Why Taxpayers May Not Have to Send Paper Acknowledgement for ITR
Posted Date : 24-Mar-2015 , 09:20:23 pm | Posted By CASANSAAR
Taxpayers in India will soon get relief from sending a paper acknowledgement of their e-filed ITR as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns fo...
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ITR |
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Freedom of Speech Online: Section 66A is Struck Down by Supreme Court
Posted Date : 24-Mar-2015 , 11:11:42 am | Posted By CASANSAAR
The Supreme Court on Tuesday upheld free speech online as it struck down the "vague" section 66A of the Information Technology Act, 2000, according to TV reports.
The petitioners had described Section 66A as vague and ambiguous and beyond the ambit of article 19 of the Constitution gu...
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Judicial Announcement |
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0 | Hits : 862
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Income Tax Return: Better late than never
Posted Date : 24-Mar-2015 , 08:12:59 am | Posted By CASANSAAR
If you are yet to file income-tax return for the previous financial year (FY14/assessment year 2014-15), you still have a chance to do so by March 31. However, if you miss this deadline as well, the tax authorities could impose a fine of R5,000 ...
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ITR |
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0 | Hits : 965
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SEBI clears norms for international finance centres
Posted Date : 24-Mar-2015 , 08:06:43 am | Posted By CASANSAAR
India on Sunday moved a step closer to having a Singapore- or Dubai-like financial hub, with the Securities and Exchange Board of India (Sebi) approving a framework for international financial centres (IFCs).
After its board meeting in New Delhi, the market regulator issued broad guidelines for I...
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SEBI |
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0 | Hits : 317
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RBI asks bankers not to outsource loan processing tasks
Posted Date : 24-Mar-2015 , 08:01:09 am | Posted By CASANSAAR
Concerned over the rising number of loan default cases, the RBI warned lenders against outsourcing their credit processing activities to third-party entities. “We encourage the banks that whatever is the non-core activity it should be outsourced. Let me tell you credit processing is not a...
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RBI |
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0 | Hits : 392
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Finmin launches national electronic I-T judicial database
Posted Date : 24-Mar-2015 , 07:52:48 am | Posted By CASANSAAR
The Finance Ministry has operationalised an ambitious electronic national database of judicial orders and appeals to de-congest and streamline huge litigation in the Income Tax Department and the Central Board of Direct Taxes (CBDT).
The much-talked about repository called the National Judicial R...
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Income Tax |
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0 | Hits : 357
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Bank Branch Audit Update
Posted Date : 23-Mar-2015 , 08:52:17 am | Posted By CASANSAAR
Bank Branch Audit Update:
Banks may get the final approval list from RBI today. Plz check your email on regular basis because banks will start alloting branches immidiately once received the final approval list from RBI
Most of the bank finalised allocation of branches, jus...
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Bank Branch Audit |
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11 | Hits : 7861
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Feedback on Arrear Demand Verification Portal by Income Tax Department
Posted Date : 23-Mar-2015 , 08:44:18 am | Posted By CASANSAAR
Income Tax Software - As you may be aware that the Income Tax Department has launched an "Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which is available in the respective user-id's of the assessees. This portal provides various options in the assessee'...
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Income Tax Software |
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0 | Hits : 1599
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Frauds worth Rs 11022 crore detected in PSU banks during April-December
Posted Date : 23-Mar-2015 , 08:14:37 am | Posted By CASANSAAR
PSU banks have reported over 2,100 fraud cases involving a sum of Rs 11,022 crore in the first nine months of the ongoing fiscal, with PNB reporting the maximum number of such instances.
An analysis of the data available with the Reserve Bank shows fraud cases, involving amount of Rs 1 lakh and a...
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Banking |
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0 | Hits : 1191
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Black money bill - Foreign property to be taxed at current price
Posted Date : 22-Mar-2015 , 05:13:09 pm | Posted By CASANSAAR
Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.
However, the tax and penalty would take into account the part-disclosure, if any, made by the taxpayer...
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Category :
Black Money |
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0 | Hits : 406
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CAs under ambit of black money bill
Posted Date : 21-Mar-2015 , 08:47:10 am | Posted By CASANSAAR
The government's black money bill seeks to bring the financial intermediary community, including CAs and lawyers, within the ambit of the tough provisions of the proposed law, in addition to those who keep unaccounted wealth in foreign countries.
