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1.37 crore who don’t file returns are now on Income Tax radar
Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR

ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions. Alongs...

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Category : Income Tax | Comments : 0 | Hits : 961

NEFT transfer to get quicker as RBI cuts clearance time
Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR

The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...

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Category : RBI | Comments : 0 | Hits : 518

Lok Sabha passes Taxation Laws (Amendment) Bill 2017
Posted Date : 07-Apr-2017 , 07:23:22 am | Posted By CASANSAAR

The Lok Sabha today passed the Taxation Laws (Amendment) Bill,2017 which seeks to amend the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments. The Customs Act is proposed to be amended to in...

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Category : General | Comments : 0 | Hits : 395

Rajya Sabha passes all four GST bills to pave way for rollout
Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR

The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...

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Category : GST | Comments : 0 | Hits : 555

RBI maintains status quo on repo rate
Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR

The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation. RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...

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Category : RBI | Comments : 0 | Hits : 201

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings
Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...

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Category : Income Tax | Comments : 0 | Hits : 1040

ITR - Only resident Indians need to quote Aadhaar in ITR
Posted Date : 06-Apr-2017 , 07:28:51 am | Posted By CASANSAAR

Only resident Indians will have to quote Aadhaar for filing ITR as the I-T department has made it mandatory for them for assessment year 2017-18. The government, as per the Finance Act 2017, has made it a must for taxpayers to quote Aadhaar or enrolment ID for filing of income tax returns (ITR). ...

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Category : ITR | Comments : 0 | Hits : 817

Budget 2017 takes Steps to discourage Cash transactions & curb Black Money
Posted Date : 05-Apr-2017 , 08:49:48 pm | Posted By CASANSAAR

Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy.  These prominently include placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act...

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Category : Black Money | Comments : 0 | Hits : 496

Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...

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Category : Income Tax | Comments : 0 | Hits : 397

SC grants three weeks to Govt to fill up vacancies in ITAT
Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR

The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents in different benches of the Income Tax Appellate Tribunals (ITAT) across the country. A bench of Chief Justice J S Khehar and Justice D Y Chandrachud also asked Solicitor General R...

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Category : Income Tax | Comments : 0 | Hits : 390

CBDT requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961
Posted Date : 03-Apr-2017 , 07:41:48 pm | Posted By CASANSAAR

Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after ...

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Category : CBDT | Comments : 0 | Hits : 468

Mrs. Aruna Sethi appointed as the Chief Adviser (Cost) in the Ministry of Finance
Posted Date : 03-Apr-2017 , 07:40:32 pm | Posted By CASANSAAR

Mrs. Aruna Sethi, 1985 batch officer of Indian Cost Accounts Service (ICoAS) has been elevated to the position of Chief Adviser (Cost) in the Ministry of Finance, Department of Expenditure w.e.f. 1st April, 2017.  She is the first lady ICoAS officer who has reached this position.  Earlier,...

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Category : Finance | Comments : 0 | Hits : 191

GST: Tax evasion over Rs 5 cr a non-bailable offence
Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR

Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...

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Category : GST | Comments : 0 | Hits : 374

FinMin seeks public comments on GST rules
Posted Date : 02-Apr-2017 , 08:23:38 pm | Posted By CASANSAAR

The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1. The government has sought comments from industry on the 4 set of new rules on -- GST Composition, GST Valuation, GST Transition and GST ITC...

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Category : GST | Comments : 0 | Hits : 349

E-filing for Two ITRs Launched by Income Tax Department
Posted Date : 01-Apr-2017 , 05:51:56 pm | Posted By CASANSAAR

The Income Tax department on Saturday launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18. The two ITRs that are now available for filing on the e-portal of the department-- https://incometaxindiaefiling.gov.in-- are the ITR-1 'Sahaj' and IT...

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Category : ITR | Comments : 0 | Hits : 779

Five associate banks, BMB merge with SBI
Posted Date : 01-Apr-2017 , 05:46:40 pm | Posted By CASANSAAR

Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) today, catapulting the country's largest lender to among the top 50 banks in the world. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of ...

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Category : Banking | Comments : 0 | Hits : 491

Finance Bill gets presidential assent, takes effect from 1st April
Posted Date : 01-Apr-2017 , 05:43:16 pm | Posted By CASANSAAR

President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left f...

