Income tax refunds of Rs 1.19 lakh crore pending in last 3 years
Posted Date : 10-Mar-2015 , 09:16:36 pm | Posted By CASANSAAR
Income tax refunds to the tune of over Rs 1.19 lakh crore is pending for the last three fiscals, starting 2012-13, Parliament was informed on Tuesday.
"Income-tax refunds amounting to Rs 1,19,964.13 crore relating to last three assessment years are pending as on March 5, 2015,&quo...
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Income Tax Refund |
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Name of top ten companies in india by value of assets
Posted Date : 10-Mar-2015 , 08:42:09 pm | Posted By CASANSAAR
The names of top ten companies in descending order, in terms of their assets as on 31.03.2014, from among the 4,15,886 companies that filed their Balance Sheets for the year 2013-14 till 30.11.2014 is given in the Table. The total reported value of the assets of all the 4,15,886 companies was R...
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MCA |
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0 | Hits : 690
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Over 480 banks under RBI lens in Money laundering
Posted Date : 10-Mar-2015 , 08:16:41 am | Posted By CASANSAAR
Over 480 urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) for alleged violation of anti-money laundering laws.The central bank has been taking strict action like imposition of penalty and denial of branch expansion against the erring...
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Money laundering |
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0 | Hits : 730
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ITR - File by March end to avoid penalty
Posted Date : 10-Mar-2015 , 08:11:34 am | Posted By CASANSAAR
Did busy office hours leave you with no time to file your tax returns(ITR) by the July 2014 deadline? Did the heavy July rains stopped you from meeting your chartered accountant? Festivals and weekends travels disrupted your plans to file it on the last weekend too? You still have a breath...
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ITR |
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0 | Hits : 789
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Rs 2 lakh crore so far from coal auction, Rs 1 lakh crore from spectrum
Posted Date : 10-Mar-2015 , 08:00:54 am | Posted By CASANSAAR
The government on Monday said it has raised Rs 2 lakh crore through auction of mining rights and royalty from 30 blocks that have been bid out so far, breaching the Comptroller & Auditor General's estimated "notional loss" of Rs 1.86 lakh crore.
Excluding the royalty, the government...
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CAG |
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WhatsApp: The calling feature invite is a scam
Posted Date : 09-Mar-2015 , 02:54:21 pm | Posted By CASANSAAR
WhatsApp users across the world are being targeted by cyberscammers who are circulating fake messages inviting users to test the new calling feature that fills the phone with dangerous malware.
According to the Daily Star, if users click on the link, they are taken to another website where they are...
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General |
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Tax Audits - Centre raises the bar on CAs
Posted Date : 09-Mar-2015 , 07:58:39 am | Posted By CASANSAAR
The Centre has once again put chartered accountants’ (CAs) fraternity on notice - this time on their attest functions on the income tax front.
Several changes are now being proposed – to be effective from June 1 -- on the eligibility criteria for CAs to undertake attestation (au...
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Tax Audit |
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1 | Hits : 4371
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DVAT - Traders can carry forward input tax credit to next fiscal
Posted Date : 09-Mar-2015 , 07:50:21 am | Posted By CASANSAAR
The Delhi government provided a big relief to the city traders by allowing them to carry forward input tax credit to next financial year and extending the last date of submission of R-9 forms for last three years, up to June 30. The government's move comes with an aim to simplify business for t...
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VAT |
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All services will not attract Swachh Bharat cess
Posted Date : 08-Mar-2015 , 08:54:57 pm | Posted By CASANSAAR
The Swachh Bharat cess will be levied on select services at the rate of up to 2 per cent, depending upon the need for funds to take forward the Prime Minister's national cleanliness drive. This was explained to a group of tax experts by Finance Ministry officials during a post-budget meeting.&n...
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Service Tax |
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0 | Hits : 1280
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MCA eases Director appointment filing requirements
Posted Date : 08-Mar-2015 , 08:29:08 pm | Posted By CASANSAAR
In case of the entire board resigning from a company, the statutory filing about details of new directors' appointment can be made by one of the directors who has quit, according to the Ministry of Corporate Affairs.
The relaxation would help address difficulties faced by stakeholders, especially w...
