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President approves promulgation of Specified Bank Notes Ordinance, 2016
Posted Date : 31-Dec-2016 , 08:26:05 am | Posted By CASANSAAR

President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance. It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a o...

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Category : Banking | Comments : 0 | Hits : 212

Demonetisation: Deadline to deposit old notes in banks ends today
Posted Date : 30-Dec-2016 , 08:03:05 am | Posted By CASANSAAR

The 50-day deadline to deposit the old 500 and 1,000 rupee notes in banks comes to an end today, however, people, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30....

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Category : Black Money | Comments : 0 | Hits : 163

Income Tax detects Rs 4,172 crore undisclosed income, seizes new note
Posted Date : 29-Dec-2016 , 10:07:09 pm | Posted By CASANSAAR

Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. Official source...

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Category : Income Tax | Comments : 0 | Hits : 267

RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR

 Why were Rs 1000 and Rs 500 notes demonetised by the government?  Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public. The monetary policy regulat...

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Category : RBI | Comments : 0 | Hits : 179

ED arrests Delhi lawyer for alleged illegal exchange of old notes
Posted Date : 29-Dec-2016 , 11:33:18 am | Posted By CASANSAAR

The Enforcement Directorate on Thursday arrested Delhi-based lawyer Rohit Tandon on allegations of getting over Rs. 60 crore in trashed notes recycled. The accused had got the cash exchanged through Kolkata-based businessman Paras Mal Lodha and Kotak Mahindra Bank branch manager Ashish Kumar, who...

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Category : Black Money | Comments : 0 | Hits : 246

Audit finds NSE's system compromised for 18 months
Posted Date : 29-Dec-2016 , 08:39:35 am | Posted By CASANSAAR

The NSE's trading system was compromised for about one and half years, which allowed certain brokers to get preferential treatment over all others. Some of the bourse's employees helped these brokers gain such preferential access to the NSE's trading system, a Sebi-directed enquiry by co...

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Category : Auditing | Comments : 0 | Hits : 549

RBI extends loan repayment window to 90 days
Posted Date : 29-Dec-2016 , 08:33:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it ...

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Category : RBI | Comments : 0 | Hits : 465

Govt names Viral V Acharya as RBI Deputy Governor
Posted Date : 28-Dec-2016 , 03:06:49 pm | Posted By CASANSAAR

Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University (NYU), new Deputy Governor at the Reserve Bank of India. The Appointments Committee of the Cabinet cleared the appointment for three years. He is taking over at a time w...

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Category : RBI | Comments : 0 | Hits : 222

Cabinet clears ordinance to penalise persons with old notes
Posted Date : 28-Dec-2016 , 03:06:05 pm | Posted By CASANSAAR

The Cabinet today approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes beyond a cut-off. The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liabi...

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Category : Black Money | Comments : 0 | Hits : 269

Income Tax Dept to issue notice to those who bought car after November 8
Posted Date : 28-Dec-2016 , 08:13:38 am | Posted By CASANSAAR

After a series of raids across the country following demonetisation, the Income Tax Department is now taking a close look at car sales that were made after November 8. Car dealers across the country have been asked to share details of those buyers who made purchase after Prime Minister Narendra M...

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Category : Income Tax | Comments : 0 | Hits : 1420

MHA cancels FCRA licences of 20000 NGOs
Posted Date : 28-Dec-2016 , 08:10:39 am | Posted By CASANSAAR

The number of total NGOs in the country with a valid licence to receive foreign funds has shrunk to a mere 13,000 from around 33,000 a year ago, a home ministry spokesperson said on Tuesday. The licences of nearly 20,000 NGOs issued under the Foreign Contributions Regulation Act (FCRA), 2010 were re...

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Category : International Business | Comments : 0 | Hits : 367

Black money holders to bear taxes, penalties amounting to over 137% post raids
Posted Date : 28-Dec-2016 , 08:07:34 am | Posted By CASANSAAR

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income i...

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Category : Income Tax | Comments : 0 | Hits : 354

Tata Sons serve legal notice on Mistry for breach of trust
Posted Date : 27-Dec-2016 , 08:32:36 pm | Posted By CASANSAAR

Tata Sons on Tuesday served a legal notice on its ousted Chairman Cyrus Mistry, alleging breach of confidentiality and passing on sensitive information to his family-controlled companies. No damages were sought. Mistry, who still remains a Director on the board of the holding arm of the the $100 ...

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Category : Finance | Comments : 0 | Hits : 182

25 lakh cars sold in India every year despite only 24 lakh people declaring income over Rs 10 lakh
Posted Date : 27-Dec-2016 , 08:18:16 pm | Posted By CASANSAAR

An average of 25 lakh cars including 35,000 luxury vehicles are sold in India every year despite only 24 lakh people declaring an annual income of over Rs 10 lakh, PTI reported on Tuesday. A senior government official told the agency that only 3.65 crore of the 125 crore people in the country filed ...

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Category : Income Tax | Comments : 1 | Hits : 332

SEBI eases trading norms for equity derivatives contract
Posted Date : 27-Dec-2016 , 08:12:21 pm | Posted By CASANSAAR

With an aim to ease trading requirements, markets regulator Sebi today relaxed the combined futures and options position limit of stock brokers, FPIs and mutual funds in equity derivatives to 20 per cent of the applicable Market Wide Position Limit. The decision has been taken in consultation wit...

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Category : SEBI | Comments : 0 | Hits : 153

Rs 50,000 penalty for holding old notes after December 30?
Posted Date : 27-Dec-2016 , 08:32:18 am | Posted By CASANSAAR

With the old Rs 500 and Rs 1000 currency notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes. According to report, the government is planning for a new ordinance on holding of old notes and is l...

