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IDS - 64,275 declarants disclose Rs 65,250 cr black money - FM
Posted Date : 01-Oct-2016 , 10:36:41 pm | Posted By CASANSAAR

 In the biggest ever blackmoney disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government. While the blackmoney declarations will go up once all the online and manual filings of undisclosed ...

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Category : Income Tax | Comments : 0 | Hits : 140

Govt forms panel to examine issues related to Audit Firms
Posted Date : 01-Oct-2016 , 07:38:14 am | Posted By CASANSAAR

The government on Friday set up a three-member expert panel, headed by The Energy and Resources Institute (Teri) chairman Ashok Chawla, to examine various issues related to audit firms, including possible adverse impact from restrictive shareholder agreements. Reserve Bank of India (RBI) deputy g...

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Category : Auditing | Comments : 0 | Hits : 1029

IDS - Rs 65,000 Cr and counting
Posted Date : 01-Oct-2016 , 07:34:39 am | Posted By CASANSAAR

The Capital’s tallest building, the 28-storey Civic Centre near the New Delhi Railway Station, is hardly a hub of action on a weekend night. But September 30 was not like any other Friday evening. It was the last day of the government’s Income Declaration Scheme (IDS). And hours before t...

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Category : Income Tax | Comments : 0 | Hits : 940

CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act.
Posted Date : 30-Sep-2016 , 10:38:03 pm | Posted By CASANSAAR

Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh. To further boost the industrial activities, the CBDT has notified these seven districts for a...

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Category : CBDT | Comments : 0 | Hits : 218

GST Council agrees on 5 areas; differ over 1st meet decision
Posted Date : 30-Sep-2016 , 10:37:31 pm | Posted By CASANSAAR

In signs of fracture, the Centre and states today disagreed on decisions reached at the first meeting of the GST Council on service tax assessment although they reached a consensus on area based exemption in the new tax regime.  The second meeting of the all-powerful GST Council, headed by F...

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Category : GST | Comments : 0 | Hits : 448

Clarification on the difference in requirements relating to auditor’s rotation under SQC 1 vis-à-vis Companies Act, 2013 - ICAI
Posted Date : 30-Sep-2016 , 03:40:23 pm | Posted By CASANSAAR

1. The Council of the Institute of Chartered Accountants of India (ICAI), at its 359th meeting held on September 16-17, 2016 considered an issue regarding the difference in requirements relating to the auditor’s rotation under the SQC 1, “Quality Control for Firms that Perform Audits and...

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Category : ICAI | Comments : 0 | Hits : 295

Check Online ICAI Membership Fees Payment Status
Posted Date : 30-Sep-2016 , 03:08:14 pm | Posted By CASANSAAR

Last Date for payment of Membership fees are 30th September 2016. Following is the link where you can check whether your fees are paid or still pending http://112.133.194.253/reprintletter/memberp.aspx Please pay Membership and COP fee before 30th September, 2016 in order to...

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Category : ICAI | Comments : 0 | Hits : 5761

GST Council to meet today to discuss rules, exemptions
Posted Date : 30-Sep-2016 , 03:06:58 pm | Posted By CASANSAAR

GST Council at its meeting today will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.  To be chaired by Union Finance Minister Arun Jaitley, the Council will also deliberate on a...

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Category : GST | Comments : 0 | Hits : 269

Banks can publish photos of declared wilful defaulters only - RBI
Posted Date : 30-Sep-2016 , 03:06:25 pm | Posted By CASANSAAR

RBI on Thursday said lenders can publish photographs of only those borrowers in newspapers who have been declared wilful defaulters as per the central bank’s guidelines. While asking the banks not to indiscriminately publish photographs of defaulters and guarantors in newspapers, it directe...

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Category : RBI | Comments : 0 | Hits : 220

Project Saksham gets Rs.2256 Cr. Govt nod for easy GST roll-out
Posted Date : 30-Sep-2016 , 03:06:03 pm | Posted By CASANSAAR

Project Saksham, a new indirect tax network of the Central Board of Excise and Customs (CBEC), has been approved by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday. The total cost of the project is estimated to be Rs 2,256 crore, which will be incurred over seven years. This would h...

