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Tax audit assessees including Companies may face additional tax compliance burden
Posted Date : 20-Sep-2017 , 08:01:29 am | Posted By CASANSAAR

To get a better perspective of the likely reliable flow of tax revenues to the exchequer in a fiscal year, the Central Board of Direct Taxes (CBDT) has decided to usher in a self-reporting mechanism for corporates for their estimated incomes, tax payments and advance tax liability. The proposed m...

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Category : Income Tax | Comments : 0 | Hits : 305

Fast-track GST refund, else Rs 65K cr may be stuck - Exporters
Posted Date : 20-Sep-2017 , 07:54:52 am | Posted By CASANSAAR

Fearing that a staggering Rs 65,000 crore could get stuck in GST refunds, exporters today asked the government to fast-track the refund process and avoid further deterioration in their "liquidity situation". The Committee on Exports, chaired by Revenue Secretary Hasmukh Adhia, today met...

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Category : GST | Comments : 0 | Hits : 144

Voluntary Reporting of Estimated Current Income and Advance Tax Liability
Posted Date : 19-Sep-2017 , 09:31:01 pm | Posted By CASANSAAR

A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more. This interest is levied as per the provision...

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Category : Income Tax | Comments : 0 | Hits : 73

CBEC tells field officers to take GST disputes to Supreme Court
Posted Date : 19-Sep-2017 , 09:20:33 am | Posted By CASANSAAR

Central Board of Excise and Customs (CBEC), the indirect tax administration of the union government, on Monday instructed its field officers to prepare to move the Supreme Court on all disputes where levy of goods and service tax (GST) has been questioned or stayed by any high court. The instruct...

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Category : GST | Comments : 0 | Hits : 265

List Of Disqualified Directors U/S 164 (2)(A) - MCA
Posted Date : 19-Sep-2017 , 08:50:51 am | Posted By CASANSAAR

MCA Released the List of Directors Disqualified u/s 164 (2)(A)   Please click on the desired RoC to view the list of Disqualified Directors. RoC Ahmedabad RoC Bangalore RoC Chandigarh RoC Chennai RoC Chhattisgarh RoC Coimbatore RoC Cuttack RoC Delhi RoC Ernakulam RoC...

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Category : MCA | Comments : 0 | Hits : 1172

Big 4 accounting firms on IBA's list of forensic auditors
Posted Date : 19-Sep-2017 , 08:47:51 am | Posted By CASANSAAR

he Big 4 auditors -- KPMG, EY, Deloitte and PricewaterhouseCoopers -- figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks. The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which ...

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Category : Auditing | Comments : 0 | Hits : 324

Only 6.9 lakh taxpayers filed GST returns
Posted Date : 19-Sep-2017 , 08:43:54 am | Posted By CASANSAAR

With the deadline for filing Goods and Services Tax (GST) returns for August coming to an end in less than 72 hours, only 6.9 lakh taxpayers have filed their GSTR-3B- a short summary return, at the end of Monday, said sources familiar with the development. The government expects tax returns from abo...

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Category : GST | Comments : 0 | Hits : 618

160 companies to get notices on transitional GST credits
Posted Date : 19-Sep-2017 , 08:38:39 am | Posted By CASANSAAR

Several Indian companies, including some large entities, may start receiving notices from Monday on transitional tax credits in the run-up to the introduction of the single producer levy, two people with direct knowledge of the developments told ET. The notices from the indirect-tax department fo...

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Category : GST | Comments : 0 | Hits : 279

Check Online ICAI Membership Fees Payment Status
Posted Date : 17-Sep-2017 , 10:15:12 pm | Posted By CASANSAAR

Last Date for payment of Membership fees for the year 2017-18 are 30th September 2017. Following is the link where you can check whether your fees are paid or still pending http://112.133.194.253/reprintletter/memberp.aspx Please pay Membership and COP fee before 30th September, ...

