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Agriculturists, small traders exempt from registering under GST
Posted Date : 04-Mar-2017 , 10:04:58 pm | Posted By CASANSAAR

The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover. The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in i...

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Category : GST | Comments : 0 | Hits : 1071

GST Council approves final draft of Central GST, Integrated GST laws
Posted Date : 04-Mar-2017 , 10:02:47 pm | Posted By CASANSAAR

The GST Council today approved the final draft of Central GST and Integrated GST laws in its meeting headed by Finance Minister Arun Jaitley in New Delhi. Briefing media in New Delhi, Mr Jaitley said, the UT-GST and SGST laws will be approved in the next meeting on 16th of this month. The comp...

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Category : GST | Comments : 0 | Hits : 241

GST Council to meet today to finalise supplementary legislations
Posted Date : 04-Mar-2017 , 07:36:53 am | Posted By CASANSAAR

The GST Council will meet today to finalise supplementary legislations during the second part of budget session of parliament, which will resume next week, so that the new regime is rolled out from 1st of July. This will be the 11th meeting of the Council, which comprises the Union finance Minister ...

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Category : GST | Comments : 0 | Hits : 199

CA held guilty for failure to highlight suspicious book entries during audit
Posted Date : 03-Mar-2017 , 02:44:03 pm | Posted By CASANSAAR

Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entri...

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Category : Chartered Accountant | Comments : 0 | Hits : 3203

Model GST Bill to go for 20% peak tax, slabs intact for now
Posted Date : 02-Mar-2017 , 07:18:34 pm | Posted By CASANSAAR

 The GST Council has proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future. The change in the peak rate will not alter the 4-slab rate ...

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Category : GST | Comments : 0 | Hits : 333

Govt notifies law to make banned note possession punishable
Posted Date : 02-Mar-2017 , 08:46:15 am | Posted By CASANSAAR

The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a para...

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Category : Black Money | Comments : 0 | Hits : 619

Govt set to prosecute 10 lakh shell companies for tax evasion
Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR

A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them. The special task force, with members from various central probe and enforcement agencies, has ...

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Category : Income Tax | Comments : 0 | Hits : 931

Banks' bad loans could exceed Rs 20 Lakh Cr. - Ex RBI Dy Governor
Posted Date : 01-Mar-2017 , 08:26:45 am | Posted By CASANSAAR

The various projections of bad loans with the banking sector in India are only tips of the iceberg and the actual amount of problem assets of the banks could be more than thrice the figures put out bay banks and the banking sector regulator, says a former deputy governor of the Reserve Bank of India...

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Category : NPA | Comments : 1 | Hits : 397

CBDT signs 10 more unilateral APAs with taxpayers
Posted Date : 01-Mar-2017 , 08:16:20 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The 10 APAs signed in the past one week pertain to sectors like telecom, pharma, banking and ...

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Category : CBDT | Comments : 0 | Hits : 327

Guidance Note on Audit of Banks 2017 edition issued by AASB - ICAI
Posted Date : 01-Mar-2017 , 08:04:02 am | Posted By CASANSAAR

The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition. For the benefit of the members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at the following links:   Guidance Note on Audi...

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Category : ICAI | Comments : 0 | Hits : 1382

RBI sets up panel to review cyber threats
Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR

The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...

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Category : RBI | Comments : 0 | Hits : 157

CA Vivek Khurana Elected as Vice Chairman of NIRC of ICAI
Posted Date : 27-Feb-2017 , 08:05:18 am | Posted By CASANSAAR

Many Many Congrats to CA Vivek Khurana (Founder - CASANSAAR) for being elected as Vice Chairman of Northern India Regional Council (NIRC) of ICAI for the year 2017 - 18. CA Rakesh Makkar has been elected as Chairman of NIRC of ICAI for the year 2017 - 18. (PIC - CA.Vivek Khurana - Vice Chair...

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Category : ICAI Election | Comments : 0 | Hits : 485

DGFT wants GST Council to create an e-wallet facility to ease exporters fears
Posted Date : 27-Feb-2017 , 07:48:16 am | Posted By CASANSAAR

Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying th...

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Category : GST | Comments : 0 | Hits : 299

Govt warns banks over non-acceptance of PMGKY tax
Posted Date : 27-Feb-2017 , 07:42:18 am | Posted By CASANSAAR

The Government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31. The Finance Ministry, in a communication to heads of banks which are authorised to accept deposits under the Pradhan Mantri Garib Ka...

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Category : Banking | Comments : 0 | Hits : 282

Bank Unions call for strike on 28th Feb.
Posted Date : 27-Feb-2017 , 07:37:35 am | Posted By CASANSAAR

Operations at public sector banks are likely to be disrupted on Tuesday as nine unions under the aegis of United Forum of Bank Unions (UFBU) have called for a strike to press for various demands, including top executives’ accountability in view of mounting bad loans in the sector.Most of the b...

