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Fifth set of FAQs providing clarification on various issues under the IDS 2016
Posted Date : 18-Aug-2016 , 10:37:42 pm | Posted By CASANSAAR

The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Income Declaration Scheme Rules, 2016 (the Rules) were notified on 19.5.2016. Representations have been receiv...

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Category : Income Tax | Comments : 0 | Hits : 327

Only 14 lakh individuals fell in 30% tax bracket in 2012-13
Posted Date : 18-Aug-2016 , 08:36:13 pm | Posted By CASANSAAR

Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs. 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13. As per the Income Tax Return Statistics for Assessment Year 2012-13, 14 lakh people or just 4.6 per c...

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Category : Income Tax | Comments : 0 | Hits : 261

SBI gets board approval for merger of associate banks
Posted Date : 18-Aug-2016 , 06:01:41 pm | Posted By CASANSAAR

State bank of India board at a meeting held on Thursday approved the merger of 3 associate banks and BMBL to create a banking giant. In a filing on BSE, the public sector lender said,”The Central Board of Directors of the State Bank of India have accorded their approval to the Scheme of Acquis...

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Category : Banking | Comments : 0 | Hits : 270

Wrestler Sakshi Malik Wins India's First Medal in Rio Olympic
Posted Date : 18-Aug-2016 , 12:15:00 pm | Posted By CASANSAAR

  On Thursday, India will wake up to the news that wrestler Sakshi Malik has defeated Kyrgyzstan's Aisuluu Tynybekova in Women's freesyle 58Kg wrestling, claiming India's first medal at the 2016 Rio Olympic Games. Malik defeated Tynybekova (8-5) in a nail-biting contest cont...

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Category : General | Comments : 0 | Hits : 117

Jharkhand ratifies Constitutional Amendment bill on GST
Posted Date : 17-Aug-2016 , 09:01:30 pm | Posted By CASANSAAR

Jharkhand Assembly voted unanimously to ratify the Goods and Services Tax, GST Bill. With this Jharkhand has become the third state after Assam and Bihar to ratify the GST Bill passed by the Parliament. AIR Correspondent reports that the proposal was introduced in the assembly by state Minister S...

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Category : GST | Comments : 0 | Hits : 105

RBI penalises four co-operative banks for norms violations
Posted Date : 17-Aug-2016 , 07:53:49 am | Posted By CASANSAAR

The Reserve Bank on India (RBI) on Tuesday said it has imposed penalties of up to Rs 5 lakh on four co-operative banks for violation of norms. The central bank said it has imposed a monetary penalty of Rs 5 lakh on The Co-operative City Bank, Guwahati, for flouting know-your-customer ...

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Category : Banking | Comments : 0 | Hits : 560

Bihar Becomes First Non-NDA Govt To Ratify GST
Posted Date : 16-Aug-2016 , 04:58:56 pm | Posted By CASANSAAR

Bihar today became the first non-NDA state to ratify the Constitution Amendment Bill on GST after Chief Minister Nitish Kumar counted virtues of the tax reform. With all the major parties in the state including JD(U), RJD, Congress and BJP in favour of the tax legislation, the House approved the ...

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Category : Excise | Comments : 0 | Hits : 266

CBDT to acknowledge black money declarants by August-end
Posted Date : 16-Aug-2016 , 07:46:21 am | Posted By CASANSAAR

Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30. Since the government has extended the deadline for payment of tax and penalty under the Income Disclosure Scheme (IDS),...

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Category : Income Tax | Comments : 0 | Hits : 350

Petrol price cut by Rs 1/litre, diesel by Rs 2 a litre
Posted Date : 16-Aug-2016 , 07:30:10 am | Posted By CASANSAAR

Petrol price was on Monday cut by Rs 1 per litre and diesel by Rs 2 per litre, following a drop in international prices. Petrol will cost Rs 60.09 a litre in Delhi from midnight of August 15, as compared to Rs 61.09 a litre currently. On the other hand, diesel will cost Rs 50.27 per litre, as aga...

