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Bifurcation of Paper 4- Taxation of Intermediate (IPC) Examination into two sections - ICAI
Posted Date : 31-May-2017 , 10:05:03 pm | Posted By CASANSAAR

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.  It has now been decided to bifurcate the above mentioned Paper 4- Taxati...

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Category : CA Exams | Comments : 0 | Hits : 507

Last Date for furnishing of SFT extended to 30th June 2017
Posted Date : 31-May-2017 , 02:32:49 pm | Posted By CASANSAAR

CBDT has extended the date of furnishing of the statement of financial transacation under Rule 114(5) of the Rules, read with sub section (1) of section 285BA of the Act for the Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of person throughout india who are liable to furnish ...

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Category : Income Tax | Comments : 0 | Hits : 3131

Bank account number portability can be reality soon - RBI
Posted Date : 31-May-2017 , 08:16:37 am | Posted By CASANSAAR

Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push. With increase in Aadhaar enrollment and technology advancements, banks and stakehold...

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Category : RBI | Comments : 0 | Hits : 459

GST would be implemented from July1, 2017 - Revenue Secretary
Posted Date : 31-May-2017 , 07:52:39 am | Posted By CASANSAAR

Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India categorically stated that the Goods and Services Tax (GST) will be implemented from July 1, 2017. Dr Adhia was speaking at a Town Hall Meeting with GST stakeholders including Tax Assesses, Traders and representatives of T...

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Category : GST | Comments : 0 | Hits : 342

ICAI sets up desks to help traders with GST
Posted Date : 30-May-2017 , 10:50:21 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI has set up desks to help small businessmen and traders on Goods and Services Tax (GST), which is set to be rolled out from July 1.  ICAI GST Sahayata Desks have been made operational, without any charge, at all major cities to facilitate small busine...

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Category : GST | Comments : 0 | Hits : 1212

Private banks under ICAI scanner for misreporting bad loans
Posted Date : 30-May-2017 , 10:47:45 am | Posted By CASANSAAR

The apex body of chartered accountants, the Institute of Chartered Accountants of India (ICAI), sought information from the Reserve Bank of India (RBI) regarding divergence in bad loan estimates by the top private sector banks, reports livemint.com. The report said that the 2015-16 financial stat...

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Category : ICAI | Comments : 0 | Hits : 661

Undisclosed funds in someone else’s account can be seized: HC
Posted Date : 30-May-2017 , 10:41:12 am | Posted By CASANSAAR

The Delhi high court on Monday upheld the validity of one of the first post-demonetisation raids and seizures carried out by Income Tax authorities in the capital this year. A bench of Justices S Muralidhar and Chander Shekhar also said the department had powers to seize unexplained funds lying i...

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Category : Income Tax | Comments : 0 | Hits : 440

GST will help in evolving India as tax-compliant society
Posted Date : 30-May-2017 , 10:20:20 am | Posted By CASANSAAR

The Goods and Services Tax, to be rolled out in just over a month, will not only check evasions but also help India evolve as a more tax-compliant society, Finance Minister Arun Jaitley said on Monday. "It certainly will be a more efficient tax and one of the important changes it will bring ...

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Category : GST | Comments : 0 | Hits : 198

SEBI issues listing norms for NCDs in mergers
Posted Date : 27-May-2017 , 06:46:31 am | Posted By CASANSAAR

Markets regulator Sebi today issued a new framework for listing of non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) following mergers and acquisitions (M&As).  A listed company may seek listing of NCRPS/NCDs issued pursuant to a scheme of arrange...

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Category : SEBI | Comments : 0 | Hits : 195

CPT June 2017 Examination Admit Cards - ICAI
Posted Date : 27-May-2017 , 06:32:14 am | Posted By CASANSAAR

Announcement CPT June 2017 Examination Admit Cards Admit cards in respect of candidates admitted to the CPT June 2017 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required ...

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Category : CA CPT | Comments : 0 | Hits : 204

CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response
Posted Date : 26-May-2017 , 12:28:35 pm | Posted By CASANSAAR

Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017. In case there are reportable transactions for the y...

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Category : CBDT | Comments : 0 | Hits : 3661

RBI invites applications for Dy Governor, may hire from pvt sector for 1st time
Posted Date : 26-May-2017 , 07:43:42 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector. Currently, the RBI has four Deputy Governors of whom two are internal appointees. Th...

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Category : RBI | Comments : 0 | Hits : 294

Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee and Milk Powder
Posted Date : 26-May-2017 , 07:41:15 am | Posted By CASANSAAR

Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less;  Similarly, present incidence of taxes on Milk Po...

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Category : GST | Comments : 0 | Hits : 396

Cabinet approves abolition of Foreign Investment Promotion Board
Posted Date : 25-May-2017 , 06:54:00 am | Posted By CASANSAAR

Union Cabinet today approved abolition of Foreign Investment Promotion Board (FIPB) which currently vets FDI proposals requiring the government approval.  Currently, FDI in 11 sectors including defence and retail trading requires FIPB approval. Now, the processing and approval of FDI proposa...

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Category : International Business | Comments : 0 | Hits : 212

No doubt in GST implementation from 1st July - FM
Posted Date : 24-May-2017 , 06:53:30 am | Posted By CASANSAAR

Finance minister Arun Jaitley, while attending the African Development Bank’s annual meet, on Tuesday said that consensus building in the 14 meetings of the GST Council has been such that apart from six items there had not been a single vote against any issue and there was no doubt in the impl...