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Category : Banking | Comments : 0 | Hits : 460

HSBC discloses tax evasion probes in India, other countries
Posted Date : 27-Feb-2017 , 07:31:38 am | Posted By CASANSAAR

Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed. "Various tax administrations, regulatory and law enforcement authorities a...

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Category : International Business | Comments : 0 | Hits : 240

Freedom 251 phone maker Ringing Bells’ MD detained for fraud
Posted Date : 24-Feb-2017 , 11:11:52 pm | Posted By CASANSAAR

Mohit Goel, the Director of Noida-based company Ringing Bells which had announced Freedom251 smartphones at an astonishingly low price of Rs. 251 apiece, was detained on Thursday on allegations of fraud, police said. Mr. Goel has been detained after owner of Ghaziabad-based Ayam Enterprises filed...

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Category : General | Comments : 0 | Hits : 282

Delhi CA student missing for seven days from Jewar
Posted Date : 24-Feb-2017 , 08:55:45 am | Posted By CASANSAAR

​   A 23-year-old chartered accountancy student went missing on his way from Delhi to Hathras on February 18 and his family members are running from pillar to post to trace him. Family members suspect that the CA student, Shubham Mysori, has been kidnapped, but ...

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Category : Students Zone | Comments : 0 | Hits : 523

SBI set to hire retired officials as concurrent auditors
Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR

Ahead of merger, State Bank of India   (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities. Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...

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Category : Auditing | Comments : 0 | Hits : 516

Government to issue Sovereign Gold Bonds 2016 -17 – Series IV
Posted Date : 24-Feb-2017 , 08:17:09 am | Posted By CASANSAAR

Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017. The Bonds will be issued on March 17, 2017. The Bonds will be sold through...

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Category : Finance | Comments : 0 | Hits : 299

Five Associate Banks to Merge with SBI from 1st April
Posted Date : 23-Feb-2017 , 10:45:25 pm | Posted By CASANSAAR

In the largest consolidation exercise in the banking history of India, all the five associate banks will merge with State Bank of India, SBI, from the first of April. The bank said in a regulatory filing that the assets of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travanc...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 557

CBEC launches app to provide updates to taxpayers on GST
Posted Date : 23-Feb-2017 , 10:34:03 pm | Posted By CASANSAAR

In step with the Government’s Digital India initiative, the Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax.              Taxpayers can readily access a host of GST informatio...

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Category : GST | Comments : 0 | Hits : 392

India to be fastest growing economy among G-20 nations - Moody's
Posted Date : 23-Feb-2017 , 10:19:27 pm | Posted By CASANSAAR

India will be the fastest growing economy among G-20 countries clocking a 7.1 per cent growth in 2017, Moody's Investors Service said today. The Indian economy had slowed in the fourth quarter of 2016 due to the withdrawal of 86 per cent of the currency in circulation -- without an immediate ...

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Category : International Business | Comments : 0 | Hits : 109

Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR

The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...

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Category : Income Tax | Comments : 0 | Hits : 252

No threat, show cause to be issued under Operation Clean Money - CBDT
Posted Date : 22-Feb-2017 , 08:43:05 am | Posted By CASANSAAR

The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban. The Central Board of Direct Taxes (CBDT), the policy-making body of t...

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Category : CBDT | Comments : 0 | Hits : 267

CA Student goes missing from Noida
Posted Date : 21-Feb-2017 , 07:28:48 am | Posted By CASANSAAR

A 23-year-old chartered accountancy course student has been missing for the past two days, police said.  They said Shubam Maheshwari, who is from Hathras and a final year CA student in Delhi, went missing on Saturday after he left for his hometown from Anand Vihar bus terminal. Around 9.3...

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Category : CA | Comments : 0 | Hits : 1637

Government extends deadline for registering on GST portal
Posted Date : 21-Feb-2017 , 07:17:42 am | Posted By CASANSAAR

About1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date. The Delhi government is now preparing to bring out an advertisement to announce extension of the deadline for enrolment till March 15. The earlier deadline was D...

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Category : GST | Comments : 0 | Hits : 1022

Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR

The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...

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Category : Income Tax | Comments : 0 | Hits : 868

RBI enhances cash withdrawal limit from Savings account to Rs 50,000
Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR

Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month. The Reserve Bank of India (RBI) ...

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Category : RBI | Comments : 0 | Hits : 263

Children's accounts to come under Income Tax scanner
Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR

Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.  Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...

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Category : Income Tax | Comments : 0 | Hits : 670

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