E India CA

Professional Updates for Chartered Accountants

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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 ...

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SBI cuts MCLR across all tenors by 5 bps

The State Bank of India (SBI), announced on Friday that it has reduced its marginal cost-based lending rate (MCLR) by 5 bps across all tenors. According to a press release issued by the bank, after the 5 bps cut, the 1-year MCLR will come down from 8.5 percent per year to 8.45 percent. "As a result, interest rates on all loans linked...

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Policy to boost exports on anvil as trade deficit hits new high of $176 bn

The Central Board of Indirect Taxes and Customs (CBIC) has set up a working group to look into export promotion policy,the impact of free trade agreements (FTAs) signed by India,tariff concessions vis-à-vis non-tariff barriers faced by exporters, and facilitating e-commerce exports. “We are looking into issues faced by exporter...

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India delays May order for Iran oil, awaits clarity on US sanctions waiver

India, Iran's top oil client after China, was allowed to buy about 9 million barrels a month Since November only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been buying Iranian oil  Indian refiners are holding back from ordering Iranian oil for loadi...

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What investors should look for in March quarter results

Corporate earnings have been a constant source of disappointment for many quarters now. However, the tide seems to be turning. Bloomberg’s one-year forward consensus estimates for the Nifty’s earnings per share (EPS) are heading north (see chart). The optimism is driven by the improving health of banks and expanding liquid...

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RBI cancels licences of 31 NBFCs

NBFCs have been under pressure due to fears of a liquidity crisis, high valuations and asset liability mismatches. The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs). The move comes days after the central bank eased liquidity norms for banks in order to releas...

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GST Return Filing: Companies Staring At Huge Loss Of Tax Credit

Reconciliation of what a buyer bought and a seller sold was supposed to be the bedrock of availing input tax credit under the Goods and Services Tax. The absence of a mechanism that would’ve enabled taxpayers to reconcile invoices may now lead to the loss of significant amount of tax credit, experts told BloombergQuint. Inpu...