s capital market in May due to finalisation of GST rates for bulk of the items and prediction of a normal monsoon. Interestingly, most of the funds have been invested in the … Continued

FDI in services sector up 26% to $8.68 billion in FY17

FDI inflows in the services sector rose by about 26% to $8.68 billion in 2016- 17 with the government taking steps to improve ease of doing business and attracting foreign investments. The services sector, which includes banking, insurance, outsourcing, research … Continued

Finnish companies looking for new opportunities in India

India is becoming one of the favorite destinations for investments in manufacturing, clean tech, infrastructure and hi-tech for Finnish companies. Nina Vaskunlahti, Ambassador of Finland to India, in an interview with BusinessLine said, “There is increasing interest in economic cooperation, … Continued

GST: Filing returns will no longer be taxing

There is an excitement in the country about GST. People want to understand the process of GST. Through this article, we present some points about the process of filing returns. Every trader will have to file returns once a month … Continued

No more rejection for start-ups seeking tax sops

In what could be a morale booster for start-ups, the government has decided to do away with the practice of rejecting applications for tax sops. Instead, start-ups will get an opportunity to apply again after making changes to the proposal … Continued

RBI gets nod to embark on India’s biggest banking clean-up

The RBI will embark on its biggest banking clean-up exercise after President Pranab Mukherjee promulgated an ordinance authorising it to issue directions to banks to initiate insolvency resolution process in the case of loan default. The tweak in the rules … Continued

Real Estate Act comes into force today, only 13 states notify rules

The much-awaited Real Estate Act comes into force from Monday with a promise of protecting the right of consumers and ushering in transparency but only 13 states and Union Territories (UTs) have so far notified rules. The government has described … Continued

Government to soon make Aadhaar compulsory for regulatory filings under Companies Act

The government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act. The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities … Continued

Bandhan Bank reports FY17 profit at Rs1,111.95 crore

Bandhan Bank on Thursday reported a net profit of Rs1,111.95 crore for the financial year that ended on 31 March. A comparable year-ago figure wasn’t available because the lender started operations only in August 2015. Net interest income, or the … Continued

Sensex crosses 30,000 mark, Nifty ends at record 9,351.85

With mixed positive sentiments among investors and unabated funds inflows in both global and domestic rallies, markets created yet another milestone in the stock trading history on Wednesday. The benchmark Sensex ended with new and all-time high of 30,133.35 for … Continued

UrbanClap receives Rs 20 Crore as NCD from Trifecta Capital

Home service startup UrbanClap has raised Rs.20 Crore of debt funding from California-Based Trifecta Capital through Non-Convertible Debentures. A Non – Convertible debenture or NCD do not have the option of conversion into shares and on maturity, the principal amount … Continued

Government prepares to strike off registration of over 2 lakh companies

The government plans to cancel the registration of more than two lakh companies that have not been carrying out business for a considerable period of time, amid stepped up efforts to tackle the black money menace. More than two lakh … Continued

Public investors make big bucks on D-Street even after PE exits

Private equity investors make big money in IPO exits. This is well known. But what is less known is that retail and other investors have also been making decent money after the exits. The largest IPO exits in the last … Continued

India Inc’s March M&A deal tally jumps 4-fold to $28 billion

India Inc’s M&A deal tally in March rose four-fold to $27.82 billion, led by the Vodafone-Idea merger, taking the overall figure to $31.54 billion in the first quarter of 2017, says a report. Overall deal activity in the January-March quarter … Continued

Small loans, big impact: Microfinance now big business at banks

From being passive lenders to microfinance institutions (MFIs) till about five years earlier, banks have turned out to be active players in the business of small loans.   As on end-December 2016, banks accounted for 37 per cent (Rs 36,683 … Continued

Smaller VC firms ride on SIDBI and local investors

In the past six months, several venture capital (VCs) funds have raised money or are in the process of raising money. These include funds from IDG Ventures, DSG Consumer Partners, Orios Venture Partners, Kae Capital, Blume Ventures, Saama Capital, Fireside … Continued

FIPB clears 15 FDI proposals worth Rs12,000 crore, defers 6

Inter-ministerial body, foreign investment promotion board (FIPB) on Tuesday approved 15 investment proposals, including that of Apollo Hospitals, Hindustan Aeronautics Ltd, Dr. Reddy’s Laboratories and Vodafone, envisaging foreign investment of Rs12,200 crore. “15 out of 24 FDI proposals were approved … Continued

Tax avoidance rules: POEM norms to take effect from April, 2017

Confirming that India’s so-called POEM regulations — which are meant to ascertain the residential status of companies and use it to curb tax avoidance — will take effect from April 1, the Central Board of Direct Taxes (CBDT) on Tuesday … Continued

CBDT tightens screws on shell companies

The Central Board of Direct Taxes (CBDT) on Tuesday issued the much-awaited “guiding principles” for determination of a Place of Effective Management (PoEM) of a company, scotching speculation that the Budget may see its removal from the statute book. Put … Continued

Bankruptcy and Insolvency Code will drive creation of a new debt market

The Bankruptcy and Insolvency Code will drive growth of debt market in India, which hardly exists in corporate and business financing, Dr. MS Sahoo, Chairman, Bankruptcy Board of India told Fe. While the country has a matured and bullish equity … Continued

India, Cyprus seal revised tax treaty

India and Cyprus on Friday signed a new double tax avoidance pact under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017, bringing the island nation at par with Mauritius in … Continued

Foreign direct investment jumps 77.5% to $5.15 billion in September

With the government relaxing FDI policy and taking steps to improve ease of doing business, the Foreign Direct Investment in the country increased by 77.5 percent to USD 5.15 billion in September this year. In September 2015, the FDI had … Continued

With GST on its way, India rises to second spot on global biz optimism index

India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey. According to the latest Grant Thornton International Business … Continued

India will be home to 10,500 start-ups by 2020: Report

India continues to harbour the third largest start-up base, marginally behind the U.K., according to a Nasscom-Zinnov start-up report. The report, titled “Indian Start-up Ecosystem Maturing – 2016,” says that the ecosystem is poised to grow by an impressive 2.2X … Continued

Fund mop-ups via IPOs in 2016 three-fold higher than a year ago

Money raised through public issues in 2016 so far is three fold higher compared to the same period in 2015. As many as 21 companies have debuted on the bourses so far raising Rs 19,379.09 crore, an increase of around … Continued