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Category : Black Money | Comments : 0 | Hits : 823

Public Auditors' body demand for more power to PAC, Audit of FIs
Posted Date : 25-Dec-2016 , 11:18:24 pm | Posted By CASANSAAR

The Public Accounts Committee (PAC) should be given enough powers to take up cases for investigation on its own, the Institute of Public Auditors of India (IPAI) has demanded. Besides, banks, other financial institutions and projects under the PPP should be brought within the scope of CAG's a...

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Category : Auditing | Comments : 0 | Hits : 382

No intention of govt to impose long-term capital gains tax - FM
Posted Date : 25-Dec-2016 , 11:08:12 pm | Posted By CASANSAAR

To assuage market fears, Finance Minister Arun Jaitley on Sunday said there is no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about. The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes...

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Category : Income Tax | Comments : 0 | Hits : 320

SC to hear plea against tax exemption to political parties on Jan 11
Posted Date : 24-Dec-2016 , 08:35:34 am | Posted By CASANSAAR

The Supreme Court on Friday said it would next month hear a plea seeking quashing of a provision of the Income Tax (IT) Act on tax exemption to political parties on receiving voluntary contributions. A bench of justices Ashok Bhushan and L Nageswara Rao said there was no urgency in hearing the pl...

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Category : Income Tax | Comments : 0 | Hits : 163

GST Council to meet again on Jan 3-4 to decide on dual control and IGST - FM
Posted Date : 23-Dec-2016 , 05:41:21 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley today said that the GST Council today finalised primary draft of CGST and SGST laws, which are for compensating states. The laws comprising 197 provisions, 5 schedules have been approved.  While speaking to media after chairing the 7th GST Council meeting, he...

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Category : GST | Comments : 0 | Hits : 360

Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Posted Date : 23-Dec-2016 , 03:48:00 pm | Posted By CASANSAAR

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016.  Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at...

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Category : Income Tax | Comments : 0 | Hits : 476

ICAI Commerce Wizard 2016 for Students on January 8, 2017
Posted Date : 23-Dec-2016 , 09:06:02 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) will conduct a talent search examination in Commerce, ‘ICAI Commerce Wizard 2016’ for students of Classes 9 to 12 on January 8, 2017. There are two levels of the exam in which the candidate can take the level 1 of the test online ...

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Category : ICAI | Comments : 0 | Hits : 1148

Govt allowed use of old notes for tax payment under PMGKY
Posted Date : 23-Dec-2016 , 09:02:15 am | Posted By CASANSAAR

The Govt has allowed use of old bank notes of 500 and 1,000 rupees for payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan ​​Yojana (PMGKY) till 30th of this month. Finance Ministry in a statement said, the Taxation and Investment Regime for PMGKY, 2016 h...

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

I Tax Dept set to initiate criminal action against Mahesh Shah and his CA
Posted Date : 23-Dec-2016 , 08:54:21 am | Posted By CASANSAAR

Income-Tax authorities are set to initiate criminal action against realtor Mahesh Shah and his Chartered Accountant (CA) Tehmul Sethna for filing a “false” declaration of Rs. 13,860 crore black money under the Centre’s Income Disclosure Scheme (IDS). Mr. Shah had declared unacco...

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Category : CA | Comments : 0 | Hits : 815

GST Council finalises Central and State GST Laws, Dual Control pending
Posted Date : 23-Dec-2016 , 08:44:48 am | Posted By CASANSAAR

In a significant breakthrough, the GST Council on Thursday finalised 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws, a senior finance ministry official said on the condition of anonymity. Another 3-4 clauses relating to definiti...

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Category : GST | Comments : 0 | Hits : 567

Income Tax Dept warns taxpayers against sharing user ID, password
Posted Date : 23-Dec-2016 , 08:36:24 am | Posted By CASANSAAR

The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.  In an advisory to taxpayers, the department's TDS Centralised Process...

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Category : Income Tax | Comments : 0 | Hits : 453

ICAI Code of Conduct for elected, Co-opted and Nominated Representatives
Posted Date : 23-Dec-2016 , 08:32:02 am | Posted By CASANSAAR

No. ICAI /ESB/2016/02 Announcement In pursuance of the decision taken at the 356th Meeting of Council held on 29th June - 1st July, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued. This Code applies to elected and nominated members to the...

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Category : ICAI | Comments : 0 | Hits : 174

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR

  The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...

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Category : Income Tax | Comments : 0 | Hits : 515

Whatsapp Group Admin Cannot Be Held Responsible For Defamatory Content - HC
Posted Date : 22-Dec-2016 , 08:25:46 am | Posted By CASANSAAR

Last year, social media was rattled by the news of arrest of a Whatsapp Group admin, due to controversial content posted by the members of that group. The incident happened in Latur, but its ripples were felt all over the country because it made the task of administrating a Whatsapp group (or a T...

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Category : General | Comments : 0 | Hits : 1179

CBDT asks I-T to ensure better collection of revenue arrears
Posted Date : 21-Dec-2016 , 10:20:56 pm | Posted By CASANSAAR

Concerned over 60 per cent shortfall in cash collection from arrear demands, the CBDT has asked the Income Tax department to pull up its socks and ensure it achieves the target in this regard as the current fiscal is running out fast. While the Central Board of Direct Taxes (CBDT), the policy-making...

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Category : CBDT | Comments : 0 | Hits : 234

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