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Category : GST | Comments : 0 | Hits : 396

SEBI allows trading in options contracts on commodities
Posted Date : 30-Sep-2016 , 03:05:34 pm | Posted By CASANSAAR

The Securities and Exchange Board of India has allowed the introduction of options contracts in the commodity derivatives market. Currently, only futures contracts are available in the commodity segment. Increased participation “Introduction of new commodity derivatives products has been...

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Category : SEBI | Comments : 0 | Hits : 265

CBEC releases draft format of GST tax audit report and ITC mismatch report
Posted Date : 30-Sep-2016 , 03:04:26 pm | Posted By CASANSAAR

On September 26, 2016 the CBEC had notified draft Rules and Forms under GST relating to registration, invoice and payments. Now the Govt. has notified draft Rules/Forms for GST returns and refunds along with the formats of Audit Report (Form GST 9A) and ITC Mismatch Report (GST ITC-1A/ITC-...

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Category : GST | Comments : 0 | Hits : 1782

SEBI issues norms on 'algorithmic' trade for commodity bourses
Posted Date : 30-Sep-2016 , 03:04:03 pm | Posted By CASANSAAR

Markets regulator Sebi on Tuesday issued a detailed guidelines for regulation of algorithmic trading in the commodity market. Algorithmic trading or 'algo' in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models that involve automated exe...

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Category : SEBI | Comments : 0 | Hits : 127

Monthly returns to be mandatory under GST - CBEC
Posted Date : 30-Sep-2016 , 03:03:41 pm | Posted By CASANSAAR

Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime. The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of...

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Category : GST | Comments : 0 | Hits : 749

CBEC unveils draft GST Rules and Formats
Posted Date : 30-Sep-2016 , 03:03:04 pm | Posted By CASANSAAR

The Central Board of Excise and Customs, CBEC has come out with three draft rules for registration, invoice and payments under Goods and Services Tax, GST. The draft rules were unveiled in less than a week after the first meeting of the GST Council.The Board has invited comments on the rules by Wedn...

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Category : GST | Comments : 0 | Hits : 692

GST exemption threshold fixed for Rs.20 Lakh & for North East States Rs. 10 Lakh
Posted Date : 30-Sep-2016 , 03:01:29 pm | Posted By CASANSAAR

The Goods and Services Tax Council, in its second day of meeting, has struck political consensus on the GST threshold limit. Finance Minister Arun Jaitley addressing the media after the meet said the threshold limit has been set at Rs 20 lakh. For North-Eastern and other small states, the li...

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Category : GST | Comments : 0 | Hits : 669

Govt invites applications for RBI Deputy Governor’s post
Posted Date : 30-Sep-2016 , 08:26:16 am | Posted By CASANSAAR

The Government has invited applications for the post of Deputy Governor in the Reserve Bank of India. Going by the eligibility criteria listed out in the notification, which calls for people with work experience in public administration or with Indian/ international public financial institution t...

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Category : RBI | Comments : 0 | Hits : 187

Interest rates on small savings schemes cut by 0.1% points
Posted Date : 30-Sep-2016 , 08:13:51 am | Posted By CASANSAAR

  Interest rates on small saving schemes would be reduced marginally by 0.1 percentage points for the October-December quarter of financial year (FY) 2016-17, leading to lower returns on Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account, a...

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Category : General | Comments : 0 | Hits : 223

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by ICAI
Posted Date : 29-Sep-2016 , 08:47:12 am | Posted By CASANSAAR

Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA 1.     The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting hel...

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Category : ICAI | Comments : 0 | Hits : 1500

PM asks IT Dept to set up mechanism to address grievances of taxpayers
Posted Date : 28-Sep-2016 , 08:11:49 pm | Posted By CASANSAAR

Prime Minister Narendra Modi has asked the Income Tax Department to set up a mechanism to address the grievances of taxpayers. Mr Modi today reviewed the progress towards handling and resolution of grievances related to income tax administration and expressed concern over the grievances. Interact...

