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Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR

  The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...

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Category : Income Tax | Comments : 0 | Hits : 515

Whatsapp Group Admin Cannot Be Held Responsible For Defamatory Content - HC
Posted Date : 22-Dec-2016 , 08:25:46 am | Posted By CASANSAAR

Last year, social media was rattled by the news of arrest of a Whatsapp Group admin, due to controversial content posted by the members of that group. The incident happened in Latur, but its ripples were felt all over the country because it made the task of administrating a Whatsapp group (or a T...

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Category : General | Comments : 0 | Hits : 1179

CBDT asks I-T to ensure better collection of revenue arrears
Posted Date : 21-Dec-2016 , 10:20:56 pm | Posted By CASANSAAR

Concerned over 60 per cent shortfall in cash collection from arrear demands, the CBDT has asked the Income Tax department to pull up its socks and ensure it achieves the target in this regard as the current fiscal is running out fast. While the Central Board of Direct Taxes (CBDT), the policy-making...

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Category : CBDT | Comments : 0 | Hits : 234

RBI slaps fine on 5 foreign banks for violating FEMA
Posted Date : 21-Dec-2016 , 08:50:01 pm | Posted By CASANSAAR

The Reserve Bank today imposed penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA. The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland. RBI s...

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Category : FEMA | Comments : 0 | Hits : 392

Currency worth Rs 5.92 lakh crore issued since demonetisation
Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR

The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month. The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...

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Category : Banking | Comments : 0 | Hits : 165

RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR

Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...

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Category : RBI | Comments : 0 | Hits : 288

Cyrus Mistry moves National Company Law Tribunal against Tata Sons
Posted Date : 21-Dec-2016 , 08:44:26 am | Posted By CASANSAAR

A day after resigning from the boards of listed Tata group of companies, Cyrus Mistry on Tuesday filed a suit in the National Company Law Tribunal (NCLT) against Tata Sons for “oppression and mismanagement” in the Tata group holding company. Mistry’s family-owned investment firm...

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Category : Companies Act | Comments : 0 | Hits : 292

Income Tax detects Rs 3,185 cr black income; seizes Rs 86cr new notes
Posted Date : 21-Dec-2016 , 08:15:02 am | Posted By CASANSAAR

 Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. Official s...

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Category : Income Tax | Comments : 0 | Hits : 377

RBI to issue new Rs 500 note with inset letter in new series
Posted Date : 21-Dec-2016 , 08:12:57 am | Posted By CASANSAAR

The Reserve Bank of India, RBI will shortly issue 500 rupee banknotes in Mahatma Gandhi New series with the inset letter E having star mark in the number panel.  The banknote will bear the signature of RBI Governor Dr Urjit R. Patel, year of printing 2016 and Swachh Bahrat Logo. In a stat...

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Category : Banking | Comments : 0 | Hits : 414

CPE Hours Compliance date extended to 31st January 2017
Posted Date : 20-Dec-2016 , 08:45:42 am | Posted By CASANSAAR

Last date for compliance of CPE Hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017. ICAI has stipulated different type of requirements of CPE hours for different type of members based on age, COP holding, residential status, etc, for the current block p...

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Category : Income Tax | Comments : 0 | Hits : 1001

Make Banks Board Bureau or RBI selector of bank auditors - ICAI to Govt
Posted Date : 20-Dec-2016 , 08:23:44 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has asked the government to put in place a more transparent process in selecting auditors in banks, saying its demand is particularly relevant in the context of high probability of frauds in the lending institutions in the aftermath of demonetis...

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Category : ICAI | Comments : 1 | Hits : 1208

Government decides to reduce the existing rate of deemed profit u/s 44AD
Posted Date : 20-Dec-2016 , 07:45:51 am | Posted By CASANSAAR

  Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Ru...

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Category : Income Tax | Comments : 0 | Hits : 761

EPFO lowers interest rate on EPF to 8.65 percent for FY17
Posted Date : 19-Dec-2016 , 10:01:22 pm | Posted By CASANSAAR

The Employees Provident Fund Organisation, EPFO has lowered the interest rate on provident fund deposits to 8 (point)65 per cent for the current fiscal, from 8 (point)8 per cent in 2015-16.  Talking to reporters in Bengaluru today, Union Minister of State for Labour and Employment Bandaru Da...