India ranks 130th in ease of doing business index

India continues to rank low at 130th position in terms of ease of doing business, with the country seeing little or no improvement in dealing with construction permits, getting credit and other parameters. In the World Bank’s latest ‘Doing Business’ … Continued

DIPP notifies 100% FDI in more financial services

DIPP notifies 100% FDI in more financial services The commerce and industry ministry notified 100 percent foreign direct investment in ‘other financial services’ carried out by NBFCs.   The move will help attract foreign capital into the country. “The government … Continued

MCA extends the due date of Annual filing of e-Forms till end November 2016

In view of the In view of the requests received from various stakeholders, it has been decided to extended the last date for filing the Annual Returns, under the Companies Act, 2013. Accordingly, due date for filing of  e-Forms AOC … Continued

Ease of doing business: India banks on ‘remarkable work’ to improve World Bank ranking

As the World Bank looks set to release its annual ranking of countries in the ease of doing business later this week, India expects to improve its position from last year’s 130 out of 189 economies. The optimism stems from … Continued

Annual Compliance to be made by Private Limited Company in India

The annual mandatory compliances which a private limited company has to  follow are listed below: Appointment of Auditor The Statutory Auditor of the company shall be appointed for the 5 (Five) years and e-Form ADT-1 shall be filed for 5-year … Continued

Foreign VCs can now invest in unlisted firms sans RBI nod

Foreign venture capital entities can now invest in unlisted Indian companies without Reserve Bank of India approval. The venture capital firm will, however, have to be registered with market regulator SEBI. The investment can be made in an Indian company … Continued

IPO fund-raising in India highest since 2011

Fund raising through initial public offerings (IPOs) has crossed $2.9 billion in 2016 and another $2.9 billion is to be raised through these offerings this year, according to a research report by Baker & McKenzie. Around 22 companies are waiting … Continued

GST lends more weight to India’s 8% growth projection: S&P

Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings today said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next … Continued

Sebi deems share transfer by promoters by way of gift as sale

Any inter-se transfer of shares by a promoter to his wife will be considered as sale even if it is in the form of a gift where no monetary transaction is involved, Sebi said. According to guidelines, the promoters are … Continued

Company Incorporation in India made simpler and more versatile

Ministry of Corporate Affairs (MCA) has introduced a bold initiative in Company Incorporation so that registering a company and starting business, in India, is made simpler and speedier that your business can be started within the stipulated time frame, in … Continued

CAG may audit IDS, not individual declarations

The Comptroller and Auditor General of India (CAG) may audit the just ended black money disclosure scheme for the process followed and how well it performed, but will not get into the disclosures made. As much as Rs 65,250 crore … Continued

File income tax return (ITR) even if your income is not taxable

Many people think it an avoidable headache to file income tax returns, when their income falls below the taxable limit, or when tax is deducted at source or when no taxes are due. They also unnecessarily fear some notice will … Continued

Ease of doing business: 12 states implement 75% of reforms

As many as a dozen states, including Uttarakhand, Rajasthan and Jharkhand, have implemented 75% of the reform initiatives under the ease of doing business programme, reflecting positive sentiments, commerce minister Nirmala Sitharaman said on Thursday. These three states are followed … Continued

India’s banking outlook stable, worst asset quality cycle almost over: Moody’s

India’s banking system outlook is likely to be stable over the next 12-18 months as the pace of formation of bad loans is expected to decrease compared to last five years, global rating agency Moody’s said today. Under the asset quality recognition (AQR) of … Continued

Forex reserves hit fresh all-time high, cross $371 billion

The country’s forex reserves continued to scale new highs, with the week to September 9 adding $3.513 billion to the kitty, which hit a new life-time peak of $371.279 billion, RBI data showed today. The reserves had increased by $989.5 … Continued

India’s microfinance industry clocked 60% growth in fiscal 2016: Report

After years of subdued growth, the Indian microfinance (MFI) industry expanded more than 60% to Rs54,329 crore in 2015-16 compared to the previous year, according to a report prepared by Sa-Dhan, the self regulatory organisation of MFIs. The MFI client … Continued

Microfinance lending hits $10 billion

India’s microfinance industry is close to touching the $10-billion mark with the total loan portfolio of microfinance institutions (MFIs) at an all-time high of Rs. 63,853 crore as of March 31, 2016. This represents a 31 per cent increase over … Continued

FPIs infuses $1 billion in capital markets in September

Foreign investors have pumped in nearly Rs 6,800 crore (USD 1 billion) into the country’s capital markets so far this month, driven by global and domestic factors. The latest infusion comes on top of a whopping inflow of Rs 25,904 … Continued

Young entrepreneurs to get more funding from govt

To support young entrepreneurs, the central government will launch ‘special funds’ for those in the 16-21 years and 21-26 years age groups. “It’s on the drawing board. We have accumulated funds worth Rs 9,000 crore under the technology cess category, … Continued

Indirect tax mop-up rises 27.5% to Rs 3.36 lakh cr till August

Net indirect tax collections in the April-August period grew 27.5 per cent to Rs 3.36 lakh crore on the back of surge in excise collections. The collection till August 2016 show that 43.2 per cent of the annual budget target … Continued

In just 5 months, MUDRA lends over Rs. 42,000 crore & invests Rs 203 crore in securitisation deals

Micro Units Development & Refinance Agency (MUDRA) has recently closed its fourth deal with a total book of over Rs 203 crore, five months after it stepped into the securitisation market. It has invested Rs 100 crore in two securitisation … Continued

Kaya acquires “beneficial interest” in 2 UAE skincare firms

Skincare firm Kaya Ltd today said it has acquired majority “beneficial interest” in UAE’s Minal Medical Centre and Minal Specialized Clinic Dermatology for an undisclosed sum. “Kaya Middle East, DMCC, a foreign subsidiary of Kaya Ltd has entered into an … Continued

Readying comexes to take on defaulters

Lax risk management rules have been cited as one of the reasons that led to the NSEL debacle. It is, therefore, not surprising that the current commodity market regulator, the Securities and Exchange Board of India, is focusing on the … Continued

FinMin revises criteria for recapitalisation of PSBs

State-owned banks looking forward to the next round of capital infusion will need to fulfill a new set of criteria, including credit recovery, as the finance ministry has revised the recapitalisation norms. The second tranche of capital allocation for the … Continued

GST bringing realty shake-up

Retailers, both of physical stores and e-commerce entities, fast moving consumer goods (FMCG) companies and those in consumer durables have started rejigging their warehouse strategy. This is in preparation for the national goods and services tax (GST), with the government … Continued

