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Income Tax dept issues 1.62 cr refunds worth Rs 1.42 lakh cr
Posted Date : 14-Feb-2017 , 07:52:51 am | Posted By CASANSAAR

The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current...

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Category : Income Tax | Comments : 0 | Hits : 223

Increase in Entrance, Annual Membership, COP & Restoration Fee - ICAI
Posted Date : 14-Feb-2017 , 07:45:30 am | Posted By CASANSAAR

[TO BE PUBLISHED IN PART III, SECTION 4 OF THE GAZETTE OF INDIA, EXTRAORDINARY DATED, 9TH FEBRUARY, 2017] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA New Delhi, the 9th February, 2017 NOTIFICATION No.1-CA(7)/179/2017:- In exercise of the powers conferred under sub-secti...

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Category : ICAI | Comments : 0 | Hits : 1185

Income Tax dept extends response window on deposit details to Feb 15
Posted Date : 12-Feb-2017 , 10:26:16 pm | Posted By CASANSAAR

The Income Tax department has extended the date for replying to the queries on cash deposits during the demonetisation period till Wednesday. On 31st of last month, the tax department had launched 'Operation Clean Money' under which it had sent out SMS and e-mails to 18 lakh assessees in ...

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Category : Income Tax | Comments : 0 | Hits : 389

Newly Elected President & Vice-President of ICAI
Posted Date : 12-Feb-2017 , 10:11:01 pm | Posted By CASANSAAR

New President & Vice-President of ICAI CA Nilesh S Vikamsey & CA Naveen ND Gupta elected as President & Vice President of ICAI for the F.Y. 2017 - 18. Many Many Congrats from the team of CASANSAAR. CA.Vivek Khurana (Founder - CASANSAAR) Wi...

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Category : ICAI | Comments : 0 | Hits : 780

Differentiated tax in GST good for beverages sector
Posted Date : 12-Feb-2017 , 06:33:00 pm | Posted By CASANSAAR

Amid proposal to impose higher taxes on aerated drinks in the upcoming GST, beverages major Coca-Cola India says it will be beneficial for the sector if the government differentiates products within new indirect tax regime based on sugar/calorie content to promote public health. The Atlanta-headq...

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Category : GST | Comments : 0 | Hits : 253

Govt to take Harsh Punitive action against shell cos
Posted Date : 11-Feb-2017 , 10:09:07 am | Posted By CASANSAAR

In a major crackdown on domestic shell companies, the government today decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes. Following a review by the Prime Minister's Office, a task force with members from regulator...

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Category : Companies Act | Comments : 0 | Hits : 350

Fake currency smuggling halted post note ban - FinMin to PAC
Posted Date : 10-Feb-2017 , 11:13:54 pm | Posted By CASANSAAR

Finance Ministry on Friday informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10. According to sources, in its response to th...

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Category : Black Money | Comments : 0 | Hits : 182

CBDT chief allays fears of harassment by taxmen
Posted Date : 10-Feb-2017 , 08:13:46 am | Posted By CASANSAAR

Allaying concerns of taxmen getting powers to provisionally attach property of an assessee for six months, the tax department today said no authority has been given to any officer to harass taxpayer or abuse law and what has been provided is only to prevent evaders from selling property. "Th...

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Category : CBDT | Comments : 0 | Hits : 305

GSTN rejects CAG’s request to name Auditor, do an extra Audit
Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR

GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...

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Category : GST | Comments : 0 | Hits : 275

ICAI plans representation before govt over penalty proposal
Posted Date : 09-Feb-2017 , 08:05:38 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI will approach the government amid concerns over certain proposals under which action can be taken against members for certain violations.  The Council of the Institute of Chartered Accountants of India (ICAI) has discussed the issues. "There ...

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Category : ICAI | Comments : 0 | Hits : 388

Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR

The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...

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Category : Income Tax | Comments : 0 | Hits : 193

SMEs to pay 25 per cent tax even if Rs 50 crore limit crossed in FY17 - CBDT Chairman
Posted Date : 06-Feb-2017 , 11:37:22 pm | Posted By CASANSAAR

The I-T department on Monday said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the inco...

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Category : CBDT | Comments : 0 | Hits : 609

Taxman not to ask questions on deposits up to Rs 2.5 lakh: I-T dept
Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR

Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the income tax d...

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Category : Income Tax | Comments : 0 | Hits : 948

SC orders attachment of Sahara's Ambey Valley properties
Posted Date : 06-Feb-2017 , 11:24:10 pm | Posted By CASANSAAR

The Supreme Court has attached Ambey Valley properties in Lonavala, Pune in connection with Sahara's default in paying the money to the market regulator, SEBI.  A bench led by Justice Dipak Misra gave the direction after hearing from the counsel of Sahara and SEBI. It said, the propertie...

