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20572 Income Tax Returns under scanner for Detailed Investigation
Posted Date : 06-Nov-2017 , 09:44:24 pm | Posted By CASANSAAR

The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation , official sources said today. Separately, they said, the department has identified one lakh "high risk" cases of alleged tax eva...

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Category : ITR | Comments : 0 | Hits : 1690

Investigations in cases of Paradise Papers to be monitored through reconstituted Multi Agency Group
Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR

Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...

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Category : Income Tax | Comments : 0 | Hits : 121

Revenue Secretary Hasmukh Adhia designated Finance Secretary
Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR

Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...

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Category : Income Tax | Comments : 0 | Hits : 126

GSTN eases process for exporters to claim refunds
Posted Date : 06-Nov-2017 , 02:07:50 pm | Posted By CASANSAAR

The Goods and Services Tax Network (GSTN) has said that it has introduced a utility Table 6A in the Form GSTR-1 used by exporters to claim refunds. In a statement yesterday, it said Table 6A of Form GSTR1 has been introduced on the GST portal. Table 6A of Form GSTR1 allows taxpayers to file expor...

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Category : GST | Comments : 0 | Hits : 234

Govt freezes 58,000 bank accounts of 35K shell Cos
Posted Date : 06-Nov-2017 , 08:34:50 am | Posted By CASANSAAR

The noose around shell companies has tightened as the government has banned 58,000 bank accounts of 35,000 alleged shell companies who have deposited and withdrawn over Rs 17,000 crore during since demonetization. The move is part of a massive ongoing drive during which 2.24 lakh companies have s...

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Category : Accounts | Comments : 0 | Hits : 433

GST Council to consider slashing GST on common use goods
Posted Date : 06-Nov-2017 , 08:32:05 am | Posted By CASANSAAR

The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week. The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on N...

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Category : GST | Comments : 0 | Hits : 261

Offline version for GSTR-4 preparation launched on GST portal
Posted Date : 05-Nov-2017 , 10:03:41 am | Posted By CASANSAAR

Flagging off preparation for the filing of GSTR-4, the quarterly return for taxpayers who have opted for Composition Levy, the Goods and Services Tax Network (GSTN) introduced an offline tool on the GST Portal for the same. “GSTR-4 return can be prepared only using the Offline Tool. This ha...

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Category : GST | Comments : 0 | Hits : 146

PM hints at more measures for businesses on GST
Posted Date : 05-Nov-2017 , 10:00:11 am | Posted By CASANSAAR

Promising more measures to ease problems faced by small businesses due to GST, Prime Minister Narendra Modi on Saturday said a committee of state ministers has accepted most of the suggestions made by them and an announcement is likely in the GST Council meet next week. The GST Council had announ...

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Category : GST | Comments : 0 | Hits : 110

PAN not needed for cash sale of agri produce up to Rs 2 L/day
Posted Date : 04-Nov-2017 , 09:41:12 am | Posted By CASANSAAR

The revenue department said farmers do not need to quote PAN for cash sale of their produce up to Rs 2 lakh a day. The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultu...

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Category : PAN | Comments : 0 | Hits : 436

Banks, telecos to indicate deadline for linking Aadhaar - SC
Posted Date : 04-Nov-2017 , 09:34:59 am | Posted By CASANSAAR

The Supreme Court today made it clear that banks and telecom service providers will have to indicate the last date of linking bank accounts and mobile numbers with Aadhaar in their communications with customers. Currently, the last date to link Aadhaar with bank accounts is December 31 this year ...

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Category : General | Comments : 0 | Hits : 319

RBI mandates unique code for all large corporate borrowers
Posted Date : 02-Nov-2017 , 09:29:45 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management.  The idea of LEI, a 20-digit unique code to identify partie...

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Category : RBI | Comments : 0 | Hits : 803

SEBI bans 10 entities for fraudulent trade with fake SMSes
Posted Date : 03-Nov-2017 , 07:52:04 am | Posted By CASANSAAR

Clamping down on fraudulent activities, Sebi has barred 10 entities for sending out fake SMSes in bulk with "questionable recommendations" to pump up trading volumes in the shares of Supreme Tex Mart Ltd.  Promoters, directors and their relatives along with three other entities all...

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Category : Shares & Stock | Comments : 0 | Hits : 322

CBDT signs 7 more unilateral APAs with taxpayers
Posted Date : 03-Nov-2017 , 07:46:46 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information t...

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Category : CBDT | Comments : 0 | Hits : 275

SC seeks details of 1,581 cases against MPs and MLAs
Posted Date : 01-Nov-2017 , 09:30:39 pm | Posted By CASANSAAR

The Supreme Court today directed the Centre to place before it details regarding 1,581 cases involving MPs and MLAs, as declared by politicians at the time of filing their nominations during the 2014 general elections. The apex court asked the government to apprise it as to how many of these 1,58...

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Category : General | Comments : 0 | Hits : 141

GSTN launches offline utility for GSTR-2
Posted Date : 01-Nov-2017 , 09:28:59 pm | Posted By CASANSAAR

GST Network, which developed the technology backbone for new indirect tax regime, today said it has launched an offline tool for filing purchase returns GSTR-2. The tool would allow taxpayers to export data of GSTR-2 to excel. This will be helpful in comparing this data with purchase register to ...

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Category : GST | Comments : 0 | Hits : 294

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File
Posted Date : 01-Nov-2017 , 09:27:10 pm | Posted By CASANSAAR

In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the I...

