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ITR Forms for A.Y. 2017-18 notified by CBDT
Posted Date : 31-Mar-2017 , 04:32:55 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18.  One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individu...

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Category : ITR | Comments : 0 | Hits : 1031

Bank Branch Audit allotment update
Posted Date : 31-Mar-2017 , 12:36:37 pm | Posted By CASANSAAR

Bank Branch Audit - Update on allotment of Branches   RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allotment of Branches. Following Banks has start sending emails for allotment of branches as informed by Members. OBC Andhra Bank Dena Bank ...

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Category : Bank Branch Audit | Comments : 5 | Hits : 14495

ICAI signs MoU with TCS iON
Posted Date : 31-Mar-2017 , 08:56:25 am | Posted By CASANSAAR

The Institute of Cost Accountants of India (ICAI) has signed an MoU with TCS iON for deploying the latter's digital content market place platform (Digital Hub) as a part of its digitisation drive.  The institute's digitisation efforts through the Digital Hub would provide students an...

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Category : ICAI | Comments : 0 | Hits : 392

GST Council to finalise draft rules today
Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR

The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod. At the Council meetings, the Centre and the...

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Category : GST | Comments : 0 | Hits : 157

New ITR forms to seek details on cash deposits during demonetisation
Posted Date : 30-Mar-2017 , 09:04:42 pm | Posted By CASANSAAR

The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be i...

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Category : ITR | Comments : 0 | Hits : 464

Parliament passes Finance Bill 2017 after Lok Sabha rejects 5 amendments
Posted Date : 30-Mar-2017 , 08:58:22 pm | Posted By CASANSAAR

Parliament has passed the Finance Bill 2017 after the Lok Sabha rejected all five amendments moved to it by the Rajya Sabha. The bill seeks to give effect to the financial proposals of the Central Government for the financial year 2017-18.  The amendments of the Upper House included curbing ...

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Category : Finance Bill | Comments : 0 | Hits : 225

GST Network extends deadline till April 30 for firms to register
Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR

with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31. ​There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh service...

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Category : GST | Comments : 0 | Hits : 708

No relief to those who defaulted on IDS installment - CBDT
Posted Date : 30-Mar-2017 , 10:39:46 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has ruled out any relief for those who declared unaccounted income under the Income Declaration Scheme (IDS) but failed to pay the first instalment of the tax and penalty.  The CBDT said any relaxation will be “discriminatory” against thos...

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Category : CBDT | Comments : 0 | Hits : 249

RBI exempts banks from opening on April 1 on annual closing
Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR

Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business. In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...

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Category : RBI | Comments : 0 | Hits : 309

Rajya Sabha return Finance Bill, 2017 with amendments
Posted Date : 30-Mar-2017 , 10:19:58 am | Posted By CASANSAAR

The Rajya Sabha on Wednesday returned the Finance Bill, 2017 to the Lok Sabha with five amendments. The move came after the House discussed the Bill for over five hours on Tuesday and Wednesday. The Bill that was passed earlier by the Lok Sabha was moved in the Upper House on Monday. Senior Co...

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Category : Finance Bill | Comments : 0 | Hits : 310

A simpler form for filing ITRs will be available from April 1
Posted Date : 30-Mar-2017 , 10:13:07 am | Posted By CASANSAAR

Filing income tax returns is expected to get easier for salaried citizens, with the government introducing a new form from April 1. The ITR-1 form, also called Sahaj, will have fewer columns that need to be filled as some of the income tax deductions have been clubbed together, reported PTI. Curr...

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Category : ITR | Comments : 0 | Hits : 401

Lok Sabha passes GST supplementary bills
Posted Date : 30-Mar-2017 , 10:10:38 am | Posted By CASANSAAR

The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory G...

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Category : GST | Comments : 0 | Hits : 258

Banks yet to file cases against 1,080 wilful defaulters
Posted Date : 27-Mar-2017 , 08:04:36 am | Posted By CASANSAAR

Banks are yet to file criminal cases against borrowers and promoters in 1,080 cases of wilful default accounts involving an amount of Rs 7,673 crore as of September 2016 despite the Reserve Bank instruction to them to launch legal proceedings including criminal action against wilful defaulters. In r...

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Category : Banking | Comments : 0 | Hits : 325

CAG to audit the impact of demonetisation
Posted Date : 26-Mar-2017 , 06:21:43 pm | Posted By CASANSAAR

The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma.  In an interview to PTI, he said the auditor is gearing up to audit tax revenues under the new Goods and Services Tax (G...

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Category : CAG | Comments : 0 | Hits : 279

CBEC to be renamed CBIC under GST regime
Posted Date : 26-Mar-2017 , 06:17:04 pm | Posted By CASANSAAR

The government has approved the restructuring of the apex policy making body for indirect taxes CBEC ahead of the transition to the Goods and Services Tax from 1July “The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC...

