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Charterd Accountant arrested on charge of hacking IT portal
Posted Date : 17-May-2017 , 08:35:16 am | Posted By CASANSAAR

A chartered accountant was on Monday arrested for allegedly hacking the irrigation department’s login page in the income tax portal, which is used to file tax returns. The accused, Sanjay Frederick Singh, used to file tax returns for the irrigation department but his services were discontinued...

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Category : Chartered Accountant | Comments : 1 | Hits : 4042

FM launches clean money portal as govt tightens grip on tax evaders
Posted Date : 17-May-2017 , 08:28:04 am | Posted By CASANSAAR

The Centre has turned its heat on tax evaders with a new portal to investigate them.  The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean...

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Category : Income Tax | Comments : 0 | Hits : 1233

Govt to strengthen agency under GST to check tax evasion
Posted Date : 17-May-2017 , 08:22:40 am | Posted By CASANSAAR

Ahead of the planned GST rollout from July 1, the government is strengthening the body responsible for detecting tax evasion and will set up two new agencies, including one for business intelligence and analytics.  With the goods and service tax (GST) subsuming central levies like excise dut...

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Category : GST | Comments : 0 | Hits : 313

SEBI reports more 11k cases on misuse of LTCG tax, unpaid dues amount to Rs 34000 Cr
Posted Date : 17-May-2017 , 08:18:54 am | Posted By CASANSAAR

When PM Narendra Modi had flagged the misuse of long term capital gains tax at a Securities Exchange Board of India (SEBI) event last year, it made market participants nervous of losing the tax benefit. The fear comes back as the regulator is contemplating on withdrawing capital gains benefit for...

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Category : SEBI | Comments : 0 | Hits : 454

1.58 lakh taxpayers under I-T dept scanner for partial account declarations
Posted Date : 17-May-2017 , 07:54:36 am | Posted By CASANSAAR

The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past. Post demonetisation on 8 November, the tax department is flushed with information from various sources, including statement of financi...

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Category : Income Tax | Comments : 0 | Hits : 640

91 lakh persons come under tax net post note ban - FM
Posted Date : 17-May-2017 , 07:50:22 am | Posted By CASANSAAR

The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said. Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said the fallout of the November 8 de...

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Category : Income Tax | Comments : 0 | Hits : 257

PAN must for registration of companies with over Rs 20 lakh turnover
Posted Date : 16-May-2017 , 10:38:00 am | Posted By CASANSAAR

Organisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog Aadhaar Memorandum for registration.  These organisations include companies, limited liability partnerships, cooperative societies, societies and trusts.  The decision, taken at a meeting...

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Category : PAN | Comments : 0 | Hits : 677

Petrol prices cut by Rs 2.16 per litre, diesel by Rs 2.10
Posted Date : 16-May-2017 , 10:31:41 am | Posted By CASANSAAR

Petrol prices were on Monday cut by Rs2.16 per litre and diesel by Rs2.10 per litre, reversing the four-week trend of rising fuel prices. The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in di...

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Category : General | Comments : 0 | Hits : 154

RBI's hiring a CFO - Here’s your chance to earn Rs 4 lakh a month
Posted Date : 16-May-2017 , 10:30:01 am | Posted By CASANSAAR

If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director. This is a first by the central bank as till now, it did not have a dedicated official ...

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Category : RBI | Comments : 0 | Hits : 1696

Need to eliminate AD HOCISM in auditor selection at PSBs: ICAI
Posted Date : 13-May-2017 , 06:27:21 am | Posted By CASANSAAR

A centralised system for auditor selection at public sector banks will help do away with "ad hocism", chartered accountants' apex body ICAI has said amid concerns over alleged malpractices in the whole process. In the wake of the concerns flagged by the Institute of Chartered Accoun...

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Category : Bank Branch Audit | Comments : 0 | Hits : 833

Central Govt notifies Exemption from Quoting Aadhaar / Enrolment ID to certain individuals
Posted Date : 13-May-2017 , 06:18:12 am | Posted By CASANSAAR

The Central Government vide notification dated 11th May, 2017 has notified that the requirement of quoting of Aadhaar / Enrolment ID shall not apply to the following individuals if they do not possess the Aadhaar / Enrolment ID:   An individual who is residing in...

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Category : PAN | Comments : 0 | Hits : 333

GST registration set to re-open on June 1
Posted Date : 12-May-2017 , 09:46:20 am | Posted By CASANSAAR

With one-fourth of taxpayers yet to enrol for the Goods and Services Tax (GST), the government has decided to reopen the I-T?window from June 1 for 15 days, so as to help firms switch over to the new regime from July, said Revenue Secretary Hasmukh Adhia. GST is set to roll out from July 1, and 6...

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Category : GST | Comments : 0 | Hits : 1031

All ITR forms are now available online, e-file your income tax returns
Posted Date : 11-May-2017 , 08:21:41 pm | Posted By CASANSAAR

If all your documents are in place, you can now e-file your tax returns, as all the income-tax return (ITR) forms for assessment year (AY) 2017-18 are available online at the income tax department’s e-filing website www.inometaxefiling.gov.in. The income tax department has been uploading th...

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Category : ITR | Comments : 0 | Hits : 305

Income Tax dept launches new e-facility to link your Aadhaar with PAN
Posted Date : 11-May-2017 , 08:12:50 pm | Posted By CASANSAAR

Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website  No need to login or be registered on the E-filing website for linking    The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadh...

