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GST professionals getting huge salary hikes ahead of tax roll out
Posted Date : 09-May-2017 , 10:35:25 am | Posted By CASANSAAR

As salary increments across Indian industries fall to, on average, single-digit percentage figures, goods and services tax (GST) professionals are bucking the trend, taking home hefty mid-term bonuses and increments for moving within the organisation into the GST team.  GST, the nation's...

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Category : GST | Comments : 0 | Hits : 1578

Quarterly filing of returns not workable under GST - FM
Posted Date : 09-May-2017 , 10:30:59 am | Posted By CASANSAAR

Finance Minister Arun Jaitley on Monday said that the quarterly filing of returns under the Goods and Services Tax (GST) was not workable for taxpayers above Rs 50 lakh turnover.  "For all tax payers it is not workable to have quarterly return because input tax credit has to be given ev...

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Category : GST | Comments : 0 | Hits : 931

Goods And Services Tax scheduled for July 1 Rollout - FM
Posted Date : 09-May-2017 , 10:25:41 am | Posted By CASANSAAR

The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today.  Hailed as the biggest tax reform since India'...

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Category : GST | Comments : 0 | Hits : 611

Invoice matching mechanism in GST to check frauds - FM
Posted Date : 09-May-2017 , 10:19:40 am | Posted By CASANSAAR

Union Finance Minister Arun Jaitley has said the invoice matching mechanism in the Goods and Services Tax, which will be rolled out from 1st of July, will help curb fake bill frauds.  In a letter to Congress Rajya Sabha member Digvijaya Singh, Mr Jaitley said there is only one GST retur...

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Category : GST | Comments : 0 | Hits : 1232

ICAI asks auditors to ensure proper disclosure on junked notes
Posted Date : 07-May-2017 , 07:37:48 pm | Posted By CASANSAAR

Chartered accountants’ apex body ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving canceled notes post demonetisation till December 30, 2016. Companies are required to disclose details about transactions involving scrapped notes fro...

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Category : ICAI | Comments : 0 | Hits : 976

CBI detects over 300 shell companies used to divert money worth Rs 2,900 cr
Posted Date : 07-May-2017 , 07:15:46 pm | Posted By CASANSAAR

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years. CBI sources said the shell companies were allegedly being used by the accused to divert lo...

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Category : Black Money | Comments : 0 | Hits : 709

GST will make domestic companies more competitive
Posted Date : 07-May-2017 , 07:12:40 pm | Posted By CASANSAAR

Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. "Unlike in other countries, the transition to the new tax regime would be smoo...

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Category : GST | Comments : 0 | Hits : 291

RBI advises PSBs to have fair system for branch auditor appointments
Posted Date : 07-May-2017 , 07:10:24 pm | Posted By CASANSAAR

The Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors. Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to aud...

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Category : Bank Branch Audit | Comments : 1 | Hits : 1797

CAs move Madras HC against Rs 10,000 penalty provision
Posted Date : 06-May-2017 , 09:20:27 pm | Posted By CASANSAAR

The provision of Rs 10,000 penalty against chartered accountants (CAs) for each wrong certification or report, introduced in Finance Act 2017, has been challenged in Madras High Court. The court has accepted the objection and has asked the Central Board of Direct Taxes (CBDT) and the government t...

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Category : CA | Comments : 0 | Hits : 791

RBI makes substantial changes in norms for dealing with stressed loans
Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR

RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...

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Category : RBI | Comments : 0 | Hits : 233

RBI gets proactive to tackle India's Rs.7 Lakh crore bad loans pileup
Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR

In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...

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Category : RBI | Comments : 0 | Hits : 481

GST council’s sub-panel to fix tax rates of goods, services by weekend
Posted Date : 03-May-2017 , 09:30:29 am | Posted By CASANSAAR

 The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unif...

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Category : Income Tax | Comments : 0 | Hits : 535

GST Network starts pilot testing of filing of returns
Posted Date : 03-May-2017 , 09:28:51 am | Posted By CASANSAAR

Gearing up for the roll-out of the country’s largest tax reform, the Goods and Services Tax Network (GSTN) is carrying out a pilot test on return filing. “It will be a live test using 4,000 taxpayers and will be conducted over this fortnight,” said a senior official. Once the...

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Category : GST | Comments : 0 | Hits : 610

UP Cabinet approves implementation of GST
Posted Date : 03-May-2017 , 09:26:32 am | Posted By CASANSAAR

The Uttar Pradesh Cabinet on Tuesday approved the implementation of the Goods and Service Tax in the State and the bill associated with it will be tabled in the Assembly session commencing on May 15. If the Assembly ratifies the Bill, Uttar Pradesh will become the fifth State after Jharkhand, Telang...

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Category : GST | Comments : 0 | Hits : 238

MP becomes 1st state to shift to January to December financial year
Posted Date : 03-May-2017 , 09:23:36 am | Posted By CASANSAAR

In Madhya Pradesh, a one day special sitting of the state legislative assembly is being held today to pass the Madhya Pradesh Goods and Services Tax Bill.  The State Legislative Assembly Secretariat said that this sitting will be a part of the Budget Session of the legislative assembly. The ...