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Category : Finance | Comments : 0 | Hits : 163

Branch Vice Chairman will be the Chairman for the next following year - ICAI
Posted Date : 06-Feb-2017 , 09:14:37 am | Posted By CASANSAAR

ICAI have issued directions to the branches that Vice Chairman of the branch will be the Chairman of the Branch for the next following year Elevation of Vice Chairman of the Branch as the Chairman in the following year unless two-third of the members present vote to the contrary. The Managing ...

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Category : ICAI | Comments : 0 | Hits : 1286

Income tax dept scans 1-cr accounts under Operation Clean Money
Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1...

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Category : Income Tax | Comments : 0 | Hits : 330

Taxmen can dig in past 10 years of returns to unearth black money
Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR

In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh. The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...

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Category : Income Tax | Comments : 0 | Hits : 297

Hope to take GST legislations to Parliament this session - FM
Posted Date : 03-Feb-2017 , 10:20:58 pm | Posted By CASANSAAR

Keen to rollout the Goods and Services Tax by July, the government plans to take the supporting legislations to Parliament next month, Finance Minister Arun Jaitley said today. While the all-powerful GST Council has already decided on a four-slab tax structure for the indirect tax regime, the lev...

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Category : GST | Comments : 0 | Hits : 111

Possession of scrapped notes to be punishable
Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR

Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these. The Bill, to replace ...

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Category : Income Tax | Comments : 0 | Hits : 131

100% penalty on cash transaction above 3 lakh - RS
Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR

Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.  Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...

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Category : Income Tax | Comments : 0 | Hits : 1153

RBI to banks: Be quick to identify and declare fraudulent borrowers
Posted Date : 03-Feb-2017 , 08:17:08 am | Posted By CASANSAAR

Flagging instances of loan exposures getting seasoned as non-performing assets (NPAs) for three to four years before borrowers were declared as fraudulent, the Reserve Bank of India has called upon bankers to identify and declare loan accounts as fraud without wasting time. During FY16, advances-...

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Category : Banking | Comments : 0 | Hits : 237

Income Tax dept asks taxpayers to verify online deposits made post demonetization
Posted Date : 02-Feb-2017 , 10:58:52 pm | Posted By CASANSAAR

Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch. The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database t...

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Category : Income Tax | Comments : 0 | Hits : 538

Budget to ensure transparency in political funding - ICAI
Posted Date : 02-Feb-2017 , 08:24:58 am | Posted By CASANSAAR

Apex body of chartered accountants ICAI said the stringent and bold measures proposed in the Union Budget would ensure transparency in electoral funding. In the Budget, the government has proposed restricting permissible cash donation from any person to a political party at Rs 2,000, among other ...

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Category : Budget | Comments : 0 | Hits : 233

Auditors, valuers to be fined Rs 10,000 for incorrect certificate
Posted Date : 02-Feb-2017 , 08:20:32 am | Posted By CASANSAAR

Finance Minister Arun Jaitley on Wednesday proposed to penalise accountants, merchant bankers or registered valuers if they provide incorrect information or certificate. New section 271J proposed to be inserted to provide that penalty of Rs.10,000 would be levied, if an accountant or a merchant b...

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Category : Budget | Comments : 1 | Hits : 1126

Budget 2017 proposes a penalty for delayed filing of income tax return
Posted Date : 02-Feb-2017 , 08:14:54 am | Posted By CASANSAAR

Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY). “In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to prov...

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Category : Budget | Comments : 0 | Hits : 1081

Salient Features of Direct Tax Proposals in Union Budget 2017
Posted Date : 02-Feb-2017 , 07:57:51 am | Posted By CASANSAAR

The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:   I.          Affordable Housing:   1.      &nb...

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Category : Budget | Comments : 0 | Hits : 714

FM reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
Posted Date : 01-Feb-2017 , 02:32:55 pm | Posted By CASANSAAR

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.  Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.  A simple one...

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Category : Budget | Comments : 0 | Hits : 414

First combined Budget of Independent India, that includes Railways, presented
Posted Date : 01-Feb-2017 , 02:29:36 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18, in Parliament today, said that this Budget is the First combined Budget of Independent India that includes the Railways. He said that India is now in a position to synergize the inves...

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Category : Budget | Comments : 0 | Hits : 166

Political Parties have to file its ITR within the prescribed time limit
Posted Date : 01-Feb-2017 , 02:25:51 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely while presenting the General Budget 2017-18 in Parliament today said that the political party can receive maximum donation up to Rs. 2,000 in cash from one person. Proposing steps towards transparent funding of political parties...

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Category : ITR | Comments : 0 | Hits : 168

FIPB to be phased-out in the next fiscal, Bill to be tabled in Parliament soon to crack down on ponzy schemes
Posted Date : 01-Feb-2017 , 02:13:55 pm | Posted By CASANSAAR

While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister, Shri Arun Jaitley proposed that the Foreign Investment Promotion Board (FIPB) will be phased-out in the next fiscal. Expressing concern over dubious deposit schemes, Shri Jaitley said that a Bill will so...

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Category : Budget | Comments : 0 | Hits : 124

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