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Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR

The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...

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Category : Income Tax | Comments : 0 | Hits : 254

No threat, show cause to be issued under Operation Clean Money - CBDT
Posted Date : 22-Feb-2017 , 08:43:05 am | Posted By CASANSAAR

The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban. The Central Board of Direct Taxes (CBDT), the policy-making body of t...

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Category : CBDT | Comments : 0 | Hits : 267

CA Student goes missing from Noida
Posted Date : 21-Feb-2017 , 07:28:48 am | Posted By CASANSAAR

A 23-year-old chartered accountancy course student has been missing for the past two days, police said.  They said Shubam Maheshwari, who is from Hathras and a final year CA student in Delhi, went missing on Saturday after he left for his hometown from Anand Vihar bus terminal. Around 9.3...

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Category : CA | Comments : 0 | Hits : 1642

Government extends deadline for registering on GST portal
Posted Date : 21-Feb-2017 , 07:17:42 am | Posted By CASANSAAR

About1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date. The Delhi government is now preparing to bring out an advertisement to announce extension of the deadline for enrolment till March 15. The earlier deadline was D...

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Category : GST | Comments : 0 | Hits : 1022

Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR

The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...

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Category : Income Tax | Comments : 0 | Hits : 868

RBI enhances cash withdrawal limit from Savings account to Rs 50,000
Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR

Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month. The Reserve Bank of India (RBI) ...

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Category : RBI | Comments : 0 | Hits : 263

Children's accounts to come under Income Tax scanner
Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR

Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.  Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...

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Category : Income Tax | Comments : 0 | Hits : 671

GST Council clears compensation Bill
Posted Date : 19-Feb-2017 , 08:24:47 pm | Posted By CASANSAAR

The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. ...

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Category : GST | Comments : 0 | Hits : 234

CA Sunil Mehta appointed non-executive Chairman of PNB
Posted Date : 18-Feb-2017 , 08:36:15 am | Posted By CASANSAAR

Punjab National Bank (PNB) has a new non-executive Chairman in CA.Sunil Mehta. The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services (DFS) for the appointment of Mehta as non-executive Chairman of PNB, official sources said. He has be...

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Category : Banking | Comments : 0 | Hits : 355

Income Tax dept to follow-up with over 1 million taxpayers on high-value deposits
Posted Date : 18-Feb-2017 , 08:29:21 am | Posted By CASANSAAR

The income tax (I-T) department will issue follow-up letters to more than 1 million taxpayers who have failed to respond to its missives to explain high-value cash deposits in bank accounts between 9 November and 30 December. As part of Operation Clean Money, to begin with, the department had sen...

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Category : Income Tax | Comments : 0 | Hits : 746

Eight Executive Directors appointed in various Banks
Posted Date : 18-Feb-2017 , 08:26:46 am | Posted By CASANSAAR

Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau. Neelam Damodharan and Atanu Kumar Das have been appointed as EDs in Bank of India. Damodharan is General Manager in Bank of Baroda and Das is GM in Vijaya Bank. K Sw...

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Category : Banking | Comments : 0 | Hits : 603

GST governing council meets in Udaipur to give approval to GST Draft Law
Posted Date : 18-Feb-2017 , 08:25:26 am | Posted By CASANSAAR

Goods and Services Tax (GST) governing council will meet in Udaipur, Rajasthan today to give approval to GST Draft Law.  Union Finance Minister Arun Jaitley will chair the meeing which will be attended by Finance Ministers of various states. AIR correspondent reports that the main agenda for...

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Category : GST | Comments : 0 | Hits : 225

Online Income Tax grievance redressal facility launched at 60 offices
Posted Date : 16-Feb-2017 , 08:07:25 am | Posted By CASANSAAR

After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Ke...

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Category : Income Tax | Comments : 0 | Hits : 487

Cabinet okays merger of SBI, 5 associate banks
Posted Date : 16-Feb-2017 , 08:01:15 am | Posted By CASANSAAR

Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks. However, no decision was taken on the proposal to also merge the Bharatiya M...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 370

Income Tax department's mobile app for income tax, PAN soon
Posted Date : 16-Feb-2017 , 08:00:13 am | Posted By CASANSAAR

The Income Tax department is developing an App that will soon allow assesses to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue Permanent Account Numbers, PAN to assesses within minutes by way of e-KYC authentication using Aadhaar.  It will ...

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Category : Income Tax | Comments : 0 | Hits : 279

ICAI may Temporarily Suspend erring members
Posted Date : 15-Feb-2017 , 08:47:10 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) is toying with the idea of introducing the concept of “temporary suspension” of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, said Nilesh Vikamsey, newly elected President. &l...

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Category : ICAI | Comments : 0 | Hits : 2559

Bombay High Court bans Mobile, cameras etc.inside Court Halls
Posted Date : 15-Feb-2017 , 08:30:54 am | Posted By CASANSAAR

High Court, Bombay   No.: RG/1611/11/2017 NOTICE All the parties/litigants and public at large are hereby informed that they shall not take mobile phones, cameras or audio/video recording devices and shall not record anything using them inside the Court Halls. These articles shoul...