Banks can accept tax dues in cash under IDS: RBI

The Reserve bank of India (RBI) on Thursday directed banks to accept tax dues in cash under the domestic black money declaration scheme which closes on September 30. Under the Income Declaration Scheme, 2016, which came into effect on June … Continued

CBDT launches online ‘nivaran’ to resolve I-T grievances

CBDT has launched the ambitious ‘e-nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related … Continued

SEBI seeks major changes to new KYC process

The Securities and Exchange Board of India (Sebi) has sought major changes in the newly implemented central Know Your Customer (KYC) process. The regulator has written that several market intermediaries such as mutual funds (MFs), brokerages and even banks were … Continued

Tax dept not to take action on cash deposits made after declaring income under IDS

The government has said no adverse action will be taken by Financial Intelligence Unit or the income-tax department solely on the basis of the information regarding cash deposit made consequent to the declaration under the black money scheme.   Credit … Continued

Workflow boost for accountants, advisory firms

Plans are afoot to train 20,000 chartered accountants by March 2017 in different aspects of the GST Corporate India is just about getting started to get their businesses ready for the goods and services tax ( GST) regime. This has … Continued

FPIs rush into equities, pump in Rs 7,700 crore in August

Staying with the bullish momentum, foreign investors have deployed over Rs 7,700 crore in the Indian stock market so far this month, driven by global and domestic factors. It follows a 4-month high inflow of Rs 12,612 crore in the … Continued

FPI equity buys in India touch $5.4 bn this year

Foreign portfolio investors (FPIs) have bought equities worth $5.4 billion in the Indian markets in 2016 so far, according to data obtained from Bloomberg. This makes India the third biggest destination for FPIs after Taiwan and South Korea which have … Continued

Commerce ministry eases rules to promote exports

The commerce ministry has relaxed certain norms to promote outbound shipments and manufactured products from export-oriented units (EoUs), software technology parks of India (STPIs) and electronic hardware technology parks (EHTPs). The norm of mandatory warehousing requirement for EoUs and software … Continued

I-T returns: Top 1% earned 18% of income

The top 1 per cent of earning individuals who filed tax returns earned about 18 per cent of the total income in financial year 2011-12, according to the latest data on income tax released by the income-tax department recently. The … Continued

India giving World Bank all evidence of improved ease of doing business

India is providing detailed evidence to the World Bank on ease of doing business as it seeks to break into the top 100 countries on the bank’s index from its current rank of 130. Officials said logs of construction permits, … Continued

Forex reserves at record high of $ 365.74 billion

Continuing the rising trend, forex reserves increased by USD 253.6 million to touch record high of USD 365.749 billion in the week to August 5, the Reserve Bank said today. The reserves increased despite decline in foreign currency assets (FCAs), … Continued

Xiaomi, Foxconn to set up two more units in India

Chinese smartphone maker Xiaomi today said it is looking to set up two more manufacturing facilities in India through its Taiwanese contract manufacturer Foxconn Technology Group. Manu Jain, Xiaomi’s India Chief, said they are in talks with various state governments … Continued

Parliament passes bill for easier debt recovery

Parliament today passed a bill which empowers banks to confiscate security in the case of loan default, a development that assumes significance in view of the episode surrounding industrialist Vijay Mallya. The Enforcement of Security Interest and Recovery of Debts … Continued

Over 75 lakh taxpayers availed e-verification facility for filing Income Tax Returns

Over 75 lakh taxpayers availed the e-verification facility of their income tax returns filed till August 5 against around 33 lakh taxpayers last year till September 7, which will ensure faster processing of their returns. In all 226.98 lakh e-returns … Continued

Forex reserves hit life-time high at $365.49 bn

Country’s foreign exchange reserves rose by USD 2.81 billion to reach a life-time high of USD 365.49 billion in the week to July 29, helped by rise in foreign currency assets, the Reserve Bank said today. In the previous week, … Continued

RBI launches website Sachet to tackle fraud

The Reserve Bank of India (RBI) on Thursday launched a website from which anyone can obtain information regarding entities that are allowed to accept deposits, lodge complaints, and share information regarding illegal acceptance of deposits by unscrupulous entities.   Named … Continued

CBDT signs bilateral APAs with Japanese trading firm arm

The Central Board of Direct Taxes has signed bilateral advance pricing agreements with Indian arm of a Japanese trading company, a move that will help bring down transfer pricing disputes relating to intra-group transactions. “The Central Board of Direct Taxes … Continued

Today is the last day to file Income tax return, know easy steps if you haven’t filed yet

The last date for filing income-tax returns was extended to August 5, and it ends today. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, … Continued

GST Bill passed: India gets tax regime that’s globally competitive, economically gainful

Time was when an importer had to fork out as much as 220% customs duty and individuals were made to pay up to 97% income tax. The Indian tax system has undergone a sea change since then and the passage … Continued

SEBI proposes changes in ITP norms to attract more firms

The Securities and Exchange Board of India (Sebi) on Friday proposed changes to the Institutional Trading Platform (ITP), to draw more companies to it. Comment on the discussion paper has been invited till August 14. Introduced in 2013, the platform … Continued

Online biz firms to give contact details on their portals

Companies which conduct online business will now have to provide on their websites details about their registration with the government, as well as information about persons to be contacted for grievances. The government’s move to introduce the requirement comes against … Continued

Stressed asset business ready to take off

Companies in the distressed assets business have patiently waited for close to a decade to strike gold but got regularly sidestepped by banks that won’t part with their lemons at a reasonable rate. The wait could come to an end … Continued

Extension of Due Date – Filing of Income Tax Return for Assessment Year 2016-17

  Income tax department has issued order that due date of filing of returns of income for the Assessment Year 2016-17 has been extended from July 31, 2016 to August 5, 2016, for those assessees, whose due date was originally … Continued

Cairn India to invest in existing projects

Cairn India, the petroleum exploration arm of London-listed Vedanta Resources, plans to continue investing in its existing projects to enhance domestic hydrocarbon production despite tough operating conditions and uncertain economic environment mainly because of strong demand outlook for the commodities. … Continued

India central bank relaxes rule for Basel III liquidity coverage ratio

The Reserve Bank of India relaxed Basel III-mandated liquidity coverage ratios for banks, allowing the sector to apply an additional one percentage point of the deposits they currently hold as government bonds under their statutory liquidity ratios (SLR). Banks can … Continued

