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GST Council to meet today to discuss rules, exemptions
Posted Date : 30-Sep-2016 , 03:06:58 pm | Posted By CASANSAAR

GST Council at its meeting today will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.  To be chaired by Union Finance Minister Arun Jaitley, the Council will also deliberate on a...

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Category : GST | Comments : 0 | Hits : 257

Banks can publish photos of declared wilful defaulters only - RBI
Posted Date : 30-Sep-2016 , 03:06:25 pm | Posted By CASANSAAR

RBI on Thursday said lenders can publish photographs of only those borrowers in newspapers who have been declared wilful defaulters as per the central bank’s guidelines. While asking the banks not to indiscriminately publish photographs of defaulters and guarantors in newspapers, it directe...

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Category : RBI | Comments : 0 | Hits : 213

Project Saksham gets Rs.2256 Cr. Govt nod for easy GST roll-out
Posted Date : 30-Sep-2016 , 03:06:03 pm | Posted By CASANSAAR

Project Saksham, a new indirect tax network of the Central Board of Excise and Customs (CBEC), has been approved by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday. The total cost of the project is estimated to be Rs 2,256 crore, which will be incurred over seven years. This would h...

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Category : GST | Comments : 0 | Hits : 376

SEBI allows trading in options contracts on commodities
Posted Date : 30-Sep-2016 , 03:05:34 pm | Posted By CASANSAAR

The Securities and Exchange Board of India has allowed the introduction of options contracts in the commodity derivatives market. Currently, only futures contracts are available in the commodity segment. Increased participation “Introduction of new commodity derivatives products has been...

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Category : SEBI | Comments : 0 | Hits : 213

CBEC releases draft format of GST tax audit report and ITC mismatch report
Posted Date : 30-Sep-2016 , 03:04:26 pm | Posted By CASANSAAR

On September 26, 2016 the CBEC had notified draft Rules and Forms under GST relating to registration, invoice and payments. Now the Govt. has notified draft Rules/Forms for GST returns and refunds along with the formats of Audit Report (Form GST 9A) and ITC Mismatch Report (GST ITC-1A/ITC-...

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Category : GST | Comments : 0 | Hits : 1743

SEBI issues norms on 'algorithmic' trade for commodity bourses
Posted Date : 30-Sep-2016 , 03:04:03 pm | Posted By CASANSAAR

Markets regulator Sebi on Tuesday issued a detailed guidelines for regulation of algorithmic trading in the commodity market. Algorithmic trading or 'algo' in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated exe...

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Category : SEBI | Comments : 0 | Hits : 119

Monthly returns to be mandatory under GST - CBEC
Posted Date : 30-Sep-2016 , 03:03:41 pm | Posted By CASANSAAR

Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime. The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of...

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Category : GST | Comments : 0 | Hits : 723

CBEC unveils draft GST Rules and Formats
Posted Date : 30-Sep-2016 , 03:03:04 pm | Posted By CASANSAAR

The Central Board of Excise and Customs, CBEC has come out with three draft rules for registration, invoice and payments under Goods and Services Tax, GST. The draft rules were unveiled in less than a week after the first meeting of the GST Council.The Board has invited comments on the rules by Wedn...

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Category : GST | Comments : 0 | Hits : 672

GST exemption threshold fixed for Rs.20 Lakh & for North East States Rs. 10 Lakh
Posted Date : 30-Sep-2016 , 03:01:29 pm | Posted By CASANSAAR

The Goods and Services Tax Council, in its second day of meeting, has struck political consensus on the GST threshold limit. Finance Minister Arun Jaitley addressing the media after the meet said the threshold limit has been set at Rs 20 lakh. For North-Eastern and other small states, the li...

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Category : GST | Comments : 0 | Hits : 659

Govt invites applications for RBI Deputy Governor’s post
Posted Date : 30-Sep-2016 , 08:26:16 am | Posted By CASANSAAR

The Government has invited applications for the post of Deputy Governor in the Reserve Bank of India. Going by the eligibility criteria listed out in the notification, which calls for people with work experience in public administration or with Indian/ international public financial institution t...