Under the new l...
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CA |
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0 | Hits : 1741
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New tax accounting standards to be implemented wef 01-04-2015
Posted Date : 21-Mar-2015 , 08:38:05 am | Posted By CASANSAAR
The Government has proposed new tax accounting standards related to income computation and disclosures by businesses to ensure consistency as well as clarity on taxation issue. Sub-section (2) of Section 145 of the Income Tax Act, 1961 (the Act) provides that the Central Government may not...
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Accounting Standards |
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0 | Hits : 4145
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Over 94% of outstanding tax hard to recover: CAG Report
Posted Date : 21-Mar-2015 , 08:27:29 am | Posted By CASANSAAR
Over 94 per cent of the country's uncollected tax demand of Rs 5.75 lakh crore is difficult to recover, the Comptroller and Auditor General of India has said. The CAG, in an audit report on direct taxes tabled in Parliament on Friday, also hauled up the Income Tax Settlement Commission and the i...
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CAG |
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0 | Hits : 493
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Highlights of Black Money Bill
Posted Date : 20-Mar-2015 , 10:03:15 pm | Posted By CASANSAAR
The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the ...
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Black Money |
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0 | Hits : 631
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Blackmoney Bill in Lok Sabha provides for 10 year jail, 90% tax
Posted Date : 20-Mar-2015 , 09:59:02 pm | Posted By CASANSAAR
Black Money stashed abroad will entail a 10 year rigorous imprisonment and a whopping 90% tax under the proposed stringent law that provides for a limited window of opportunity to offenders to disclose illicit wealth and escape prosecution.
Acting on his Budget promise, Finance Minister Arun Ja...
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Category :
Black Money |
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0 | Hits : 458
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`Black Money Bill, 2015: 5 terrifying penalties
Posted Date : 20-Mar-2015 , 09:52:35 pm | Posted By CASANSAAR
The so-called Black Money Bill 2015, that proposes to penalise those stashing illicit wealth abroad by imposing a 10-year rigorous imprisonment, was introduced in the Lok Sabha today – FM Arun Jaitley introduced ‘The Undisclosed Foreign Income and Assets (Imposition of Tax) Bil...
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Black Money |
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0 | Hits : 359
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Empanelment of CAs for the assignment of Checkers for CA May 15 exams - ICAI
Posted Date : 20-Mar-2015 , 06:20:12 pm | Posted By CASANSAAR
20th March, 2015
Checking of totaling of marks etc in the answer books of CA examinations, after they have been evaluated by the examiners, is being assigned/carried out by members of the Institute, who are empanelled for the purpose.
Accordingly, application are herby invited from membe...
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Category :
CA Exams |
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0 | Hits : 2943
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Updates on Bank Branch Audit - Allotment of Branches
Posted Date : 20-Mar-2015 , 08:58:12 am | Posted By CASANSAAR
Bank had finalsed the list for bank branch audits & forwarded the same to RBI for final approval. Once its approved by RBI, banks will start the process of Allotment of branches. it may take 1-2 days. So Most of the banks will start the process for allotment of branches for Bank Branch Audit fro...
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Bank Branch Audit |
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0 | Hits : 8321
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New tax residence norms may not cover foreign firms’ global income - CBDT
Posted Date : 20-Mar-2015 , 08:29:56 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will issue detailed guidelines to ensure that non-resident companies holding a board meeting or two in India do not get any tax demands on their global income on account of New Delhi’s newwider definition of ...
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CBDT |
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0 | Hits : 363
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FinMin restricts Internet access for director-level officers
Posted Date : 19-Mar-2015 , 09:00:55 am | Posted By CASANSAAR
Amid a CBI probe into leakage of secret documents, Finance Ministry has clamped down on the use of Internet and private emails by those up to the director level in the Department of Economic Affairs (DEA), restricting the access only to official mails and government websites.
"The DEA office...
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Finance |
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0 | Hits : 719
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PAN mandatory for service tax registration: FinMin
Posted Date : 19-Mar-2015 , 08:52:17 am | Posted By CASANSAAR
Permanent Account Number (PAN) is now mandatory for private firms for getting service tax registration besides email and mobile number.
