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CBI chargesheets ex-IT Dy Commissioner in graft case
Posted Date : 21-Jul-2016 , 10:06:19 pm | Posted By CASANSAAR

CBI has chargesheeted former Deputy Commissioner of Income Tax Yogendra Mittal for allegedly taking illegal gratification from StockGuru scam accused Ullas Prabhakar Khaire in exchange of an assurance that he would settle his case. In its charge sheet filed before Special CBI Judge Anju Bajaj Cha...

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Category : Income Tax | Comments : 0 | Hits : 369

IT Dept to ssue seven lakh letters seeking high value non PAN transactions
Posted Date : 21-Jul-2016 , 09:56:46 pm | Posted By CASANSAAR

Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions.  An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.  ...

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Category : Income Tax | Comments : 0 | Hits : 499

ICAI Convocation 2016 Programme Schedule
Posted Date : 21-Jul-2016 , 07:57:22 am | Posted By CASANSAAR

In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new...

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Category : GST | Comments : 0 | Hits : 1191

Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
Posted Date : 21-Jul-2016 , 07:38:21 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.  The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as ...

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Category : General | Comments : 0 | Hits : 188

Income Tax department to write to over 2.59 lakh taxpayers
Posted Date : 20-Jul-2016 , 08:49:16 am | Posted By CASANSAAR

After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation. The ‘Direct Tax Dispute Resolution ...

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Category : Income Tax | Comments : 0 | Hits : 677

ICAI President asks CA firms to undergo peer review
Posted Date : 20-Jul-2016 , 08:47:47 am | Posted By CASANSAAR

  M Devaraja Reddy, president of the Institute of Chartered Accountants of India, has called upon CA firms to undergo peer review by ICAI to improve their competence. The peer reviewed CA firms would get more professional opportunities than other firms, he said while inaugurating the su...

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Category : ICAI | Comments : 0 | Hits : 917

Synchronisation of financial accounting year with calendar year
Posted Date : 19-Jul-2016 , 08:30:03 pm | Posted By CASANSAAR

Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016.  The terms of reference (ToR) of the Committee are as under:  Examine the merits and demerits of various dates for th...

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Category : Accounts | Comments : 0 | Hits : 460

Govt allocates Rs 22,915 cr capital to 13 PSU banks for FY17
Posted Date : 19-Jul-2016 , 08:28:34 pm | Posted By CASANSAAR

Government has allocated 22,915 crore rupees capital to 13 public sector banks for the current fiscal. An official release said government has undertaken an exercise to assess the capitalization needs of Public Sector Banks in line with the announcements made under the Union Budget.  The cap...

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Category : Banking | Comments : 0 | Hits : 168

Nine lakh cases under Income Tax Scanner: CBDT
Posted Date : 19-Jul-2016 , 07:48:05 am | Posted By CASANSAAR

The CBDT is looking into about nine lakh pieces of information of high-value transactions and planning to send preliminary notices to the suspected cases. Out of the total nine lakh pieces, one lakh cases valued over Rs 1 crore are under the department’s scanner, CBDT chairman Atulesh Jindal s...

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Category : CBDT | Comments : 0 | Hits : 1036

Now Get PAN, TAN for Corporates in a Day
Posted Date : 19-Jul-2016 , 07:43:24 am | Posted By CASANSAAR

For a greater ease of doing business in India, the Central Board of Direct Taxes (CBDT) on Monday said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within a day. Interacting with reporters here, CBDT Chairman Atulesh J...

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Category : PAN | Comments : 0 | Hits : 1874

SEBI issues draft paper on REIT to attract investors, realtors
Posted Date : 19-Jul-2016 , 07:30:10 am | Posted By CASANSAAR

  With an aim to make the Real Estate Investment Trusts (Reits) more attractive to investors and real estate players, the Securities and Exchange Board of India (Sebi) on Monday proposed relaxed norms for related party transactions and allowed these Trusts to invest more in under-constructio...

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Category : SEBI | Comments : 0 | Hits : 226

Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
Posted Date : 19-Jul-2016 , 07:26:48 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them.  The APA Scheme was introduced in the Income-tax Ac...

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Category : CBDT | Comments : 0 | Hits : 226

RBI to make funds transfer via smartphones easier
Posted Date : 19-Jul-2016 , 07:25:01 am | Posted By CASANSAAR

RBI said it will become easier in coming weeks for people to transfer funds between bank accounts through their smartphones. Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transa...

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Category : RBI | Comments : 0 | Hits : 259

Pass Percentage of CA Final May 2016 & CPT June 2016 Exams
Posted Date : 18-Jul-2016 , 01:35:44 pm | Posted By CASANSAAR

CA Final Year May 2016 Exams & CPT June 2016 Exams has been announced by ICAI. The Detail of percentage of candidates passed in the above said examinations are given below. CA Final Both Groups - 11.36% CA Final Group 1 - 18.21% CA Final Group 2 - 18.78% CPT - 38.98% ...

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Category : CA Results | Comments : 0 | Hits : 4574

Good Luck - CA Final , ISA & CPT Exam Results 2016 Likely to be announced today
Posted Date : 18-Jul-2016 , 08:00:29 am | Posted By CASANSAAR

The Institute of Chartered Accounts of India (ICAI) will soon declare the Chartered Accountants (CA) final examination and Common Proficiency Test (CPT) exam result 2016. The Common Proficiency Test (CPT) final examination and Chartered Accountants (CA) was conducted by Institute of Chartered Accoun...