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Category : GST | Comments : 0 | Hits : 556

RBI refuses to disclose list of loan defaulters
Posted Date : 24-May-2017 , 06:41:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public. The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list o...

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Category : RBI | Comments : 0 | Hits : 167

Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax
Posted Date : 24-May-2017 , 06:37:37 am | Posted By CASANSAAR

Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax  Service providers shall be eligible for full Input Tax Credits (ITC) of GST paid in respect of inputs and input services    Taxes on entertainments and amusements (covered by the erstwhile entry...

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Category : GST | Comments : 0 | Hits : 181

RBI to reconstitute oversight committee to deal with bad loans
Posted Date : 23-May-2017 , 07:46:04 am | Posted By CASANSAAR

The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore. The central bank said it has been decided to reconstitute the OC under the aegis of the ce...

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Category : RBI | Comments : 0 | Hits : 208

CBDT signs two unilateral advance pricing agreements
Posted Date : 23-May-2017 , 07:41:48 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has entered two unilateral Advance Pricing Agreements (APAs) pertaining software and information technology sectors. "The CBDT has entered into two Unilateral Advance Pricing Agreements (APA) on May 4, 2017, and May 11, 2017, respectively, with Indian...

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Category : CBDT | Comments : 0 | Hits : 149

Income Tax dept launches facility to correct errors in PAN, Aadhaar
Posted Date : 23-May-2017 , 07:38:37 am | Posted By CASANSAAR

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...

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Category : Income Tax | Comments : 0 | Hits : 1136

RBI ombudsman for one redressal system for all financial transactions
Posted Date : 22-May-2017 , 07:39:49 am | Posted By CASANSAAR

There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI. The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...

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Category : RBI | Comments : 0 | Hits : 219

Exporters to get tax refund under GST within 7 days
Posted Date : 20-May-2017 , 08:23:26 pm | Posted By CASANSAAR

Commerce Minister Nirmala Sitharaman today assured exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime. She also said that the GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be ...

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Category : GST | Comments : 0 | Hits : 239

GST will be consumer-friendly, healthcare and education to be exempted - FM
Posted Date : 20-May-2017 , 07:37:36 am | Posted By CASANSAAR

The Finance Minister Arun Jaitley has said that healthcare and education will remain exempted from the GST. Addressing a press conference after the two-day 14th GST council meeting in Srinagar today, Mr. Jaitley said, services to be taxed at 5, 12, 18, 28 per cent.  He said, restaurants with...

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Category : GST | Comments : 0 | Hits : 298

GST Council finalises rates for services
Posted Date : 20-May-2017 , 07:28:33 am | Posted By CASANSAAR

The Goods and Services Tax (GST) Council on Friday finalised tax rates for all services, except lottery, under the new indirect tax regime to be rolled out from July 1. Those services already exempted from tax, such as healthcare and education, will continue to enjoy the concession. The tax rate ...

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Category : GST | Comments : 0 | Hits : 504

GST Council to decide rate of Service tax today
Posted Date : 19-May-2017 , 09:46:07 am | Posted By CASANSAAR

Foodgrains and common-use products like hair oil, soaps, toothpaste and also the electricity will cost less from July first after the implementation of nation-wide Goods and Service Tax.  The GST rates for all 1,211 items but six were finalised, yesterday, at the first day of the two-day mee...

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Category : GST | Comments : 0 | Hits : 1214

GST Council clears all 9 rules for new tax regime at Srinagar meeting
Posted Date : 19-May-2017 , 09:16:12 am | Posted By CASANSAAR

On day one of its crucial meeting in Srinagar, Jammu & Kashmir, the Goods and Services Tax (GST) Council on Thursday approved all nine rules for the rollout of the new indirect tax regime. The nine rules finalised by the council pertain to composition, valuation, transition, input tax credit, in...

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Category : GST | Comments : 0 | Hits : 413

Delhi Court accepts blue tick on WhatsApp as valid proof of served notice
Posted Date : 18-May-2017 , 10:37:18 pm | Posted By CASANSAAR

What seems to be the first case of its kind, a Civil Court in Delhi’s Rohini accepted the blue double-tick of WhatsApp chat as a valid proof of the notice being served. A man served notice to his daughter-in-law, her parents and her friend on WhatsApp in connection with a property dispute. ...

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Category : WhatsApp | Comments : 0 | Hits : 1142

RBI liberalises tier-I presence in new bank branch policy
Posted Date : 18-May-2017 , 10:19:25 pm | Posted By CASANSAAR

RBI today came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres. It also widened the role of bank boards, making them responsible for complying with the new guidelines. The RBI ...

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Category : RBI | Comments : 0 | Hits : 203

81% items to be taxed below 18% rate under GST - Govt
Posted Date : 18-May-2017 , 10:16:57 pm | Posted By CASANSAAR

 The Goods and Services Council today finalised tax rates for 1,211 items with a majority of items being kept at under 18 per cent rates.  "GST Council today approved 7 GST rules in a meeting held in Srinagar, while legal committee is looking at remaining 2 GST rules ( return, tran...

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Category : GST | Comments : 0 | Hits : 348

GST Council meets today to deliberate on tax rates for commodities and services
Posted Date : 18-May-2017 , 08:50:07 am | Posted By CASANSAAR

The Goods and Service Tax, GST Council will meet today in Srinagar to deliberate on tax rates on commodities and services. The meeting will be chaired by Union Finance Minister Arun Jaitley and it will be attended by the Finance Ministers of all States and Union Territories. AIR correspondent rep...

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Category : GST | Comments : 0 | Hits : 210

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