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RBI's hiring a CFO - Here’s your chance to earn Rs 4 lakh a month
Posted Date : 16-May-2017 , 10:30:01 am | Posted By CASANSAAR

If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director. This is a first by the central bank as till now, it did not have a dedicated official ...

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Category : RBI | Comments : 0 | Hits : 1588

Need to eliminate AD HOCISM in auditor selection at PSBs: ICAI
Posted Date : 13-May-2017 , 06:27:21 am | Posted By CASANSAAR

A centralised system for auditor selection at public sector banks will help do away with "ad hocism", chartered accountants' apex body ICAI has said amid concerns over alleged malpractices in the whole process. In the wake of the concerns flagged by the Institute of Chartered Accoun...

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Category : Bank Branch Audit | Comments : 0 | Hits : 730

Central Govt notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals
Posted Date : 13-May-2017 , 06:18:12 am | Posted By CASANSAAR

The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:   An individual who is residing in...

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Category : PAN | Comments : 0 | Hits : 296

GST registration set to re-open on June 1
Posted Date : 12-May-2017 , 09:46:20 am | Posted By CASANSAAR

With one-fourth of taxpayers yet to enrol for the Goods and Services Tax (GST), the government has decided to reopen the I-T?window from June 1 for 15 days, so as to help firms switch over to the new regime from July, said Revenue Secretary Hasmukh Adhia. GST is set to roll out from July 1, and 6...

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Category : GST | Comments : 0 | Hits : 963

All ITR forms are now available online, e-file your income tax returns
Posted Date : 11-May-2017 , 08:21:41 pm | Posted By CASANSAAR

If all your documents are in place, you can now e-file your tax returns, as all the income-tax return (ITR) forms for assessment year (AY) 2017-18 are available online at the income tax department’s e-filing website www.inometaxefiling.gov.in. The income tax department has been uploading th...

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Category : ITR | Comments : 0 | Hits : 243

Income Tax dept launches new e-facility to link your Aadhaar with PAN
Posted Date : 11-May-2017 , 08:12:50 pm | Posted By CASANSAAR

Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website  No need to login or be registered on the E-filing website for linking    The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadh...

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Category : Income Tax | Comments : 2 | Hits : 668

CBDT invites comments from stakeholders on Draft ICDS on Real Estate Transactions
Posted Date : 11-May-2017 , 08:11:13 pm | Posted By CASANSAAR

  Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017    The Committee constituted by the Finance Minister to suggest the areas in respect of which further I...

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Category : CBDT | Comments : 0 | Hits : 240

Revenue Secretary reviews IT preparedness for GST roll-out
Posted Date : 11-May-2017 , 08:07:25 pm | Posted By CASANSAAR

Revenue Secretary Hasmukh Adhia today held detailed review of IT-Preparedness for the roll-out of Goods and Services Tax (GST) from 1st of July this year.  Mr Adhia also reviewed GST System preparedness of Goods and Services Tax Network and Central Board of Excise and Customs. He expressed s...

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Category : GST | Comments : 1 | Hits : 146

GST enrolment to restart in a few weeks: FinMin
Posted Date : 10-May-2017 , 08:08:22 am | Posted By CASANSAAR

The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal, which was suspended on April 30, will start again in a few weeks, the revenue department said today. More than 60 lakh taxpayers enrolled on the GST portal between November 8, 2016 and April 30, 2017. The enrol...

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Category : GST | Comments : 0 | Hits : 635

CBDT chairman Sushil Chandra gets one-year extension
Posted Date : 10-May-2017 , 07:59:29 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra, whose current term was until June 1, has been given a one-year extension, a cabinet communique said on Monday. "The Appointments Committee of the Cabinet (ACC) has approved the proposal for re-appointment of Sushil Chandra as Chai...

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Category : CBDT | Comments : 0 | Hits : 182

Enforcement Directorate, I-T department set to get more powers
Posted Date : 09-May-2017 , 04:27:39 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) and the Income Tax Department are set to get more teeth, with the Centre planning to empower the two agencies to auction assets of defaulters or those involved in money laundering, according to a report in Business Standard. The ED’s existing powers allow it...

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Category : Income Tax | Comments : 0 | Hits : 317

GST professionals getting huge salary hikes ahead of tax roll out
Posted Date : 09-May-2017 , 10:35:25 am | Posted By CASANSAAR

As salary increments across Indian industries fall to, on average, single-digit percentage figures, goods and services tax (GST) professionals are bucking the trend, taking home hefty mid-term bonuses and increments for moving within the organisation into the GST team.  GST, the nation's...

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Category : GST | Comments : 0 | Hits : 1464

Quarterly filing of returns not workable under GST - FM
Posted Date : 09-May-2017 , 10:30:59 am | Posted By CASANSAAR

Finance Minister Arun Jaitley on Monday said that the quarterly filing of returns under the Goods and Services Tax (GST) was not workable for taxpayers above Rs 50 lakh turnover.  "For all tax payers it is not workable to have quarterly return because input tax credit has to be given ev...

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Category : GST | Comments : 0 | Hits : 857

Goods And Services Tax scheduled for July 1 Rollout - FM
Posted Date : 09-May-2017 , 10:25:41 am | Posted By CASANSAAR

The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today.  Hailed as the biggest tax reform since India'...

