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Cabinet clears amendments to Income Tax Act to tax deposits post Nov. 8
Posted Date : 24-Nov-2016 , 10:33:50 pm | Posted By CASANSAAR

Cabinet has cleared amendments in Income Tax Act, which would allow the government to tax deposits made in banks after Nov 8. Since the amount of deposits soared up after Rs 500 and Rs 1000 lost their legal tender on November 8 midnight, taxing the deposited amount would increase the revenue collect...

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Category : Income Tax | Comments : 0 | Hits : 3409

Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR

The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes. Government also extended the suspension of toll collection on all national highways till Decemb...

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Category : Banking | Comments : 0 | Hits : 251

CA, CS, CMA and Advocates can serve as insolvency Professionals
Posted Date : 24-Nov-2016 , 08:30:57 am | Posted By CASANSAAR

Insolvency and Bankruptcy Board (IBBI) of India notifies (Insolvency Professional) Regulations, 2016; Regulations inter alia provide for registration, regulation and oversight of insolvency professionals under the Code; These regulations to come into effect from 29th November, 2016.    ...

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Category : CA | Comments : 0 | Hits : 2012

Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR

Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month. Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...

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Category : Banking | Comments : 0 | Hits : 316

SEBI eases start-up fund rules
Posted Date : 24-Nov-2016 , 08:08:23 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) today paved the way for angel funds to invest more in start-ups besides allowing foreign portfolio investors (FPIs) to invest in unlisted debt securities. The market regulator has also barred private equity funds and promoters of listed firms from...

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Category : SEBI | Comments : 0 | Hits : 181

Old Rs 500/1000 notes can be deposited in Post Office A/cs
Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR

People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday. The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. &quo...

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Category : Banking | Comments : 0 | Hits : 256

GST Council meeting rescheduled for December 2-3
Posted Date : 23-Nov-2016 , 10:14:55 pm | Posted By CASANSAAR

The GST Council meeting, which would discuss the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states -- has been rescheduled for December 2-3, an official said. The meet was earlier scheduled to be held on November 25. "The states desi...

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Category : GST | Comments : 0 | Hits : 200

Banks integrating systems with RBI, GST Network to collect tax - FM
Posted Date : 23-Nov-2016 , 08:44:52 am | Posted By CASANSAAR

Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday. Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goo...

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Category : GST | Comments : 0 | Hits : 421

Service tax waived for online train ticket booking till Dec 31
Posted Date : 23-Nov-2016 , 08:41:51 am | Posted By CASANSAAR

Train tickets booked through the IRCTC website will become cheaper from tomorrow till the end of the year as the government has waived service tax to encourage cashless transactions in the wake of the demonetisation exercise. Service tax will not be levied on tickets booked through the IRCTC webs...

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Category : Service Tax | Comments : 1 | Hits : 454

RBI eases norms for wedding cash withdrawals
Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21. The government has put a c...

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Category : RBI | Comments : 0 | Hits : 612

Small merchants can transfer up to Rs 50K via e- transactions till Dec 30 - RBI
Posted Date : 22-Nov-2016 , 10:34:36 pm | Posted By CASANSAAR

Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts. The balance in these instruments is limited to Rs 20,000. The above measures will be effective from November 21 to December 30, 2016, subject to review, the central bank ...

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Category : RBI | Comments : 0 | Hits : 266

Govt exemts parking fee at airports till Nov 28
Posted Date : 22-Nov-2016 , 10:27:24 pm | Posted By CASANSAAR

As people continue to face cash crunch after the scrapping of high value notes, the government has decided not to levy parking fee at airports for another week, till midnight of November 28. The waiver, which was initially for a week starting from midnight of November 14, had ended yesterday. ...

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Category : General | Comments : 0 | Hits : 115

Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR

The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy. &ldquo...

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Category : Banking | Comments : 0 | Hits : 463

RBI gives borrowers extra 60 days to repay home, car loans up to Rs 1 Cr
Posted Date : 22-Nov-2016 , 08:25:03 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has allowed both individuals and companies with loans up to Rs 1 crore an additional grace period of 60 days to repay their loans in the wake of the demonetization. This is applicable for ongoing loans where the dues are payable between November 1 and December 31, ...

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Category : RBI | Comments : 0 | Hits : 450

Banks get about Rs 5.44 L cr worth of scrapped notes
Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR

People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency. The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...

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Category : Banking | Comments : 0 | Hits : 189

RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings
Posted Date : 22-Nov-2016 , 08:13:59 am | Posted By CASANSAAR

Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses. Four days after the government announced special dispe...

