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Delhi HC dismisses plea against Rs 2.5 lakh withdrawal limit for weddings
Posted Date : 30-Nov-2016 , 04:58:52 pm | Posted By CASANSAAR

Delhi High Court today dismissed petition seeking relaxation in withdrawal limit of Rs 2 lakh 50 thousand for marriages and reserved its verdict on the plea saying that government has provided relaxation wherever necessary on demonetisation issue.  The plea had said, the cap of 2.5 lakh rupe...

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Category : Banking | Comments : 0 | Hits : 182

Smaller deposits to be probed only if big accounts indicate irregularities
Posted Date : 30-Nov-2016 , 08:57:57 am | Posted By CASANSAAR

The tax department will go after 'big fish' in probing deposits made in demonetised Rs 500 and Rs 1,000 notes but also intend to investigate  small deposits, including Jan-Dhan accounts, if the probe into big tax evaders gives clues for irregularities in these accounts.   “...

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Category : Income Tax | Comments : 0 | Hits : 743

FinMim invites suggestions from public for forthcoming Budget
Posted Date : 30-Nov-2016 , 08:48:51 am | Posted By CASANSAAR

Finance Ministry has invited suggestions from public for Budget 2017-18 to encourage Jan Bhagidari and make the procedure of budget formation transparent.  According to a post on 'My Gov' portal, people can submit their suggestions by 15th of next month. People can submit suggestions...

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Category : Budget | Comments : 0 | Hits : 165

PM Modi asks BJP MPs, MLAs to submit their Bank details till 31st December
Posted Date : 30-Nov-2016 , 08:47:00 am | Posted By CASANSAAR

Prime Minister Narendra Modi has asked BJP MPs and MLAs to submit details of their bank account transactions between 8th November and 31st December to party President Amit Shah. Addressing BJP Parliamentary Party meeting in New Delhi today, Mr. Modi rejected the allegation that the Income-Tax Amendm...

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Category : Banking | Comments : 0 | Hits : 427

Son has no legal right in parents' house, can stay at their mercy: Delhi HC
Posted Date : 29-Nov-2016 , 08:23:41 pm | Posted By CASANSAAR

A son, irrespective of his marital status, has no legal right to live in the self-acquired house of his parents and can reside there only at their "mercy", the Delhi high court has said. The court also said that only because parents have allowed the son to live in their house as long as...

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Category : General | Comments : 0 | Hits : 512

Government not mulling December 30 cut-off extension for cash deposits
Posted Date : 29-Nov-2016 , 08:14:28 pm | Posted By CASANSAAR

Government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes. The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes...

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Category : Banking | Comments : 0 | Hits : 183

Income tax law amendments passed by Lok Sabha without debate
Posted Date : 29-Nov-2016 , 04:26:11 pm | Posted By CASANSAAR

The Taxation Laws (Second Amendment) Bill was passed in the Lok Sabha on Tuesday without any debate amid sloganeering by the opposition parties which demanded that the government first discuss the fallout of partial demonetisation. Union finance minister Arun Jaitley, while moving the bill for co...

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Category : Income Tax | Comments : 0 | Hits : 791

RBI relaxes withdrawal limits for deposits made in legal tender
Posted Date : 29-Nov-2016 , 08:31:52 am | Posted By CASANSAAR

RBI has relaxed weekly withdrawal limits in cases where deposits are made in current legal tender notes and said, the decision has been taken as certain depositors are hesitating to deposit money in view of current limits on cash withdrawals. The withdrawal limit will increase by the amount of de...

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Category : RBI | Comments : 0 | Hits : 1018

Pay 50 pc tax on unaccounted deposits or 85 pc if caught
Posted Date : 28-Nov-2016 , 04:58:33 pm | Posted By CASANSAAR

Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught. Nearly t...

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Category : Income Tax | Comments : 0 | Hits : 860

30% tax, 10% penalty and 33% surcharge proposed on undisclosed income under demonetisation
Posted Date : 28-Nov-2016 , 03:36:01 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley on Monday tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted...

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Category : Income Tax | Comments : 0 | Hits : 968

Income tax department asks IDS declarants to pay tax by 30 November
Posted Date : 28-Nov-2016 , 08:14:48 am | Posted By CASANSAAR

With the last date for payment of tax instalment under Income Disclosure Scheme (IDS) drawing close, the income tax department on Sunday warned declarants that non-payment of first instalment by 30 November will make declarations invalid. The IDS, which was open from June to September, provided...

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Category : Income Tax | Comments : 0 | Hits : 396

Govt releases drafts of revised model GST, IGST and GST compenstion laws
Posted Date : 26-Nov-2016 , 04:54:34 pm | Posted By CASANSAAR

Government has released the Revised Draft Model GST Law, Draft IGST Law, and Draft GST compensation law in public domain.  In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalised....

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Category : GST | Comments : 0 | Hits : 793

Unaccounted deposits to attract 50% tax, 4 yr lock-in period
Posted Date : 25-Nov-2016 , 10:02:58 pm | Posted By CASANSAAR

A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly. However, a higher...

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Category : Income Tax | Comments : 0 | Hits : 1678

Deposits in Jan Dhan accounts rise to Rs 64,250 Cr
Posted Date : 25-Nov-2016 , 09:57:27 pm | Posted By CASANSAAR

Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore, with Uttar Pradesh leading the chart with Rs 10,670.62 crore deposits followed by West Bengal and Rajasthan, the government said today. The Centre also stressed that no public sector banks had given any instructions to thei...