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Category : GST | Comments : 0 | Hits : 543

Invoice matching mechanism in GST to check frauds - FM
Posted Date : 09-May-2017 , 10:19:40 am | Posted By CASANSAAR

Union Finance Minister Arun Jaitley has said the invoice matching mechanism in the Goods and Services Tax, which will be rolled out from 1st of July, will help curb fake bill frauds.  In a letter to Congress Rajya Sabha member Digvijaya Singh, Mr Jaitley said there is only one GST retur...

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Category : GST | Comments : 0 | Hits : 1117

ICAI asks auditors to ensure proper disclosure on junked notes
Posted Date : 07-May-2017 , 07:37:48 pm | Posted By CASANSAAR

Chartered accountants’ apex body ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving canceled notes post demonetisation till December 30, 2016. Companies are required to disclose details about transactions involving scrapped notes fro...

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Category : ICAI | Comments : 0 | Hits : 911

CBI detects over 300 shell companies used to divert money worth Rs 2,900 cr
Posted Date : 07-May-2017 , 07:15:46 pm | Posted By CASANSAAR

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years. CBI sources said the shell companies were allegedly being used by the accused to divert lo...

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Category : Black Money | Comments : 0 | Hits : 512

GST will make domestic companies more competitive
Posted Date : 07-May-2017 , 07:12:40 pm | Posted By CASANSAAR

Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. "Unlike in other countries, the transition to the new tax regime would be smoo...

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Category : GST | Comments : 0 | Hits : 235

RBI advises PSBs to have fair system for branch auditor appointments
Posted Date : 07-May-2017 , 07:10:24 pm | Posted By CASANSAAR

The Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors. Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to aud...

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Category : Bank Branch Audit | Comments : 1 | Hits : 1680

CAs move Madras HC against Rs 10,000 penalty provision
Posted Date : 06-May-2017 , 09:20:27 pm | Posted By CASANSAAR

The provision of Rs 10,000 penalty against chartered accountants (CAs) for each wrong certification or report, introduced in Finance Act 2017, has been challenged in Madras High Court. The court has accepted the objection and has asked the Central Board of Direct Taxes (CBDT) and the government t...

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Category : CA | Comments : 0 | Hits : 575

RBI makes substantial changes in norms for dealing with stressed loans
Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR

RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...

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Category : RBI | Comments : 0 | Hits : 196

RBI gets proactive to tackle India's Rs.7 Lakh crore bad loans pileup
Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR

In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...

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Category : RBI | Comments : 0 | Hits : 425

GST council’s sub-panel to fix tax rates of goods, services by weekend
Posted Date : 03-May-2017 , 09:30:29 am | Posted By CASANSAAR

 The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unif...

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Category : Income Tax | Comments : 0 | Hits : 475

GST Network starts pilot testing of filing of returns
Posted Date : 03-May-2017 , 09:28:51 am | Posted By CASANSAAR

Gearing up for the roll-out of the country’s largest tax reform, the Goods and Services Tax Network (GSTN) is carrying out a pilot test on return filing. “It will be a live test using 4,000 taxpayers and will be conducted over this fortnight,” said a senior official. Once the...

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Category : GST | Comments : 0 | Hits : 545

UP Cabinet approves implementation of GST
Posted Date : 03-May-2017 , 09:26:32 am | Posted By CASANSAAR

The Uttar Pradesh Cabinet on Tuesday approved the implementation of the Goods and Service Tax in the State and the bill associated with it will be tabled in the Assembly session commencing on May 15. If the Assembly ratifies the Bill, Uttar Pradesh will become the fifth State after Jharkhand, Telang...

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Category : GST | Comments : 0 | Hits : 174

MP becomes 1st state to shift to January to December financial year
Posted Date : 03-May-2017 , 09:23:36 am | Posted By CASANSAAR

In Madhya Pradesh, a one day special sitting of the state legislative assembly is being held today to pass the Madhya Pradesh Goods and Services Tax Bill.  The State Legislative Assembly Secretariat said that this sitting will be a part of the Budget Session of the legislative assembly. The ...

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Category : Accounts | Comments : 0 | Hits : 517

Mr. Anthony Lianzuala takes over as the New Controller General of Accounts (CGA)
Posted Date : 02-May-2017 , 10:52:36 am | Posted By CASANSAAR

Mr. Anthony Lianzuala took over as the New Controller General of Accounts (CGA) in national capital here today. Earlier, the Government of India had appointed Mr. Anthony Lianzuala, a 1982-batch Indian Civil Accounts Service (ICAS) Officer, as the new Controller General of Accounts (CGA), Department...

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Category : Accounts | Comments : 0 | Hits : 215

Extension of last date for submission of Application Forms in respect of CPT June, 2017 Exams - ICAI
Posted Date : 02-May-2017 , 10:26:04 am | Posted By CASANSAAR

1st May, 2017 CPT is scheduled to be held on 18th June, 2017. Students who have registered for the Common Proficiency Course on or before 3rd April, 2017 and fulfill the eligibility requirements are eligible to apply for the exam.  The last date for submission of exam application forms ...

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Category : ICAI | Comments : 0 | Hits : 119

9 lakh registered companies not filing tax returns annually - Revenue Secretary
Posted Date : 01-May-2017 , 08:26:57 am | Posted By CASANSAAR

Close to nine lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday. The MCA has sent notices to nearly 3 lakh unlisted companies asking them to deregist...

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Category : Companies Act | Comments : 0 | Hits : 319

Aadhaar to be soon compulsory for filings under Companies Act
Posted Date : 01-May-2017 , 08:20:05 am | Posted By CASANSAAR

The Government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act. The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities are bolstering measures to deal with t...

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Category : Companies Act | Comments : 0 | Hits : 236

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