IPOs of start-ups in India: Retail investors participation may get cleared

Retail investors might soon be allowed to participate in the initial public offerings (IPOs) of start-ups with the Securities and Exchange Board of India (Sebi) planning to scrap the Institutional Trading Platform (ITP) for these firms. The move comes after … Continued

Bandhan Bank reduces microfinance loan rate

Bandhan Bank on Monday reduced its lending rate for micro loans by 0.6 per cent, bringing down the interest to 19.9 from 20.5 per cent. This is the third time the bank has reduced its interest rate for such consumers. … Continued

Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)

The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a Rollback” provision in them.   The APA Scheme was … Continued

Government disburses Rs 1,433 crore as interest subsidy to exporters

Government has disbursed Rs 1,433 crore up to March under the interest subsidy scheme to exporters, the Commerce Ministry today said. The Centre’s interest equalisation scheme, announced last December, reduces cost of capital by allowing 3 per cent interest subsidy … Continued

Alternative Investment Funds coming to India

Markets regulator SEBI is learnt to be in process of creating a new category of Alternative Investment Funds(AIFs) to encourage long-term funds to use the AIF route to invest in the listed space.   Sources privy to the development said … Continued

FIPB clears 6 FDI proposals worth Rs 180 crore

Inter-ministerial body FIPB today cleared six foreign direct investment proposals worth about Rs 180 crore.   The Foreign Investment Promotion Board has cleared six proposals including those of Janalaxami Finance and Turmeric Vision, a Finance Ministry official said.   The … Continued

Temasek scouts for more investments in India

Temasek Holdings, Singapore government’s investment company, will continue to scout for investments across consumption-oriented segments in India this year, even as it’s open to opportunities from other sectors. In the previous year, the company’s bigger investments were in consumption-oriented segments … Continued

Black money window: CBDT issues notification to ensure secrecy

CBDT today issued a notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret. The notification states that “no public servant shall produce before any person … Continued

E-commerce driving demand for warehousing space: CBRE

E-commerce continues to drive demand for logistics and warehousing space in the country and has attracted a lot of interest from developers and private equity players, property consultant CBRE said. “With the logistics and industrial segment witnessing significant development, there … Continued

PE exits set to see new record through IPOs this year

With RBL Bank and Aster DM Healthcare planning to raise Rs 1,500 crore and Rs 1,600 crore, respectively, through initial public offerings (IPOs) this year, private equity investors are set to make a record exit using the primary market route. … Continued

IPOs: here’s how much money India Inc raised in May

Indian companies raised Rs 6,744 crore through initial public offerings (IPOs) during the first five-and-a-half months of 2016, according to Prime Database. The year so far witnessed 11 companies making their debut on the exchanges, with healthcare, finance and investments … Continued

CBDT relaxes rules for TDS claims by non-resident companies

Non-resident investors who do not provide permanent account number will no longer have to face higher tax deduction at source. The income tax department has eased norms for non-resident investors, who will not be subjected to a higher rate of … Continued

Audit giants see dominance waning

India’s audit landscape is undergoing a quiet change as the new rules for time-based rotation of auditors gather pace. Early audit changes this year indicate the larger entities, such as Deloitte’s network, could face some pressure on their dominance. And, … Continued

I-T department to block PAN, LPG subsidy of tax defaulters

In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are … Continued

India opens Foreign Direct investment (FDI) floodgates

In what showed a mindset shift among India’s policymakers, the government on Monday opened the floodgates for foreign direct investment (FDI) by easing the terms for nine sectors. Showing scant signs of legacy inhibitions, it virtually paved the way for … Continued

HDFC Bank launches SME e-bank

HDFC Bank, the country’s second largest private sector lender, has launched a digital bank for its small and medium enterprises  (SME) customers. It aims to grow its market share in the hinterlands with this. “It takes away the hassle of … Continued

Abu Dhabi banks in talks to form largest West Asia lender

National Bank of Abu Dhabi (NBAD) PJSC and First Gulf Bank (FGB) PJSC said they’re in talks to merge in a deal that would create the largest lender by assets in West Asia. A working group of senior executives from … Continued

RBI simplifies registration process for new NBFCs

In order to make the registration process of new non-banking finance companies smoother and hassle-free, the Reserve Bank of India has revised the application form for registration of these companies and the checklist of documents to be submitted. The number of documents to be … Continued

China’s debt more than double its GDP

China’s total borrowings were more than double its gross domestic product (GDP) last year, a government economist said, warning that debt linkages between the state and industry could be “fatal” for the world’s second largest economy. The country’s debt has … Continued

Airtel teams up with Singtel to expand data business in 325 cities globally

Bharti Airtel and Singapore Telecommunications (Singtel) have combined resources to form an Internet Protocol Virtual Private Network (IP VPN) to deliver high-speed, secure data network coverage to enterprise customers in Asia-Pacific, the Middle East, Africa, Europe and the US. The … Continued

US, Europe combined infra spending less than China’s

Despite a crying need for better infrastructure, investment in it has actually fallen in 10 major economies since the financial crisis, including the US, according to a new study by the McKinsey Global Institute. Meanwhile, China is still going gangbusters … Continued

S&P: Renewable energy biz high-growth area in India

Renewable energy business is a high-growth area in India, though falling asset prices and competitive bidding for new power purchase agreements may lead to volatility in returns on investments, S&P Global Ratings said today.   “We believe the renewable energy … Continued

Cash crunch: How customers came to owe banks more than what they were loaned

More than a thousand borrowers have outstandings that are substantially larger than the amounts sanctioned to them by banks, data sourced from Reserve Bank of India (RBI) shows. The total outstandings of 1,131 borrowers, at Rs 1,09,909 crore, were 150% … Continued

SEBI begins proceedings to recover Rs 55,000 crore from defaulters

The Securities and Exchange Board of India (Sebi) has initiated recovery proceedings against defaulters to collect more than Rs 55,000 crore, largely on account of its clampdown on illicit money-pooling schemes. Ever since it was given powers in October 2013 … Continued

FIPB clears FDI proposals worth Rs 710 crore

Foreign Investment Promotion Board (FIPB) today approved four FDI proposals entailing overseas investment of about Rs 710 crore. The proposals approved included Advanced Enzyme Technologies’ foreign investment worth Rs 480 crore, a Finance Ministry official said. The Board also cleared … Continued

After Italy & Greece, PE seeks to partner Indian lenders for bad loan portfolio

Storied asset manager KKR & Co has approached lenders like State Bank of India and ICICI Bank with a proposal to manage and create value from their loan portfolios to under-performing Indian companies. The American private equity investor will build … Continued