“Applicants, who are not government departments shall not be granted registration in the absence of PAN,” according to an order issued by the Finan...
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Service Tax |
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0 | Hits : 585
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Empanelment of “Writers” for Chartered Accountants examination - ICAI
Posted Date : 18-Mar-2015 , 06:23:23 pm | Posted By CASANSAAR
18th March, 2015
The concessions extended by the Institute of Chartered Accountants of India, to differently abled candidates, in CA examinations, inter alia include a) compensatory time and/or b) writer (scribe). Detailed guidelines in this regard are hosted in the students>examination sectio...
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CA Announcement |
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0 | Hits : 1460
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Centre, RBI can look into NPAs of nationalised banks : Bombay High Court
Posted Date : 18-Mar-2015 , 08:37:09 am | Posted By CASANSAAR
The Centre and Reserve Bank of India are competent to look into the non-performing assets of nationalised banks, said Bombay High Court while dismissing a public interest litigation last week. The PIL had sought a probe by Central Bureau of Investigation into the fraudulent grant of loans ...
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NPA |
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0 | Hits : 826
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CBI to quiz RIL official, CA today in info leak
Posted Date : 18-Mar-2015 , 08:32:40 am | Posted By CASANSAAR
The CBI is all set to examine a senior official of the Reliance Industries Ltd on Wednesday in connection with its investigations into the corporate espionage case. Besides, the agency is also expected to examine CA Rajendra Chitale, partner of Chitale and Associates who is also on board of several ...
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CA |
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0 | Hits : 702
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Govt approves Rs 33,000 cr CST compensation to states/UTs
Posted Date : 18-Mar-2015 , 08:19:34 am | Posted By CASANSAAR
Government Tuesday approved the release of Rs 33,000 crore in tranches to states and Union Territories to compensate them for revenue loss on account of phasing out of Central Sales Tax (CST) for three financial years up to 2012-13.
In the first phase, Rs 10,800 crore is payable for 2010-11 as ba...
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CST |
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0 | Hits : 809
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ICAI Election - Update your professional address online before 31/03/2015
Posted Date : 17-Mar-2015 , 08:49:47 am | Posted By CASANSAAR
Every three year ICAI conducts ICAI Elections for its office bearers. This time its in the month of December 2015.
ICAI has divided in 5 Region
Northern Region (NIRC)
Central Region (CIRC)
Western Region (WIRC)
Southern Region (SIRC)
Eastern Region (EIRC)
Each Reg...
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Category :
ICAI Election |
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0 | Hits : 5731
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CBDT announces Audit relief for MNCs
Posted Date : 17-Mar-2015 , 08:35:01 am | Posted By CASANSAAR
The finance ministry on Monday announced rules for multinational companies to seek the benefit of “no-audit-agreements” they sign with the tax department for four prior years as well.
Central Board of Direct Taxes (CBDT) has amended income tax rules to allow a four year ro...
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Category :
Income Tax |
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0 | Hits : 1008
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High Court lays down rules on taxation of ad spend by MNCs
Posted Date : 17-Mar-2015 , 08:28:39 am | Posted By CASANSAAR
The Delhi High Court has laid down principles governing taxation of advertising and marketing spends by multinational firms, a ruling that could bring significant relief to these companies facing thousands of crores in income tax demands and potentially make doing business in India easier. ...
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Category :
Income Tax |
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0 | Hits : 425
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Fraudulent Investment Websites Under SEBI Scanner: Report
Posted Date : 17-Mar-2015 , 08:23:26 am | Posted By CASANSAAR
A large number of fraudulent websites, luring investors with promise of high and quick returns in stock market, have come under the scanner of the Securities and Exchange Board of India (Sebi) and may have to soon shut shop and pay huge penalties.
Sources said that over 50 such websites have come...
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SEBI |
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0 | Hits : 393
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ICAI Elections 2012 - Updates on Counting of Votes (NORTHERN REGION)
Posted Date : 17-Mar-2015 , 07:16:24 am | Posted By CASANSAAR
Opening of Ballot Boxes & Postal Ballots for elections to Central Council & Regional Council - Northern Region, to Commence at 11:00 AM on Tuesday, the 1st January,2013.
...
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ICAI |
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0 | Hits : 1311
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