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Category : GST | Comments : 0 | Hits : 177

CBDT to waive interest if tax demand paid in retro cases
Posted Date : 26-Mar-2017 , 06:12:30 pm | Posted By CASANSAAR

The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc. The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios. In ...

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Category : CBDT | Comments : 0 | Hits : 188

GST Bills may be introduced in Lok Sabha on Monday
Posted Date : 25-Mar-2017 , 10:10:35 am | Posted By CASANSAAR

The government is likely to table the four legislations for implementation of the goods and services tax in the Lok Sabha on Monday. The Union Cabinet already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing s...

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Category : GST | Comments : 0 | Hits : 604

Most important income-tax changes which will apply from April 1, 2017
Posted Date : 25-Mar-2017 , 09:59:39 am | Posted By CASANSAAR

With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month:  1. With a decrease in tax rate from 10...

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Category : Income Tax | Comments : 0 | Hits : 3851

SEBI probing fresh whistleblower allegations against NSE, BSE, MCX
Posted Date : 25-Mar-2017 , 09:53:53 am | Posted By CASANSAAR

The Securities and Exchanges Board of India (SEBI) has started a preliminary probe into allegations against Multi Commodity Exchange, BSE Ltd. and National Stock Exchange made by an anonymous whistleblower. The same whistleblower had earlier flagged off the issue of preferential access to price feed...

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Category : SEBI | Comments : 0 | Hits : 189

CBDT forms panel to trace Absconding I-T Dept officials
Posted Date : 25-Mar-2017 , 09:24:26 am | Posted By CASANSAAR

There could be about 100 officials of the income tax department across the country who have been on unauthorised leave and not reported to work for years. These officials, without resigning from the government, have either gone ahead with other ventures or have not reported to work after being se...

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Category : CBDT | Comments : 0 | Hits : 377

CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Posted Date : 25-Mar-2017 , 09:18:31 am | Posted By CASANSAAR

The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for s...

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Category : General | Comments : 0 | Hits : 188

Implementation of Benami Transactions (Prohibition) Amended Act, 2016
Posted Date : 25-Mar-2017 , 09:17:25 am | Posted By CASANSAAR

Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through...

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Category : Black Money | Comments : 0 | Hits : 753

SEBI bans Reliance Industries from equity derivatives trading for one year
Posted Date : 25-Mar-2017 , 09:05:51 am | Posted By CASANSAAR

Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year. In an order issued yesterday, SEBI also directed the Mukesh Ambani-led firm to forfeit nearly 1,000 crore rupees for unlawful gains made through alleged fraudulen...

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Category : Shares & Stock | Comments : 0 | Hits : 190

GST Bills to be introduced in Parliament next week - FM
Posted Date : 24-Mar-2017 , 09:02:44 am | Posted By CASANSAAR

Finance Minister Arun Jaitley today said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are i...

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Category : GST | Comments : 0 | Hits : 454

Income computation & disclosure standards to be applicable from April 2016
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR

The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016. ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...

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Category : Income Tax | Comments : 0 | Hits : 1292

Govt removes 1% tax on cash purchase above Rs 2 lakh
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR

The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April. Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...

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Category : Income Tax | Comments : 0 | Hits : 1234

RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR

The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...

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Category : RBI | Comments : 0 | Hits : 500

Seventeen Acts to be amended through Finance Bill
Posted Date : 23-Mar-2017 , 09:48:33 am | Posted By CASANSAAR

The government plans to dissolve eight appellate tribunals immediately while also making enabling provisions in 17 legislation to bring amendments through notifications. The eight tribunals are being dissolved through the Finance Bill, 2017. The amendments also state that the central government w...

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Category : Finance Bill | Comments : 0 | Hits : 855

Railways launches Vikalp scheme to help wait-listed passengers
Posted Date : 23-Mar-2017 , 09:42:32 am | Posted By CASANSAAR

Good news is in store for the Indian Railways. Reeling under massive financial losses, estimated to be at Rs 40,000 crore, the railways might be able to recover an estimated Rs 20 crore every day with its Vikalp scheme, which was launched nationwide on Wednesday. Under this scheme, wait-listed pa...

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Category : General | Comments : 0 | Hits : 598

Finance Bill 2017 passed in Lok Sabha, mini reforms package
Posted Date : 23-Mar-2017 , 09:13:27 am | Posted By CASANSAAR

The Lok Sabha on Wednesday signed off on Finance Bill 2017, ratifying the government’s tax proposals announced in the budget and also a small but significant package of reform initiatives directed at improving the ease of doing business and boosting anti-corruption initiatives undertaken by th...

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Category : Budget | Comments : 0 | Hits : 1080

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