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Next action will be against 'Benami' Properties: PM Modi
Posted Date : 13-Nov-2016 , 06:02:41 pm | Posted By CASANSAAR

Prime Minister Narendra Modi today launched a scathing attack on detractors of the demonetisation move, especially the Congress, saying those involved in mega scams were now standing in queues to exchange Rs 4,000 and announcing that more anti-graft measures were on the anvil including action agains...

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Category : General | Comments : 0 | Hits : 284

Rs 500/1,000 notes valid for key utilities till Nov 14
Posted Date : 11-Nov-2016 , 09:51:09 pm | Posted By CASANSAAR

Government today extended use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees as well as purchases from co-operative stores by another 72 hours to November 14 as it struggles to make available alternative currency. While withdrawing Rs 500 and Rs 1,000 no...

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Category : Banking | Comments : 0 | Hits : 418

Entry tax on goods from other states constitutional - Supreme Court
Posted Date : 11-Nov-2016 , 04:41:27 pm | Posted By CASANSAAR

Declaring that the state governments have the legislative competence, the Supreme Court Friday held as constitutional the levy of entry tax by states on goods imported from other states. A nine-judge bench led by Chief Justice of India T S Thakur held by majority that state governments could impose ...

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Category : General | Comments : 0 | Hits : 491

SBI gets Rs 53000 crore deposits till mid-day
Posted Date : 11-Nov-2016 , 04:35:32 pm | Posted By CASANSAAR

India’s largest lender State Bank of India said on Friday banks received deposits worth Rs 53,000 crore since the government put out of circulation high-value banknotes in a bid to drain illegal wealth. People started depositing the now-withdrawn Rs 500 and Rs 1000 notes in banks across Ind...

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Category : Bank | Comments : 0 | Hits : 1301

Madras High Court dismisses petition challenging demonetisation
Posted Date : 11-Nov-2016 , 02:09:26 pm | Posted By CASANSAAR

The Madurai bench of the Madras High Court today dismissed the petition seeking a stay on demonetisation of Rs 500 and Rs 1,000 notes. The petition was filed by the political party Indian National League (INL). The bench said the government's demonetisation scheme is good for the country. ...

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Category : Banking | Comments : 0 | Hits : 569

Income Tax department conducts multiple raids in Delhi, Mumbai and other cities
Posted Date : 10-Nov-2016 , 07:26:52 pm | Posted By CASANSAAR

This comes a day after Union Finance Ministry had warned of strict actions against those who will be found depositing undisclosed money after banks opened on Thursday.   Further dangling the stick, government on Wednesday night had warned that cash deposits above Rs 2.5 lakh threshold under t...

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Category : Income Tax | Comments : 0 | Hits : 1706

Income Tax dept not to hound small depositors - FM
Posted Date : 10-Nov-2016 , 07:20:12 pm | Posted By CASANSAAR

Assuring people that taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency, Finance Minister Arun Jaitley today advised them not to throng banks as there is enough time to exchange the junked notes. He said however that those depositing large amounts of unaccounted m...

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Category : Income Tax | Comments : 0 | Hits : 596

Donations to temples, FDs in co-op banks under govt scanner
Posted Date : 10-Nov-2016 , 07:18:06 pm | Posted By CASANSAAR

The demonetization of 1000 rupees and 500 rupees notes has seen sudden spurt in donations to around 100 temples and trusts and in cash reserves of around 1000 cooperative banks and credit societies in Maharashtra. All these transactions have come under government scanner. The officials have apprised...

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Category : Income Tax | Comments : 0 | Hits : 382

Plea in SC against demonetisation of Rs 1,000 & Rs 500 notes
Posted Date : 10-Nov-2016 , 08:20:06 am | Posted By CASANSAAR

A plea was Wednesday filed in Supreme Court seeking quashing of the Narendra Modi government’s decision to demonetise Rs 1,000 and Rs 500 currency notes on grounds that it infringed on citizens’ right to life and to trade, among others. The PIL, which could be listed for hearing during t...

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Category : Banking | Comments : 1 | Hits : 850

Deposits over Rs.10 lakh to attract 200% penalty - Revenue Secretary
Posted Date : 10-Nov-2016 , 07:53:06 am | Posted By CASANSAAR

  Those who have deposited more than Rs 10 lakh in their bank accounts, not commensurate with their income tax returns, will have to pay tax and a 200 per cent penalty on the amount as laid out in the Income Tax Act, Revenue Secretary Hasmukh Adhia tweeted on Wednesday.   “If ...

