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Under pressure, banks hand over scrutiny to their Auditing firms
Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR

UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...

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Category : Banking | Comments : 0 | Hits : 1232

Taxman sends 3000 notices for high bank deposits post notes ban
Posted Date : 17-Dec-2016 , 02:17:27 pm | Posted By CASANSAAR

The Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation an...

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Category : Income Tax | Comments : 0 | Hits : 690

Govt to release app for Aadhaar-linked e-payments soon
Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR

Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...

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Category : Banking | Comments : 0 | Hits : 256

Black money holders get last chance to disclose till Mar'17
Posted Date : 17-Dec-2016 , 12:04:20 pm | Posted By CASANSAAR

Offering one last chance to black money holders, the Indian government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation. Offering tax dodgers confidentially and immunity from prosecution under the ne...

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Category : Black Money | Comments : 0 | Hits : 196

Govt mulls special session to push GST related bills
Posted Date : 16-Dec-2016 , 08:35:00 am | Posted By CASANSAAR

With Parliament’s winter session heading for a total washout, the government plans a meeting of the Cabinet Committee on Parliamentary Affairs Friday to discuss options including a special short session to take up the Central GST and Integrated GST Bills. The government has, however, decided a...

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Category : GST | Comments : 0 | Hits : 497

Traders can register themselves under the GST from Dec 16
Posted Date : 16-Dec-2016 , 08:26:10 am | Posted By CASANSAAR

Around 3.48 lakh traders of the city, registered with the Delhi government's Trade and Taxes department, can register themselves under the upcoming Goods and Services Tax (GST) regime from December 16. The exercise for the registration of city's traders under the new tax law will continue ti...

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Category : GST | Comments : 0 | Hits : 641

IBBI notifies norms for liquidation process
Posted Date : 16-Dec-2016 , 08:17:39 am | Posted By CASANSAAR

 The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned. The regulations come into force with immed...

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Category : General | Comments : 0 | Hits : 184

RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR

Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...

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Category : RBI | Comments : 0 | Hits : 1924

Legion hacker claims mail leak of 74k Chartered Accountants
Posted Date : 15-Dec-2016 , 08:22:57 am | Posted By CASANSAAR

He is an 18-year-old somewhere in India. Or so, he says. And he is part of Legion, the hacker group that has got India's attention after several high-profile email and Twitter hacks, and some extensive data dumps. On Wednesday evening, he shared with TOI a list of what he claims are email addres...

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Category : Chartered Accountant | Comments : 0 | Hits : 1442

CBDT warns taxpayers against revising I-T return forms
Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR

In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action. It said that post demonetisation announc...

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Category : Income Tax | Comments : 0 | Hits : 704

Cabinet approves renewal of MoU between ICAI and CBFS Oman
Posted Date : 15-Dec-2016 , 08:07:03 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman. The MoU w...

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Category : ICAI | Comments : 0 | Hits : 344

Report Card on GST Implementation
Posted Date : 15-Dec-2016 , 07:58:02 am | Posted By CASANSAAR

  Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attit...

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Category : GST | Comments : 0 | Hits : 527

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR

  Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...

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Category : Income Tax | Comments : 0 | Hits : 302

Parl panel not in favour of new independent regulator NFRA
Posted Date : 14-Dec-2016 , 09:26:09 am | Posted By CASANSAAR

The CA Institute has cause for cheer with the Veerappa Moily headed Standing Committee on Finance recommending that it was not in favour of establishing a separate regulator--independent of audit profession--for auditors. This stance of the Parliamentary Panel is being widely read as its veto for...

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Category : ICAI | Comments : 0 | Hits : 212

Income Tax dept tells officers to not open last year’s assessments on higher turnover this year
Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR

In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods. In instructions to the assessing officers, the Central Boar...

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Category : Income Tax | Comments : 0 | Hits : 783

RBI wants CCTV footage from banks to spot currency hoarders post demonetisation
Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR

RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.   The Reserve Bank, in a notification issued today, said banks should "preserve ...

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Category : RBI | Comments : 0 | Hits : 242

Banks get Rs 12.44 lakh crore in old notes till Dec 10 - RBI
Posted Date : 14-Dec-2016 , 08:46:23 am | Posted By CASANSAAR

RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago. "The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank a...