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Category : General | Comments : 0 | Hits : 343

RBI simplifies KYC norms for opening a bank accounts
Posted Date : 15-Aug-2016 , 07:27:14 pm | Posted By CASANSAAR

The six documents required for proof of identity are passport, driving licence, voter identity card, PAN card, Aadhaar card issued by UIDAI, and NREGA card. You need to submit any one of these documents. If these documents also contain your address details, then it would be accepted as proof of addr...

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Category : Banking | Comments : 0 | Hits : 900

PM assures middle class an end to tax terrorism
Posted Date : 15-Aug-2016 , 07:06:14 pm | Posted By CASANSAAR

  Prime Minister Narendra Modi on Monday assured tax payers that he will remove the fear of taxman hounding them by ushering in accountability and answerability. “Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situati...

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Category : Income Tax | Comments : 0 | Hits : 371

Government notifies revised tax treaty with Mauritius
Posted Date : 14-Aug-2016 , 09:58:59 am | Posted By CASANSAAR

India has notified a landmark Protocol that has now amended an existing 33-year-old double taxation avoidance agreement (DTAA) between India and Mauritius. The notification of the Protocol on August 10 by the Indian side signifies the culmination of the entire process of amending the DTAA, putt...

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Category : Income Tax | Comments : 0 | Hits : 281

Bihar, Gujarat convene assembly sessions to ratify GST Bill
Posted Date : 13-Aug-2016 , 10:28:55 pm | Posted By CASANSAAR

The special session of Bihar Assembly will be held on 16th of this month to pass the Goods and Services Tax, GST Bill. The state cabinet has taken decision in this regard this evening. Chief Minister Nitish kumar chaired the meeting. The session will be for one day only. It may be noted that both...

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Category : GST | Comments : 0 | Hits : 128

Modi govt asks state govts to ratify GST bill
Posted Date : 13-Aug-2016 , 06:11:40 pm | Posted By CASANSAAR

The NDA government today asked the State governments to ratify the GST bill in their respective Assemblies to enable early implementation of the legislation.  Speaking at a BJP party function in Bengaluru, Parliamentary Affairs Minister Anant Kumar congratulated Assam for becoming the first ...

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Category : GST | Comments : 0 | Hits : 120

Delhi HC upholds service tax on food, drinks in AC hotels, restaurants
Posted Date : 12-Aug-2016 , 10:40:23 pm | Posted By CASANSAAR

The Delhi High Court on Friday, upheld the Centre’s decision to impose service tax on food and beverages served in air-conditioned restaurants and hotels across the country. A bench of Justices S Muralidhar and Najmi Waziri, however, held as “unconstitutional and invalid” the pr...

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Category : Service Tax | Comments : 1 | Hits : 710

No move to extend Income Disclosure plan deadline
Posted Date : 12-Aug-2016 , 10:04:56 pm | Posted By CASANSAAR

The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30. On a question whether the government has any plans to extend the IDS deadline, Minister of...

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Category : Income Tax | Comments : 0 | Hits : 166

Assam becomes the first state in the country to pass the GST Bill
Posted Date : 12-Aug-2016 , 02:35:21 pm | Posted By CASANSAAR

  Finance Minister of Assam Himanta Biswa Sarma tweeted on Friday morning that Assam has become the first state to ratify the Goods and Services Tax (GST) constitution amendment Bill. It was the last day of Assam’s ongoing legislative assembly session, its...

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Category : GST | Comments : 0 | Hits : 935

Customers will have zero liability in case of online fraud, says RBI
Posted Date : 12-Aug-2016 , 02:25:13 pm | Posted By CASANSAAR

  Amid rise in cases of unauthorised electronic banking transactions, RBI Thursday proposed that customers will have no or zero liability in case of fraud being committed because of bank's negligence or third breach.  However, "where customer's own involvement is estab...

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Category : RBI | Comments : 0 | Hits : 329

BMC to tie-up with ICAI to clear irregularity in accounts
Posted Date : 12-Aug-2016 , 02:04:29 pm | Posted By CASANSAAR

Following allegations of discrepancies in its accounts and audit system, the Brihanmumbai Municipal Corporation (BMC) is all set to tie-up with the Institute of Chartered Accountants of India (ICAI) to review its accounting and audit procedures. Municipal commissioner Ajoy Mehta confirmed that th...

