E India CA

Professional Updates for Chartered Accountants

By

‘Please take it’: Vijay Mallya offers to ‘repay 100%’ to banks

Businessman Vijay Mallya, undergoing extradition trial in a UK court over fraud and money laundering charges by Indian authorities, has offered to pay back “100% of the principal amount” owed to banks. In a series of tweets, Mallya, said: “I am offering to pay 100% back. I humbly request the banks and government to take it.” ...

By

New direct tax code won’t change income tax slabs, rates

Prime Minister Narendra Modi’s parting shot in policymaking before 2019 Lok Sabha elections—the draft direct tax code—is likely to be a strong message about stability and certainty in taxation rather than any structural shift. The tax code, therefore, will not propose tax rate changes or tax slab revisions. Instead, it will...

By

New I-T draft by Feb 28; Finance Ministry names task force head to write direct tax code

Ahead of the interim Budget and general elections early next year, finance minister Arun Jaitley on Monday held a closed-door meeting with industry captains to discuss the current economic environment and the steps being taken by the government to address emerging issues. The meeting was organised by industry body CII. Later in th...

By

UP RERA issued show cause notices to 12 builders for diverting Rs. 3,000-Crore funds based on report submitted by Currie & Brown

The Uttar Pradesh Real Estate Regulatory Authority or UP RERA has issued show cause notices to almost a dozen real estate developers who have allegedly diverted about Rs 3000 crore to Rs 4000 crore worth of home buyers’ money and delayed completion of housing projects, sources said. “We are in the process of issuing show cause n...

By

Govt can’t take away RBI reserves without amending RBI Act

The government cannot force the central bank to part with its reserves without an amendment to the Reserve Bank of India Act, 1934, a person aware of the matter said. Under Section 47 of the RBI Act, only surplus profits can be transferred, and transferring reserves will require an amendment to the Act. Section 47 says that “aft...

By

The Central Government has notified the NAFRA: National Financial Reporting Authority Rules, 2018 on the 13th of November 2018.

In exercise of the powers  conferred under sub section (2) and  (4) of section 132, sub section (1) of section 139 and sub section (1) of  section 469 of the  Companies  Act , 2013 (18 of 2013), the  Central Government has made  the National  Financial Reporting Authority  Rules, 2018. Ministry of Corporate Affairs has notif...

By

Modi launches APIX technology; what it is, how it will help 2 billion people without bank accounts globally

In a bid to reach two billion people worldwide who are still without bank accounts, Prime Minister Modi launched the APIX (Application Programming Interface Exchange), a banking technology platform in Singapore Wednesday. The technology platform was launched by Modi along with Deputy Prime Minister of Singapore T Shanmugaratnam ...

By

Demonetisation: 80,000 being chased by I-T for large cash deposits

The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash dur...