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Category : Income Tax | Comments : 0 | Hits : 195

IDS: Tax offices to remain open till 8:00 PM on Sept 28, 29
Posted Date : 28-Sep-2016 , 08:10:57 pm | Posted By CASANSAAR

  CBDT extends Working Hours till 8.00 pm on 28th& 29th September, 2016 for IDS Declarations; On 30th September, such declarations can be filed till midnight.    In order to further facilitate the filing of declarations under the Income Declaration Scheme, 2016, the Centr...

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Category : Income Tax | Comments : 0 | Hits : 133

Yoga-promoting institutions out of service tax net
Posted Date : 28-Sep-2016 , 08:42:01 am | Posted By CASANSAAR

Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities. For period after October 20, 2015, Yoga-promotin...

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Category : Service Tax | Comments : 0 | Hits : 146

ICAI firm up view on Foreign Auditors Direct Access on Oct. 3
Posted Date : 27-Sep-2016 , 08:40:45 am | Posted By CASANSAAR

The CA Institute will, on October 3, take a final call on the tricky issue of allowing foreign firms to directly offer accounting services in the Indian market. The Corporate Affairs Ministry (MCA) had sought the CA Institute’s views on whether the government should legalise the entry of fo...

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Category : Auditing | Comments : 0 | Hits : 871

Govt asks SC to Restore its Power against Service Tax Defaulters
Posted Date : 27-Sep-2016 , 08:23:02 am | Posted By CASANSAAR

The Centre moved the Supreme Court seeking to restore its power to take action against service tax defaulters on Monday.  The Centre pleaded the Supreme Court division headed by Chief Justice of India TS Thakur to restore its power to arrest the defaulters of service tax. However, after h...

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Category : Service Tax | Comments : 0 | Hits : 263

SBI's Associate banks to soon submit report on amalgamation to RBI
Posted Date : 27-Sep-2016 , 08:15:41 am | Posted By CASANSAAR

As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the scheme of acquisition as ratified by shareholders. The board of the directors has considered the report of the expert comm...

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Category : Banking | Comments : 0 | Hits : 171

No Extension In Deadline For Black Money Disclosure Scheme
Posted Date : 24-Sep-2016 , 10:38:34 pm | Posted By CASANSAAR

Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window. In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declarat...

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Category : Black Money | Comments : 0 | Hits : 357

CBDT signs Five (5) more Unilateral Advance Pricing Agreements (APAs)
Posted Date : 24-Sep-2016 , 10:25:16 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.   The f...

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Category : CBDT | Comments : 0 | Hits : 174

GST Council fails to arrive at consensus on exemption limit; will meet again today
Posted Date : 23-Sep-2016 , 08:06:40 am | Posted By CASANSAAR

The GST Council, which met for the first time on Thursday, failed to arrive at a consensus on the contentious issue of exemption threshold for applicability of the new unified indirect tax – goods and services tax (GST). The meeting, which was chaired by Union finance minister Arun Jaitley, wi...

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Category : GST | Comments : 0 | Hits : 479

Income Tax Department unravel Rs 1200 cr undisclosed income
Posted Date : 23-Sep-2016 , 08:00:39 am | Posted By CASANSAAR

Kerala seems to be hot spot when it comes to Income tax (IT) evasion as sleuths traced out undisclosed income worth Rs 1200 in first 6 months of this year alone. The IT officials claimed that they had eventful period with high number of searches and seizures carried out in 2016. As per the pre...

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Category : Income Tax | Comments : 0 | Hits : 716

Former Kingfisher CFO gets 18-mnth imprisonment in cheque bounce cases
Posted Date : 22-Sep-2016 , 09:19:37 pm | Posted By CASANSAAR

A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases. The Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 o...

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Category : Income Tax | Comments : 0 | Hits : 449

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