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The Central Board of Direct Taxes (CBDT) has recently announced extension of the due date for filing Income Tax Returns (ITR) for audited accounts for Asst Year 2024-25. In a recent announcement, the Central Board of Direct Taxes (CBDT) has … Continued

Through an advisory issued on September 3, 2024, the IMS is set to go live for taxpayers starting October 1, 2024, marking a significant milestone in the evolution of GST compliance procedures. Key Features of the GST Invoice Management System … Continued

An advisory has been issued on September 3,2024 by the Government of India for the recent amendment under Notification No. 12/2024 Central Tax, dated 10th July 2024, that lessens the threshold limit for the reporting of inter-state taxable outward supplies … Continued

The 53rd meeting of the Goods and Services Tax (GST) Council was held on June 22 in New Delhi. Several recommendations were made at the meet to refine tax rates and service exemptions under the GST regime. The meeting, chaired … Continued

The Ministry of Corporate Affairs (MCA) has recently extended the deadline for filing Form LLP BEN-2 and LLP Form No. 4D for Limited Liability Partnerships (LLPs). Here are the details: Background: The MCA introduced LLP BEN-2 and LLP Form No. 4D as crucial forms for declarations under … Continued

Considering the representations received by CBDT requesting for further extension of the due date for filing such Forms, the CBDT has extended the due date of filing Form 10A/ Form 10AB until 30th June, 2024 Form 10 A – Form … Continued

The amendment introduced in the Finance Act, 2023 has significant implications for eligible Trusts and institutions. Let’s delve into the key points: Eligible Donations Treatment: When an eligible Trust or institution donates to another eligible Trust or institution, the donation is … Continued

Income Tax Return Form of ITR-1, 2 and 4 are enabled to file through Online mode with prefilled data at the Income Tax e-filing portal, for Assessment Year 2024-25. In the above, the new income tax regime has become the … Continued

                                                                  ATTENTION TRUSTS/ INSTITUTIONS                         08-Mar-2024 Income of any fund or institution or trust or any … Continued

Background: Till now, only public limited companies were required to issue these securities in dematerialized form and private limited companies were exempted and hence could issue their securities in the form of a physical document. Previously, the Ministry of Corporate … Continued

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

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 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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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   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

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

  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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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 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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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 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

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

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

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 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

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

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

    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

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

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

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

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

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 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 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

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

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

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 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

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

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

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

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

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

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

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

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

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

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 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 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

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 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

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

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

  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

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

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

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 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

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

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

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

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 (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

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

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

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

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

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

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 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

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

  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

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 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

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

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

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

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

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

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 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

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

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 (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

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

  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 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

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

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

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

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

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

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

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

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

  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

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 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 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

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

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

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

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 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

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

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

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

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 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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

  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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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: 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

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 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

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

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 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

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

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 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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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

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 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 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

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

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

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

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

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

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 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

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

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

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

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 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

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

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

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

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

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

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 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

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

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 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

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 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 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

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

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

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 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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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

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

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

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 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

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

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 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