New ITR Forms and e-Filing requirements for A.Y. 2015-16
Posted Date : 18-Apr-2015 , 08:33:49 am | Posted By CASANSAAR
New ITR Forms and e-Filing requirements for A.Y. 2015-16.
I. Introduction to New Rule 12
The CBDT has notified amendment to Rule 12 of the Income-tax Rules which shall be applicable for the assessment year 2015-16.
Till assessment year 2014-15, individuals or HUFs, who were otherwise no...
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ITR |
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ITR 1, ITR 2 & ITR 4S for A.Y.2015-16 released by CBDT
Posted Date : 16-Apr-2015 , 07:08:39 pm | Posted By CASANSAAR
S.O. 1014 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Seventh Amen...
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ITR |
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CA Exams:Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015
Posted Date : 16-Apr-2015 , 05:20:04 pm | Posted By CASANSAAR
CA Exams:Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015
Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C (8) and Regulation 38C (6), respectively, of the Charter...
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CA Exams |
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Income Tax Dept launches probe into inflated equity sales by unlisted companies
Posted Date : 16-Apr-2015 , 07:08:09 am | Posted By CASANSAAR
The income-tax department, which stumbled upon a few cases of illegal share sales involving high premium payments by companies, has initiated an investigation and drawn up a massive list of private companies since 2005.
Senior I-T officials told dna that the department would soon question compa...
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Income Tax |
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Income Tax Dept Names 31 Major Tax Defaulters Who Owe 1,500 Cr
Posted Date : 15-Apr-2015 , 11:42:16 pm | Posted By CASANSAAR
Moving ahead with its strategy of 'naming and shaming' large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government.
Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem I...
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Income Tax |
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Net Neutrality - know about net neutrality
Posted Date : 15-Apr-2015 , 11:35:34 pm | Posted By CASANSAAR
Net neutrality has been in the news and on social media these day. Here are few things about net neutrality you can read to understand it better.
What is net neutrality?
A neutral internet is one in which all websites (and all types of data) are equally accessible on all internet connect...
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Net Neutrality |
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CA Exams - Important Announcement For CPT June, 2015 Examination
Posted Date : 15-Apr-2015 , 11:01:39 pm | Posted By CASANSAAR
CA Exams - Important Announcement For CPT June, 2015 Examination
The Examination Application Form for admission to CPT June, 2015 examination is available from 7th April, 2015 and 28th April, 2015 is the last date for submission of filled up examination application form. The application form is...
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CA Exams |
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ICAI Exam - Important Announcement For CPT June 2015
Posted Date : 15-Apr-2015 , 07:02:35 pm | Posted By CASANSAAR
Dated: 15th April, 2015
The Examination Application Form for admission to CPT June, 2015 examination is available from 7th April, 2015 and 28th April, 2015 is the last date for submission of filled up examination application form. The application form is available online at http://icaiexam.ica...
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CA Exams |
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RBI debuts on social media with Twitter handle launch
Posted Date : 15-Apr-2015 , 07:31:58 am | Posted By CASANSAAR
To connect directly with the citizens, the Reserve Bank of India (RBI) will send alerts about announcements from itsTwitter handle, @RBI_Official, and is also planning to have a Facebook page.
RBI has also revamped its website, and will make its presence on YouTube.
...
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RBI |
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Government to press ahead with Rs 40,000 crore tax demand on FIIs - FM
Posted Date : 15-Apr-2015 , 07:26:15 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors (FIIs) as they lost acase against levy of tax on capital gains they made.
"FIIs went to a tribunal, which is c...
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Income Tax |
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Retrospective tax loses sting; CBDT panel receives no fresh case
Posted Date : 14-Apr-2015 , 08:51:36 am | Posted By CASANSAAR
The controversial retrospective amendment to tax indirect transfers of Indian assets seems to have lost its sting with the high-level panel set up to scrutinise new cases not getting even a single reference since it was created in August last year.
"No case has been referred to the pan...
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CBDT |
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SEBI issues norms for settlement of shares via stock exchanges
Posted Date : 14-Apr-2015 , 08:28:51 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI), on Monday, issued procedures for tendering and settlement of shares through stock exchanges for takeovers, buy back and delisting of entities.
This is “to facilitate tendering of shares by the shareholders and settlement of the same,...
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SEBI |
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Satyam founder challenges fraud case verdict
Posted Date : 13-Apr-2015 , 06:47:33 pm | Posted By CASANSAAR
The founder of Satyam Computer Services, Ramalinga Raju, who was found guilty in an accounting fraudcase and sentenced to seven years' imprisonment last week, has filed an appeal to challenge the court's verdict.
Uma Maheshwar Rao, a lawyer for Raju, told R...
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Corporate Law |
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PwC Partners connived with company’s founders: CBI Court
Posted Date : 13-Apr-2015 , 08:57:34 am | Posted By CASANSAAR
The trial court of Central Bureau of Investigation (CBI) in India's largest accounting fraud at Satyam Computer has construed that the two former partners of audit firm PriceWaterhouse had 'connived' with the software outsourcer's founders in fudging accounts, a claim the audit firm ...
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Auditing |
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Rollover of mutual funds beyond 36 months not capital gains: CBDT
Posted Date : 13-Apr-2015 , 08:50:34 am | Posted By CASANSAAR
In a major relief to investors, the rollover of mutual fund fixed maturity plans (FMPs) beyond 36 months will not attract capital gains. A tax of 20 per cent will be charged at the time of redemption of plans. The Central Board of Direct Taxes (CBDT) has issued the clarification with regards to taxa...
