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Aadhaar must for filing returns from July 1 - CBDT
Posted Date : 12-Jun-2017 , 07:55:22 am | Posted By CASANSAAR

The CBDT made it clear that Aadhaar will be a “must” for filing of Income Tax Returns or for obtaining a new PAN from July 1. The policy—making body of the Income Tax Department issued a statement stating that the Supreme Court yesterday had only given a “partial relief&rd...

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Category : CBDT | Comments : 0 | Hits : 568

GST council reduced tax levels on 66 goods - FinMin
Posted Date : 12-Jun-2017 , 07:46:36 am | Posted By CASANSAAR

Finance minister Arun Jaitley today said GST council reduced tax levels on 66 goods as against representations received for 133 items. Addressing media after he 16the meeting of GST council in New Delhi, he said composition amount under GST raised to 75 lakh rupees for traders, manufacturers, restau...

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Category : GST | Comments : 0 | Hits : 587

DGFT creates GST Facilitation Cell for exporters
Posted Date : 10-Jun-2017 , 08:37:53 pm | Posted By CASANSAAR

DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other offic...

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Category : Income Tax | Comments : 0 | Hits : 156

GST Council to meet on June 11 to review rates, amend rules
Posted Date : 10-Jun-2017 , 07:55:07 am | Posted By CASANSAAR

The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held on Sunday, 11th June, 2017 at Vigyan Bhavan in the national capital. The one day Meeting will also be attended among others by the Finance Ministers...

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Category : GST | Comments : 0 | Hits : 1045

Government plans more SBI-like mergers, India may soon have another global-sized bank
Posted Date : 09-Jun-2017 , 10:22:59 pm | Posted By CASANSAAR

Enthused by the success of SBI merger, the Finance Ministry is considering clearing another such proposal in the public sector banking space by this fiscal end with a goal to create 4-5 global sized lenders.  Five associate banks and Bharatiya Mahila Bank became part of SBI on April 1, 2017,...

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Category : Banking | Comments : 0 | Hits : 600

GST Council constitutes 18 Sectoral Groups for smooth roll-out of GST
Posted Date : 09-Jun-2017 , 10:07:57 pm | Posted By CASANSAAR

As decided in the 14th Meeting of the GST Council held on 18th-19th May, 2017 in Srinagar, J&K, 18 Sectoral Groups have been constituted representing various sectors of the economy in order to ensure smooth roll-out of GST. These 18 Sectoral Groups representing various sectors of the e...

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Category : GST | Comments : 0 | Hits : 438

SC upholds law making Aadhaar mandataory for PAN, ITR
Posted Date : 09-Jun-2017 , 10:00:12 pm | Posted By CASANSAAR

The Supreme Court today upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided. In effect, those who possess an Aadhaar card must link it to their Permanent A...

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Category : Income Tax | Comments : 0 | Hits : 518

Aadhaar mandatory for PAN cards - Supreme Court verdict today
Posted Date : 09-Jun-2017 , 10:03:08 am | Posted By CASANSAAR

The Supreme Court will pronounce its judgement today on a batch of petitions challenging the constitutional validity of making Aadhaar mandatory for filing income tax returns and allotment of PAN. A bench comprising Justices A K Sikri and Ashok Bhushan had on May 4 reserved the verdict on the ple...

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Category : PAN | Comments : 0 | Hits : 779

CBDT notifies new Safe Harbour Regime
Posted Date : 09-Jun-2017 , 09:51:21 am | Posted By CASANSAAR

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of th...

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Category : CBDT | Comments : 0 | Hits : 353

Income Tax dept will probe cases of spike in income under revised returns
Posted Date : 09-Jun-2017 , 09:32:37 am | Posted By CASANSAAR

Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.  These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered...