SEBI to make it easier for fund managers to move to India

To make it easier for the foreign fund managers keen to relocate to India, markets regulator SEBI is considering allowing them to function as ‘Portfolio Managers’ under an easier regulatory regime. The move assumes significance in the wake of the … Continued

Listed company’s documentation may get simpler

The Securities and Exchange Board of India (Sebi) is learnt to be finalising a new mechanism to simplify the documentation process for listed companies wishing to issue new securities. Sources told FE that the concept of an ‘annual information memorandum’ … Continued

Corporate Affairs Ministry again extends statutory filing deadline amid MCA21 woes

Extending the deadline for the third time, Corporate Affairs Ministry has now given time till July 7 for companies to submit their statutory filings as issues related to MCA21 portal are yet to be fully resolved. MCA21 is used for … Continued

To de-stress banks, Modi govt plans ‘significant’ stressed assets fund

Given the need for large chunks of equity capital to infuse new life into banks’ stressed assets, the government plans a new fund of “significant size” with this mandate, minister of state for finance Jayant Sinha said on Tuesday. A … Continued

Danish companies keen to take part in Make in India

Denmark-based companies such as Danfoss, Grunfdfoss, sRamboll, Novo Nordisk and Novozymes are eyeing the benefits of Narendra Modi’s Make-in-India programme to set up their base in the country.   Indian ambasssador to Copenhagen Rajeev Shahare said Denmark has embarked on … Continued

Filing tax returns on time has benefits

With the income tax department allowing ample time for filing returns, many taxpayers take it easy. For the income earned in the past financial year (FY16), a taxpayer can file returns up to March 2018. However, sticking to the first … Continued

MUDRA disburses Rs. 1.43 lakh cr to small, micro entrepreneurs

The entrepreneurship streak appears to be stronger in the small retail business space, going by the pattern of loans disbursed by the Micro Units Development and Refinance (MUDRA) Bank. Small retailers, shopkeepers and those running micro units have utilised almost … Continued

Intangible MNC assets may be taxed in case of a global merger and acquisition

A recent clarification by the government has created a stir among some multinationals which are concerned that their Indian entities might be taxed even in case of a global merger and acquisition with another global company. More so, the worry … Continued

AskMe Fin plans payment services for SMEs

E-commerce marketplace Askme Bazaar plans to help small and medium vendors who are transacting on its site by arranging credit and insurance products for them. These services will be provided via Askme Fin, the groups’ financial services platform. In the … Continued

India: PE firm Nalanda Capital to raise $620m for third fund

Private equity firm Nalanda Capital has registered with the US market regulator Securities & Exchange Commission to raise $620 million for its new fund, according to an Economic Times report citing sources. This will take the total corpus raised by … Continued

RBI starts meeting major players in P2P lending

After releasing a consultation paper on peer-to-peer (P2P) lending last week, Reserve Bank of India (RBI) has started meeting some leading players in the sector. The founder of a leading P2P lending platform, who met officials of RBI’s Department of … Continued

Commercial realty witnesses rising interest from private equity funds

The commercial real estate sector is witnessing increased interest from private equity funds, with several large institutions focusing on completed and leased commercial assets for investment. In 2015, private equity real estate firms deployed more than $5 billion in Indian … Continued

NRI deposit flows touch $15.9 billion in FY16

Attractive interest rates in India saw overseas Indians pour $1.92 billion more into non-resident Indian (NRI) deposits in FY2016 vis-à-vis FY2015, according to Reserve Bank of India data. Overall, NRI deposit inflows in FY2016 amounted to $15.977 billion ($14.057 billion … Continued

Projects worth Rs. 80,000 cr coming Tamil Nadu’s way

Tamil Nadu State’s ports will also benefit hugely fromRs. 4-lakh-cr Sagarmala programme: Gadkari “We need cooperation from State governments for infrastructure development. In Tamil Nadu, unfortunately, we had to terminate two projects,” said Nitin Gadkari, Road Transport, Shipping & Highways … Continued

Silicon Valley venture capitalists raise more money, give less away

Venture capitalists are raising money at the fastest rate in a decade, raking in about $13 billion in the first quarter of 2016. But much of that cash won’t flow into new startups anytime soon. Rather, venture firms are bracing … Continued

Bandhan Bank mops up Rs. 13,000-crore deposits

Bandhan Bank has been able to rope in nearly seven lakh new customers, after its transformation from a microfinance entity to a universal bank in August last year. According to Chandra Shekhar Ghosh, Founder, MD and CEO of Bandhan Bank, … Continued

E-comm, tech start-ups seen creating 23% more jobs by Sept

The e-commerce and tech start-ups domain will see 23.6 per cent growth in jobs between April and September this year, according to the Teamlease Employment Outlook Report. This is followed by the retail sector, which is set to generate 14.4 … Continued

Govt announces new IPR regime

The government on Friday unveiled the national intellectual property rights (IPR) policy to create a larger institutional framework to strengthen the IPR regime, with the slogan “Creative India, Innovative India”. While the policy focused on issues like expediting approval processes … Continued

IMF: Global corruption costs trillions in bribes, lost growth

Public sector corruption siphons $1.5 trillion to $2 trillion annually from the global economy in bribes and costs far more in stunted economic growth, lost tax revenues and sustained poverty, the International Monetary Fund said on Wednesday. In a new … Continued

RBI may allow you to be a lender (P2P)

The RBI’s move to regulate the peer-to-peer (P2P) lending business has evoked good response with most participants saying that it could provide greater confidence to lenders and borrowers, as also to venture capitalists. The space has some 35 startups now … Continued

U.S. issues rule requiring banks to identify shell company owners

The Obama administration is issuing a long-delayed rule requiring the financial industry to identify the real owners of companies and proposing a bill that would require companies to report the identities of their owners to the federal government, U.S. officials … Continued

IMF Sees Rising Debt Challenge as Asia Stays Global Outperformer

The International Monetary Fund said rising debt levels in major Asian economies have become a significant risk, even as the region remains on track to post solid economic growth. Asia-Pacific economies as a group will decelerate only slightly, to 5.3 percent this … Continued

Facebook revenue smashes expectations, rises more than 50 per cent as mobile ad sales surge

Facebook Inc’s quarterly revenue rose more than 50 per cent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending. The company’s shares … Continued

SME….! A New Opportunity for Private Company..!!!