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Category : CA Results | Comments : 0 | Hits : 1527

CBDT tightens scrutiny rules for assessing officers
Posted Date : 18-Jul-2016 , 07:47:55 am | Posted By CASANSAAR

If you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment.  That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear s...

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Category : Income Tax | Comments : 0 | Hits : 1129

SC to examine if entry tax violates constitutional guarantee freedom of trade
Posted Date : 18-Jul-2016 , 07:40:59 am | Posted By CASANSAAR

A nine judge constitution bench of the Supreme Court bench will hear from Tuesday a batch of petitions by some top corporate houses and business associations challenging the imposition of entry tax by the various state governments, contending that it was violative of the freedom of trade and commerc...

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Category : General | Comments : 0 | Hits : 240

Cost Audit requirements made stricter for Companies
Posted Date : 17-Jul-2016 , 10:59:35 pm | Posted By CASANSAAR

Companies will now have to ensure that all statements annexed with their cost audit reports are first approved by their boards of directors before final submission. The Corporate Affairs Ministry, which is implementing the Companies Act, has amended the rules pertaining to cost records and audit ...

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Category : ICWAI | Comments : 0 | Hits : 424

Government ups advertising spending limit of income tax brass to Rs 50 lakh
Posted Date : 16-Jul-2016 , 05:38:25 pm | Posted By CASANSAAR

With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times. Till now, the regional heads of the tax department could ...

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Category : Income Tax | Comments : 0 | Hits : 233

About 100 companies get government notice on CSR spend
Posted Date : 16-Jul-2016 , 09:28:51 am | Posted By CASANSAAR

The Registrar of Companies (RoC) has served warning to about 100 companies over non-disclosure or improper disclosure of their corporate social responsibility (CSR) spending, sending a strong signal that the government is very serious about compliance.  Regional registrars of companies (RoCs...

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Category : Corporate Law | Comments : 0 | Hits : 528

RBI asks banks to exchange upto 20 soiled notes free of charge
Posted Date : 16-Jul-2016 , 09:22:52 am | Posted By CASANSAAR

In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge.  However, if the number of notes to be exchanged is more than 20, banks can levy service charge.  The...

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Category : RBI | Comments : 0 | Hits : 494

Can’t deny tax relief to buyer if builder delays flat delivery - ITAT
Posted Date : 16-Jul-2016 , 09:19:31 am | Posted By CASANSAAR

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder's fault the taxpayer does not get timely possession of a house in which the reinvestment was made. The Income-Tax...

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Category : Income Tax | Comments : 0 | Hits : 409

Blackmoney declarants cannot pay tax from undeclared income
Posted Date : 15-Jul-2016 , 08:41:19 am | Posted By CASANSAAR

The government clarified on Thursday that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity. The Income Tax department came out with a fourth set of clarifications o...

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Category : Black Money | Comments : 0 | Hits : 470

E-filing: ATM-based validation facility enhanced
Posted Date : 15-Jul-2016 , 08:38:07 am | Posted By CASANSAAR

The Income Tax department has widened the ATM-based validation system for filing of online Returns by taxpayers. The department has included Axis Bank to enhance the paperless regime of filing the annual Income Tax returns. In May this year, the department had launched the bank account-based vali...

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Category : Income Tax | Comments : 0 | Hits : 442

CBDT directs IT depatment to fast track refunds
Posted Date : 15-Jul-2016 , 08:36:20 am | Posted By CASANSAAR

In order to provide immediate relief to tax payers, the Central Board of Direct Taxes  has directed the Income Tax department to ‘expeditiously’ issue refunds worth `5,000 for last three years of assessment. The department on Thursday has issued directions on pending refunds of...

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Category : CBDT | Comments : 0 | Hits : 416

Narendra Modi Govt to strip ICAI, ICSI, MCI of Powers
Posted Date : 15-Jul-2016 , 08:33:00 am | Posted By CASANSAAR

The government is planning a comprehensive overhaul of certain watchdogs — which are simultaneously acting as the representative bodies of important professional services — by stripping them of their regulatory powers, as it seeks to remove any conflict of interests in their respective r...

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Category : ICAI | Comments : 0 | Hits : 4782

Recommendations of SIT on Black Money as Contained in the Fifth SIT Report
Posted Date : 15-Jul-2016 , 08:23:34 am | Posted By CASANSAAR

The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in.   The SIT has made the following recommendations in the Fifth Report:   Cash transactions : T...

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Category : Income Tax | Comments : 0 | Hits : 166

Indiabulls office raided by Income Tax department in Rs 1500 crore tax evasion case
Posted Date : 15-Jul-2016 , 07:51:02 am | Posted By CASANSAAR

Income Tax department raided at least 20 premises of Indiabulls on Wednesday across Mumbai, Delhi and Chennai. This was one of the biggest raids undertaken by the I-T department in recent times. The raid lasted for more than 5 hours at some locations. Nearly 1,000 Income Tax officials were involved ...

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Category : Income Tax | Comments : 0 | Hits : 436

IDS 2016 – Government Revises Time Schedule for Making Payments under the Scheme
Posted Date : 15-Jul-2016 , 07:46:09 am | Posted By CASANSAAR

During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid fo...

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Category : Income Tax | Comments : 0 | Hits : 177

IDS 2016 – Government Issues Clarifications in the form of Fourth Set of Frequently Asked Questions (FAQs)
Posted Date : 15-Jul-2016 , 07:45:15 am | Posted By CASANSAAR

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (F...

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Category : Income Tax | Comments : 0 | Hits : 160

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