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4 lakh companies face deregistration for not filing Income Tax returns
Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR

As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years. Starting last month, notices are being sent out to ove...

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Category : Income Tax | Comments : 0 | Hits : 498

Key changes in ITR forms for AY 2017-18
Posted Date : 18-Apr-2017 , 08:18:37 am | Posted By CASANSAAR

Statistics laid out by the Finance Minister during Budget Speech 2017 regarding the number of tax payers in the country vis-a-vis quantum of expenditure incurred by individuals revealed a stark distinction between disclosure of income and expenditure. In order to the change the current scenario and ...

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Category : ITR | Comments : 0 | Hits : 1343

Fin Min okays 8.65% interest on EPF
Posted Date : 16-Apr-2017 , 01:46:15 pm | Posted By CASANSAAR

The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members. The Finance Ministry in its communication to the Labour Ministry has, however, put ...

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Category : Finance | Comments : 0 | Hits : 178

PSU banks to freeze branch expansion
Posted Date : 15-Apr-2017 , 08:00:19 am | Posted By CASANSAAR

At least 10 out of the 22 public-sector banks might freeze branch expansion this fiscal and make higher provisioning for bad loans, while 16 lenders are unlikely to give dividends for the just concluded FY17. This is part of the mandatory actions that banks have to comply with under RBI’s r...

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Category : Banking | Comments : 0 | Hits : 389

60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...

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Category : Income Tax | Comments : 0 | Hits : 292

Action will be taken against erring members - ICAI on ED raids
Posted Date : 14-Apr-2017 , 09:06:13 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said disciplinary "proceedings" have been initiated against members allegedly involved in money laundering through dubious companies.  Asserting that the matter of such members would be dealt with seriously, the Institute of Chartered Accou...

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Category : ICAI | Comments : 0 | Hits : 1888

Govt. plan to make professionals accountable for info sharing under PMLA
Posted Date : 14-Apr-2017 , 09:00:36 am | Posted By CASANSAAR

Increasing instances of the role of chartered accountants, tax consultants and lawyers in financial frauds, particularly during the demonetisation exercise, has led the Central government to contemplate changes in existing laws, making it mandatory for them to report suspicious transactions under th...

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Category : Chartered Accountant | Comments : 0 | Hits : 2056

President gives assent to four supporting legislations on GST
Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR

President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1. The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...

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Category : GST | Comments : 0 | Hits : 239

ED raids offices of 34 Chartered Accountants in Delhi
Posted Date : 13-Apr-2017 , 03:26:33 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies. The CAs and CSs are accused of helping shell companies convert ...

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Category : Chartered Accountant | Comments : 0 | Hits : 18611

RBI proposes simplified forex hedging facility
Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR

Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk. The facility is...

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Category : RBI | Comments : 0 | Hits : 333

Cabinet approves listing of 11 CPSEs on stock exchanges
Posted Date : 13-Apr-2017 , 08:14:02 am | Posted By CASANSAAR

The Cabinet Committee on Economic Affairs has given its approval for listing of 11 Central Public Sector Enterprises (CPSEs) on stock exchanges. They include Rail Vikas Nigam Limited, Indian Railway Finance Corporation Limited, Indian Railway Catering and Tourism Corporation (IRCTC) Limited, Bharat ...

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Category : Shares & Stock | Comments : 0 | Hits : 147

Income Tax department asks financial institutions to get accounts self-certified by April 30
Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR

The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.  "The account holders may be informed that, in case self-certifications are not provided till April 30, 2...

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Category : Income Tax | Comments : 0 | Hits : 414

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962
Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR

The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...

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Category : Income Tax | Comments : 0 | Hits : 335

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
Posted Date : 11-Apr-2017 , 01:51:00 pm | Posted By CASANSAAR

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.   Applicant companies submit a common application form SPICe (IN...

