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The government is considering the possibility of extending the July 31 deadline for filing ITRs, a senior bureaucrat in the finance ministry told ET Now.  And, if a decision is taken to to extend the July 31 deadline, it is unlikely to be communicated to the public till the last day as the t...

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Category : ITR | Comments : 0 | Hits : 2800

All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. Insurance premium is paid by the National Pa...

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Category : Banking | Comments : 0 | Hits : 161

The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified th...

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Category : GST | Comments : 0 | Hits : 163

Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time:   As per Regulations 5(1), NRIs may invest i...

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Category : FEMA | Comments : 0 | Hits : 118

In order to put an end to private and foreign banks appointing the same set of auditors alternatively after mandatory rest of 2 years, the Reserve Bank of India has extended the mandatory rest period to 6 years, it said in a notification on Thursday. The earlier rules required an auditor to be ap...

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Category : Auditing | Comments : 0 | Hits : 629

The tax authorities will now relay audit reports of corporates and specific information from their I-T returns along with PAN data to the Ministry of Corporate Affairs (MCA), as the government plans to crack down harder on shell companies. The MCA has already come down heavily on shell companies ...

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Category : Income Tax | Comments : 0 | Hits : 227

Amazon.com founder and The Washington Post owner Jeffrey P. Bezos on Thursday briefly became the richest person in the world, displacing Microsoft founder Bill Gates. Bezos' rise to No. 1 followed a surge in Amazon.com shares Thursday ahead of the online retailer's earnings report due out...

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Category : International Business | Comments : 0 | Hits : 204

The Lok Sabha today passed a bill to amend the companies law seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country. Piloting the Companies (Amendment) Bill, 2016, Minister of State for C...

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Category : Companies Act | Comments : 0 | Hits : 253

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives.  Two sets of changes have been made in the scheme:  I. Specific changes have been made...

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Category : RBI | Comments : 0 | Hits : 118

The Central Board of Direct Taxes (CBDT) has come up with Frequently Asked Questions (FAQs) clarifying on issues around Minimum Alternate Tax (MAT) provisions for Indian Accounting Standard (Ind AS) compliant companies. A specific circular with clarifications on this issue has now been issued in ...

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Category : CBDT | Comments : 0 | Hits : 197

The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1.  GST Network (GSTN) is the company handling the IT backbone for the new tax regime.  The uploaded invoice data can be saved at the port...

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Category : GST | Comments : 0 | Hits : 862

It is not mandatory for NRIs to provide details of their overseas bank accounts when they file tax returns and only those who seek refunds need to do so, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said on Monday, putting to rest all confusion on the issue. The Income tax d...

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Category : Income Tax | Comments : 0 | Hits : 233

Income tax payer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said today. Clearing the air on disclosure of bank account details of non-resident Indians (NRIs), expats, as well as foreigners with investments in ...

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Category : Income Tax | Comments : 0 | Hits : 148

A bill to authorise the RBI to direct banking companies to resolve the problem of stressed assets was on Monday introduced in the Lok Sabha by Finance Minister Arun Jaitley. The Banking Regulation (Amendment) Bill, 2017, seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regu...

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Category : Banking | Comments : 0 | Hits : 172

The government is reviewing plans to put in place the National Financial Reporting Authority (NFRA) as it seeks to rein in the Institute of Chartered Accounts for India (ICAI) for its perceived failure in enforcing discipline. While Companies Act 2013 had provided for NFRA as a regulatory agency ...

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Category : CA | Comments : 0 | Hits : 1194

At least 26 Chartered Accountants have come under the scanner of the ICAI for allegedly helping shell companies, a senior official said. The Institute of Chartered Accountants of India (ICAI) is the regulator for accountancy professionals and can initiate disciplinary action against erring member...

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Category : Chartered Accountant | Comments : 0 | Hits : 925

Taking Prime Minister Narendra Modi’s tough talk in right earnest, ICAI will on Monday discuss the way forward on crucial issues, including improving the disciplinary mechanism and steps needed to create a ‘Big Four’ network out of India. On July 1, while addressing a gathering ...

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Category : ICAI | Comments : 0 | Hits : 1425

Delhi government will be launching six mobile vans on Monday to tour the city's markets and attempt to help traders with issues related to GST. The decision to start the vans was announced by deputy chief minister Manish Sisodia about 10 days back after he received feedback that several small...

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Category : GST | Comments : 0 | Hits : 152

The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the government said today.  Finance Minister Arun Jaitley said investigations into information, put into public domain by the I...

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Category : Income Tax | Comments : 0 | Hits : 439

The Centre has created a detailed road map for goods and services tax (GST) audits barely 20 days after the levy’s rollout, listing risks, target industries and even potential auditees for officials examining corporate India’s transition to the new regime.  In the past ...

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Category : GST | Comments : 0 | Hits : 1186

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Integrated Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Integrated Goods and Services Tax (Amendment) B...

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Category : GST | Comments : 0 | Hits : 574

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2...

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Category : GST | Comments : 0 | Hits : 372

Finance Minister Arun Jaitley today described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parli...

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Category : GST | Comments : 0 | Hits : 324

The result of the Common Proficiency Test held in JUNE 2017 was declared recently.            The details of percentage of candidates passed in the above said          examinations are given below:   ...

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Category : CA Results | Comments : 0 | Hits : 2013

The Result of Chartered Accountants Final Examination has been declared.  www.casansaar.com The Details of Percentage of candidates passed in the above said examinations are given below.     No. of Candidates Passed Candidates  Pass % ...

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Category : CA Results | Comments : 0 | Hits : 4632

The results of Chartered Accountants in India (ICAI) will be declared today on official exam results website icaiexam.icai.org at around 2 pm. The Institute of Chartered Accountants in India (ICAI) will declare results for CA Final (May 2017) and CPT (June 2017). The institute will also publis...

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Category : CA Results | Comments : 0 | Hits : 477

The Reserve Bank of India on Monday told the Supreme Court that a host of laws mandate the banking regulator to maintain secrecy on borrowings and borrowers — information that cannot be revealed to all and sundry under RTI, the 2005 transparency law.  This prompted the apex court to sa...

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Category : RBI | Comments : 0 | Hits : 156

In pursuance of the recommendations of the GST Council in its 14th Meeting held on 18.05.2017 and 19.05.2017, the Compensation Cess rates under Section 8 (2) of the Goods and Services Tax (Compensation to States) Act, 2017, was notified vide notification No.1/2017-Compensation Cess (Rate), date...

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Category : GST | Comments : 0 | Hits : 189

Prime Minister Narendra Modi today hoped the "growing stronger together" spirit of GST will bring enthusiasm to Parliament proceedings and that political parties will engage in high standard of debate and provide value addition during the Monsoon session. Terming the start of the sessio...

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Category : GST | Comments : 0 | Hits : 326

In one of the biggest reshuffles of income tax commissioners so far, the Central Board of Direct Taxes (CBDT) has transferred 245 commissioners across the country. While performance was one of the main criteria for transferring officials in key positions and shifting out non-performers from signific...

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Category : Income Tax | Comments : 0 | Hits : 1284