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ICAI finds 4 CAs guilty of Professional Misconduct
Posted Date : 28-Apr-2017 , 09:30:36 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI said it has initiated disciplinary action against four of its members for "misconduct" with respect to offering advice on exchanging old currency notes for new ones.  As part of efforts to fight the black money menace as well as curb corrup...

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Category : ICAI | Comments : 0 | Hits : 1764

Only 34% service tax assesses sign up under GSTN, CBEC ups outreach
Posted Date : 28-Apr-2017 , 09:09:08 am | Posted By CASANSAAR

Even as the government is looking forward to launching its iconic GST tax regime on July 1, it has come to light that only 34% service tax assesses have migrated to the new GST network payment portal. There are a total of 80 lakh VAT excise and service tax assesses. While 75 per cent of VAT and 7...

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Category : GST | Comments : 0 | Hits : 283

SC to hear plea challenging decision on making Aadhaar mandatory for IT returns, PAN
Posted Date : 28-Apr-2017 , 09:02:12 am | Posted By CASANSAAR

The Supreme Court to hear plea challenging government’s decision to link Aadhaar with PAN card for filing of Income Tax returns and to apply for new PAN. Earlier on Friday, the Supreme Court on Friday pulled up Centre saying that how could he made Aadhaar Card as mandatory when the Apex cou...

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Category : PAN | Comments : 0 | Hits : 246

GST bill passed in Jharkhand Assembly unanimously
Posted Date : 28-Apr-2017 , 08:53:16 am | Posted By CASANSAAR

The Jharkhand assembly on Thursday unanimously passed the Jharkhand Goods and Services Bill, 2017, clearing the decks for implementation of the Goods and Services Tax (GST) in the state, which is scheduled for July 1 roll-out. Jharkhand became third state to ratify the bill, after Telangana and Biha...

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Category : GST | Comments : 0 | Hits : 69

Marks for passing ISA (Assessment Test) reduced to 60%
Posted Date : 27-Apr-2017 , 10:29:48 am | Posted By CASANSAAR

25th April 2017 – Requirements for passing Information Systems Audit (Assessment Test) It is hereby informed that in exercise of the authority vested with it under Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India...

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Category : ICAI | Comments : 0 | Hits : 1128

CBDT clears the air on rental incomes from industrial parks, SEZs
Posted Date : 27-Apr-2017 , 10:22:50 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property&rdqu...

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Category : CBDT | Comments : 0 | Hits : 142

SEBI allows options trading in commodities market
Posted Date : 26-Apr-2017 , 09:50:11 pm | Posted By CASANSAAR

Capital market regulator, SEBI has allowed options trading in commodity derivatives. SEBI's board approved the proposal at its meeting in Mumbai, today. Ajay Tyagi, Chairman of the Securities and Exchange Board of India described it as a very big step towards further deepening the commodities de...

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Category : SEBI | Comments : 0 | Hits : 67

RBI fines Kotak Mahindra, HSBC for violating FEMA
Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999. The central bank slapped a fine of Rs70,000 on...

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Category : RBI | Comments : 0 | Hits : 118

Service tax returns filing date extended to April 30
Posted Date : 26-Apr-2017 , 02:24:07 pm | Posted By CASANSAAR

Extension of the date of submission of the Form ST-3 for the period 1st October 2016 to 31st March 2017 from 25th April 2017 to 30th April 2017, Order No. 01/2017-Service Tax dt. 25-04-2017. www.casansaar.com ...

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Category : Service Tax | Comments : 0 | Hits : 1597

RBI Governor suggests merging public sector banks
Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR

RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.  "As many have pointed out, it is not clear that we need so...

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Category : RBI | Comments : 0 | Hits : 302

Compliance rating for industry under GST
Posted Date : 26-Apr-2017 , 09:53:07 am | Posted By CASANSAAR

Revenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime.  Mr. Adhia said the Compliance Rati...

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Category : GST | Comments : 0 | Hits : 170

Discontinuation of some of the Post Qualification Courses for Members - ICAI
Posted Date : 26-Apr-2017 , 09:48:35 am | Posted By CASANSAAR

The post qualification courses for members conducted by ICAI include the following: Management Accountancy Course (MAC) Tax Management Course (TMC) Corporate Management Course (CMC) and International Tax Laws and World Trade Organisation Course (ITL & WTO) Examinations in respect of the a...

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Category : ICAI | Comments : 0 | Hits : 467

Bihar becomes second state after Telangana to pass GST bill
Posted Date : 24-Apr-2017 , 10:04:04 pm | Posted By CASANSAAR

Bihar on Monday became the second state after Telangana to pass state Goods and Services Tax bill, touted as the biggest tax reform since independence.With the lone exception of CPI (ML), all the political parties backed the bills associated with the tax reforms.The tax is scheduled to be rolled out...