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Category : RBI | Comments : 0 | Hits : 602

Centre-State stalemate over GST jurisdiction continues
Posted Date : 20-Nov-2016 , 07:21:28 pm | Posted By CASANSAAR

Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST) regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock. Mr. Jaitley’s informal meeting with state finance ministers...

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Category : GST | Comments : 0 | Hits : 394

Income Tax Dept warns violators will face seven years in jail in case of suspect cash
Posted Date : 20-Nov-2016 , 07:15:05 pm | Posted By CASANSAAR

Warning people against depositing their unaccounted old currency in someone else’s bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years...

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Category : Income Tax | Comments : 0 | Hits : 3520

RBI proposes Islamic Window in Banks
Posted Date : 20-Nov-2016 , 07:05:48 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country. Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for l...

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Category : RBI | Comments : 0 | Hits : 287

No leakage of CA Final Direct Tax Laws paper - ICAI
Posted Date : 20-Nov-2016 , 07:00:35 pm | Posted By CASANSAAR

No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th November 2016. Our attention has been drawn to some unfounded reports in social media on alleged leakage of question paper relating to Direct Tax Laws, Paper 7 of CA Final Examination held on 13...

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Category : ICAI | Comments : 0 | Hits : 789

Income Tax Department sends notices over Suspicious Bank deposits
Posted Date : 19-Nov-2016 , 09:33:16 pm | Posted By CASANSAAR

The Income Tax Department has issued hundreds of notices demanding to know sources of the suspiciously large sums of cash deposited in banks, as the central government tries to tie the loose ends of their anti-black money drive more than a week after they announced they were doing away with old high...

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Category : Income Tax | Comments : 0 | Hits : 2517

Centre conducts sensitisation seminar on GST
Posted Date : 19-Nov-2016 , 09:28:24 pm | Posted By CASANSAAR

Racing against time to meet GST deadline, the Centre today held a sensitisation workshop for over 400 officials on the new indirect tax regime which Cabinet Secretary P K Sinha described as moving away from tax exemptions to seamless flow of credit and tax payments. The workshop, held a day befor...

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Category : GST | Comments : 0 | Hits : 254

ICAI not in favour of foreign firms in audit services sector
Posted Date : 18-Nov-2016 , 10:38:55 pm | Posted By CASANSAAR

The government  said the Institute of Chartered Accountants of India (ICAI) has not supported the opening up of audit service sector to foreign firms.  ICAI is the apex body of chartered accountants in the country. In a written reply to the Lok Sabha, Minister of State Arjun Ram Megh...

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Category : ICAI | Comments : 0 | Hits : 622

Banks Tomorrow Will Not Swap Old Notes For New, Except For Seniors
Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR

Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut. "After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...

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Category : Banking | Comments : 0 | Hits : 624

FinMin warns people against parking black money in others' accounts
Posted Date : 18-Nov-2016 , 10:17:47 pm | Posted By CASANSAAR

Seeking to close all the gaps for people to turn their black money into white, the Finance Ministry on Friday warned those who are using others' accounts to hoard their cash, and that the person allowing his or her account to be misused is also liable for prosecution. "Tax evasion activi...

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Category : Finance | Comments : 0 | Hits : 328

Several banks slash FD rates by up to 1% after surge in deposits
Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR

Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation. Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. ...

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Category : Banking | Comments : 0 | Hits : 254

Over 8,100 defaulters owe Rs 76,685 cr to banks
Posted Date : 18-Nov-2016 , 10:04:34 pm | Posted By CASANSAAR

Public sector banks (PSBs) have reported 16 per cent rise in number of wilful defaulters at 8,167 who collectively owe them Rs 76,685 crore at the end of March 2016. As against the previous year, there is 16 per cent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the ...

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Category : Banking | Comments : 0 | Hits : 173

Cannot disclose details on release of new Rs 500 notes - RBI
Posted Date : 18-Nov-2016 , 05:53:38 pm | Posted By CASANSAAR

The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons. The submission was made by the counsel for RBI on a petition seeking a direction to the R...

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Category : Banking | Comments : 0 | Hits : 305

Long queues outside banks a 'Serious Issue' - SC
Posted Date : 18-Nov-2016 , 05:51:06 pm | Posted By CASANSAAR

The Supreme Court today dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising R...

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Category : Banking | Comments : 0 | Hits : 157

Transactions in relation to which quoting PAN is Mandatory
Posted Date : 18-Nov-2016 , 08:17:22 am | Posted By CASANSAAR

The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list un...

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Category : PAN | Comments : 0 | Hits : 1073

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