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Category : Finance Bill | Comments : 0 | Hits : 402

ED conducts searches at 100 places in 16 states in crackdown on shell companies
Posted Date : 01-Apr-2017 , 05:39:12 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) today launched one of its biggest crackdowns on shell companies across the country. It conducted searches at 100 locations in sixteen states as part of its country-wide operation against shell companies. Officials said, multiple teams of the agency today raided the p...

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Category : Companies Act | Comments : 0 | Hits : 550

Cabinet clears amendments to Companies Act Advertisement
Posted Date : 01-Apr-2017 , 08:42:14 am | Posted By CASANSAAR

The Cabinet today approved amendments to the Companies Act, 2013, that seek to ease compliance requirements and certain other provisions. A bill to amend the Act was introduced in the Lok Sabha by the government in March last year and then it was referred to the Standing Committee on Finance. The...

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Category : Companies Act | Comments : 0 | Hits : 348

Cabinet approves changes to Motor Vehicles (Amendment) Bill 2016
Posted Date : 01-Apr-2017 , 08:39:38 am | Posted By CASANSAAR

The Union Cabinet has cleared changes to the Motor Vehicles (Amendment) Bill, 2016. The decision was taken at a Cabinet meeting held in New Delhi last evening.  AIR correspondent reports that among other decisions, the Cabinet also approved the ratification of two fundamental conventions of ...

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Category : General | Comments : 0 | Hits : 341

GST council approves few rules, next meet on May 18-19
Posted Date : 31-Mar-2017 , 08:04:02 pm | Posted By CASANSAAR

The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five ru...

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Category : GST | Comments : 0 | Hits : 241

Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations
Posted Date : 31-Mar-2017 , 07:59:10 pm | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. T...

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Category : Companies Act | Comments : 0 | Hits : 186

ITR Forms for A.Y. 2017-18 notified by CBDT
Posted Date : 31-Mar-2017 , 04:32:55 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18.  One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individu...

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Category : ITR | Comments : 0 | Hits : 1070

Bank Branch Audit allotment update
Posted Date : 31-Mar-2017 , 12:36:37 pm | Posted By CASANSAAR

Bank Branch Audit - Update on allotment of Branches   RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allotment of Branches. Following Banks has start sending emails for allotment of branches as informed by Members. OBC Andhra Bank Dena Bank ...

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Category : Bank Branch Audit | Comments : 5 | Hits : 14649

ICAI signs MoU with TCS iON
Posted Date : 31-Mar-2017 , 08:56:25 am | Posted By CASANSAAR

The Institute of Cost Accountants of India (ICAI) has signed an MoU with TCS iON for deploying the latter's digital content market place platform (Digital Hub) as a part of its digitisation drive.  The institute's digitisation efforts through the Digital Hub would provide students an...

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Category : ICAI | Comments : 0 | Hits : 416

GST Council to finalise draft rules today
Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR

The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod. At the Council meetings, the Centre and the...

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Category : GST | Comments : 0 | Hits : 171

New ITR forms to seek details on cash deposits during demonetisation
Posted Date : 30-Mar-2017 , 09:04:42 pm | Posted By CASANSAAR

The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be i...

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Category : ITR | Comments : 0 | Hits : 476

Parliament passes Finance Bill 2017 after Lok Sabha rejects 5 amendments
Posted Date : 30-Mar-2017 , 08:58:22 pm | Posted By CASANSAAR

Parliament has passed the Finance Bill 2017 after the Lok Sabha rejected all five amendments moved to it by the Rajya Sabha. The bill seeks to give effect to the financial proposals of the Central Government for the financial year 2017-18.  The amendments of the Upper House included curbing ...

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Category : Finance Bill | Comments : 0 | Hits : 240

GST Network extends deadline till April 30 for firms to register
Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR

with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31. ​There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh service...

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Category : GST | Comments : 0 | Hits : 721

No relief to those who defaulted on IDS installment - CBDT
Posted Date : 30-Mar-2017 , 10:39:46 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has ruled out any relief for those who declared unaccounted income under the Income Declaration Scheme (IDS) but failed to pay the first instalment of the tax and penalty.  The CBDT said any relaxation will be “discriminatory” against thos...

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Category : CBDT | Comments : 0 | Hits : 265

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