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Category : ICAI | Comments : 0 | Hits : 3034

Income Tax department goes after defunct companies for tax frauds
Posted Date : 18-Sep-2017 , 08:22:12 am | Posted By CASANSAAR

The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past.  Former directors of such closely-held private companies, which have received tax notices alon...

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Category : Income Tax | Comments : 0 | Hits : 517

GoM admits to glitches in network delaying GST filings
Posted Date : 17-Sep-2017 , 10:05:12 pm | Posted By CASANSAAR

Technical glitches and procedural problems galore on the GST Network have delayed payments and filing of returns under the new Goods and Services Tax (GST) regime, a Group of Ministers (GoM) admitted on Saturday.  "Technical glitches, procedural problems and absence of some forms on the...

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Category : GST | Comments : 0 | Hits : 191

GST Composition Scheme registration open till Sept. 30
Posted Date : 17-Sep-2017 , 11:33:34 am | Posted By CASANSAAR

The GST Network said it has reopened the facility for small taxpayers with turnover of upto 75 lakh rupees to opt for composition scheme. Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly. ...

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Category : GST | Comments : 0 | Hits : 255

GST transitional claims of over Rs 1 crore to be scrutinised
Posted Date : 16-Sep-2017 , 09:35:33 am | Posted By CASANSAAR

As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body the Central Board of Excise and Customs to order a scrutiny of all cases above Rs ...

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Category : GST | Comments : 0 | Hits : 1001

GoM set up to look into technical issues of GST Network to hold its first meeting in Bengaluru today
Posted Date : 16-Sep-2017 , 09:32:07 am | Posted By CASANSAAR

The group of ministers set up to look into the technical issues faced by GST Network, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will hold its first meeting in Bengaluru today.  The GST Council, the highest decision-making body of the new Goods and Services Tax regime, had on S...

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Category : GST | Comments : 0 | Hits : 203

Tax officials may go for searches, surveys to widen base under GST
Posted Date : 15-Sep-2017 , 07:33:59 am | Posted By CASANSAAR

In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.  The searches could start as early as next week and would focus on checking if any company...

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Category : GST | Comments : 0 | Hits : 651

MACS to adopt the Secretarial Standards issued by ICSI as the benchmark.
Posted Date : 14-Sep-2017 , 09:29:23 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs has approved a request of the Malaysian Association of Company Secretaries (MACS) for adoption of the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as the benchmark in the development of Secretarial Standards of MACS.  ...

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Category : ICSI | Comments : 0 | Hits : 113

MOU between the MCA and CBDT for Automatic and Regular Exchange of Information
Posted Date : 14-Sep-2017 , 09:26:18 pm | Posted By CASANSAAR

Taking forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes, the Ministry of Corporate Affairs and Central Board of D...

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Category : CBDT | Comments : 0 | Hits : 89

No papers to show CA's link with offence in Money laundering Case says Court
Posted Date : 14-Sep-2017 , 08:37:45 am | Posted By CASANSAAR

A special court earlier this week granted bail to CA Rajesh Aggarwal, arrested in a money-laundering case, on the grounds that there are “no documents on record” to show that he is connected with the commission of offence under Sections 3 and 4 of the Prevention of Money Laundering Act. ...

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Category : CA | Comments : 0 | Hits : 2342

Auditors come under lens amid crackdown on shell companies
Posted Date : 14-Sep-2017 , 08:30:55 am | Posted By CASANSAAR

A multi-agency clampdown has begun on shell companies to tackle the black money menace wherein the role of auditors has come under the scanner for alleged connivance in facilitating illegal transactions. The auditors' role is also being looked into for not raising the red flag as several case...

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Category : Auditing | Comments : 0 | Hits : 576

Govt issues notice to 1200 NGOs to validate Foreign Bank Accounts
Posted Date : 14-Sep-2017 , 08:02:47 am | Posted By CASANSAAR

The Ministry of Home Affairs has issued notice to over 1,200 NGOs across the country, asking them to validate their bank accounts where they receive foreign funds. They have been asked to submit expenditure details of the last four or more years on the suspicion of violating foreign funding norms...