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Category : Income Tax | Comments : 0 | Hits : 712

J-K Gov summons legislature for special session on GST
Posted Date : 09-Jun-2017 , 09:28:57 am | Posted By CASANSAAR

Jammu and Kashmir Governor N N Vohra today summoned the state legislature for a special session on June 17 to discuss the draft GST legislation approved by the state government. Yesterday, the state government had approved the draft legislation and expressed its desire to hold a special assembly ...

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Category : GST | Comments : 0 | Hits : 423

RBI directs bank branches to comply with PPO order
Posted Date : 09-Jun-2017 , 09:26:43 am | Posted By CASANSAAR

The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost. The Finance Ministry's Central Pension Accounting Office in September 2014 had issued a memorandum asking Centralised Pension Proce...

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Category : RBI | Comments : 0 | Hits : 221

Income Tax department might follow the GST path
Posted Date : 08-Jun-2017 , 07:17:17 am | Posted By CASANSAAR

India is soon going to follow the one-nation, one-tax principle after the implementation of the goods and services tax (GST) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the Income Tax Department.  The department might...

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Category : Income Tax | Comments : 0 | Hits : 795

EPFO extends deadline for submitting Aadhaar number to June 30
Posted Date : 08-Jun-2017 , 07:12:24 am | Posted By CASANSAAR

Employees' Provident Fund Organisation, EPFO has extended the deadline for submitting Aadhaar number to 30th of this month for its members.  However, the deadline for submission of Aadhaar number will be 30th of September in case of north-east States.  EPFO has directed its field...

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Category : General | Comments : 0 | Hits : 177

GST Council clears 3-tier Project Management
Posted Date : 06-Jun-2017 , 10:17:21 pm | Posted By CASANSAAR

With the Goods and Services Tax (GST) set to be rolled out from July 1, the GST Council has approved constitution of a three-tier structure for ‘project management’ of GST, consisting of the office of revenue secretary Hasmukh Adhia at the top, followed by a Project Management Team calle...

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Category : GST | Comments : 0 | Hits : 589

Cabinet Secretary asks Ministries to set up GST facilitation cells
Posted Date : 06-Jun-2017 , 10:13:11 pm | Posted By CASANSAAR

Cabinet Secretary P.K.Sinha has asked the Secretaries of different Ministries/departments to set up a Goods and Services Tax (GST) Facilitation Cell in their respective department/ministry. The Cell will be in constant touch with the major industry and business associations relating to the respec...

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Category : GST | Comments : 0 | Hits : 272

Income Tax department sets capital gains tax rules straight on Esop, FDI
Posted Date : 06-Jun-2017 , 05:37:21 pm | Posted By CASANSAAR

In a significant decision, the Income-Tax Department has clarified about tax rules for capital gains tax made on certain equity investments in case no securities transactions tax (STT) has been paid, putting an end to the uncertainty that arose from the budget proposal relating to such transactions....

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Category : Income Tax | Comments : 0 | Hits : 358

RBI clarifies PCA does not restrict bank's public operation
Posted Date : 06-Jun-2017 , 08:11:17 am | Posted By CASANSAAR

The Reserve Bank of India has clarified that the Prompt Corrective Action (PCA) framework invoked on banks will not restrict operations for the general consumers or public at large. Amid some misinformed reports in media including social media, the RBI has clarified in a statement on Monday that ...

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Category : RBI | Comments : 0 | Hits : 347

24 States pass the State GST (SGST) Act While 7 States have yet to pass the SGST Act
Posted Date : 06-Jun-2017 , 08:03:03 am | Posted By CASANSAAR

24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya,Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act.    Twenty Four (24) States have passed the State GST (SGST) Act till today i.e. 5th June, 2017 while 7...

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Category : GST | Comments : 0 | Hits : 543

Prime Minister reviews progress towards GST implementation
Posted Date : 05-Jun-2017 , 09:56:26 pm | Posted By CASANSAAR

Prime Minister Narendra Modi has directed that maximum attention be paid to cyber-security in IT systems concerned with Goods and Services Tax. Reviewing the progress towards beginning of GST from 1st of next month, Mr. Modi asserted that the implementation of new tax regime is the culmination of th...

