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Implementation of Benami Transactions (Prohibition) Amended Act, 2016
Posted Date : 25-Mar-2017 , 09:17:25 am | Posted By CASANSAAR

Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through...

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Category : Black Money | Comments : 0 | Hits : 765

SEBI bans Reliance Industries from equity derivatives trading for one year
Posted Date : 25-Mar-2017 , 09:05:51 am | Posted By CASANSAAR

Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year. In an order issued yesterday, SEBI also directed the Mukesh Ambani-led firm to forfeit nearly 1,000 crore rupees for unlawful gains made through alleged fraudulen...

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Category : Shares & Stock | Comments : 0 | Hits : 206

GST Bills to be introduced in Parliament next week - FM
Posted Date : 24-Mar-2017 , 09:02:44 am | Posted By CASANSAAR

Finance Minister Arun Jaitley today said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are i...

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Category : GST | Comments : 0 | Hits : 484

Income computation & disclosure standards to be applicable from April 2016
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR

The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016. ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...

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Category : Income Tax | Comments : 0 | Hits : 1335

Govt removes 1% tax on cash purchase above Rs 2 lakh
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR

The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April. Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...

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Category : Income Tax | Comments : 0 | Hits : 1264

RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR

The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...

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Category : RBI | Comments : 0 | Hits : 540

Seventeen Acts to be amended through Finance Bill
Posted Date : 23-Mar-2017 , 09:48:33 am | Posted By CASANSAAR

The government plans to dissolve eight appellate tribunals immediately while also making enabling provisions in 17 legislation to bring amendments through notifications. The eight tribunals are being dissolved through the Finance Bill, 2017. The amendments also state that the central government w...

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Category : Finance Bill | Comments : 0 | Hits : 892

Railways launches Vikalp scheme to help wait-listed passengers
Posted Date : 23-Mar-2017 , 09:42:32 am | Posted By CASANSAAR

Good news is in store for the Indian Railways. Reeling under massive financial losses, estimated to be at Rs 40,000 crore, the railways might be able to recover an estimated Rs 20 crore every day with its Vikalp scheme, which was launched nationwide on Wednesday. Under this scheme, wait-listed pa...

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Category : General | Comments : 0 | Hits : 625

Finance Bill 2017 passed in Lok Sabha, mini reforms package
Posted Date : 23-Mar-2017 , 09:13:27 am | Posted By CASANSAAR

The Lok Sabha on Wednesday signed off on Finance Bill 2017, ratifying the government’s tax proposals announced in the budget and also a small but significant package of reform initiatives directed at improving the ease of doing business and boosting anti-corruption initiatives undertaken by th...

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Category : Budget | Comments : 1 | Hits : 1161

Cabinet approves Amendment of in the Customs and Excise Act to facilitate implementation of GST Regime
Posted Date : 23-Mar-2017 , 09:08:24 am | Posted By CASANSAAR

  Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime    Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following ...

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Category : GST | Comments : 0 | Hits : 189

SRK must pay tax on notional rent from Dubai villa - ITAT
Posted Date : 23-Mar-2017 , 09:05:09 am | Posted By CASANSAAR

Actor Shah Rukh Khan has to include notional rent from his Dubai villa in his income-tax return filed in India, the Income-tax Appellate Tribunal (ITAT) has ruled. Khan had submitted to the ITAT that under the India-UAE tax treaty, income from immovable property in Dubai would be liable to tax in...

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Category : Income Tax | Comments : 0 | Hits : 423

Action will be taken against 9.3 lakh who didn't respond to Income Tax queries FM
Posted Date : 23-Mar-2017 , 08:59:45 am | Posted By CASANSAAR

Action will "definitely" be taken against 9.29 lakh entities who have not responded to the Income Tax department's queries over cash deposited by them which did not match their income profile, the government asserted today.  During the 50-day demonetisation period, 18 lakh enti...

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Category : Income Tax | Comments : 0 | Hits : 615

Missing Delhi based CA student returns home from Nepal
Posted Date : 22-Mar-2017 , 09:22:03 am | Posted By CASANSAAR

Delhi-based chartered accountancy (CA) student Shubham Maheshwari, who was missing for over a month, returned to his native place in Hathras on Monday night, police and his family confirmed. According to the police, their preliminary investigation revealed that Shubham had gone to Nepal on his ow...

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Category : CA | Comments : 0 | Hits : 4049

Govt proposes to lower cash transaction limit to Rs.2 lakh
Posted Date : 22-Mar-2017 , 09:18:46 am | Posted By CASANSAAR

Continuing the clampdown on cash transactions, the Centre proposes to further tighten payment norms by capping cash transactions at Rs.2 lakh. “In the official amendment to the Finance Bill, 2017, the government has proposed that limit of Rs.3 lakh for cash transactions, beyond which it is ...

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Category : Income Tax | Comments : 0 | Hits : 479

SC to Govt-Why can't RBI accept scrapped notes till March 31
Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR

The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016. A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...

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Category : RBI | Comments : 0 | Hits : 308

Aadhar to be made mandatory for filing IT return, applying for PAN card
Posted Date : 22-Mar-2017 , 09:07:41 am | Posted By CASANSAAR

The government has proposed to make Aadhaar Card mandatory for filing ITRs or income tax returns and also applying for a Permanent Account Number (PAN). The proposal was made through an amendment to the Finance Bill 2017 moved by Finance Minister Arun Jaitley in the Lok Sabha. Besides being ne...