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Category : RBI | Comments : 0 | Hits : 174

Interest rates on small savings schemes cut by 0.1% points
Posted Date : 30-Sep-2016 , 08:13:51 am | Posted By CASANSAAR

  Interest rates on small saving schemes would be reduced marginally by 0.1 percentage points for the October-December quarter of financial year (FY) 2016-17, leading to lower returns on Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account, a...

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Category : General | Comments : 0 | Hits : 213

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by ICAI
Posted Date : 29-Sep-2016 , 08:47:12 am | Posted By CASANSAAR

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA 1.     The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting hel...

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Category : ICAI | Comments : 0 | Hits : 1478

PM asks IT Dept to set up mechanism to address grievances of taxpayers
Posted Date : 28-Sep-2016 , 08:11:49 pm | Posted By CASANSAAR

Prime Minister Narendra Modi has asked the Income Tax Department to set up a mechanism to address the grievances of taxpayers. Mr Modi today reviewed the progress towards handling and resolution of grievances related to income tax administration and expressed concern over the grievances. Interact...

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Category : Income Tax | Comments : 0 | Hits : 187

IDS: Tax offices to remain open till 8:00 PM on Sept 28, 29
Posted Date : 28-Sep-2016 , 08:10:57 pm | Posted By CASANSAAR

  CBDT extends Working Hours till 8.00 pm on 28th& 29th September, 2016 for IDS Declarations; On 30th September, such declarations can be filed till midnight.    In order to further facilitate the filing of declarations under the Income Declaration Scheme, 2016, the Centr...

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Category : Income Tax | Comments : 0 | Hits : 121

Yoga-promoting institutions out of service tax net
Posted Date : 28-Sep-2016 , 08:42:01 am | Posted By CASANSAAR

Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities. For period after October 20, 2015, Yoga-promotin...

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Category : Service Tax | Comments : 0 | Hits : 137

ICAI firm up view on Foreign Auditors Direct Access on Oct. 3
Posted Date : 27-Sep-2016 , 08:40:45 am | Posted By CASANSAAR

The CA Institute will, on October 3, take a final call on the tricky issue of allowing foreign firms to directly offer accounting services in the Indian market. The Corporate Affairs Ministry (MCA) had sought the CA Institute’s views on whether the government should legalise the entry of fo...

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Category : Auditing | Comments : 0 | Hits : 840

Govt asks SC to Restore its Power against Service Tax Defaulters
Posted Date : 27-Sep-2016 , 08:23:02 am | Posted By CASANSAAR

The Centre moved the Supreme Court seeking to restore its power to take action against service tax defaulters on Monday.  The Centre pleaded the Supreme Court division headed by Chief Justice of India TS Thakur to restore its power to arrest the defaulters of service tax. However, after h...

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Category : Service Tax | Comments : 0 | Hits : 259

SBI's Associate banks to soon submit report on amalgamation to RBI
Posted Date : 27-Sep-2016 , 08:15:41 am | Posted By CASANSAAR

As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the scheme of acquisition as ratified by shareholders. The board of the directors has considered the report of the expert comm...

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Category : Banking | Comments : 0 | Hits : 163

No Extension In Deadline For Black Money Disclosure Scheme
Posted Date : 24-Sep-2016 , 10:38:34 pm | Posted By CASANSAAR

Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window. In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declarat...

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Category : Black Money | Comments : 0 | Hits : 331

CBDT signs Five (5) more Unilateral Advance Pricing Agreements (APAs)
Posted Date : 24-Sep-2016 , 10:25:16 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.   The f...