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Category : GST | Comments : 0 | Hits : 471

CAG will audit GSTN - Finance Minister
Posted Date : 05-Jun-2017 , 09:52:27 pm | Posted By CASANSAAR

Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley today said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN). In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GS...

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Category : GST | Comments : 0 | Hits : 372

ICAI penalises four for encouraging money laundering during demonetization
Posted Date : 05-Jun-2017 , 08:48:37 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India on Friday found four persons guilty of advising individuals for encouraging money laundering during the demonetisation drive. In lieu of this, the ICAI facilitated a three-month suspension, along with a fine of Rs. one lakh each under the Chartered ...

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Category : ICAI | Comments : 0 | Hits : 1817

ICAI proposes joint audit for Private Banks
Posted Date : 05-Jun-2017 , 08:45:00 am | Posted By CASANSAAR

To enhance the quality of audit the Institute of Chartered Accountants of India (ICAI) has proposed an introduction of a new concept of joint audit in private banks to the Finance Ministry and the Reserve Bank of India. This process follows questions over the auditors in an estimation of NPA&rsqu...

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Category : ICAI | Comments : 0 | Hits : 1336

Shell companies directors to face up to five-year disqualification
Posted Date : 05-Jun-2017 , 08:42:01 am | Posted By CASANSAAR

Directors of companies that have not been carrying out business for a long time are set to be disqualified from holding directorship in any registered firm for up to five years, as part of the government's intensified efforts against the black money menace.  Shell companies are dubious e...

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Category : Companies Act | Comments : 0 | Hits : 499

Income Tax department warns against cash dealings of Rs 2 lakh
Posted Date : 05-Jun-2017 , 08:36:32 am | Posted By CASANSAAR

The Income-Tax Department warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to...

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Category : Income Tax | Comments : 0 | Hits : 605

GST Council finalises tax rates on last six items, sets stage for July 1 roll out
Posted Date : 05-Jun-2017 , 08:33:37 am | Posted By CASANSAAR

Setting the stage for the roll out of the Goods and Services Tax, the GST Council today finalised the rates of taxation on the last six items. With this, the council completed the work of bringing all items under the four-slab GST structure. Last month, during its meeting in Srinagar, the Arun Ja...

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Category : GST | Comments : 0 | Hits : 448

Govt starts GST awareness drive for consumers
Posted Date : 05-Jun-2017 , 08:27:39 am | Posted By CASANSAAR

The government has started its media blitzkrieg to tell the common man that the upcoming GST will reduce prices of most goods. The Central Board of Excise and Customs (CBEC) in advertisements in leading dailies gave pictorial representations of items which are exempt from Goods and Services Tax a...

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Category : GST | Comments : 0 | Hits : 283

Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule
Posted Date : 02-Jun-2017 , 07:11:28 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Ed...

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Category : CA Exams | Comments : 0 | Hits : 619

Delhi Assembly passes state GST bill in a special session
Posted Date : 01-Jun-2017 , 07:52:13 am | Posted By CASANSAAR

The Delhi Assembly passed the state Goods and Services Tax (GST) Bill even as Chief Minister Arvind Kejriwal pitched for capping the tax rate at a maximum of 10 per cent.  A special session of the Assembly cleared the bill with voice vote after an extensive discussion and also adopted a reso...

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Category : GST | Comments : 0 | Hits : 441

Link Aadhaar with PAN by sending SMS - Income Tax Dept
Posted Date : 31-May-2017 , 10:19:04 pm | Posted By CASANSAAR

The Income Tax Department on Wednesday urged taxpayers to link their Aadhaar with their Permanent Account Number (PAN), using a SMS-based facility. The department issued advertisements in leading national dailies and described how both the unique identity numbers of an individual can be linked by...

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Category : PAN | Comments : 0 | Hits : 1568

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