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Category : CBDT | Comments : 0 | Hits : 1116

Taxpayers to be rated on GST compliance
Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR

Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns. The ratings will be made public on the GST Network (GSTN) website as tax authorities ...

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Category : GST | Comments : 0 | Hits : 409

RBI proposes wholesale, long-term finance banks
Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.  “Going forward, considering the existing landsca...

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Category : RBI | Comments : 0 | Hits : 362

No estimates of undeposited black money in old notes - Govt.
Posted Date : 08-Apr-2017 , 08:29:31 am | Posted By CASANSAAR

There is no official estimate of black money held in scrapped Rs 500 and Rs 1,000 notes that have been left undeposited with banks during the demonetisation period. "There is no official estimation of the amount of black money in form of old Rs 500/1000 that have not been deposited during th...

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Category : Black Money | Comments : 0 | Hits : 290

1.37 crore who don’t file returns are now on Income Tax radar
Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR

ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions. Alongs...

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Category : Income Tax | Comments : 0 | Hits : 948

NEFT transfer to get quicker as RBI cuts clearance time
Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR

The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...

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Category : RBI | Comments : 0 | Hits : 501

Lok Sabha passes Taxation Laws (Amendment) Bill 2017
Posted Date : 07-Apr-2017 , 07:23:22 am | Posted By CASANSAAR

The Lok Sabha today passed the Taxation Laws (Amendment) Bill,2017 which seeks to amend the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments. The Customs Act is proposed to be amended to in...

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Category : General | Comments : 0 | Hits : 384

Rajya Sabha passes all four GST bills to pave way for rollout
Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR

The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...

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Category : GST | Comments : 0 | Hits : 547

RBI maintains status quo on repo rate
Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR

The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation. RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...

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Category : RBI | Comments : 0 | Hits : 196

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings
Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...

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Category : Income Tax | Comments : 0 | Hits : 1028

ITR - Only resident Indians need to quote Aadhaar in ITR
Posted Date : 06-Apr-2017 , 07:28:51 am | Posted By CASANSAAR

Only resident Indians will have to quote Aadhaar for filing ITR as the I-T department has made it mandatory for them for assessment year 2017-18. The government, as per the Finance Act 2017, has made it a must for taxpayers to quote Aadhaar or enrolment ID for filing of income tax returns (ITR). ...

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Category : ITR | Comments : 0 | Hits : 810

Budget 2017 takes Steps to discourage Cash transactions & curb Black Money
Posted Date : 05-Apr-2017 , 08:49:48 pm | Posted By CASANSAAR

Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy.  These prominently include placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act...

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Category : Black Money | Comments : 0 | Hits : 488

Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...

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Category : Income Tax | Comments : 0 | Hits : 393

SC grants three weeks to Govt to fill up vacancies in ITAT
Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR

The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents in different benches of the Income Tax Appellate Tribunals (ITAT) across the country. A bench of Chief Justice J S Khehar and Justice D Y Chandrachud also asked Solicitor General R...

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Category : Income Tax | Comments : 0 | Hits : 386

CBDT requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961
Posted Date : 03-Apr-2017 , 07:41:48 pm | Posted By CASANSAAR

Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after ...

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Category : CBDT | Comments : 1 | Hits : 439

Mrs. Aruna Sethi appointed as the Chief Adviser (Cost) in the Ministry of Finance
Posted Date : 03-Apr-2017 , 07:40:32 pm | Posted By CASANSAAR

Mrs. Aruna Sethi, 1985 batch officer of Indian Cost Accounts Service (ICoAS) has been elevated to the position of Chief Adviser (Cost) in the Ministry of Finance, Department of Expenditure w.e.f. 1st April, 2017.  She is the first lady ICoAS officer who has reached this position.  Earlier,...

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Category : Finance | Comments : 0 | Hits : 188

GST: Tax evasion over Rs 5 cr a non-bailable offence
Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR

Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...

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Category : GST | Comments : 0 | Hits : 371

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