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Category : Accounts | Comments : 0 | Hits : 605

Mr. Anthony Lianzuala takes over as the New Controller General of Accounts (CGA)
Posted Date : 02-May-2017 , 10:52:36 am | Posted By CASANSAAR

Mr. Anthony Lianzuala took over as the New Controller General of Accounts (CGA) in national capital here today. Earlier, the Government of India had appointed Mr. Anthony Lianzuala, a 1982-batch Indian Civil Accounts Service (ICAS) Officer, as the new Controller General of Accounts (CGA), Department...

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Category : Accounts | Comments : 0 | Hits : 280

Extension of last date for submission of Application Forms in respect of CPT June, 2017 Exams - ICAI
Posted Date : 02-May-2017 , 10:26:04 am | Posted By CASANSAAR

1st May, 2017 CPT is scheduled to be held on 18th June, 2017. Students who have registered for the Common Proficiency Course on or before 3rd April, 2017 and fulfill the eligibility requirements are eligible to apply for the exam.  The last date for submission of exam application forms ...

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Category : ICAI | Comments : 0 | Hits : 170

9 lakh registered companies not filing tax returns annually - Revenue Secretary
Posted Date : 01-May-2017 , 08:26:57 am | Posted By CASANSAAR

Close to nine lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday. The MCA has sent notices to nearly 3 lakh unlisted companies asking them to deregist...

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Category : Companies Act | Comments : 0 | Hits : 426

Aadhaar to be soon compulsory for filings under Companies Act
Posted Date : 01-May-2017 , 08:20:05 am | Posted By CASANSAAR

The Government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act. The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities are bolstering measures to deal with t...

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Category : Companies Act | Comments : 0 | Hits : 289

ICAI finds 4 CAs guilty of Professional Misconduct
Posted Date : 28-Apr-2017 , 09:30:36 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said it has initiated disciplinary action against four of its members for "misconduct" with respect to offering advice on exchanging old currency notes for new ones.  As part of efforts to fight the black money menace as well as curb corrup...

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Category : ICAI | Comments : 0 | Hits : 2881

Only 34% service tax assesses sign up under GSTN, CBEC ups outreach
Posted Date : 28-Apr-2017 , 09:09:08 am | Posted By CASANSAAR

Even as the government is looking forward to launching its iconic GST tax regime on July 1, it has come to light that only 34% service tax assesses have migrated to the new GST network payment portal. There are a total of 80 lakh VAT excise and service tax assesses. While 75 per cent of VAT and 7...

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Category : GST | Comments : 0 | Hits : 694

SC to hear plea challenging decision on making Aadhaar mandatory for IT returns, PAN
Posted Date : 28-Apr-2017 , 09:02:12 am | Posted By CASANSAAR

The Supreme Court to hear plea challenging government’s decision to link Aadhaar with PAN card for filing of Income Tax returns and to apply for new PAN. Earlier on Friday, the Supreme Court on Friday pulled up Centre saying that how could he made Aadhaar Card as mandatory when the Apex cou...

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Category : PAN | Comments : 0 | Hits : 547

GST bill passed in Jharkhand Assembly unanimously
Posted Date : 28-Apr-2017 , 08:53:16 am | Posted By CASANSAAR

The Jharkhand assembly on Thursday unanimously passed the Jharkhand Goods and Services Bill, 2017, clearing the decks for implementation of the Goods and Services Tax (GST) in the state, which is scheduled for July 1 roll-out. Jharkhand became third state to ratify the bill, after Telangana and Biha...

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Category : GST | Comments : 0 | Hits : 242

Marks for passing ISA (Assessment Test) reduced to 60%
Posted Date : 27-Apr-2017 , 10:29:48 am | Posted By CASANSAAR

25th April 2017 – Requirements for passing Information Systems Audit (Assessment Test) It is hereby informed that in exercise of the authority vested with it under Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India...

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Category : ICAI | Comments : 0 | Hits : 1415

CBDT clears the air on rental incomes from industrial parks, SEZs
Posted Date : 27-Apr-2017 , 10:22:50 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property&rdqu...

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Category : CBDT | Comments : 0 | Hits : 320

SEBI allows options trading in commodities market
Posted Date : 26-Apr-2017 , 09:50:11 pm | Posted By CASANSAAR

Capital market regulator, SEBI has allowed options trading in commodity derivatives. SEBI's board approved the proposal at its meeting in Mumbai, today. Ajay Tyagi, Chairman of the Securities and Exchange Board of India described it as a very big step towards further deepening the commodities de...

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Category : SEBI | Comments : 0 | Hits : 168

RBI fines Kotak Mahindra, HSBC for violating FEMA
Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999. The central bank slapped a fine of Rs70,000 on...

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Category : RBI | Comments : 0 | Hits : 269

Service tax returns filing date extended to April 30
Posted Date : 26-Apr-2017 , 02:24:07 pm | Posted By CASANSAAR

Extension of the date of submission of the Form ST-3 for the period 1st October 2016 to 31st March 2017 from 25th April 2017 to 30th April 2017, Order No. 01/2017-Service Tax dt. 25-04-2017. www.casansaar.com ...

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Category : Service Tax | Comments : 0 | Hits : 1970

RBI Governor suggests merging public sector banks
Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR

RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.  "As many have pointed out, it is not clear that we need so...

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Category : RBI | Comments : 0 | Hits : 415

Compliance rating for industry under GST
Posted Date : 26-Apr-2017 , 09:53:07 am | Posted By CASANSAAR

Revenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime.  Mr. Adhia said the Compliance Rati...

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Category : GST | Comments : 0 | Hits : 286

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