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Category : Accounts | Comments : 0 | Hits : 222

SC to hear petitions challenging demonetisation on Dec 2
Posted Date : 25-Nov-2016 , 05:16:51 pm | Posted By CASANSAAR

The Supreme Court today fixed on December 2 the hearing on a batch of petitions challenging the constitutional validity of the decision to demonetise currency notes of Rs 1,000 and Rs 500 and the inconvenience faced by the common man due to it. A bench comprising Chief Justice T S Thakur and Just...

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Category : Banking | Comments : 0 | Hits : 287

Exchange of old Rs 500/1,000 notes to continue at RBI counters
Posted Date : 25-Nov-2016 , 05:15:52 pm | Posted By CASANSAAR

Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks. The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings ...

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Category : Banking | Comments : 0 | Hits : 205

PIL filed in HC seeking to declare demonetisation notification
Posted Date : 25-Nov-2016 , 01:22:15 pm | Posted By CASANSAAR

The Madras High Court posted a PIL, seeking a direction to the Union Government to declare as illegal the notification issued on demonetisation, for further hearing to December 15. When the PIL filed by Suchitra Vijayan, a Barrister-at-Law, came up, the first bench, comprising Chief Justice Sanja...

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Category : Banking | Comments : 0 | Hits : 187

Unaccounted bank deposits to attract 60% income tax
Posted Date : 25-Nov-2016 , 09:00:32 am | Posted By CASANSAAR

The Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, said sources. The decision was purportedly prompted by a surge in deposits — about ~20,000 crore, according to some repo...

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Category : Income Tax | Comments : 0 | Hits : 2371

ICAI recommends Joint Audits for large companies
Posted Date : 25-Nov-2016 , 08:42:02 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India is in favour of ushering in a system of “joint audits”, but only for large companies. This position of the ICAI — which is the regulator for auditors — has been conveyed to the government-appointed expert group headed by form...

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Category : ICAI | Comments : 0 | Hits : 826

Nepal bans new Indian currency notes of Rs 500 and Rs 2000
Posted Date : 25-Nov-2016 , 08:36:50 am | Posted By CASANSAAR

The Rs. 2,000 and the new Rs. 500 notes will be legal in Nepal only when India issues a notification under its Foreign Exchange Management Act. Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs. 500 and Rs. 2,000 denomination, terming them “unauthorised ...

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Category : International Business | Comments : 0 | Hits : 424

Cabinet clears amendments to Income Tax Act to tax deposits post Nov. 8
Posted Date : 24-Nov-2016 , 10:33:50 pm | Posted By CASANSAAR

Cabinet has cleared amendments in Income Tax Act, which would allow the government to tax deposits made in banks after Nov 8. Since the amount of deposits soared up after Rs 500 and Rs 1000 lost their legal tender on November 8 midnight, taxing the deposited amount would increase the revenue collect...

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Category : Income Tax | Comments : 0 | Hits : 3331

Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR

The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes. Government also extended the suspension of toll collection on all national highways till Decemb...

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Category : Banking | Comments : 0 | Hits : 230

CA, CS, CMA and Advocates can serve as insolvency Professionals
Posted Date : 24-Nov-2016 , 08:30:57 am | Posted By CASANSAAR

Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into effect from 29th November, 2016.    ...

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Category : CA | Comments : 0 | Hits : 1886

Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR

Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month. Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...

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Category : Banking | Comments : 0 | Hits : 296

SEBI eases start-up fund rules
Posted Date : 24-Nov-2016 , 08:08:23 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) today paved the way for angel funds to invest more in start-ups besides allowing foreign portfolio investors (FPIs) to invest in unlisted debt securities. The market regulator has also barred private equity funds and promoters of listed firms from...

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Category : SEBI | Comments : 0 | Hits : 160

Old Rs 500/1000 notes can be deposited in Post Office A/cs
Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR

People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday. The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. &quo...

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Category : Banking | Comments : 0 | Hits : 240

GST Council meeting rescheduled for December 2-3
Posted Date : 23-Nov-2016 , 10:14:55 pm | Posted By CASANSAAR

The GST Council meeting, which would discuss the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states -- has been rescheduled for December 2-3, an official said. The meet was earlier scheduled to be held on November 25. "The states desi...

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Category : GST | Comments : 0 | Hits : 173

Banks integrating systems with RBI, GST Network to collect tax - FM
Posted Date : 23-Nov-2016 , 08:44:52 am | Posted By CASANSAAR

Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday. Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goo...

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Category : GST | Comments : 0 | Hits : 403

Service tax waived for online train ticket booking till Dec 31
Posted Date : 23-Nov-2016 , 08:41:51 am | Posted By CASANSAAR

Train tickets booked through the IRCTC website will become cheaper from tomorrow till the end of the year as the government has waived service tax to encourage cashless transactions in the wake of the demonetisation exercise. Service tax will not be levied on tickets booked through the IRCTC webs...

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Category : Service Tax | Comments : 1 | Hits : 397

RBI eases norms for wedding cash withdrawals
Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21. The government has put a c...

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Category : RBI | Comments : 0 | Hits : 585

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