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Companies Act |
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Demand for company secretaries likely to grow with new laws: ICSI
Posted Date : 07-Mar-2015 , 08:16:46 am | Posted By CASANSAAR
The Institute of Company Secretaries of India feels that once the Companies Act 2013 and the Secretarial Audit provisions are fully implemented, there would be a sharp rise in demand for company secretaries.
Future demand
“Currently, around 3,500 fresh company secretaries pas...
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ICSI |
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0 | Hits : 666
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Govt plans to curb RBI role in financial markets
Posted Date : 07-Mar-2015 , 08:11:50 am | Posted By CASANSAAR
The Union Budget proposes to take away regulatory power of the Reserve Bank of India (RBI) over secondary market trading in government securities and move it to the Securities and Exchange Board of India (Sebi). This is in addition to ending RBI's role as the government's merchant banker by creating...
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RBI |
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0 | Hits : 362
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Bring NGOs under single, independent regulator: ICAI to Govt
Posted Date : 06-Mar-2015 , 08:14:19 am | Posted By CASANSAAR
With a number of non-governmental organisations (NGOs) coming under income tax scanner for not filing returns, the Institute of Chartered Accountants of India (ICAI) has told the government to bring them under a single and independent regulatory body.
The apex body, in a recent note to the ...
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ICAI |
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1 | Hits : 630
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RBI eases norms for home loans for up to Rs 10 lakh
Posted Date : 06-Mar-2015 , 08:05:38 am | Posted By CASANSAAR
Giving a boost to affordable housing, the RBI on Thursday eased the norms for home loans for up to Rs 10 lakh by allowing banks to include stamp duty and registration charges to the cost of a unit.
These charges form around 15 per cent of the cost of the house and place a burden on ...
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RBI |
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0 | Hits : 671
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Dilip Shanghvi ends Mukesh Ambani's eight-year run as India's richest billionaire
Posted Date : 05-Mar-2015 , 08:15:07 pm | Posted By CASANSAAR
Dilip Shanghvi, the billionaire founder of drug maker Sun Pharma has ended Reliance Industries promoter Mukesh Ambani's eight-year run as India's richest billionaire on Wednesday.
For the first time ever, Forbes and the Bloomberg Billionaires Index have also ranked Shanghvi ahea...
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Finance |
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Madras High Court rejected PIL seeking service tax exemption for film actors
Posted Date : 05-Mar-2015 , 08:57:40 am | Posted By CASANSAAR
Is a film actor equal to a folk or a theatre artiste so as to demand Service tax exemptions for his earnings? No, ruled the Madras high court on Wednesday, refusing to grant exemptions for film actor Siddharth Suryanarayan who wanted to be treated on a par with theatre artistes and given tax cuts.&n...
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Service Tax |
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0 | Hits : 480
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Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by ICAI
Posted Date : 05-Mar-2015 , 08:50:53 am | Posted By CASANSAAR
Auditing and Assurance Standards Board
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 1...
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Category :
Auditing |
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0 | Hits : 785
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Sebi eases account opening norms for individual investors
Posted Date : 05-Mar-2015 , 08:44:33 am | Posted By CASANSAAR
To make it easier for new individual investors, market regulator Sebi announced a 'Saral' or simplified account opening form for such persons and eased the process for submitting address proof documents.The move comes in the backdrop of the government and the regulator making efforts to attract...
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SEBI |
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0 | Hits : 354
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RBI cuts repo rate by 25 bps to 7.5%; keeps CRR unchanged
Posted Date : 04-Mar-2015 , 09:20:21 am | Posted By CASANSAAR
In a surprise move, Reserve Bank of India (RBI) on Wednesday slashed repo rate by 25 bps to 7.5 per cent from 7.75 per cent earlier. Consequently, the reverse repo rate under the LAF stands adjusted to 6.5 per cent. The central bank kept the cash reserve ratio ( CRR) of scheduled banks unchange...
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RBI |
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ITR-Over 44-lakh high-value spenders on Income Tax department's radar
Posted Date : 04-Mar-2015 , 08:53:23 am | Posted By CASANSAAR
In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their ITR till now. A total of 44,07,193 non-filers for assessment year 2013-14 who are expected...
