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GSTN rejects CAG’s request to name Auditor, do an extra Audit
Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR

GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...

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Category : GST | Comments : 0 | Hits : 295

ICAI plans representation before govt over penalty proposal
Posted Date : 09-Feb-2017 , 08:05:38 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI will approach the government amid concerns over certain proposals under which action can be taken against members for certain violations.  The Council of the Institute of Chartered Accountants of India (ICAI) has discussed the issues. "There ...

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Category : ICAI | Comments : 0 | Hits : 525

Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR

The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...

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Category : Income Tax | Comments : 0 | Hits : 333

SMEs to pay 25 per cent tax even if Rs 50 crore limit crossed in FY17 - CBDT Chairman
Posted Date : 06-Feb-2017 , 11:37:22 pm | Posted By CASANSAAR

The I-T department on Monday said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the inco...

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Category : CBDT | Comments : 0 | Hits : 733

Taxman not to ask questions on deposits up to Rs 2.5 lakh: I-T dept
Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR

Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the income tax d...

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Category : Income Tax | Comments : 0 | Hits : 1089

SC orders attachment of Sahara's Ambey Valley properties
Posted Date : 06-Feb-2017 , 11:24:10 pm | Posted By CASANSAAR

The Supreme Court has attached Ambey Valley properties in Lonavala, Pune in connection with Sahara's default in paying the money to the market regulator, SEBI.  A bench led by Justice Dipak Misra gave the direction after hearing from the counsel of Sahara and SEBI. It said, the propertie...

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Category : Finance | Comments : 0 | Hits : 314

Branch Vice Chairman will be the Chairman for the next following year - ICAI
Posted Date : 06-Feb-2017 , 09:14:37 am | Posted By CASANSAAR

ICAI have issued directions to the branches that Vice Chairman of the branch will be the Chairman of the Branch for the next following year Elevation of Vice Chairman of the Branch as the Chairman in the following year unless two-third of the members present vote to the contrary. The Managing ...

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Category : ICAI | Comments : 0 | Hits : 1428

Income tax dept scans 1-cr accounts under Operation Clean Money
Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1...

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Category : Income Tax | Comments : 0 | Hits : 473

Taxmen can dig in past 10 years of returns to unearth black money
Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR

In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh. The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...

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Category : Income Tax | Comments : 0 | Hits : 339

Hope to take GST legislations to Parliament this session - FM
Posted Date : 03-Feb-2017 , 10:20:58 pm | Posted By CASANSAAR

Keen to rollout the Goods and Services Tax by July, the government plans to take the supporting legislations to Parliament next month, Finance Minister Arun Jaitley said today. While the all-powerful GST Council has already decided on a four-slab tax structure for the indirect tax regime, the lev...

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Category : GST | Comments : 0 | Hits : 131

Possession of scrapped notes to be punishable
Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR

Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these. The Bill, to replace ...

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Category : Income Tax | Comments : 0 | Hits : 149

100% penalty on cash transaction above 3 lakh - RS
Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR

Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.  Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...

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

RBI to banks: Be quick to identify and declare fraudulent borrowers
Posted Date : 03-Feb-2017 , 08:17:08 am | Posted By CASANSAAR

Flagging instances of loan exposures getting seasoned as non-performing assets (NPAs) for three to four years before borrowers were declared as fraudulent, the Reserve Bank of India has called upon bankers to identify and declare loan accounts as fraud without wasting time. During FY16, advances-...

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Category : Banking | Comments : 0 | Hits : 347

Income Tax dept asks taxpayers to verify online deposits made post demonetization
Posted Date : 02-Feb-2017 , 10:58:52 pm | Posted By CASANSAAR

Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch. The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database t...

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Category : Income Tax | Comments : 0 | Hits : 611

Budget to ensure transparency in political funding - ICAI
Posted Date : 02-Feb-2017 , 08:24:58 am | Posted By CASANSAAR

Apex body of chartered accountants ICAI said the stringent and bold measures proposed in the Union Budget would ensure transparency in electoral funding. In the Budget, the government has proposed restricting permissible cash donation from any person to a political party at Rs 2,000, among other ...

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Category : Budget | Comments : 0 | Hits : 479

Auditors, valuers to be fined Rs 10,000 for incorrect certificate
Posted Date : 02-Feb-2017 , 08:20:32 am | Posted By CASANSAAR

Finance Minister Arun Jaitley on Wednesday proposed to penalise accountants, merchant bankers or registered valuers if they provide incorrect information or certificate. New section 271J proposed to be inserted to provide that penalty of Rs.10,000 would be levied, if an accountant or a merchant b...

