E India CA

Professional Updates for Chartered Accountants

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RBI imposes Rs8.5 crore monetary penalty on 11 banks including SBI, PNB, BoB

The Reserve Bank of India imposed monetary penalty on eleven banks for non-compliance with provisions of "Frauds classification and reporting by commercial banks and select financial institutions (FIs)". Public sector banks such as State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are among those who have...

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Eco Survey pegs FY20 GDP growth at 7%, sees rebound in investment cycle

The Economic Survey 2019 on Thursday projected a rosy picture for the economy, saying it will grow at a healthy 7 per cent this financial year, riding a stable macro environment. The survey forecast a rebound in investment cycle in FY20. “The investment rate seems to have bottomed out,” it suggested, adding that “green shoot...

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Everyone wants a tax cut in Budget 2019: Here’s what’s feasible

NEW DELHI: India’s rural economy is stressed, and the consumption story is falling apart. As the growth drivers slow, public spending needs greater attention than ever. Finance Minister Nirmala Sitharaman has a daunting task to keep everyone happy, even as revenues fall short of expectations and fiscal deficit is on the brink. ...

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A few income tax changes interim budget 2019 announced for salaried class

Even though it was an interim budget in Feburary 2019, the then Finance Minister Piyush Goyal announced a few changes in the area of income tax for the salaried class. Before Goyal's successor, Nirmala Sitharaman, announces her first Union Budget on Thursday, here's a brief overview on the relief provided to the salaried class in th...

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Despite NBFC crisis financial system stable; NPAs fall to 9.3% in FY19: RBI report

MUMBAI: The country's financial system "remains stable" despite recent setbacks and the NPA cycle has "turned around" with a sharp reduction in the ratio of dud assets to 9.3 percent, the Reserve Bank said Thursday in the Financial Stability Report.   The non-performing assets has "turned around" with a sharp fall in the system-wid...

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Govt widens scope of direct tax code to make compliance easier for taxpayers

New code will have provisions for GST authorities, customs officials, and the financial intelligence unit to share information, says the order The move to make income tax compliance easier by cutting red tape indicates that direct tax reform is high on the agenda of the Modi administration The government on Wednesday widened...

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Cabinet approval for changes in 35 year old Consumer Protection Act, 1986

नई दिल्ली. केंद्रीय मंत्रिमंडल ने सोमवार को कंज्यूमर प्रोटेक्शन एक्ट 1986 में बदलाव को मंजूरी दे दी है। इस संशोधित बिल में ग्राह...

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ITR Filing: changes that will impact the tax filing

Delayed Form 16 You will not be getting your Form 16 on time this season. “When employers deduct TDS they have to deposit it to the government and submit Form 24Q for the same. The format of Form 24Q and Form 16 recently changed," said Archit Gupta, founder, Cleartax. The government has hence revised the due date of submission o...