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Category : CBDT | Comments : 0 | Hits : 161

GST Council fails to arrive at consensus on exemption limit; will meet again today
Posted Date : 23-Sep-2016 , 08:06:40 am | Posted By CASANSAAR

The GST Council, which met for the first time on Thursday, failed to arrive at a consensus on the contentious issue of exemption threshold for applicability of the new unified indirect tax – goods and services tax (GST). The meeting, which was chaired by Union finance minister Arun Jaitley, wi...

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Category : GST | Comments : 0 | Hits : 471

Income Tax Department unravel Rs 1200 cr undisclosed income
Posted Date : 23-Sep-2016 , 08:00:39 am | Posted By CASANSAAR

Kerala seems to be hot spot when it comes to Income tax (IT) evasion as sleuths traced out undisclosed income worth Rs 1200 in first 6 months of this year alone. The IT officials claimed that they had eventful period with high number of searches and seizures carried out in 2016. As per the pre...

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Category : Income Tax | Comments : 0 | Hits : 703

Former Kingfisher CFO gets 18-mnth imprisonment in cheque bounce cases
Posted Date : 22-Sep-2016 , 09:19:37 pm | Posted By CASANSAAR

A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases. The Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 o...

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Category : Income Tax | Comments : 0 | Hits : 441

Black money - Income Tax department raids vada pav, jalebi Stalls
Posted Date : 22-Sep-2016 , 11:47:30 am | Posted By CASANSAAR

With the deadline for payment of tax and penalty under the black money disclosure scheme less than two weeks away, the Income-Tax (IT) department has now raided several small businesses including vada pav and jalebi stalls. According to Economic Times, the IT department raided about 50 vada pav c...

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Category : Income Tax | Comments : 0 | Hits : 1995

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
Posted Date : 21-Sep-2016 , 07:21:36 pm | Posted By CASANSAAR

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes.   The Agreement will stimulate the flow of exchange of inform...

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Category : Income Tax | Comments : 0 | Hits : 198

Cabinet approves merging of Rail budget with Union Budget
Posted Date : 21-Sep-2016 , 07:15:10 pm | Posted By CASANSAAR

Ending a 92-year-old tradition, the Union Cabinet on Wednesday decided to merge the Railway budget with the General budget and agreed in-principle to advance the date of its presentation in Parliament from the usual February end. The actual date for presentation of the General budget for 2017-18 ...

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Category : Budget | Comments : 0 | Hits : 202

Government invites application for new SEBI Chairman
Posted Date : 21-Sep-2016 , 08:32:22 am | Posted By CASANSAAR

Five months before the tenure of Securities and Exchange Board of India (Sebi) Chairman UK Sinha concludes, the central government has begun the search for a new chief. Sinha was given a one-year extension as the government was unable to find a suitable replacement for the position. Inviting appl...

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Category : SEBI | Comments : 0 | Hits : 372

EY fined $9.3m for Auditors' improper relationships with clients
Posted Date : 21-Sep-2016 , 08:27:37 am | Posted By CASANSAAR

Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level" and broke rules aimed at ensuring reviews were impartial, the U.S. Securities and Exchange Commission said . The agency said the two f...

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Category : Auditing | Comments : 0 | Hits : 1345

GST Council secretariat to have IRS officers
Posted Date : 21-Sep-2016 , 08:11:36 am | Posted By CASANSAAR

The Centre is keen to look into the composition of Goods and Services Tax (GST) council secretariat to ensure postings of Indian Revenue Service (IRS) officers in its key positions, an association representing them said in New Delhi. The development comes after a delegation of IRS officers associati...

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Category : GST | Comments : 0 | Hits : 191

Cabinet to consider Union Budget presentation on February 1
Posted Date : 21-Sep-2016 , 08:05:39 am | Posted By CASANSAAR

Breaking from tradition, the general budget of the Union government is likely to be presented on February 1 instead of the last day of the month, as part of an overhaul that would also scrap the practice of a separate railway budget. The proposal for advancing of the budget and the merger of the ...

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Category : Budget | Comments : 0 | Hits : 394

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