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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 : 1111

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 : 313

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 : 3755

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 : 191

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 : 815

Govt issues more draft norms under bankruptcy code
Posted Date : 11-Oct-2016 , 08:17:03 pm | Posted By CASANSAAR

Government today came out with another set of draft rules, including for liquidation of insolvent corporate persons, under the Insolvency and Bankruptcy Code. As part of implementing the Code, the government has already constituted the Insolvency and Bankruptcy Board of India (IBBI) while the dra...

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Category : General | Comments : 0 | Hits : 169

SBI plans Special Audit of associate banks ahead of merger
Posted Date : 11-Oct-2016 , 11:12:26 am | Posted By CASANSAAR

The State Bank of India is planning to carry out a special audit of the associate banks before the scheduled merger.  The SBI is on track to merge with five of its associate banks and the Bharatiya Mahila Bank. The banks are, the State Bank of Travancore, State Bank of Mysore, State Bank ...

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Category : Auditing | Comments : 0 | Hits : 741

Tax from IDS to cushion spectrum bid shortfall - FM
Posted Date : 11-Oct-2016 , 11:06:43 am | Posted By CASANSAAR

Tax collected under the country's biggest black money disclosure will help cushion revenue shortfall from the sale of telecom spectrum and help manage the fiscal situation, Finance Minister Arun Jaitley said today. As much as Rs 65,250 crore of undisclosed assets were brought to light during ...

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Category : Income Tax | Comments : 0 | Hits : 189

Indirect tax mop up grows 26% to Rs 4.08 lakh crore in Apr-Sept
Posted Date : 10-Oct-2016 , 09:16:09 pm | Posted By CASANSAAR

Indirect tax collections during the first half of the current fiscal grew 25.9 percent to Rs 4.08 lakh crore mainly on account of 46 percent jump in excise duty mop up. The net indirect tax collection in the April-September period accounts for 52.5 percent of the Budget 2016-17 estimates. A fi...

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Category : General | Comments : 0 | Hits : 103

Commerce Ministry wants exemptions for exporters to continue under GST
Posted Date : 09-Oct-2016 , 08:35:29 pm | Posted By CASANSAAR

The Commerce Ministry has suggested to its finance counterpart that the exemptions given to exporters should continue under the new indirect tax regime, GST. The proposed procedure of paying taxes and then claiming the refunds by exporters under the Goods and Services Tax (GST) would cause hardships...

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Category : GST | Comments : 0 | Hits : 184

CBDT invites professional institutes to train stakeholders on GST
Posted Date : 08-Oct-2016 , 11:10:11 am | Posted By CASANSAAR

With the deadline for the Goods and Services Tax (GST) regime roll-out less than six months away, the government has decided to utilise the services of professional training institutes for imparting training to trade bodies and other stakeholders, it was announced on Friday. "As GST is propo...

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Category : GST | Comments : 0 | Hits : 903

Download Admit Cards for CA IPC & Final Nov. Exams 2016
Posted Date : 08-Oct-2016 , 11:04:17 am | Posted By CASANSAAR

Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, ca...

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Category : CA Exams | Comments : 0 | Hits : 343

Finmin seeks industry suggestions on taxation for Budget
Posted Date : 07-Oct-2016 , 07:05:21 pm | Posted By CASANSAAR

Gearing up for early presentation of Union Budget 2017-18, the Finance Ministry has asked industry and trade bodies to start sending suggestions on taxation and other fiscal issues. The central budget for next financial year is likely to be presented in Parliament latest by February 2 or earlier,...

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Category : Budget | Comments : 0 | Hits : 143

RBI issues guidelines for small and payments banks
Posted Date : 07-Oct-2016 , 07:47:34 am | Posted By CASANSAAR

The Reserve Bank of India on Thursday issued separate operating guidelines for payments banks and small finance banks in view of their differentiated nature of business and focus on financial inclusion. The RBI has granted in-principle approvals to 11 payments banks (August 2015) and 10 small financ...

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Category : RBI | Comments : 0 | Hits : 196

Finance Ministry sets up Public Debt Management Cell
Posted Date : 06-Oct-2016 , 11:07:27 pm | Posted By CASANSAAR

The Union Finance Ministry has set up a Public Debt Management Cell (PDMC) to streamline government borrowings and better cash management with the overall objective of deepening bond markets. The PDMC, to be housed at RBI's Delhi office, is an interim arrangement and will be upgraded to a statut...

