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On Clarification regarding availability of Transitional Credit for GST
Posted Date : 18-Aug-2017 , 07:56:41 am | Posted By CASANSAAR

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.  Concerns have been raised about the form for claiming transitional input tax credit not being availa...

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Category : GST | Comments : 0 | Hits : 571

Govt steps up scrutiny on black money, tax evaders in shell Companies; forms special team
Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR

When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, was an eye-opener for the go...

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Category : Income Tax | Comments : 0 | Hits : 651

Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.  The RBI has sought written explanation on differences in the writ...

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Category : Auditing | Comments : 0 | Hits : 1181

NSE launches seamless filing system for info related to auditors
Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR

Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.  Besides, listed companies would be required to file corp...

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Category : Auditing | Comments : 0 | Hits : 283

BSE, NSE likely to begin audit of 100 suspected shell companies
Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR

Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.  A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.  All exc...

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Category : Auditing | Comments : 0 | Hits : 862

Cabinet approves CGST refund scheme
Posted Date : 17-Aug-2017 , 08:32:13 am | Posted By CASANSAAR

The government has approved a new metro rail policy, a scheme to refund central goods and services tax ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill 2027, and changes to strategic disinvestment policy to speed up d...

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Category : GST | Comments : 0 | Hits : 463

Cabinet approves procedure and mechanism for Strategic Disinvestment
Posted Date : 17-Aug-2017 , 08:27:57 am | Posted By CASANSAAR

  The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following: (i) For setting up an Alternative Mechanism (AM) consi...

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Category : Finance | Comments : 0 | Hits : 141

Dr. (Ms.) Mamta Suri takes charge as Executive Director, Insolvency and Bankruptcy Board of India
Posted Date : 16-Aug-2017 , 10:08:58 pm | Posted By CASANSAAR

Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India. Dr. Suri has obtained her Ph.D. in Finance from U...

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Category : Finance | Comments : 0 | Hits : 172

GST rollout improves business efficiency by 30% - PM
Posted Date : 15-Aug-2017 , 09:40:56 pm | Posted By CASANSAAR

The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said today. The Goods and Services Tax, which unified more than a dozen central and state levies, is...

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Category : GST | Comments : 0 | Hits : 219

18% GST on food takeaway from non-AC area at AC restaurant
Posted Date : 13-Aug-2017 , 07:43:45 pm | Posted By CASANSAAR

A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said.  The new Goods and Services Tax (GST) regime, which was rolled out from July 1, pr...

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Category : GST | Comments : 0 | Hits : 343

Govt to amend cost audit rules under companies law
Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR

The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corp...

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Category : Auditing | Comments : 0 | Hits : 216

Over 9.3 crore PANs linked with Aadhaar
Posted Date : 13-Aug-2017 , 07:34:32 pm | Posted By CASANSAAR

More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said  Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July.  ...

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Category : PAN | Comments : 0 | Hits : 140

Investigation agencies identified 13000 shell companies before SEBI ban
Posted Date : 12-Aug-2017 , 01:37:31 pm | Posted By CASANSAAR

Investigation agencies have identified more than 13000 shell companies post demonetization, according to two sources who to spoke to Moneycontrol on condition of anonymity. The Income Tax Department, Enforcement Directorate, the Central Bureau of Investigation and the Serious Fraud of Investigation ...

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Category : SEBI | Comments : 0 | Hits : 352

GST Law Committee extends deadline to claim input tax credit by one week
Posted Date : 12-Aug-2017 , 08:30:46 am | Posted By CASANSAAR

In a major relief for some taxpayers registered under GST, the GST Law Committee has extended the deadline to claim input tax credit by one week. So, now those taxpayers who are eligible for such refund will first have pay their tax dues - post adjustment of input tax credit by August 20, while c...

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Category : GST | Comments : 0 | Hits : 1411

Highlights of the Economic Survey 2016-17 Volume-2
Posted Date : 11-Aug-2017 , 09:44:27 pm | Posted By CASANSAAR

Fiscal Developments   The fiscal outcome of the Central Government in 2016-17 was marked by strong growth in tax revenue, sustenance of the pace of capital spending and a consolidation of non-salary/pension revenue expenditure. This combination allowed the Government to contain the fisca...

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Category : Finance | Comments : 0 | Hits : 210

PF account to be automatically transferred on job switch
Posted Date : 11-Aug-2017 , 10:34:12 am | Posted By CASANSAAR

If you plan to change your weekend jobs next month, you will not have to worry on the Provident Fund aspect. From September, the Provident Fund of your current organisation will be automatically transferred to the next office that you join, as per a report in the Times of India. TOI quoting ch...

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Category : General | Comments : 0 | Hits : 315

SEBI launches online registration for custodians of securities
Posted Date : 10-Aug-2017 , 09:10:38 am | Posted By CASANSAAR

Securities and Exchange Board of India, SEBI, has introduced an online registration mechanism for custodians of securities to make it convenient for them to do business.  Markets regulator said, the new system will help custodian of securities to complete registration and other regulatory fi...