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Category : Income Tax | Comments : 0 | Hits : 914

CBDT invites comments from stakeholders on Draft ICDS on Real Estate Transactions
Posted Date : 11-May-2017 , 08:11:13 pm | Posted By CASANSAAR

  Central Board of Direct Taxes (CBDT) invites comments from stakeholders on Draft Income Computation and Disclosure Standards on Real Estate Transactions by 26th May, 2017    The Committee constituted by the Finance Minister to suggest the areas in respect of which further I...

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Category : CBDT | Comments : 0 | Hits : 436

Revenue Secretary reviews IT preparedness for GST roll-out
Posted Date : 11-May-2017 , 08:07:25 pm | Posted By CASANSAAR

Revenue Secretary Hasmukh Adhia today held detailed review of IT-Preparedness for the roll-out of Goods and Services Tax (GST) from 1st of July this year.  Mr Adhia also reviewed GST System preparedness of Goods and Services Tax Network and Central Board of Excise and Customs. He expressed s...

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Category : GST | Comments : 1 | Hits : 249

GST enrolment to restart in a few weeks: FinMin
Posted Date : 10-May-2017 , 08:08:22 am | Posted By CASANSAAR

The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal, which was suspended on April 30, will start again in a few weeks, the revenue department said today. More than 60 lakh taxpayers enrolled on the GST portal between November 8, 2016 and April 30, 2017. The enrol...

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Category : GST | Comments : 0 | Hits : 701

CBDT chairman Sushil Chandra gets one-year extension
Posted Date : 10-May-2017 , 07:59:29 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra, whose current term was until June 1, has been given a one-year extension, a cabinet communique said on Monday. "The Appointments Committee of the Cabinet (ACC) has approved the proposal for re-appointment of Sushil Chandra as Chai...

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Category : CBDT | Comments : 0 | Hits : 241

Enforcement Directorate, I-T department set to get more powers
Posted Date : 09-May-2017 , 04:27:39 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) and the Income Tax Department are set to get more teeth, with the Centre planning to empower the two agencies to auction assets of defaulters or those involved in money laundering, according to a report in Business Standard. The ED’s existing powers allow it...

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Category : Income Tax | Comments : 0 | Hits : 378

GST professionals getting huge salary hikes ahead of tax roll out
Posted Date : 09-May-2017 , 10:35:25 am | Posted By CASANSAAR

As salary increments across Indian industries fall to, on average, single-digit percentage figures, goods and services tax (GST) professionals are bucking the trend, taking home hefty mid-term bonuses and increments for moving within the organisation into the GST team.  GST, the nation's...

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Category : GST | Comments : 0 | Hits : 1587

Quarterly filing of returns not workable under GST - FM
Posted Date : 09-May-2017 , 10:30:59 am | Posted By CASANSAAR

Finance Minister Arun Jaitley on Monday said that the quarterly filing of returns under the Goods and Services Tax (GST) was not workable for taxpayers above Rs 50 lakh turnover.  "For all tax payers it is not workable to have quarterly return because input tax credit has to be given ev...

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Category : GST | Comments : 0 | Hits : 940

Goods And Services Tax scheduled for July 1 Rollout - FM
Posted Date : 09-May-2017 , 10:25:41 am | Posted By CASANSAAR

The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today.  Hailed as the biggest tax reform since India'...

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Category : GST | Comments : 0 | Hits : 613

Invoice matching mechanism in GST to check frauds - FM
Posted Date : 09-May-2017 , 10:19:40 am | Posted By CASANSAAR

Union Finance Minister Arun Jaitley has said the invoice matching mechanism in the Goods and Services Tax, which will be rolled out from 1st of July, will help curb fake bill frauds.  In a letter to Congress Rajya Sabha member Digvijaya Singh, Mr Jaitley said there is only one GST retur...

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Category : GST | Comments : 0 | Hits : 1253

ICAI asks auditors to ensure proper disclosure on junked notes
Posted Date : 07-May-2017 , 07:37:48 pm | Posted By CASANSAAR

Chartered accountants’ apex body ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving canceled notes post demonetisation till December 30, 2016. Companies are required to disclose details about transactions involving scrapped notes fro...

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Category : ICAI | Comments : 0 | Hits : 993

CBI detects over 300 shell companies used to divert money worth Rs 2,900 cr
Posted Date : 07-May-2017 , 07:15:46 pm | Posted By CASANSAAR

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years. CBI sources said the shell companies were allegedly being used by the accused to divert lo...

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Category : Black Money | Comments : 0 | Hits : 723

GST will make domestic companies more competitive
Posted Date : 07-May-2017 , 07:12:40 pm | Posted By CASANSAAR

Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. "Unlike in other countries, the transition to the new tax regime would be smoo...

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Category : GST | Comments : 0 | Hits : 301

RBI advises PSBs to have fair system for branch auditor appointments
Posted Date : 07-May-2017 , 07:10:24 pm | Posted By CASANSAAR

The Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors. Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to aud...

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Category : Bank Branch Audit | Comments : 1 | Hits : 1882

CAs move Madras HC against Rs 10,000 penalty provision
Posted Date : 06-May-2017 , 09:20:27 pm | Posted By CASANSAAR

The provision of Rs 10,000 penalty against chartered accountants (CAs) for each wrong certification or report, introduced in Finance Act 2017, has been challenged in Madras High Court. The court has accepted the objection and has asked the Central Board of Direct Taxes (CBDT) and the government t...

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Category : CA | Comments : 0 | Hits : 801

RBI makes substantial changes in norms for dealing with stressed loans
Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR

RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...

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Category : RBI | Comments : 0 | Hits : 245

RBI gets proactive to tackle India's Rs.7 Lakh crore bad loans pileup
Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR

In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...

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Category : RBI | Comments : 0 | Hits : 495

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