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CBDT |
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RBI cautions on All Bank Balance Enquiry App
Posted Date : 12-Apr-2015 , 02:02:14 pm | Posted By CASANSAAR
It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What's App purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed severa...
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RBI |
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Application Guide on the provisions of Schedule II to the Companies Act 2013 - ICAI
Posted Date : 11-Apr-2015 , 01:53:12 pm | Posted By CASANSAAR
Application Guide on the provisions of the Schedule II to the Companies Act, 2013
The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India has issued the Application Guide on the provisions of the Schedule II to the Companies Act, 2013. For ...
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Companies Act |
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To Check Frauds, Government Tightens Reporting Norms for Auditors
Posted Date : 11-Apr-2015 , 07:41:37 am | Posted By CASANSAAR
To check corporate wrongdoings, the government today made it mandatory for auditors to flag off any lapses found on the company's part, including those related to frauds, inventory and asset management, outstanding dues and compliance to statutory regulations.
The order comes against the ba...
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Auditing |
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Audit firms need to be put under lens
Posted Date : 10-Apr-2015 , 08:22:24 am | Posted By CASANSAAR
As a special court sentenced B Ramalinga Raju, chairman of erstwhile SatyamComputers, to 7 years in jail along with a Rs 5 crore penalty and holding two former partners of its auditing firm Price Waterhouse accountable in the fraud case, regulatory officials, who were involved wi...
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Auditing |
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Raju brothers sentenced to 7 years in jail, fined Rs. 5.5 crore
Posted Date : 09-Apr-2015 , 11:11:54 pm | Posted By CASANSAAR
Former chairman of Satyam Computers B. Ramalinga Raju and nine other accused in the Satyam Computers scandal have been awarded seven years rigorous imprisonment and imposed varying amounts of fine by a Special Court in Hyderabad on Thursday. All the 10 accused in the multi-crore Satyam Computers acc...
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Corporate Law |
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Download CA Exams Admit Cards for CA IPCC, CA Final Exams
Posted Date : 09-Apr-2015 , 09:26:50 pm | Posted By CASANSAAR
CA Exams Admit cards in respect of all eligible candidates admitted to the Intermediate (IPC) and Final May 2015 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in.
Candidates may print their admit cards from the said website.
For downloa...
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CA Exams |
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CA Exams - Zone Shifting of Candidates for May 2015
Posted Date : 09-Apr-2015 , 12:55:01 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
April 9th, 2015
Subject: Zone-shifting of candidates for May - 2015 CA Exams
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Bengaluru, Chennai, Delhi and Mumbai some of the candidates have been allotted examinations centres i...
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CA Exams |
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ICAI Announcement - CARO report not applicable for Financial year 2014-15
Posted Date : 09-Apr-2015 , 08:30:10 am | Posted By CASANSAAR
We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors’ Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse ...
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CA Announcement |
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Monetary penalty for companies without women directors - SEBI
Posted Date : 09-Apr-2015 , 08:04:11 am | Posted By CASANSAAR
Companies, which have failed to comply with the Sebi norm of appointing at least one woman director on their board will have to pay a fine of at least Rs 50,000 which could go progressively higher depending on the period of non-compliance.
The circular issued on Wednesday said th...
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SEBI |
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Completion of Bank Branch Audits for the year 2014-15 - ICAI
Posted Date : 08-Apr-2015 , 04:06:07 pm | Posted By CASANSAAR
Bank Branch Audits for the year 2014-15
Dear Sir,
It has come to our notice that Public Sector Banks do put pressure on their branch auditors to complete their audits in the first 7 or 10 days of April itself. We strongly feel that providing such limited time for completion o...
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Bank Branch Audit |
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RBI warns companies, banks on unhedged forex loans
Posted Date : 08-Apr-2015 , 08:46:47 am | Posted By CASANSAAR
RBI Governor Raghuram Rajan warned companies against keeping their foreign currency exposures unhedged, saying they might face "big risk" in case of change in the monetary policy globally.
"They (companies) have to recognise that they are taking a big risk (by not hedging the...
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RBI |
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RBI Raises Lending Limit for Microfinance Institutions
Posted Date : 07-Apr-2015 , 10:41:15 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday allowed microfinance institutions (MFI) to lend up to Rs 1 lakh to small borrowers.
The increase in the limit was suggested by the Nachiket Mor committee on Comprehensive Financial Services for Small Businesses and Low Income Households.
The borro...
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RBI |
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Excise Dept move on service tax may make rail-based traffic costlier
Posted Date : 07-Apr-2015 , 07:01:35 pm | Posted By CASANSAAR
At a time when the Centre is trying to increase the share of rail-based traffic, an excise department move may end up shifting container traffic away from rail to roads.
The excise department wants to impose full service tax on containerised traffic without providing the 70 per cent abatement a...
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Excise |
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RBI Policy- RBI keeps repo rate unchanged at 7.5%; CRR maintained at 4%
Posted Date : 07-Apr-2015 , 12:37:12 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) kept the repo rate unchanged at 7.5% in its monetary policy review on tuesday. Along market expectations, Raghuram Rajan also kept the Cash Reserve Ratio (CRR) at 4%.
"Transmission of policy rates to lending rates has not taken place so far des...
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RBI |
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RBI gives banks more time to recast loans
Posted Date : 07-Apr-2015 , 08:16:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given banks more time to restructure their troubled loans.
On March 30, a day before the fiscal came to close, the central bank allowed banks to continue restructuring of loans if references were made either to the corporate debt restructuring (CDR)...
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RBI |
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