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Income Tax dept emails appellants on resolution plan
Posted Date : 29-Oct-2016 , 11:19:47 am | Posted By CASANSAAR

With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involvi...

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Category : Income Tax | Comments : 0 | Hits : 230

New Benami Act to take effect from Nov. 1
Posted Date : 29-Oct-2016 , 11:14:46 am | Posted By CASANSAAR

  The Benami Transactions (Prohibition) Amendment Act will come into force on November 1, 2016, the Central Board of Direct Taxes said on Friday. Following this, the existing Benami Transactions (Prohibition) Act will be renamed as the Prohibition of Benami Property Transactions Act (PB...

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Category : General | Comments : 0 | Hits : 612

CBDT signs five unilateral advance pricing agreements with Indian taxpayers
Posted Date : 28-Oct-2016 , 12:21:04 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers. The agreements cover a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled ser...

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Category : CBDT | Comments : 0 | Hits : 100

BSE, NSE seek clarification from Tata Group on Cyrus Mistry letter
Posted Date : 27-Oct-2016 , 08:19:48 am | Posted By CASANSAAR

Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) has sought clarification from various listed companies of Tata Group about purported disclosure by the ousted chairman, Cyrus Mistry about 18-billion dollar possible write-down at these firms. The exchanges have asked Tata Motors, Tata St...

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

Accept Rs.500/1,000 notes only after careful scrutiny: RBI
Posted Date : 27-Oct-2016 , 08:18:47 am | Posted By CASANSAAR

Reserve Bank of India has urged public to examine 500 rupees and 1000 rupees currency notes before accepting them in the usual course of transactions to avoid circulation of fake currency notes. RBI said, unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denomin...

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Category : RBI | Comments : 0 | Hits : 1187

CBDT releases data relating to ITR Statistics for A.Y. 2013-14 & 2014-15
Posted Date : 26-Oct-2016 , 10:56:15 pm | Posted By CASANSAAR

  Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number of taxpayers, cost of collection, etc., data of number of PAN allotted and data relating to distribution of income and tax payable in the returns for AY ...

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Category : CBDT | Comments : 0 | Hits : 597

CBDT issues second round of Appreciation Certificates to taxpayers
Posted Date : 26-Oct-2016 , 07:51:06 am | Posted By CASANSAAR

The Union Finance Minister Shri Arun Jaitley, had personally handed-over the Certificates of Appreciation to a few individuals at North Block in the national capital to commence the program of taxpayer appreciation on 19th September, 2016. The Central Board of Direct Taxes (CBDT) has sent-out such c...

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Category : CBDT | Comments : 0 | Hits : 220

80 lakh assessees may start migrating to GSTN Portal from Nov. 8
Posted Date : 25-Oct-2016 , 08:13:47 am | Posted By CASANSAAR

As many as 80 lakh assessees of excise as well as service tax and VAT can start migrating their registration to the Goods and Service Tax Network portal by November 8, GSTN Chief Executive Prakash Kumar said. “On this date (November 8), we are releasing enrolments. This means getting these ...

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Category : GST | Comments : 0 | Hits : 1109

SC to examine disclosure of names in NPAs
Posted Date : 25-Oct-2016 , 08:10:31 am | Posted By CASANSAAR

The central government on Monday told the Supreme Court that anexpert committee it had appointed on non-performing assets will submitits report this month end and the court must hold its hand till then for furtherexamination of the problem which plagues the banking sector.   The court, howeve...

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Category : NPA | Comments : 0 | Hits : 239

Cyrus Mistry removed as Tata group chief, Ratan Tata returns
Posted Date : 24-Oct-2016 , 10:56:50 pm | Posted By CASANSAAR

In a dramatic development, Tata Sons, the holding company of the $103-billion (around Rs 6.88 lakh crore) Tata group, said its board has removed Cyrus Pallonji Mistry, 48, as chairman of the conglomerate and named Ratan Tata, chairman of Tata Trusts, the largest shareholder in Tata Sons, as interim ...

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Category : General | Comments : 0 | Hits : 261

Salaried tax payers to get SMS alerts on TDS deductions
Posted Date : 24-Oct-2016 , 10:55:31 pm | Posted By CASANSAAR

As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this f...