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Category : NGO | Comments : 0 | Hits : 183

Govt sets up panel to receive profiteering complaints under GST
Posted Date : 14-Sep-2017 , 07:59:23 am | Posted By CASANSAAR

A four-member standing committee, comprising tax officials of the Centre and states, has been set up to receive complaints of undue profiteering by any entity under the new goods and services tax (GST) regime. The Standing Committee on anti-profiteering will act as a complaint processing machiner...

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Category : GST | Comments : 0 | Hits : 184

Government notifies GST cess hike on mid and large cars, SUVs
Posted Date : 13-Sep-2017 , 11:25:33 am | Posted By CASANSAAR

The government has notified levy of increased GST cess of up to 7 per cent on mid-size, large and SUV cars.  The GST Council on September 9 had decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-G...

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Category : GST | Comments : 0 | Hits : 119

Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug
Posted Date : 12-Sep-2017 , 08:15:17 am | Posted By CASANSAAR

Direct Tax Collections has shown a growth of 17.5 percent upto August this year, standing at 2.24 lakh crore rupees which is 17.5 percent higher than net collections for same period last year.  This collection is 22.9 percent of the total Budget Estimates of Direct Taxes for the Financial Ye...

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Category : Income Tax | Comments : 0 | Hits : 206

Global audit firms may face Scrutiny
Posted Date : 11-Sep-2017 , 12:50:33 am | Posted By CASANSAAR

Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings. The move is expected to give a fillip to Indian audit...

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Category : Auditing | Comments : 0 | Hits : 635

GST rates changed for 40 items, cess hiked on SUVs and luxury cars
Posted Date : 11-Sep-2017 , 08:15:27 am | Posted By CASANSAAR

The GST rates on 30 items of mass consumption were slashed on Saturday while the cess on mid and high-segment cars went up by 2 to 7 per cent.   Briefing the media after the second review meeting post the Goods and Services Tax roll out, Union Finance Minister Arun Jaitley said that in conson...

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Category : GST | Comments : 0 | Hits : 736

After PAN, Bank a/cs, link your SIM with Aadhaar to avoid deactivation
Posted Date : 11-Sep-2017 , 08:10:07 am | Posted By CASANSAAR

After PAN cards and bank accounts, Aadhaar linking is likely to become mandatory for mobile phones, said media reports. According to a report in IANS, the government is planning to mandate the linking of Aadhaar with SIM cards. All phones, not linked with Aadhaar, will be deactivated after Februa...

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Category : Income Tax | Comments : 0 | Hits : 573

TDS, TCS deductors can apply for GST registration from 18 September
Posted Date : 11-Sep-2017 , 08:06:52 am | Posted By CASANSAAR

The goods and services tax (GST) registrations for entities mandated to collect and deduct tax at source will start from 18 September. However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) is to be done will be notified later. The GST Council, at its 21st meet...

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Category : GST | Comments : 0 | Hits : 558

Govt to assess input tax credit claims of Rs 60,000 crore in GST
Posted Date : 11-Sep-2017 , 08:04:13 am | Posted By CASANSAAR

The government is in the process of checking the veracity of the around Rs 60,000 crore of claims made by entities for stocks before the implementation of the goods and services tax (GST). Of the Rs 95,000 crore of revenue collected in July, around Rs 62,000 crore has been claimed as input tax credi...

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Category : GST | Comments : 0 | Hits : 474

Taxmen to snoop social networking sites to trace black money
Posted Date : 11-Sep-2017 , 07:54:30 am | Posted By CASANSAAR

A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money. 'Project Insight', likely to be launched next month, will use big data analy...

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Category : Income Tax | Comments : 0 | Hits : 521

Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th Sept, 2017
Posted Date : 10-Sep-2017 , 10:27:34 am | Posted By CASANSAAR

The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved: Sl....

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Category : GST | Comments : 0 | Hits : 545

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