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Category : Banking | Comments : 0 | Hits : 1972

RBI Dismisses Rumours of GPS - enabled Rs 2,000 Notes
Posted Date : 09-Nov-2016 , 10:22:06 pm | Posted By CASANSAAR

The Reserve Bank of India has dismissed as “figments of imagination” rumours that a new series of Rs 2,000 will come with a GPS-chip that will help government track illegal money transactions. “Such a technology does not exist at the moment in the world, then how can we introduc...

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Category : RBI | Comments : 0 | Hits : 406

Lawyers file plea in Bombay HC challenging ban on Rs 500, Rs 1,000 notes
Posted Date : 09-Nov-2016 , 07:20:10 pm | Posted By CASANSAAR

Two senior advocates have moved the Bombay high court (HC) urging it to take suo moto cognisance of the Union government’s decision to stop the circulation of all currency notes of the denomination of Rs500 and Rs1,000. Advocate Jamshed Mistry and advocate Jabbar Singh moved the HC’s ...

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Category : Banking | Comments : 0 | Hits : 1120

No tax immunity for deposits of old Rs 500, Rs 1000 notes in banks - FM
Posted Date : 09-Nov-2016 , 07:14:39 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old Rs 500 and Rs 1,000 currency notes in bank accounts will not enjoy immunity from tax and the land of law will apply on source of such money. A day after the government announced the withdrawal of Rs 500 and Rs 1,000 banknote...

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Category : Banking | Comments : 0 | Hits : 366

Deposits under tax exemption limit may not draw Income Tax scrutiny
Posted Date : 09-Nov-2016 , 07:12:41 pm | Posted By CASANSAAR

Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs. 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today. After withdrawing Rs. 500 and...

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Category : Income Tax | Comments : 0 | Hits : 1098

Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016
Posted Date : 09-Nov-2016 , 05:57:14 pm | Posted By CASANSAAR

  RBI/2016-17/114 DBR.No.Leg.BC.31/09.07.005/2016-17 November 9, 2016 The Chairman / Managing Director and Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Small Finance Banks / Regional Rural Banks / Local Area Banks All Cooperative Banks Dear...

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Category : Banking | Comments : 0 | Hits : 4369

Donald Trump Elected as 45th President of the United States
Posted Date : 09-Nov-2016 , 01:26:38 pm | Posted By CASANSAAR

Donald John Trump was elected the 45th president of the United States on Tuesday in a stunning culmination of an explosive, populist and polarizing campaign that took relentless aim at the institutions and long-held ideals of American democracy. The surprise outcome, defying late polls that showe...

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Category : International Business | Comments : 0 | Hits : 352

Scrapping of Rs.500,1000 Notes - Appeal to Professionals
Posted Date : 09-Nov-2016 , 08:46:54 am | Posted By CASANSAAR

Since Mr. Modi has announced the withdrawal of the high denomination Bank notes last night, Phone calls to CAs are not stopping. Many of us even had sleepless night due panic among business community and our clients. CASANSAAR  would request and appeal to Professional fraternity to avoid a...

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Category : CA | Comments : 1 | Hits : 4257

RBI issues FAQs to clear the air on scrapped of Rs500, Rs1000 notes
Posted Date : 09-Nov-2016 , 07:53:06 am | Posted By CASANSAAR

After the government’s surprise announcement on Tuesday of making Rs 1,000 and Rs 500 banknotes illegal from midnight, the Reserve Bank of India posted a 25-point detailed FAQs explaining the rationale behind the move. The central bank said the most important reason for the ban was the abno...

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Category : RBI | Comments : 0 | Hits : 1566

Full text of PM Modi's speech on Demonetisation of Rs.500 and Rs.1000
Posted Date : 08-Nov-2016 , 11:36:05 pm | Posted By CASANSAAR

My dear citizens I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us ...

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Category : Banking | Comments : 0 | Hits : 416

New Rs 2000 and Rs 500 Notes to be Issued Soon
Posted Date : 08-Nov-2016 , 09:01:11 pm | Posted By CASANSAAR

Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation. “Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says. Modi says the citizens’ money will be safe as they can deposi...