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Category : Income Tax | Comments : 0 | Hits : 245

Certification must for bank staff selling retail products - RBI
Posted Date : 12-Aug-2016 , 07:38:48 am | Posted By CASANSAAR

RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimise customer complaints. In cases where other financial sector regulators ha...

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Category : RBI | Comments : 0 | Hits : 274

GST Network to start collecting traders’ data for issuing tax IDs
Posted Date : 12-Aug-2016 , 07:32:35 am | Posted By CASANSAAR

The network that forms the information technology backbone of the goods and services tax (GST) will start a nationwide drive, in collaboration with state governments, to collect information on around eight million traders and issue them tax identification numbers (TIN) as India prepares to implement...

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Category : GST | Comments : 0 | Hits : 451

GST rate should not be more than 18% - ICSI
Posted Date : 11-Aug-2016 , 10:12:01 pm | Posted By CASANSAAR

The Institute of Company Secretaries of India (ICSI) today said the GST rate should not be more than 18 per cent, otherwise it will cause rise in inflation. "If RNR is 19 per cent or more, then we may have inflation in near term. We feel that the ideal RNR rate for GST should be 18 per cent ...

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Category : GST | Comments : 0 | Hits : 225

High Court stays disciplinary proceedings against CA
Posted Date : 11-Aug-2016 , 07:38:05 am | Posted By CASANSAAR

  The High Court of Kerala has stayed disciplinary proceedings initiated by the Institute of Chartered Accountants of India against a member for exceeding the limit on the number of tax audits. Disposing a writ filed by Shaji Poulose, a Chartered Accountant practising in Malappuram Dist...

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Category : CA | Comments : 1 | Hits : 1141

Cabinet approves foreign investment in other Financial Services sector
Posted Date : 10-Aug-2016 , 08:39:48 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).  The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident...

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Category : Finance | Comments : 0 | Hits : 179

Govt to set up committee to review e-commerce rules
Posted Date : 10-Aug-2016 , 08:36:12 pm | Posted By CASANSAAR

The government has decided to set up a committee to look into all issues including foreign direct investment norms pertaining to the fast growing e-commerce industry in the country. Official sources said, the committee will be headed by the NITI Aayog CEO. The other members in the panel will incl...

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Category : General | Comments : 0 | Hits : 105

CBDT constitutes committee to review media policy
Posted Date : 10-Aug-2016 , 07:29:12 am | Posted By CASANSAAR

  CBDT has constituted a new committee to "review" the existing media policy for communicating the activities of the board and the income tax department to the public.  The nine-member committee has been created under Central Board of Direct Taxes member...

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Category : CBDT | Comments : 0 | Hits : 193

SEBI launches e-payment mode for penalties
Posted Date : 10-Aug-2016 , 07:27:40 am | Posted By CASANSAAR

  Markets regulator Sebi has introduced electronic mode for payment of penalties, disgorgement as well as settlement amounts. Currently, Sebi accepts payment through demand drafts.   The move would help in enabling ease of payment, the Securities and Exchange Board of&n...

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Category : SEBI | Comments : 0 | Hits : 172

IT Dept Finds Unaccounted Wealth of Rs 130 Crore With AAP MLA
Posted Date : 10-Aug-2016 , 07:21:15 am | Posted By CASANSAAR

The Income Tax Department has found unaccounted income and investment worth Rs 130 crore with Aam Aadmi Party (AAP) MLA Kartar Singh Tanwar, sources said on Tuesday. The department has already seized unaccounted cash and jewellery of nearly Rs 1 crore from Tanwar and his brother. Tanwar has been ...

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Category : Income Tax | Comments : 0 | Hits : 451

ICAI Form Group for looking into the appointments/reappointments of statutory/internal auditors of various units of ICAI
Posted Date : 10-Aug-2016 , 07:14:24 am | Posted By CASANSAAR

No.M-626/2016                                                                                  ...

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Category : ICAI | Comments : 0 | Hits : 557

ICAI form Group for finalizing the format of Fit & Proper Certificate to be issued to Indian CA Firms
Posted Date : 10-Aug-2016 , 07:12:58 am | Posted By CASANSAAR

No.M-626/2016                                                                                  ...

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Category : ICAI | Comments : 0 | Hits : 413

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