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Category : Budget | Comments : 1 | Hits : 1461

Budget 2017 proposes a penalty for delayed filing of income tax return
Posted Date : 02-Feb-2017 , 08:14:54 am | Posted By CASANSAAR

Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY). “In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to prov...

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Category : Budget | Comments : 0 | Hits : 1400

Salient Features of Direct Tax Proposals in Union Budget 2017
Posted Date : 02-Feb-2017 , 07:57:51 am | Posted By CASANSAAR

The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:   I.          Affordable Housing:   1.      &nb...

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Category : Budget | Comments : 0 | Hits : 987

FM reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
Posted Date : 01-Feb-2017 , 02:32:55 pm | Posted By CASANSAAR

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.  Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.  A simple one...

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Category : Budget | Comments : 0 | Hits : 581

First combined Budget of Independent India, that includes Railways, presented
Posted Date : 01-Feb-2017 , 02:29:36 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18, in Parliament today, said that this Budget is the First combined Budget of Independent India that includes the Railways. He said that India is now in a position to synergize the inves...

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Category : Budget | Comments : 0 | Hits : 299

Political Parties have to file its ITR within the prescribed time limit
Posted Date : 01-Feb-2017 , 02:25:51 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely while presenting the General Budget 2017-18 in Parliament today said that the political party can receive maximum donation up to Rs. 2,000 in cash from one person. Proposing steps towards transparent funding of political parties...

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Category : ITR | Comments : 0 | Hits : 286

FIPB to be phased-out in the next fiscal, Bill to be tabled in Parliament soon to crack down on ponzy schemes
Posted Date : 01-Feb-2017 , 02:13:55 pm | Posted By CASANSAAR

While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister, Shri Arun Jaitley proposed that the Foreign Investment Promotion Board (FIPB) will be phased-out in the next fiscal. Expressing concern over dubious deposit schemes, Shri Jaitley said that a Bill will so...

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Category : Budget | Comments : 0 | Hits : 138

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh
Posted Date : 01-Feb-2017 , 02:11:12 pm | Posted By CASANSAAR

In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a sugge...

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Category : Budget | Comments : 0 | Hits : 345

Union Budget 2017 - Finance Minister announces several anti graft and rationalisation measures in the field of Income tax
Posted Date : 01-Feb-2017 , 02:09:27 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. He said that the Government i...

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Category : Budget | Comments : 0 | Hits : 264

Union Budget 2017 - Shares of Railway PSEs - IRCTC, IRFC and IRCON to be listed
Posted Date : 01-Feb-2017 , 02:07:00 pm | Posted By CASANSAAR

While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley has said that the shares of Railway Public Sector Enterprises (PSEs) like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Government will encourage strengthening the CP...

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Category : Budget | Comments : 0 | Hits : 147

Union Budget 2017 - Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore
Posted Date : 01-Feb-2017 , 02:04:23 pm | Posted By CASANSAAR

  Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled  Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-...

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Category : Budget | Comments : 0 | Hits : 445

GST Council has finalised its recommendations on almost all the issues based on consensus - FM
Posted Date : 01-Feb-2017 , 02:02:53 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the GST Council has finalised its recommendations on almost all the issues based on consensus after spirited debate and discussions. The Finance Mini...

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Category : GST | Comments : 0 | Hits : 230

Union Budget 2017 - 18 proposes Reduction in Customs and Excise for Renewable Energy Sector, and Cashless Transaction Devices
Posted Date : 01-Feb-2017 , 02:01:23 pm | Posted By CASANSAAR

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today announced substantial relief in Customs and Excise Duties for Renewable Energy Sector and for manufacture of Cashless Transaction Devices. In a bid to incentiviz...

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Category : Budget | Comments : 0 | Hits : 167

Union Budget 2017 - Live Updates
Posted Date : 01-Feb-2017 , 01:03:29 pm | Posted By CASANSAAR

FM Arun Jaitley to present Union Budget 2017 today. CASANSAAR are providing you live updates of Union Budget 2017. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES. Lok Sabha adjourned after Arun Jaitley introduces Finance Bill  GST Council finalised its recommendations; impleme...

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Category : Budget | Comments : 0 | Hits : 5323

Union Budget 2017 - Watch Live Telecast Online on casansaar.com
Posted Date : 01-Feb-2017 , 08:53:17 am | Posted By CASANSAAR

Hon'ble Finance Minister's Presentation of Union Budget 2017 in the Parliament on 01st Feb 2017.   ...

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Category : Budget | Comments : 0 | Hits : 1103

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