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GST Council to give across the board relief today
Posted Date : 10-Nov-2017 , 09:12:30 am | Posted By CASANSAAR

Hounded from all sides over the shoddy implementation of the newly-introduced goods and services tax (GST), the decision making body for the new indirect tax GST Council that will be meeting today in Guwahati could look at further raising the threshold for composition scheme, move a large number of ...

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Category : GST | Comments : 0 | Hits : 496

Now, link all your insurance policies to Aadhaar and PAN
Posted Date : 10-Nov-2017 , 08:49:24 am | Posted By CASANSAAR

In a directive that is likely to pose a huge logistical challenge to insurance providers, the regulator has made it mandatory for companies to link Aadhaar with every individual policy. The move comes even as the Supreme Court has asked banks not to spread panic through text messages on deadlines fo...

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Category : PAN | Comments : 0 | Hits : 718

RBI release new outsourcing norms for NBFCs
Posted Date : 10-Nov-2017 , 08:32:43 am | Posted By CASANSAAR

Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio.  In a notification on its website on Thursday RBI issued fr...

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Category : RBI | Comments : 0 | Hits : 343

Global regulators want to limit accountants' say on audit rules
Posted Date : 10-Nov-2017 , 08:28:58 am | Posted By CASANSAAR

Global regulators want to shake up how corporate audit rules are written to curb the influence of accountants and avoid any conflict of interest. Audit rules are currently written under the umbrella of the International Federation of Accountants (IFAC), a global body that represents a profession ...

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Category : Auditing | Comments : 0 | Hits : 621

High Court annuls 6 ICDS provisions, upholds its overall validity
Posted Date : 10-Nov-2017 , 08:25:46 am | Posted By CASANSAAR

The Delhi High Court has struck down six of the 10 provision under the Income Computation and Disclosure Standards (ICDS) as they overrode past judicial precedents. It, however, upheld the overall premise of this accounting principle for computing taxable income.  The introduction of ICDS ha...

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

RBI asks banks to provide doorstep banking facilities to senior citizens & divyangs
Posted Date : 10-Nov-2017 , 08:17:58 am | Posted By CASANSAAR

The RBI has asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year.  Banks have been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided ...

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Category : RBI | Comments : 0 | Hits : 197

23rd GST Council Meet to begin in Guwahati today
Posted Date : 09-Nov-2017 , 07:39:10 am | Posted By CASANSAAR

The 23rd meeting of the Goods and Services Tax (GST) Council will begin in Guwahati today. The two-day meeting will review the impact of the new tax regime in the first quarter of its implementation.  In an interview to All India Radio, Union Finance Minister Arun Jaitley said, the Council i...

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Category : GST | Comments : 0 | Hits : 203

GST Council meeting likely to deliberate on bringing Real Estate under GST - FM
Posted Date : 08-Nov-2017 , 09:58:24 pm | Posted By CASANSAAR

The Finance Minister Mr. Arun Jaitley says, the positive indications have started emerging in the formal economy after a year of demonetisation. He said, the tax base has increased, more money is available now in the banks, mutual funds and capital market.  In an exclusive interview to Al...

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Category : GST | Comments : 0 | Hits : 86

All GST issues to be resolved on November 10 - PM
Posted Date : 08-Nov-2017 , 08:31:30 am | Posted By CASANSAAR

Almost all the woes being faced by businesses and traders under the four-month-old Goods and Services Tax (GST) regime would likely be resolved by the GST Council at its November 10 meeting, Prime Minister Narendra Modi said. India’s 100th rank in the World Bank’s latest ease of doing...

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Category : GST | Comments : 0 | Hits : 335

Income Tax to issue 1Lakh notices for huge deposits post demonetisation
Posted Date : 08-Nov-2017 , 08:27:03 am | Posted By CASANSAAR

The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for detailed probe into suspected discrepancies, official sources said.  Issue of notices will begin this ...

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Category : Income Tax | Comments : 0 | Hits : 508

Bitcoins not to be used for payments and settlements for now - RBI
Posted Date : 07-Nov-2017 , 08:33:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now. Answering a query from the audience at the FIBAC banking event, S Ganesh Kumar, Executive Director of RBI said, "Our current positio...

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Category : RBI | Comments : 0 | Hits : 669

Govt may review monthly GST return filing process
Posted Date : 06-Nov-2017 , 09:47:05 pm | Posted By CASANSAAR

The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said.  Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail...

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Category : GST | Comments : 0 | Hits : 453

20572 Income Tax Returns under scanner for Detailed Investigation
Posted Date : 06-Nov-2017 , 09:44:24 pm | Posted By CASANSAAR

The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation , official sources said today. Separately, they said, the department has identified one lakh "high risk" cases of alleged tax eva...

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Category : ITR | Comments : 0 | Hits : 1551

Investigations in cases of Paradise Papers to be monitored through reconstituted Multi Agency Group
Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR

Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...

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Category : Income Tax | Comments : 0 | Hits : 113

Revenue Secretary Hasmukh Adhia designated Finance Secretary
Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR

Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...

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Category : Income Tax | Comments : 0 | Hits : 119

GSTN eases process for exporters to claim refunds
Posted Date : 06-Nov-2017 , 02:07:50 pm | Posted By CASANSAAR

The Goods and Services Tax Network (GSTN) has said that it has introduced a utility Table 6A in the Form GSTR-1 used by exporters to claim refunds. In a statement yesterday, it said Table 6A of Form GSTR1 has been introduced on the GST portal. Table 6A of Form GSTR1 allows taxpayers to file expor...

