E India CA

Professional Updates for Chartered Accountants

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Budget 2019: Good opportunity to improve investor confidence

In order to meet its commitment of making the corporate tax rate in India comparable with other Asian economies by 2019, the govt should make 25% as the single rate of tax for all firms The government is expected to introduce the Direct Tax Code (DTC) in line with internationally accepted best practices The voters have del...

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Two creditors take Jet Airways to NCLT

Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd have filed two separate insolvency pleas against Jet Airways The insolvency petitions may push other lenders to join the petition as financial creditors for recovery of their dues With banks still making efforts to revive cash-strapped Jet Airways, two operational creditors have ...

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Companies to take GST audit exam; Experts want no penal action

NEW DELHI: India Inc. is gearing up to face the first test of their goods and services tax filings, with the authorities looking to initiate audits by picking up returns for risk-based assessment from July. “There is a direction that the audits should begin in July,” a government official said. The audit is significant because ...

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No anticipatory bail, GST violators can be arrested without FIR, clarifies SC

The Supreme Court suggested to the high courts on Wednesday not to grant anticipatory bail to those who default on the goods and services tax, reminding them that the SC has upheld the Telangana HC’s decision not to grant bail to such defaulters. A division bench of the Telangana HC had on April 18 upheld the authority and power o...

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New NBFC norms may affect credit growth, trigger consolidation

Acentral bank proposal to introduce liquidity buffers for non-banking financial companies (NBFCs) may crimp their ability to lend in the short term and trigger consolidation among weaker non-banks. The Reserve Bank of India (RBI) on 24 May said it planned to implement liquidity coverage ratio (LCR) in a phased manner over four...

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Day after Narendra Modi’s big victory, foreign funds bought Indian bonds

Modi’s re-election put to rest any uncertainty about a diverse group of political parties coming to power at a time when growth is already slowing Global investors piled a net $216.3 million into Indian bonds Global investors piled a net $216.3 million into Indian bonds on Friday, the day after Prime Minister Narendra Modi’s s...

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Benchmark bond yield at over 1-year low; here’s what investors may expect

The benchmark 10-year bond yield on Monday fell to the lowest level in over a year tracking decline in the crude oil prices and fresh OMO announcement by the RBI. The benchmark 10-year bond yield on Monday fell to the lowest level in over a year tracking decline in the crude oil prices and fresh OMO announcement by the RBI. The y...

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New direct tax code draft by July-end

Finance minister Arun Jaitley extends deadline till 31 July for a task force to come up with a new draft direct tax codeThe proposed new direct tax code will replace the Income Tax Act of 1961NEW DELHI: The government on Friday gave two months extra time to a task force comprising tax officials and outside experts to come up with a ...