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Category : CBDT | Comments : 0 | Hits : 158

Madras HC allows petitioner to file I-T returns without quoting Aadhaar number
Posted Date : 01-Nov-2017 , 09:26:03 am | Posted By CASANSAAR

The Madras High Court on Tuesday allowed a petitioner to file her income tax returns manually, without quoting the Aadhaar number or the enrolment ID.  Petitioner Preeti Mohan relied on a June 9 Supreme Court judgement, which said Aadhaar cannot be mandatory for filing I-T returns. &ldquo...

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Category : Income Tax | Comments : 0 | Hits : 649

CBDT extends Tax Audit and ITR due date till Nov. 7
Posted Date : 31-Oct-2017 , 10:50:05 pm | Posted By CASANSAAR

On consideration of representations from various stakeholders for further extension of ‘due date’, being 30th September 2017 for those liable to file returns by 30.09.2017 and to facilitate ease of compliance by the taxpayers, CBDT has further extended the ‘due-date’ for fili...

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Category : Tax Audit | Comments : 0 | Hits : 324

Government sets up Arun Jaitley led panel on PSU bank mergers
Posted Date : 31-Oct-2017 , 08:47:44 am | Posted By CASANSAAR

The government has constituted a ministerial panel headed by Finance Minister Arun Jaitley to oversee merger proposals of state-owned banks.  The other members of the panel include Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman.  In a tweet, Financial ...

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Category : Banking | Comments : 0 | Hits : 515

Govt extends last date of filing of GSTR-3 for July, 2017 to 11th Dec, 2017
Posted Date : 30-Oct-2017 , 04:35:14 pm | Posted By CASANSAAR

The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers. The last date for filing of GSTR-3 for the month of...

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Category : GST | Comments : 0 | Hits : 471

Govt extends last date of filing of GSTR-2 for July, 2017 to 30th Nov, 2017
Posted Date : 30-Oct-2017 , 04:30:14 pm | Posted By CASANSAAR

The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers. The last date for filing of GSTR-3 for the month of...

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Category : GST | Comments : 0 | Hits : 441

Due date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov and 11th Dec 2017
Posted Date : 30-Oct-2017 , 03:27:13 pm | Posted By CASANSAAR

To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively. last date for filing of GSTR-3 for the month of July, 2017 also stands extended to 11th December, 2017  (deadline was 10th November, 2017). A Notification in ...

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Category : GST | Comments : 0 | Hits : 734

Advise clients to timely approve the tax audit reports under their DSC - ICAI
Posted Date : 28-Oct-2017 , 06:12:08 pm | Posted By CASANSAAR

Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by t...

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Category : Tax Audit | Comments : 0 | Hits : 2023

Tax professionals seek more time for e-filing of returns and Tax Audit
Posted Date : 28-Oct-2017 , 08:28:09 am | Posted By CASANSAAR

Tax professionals  has sought extension of the time for e-filing of income tax returns for the entities "where tax audit report or transfer pricing report or other audit reports are prescribed" till November 30. Among other things, it has cited non-availability of clerical staff at...

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Category : Tax Audit | Comments : 0 | Hits : 1695

Need of independent regulator for Auditors - SEBI Panel
Posted Date : 27-Oct-2017 , 09:48:31 pm | Posted By CASANSAAR

The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government. The Parliamentary Standing Committee on Finance had in 2012 specified th...

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Category : Auditing | Comments : 0 | Hits : 516

HC dismisses plea to revoke Mersal's censor certificate for anti GST dialogues
Posted Date : 28-Oct-2017 , 08:10:09 am | Posted By CASANSAAR

Observing that a mature democracy should allow views of the minorities also to be expressed, the Madras High Court on Friday dismissed a public interest litigation petition seeking a direction to Central Board of Film Certification (CBFC) to revoke the censor certificate issued to Vijay starrer Mers...

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Category : GST | Comments : 0 | Hits : 168

Tax professionals protest over GST returns filing in Gujarat
Posted Date : 28-Oct-2017 , 08:08:09 am | Posted By CASANSAAR

Little over a month before Gujarat goes to polls, tax professionals across the state are up in arms against the government over the problems faced by them in filing goods and services tax (GST) returns. As part of their protests, chartered accounts, advocates, tax practitioners and traders on Friday...

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Category : GST | Comments : 0 | Hits : 927

Tax Audit Date Extension - Request for Tweet / Retweet
Posted Date : 27-Oct-2017 , 09:23:29 am | Posted By CASANSAAR

The Govt has time and again extended the various dates for filing of GST returns as it's system was not ready but why is it taking so much time to do so in case of Tax Audit Reports and Returns.  Do they think that we professionals are magicians. We are unable to cope up with all these l...

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Category : Tax Audit | Comments : 0 | Hits : 5700

Deadline to claim GST transition credit extended till Nov 30
Posted Date : 27-Oct-2017 , 08:02:57 am | Posted By CASANSAAR

The Government on Thursday extended the deadline by a month till November 30 for businesses to claim credit of transitional stock in the Goods and Services Tax (GST) regime. “Form GST TRAN-1 (with revision facility) extended to November 30, 2017,” said a tweet by GST@GOI, the official tw...

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Category : GST | Comments : 0 | Hits : 336

Govt tightens screws on assets owned by deregistered companies
Posted Date : 27-Oct-2017 , 07:54:09 am | Posted By CASANSAAR

The corporate affairs ministry asked states to complete identification of properties owned by deregistered companies at the earliest and ensure district administrations prevent transactions in those assets. Amid intensifying efforts to fight the black money menace, the ministry has also urged the...

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Category : MCA | Comments : 0 | Hits : 161

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