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Govt. issues strict direction to deal with Fugitive Economic Offenders

The Government issued directions to deal with wilful bank loan defaulters or fugitive economic offenders. For this a Look Out Circular (LOC) can be...

Palm Oil Fruit is also Fruit: CESTAT allows GTA Exemption [Read Order]

Mere Existence of Mixed Fund do not Automatically attract Disallowance u/s 14A: Gujarat High Court...

CAIT demands HRD Minister to include GST in Curriculum

GST applicable on Whole Amount of Maintenance Charges collected by RWA If It exceeds Rs. 7500: CBIC...

Govt. takes Steps to reduce Incidence of Frauds in Banks

The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued “Framework for timely...

Finance Bill 2019 empowers RBI to supersede the Board of an NBFC

Amendments to give more powers to RBI to regulate NBFCs form part of Finance Bill, 2019, which has been introduced in the ongoing Budget Session 2019 of Parliament. The proposed amendments would...

Banks collected Rs 9,721 cr in Minimum Balance Penalty

According to Reserve Bank of India (RBI) guidelines, banks do not have any Minimum Balance requirement for Basic S - avings Bank Deposit accounts (BSBD), including accounts opened under Pradhan Mantri...

CBDT continues follow up in cases connected with J&K Bank

The Central Board of Direct Taxes ( CBDT ) has been actively pursuing leads found in the actions taken against the J&K Bank and its erstwhile Chairman, Sh. Parvez Ahmad. In another such follow-up...

Income Tax Department to celebrate Aaykar Diwas 2019

The Central Board of Direct Taxes (CBDT) and all field offices will be observing and celebrating the 159th Income Tax Day i.e. AaykarDiwas on 24th July, 2019. It was on 24th July, 1860 that Income Tax...

Income Tax Return filing Date Extended [Read Order]

The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns to 31st August 2018 from this July 31st. As the due date has been coming closer, the Board had...

ICMAI gets New President and Vice President

The Institute of Cost Accountants of India ( ICMAI ) has elected CMA Balwinder Singh and CMA Biswarup Basu as the new President and Vice President of the Institute. CMA Balwinder Singh is a Fellow...

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