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Category : Banking | Comments : 0 | Hits : 447

PM announces scrapping of currency notes of Rs 500, 1000 denomination w.e.f. midnight tonight
Posted Date : 08-Nov-2016 , 08:53:01 pm | Posted By CASANSAAR

1,000 and 500 rupee notes will cease to be legal tender from midnight tonight and those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10th of this month to 30th of December this year. In a special nationwide televised address this even...

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Category : General | Comments : 0 | Hits : 468

GST Potal Launched - Get Ready for GST
Posted Date : 08-Nov-2016 , 01:53:14 pm | Posted By CASANSAAR

The Govt has launched GST portal (www.gst.gov.in).  The state wise schedule for GST Registration is hosted on the website. Government has launched GST Portal (i.e., www.gst.gov.in) for the enrollment of existing taxpayers of VAT, Service Tax and Excise for smooth transition to GST. Exis...

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Category : GST | Comments : 0 | Hits : 1618

Health Alarm - New Delhi most Polluted city on Earth
Posted Date : 08-Nov-2016 , 08:14:47 am | Posted By CASANSAAR

As Delhi is choking with pollution with most of its parts witnessing smog levels that are almost five times higher, the US environmental protection agency on Monday said that the national capital is the most polluted city on earth right now. The measurements taken at the US Embassy in Delhi rec...

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Category : General | Comments : 0 | Hits : 478

RBI appoints M Rajeshwar Rao as new ED
Posted Date : 08-Nov-2016 , 07:41:45 am | Posted By CASANSAAR

The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's taking voluntary retirement from the central bank. RBI said in a statement that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operatio...

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Category : RBI | Comments : 0 | Hits : 135

Nomination for Membership at the International Accounting Standards Board (IASB)
Posted Date : 07-Nov-2016 , 10:27:23 pm | Posted By CASANSAAR

International Accounting Standards Board (IASB) is seeking applications for vacancies in the Board  (A) IASB position summary: The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. Members of the Board represent the best available co...

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Category : ICAI | Comments : 0 | Hits : 217

ICAI can not take Disciplinary action against Chandigarh Branch of ICAI - HC
Posted Date : 07-Nov-2016 , 08:38:18 am | Posted By CASANSAAR

In a victory of sorts for the committee of the Chandigarh branch of the Northern India Regional Council (NIRC) of Institute of Chartered Accountants of India (ICAI), the Punjab and Haryana High Court has in its interim order said that the committee would continue to function and the respondents in t...

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Category : ICAI | Comments : 0 | Hits : 1732

CBDT to install cheque deposit machines at Ayakar Seva Kendras
Posted Date : 07-Nov-2016 , 08:27:51 am | Posted By CASANSAAR

In order to make the department more taxpayer friendly, Central Board of Direct Taxes (CBDT) has decided to install cheque deposit machines at Ayakar Seva Kendras (ASKs) and launch a modified website to assist assesses to ascertain their tax liability. As per the road map prepared by the CBDT, th...

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Category : CBDT | Comments : 0 | Hits : 134

PAN Details Updation only required for Practicing Members - ICAI
Posted Date : 06-Nov-2016 , 08:39:32 am | Posted By CASANSAAR

Only required for Practicing Members This refers to the earlier announcements of ICAI regarding the updation of PAN details by the members in the Institute’s records to avoid blocking of e-filing account by the Income Tax Department. Inspite of the earlier said announcements and reminder em...

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Category : PAN | Comments : 0 | Hits : 1443

Charted Accountant found dead under mysterious circumstances
Posted Date : 05-Nov-2016 , 07:38:56 am | Posted By CASANSAAR

A 41-year-old Charted Accountant was found dead under mysterious circumstances after he fell from the eighth floor of a highrise building in East Delhi’s Madhu Vihar area on Thursday evening. According to the police, the deceased has been identified as Govind Vallabh. Police said that they hav...

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Category : Chartered Accountant | Comments : 0 | Hits : 911

GST Council meeting remains inconclusive on dual control issue
Posted Date : 04-Nov-2016 , 10:32:56 pm | Posted By CASANSAAR

The government says Goods and Service Tax Council meeting remained inconclusive on cross empowerment or dual control issue.  Addressing a press conference in New Delhi at the end of two day meeting of the council, Finance Minister Arun Jaitley said, state Finance Ministers will meet on 20th ...

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Category : GST | Comments : 0 | Hits : 258

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