In the Present era, the market is booming up so every company wants to take the opportunity to capitalize the same more from market and want to get maximum benefits out of that. Listing will help them enter capital markets … Continued

SEBI registered AIF count hits 200-mark

Markets regulator Sebi has allowed as many as 209 entities to set AIFs, pooled-in investment vehicles for real estate, private equity and hedge funds, over a period of 42 months. The 209 Alternative Investment Funds (AIFs) have been registered with … Continued

Startup funding: Money will not dry up, will look for quality

According to Indian Angel Network president Padmaja Ruparel, there has been an increase of 20% in the number of deals but the overall amount has gone up by 12% While there are concerns about money drying up for start-ups in … Continued

RBI’s foreign reserves with overseas banks have more than tripled

The amount of foreign exchange reserves that the Reserve Bank of India keeps with overseas banks has more than tripled, signalling that it may be preparing to intervene more effectively in the currency market due to impending volatility because of … Continued

Forex reserves hit record high at $359.917 bn

India’s foreign exchange reserves continue to rise to hit a record level of $359.917 billion as on April 8, data from the Reserve Bank of India (RBI) show. The central bank data show that in the week-ended April 8, India’s … Continued

NRIs with offshore bank accounts cannot escape investigation by tax authorities

Even NRIs with offshore bank accounts cannot keep the taxman at bay by obtaining quick relief from the court of law. In order to prove their innocence, such persons will have to instruct the overseas banks to share information on … Continued

ICAI issues stricter guideline for CAs

Putting in place a stricter compliance mechanism, chartered accountants apex body ICAI has barred members from participating in tenders for assignments that can be performed only by CAs. However, ICAI members can participate in such tenders if the minimum fee … Continued

Lending for small companies is a $300 million business

While bigger SME lending players like Lending Kart and Capital Float aim to close their next funding rounds, a slew of smaller players have emerged in the last year viewing the space as a segment where at least 10 strong … Continued

Sebi may soon revisit start-up listing norms

The Securities and Exchange Board of India (Sebi) may soon review its framework for listing of start-ups, including e-commerce firms, while incorporating suggestions from various stakeholders to make this platform much more vibrant. The Institutional Trading Platform (ITP) is yet … Continued

Fund raising via rights issue hits 5-yr high of Rs 9,239-cr

Indian firms raised a staggering Rs 9,239 crore through rights issue in the past fiscal, making it the highest fund mobilisation in five years. The huge fund-raising was primarily driven by Tata Motors’ rights issue. Most of the funds were … Continued

Companies raise Rs 48,952 crore via various instruments in FY16

Despite stock market volatility and a negative return of 9.4 per cent from the Sensex, 2015-16 saw good participation in new equity issuances and companies raised a total of Rs 48,952 crore through various instruments, says a report. “In financial … Continued

Private sector lender Federal Bank to support startups

Jumping on to the startup bandwagon, Kerala based private sector lender Federal BankBSE -1.38 % is opening incubation centres in Bangalore and Ernakulam exclusively for startups. These would be specialised lounges within Federal Bank branches meant for funding advisory, regulatory … Continued

Japan’s NTT Data, Dell seal $3-bn deal

NTT Data Corp, a unit of Japans former telephone monopoly, agreed to buy technology services businesses from Dell for $3.055 billion. The acquisition was announced by the unit of Nippon Telegraph & Telephone Corp in a statement to the Tokyo … Continued

New bankruptcy bill to speed up shutdown of failed businesses

A government panel has sought the overhaul of the bankruptcy framework to allow the speedy winding up of failed businesses to protect shareholders and lenders, aiming to modernise an outdated system that drags out closure proceedings. It has recommended new … Continued

Indian medical tourism industry to touch $8 billion by 2020: Grant Thornton

As healthcare turns costlier in developed countries, India’s medical tourism market is expected to more than double in size from USD 3 billion at present to around USD 8 billion by 2020, a report says. According to a CII – … Continued

Mallya default singes top auditing companies

Some of world’s top auditing firms, including Price Waterhouse, Grant Thornton, Deloitte LLP and Walker Chandiok & Co, are under scrutiny with a slew of regulators seeking answers on their valuation, auditing and due diligence of UB Group companies over … Continued

SEBI board clears wilful defaulter rules; clarifies on definition of control

SEBI says wilful defaulters would also be not allowed to take control of any other listed company. India’s market regulator Securities and Exchange Board of India (SEBI), on Saturday, tightened the rules for so-called wilful defaulters preventing them from raising … Continued

Indian start-ups get back to basics

India’s start-ups have a new catchphrase – back to basics. Traditionally, these businesses have focused on fundamentals -invest to grow while ensuring one doesn’t burn money in chasing eyeballs that do not translate into revenue and profit. The year 2015 … Continued

RBI asks income tax assessees to pay dues in advance, 29 banks authorized to accept payments

The Reserve Bank appealed to income tax assessees to pay dues in advance of the due date as well use alternate channels of authorized banks to avoid the rush during end of March. “Pay I-T dues in advance at RBI … Continued

Hong Kong eyes strengthening business ties with India

Pushing for an investment promotion agreement, Hong Kong today called for strengthening business ties with India and boosting bilateral trade. “India is Hong Kong’s seventh-largest trading partner globally, with bilateral trade of USD 23.7 billion last year. We are looking … Continued

RBI proposes easier access to foreign capital for start-ups

The Reserve Bank of India (RBI), in its sixth bi-monthly monetary policy statement, has proposed steps to improve ease of doing business for start-ups through easier access to foreign capital and by enabling smoother transfer of ownership. RBI Governor Raghuram … Continued

Bank of Baroda scam: RBI tells banks to conduct internal audit

All public sector and private banks have been asked by the Reserve Bank of India to conduct a “thorough internal audit” and put the report before their respective audit committees, as part of the central bank’s efforts to check fraudulent … Continued

Foreign investment quality improves substantially with PM Narendra Modi’s Make in India push

The quality of foreign investment coming into the country has improved substantially, according to Reserve Bank of India data. Much of this is foreign direct investment (FDI) materialised in the September 2014-November 2015 period after Prime Minister Narendra Modi launched … Continued

Gujarat has 2nd highest share in proposed MSMEs

Gujarat has garnered second highest share (16%) in over 3.62 lakh entrepreneurs memorandum (part-II) filed by micro, small and medium enterprises (MSMEs) across India, as of financial year 2013-14. In this, Gujarat ranks only after Tamil Nadu (32%), according to … Continued

Bank Branch Auditors’ Panel for the year 2015-16 – (11-01-2016)