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Category : General | Comments : 0 | Hits : 144

Old notes worth more than Rs 5000 can be deposited only once per account until Dec 30
Posted Date : 19-Dec-2016 , 10:00:30 pm | Posted By CASANSAAR

The Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes. The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far. ...

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Category : Banking | Comments : 0 | Hits : 483

Under pressure, banks hand over scrutiny to their Auditing firms
Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR

UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...

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Category : Banking | Comments : 0 | Hits : 1250

Taxman sends 3000 notices for high bank deposits post notes ban
Posted Date : 17-Dec-2016 , 02:17:27 pm | Posted By CASANSAAR

The Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation an...

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Category : Income Tax | Comments : 0 | Hits : 699

Govt to release app for Aadhaar-linked e-payments soon
Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR

Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...

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Category : Banking | Comments : 0 | Hits : 268

Black money holders get last chance to disclose till Mar'17
Posted Date : 17-Dec-2016 , 12:04:20 pm | Posted By CASANSAAR

Offering one last chance to black money holders, the Indian government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation. Offering tax dodgers confidentially and immunity from prosecution under the ne...

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Category : Black Money | Comments : 0 | Hits : 202

Govt mulls special session to push GST related bills
Posted Date : 16-Dec-2016 , 08:35:00 am | Posted By CASANSAAR

With Parliament’s winter session heading for a total washout, the government plans a meeting of the Cabinet Committee on Parliamentary Affairs Friday to discuss options including a special short session to take up the Central GST and Integrated GST Bills. The government has, however, decided a...

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Category : GST | Comments : 0 | Hits : 505

Traders can register themselves under the GST from Dec 16
Posted Date : 16-Dec-2016 , 08:26:10 am | Posted By CASANSAAR

Around 3.48 lakh traders of the city, registered with the Delhi government's Trade and Taxes department, can register themselves under the upcoming Goods and Services Tax (GST) regime from December 16. The exercise for the registration of city's traders under the new tax law will continue ti...

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Category : GST | Comments : 0 | Hits : 653

IBBI notifies norms for liquidation process
Posted Date : 16-Dec-2016 , 08:17:39 am | Posted By CASANSAAR

 The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned. The regulations come into force with immed...

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Category : General | Comments : 0 | Hits : 192

RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR

Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...

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Category : RBI | Comments : 0 | Hits : 1964

Legion hacker claims mail leak of 74k Chartered Accountants
Posted Date : 15-Dec-2016 , 08:22:57 am | Posted By CASANSAAR

He is an 18-year-old somewhere in India. Or so, he says. And he is part of Legion, the hacker group that has got India's attention after several high-profile email and Twitter hacks, and some extensive data dumps. On Wednesday evening, he shared with TOI a list of what he claims are email addres...

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Category : Chartered Accountant | Comments : 0 | Hits : 1476

CBDT warns taxpayers against revising I-T return forms
Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR

In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action. It said that post demonetisation announc...

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Category : Income Tax | Comments : 0 | Hits : 721

Cabinet approves renewal of MoU between ICAI and CBFS Oman
Posted Date : 15-Dec-2016 , 08:07:03 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman. The MoU w...

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Category : ICAI | Comments : 0 | Hits : 361

Report Card on GST Implementation
Posted Date : 15-Dec-2016 , 07:58:02 am | Posted By CASANSAAR

  Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attit...

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Category : GST | Comments : 0 | Hits : 540

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR

  Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...

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Category : Income Tax | Comments : 0 | Hits : 307

Parl panel not in favour of new independent regulator NFRA
Posted Date : 14-Dec-2016 , 09:26:09 am | Posted By CASANSAAR

The CA Institute has cause for cheer with the Veerappa Moily headed Standing Committee on Finance recommending that it was not in favour of establishing a separate regulator--independent of audit profession--for auditors. This stance of the Parliamentary Panel is being widely read as its veto for...

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Category : ICAI | Comments : 0 | Hits : 221

Income Tax dept tells officers to not open last year’s assessments on higher turnover this year
Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR

In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods. In instructions to the assessing officers, the Central Boar...

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Category : Income Tax | Comments : 0 | Hits : 791

RBI wants CCTV footage from banks to spot currency hoarders post demonetisation
Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR

RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.   The Reserve Bank, in a notification issued today, said banks should "preserve ...

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Category : RBI | Comments : 0 | Hits : 252

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