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Category : Finance | Comments : 0 | Hits : 111

HC ordered ICAI to suspend CA Firm for issuing False Certification
Posted Date : 06-Oct-2016 , 08:39:05 am | Posted By CASANSAAR

A division bench of the Hyderabad High Court has ordered the Institute of Chartered Accountants of India (ICAI) to suspend a Firm of Chartered Accountants for issuing a false certification to a business firm which enabled the promoters to squander public money by inducing the general public to subsc...

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Category : Income Tax | Comments : 0 | Hits : 2751

SEBI asks govt to appoint Woman Director on its Board
Posted Date : 06-Oct-2016 , 08:26:56 am | Posted By CASANSAAR

Sebi has suggested the government to appoint at least one woman director on the regulator's board, in line with its own directions for listed companies' gender diversity on high-table under corporate governance norms.  The Securities and Exchange Board of India (Sebi) had issued guid...

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Category : SEBI | Comments : 0 | Hits : 313

States start looking for consultants for GST
Posted Date : 05-Oct-2016 , 10:49:13 pm | Posted By CASANSAAR

States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year. With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the pr...

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Category : GST | Comments : 0 | Hits : 601

Sushil Chandra to be the next CBDT Chief
Posted Date : 05-Oct-2016 , 10:43:45 pm | Posted By CASANSAAR

Senior Indian Revenue Service officer Sushil Chandra was today appointed chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department. He will replace Rani Singh Nair, who retires this month-end. Chandra, a 1980 batch officer of Indian Reve...

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Category : CBDT | Comments : 0 | Hits : 332

Central excise officers' body plans protest on GST
Posted Date : 05-Oct-2016 , 10:33:26 pm | Posted By CASANSAAR

An association representing nearly 15,000 central excise and customs officials today said it will launch a nation-wide protest and go on a mass casual leave on 'budget day' if its various demands related to implementation of Goods and Service Tax (GST) are not addressed. The All India Ass...

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Category : GST | Comments : 0 | Hits : 312

IDS 2016 Declarations Cross Rs.71,000 Cr - ICAI
Posted Date : 05-Oct-2016 , 08:08:35 am | Posted By CASANSAAR

The CA Institute on Tuesday said that as per the latest information available with the Institute total declarations made under the ‘Income Declaration Scheme’ 2016 has crossed Rs.71,000 crore. M Devaraja Reddy, President, Institute of Chartered Accountants of India (ICAI), told at p...

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Category : Income Tax | Comments : 0 | Hits : 979

CBEC overhaul likely to administer GST from April 1
Posted Date : 05-Oct-2016 , 07:59:34 am | Posted By CASANSAAR

The government is likely to overhaul the central board of excise and customs’ (CBEC) organisational structure to administer the Central GST (CGST) and Integrated-GST (IGST) from April 1, the appointed date for rolling out the goods and service tax (GST) regime. Under the CBEC, it is propose...

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Category : GST | Comments : 0 | Hits : 476

Provisional certificate valid till degree is issued: HC
Posted Date : 05-Oct-2016 , 07:49:55 am | Posted By CASANSAAR

Provisional certificate issued by a varsity continues to be valid till a degree is issued, Delhi High Court has said while pulling up Delhi University (DU) for denying admission to a student under Scheduled Tribe category on the basis of a provisional certificate. Justice Sanjeev Sachdeva directe...

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Category : General | Comments : 0 | Hits : 414

RBI gives thumbs up to 18 per cent GST rate
Posted Date : 04-Oct-2016 , 09:00:40 pm | Posted By CASANSAAR

The implementation of the much awaited Goods and Services tax could produce a short-lived pass-through to the inflation trajectory the Reserve Bank of India has said in its Monetary Policy Report. It also said that a 18% GST rate would not have any material impact on CPI inflation.  "Wh...

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Category : GST | Comments : 0 | Hits : 297

CBI arrests Income Tax officer in bribery case
Posted Date : 04-Oct-2016 , 08:46:31 pm | Posted By CASANSAAR

CBI has arrested an Income Tax officer for allegedly accepting a bribe of Rs 3 lakh and demanding Rs 5,000 as additional illegal gratification for his staff. A CBI spokesperson said in Delhi that the officer and his staff member were arrested from Mumbai. “A case was registered U/...

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Category : Income Tax | Comments : 0 | Hits : 522

RBI cuts repo rate by 25 basis points to 6.25% from 6.50%
Posted Date : 04-Oct-2016 , 08:40:27 pm | Posted By CASANSAAR

The Reserve bank of India has reduced the key policy rate or the repo rate by 25 bps to 6.25 per cent in the fourth bimonthly policy review announced on Tuesday. This is the first rate decision made by the Monetary Policy Committee (MPC) of the bank, which is headed by RBI Governor Urjit Patel an...

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Category : RBI | Comments : 0 | Hits : 153

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