  MEFICAI Bank Branch Auditors Panel 2015-16 The ICAI has announced Draft Bank Branch Auditors’ Panel for the year 2015-16 and the same is hosted at MEFICAI website(http://www.meficai.org). To view the category of firm, please click on the relevant range … Continued

Startups enjoy 3 years tax holiday over a five year window

If a startup claims benefit in first year & does not make profit in next two years, it can still enjoy tax exemption on profit in fourth and fifth year The three-year tax holiday proposed for startups in India will … Continued

Post Bank likely to handle DBT schemes

The entire direct benefit transfer (DBT) scheme for distribution of government subsidy is likely to be handled by the Post Bank — the new payments bank which will be under the Department of Posts. The entire direct benefit transfer (DBT) … Continued

Government approves conversion of MUDRA into bank

The Cabinet today approved conversion of MUDRA Ltd, an NBFC, into MUDRA Bank and also setting up of a Credit Guarantee Fund for loans disbursed under the Pradhan Mantri Micro Units Development Refinance Agency (MUDRA) Yojana. Prime Minister Narendra Modi … Continued

Govt gets Rs 2,428 cr from black money disclosures

The national exchequer received Rs 2,428.4 crore in payments from disclosures made during a three-month long compliance window under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act last year, bolstering tax revenue collections. This is … Continued

India Inc takes to social causes (CSR)

The move to make corporate social responsibility (CSR) spending mandatory has resulted in a spurt in social spending by India Inc. Spending on CSR activities by the top 100 companies increased to Rs 5,240 crore in 2014-15. The figure had … Continued

SEBI puts in place new form for ASBA

With a checklist regime kicking in for initial public offerings (IPOs), capital markets regulator the Securities and Exchange Board of India (SEBI), has put in place a new form for ASBA (Application Supported by Blocked Amount) facility. ASBA facility has … Continued

Government extends tax residency rule – Place of Effective Management

A deadline for comments on the draft guidelines to determine the tax residency of a foreign company has been extended to January 9. The government felt the need to determine a company’s place of effective management due to lack of … Continued

Government plans to make PAN as Business Identification Number for companies and firms

In a step towards a single-window clearance mechanism at the central level, the government plans to make the permanent account number ( PAN ) as the Business Identification Number (BIN) for companies and firms. The move is aimed at doing … Continued

SEBI to allow soon mutual funds sale on e-commerce platforms

SEBI Chairman, U K Sinha said sale of mutual funds on e-commerce platforms could become effective in a month, a move which will help deepen the respective market. He said sale of mutual funds on e-commerce platforms could become effective … Continued

MCA extends last date of filing of AOC-4 and MGT-7 E-Forms to 30.01.2016 to Tamil Nadu & Pondicherry

The Circular from Ministry of Corporate Affairs extends one more month time, for Annual Filings of MGT -7 , Annual Return & AOC-4, Audited Financial Statements, without additional fees, to Tamil Nadu & Pondicherry, which were affected by floods. The … Continued

Fraud reporting norms increase responsibility on auditors: Report

Statutory auditors will now have to mandatorily report to the Centre all corporate frauds amounting to Rs. 1 crore or above.   By specifying a threshold of Rs. 1 crore, the Corporate Affairs Ministry (MCA) has now done away with … Continued

SEBI relaxes listing, fund-raising norms for startups

In a major boost for startups, capital markets regulator SEBI has relaxed its regulations for them to list and raise funds through a dedicated platform on domestic stock exchanges, rather than going overseas. Under the new norms approved by SEBI’s … Continued

BSE plans platform for listing startups, easy access to capital

Leading stock exchange BSE has set up an advisory group to suggest ways to develop BSE Hi-Tech, a platform to help startups list and access capital from sophisticated investors in the securities market. The 13-panel group, which held its first … Continued

Make in India: DIPP looks to include micro, small and medium industries in startup definition

The government is considering a proposal to include micro, small and medium enterprises (MSMEs) in its definition of startups to help boost the Make in India campaign. Various government departments have held a series of brainstorming sessions to discuss the … Continued

Integrated e-Form INC-29 for Company Incorporation and Ease of doing business

Analysis of integrated e-Form INC-29 for Company Incorporation and Ease of doing business With the introduction of the INC-29, the Ministry of Corporate Affairs (MCA) has begun to make good on its promise to improve India’s ranking on the World … Continued

Government wants to reduce time for registering company

During the past one year, Corporate Affairs Ministry has taken a number of steps, and is further streamlining processes and regulatory framework, to reduce the overall time taken for incorporating a company as a part of ‘ease of doing business’ … Continued

Singapore pips Mauritius as India’s top FDI source

Singapore has replaced Mauritius as the top source of foreign direct investment (FDI) into India during the first half of the current financial year. During April-September 2015, India has attracted $6.69 billion (Rs 43,096 crore) FDI from Singapore while from … Continued

Smart cities to boost Internet of Things market in 2016: Gartner

The smart cities planned by the government will use nearly 1.6 billion of connected things or Internet of Things (IoT) by 2016, an increase of 39% from 2015, Gartner said in a report.   IoT is the network of physical … Continued

Banks on takeover drive of defaulting companies

Banks are taking over companies under the strategic debt restructuring (SDR) scheme and forcing defaulters to sell assets. On November 30, banks announced the conversion of Rs 15,000 crore of Gammon India’s loans into equity. On the same day, they … Continued

IMF Approves Reserve-Currency Status for China’s Yuan

The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan. The International … Continued

Yes Bank invokes United Breweries’ shares worth Rs 778 cr

Private sector lender Yes Bank has invoked 3.02 percent stake of United Breweries , pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group, by selling shares worth Rs 778 crore.   The move comes after State Bank of … Continued

Bandhan Bank starts disbursing loans

Bandhan Bank Chairman and Managing Director Chandra Shekhar Ghosh has started disbursing regular loans, although at a muted pace, on steady deposit mobilisation. The bank is offering retail, small and medium enterprises and agriculture loans. Housing loans have been capped … Continued

Government to set up new agency to probe corporate accounting frauds

The government will soon set up a specialised agency to investigate large corporate accounting frauds. It is keen to establish a robust mechanism for faster inquiries into scams such as the one at Satyam Computer Services, which overstated earnings for … Continued

Failure to implement reforms may hamper India investment: Moody’s

A failure to implement reforms in India could hamper investment amid weak global growth, global ratings agency Moody’s Investors Services cautioned on Wednesday. It said it was highly unlikely that major reforms would be enacted in the upper house of … Continued