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Category : ITR | Comments : 2 | Hits : 456

Bank Branch Audit - Update on allotment of Branches
Posted Date : 21-Mar-2017 , 09:12:54 am | Posted By CASANSAAR

Bank Branch Audit - Update on allotment of Branches   Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval. Few Bank has received the final approval and will start the allotment process very soon.   Plz check your email on regular basis....

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Category : Bank Branch Audit | Comments : 14 | Hits : 17003

RBI issues draft master circular for revised PPI norms
Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR

The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...

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Category : RBI | Comments : 0 | Hits : 254

Bharatiya Mahila Bank to be merged with State Bank of India to ensure greater banking services
Posted Date : 21-Mar-2017 , 07:42:25 am | Posted By CASANSAAR

  Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace    Union Government is committed to enhance the access to financial services to the population at large and...

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Category : Banking | Comments : 0 | Hits : 203

Union Cabinet approves draft GST Bills
Posted Date : 20-Mar-2017 , 12:21:21 pm | Posted By CASANSAAR

The Cabinet on Monday cleared four supporting GST legislations, paving the way for their introduction in Parliament as early as today. The four supporting legislations — the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) — would be i...

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Category : GST | Comments : 0 | Hits : 666

Income Tax department names and shames 29 defaulters
Posted Date : 19-Mar-2017 , 07:52:29 pm | Posted By CASANSAAR

Pursuing with its ‘name and shame’ policy, the income tax department published the names of 29 large defaulters on Saturday through advertisements in national news papers. Together, these defaulters owe Rs 448.02 crore to the I-T department. The dues include both income tax and corporate...

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Category : Income Tax | Comments : 0 | Hits : 666

Cabinet may consider GST supplementary legislations on Monday
Posted Date : 19-Mar-2017 , 07:35:23 pm | Posted By CASANSAAR

The Cabinet on Monday may take up for approval the supporting GST legislations, which will then be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime. A set of four supporting legislations -- the Compensation Law, the Centr...

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Category : GST | Comments : 0 | Hits : 120

No proposal to replace Income Tax with BTT - Govt
Posted Date : 18-Mar-2017 , 09:06:40 am | Posted By CASANSAAR

There is no proposal “at present” to replace Income Tax with Banking Transaction Tax or BTT, the government said today. To a query if the government has any proposal to replace the Income Tax with BTT, Minister of State for Finance Santosh Kumar Gangwar said: “There is no such p...

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Category : Income Tax | Comments : 0 | Hits : 504

Number of e-filed ITRs in FY 2016-17 (till 28.02.2017) was 4.21 Cr
Posted Date : 18-Mar-2017 , 08:44:59 am | Posted By CASANSAAR

Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017)    The number of e-filed I...

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Category : ITR | Comments : 0 | Hits : 375

Govt to write off tax dues up to Rs 100; 21.54 lakh to benefit
Posted Date : 18-Mar-2017 , 08:41:27 am | Posted By CASANSAAR

As one time measure, the government has decided to write off outstanding taxes of 21.54 lakh taxpayers who owe Rs 100 or less. This was stated by Minister of State for Finance Santosh Kumar Gangwar in a written reply in the Lok Sabha on Friday. He said that with a view to reducing the administ...

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Category : Income Tax | Comments : 0 | Hits : 371

CAs, advocates helped in laundering illicit cash - Govt
Posted Date : 17-Mar-2017 , 05:22:40 pm | Posted By CASANSAAR

Serious Fraud Investigation Office (SFIO) has found that chartered accountants and advocates helped 559 people launder Rs 3,790 crore in cash, Parliament was informed today. Without giving direct reply to a query on whether shell companies swindled Rs 3,900 crore during the demonetisation period,...

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Category : CA | Comments : 0 | Hits : 5046

GST Council clears all five draft laws for unified indirect tax
Posted Date : 17-Mar-2017 , 08:04:17 am | Posted By CASANSAAR

After 12 meetings over the last six months, the Goods and Services Tax (GST) Council, which is represented by Union ministers and officials and state finance ministries, on Thursday finally gave its nod to all the five draft legislations needed for implementation of the unified indirect tax. This...

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Category : GST | Comments : 0 | Hits : 191

Bank Branch Statutory Audit Updates
Posted Date : 16-Mar-2017 , 02:38:59 pm | Posted By CASANSAAR

Bank Branch Statutory Audit Updates Panel of Statutory Bank auditors received by various banks.  Mails received from following banks as confirmed by Members :- Andhra Bank Allahabad Bank Oriental Bank of Commerce United Bank of India Indian Overseas Bank  Sta...

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Category : Bank Branch Audit | Comments : 40 | Hits : 38214

Parents of missing CA student start their own search in districts
Posted Date : 16-Mar-2017 , 09:52:18 am | Posted By CASANSAAR

Almost a month after 24-year-old Shubham Maheshwari, a CA student, went missing, his parents have still not lost hope and are visiting different parts of Uttar Pradesh in an effort to locate him. The parents said they are reaching out to local people to trace their son, but no one seems to have s...

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Category : Students Zone | Comments : 0 | Hits : 553

CAG questions income tax dept’s ability to probe shell companies
Posted Date : 16-Mar-2017 , 09:29:52 am | Posted By CASANSAAR

Although the government has repeatedly vowed to prosecute shell companies for their role in money laundering, especially during the demonetisation period, the audit report prepared by the comptroller and auditor general (CAG) for FY 16 paints a bleak picture of the income tax department’s (ITD...

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Category : Income Tax | Comments : 0 | Hits : 239

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