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Discontinuation of some of the Post Qualification Courses for Members - ICAI
Posted Date : 26-Apr-2017 , 09:48:35 am | Posted By CASANSAAR

The post qualification courses for members conducted by ICAI include the following: Management Accountancy Course (MAC) Tax Management Course (TMC) Corporate Management Course (CMC) and International Tax Laws and World Trade Organisation Course (ITL & WTO) Examinations in respect of the a...

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Category : ICAI | Comments : 0 | Hits : 598

Bihar becomes second state after Telangana to pass GST bill
Posted Date : 24-Apr-2017 , 10:04:04 pm | Posted By CASANSAAR

Bihar on Monday became the second state after Telangana to pass state Goods and Services Tax bill, touted as the biggest tax reform since independence.With the lone exception of CPI (ML), all the political parties backed the bills associated with the tax reforms.The tax is scheduled to be rolled out...

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Category : GST | Comments : 0 | Hits : 251

No income tax on salary deducted if notice period not served - ITAT
Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.  In this case, two companies while settling dues had deducted salary for the notice period which...

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Category : Income Tax | Comments : 0 | Hits : 582

Panel to review misconduct rules for accounting professionals
Posted Date : 21-Apr-2017 , 08:53:18 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has constituted a high-level committee to review disciplinary rules and regulations governing chartered accountants, company secretaries and cost accountants.  The six-member committee, chaired by retired IAS officer Meenakshi Datta Ghosh, has been tas...

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Category : ICAI | Comments : 0 | Hits : 966

Draft GST rules allow e-filing of appeals, digital accounts
Posted Date : 21-Apr-2017 , 08:48:22 am | Posted By CASANSAAR

Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders. These have been proposed by the Central Board of Excise and Customs in the ...

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Category : GST | Comments : 0 | Hits : 421

Records of goods lost, stolen, gifted a must under GST draft rules
Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR

Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1. Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...

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Category : GST | Comments : 0 | Hits : 397

Finance Ministry approves 8.65% interest rate on EPF for 2016-17
Posted Date : 21-Apr-2017 , 08:36:41 am | Posted By CASANSAAR

Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8(point)65 per cent interest rate on EPF for 2016-17. He said, the government will immediately issue the notification and credit the rate of interest to over four crore subscribers.  The ratification of the ...

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Category : Finance | Comments : 0 | Hits : 259

RBI asks banks to closely monitor loans to telecom sector
Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR

The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses . The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...

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Category : RBI | Comments : 0 | Hits : 249

Govt further extends deadline for deposits under PMGKY to April 30
Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR

Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties.  The scheme, which opened in December last year, provided last chance to holders ...

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Category : Income Tax | Comments : 0 | Hits : 307

Request to provide/update PAN details to avoid blocking of e-filing account by the Income-tax Department - ICAI
Posted Date : 19-Apr-2017 , 04:46:34 pm | Posted By CASANSAAR

I.    Members who have not shared their PAN with ICAI It has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Department, will be blocked by the In...

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Category : ICAI | Comments : 0 | Hits : 1023

Income Tax Department detects over Rs 540 cr black money in last fortnight
Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR

With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...

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Category : Income Tax | Comments : 0 | Hits : 336

GST council to debate tax on services, fitment of items on April 18-19
Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR

Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it? Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones? Will all the services be taxed at 18%? Will service tax on insurance and other low y...

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Category : GST | Comments : 0 | Hits : 260

70 percent of India’s small, mid-sized firms yet to start GST preparations
Posted Date : 18-Apr-2017 , 08:26:35 am | Posted By CASANSAAR

About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1. Consulting major KPMG and the Federation of Small Medium Ent...

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Category : GST | Comments : 0 | Hits : 732

RBI to set up computer emergency response unit
Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR

The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said. “Issues such as setting up of Computer Emergency Respon...

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Category : RBI | Comments : 0 | Hits : 167

4 lakh companies face deregistration for not filing Income Tax returns
Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR

As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years. Starting last month, notices are being sent out to ove...