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ITR |
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MAT will become irrelevant once tax sops are removed - CBDT
Posted Date : 04-Mar-2015 , 08:16:04 am | Posted By CASANSAAR
The minimum alternate tax (MAT) is likely to become irrelevant with the removal of exemptions from direct taxesthat corporates currently avail, according to Anita Kapur, chairperson, Central Board of Direct Taxes (CBDT). Her statement came during an interaction with reporters here on Tuesday.
...
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Category :
Income Tax |
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0 | Hits : 575
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RBI revises priority sector lending norms
Posted Date : 03-Mar-2015 , 09:06:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) revised guidelines for lending to the priority sector on Monday, with loans to medium enterprises, sanitation and renewable energy sectors coming under the ambit of priority sector lending.
"The target for lending to the redefined priority sector i...
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RBI |
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Proposed amendment in section 288 of Income tax act related to Audtiors
Posted Date : 03-Mar-2015 , 09:06:14 pm | Posted By CASANSAAR
Hon'ble Finance Minister has proposed to amend Section 288 of the income tax Act to provide that an auditor who is not eligible to be appointed as an auditor under Section 141(3) of Companies Act, 2013 shall not be eligible for carrying out any audit or furnishing of any report/certificate under any...
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Category :
Income Tax |
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2 | Hits : 3984
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Chartered Accountants can play key role to check black money menace: ICAI
Posted Date : 03-Mar-2015 , 09:04:46 pm | Posted By CASANSAAR
With the Union Budget proposing a new law on black money, accounting regulator ICAI has said that chartered accountants can play an effective role in curbing the menace.
A comprehensive law to check black money stashed away abroad would be introduced in the current session of Pa...
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Chartered Accountant |
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0 | Hits : 1041
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New Investment Pattern For Non-Government Provident Funds, Superannuation Funds And Gratuity Funds With Effect From 1st April, 2015
Posted Date : 01-Mar-2015 , 08:56:58 pm | Posted By CASANSAAR
Government notifies the Investment Pattern for Non-Government Provident Funds, Superannuation Funds and Gratuity Funds. This is reviewed from time to time and revisions are effected based on the developments in the financial market and economy. The investment pattern was last revised on 14th Au...
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Finance |
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0 | Hits : 913
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Steps Being Taken for Increasing Financing to Micro, Small And Medium Enterprises (Msmes)
Posted Date : 01-Mar-2015 , 08:55:59 pm | Posted By CASANSAAR
Debt Financing:
1) Loans to Medium Enterprises are being brought under Priority Sector Lending.
2) A separate sub-limit of 7.5% in Priority Sector Lending is being created for the Micro Enterprises.
3) ...
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Category :
General |
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0 | Hits : 550
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Set up of International Financial Services Centre (IFSC)
Posted Date : 01-Mar-2015 , 08:55:23 pm | Posted By CASANSAAR
An International Financial Services Centre (IFSC) is set up at Gandhinagar, Gujarat as a part of a Special Economic Zone (SEZ). To operationalise the IFSC, a Notification under the Foreign Exchange Management Act, 1999 (FEMA) shall be issued by Reserve Bank of India (RBI) in March 2015, ma...
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Category :
Finance |
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0 | Hits : 446
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Detail of Micro Units Development and Refinance Agency (Mudra) Bank
Posted Date : 01-Mar-2015 , 08:52:13 pm | Posted By CASANSAAR
According to the NSSO survey of 2013, there are 5.77 crore small business units, mostly individual proprietorships, which run small manufacturing, trading or services activities. Most of these ‘own account enterprises’ are owned by people belonging to Scheduled Caste, Scheduled Tribe or ...
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Category :
Banking |
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0 | Hits : 330
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Highlights of the Pradhan Mantri Suraksha Bima Yojana for Life Insurance
Posted Date : 01-Mar-2015 , 08:51:20 pm | Posted By CASANSAAR
Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
Premium: Rs.330 per a...
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Category :
Income Tax |
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0 | Hits : 626
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Highlights of the Pradhan Mantri Suraksha Bima Yojana for Accidental Death Insurance
Posted Date : 01-Mar-2015 , 08:50:17 pm | Posted By CASANSAAR
Eligibility: Available to people in age group 18 to 70 years with bank account.
Premium: Rs.12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
Risk Coverage: ...
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Category :
Income Tax |
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0 | Hits : 421
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