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Category : General | Comments : 0 | Hits : 311

Govt hands 34 Chartered Accountants names to ICAI for money laundering investigation
Posted Date : 15-Feb-2017 , 08:23:55 am | Posted By CASANSAAR

The government has shared names of 34 chartered accountants (CAs) with the Institute of Chartered Accountants of India (ICAI) for investigation after the professionals were allegedly found to be involved in money laundering through shell companies during the demonetisation period, ICAI president Nil...

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Category : Chartered Accountant | Comments : 0 | Hits : 7172

RBI wants banks to create common pool of forensic Audit firms
Posted Date : 15-Feb-2017 , 08:19:04 am | Posted By CASANSAAR

The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated. This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms. Th...

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Category : Auditing | Comments : 0 | Hits : 716

5.27 lakh assessees respond to Income Tax query on cash deposits
Posted Date : 14-Feb-2017 , 07:59:37 am | Posted By CASANSAAR

The Income Tax Department today said ‘Operation Clean Money’ launched for e-verification of large cash deposits made during the period from November 9 to December 30 last year has received an overwhelming response with more than 5.27 lakh taxpayers submitting their response out of the 18...

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Category : Income Tax | Comments : 0 | Hits : 1142

Income Tax dept issues 1.62 cr refunds worth Rs 1.42 lakh cr
Posted Date : 14-Feb-2017 , 07:52:51 am | Posted By CASANSAAR

The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current...

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Category : Income Tax | Comments : 0 | Hits : 357

Increase in Entrance, Annual Membership, COP & Restoration Fee - ICAI
Posted Date : 14-Feb-2017 , 07:45:30 am | Posted By CASANSAAR

[TO BE PUBLISHED IN PART III, SECTION 4 OF THE GAZETTE OF INDIA, EXTRAORDINARY DATED, 9TH FEBRUARY, 2017] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA New Delhi, the 9th February, 2017 NOTIFICATION No.1-CA(7)/179/2017:- In exercise of the powers conferred under sub-secti...

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Category : ICAI | Comments : 0 | Hits : 1419

Income Tax dept extends response window on deposit details to Feb 15
Posted Date : 12-Feb-2017 , 10:26:16 pm | Posted By CASANSAAR

The Income Tax department has extended the date for replying to the queries on cash deposits during the demonetisation period till Wednesday. On 31st of last month, the tax department had launched 'Operation Clean Money' under which it had sent out SMS and e-mails to 18 lakh assessees in ...

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Category : Income Tax | Comments : 0 | Hits : 535

Newly Elected President & Vice-President of ICAI
Posted Date : 12-Feb-2017 , 10:11:01 pm | Posted By CASANSAAR

New President & Vice-President of ICAI CA Nilesh S Vikamsey & CA Naveen ND Gupta elected as President & Vice President of ICAI for the F.Y. 2017 - 18. Many Many Congrats from the team of CASANSAAR. CA.Vivek Khurana (Founder - CASANSAAR) Wi...

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Category : ICAI | Comments : 0 | Hits : 966

Differentiated tax in GST good for beverages sector
Posted Date : 12-Feb-2017 , 06:33:00 pm | Posted By CASANSAAR

Amid proposal to impose higher taxes on aerated drinks in the upcoming GST, beverages major Coca-Cola India says it will be beneficial for the sector if the government differentiates products within new indirect tax regime based on sugar/calorie content to promote public health. The Atlanta-headq...

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Category : GST | Comments : 0 | Hits : 290

Govt to take Harsh Punitive action against shell cos
Posted Date : 11-Feb-2017 , 10:09:07 am | Posted By CASANSAAR

In a major crackdown on domestic shell companies, the government today decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes. Following a review by the Prime Minister's Office, a task force with members from regulator...

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Category : Companies Act | Comments : 0 | Hits : 481

Fake currency smuggling halted post note ban - FinMin to PAC
Posted Date : 10-Feb-2017 , 11:13:54 pm | Posted By CASANSAAR

Finance Ministry on Friday informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10. According to sources, in its response to th...

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Category : Black Money | Comments : 0 | Hits : 197

GSTN rejects CAG’s request to name Auditor, do an extra Audit
Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR

GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...

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Category : GST | Comments : 0 | Hits : 295

ICAI plans representation before govt over penalty proposal
Posted Date : 09-Feb-2017 , 08:05:38 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI will approach the government amid concerns over certain proposals under which action can be taken against members for certain violations.  The Council of the Institute of Chartered Accountants of India (ICAI) has discussed the issues. "There ...

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Category : ICAI | Comments : 0 | Hits : 525

Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR

The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...

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Category : Income Tax | Comments : 0 | Hits : 333

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