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Category : Income Tax | Comments : 0 | Hits : 525

Key changes in ITR forms for AY 2017-18
Posted Date : 18-Apr-2017 , 08:18:37 am | Posted By CASANSAAR

Statistics laid out by the Finance Minister during Budget Speech 2017 regarding the number of tax payers in the country vis-a-vis quantum of expenditure incurred by individuals revealed a stark distinction between disclosure of income and expenditure. In order to the change the current scenario and ...

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Category : ITR | Comments : 0 | Hits : 1400

Fin Min okays 8.65% interest on EPF
Posted Date : 16-Apr-2017 , 01:46:15 pm | Posted By CASANSAAR

The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members. The Finance Ministry in its communication to the Labour Ministry has, however, put ...

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Category : Finance | Comments : 0 | Hits : 181

PSU banks to freeze branch expansion
Posted Date : 15-Apr-2017 , 08:00:19 am | Posted By CASANSAAR

At least 10 out of the 22 public-sector banks might freeze branch expansion this fiscal and make higher provisioning for bad loans, while 16 lenders are unlikely to give dividends for the just concluded FY17. This is part of the mandatory actions that banks have to comply with under RBI’s r...

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Category : Banking | Comments : 0 | Hits : 395

60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...

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Category : Income Tax | Comments : 0 | Hits : 302

Action will be taken against erring members - ICAI on ED raids
Posted Date : 14-Apr-2017 , 09:06:13 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said disciplinary "proceedings" have been initiated against members allegedly involved in money laundering through dubious companies.  Asserting that the matter of such members would be dealt with seriously, the Institute of Chartered Accou...

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Category : ICAI | Comments : 0 | Hits : 1901

Govt. plan to make professionals accountable for info sharing under PMLA
Posted Date : 14-Apr-2017 , 09:00:36 am | Posted By CASANSAAR

Increasing instances of the role of chartered accountants, tax consultants and lawyers in financial frauds, particularly during the demonetisation exercise, has led the Central government to contemplate changes in existing laws, making it mandatory for them to report suspicious transactions under th...

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Category : Chartered Accountant | Comments : 0 | Hits : 2059

President gives assent to four supporting legislations on GST
Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR

President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1. The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...

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Category : GST | Comments : 0 | Hits : 243

ED raids offices of 34 Chartered Accountants in Delhi
Posted Date : 13-Apr-2017 , 03:26:33 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies. The CAs and CSs are accused of helping shell companies convert ...

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Category : Chartered Accountant | Comments : 0 | Hits : 18694

RBI proposes simplified forex hedging facility
Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR

Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk. The facility is...

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Category : RBI | Comments : 0 | Hits : 348

Cabinet approves listing of 11 CPSEs on stock exchanges
Posted Date : 13-Apr-2017 , 08:14:02 am | Posted By CASANSAAR

The Cabinet Committee on Economic Affairs has given its approval for listing of 11 Central Public Sector Enterprises (CPSEs) on stock exchanges. They include Rail Vikas Nigam Limited, Indian Railway Finance Corporation Limited, Indian Railway Catering and Tourism Corporation (IRCTC) Limited, Bharat ...

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Category : Shares & Stock | Comments : 0 | Hits : 156

Income Tax department asks financial institutions to get accounts self-certified by April 30
Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR

The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.  "The account holders may be informed that, in case self-certifications are not provided till April 30, 2...

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Category : Income Tax | Comments : 0 | Hits : 417

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962
Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR

The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...

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Category : Income Tax | Comments : 0 | Hits : 338

CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
Posted Date : 11-Apr-2017 , 01:51:00 pm | Posted By CASANSAAR

In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.   Applicant companies submit a common application form SPICe (IN...

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Category : CBDT | Comments : 0 | Hits : 1121

Taxpayers to be rated on GST compliance
Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR

Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns. The ratings will be made public on the GST Network (GSTN) website as tax authorities ...

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Category : GST | Comments : 0 | Hits : 416

RBI proposes wholesale, long-term finance banks
Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.  “Going forward, considering the existing landsca...

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Category : RBI | Comments : 0 | Hits : 370

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