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Category : RBI | Comments : 0 | Hits : 232

RBI denies reports of Axis Bank's licence cancellation
Posted Date : 13-Dec-2016 , 08:04:07 am | Posted By CASANSAAR

Following allegations of involvement in money laundering in the wake of demonetisation, the Reserve Bank on Monday quelled rumours stating that it has “not initiated any action” to cancel the licence of Axis Bank. Axis Bank had suspended 24 of its employees for allegedly breaking rule...

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Category : RBI | Comments : 0 | Hits : 209

Delhi Police seize Rs 13.56 crore cash from lawyer's office in Delhi
Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR

Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday. The raid was carried out by Crime Branch at the office of T&T law firm la...

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Category : Banking | Comments : 0 | Hits : 488

CBDT to organise drive to sensitise taxpayer of e-initiatives
Posted Date : 12-Dec-2016 , 09:14:55 am | Posted By CASANSAAR

The Income Tax Department is mulling a major educational drive to update professionals, taxpayers and representatives of trade bodies about the initiatives being taken by it with regard to online grievance redressal and e-filing of returns. The drive is aimed at updating stakeholders who have not be...

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Category : CBDT | Comments : 0 | Hits : 243

GST Council meet inconclusive; Apr 1 target unlikely
Posted Date : 12-Dec-2016 , 09:11:09 am | Posted By CASANSAAR

With the Centre and states again failing on Sunday to sort out contentious issue of dual control of assessees, the Goods and Services Tax (GST) rollout from April 1 next year is now looking virtually impossible. The 6th meeting of the all-powerful GST Council was slated to decide on dual control ...

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Category : GST | Comments : 0 | Hits : 285

High Court not a disciplinary authority - SC
Posted Date : 10-Dec-2016 , 11:30:32 pm | Posted By CASANSAAR

A High Court is not a disciplinary authority and it is not its job to impose a punishment even if an employer hands down a "shockingly disproportionate" penalty to an errant employee, the Supreme Court has said. Holding that the power of awarding a particular penalty rested with the dis...

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Category : General | Comments : 0 | Hits : 220

RBI asks banks to upload KYC with central registry from Jan 1
Posted Date : 10-Dec-2016 , 11:20:59 pm | Posted By CASANSAAR

Reserve Bank has directed all Scheduled Commercial Banks (SCBs) to upload the Know Your Customer or KYC data pertaining to new individual accounts opened on or after January 1, with Central KYC Records Registry. Besides, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain ...

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Category : Income Tax | Comments : 0 | Hits : 212

ICAI issues advisory for members over demonetisation
Posted Date : 10-Dec-2016 , 08:14:33 am | Posted By CASANSAAR

December 9, 2016 ANNOUNCEMENT For attention of Members Demonetisation Policy announced by Government of India- An Advisory for Members  As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of ...

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Category : ICAI | Comments : 0 | Hits : 1468

ICAI will take strict action against those putting the profession to shame
Posted Date : 09-Dec-2016 , 08:26:50 am | Posted By CASANSAAR

Institute of Chartered Accountants of India (ICAI) vice-president Nilesh S Vikamsey on Thursday said the institute will take strict action against those 'putting the profession to shame'. His statement came in the backdrop of post-demonetisation crackdown by income tax department and enfo...

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Category : ICAI | Comments : 0 | Hits : 2884

RBI allows eKYC to use OTP for account opening
Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts. “A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...

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Category : RBI | Comments : 0 | Hits : 536

Govt announces several incentives on payments through digital modes
Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR

Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means. Mr Jaitley also said,...

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Category : Banking | Comments : 0 | Hits : 445

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad
Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR

Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...

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Category : Income Tax | Comments : 0 | Hits : 550

Paperless ICAI - Online submission of ICAI Forms
Posted Date : 08-Dec-2016 , 12:40:21 pm | Posted By CASANSAAR

In the series of regulatory forms - Form 6, Form 9, Form 101, Form 103 and Form 117 are currently available in the above links for ease of access of ICAI and its stakeholders. Members can authenticate and submit forms in online and offline mode using Digital Signature. Form 6 (Certificate of Prac...

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Category : ICAI | Comments : 0 | Hits : 1226

Triple talaq is unconstitutional, it violates rights of Muslim women - Allahabad HC
Posted Date : 08-Dec-2016 , 12:27:54 pm | Posted By CASANSAAR

Pronouncing its order on the sensitive issue, the HC said the triple talaq system practice in the Muslim community violates the rights of Muslim women. The court slammed All India Muslim Personal Law Board's stand of supporting triple talaq saying, "No Personal Law Board is above the Con...

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Category : General | Comments : 0 | Hits : 160

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