Govt to further simplify ITR forms, sets up committee

The government is looking to further simplify income tax return forms to help taxpayers fill them without seeking help from experts and the revenue department has set up a committee in this regard. The committee, according to sources, will be … Continued

France supports India’s global solar alliance

France has said that it supports India’s plans to set up an international solar alliance to promote access to low-carbon energy. Prime Minister Narendra Modi is slated to launch the initiative at the forthcoming climate meet (COP-21) in Paris. “We … Continued

Singapore to focus more on economic activities in India: Experts

Singapore will further strengthen its bilateral trade ties with India through the “strategic partnership” the two countries will establish during Prime Minister Narendra Modi’s visit here next week, according to experts.   “The strategic partnership means bringing the relationship between … Continued

Finance ministry raises duty drawback rates for exports for engineering, marine, leather and textiles

As exports fell for the 11th month in a row in October 2015, the government on Monday increased the refunds to exporters on duties on imports, particularly those relating to engineering products. This would also neutralise the impact of import … Continued

Want to partner India in smart cities: Huawei

Chinese technology major Huawei wants to partner India in helping it build Information and Communications Technology (ICT) infrastructure for the development of smart cities, a senior company executive said at the Huawei Innovation Day Asia, co-hosted with National University of … Continued

India, UK strike 3.2 bn pound deal on energy, climate change

Ahead of the Paris climate summit, India and Britain have agreed on a comprehensive package of collaboration on energy and climate change which includes commercial deals worth 3.2 billion pounds. During Prime Minister Narendra Modi’s ongoing UK visit, the two … Continued

Commerce ministry firming up Africa-focused export strategy

The commerce department is firming up an export strategy focused on Africa, giving a new dimension to the government’s strategic push for ties with the continent that could offer a large market for Indian goods at a time of slowing … Continued

SEBI cuts IPO paperwork drastically

From December 1, companies filing for a public issue of securities (IPO/FPO and the like) have to come out with abridged prospectus containing all material and appropriate information on the issue to enable informed decision-making by investors. Amending its public … Continued

Relaxed tax residency rules to help MNCs

Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted … Continued

Ease of doing business in India – Related Party Transactions

Related party Transactions. As part of its ongoing efforts to improve ease of doing business in the country, the Corporate Affairs Ministry has notified changes that further relax compliance requirements. As another major step, the Companies Amendment Act, 2015 addresses … Continued

ECB boost for India, world markets

The Indian markets on Friday climbed to a two-month high after a rally in global equity markets in the wake of the European Central Bank (ECB) hinting at fresh stimulus measures. Most Asian markets ended up a little over one … Continued

SEBI introduces uniform format of Listing Agreement for listed companies

SEBI introduces uniform format of Listing Agreement for listed companies Markets regulator SEBI today issued uniform listing agreement format incorporating the revised disclosure and regulatory requirements applicable for all listed entities. The new listing regulations allow listed companies to seek … Continued

Government to unveil new I-T tool to check PAN transactions history

Government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail. The digital … Continued

India, Singapore to sign strategic partnership pact during PM’s visit

Taking their bilateral ties to the next level, India and Singapore are expected to sign a strategic partnership pact during prime minister Narendra Modi’s visit to that country from November 23 to 25. The broad contours of the agreement were … Continued

Start-up investments in India to see three-fold rise to $6.5 bn in 2015: Nasscom

India will witness about $6.5-billion (Rs 42,300 crore) funding in start-ups this year, as global investors look at investing in firms that build products and solutions for the local market, while using them for emerging markets in Asia, Africa and … Continued

Vodafone gets a reprieve in Rs. 8,500-cr transfer pricing case

The Bombay High Court on Thursday gave a favourable ruling to Vodafone in the transfer pricing case related to the sale of the company’s call-centre business to Hutchison and assignment of call options to Vodafone International. The tax dispute, which … Continued

STPI to sponsor over 100 start-ups for CeBIT show

To promote domestic start-up companies, state-run Software Technology Parks of India (STPI) will sponsor over 100 such new age IT firms during the three-day CeBit India exhibition, which is scheduled to begin from October 29 in Bengaluru. “We are collaborating … Continued

India signs 16 advance pricing pacts with MNCs

The income tax department has signed 16 advance pricing agreements (APAs) with multinational companies (MNCs) so far, exempting their transactions with local units from rigorous tax audits. APAs were introduced to give tax certainty to MNCs that agree on certain … Continued

Additional Fees for delay in e-filing under Companies Act, 2013

MCA had changed the structure of Additional Fees to be levied for delay in filing E Forms over the companies while filing their Balance Sheet and Annual Returns with concerned Registrar of Companies through MCA Portal. Such change of Additional … Continued

Income Tax department to use email for issuing notices

In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to … Continued

Corporate tax exemptions phase-out may end MAT

The Minimum Alternate Tax (MAT) could be phased out after some years, if and when all corporate tax exemptions and deductions are phased out. This could take at least seven or eight years. If it happens, experts agree, it would … Continued

Govt may open educational, legal services to foreigners

The government is planning to open its education and legal services to foreigners, a move aimed at boosting the country’s services sector. In a country like India, “this (the liberalisation of the services sector) is to be slow and should … Continued

Ease of doing business: Minimum Capital requirement, etc scrapped.

Companies Amendment Act, 2015 has brought in certain provisions making way for Ease of doing business in India. The Cabinet, chaired by Prime Minister Narendra Modi, had approved the changes in various provisions of the new Companies Act, 2013, which … Continued

Schedules of Companies Act, 2013 and the corresponding provisions under Companies Act, 1956

    Table containing Schedules of Companies Act, 2013 as notified up to date and corresponding provisions thereof under Companies Act, 1956 Note: This is a ready reckoner for the information of stakeholders. Please refer to the relevant notifications and … Continued

Incorporation of Companies under Companies Act, 2013

Steps for Incorporation of company under Companies Act, 2013   Obtaining Digital Signature Certificate For the Directors of the company, we have to obtain the Digital Signature Certificate (DSC). For the DSC, the following documents are required: For Indian Nationals: … Continued

Valuation of Business under DCF Method

Valuation of Business under DCF Method Valuation of enterprise is a complex assessment of the intrinsic value of a business enterprise, based on the strength of historic performance, present value and the future potential taking various factors in to account. … Continued

Ease of doing business: No need for certificate of commencement of business for companies

Ease of doing business: No certificate of commencement of business required for companies The government has done away with this requirement, taking another step to ease doing business in India. The Cabinet, chaired by Prime Minister Narendra Modi, had approved … Continued