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Category : TDS | Comments : 0 | Hits : 264

No significant addition to Rs 65,250 Cr IDS disclosure
Posted Date : 24-Oct-2016 , 09:26:08 am | Posted By CASANSAAR

Undeclared wealth of Rs 65,250 crore disclosed under the one-time compliance window has not seen any significant addition after tax authorities completed scrutiny of all the filings, sources said. Finance Minister Arun Jaitley had on October 1 announced India's biggest ever black money haul w...

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Category : Income Tax | Comments : 0 | Hits : 321

RBI will be issuing Rs 2000 currency notes in India
Posted Date : 24-Oct-2016 , 09:23:09 am | Posted By CASANSAAR

The nation India is all ready to add up one more currency note to its currencies very soon, and the reports are very soon coming out with more details. As per the reports, the Reserve Bank of India, RBI is planning up to issue the RS 2000 currency note, and this is the highest to come regarding the ...

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Category : RBI | Comments : 0 | Hits : 1055

GST a challenge and opportunity for Accounting Professionals
Posted Date : 24-Oct-2016 , 09:19:58 am | Posted By CASANSAAR

Introduction of Goods and Services Tax (GST) is a challenge and opportunity for the chartered accountants, according to M Venkaiah Naidu, Minister of Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting. He was speaking at the inaugural session of the ICAI...

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Category : GST | Comments : 0 | Hits : 335

Income Tax dept to intensify anti-black money operations
Posted Date : 24-Oct-2016 , 09:13:39 am | Posted By CASANSAAR

With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him....

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Category : Income Tax | Comments : 0 | Hits : 293

FinMin to hold meeting with top management of banks on NPAs
Posted Date : 24-Oct-2016 , 08:54:45 am | Posted By CASANSAAR

Finance Ministry has called a meeting of senior management of banks today to discuss the bad loans issue in specific sectors. Sources said, the meeting will focus on non-performing assets (NPAs) in sectors like steel, power and infrastructure. These three sectors account for bulk of gross NPAs which...

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Category : Finance | Comments : 0 | Hits : 96

Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III
Posted Date : 20-Oct-2016 , 10:09:11 pm | Posted By CASANSAAR

Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III; Applications for the bond to be accepted from October 24, 2016 to November 02, 2016 and the Bonds will be issued on November 17, 2016.    Government of India, in consultation with the Reserve Bank of I...

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Category : RBI | Comments : 0 | Hits : 184

Finmin seeks info on debit cards security breach
Posted Date : 20-Oct-2016 , 10:06:34 pm | Posted By CASANSAAR

Concerned over security breach in 32 lakh debit cards of various banks, the Finance Ministry has sought details from lenders as also the additional steps that need to be taken to avert such incidents. According to the ministry sources, the Department of Financial Services has sought information a...

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Category : Finance | Comments : 0 | Hits : 186

GST Council puts off rate decision to Nov 16
Posted Date : 20-Oct-2016 , 08:01:21 am | Posted By CASANSAAR

Centre and states failed to decide the tax rate under the new GST regime even though they "converged towards a consensus" on levying a cess in addition to the highest rate of tax on luxury and sin goods. There were differences on the issue of dual control with states demanding control o...

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Category : GST | Comments : 0 | Hits : 365

3.2 million debit cards compromised; SBI, HDFC Bank, ICICI, YES Bank and Axis worst hit
Posted Date : 20-Oct-2016 , 07:44:15 am | Posted By CASANSAAR

Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India, people aware of the matter said. Several victims have reported unauthorised usage from locations i...

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Category : Banking | Comments : 0 | Hits : 484

I T Department Changes PAN Rules For Automobile Sales Above Rs.2 Lakh
Posted Date : 20-Oct-2016 , 07:37:32 am | Posted By CASANSAAR

The Directorate of Income Tax (Intelligence and Criminal Investigation) conducted a seminar of Tuesday on quoting of PAN in respect of transactions of sale or purchase of automobiles above Rs.2 lakh and furnishing of statement of financial transaction in case of receipt of cash payment exceeding Rs....