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Category : SEBI | Comments : 0 | Hits : 175

Govt extends time limit for filing of GST returns
Posted Date : 08-Aug-2017 , 09:39:40 pm | Posted By CASANSAAR

The Central Government today extended the date of filing returns under the Central Goods and Services Tax Act (CGST), 2017.  As per the Notification, the details of outward Supplies in FORM GSTR-1 under s. 37 of the CGST for the month of July and August shall be filed from 1st to 5th Septemb...

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Category : Income Tax | Comments : 0 | Hits : 3247

GST - Online travel agents liable to deduct 1% tax at source
Posted Date : 08-Aug-2017 , 09:30:09 pm | Posted By CASANSAAR

Online travel agents providing online ticketing and other services will be liable to deduct 1% tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said on Tuesday. Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to coll...

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Category : GST | Comments : 2 | Hits : 724

SEBI directs bourses to act against 331 suspected shell companies
Posted Date : 08-Aug-2017 , 08:06:21 am | Posted By CASANSAAR

SEBI has directed bourses to initiate action against 331 suspected shell companies listed in the share markets. These scripts will not be available for trading from this month. The regulator's directive came after the corporate affairs ministry shared a list of 331 listed companies that are susp...

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Category : SEBI | Comments : 0 | Hits : 332

11 lakh PAN have been deactivated: Here's how to check if your PAN is active or not
Posted Date : 07-Aug-2017 , 09:07:31 pm | Posted By CASANSAAR

Recently, Minister of State for Finance Santosh Kumar Gangwar in a written reply informed the Rajya Sabha that as on July 27, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person.  A person cannot hold more than one&nb...

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Category : PAN | Comments : 0 | Hits : 1412

25% growth in number of ITRs filed in current fiscal, Advance Tax collections up by 41%
Posted Date : 07-Aug-2017 , 10:34:02 am | Posted By CASANSAAR

As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of  Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registeri...

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Category : Income Tax | Comments : 0 | Hits : 221

ICAI directed to address govt units' complaints quickly
Posted Date : 06-Aug-2017 , 03:10:03 pm | Posted By CASANSAAR

Chartered accountants' apex body ICAI has been directed to resolve complaints from government organisations in a "time-bound manner", union minister Arjun Ram Meghwal said today.  The minister of state for corporate affairs informed the Lok Sabha that in the last five years, th...

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Category : ICAI | Comments : 0 | Hits : 505

GST - Rates on textile works, tractor parts cut; e-way bill provisions finalised
Posted Date : 06-Aug-2017 , 02:46:24 pm | Posted By CASANSAAR

The GST rates on textile job works like stitching and embroidery, and tractor parts were cut on Saturday, while e-way bill provisions relating to online pre-registration of goods before transportation were relaxed. The all-powerful GST Council, headed by finance minister Arun Jaitley and comprisi...

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Category : GST | Comments : 0 | Hits : 353

GST Council meet to review implementation today
Posted Date : 05-Aug-2017 , 07:30:54 am | Posted By CASANSAAR

The Goods and Services Tax (GST) Council will meet today to review the implementation of GST which was rolled from 1st of July, this year.  The GST Council at its meeting will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest.  ...

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Category : GST | Comments : 0 | Hits : 214

E-filing of income tax returns jumps 21% till August 1
Posted Date : 04-Aug-2017 , 10:07:09 pm | Posted By CASANSAAR

The government will scrutinise 30,000 cases among taxpayers, individual and non-individual, who tried regularising their unaccounted incomes by filing ITRs in response to the note ban in November last year. Meanwhile, there has been 21 per cent growth in the online filing of tax returns as of Aug...

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Category : ITR | Comments : 0 | Hits : 184

Income Tax Offices to remain open on Saturday,5th August, 2017 for filing of ITRs
Posted Date : 04-Aug-2017 , 10:03:52 pm | Posted By CASANSAAR

In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers). In order to facilitate manual filing of returns (of aforesaid categories) on ...

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Category : ITR | Comments : 0 | Hits : 149

Businesses can start filing July returns from 5 Aug - GSTN
Posted Date : 04-Aug-2017 , 08:35:37 am | Posted By CASANSAAR

The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till 20 August, GST Network Chairman Navin Kumar said on Thursday. Businesses can start filing their first GST returns and pay taxes for July on the portal of GST N...

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Category : GST | Comments : 0 | Hits : 914

No GST on traditional Rakhi; 5% tax on gold, silver rakhis
Posted Date : 04-Aug-2017 , 08:31:33 am | Posted By CASANSAAR

Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%.  The finance ministry has said puja samagr...

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Category : GST | Comments : 0 | Hits : 714

RBI directive on auditors to benefit second-tier firms
Posted Date : 03-Aug-2017 , 07:05:57 am | Posted By CASANSAAR

The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY.&...

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Category : RBI | Comments : 0 | Hits : 1076

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