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Category : GST | Comments : 0 | Hits : 153

No income tax on salary deducted if notice period not served - ITAT
Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.  In this case, two companies while settling dues had deducted salary for the notice period which...

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Category : Income Tax | Comments : 0 | Hits : 445

Panel to review misconduct rules for accounting professionals
Posted Date : 21-Apr-2017 , 08:53:18 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has constituted a high-level committee to review disciplinary rules and regulations governing chartered accountants, company secretaries and cost accountants.  The six-member committee, chaired by retired IAS officer Meenakshi Datta Ghosh, has been tas...

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Category : ICAI | Comments : 0 | Hits : 865

Draft GST rules allow e-filing of appeals, digital accounts
Posted Date : 21-Apr-2017 , 08:48:22 am | Posted By CASANSAAR

Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders. These have been proposed by the Central Board of Excise and Customs in the ...

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Category : GST | Comments : 0 | Hits : 313

Records of goods lost, stolen, gifted a must under GST draft rules
Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR

Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1. Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...

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Category : GST | Comments : 0 | Hits : 260

Finance Ministry approves 8.65% interest rate on EPF for 2016-17
Posted Date : 21-Apr-2017 , 08:36:41 am | Posted By CASANSAAR

Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8(point)65 per cent interest rate on EPF for 2016-17. He said, the government will immediately issue the notification and credit the rate of interest to over four crore subscribers.  The ratification of the ...

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Category : Finance | Comments : 0 | Hits : 156

RBI asks banks to closely monitor loans to telecom sector
Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR

The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses . The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...

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Category : RBI | Comments : 0 | Hits : 174

Govt further extends deadline for deposits under PMGKY to April 30
Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR

Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties.  The scheme, which opened in December last year, provided last chance to holders ...

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Category : Income Tax | Comments : 0 | Hits : 260

Request to provide/update PAN details to avoid blocking of e-filing account by the Income-tax Department - ICAI
Posted Date : 19-Apr-2017 , 04:46:34 pm | Posted By CASANSAAR

I.    Members who have not shared their PAN with ICAI It has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Department, will be blocked by the In...

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Category : ICAI | Comments : 0 | Hits : 929

Income Tax Department detects over Rs 540 cr black money in last fortnight
Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR

With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...

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Category : Income Tax | Comments : 0 | Hits : 286

GST council to debate tax on services, fitment of items on April 18-19
Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR

Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it? Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones? Will all the services be taxed at 18%? Will service tax on insurance and other low y...

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Category : GST | Comments : 0 | Hits : 217

70 percent of India’s small, mid-sized firms yet to start GST preparations
Posted Date : 18-Apr-2017 , 08:26:35 am | Posted By CASANSAAR

About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1. Consulting major KPMG and the Federation of Small Medium Ent...

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Category : GST | Comments : 0 | Hits : 677

RBI to set up computer emergency response unit
Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR

The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said. “Issues such as setting up of Computer Emergency Respon...

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Category : RBI | Comments : 0 | Hits : 126

4 lakh companies face deregistration for not filing Income Tax returns
Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR

As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years. Starting last month, notices are being sent out to ove...

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Category : Income Tax | Comments : 0 | Hits : 408

Key changes in ITR forms for AY 2017-18
Posted Date : 18-Apr-2017 , 08:18:37 am | Posted By CASANSAAR

Statistics laid out by the Finance Minister during Budget Speech 2017 regarding the number of tax payers in the country vis-a-vis quantum of expenditure incurred by individuals revealed a stark distinction between disclosure of income and expenditure. In order to the change the current scenario and ...

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Category : ITR | Comments : 0 | Hits : 1173

Fin Min okays 8.65% interest on EPF
Posted Date : 16-Apr-2017 , 01:46:15 pm | Posted By CASANSAAR

The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members. The Finance Ministry in its communication to the Labour Ministry has, however, put ...

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Category : Finance | Comments : 0 | Hits : 147

PSU banks to freeze branch expansion
Posted Date : 15-Apr-2017 , 08:00:19 am | Posted By CASANSAAR

At least 10 out of the 22 public-sector banks might freeze branch expansion this fiscal and make higher provisioning for bad loans, while 16 lenders are unlikely to give dividends for the just concluded FY17. This is part of the mandatory actions that banks have to comply with under RBI’s r...

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Category : Banking | Comments : 0 | Hits : 345

60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...

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Category : Income Tax | Comments : 0 | Hits : 252

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