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Category : GST | Comments : 0 | Hits : 219

Govt freezes 58,000 bank accounts of 35K shell Cos
Posted Date : 06-Nov-2017 , 08:34:50 am | Posted By CASANSAAR

The noose around shell companies has tightened as the government has banned 58,000 bank accounts of 35,000 alleged shell companies who have deposited and withdrawn over Rs 17,000 crore during since demonetization. The move is part of a massive ongoing drive during which 2.24 lakh companies have s...

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Category : Accounts | Comments : 0 | Hits : 400

GST Council to consider slashing GST on common use goods
Posted Date : 06-Nov-2017 , 08:32:05 am | Posted By CASANSAAR

The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week. The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on N...

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Category : GST | Comments : 0 | Hits : 251

Offline version for GSTR-4 preparation launched on GST portal
Posted Date : 05-Nov-2017 , 10:03:41 am | Posted By CASANSAAR

Flagging off preparation for the filing of GSTR-4, the quarterly return for taxpayers who have opted for Composition Levy, the Goods and Services Tax Network (GSTN) introduced an offline tool on the GST Portal for the same. “GSTR-4 return can be prepared only using the Offline Tool. This ha...

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Category : GST | Comments : 0 | Hits : 134

PM hints at more measures for businesses on GST
Posted Date : 05-Nov-2017 , 10:00:11 am | Posted By CASANSAAR

Promising more measures to ease problems faced by small businesses due to GST, Prime Minister Narendra Modi on Saturday said a committee of state ministers has accepted most of the suggestions made by them and an announcement is likely in the GST Council meet next week. The GST Council had announ...

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Category : GST | Comments : 0 | Hits : 105

PAN not needed for cash sale of agri produce up to Rs 2 L/day
Posted Date : 04-Nov-2017 , 09:41:12 am | Posted By CASANSAAR

The revenue department said farmers do not need to quote PAN for cash sale of their produce up to Rs 2 lakh a day. The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultu...

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Category : PAN | Comments : 0 | Hits : 423

Banks, telecos to indicate deadline for linking Aadhaar - SC
Posted Date : 04-Nov-2017 , 09:34:59 am | Posted By CASANSAAR

The Supreme Court today made it clear that banks and telecom service providers will have to indicate the last date of linking bank accounts and mobile numbers with Aadhaar in their communications with customers. Currently, the last date to link Aadhaar with bank accounts is December 31 this year ...

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Category : General | Comments : 0 | Hits : 310

RBI mandates unique code for all large corporate borrowers
Posted Date : 02-Nov-2017 , 09:29:45 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management.  The idea of LEI, a 20-digit unique code to identify partie...

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Category : RBI | Comments : 0 | Hits : 790

SEBI bans 10 entities for fraudulent trade with fake SMSes
Posted Date : 03-Nov-2017 , 07:52:04 am | Posted By CASANSAAR

Clamping down on fraudulent activities, Sebi has barred 10 entities for sending out fake SMSes in bulk with "questionable recommendations" to pump up trading volumes in the shares of Supreme Tex Mart Ltd.  Promoters, directors and their relatives along with three other entities all...

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Category : Shares & Stock | Comments : 0 | Hits : 315

CBDT signs 7 more unilateral APAs with taxpayers
Posted Date : 03-Nov-2017 , 07:46:46 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information t...

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Category : CBDT | Comments : 0 | Hits : 270

SC seeks details of 1,581 cases against MPs and MLAs
Posted Date : 01-Nov-2017 , 09:30:39 pm | Posted By CASANSAAR

The Supreme Court today directed the Centre to place before it details regarding 1,581 cases involving MPs and MLAs, as declared by politicians at the time of filing their nominations during the 2014 general elections. The apex court asked the government to apprise it as to how many of these 1,58...

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Category : General | Comments : 0 | Hits : 137

GSTN launches offline utility for GSTR-2
Posted Date : 01-Nov-2017 , 09:28:59 pm | Posted By CASANSAAR

GST Network, which developed the technology backbone for new indirect tax regime, today said it has launched an offline tool for filing purchase returns GSTR-2. The tool would allow taxpayers to export data of GSTR-2 to excel. This will be helpful in comparing this data with purchase register to ...

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Category : GST | Comments : 0 | Hits : 282

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File
Posted Date : 01-Nov-2017 , 09:27:10 pm | Posted By CASANSAAR

In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the I...

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Category : CBDT | Comments : 0 | Hits : 146

Madras HC allows petitioner to file I-T returns without quoting Aadhaar number
Posted Date : 01-Nov-2017 , 09:26:03 am | Posted By CASANSAAR

The Madras High Court on Tuesday allowed a petitioner to file her income tax returns manually, without quoting the Aadhaar number or the enrolment ID.  Petitioner Preeti Mohan relied on a June 9 Supreme Court judgement, which said Aadhaar cannot be mandatory for filing I-T returns. &ldquo...

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Category : Income Tax | Comments : 0 | Hits : 621

CBDT extends Tax Audit and ITR due date till Nov. 7
Posted Date : 31-Oct-2017 , 10:50:05 pm | Posted By CASANSAAR

On consideration of representations from various stakeholders for further extension of ‘due date’, being 30th September 2017 for those liable to file returns by 30.09.2017 and to facilitate ease of compliance by the taxpayers, CBDT has further extended the ‘due-date’ for fili...

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Category : Tax Audit | Comments : 0 | Hits : 312

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