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Category : PAN | Comments : 0 | Hits : 1227

GST Council mulls Five rate slabs
Posted Date : 19-Oct-2016 , 08:11:35 am | Posted By CASANSAAR

On Day 1 of the three-day meeting of the goods and services tax (GST) Council, Finance Minister Arun Jaitley said five different rate structures were presented. At the same meeting, the central government proposed a four-rate structure with two standard rates of 12% and 18% and 6% for essential g...

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Category : GST | Comments : 0 | Hits : 1106

IT Department giving Income Tax Certificate of Appreciation for Encouraging Tax payers
Posted Date : 19-Oct-2016 , 07:54:29 am | Posted By CASANSAAR

Central Processing Centre (CPC) of IT Department are issuing the certificate of Appreciation through the registered e-mails of the prompt tax payers. Such an idea is delivered from the Central Finance Ministry. Arun Jaitley, on 19th Sep 2016, handed over these certificates to some of the selected...

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Category : Income Tax | Comments : 0 | Hits : 301

GST Council reaches consensus on state compensation; base year to be 2015-16
Posted Date : 19-Oct-2016 , 07:40:17 am | Posted By CASANSAAR

The Goods and Services Tax Council in its meeting reached at a consensus on the way the States would be compensated for any loss of revenue after implementation of the new indirect tax regime, GST from 1st of April next year. Talking to reporters after first-day of the three-day deliberations in ...

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Category : GST | Comments : 0 | Hits : 224

Public Notice in the matter of wrong marketing of ICAI course by private colleges/educational institutes
Posted Date : 19-Oct-2016 , 07:37:18 am | Posted By CASANSAAR

PUBLIC NOTICE All concerned stakeholders and general public are advised not to be swayed by the misleading advertisements/information by some of the colleges/educational institutions/private organizations/institutions which are representing themselves as college of finance/accountancy, offering...

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Category : ICAI | Comments : 0 | Hits : 307

Hosting of exemption(s) in a paper granted in Intermediate and Final Exams, valid for Nov 16 - ICAI
Posted Date : 15-Oct-2016 , 05:14:12 pm | Posted By CASANSAAR

Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C(8) and Regulation 38C(6), respectively, of the Chartered Accountants Regulations 1988.  The rules in this regard are provided in the Guidance Notes made available to the ca...

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Category : CA Exams | Comments : 0 | Hits : 294

ICAI to introduce open books in CA Exams
Posted Date : 14-Oct-2016 , 09:17:40 am | Posted By CASANSAAR

The country’s toughest examination is about to change with the changing times. After a decade, the Institute of Chartered Accountants of India (ICAI) which conducts the CA exam, has approached the ministry of corporate affairs to improve the curriculum, introduce new subjects, electives, and o...

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Category : CA Exams | Comments : 1 | Hits : 3749

Govt to advance Winter Session to roll out GST
Posted Date : 14-Oct-2016 , 09:10:21 am | Posted By CASANSAAR

The Centre on Thursday decided to advance the Winter Session by a week to enable the government to roll out the Goods and Services Tax regime from April 1 next year. The Cabinet Committee on Parliamentary Affairs decided to recommend to President Pranab Mukherjee to summon both the Houses of Parl...

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Category : GST | Comments : 0 | Hits : 312

Ajay Kumar Bhalla appointed new DGFT
Posted Date : 13-Oct-2016 , 10:05:57 pm | Posted By CASANSAAR

Senior IAS officer Ajay Kumar Bhalla was today appointed as Director General of Foreign Trade (DGFT). Bhalla, a 1984 batch IAS officer of Assam-Meghalaya cadre, is presently Additional Secretary in Commerce Ministry. He has been appointed to the post in place of Anup Wadhawan, who has been app...

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Category : General | Comments : 0 | Hits : 189

Income Tax department is sending out thank you notes - Did you get one?
Posted Date : 12-Oct-2016 , 08:16:25 am | Posted By CASANSAAR

The income tax department has come to acquire an image of an agency that has usually harassed taxpayers, including the honest ones. But recently several individuals were surprised to receive a 'Certificate of Appreciation' in their mailbox, with some even mistaking it for a spam mail.  ...

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Category : Income Tax | Comments : 0 | Hits : 813

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