4 million income taxpayers spared from demands for return discrepancies
Posted Date : 26-Oct-2017 , 09:28:20 am | Posted By CASANSAAR
It is now personal income taxpayers’ turn to get relief from the rigours of taxation. About 4 million income taxpayers, who were to get extra tax demands for their FY17 income due to discrepancies in their tax returns, will now be spared. They will also get any tax refunds due for the year ove...
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Income Tax |
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CBDT extends due-date for furnishing CbCR for FY 2016-17 to 31st March, 2018
Posted Date : 25-Oct-2017 , 06:13:05 pm | Posted By CASANSAAR
As per Sec 286(2) of the Income-tax Act, 1961 (Act), due date for furnishing Country by Country Report (CbCR) in respect of an international group by its constituent or parent entity is the date specified under section 139(1) of the Act for furnishing tax return for the relevant year.
Since...
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Income Tax |
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Tax Audit Date Extension - Request for Tweet / Retweet
Posted Date : 25-Oct-2017 , 05:02:54 am | Posted By CASANSAAR
Last date to file Tax Audit Report u/s 44AB and respective Income Tax Returns of the Income Tax Act 1961 should be extended because of lots of compliances in GST, TDS, ROC, ICDS.
We request every Member to please Tweet / Retweet to PM/FM/PMO/FINMIN at their Twitter Handles.
@PMOIndia @arunjaitle...
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Tax Audit |
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0 | Hits : 8213
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RBI imposes Rs 2 crore penalty on IDFC Bank, Rs 6 crore on Yes Bank
Posted Date : 25-Oct-2017 , 07:44:13 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday slapped a Rs6 crore penalty on Yes Bank Ltd for breaching its rules on classifying non-performing assets and failing to report a security incident involving its ATMs on time. Separately, RBI also imposed a Rs2 crore penalty on IDFC Bank Ltd for breaching re...
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RBI |
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Cabinet approves bank capitalisation plan of Rs 2.11 lakh crores
Posted Date : 25-Oct-2017 , 07:37:21 am | Posted By CASANSAAR
The Cabinet has approved a capitalisation plan of two lakh eleven thousand crore rupees for public sector banks.
Addressing a press conference in New Delhi this evening, Finance Minister Arun Jaitley said, the huge spending on infrastructure announced today will give a fillip to private sector in...
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Banking |
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GST Revenue Collection Figures stand at Rs.92,150 crore as on 23rd October, 2017
Posted Date : 24-Oct-2017 , 05:34:56 pm | Posted By CASANSAAR
GST Revenue Figures – As on 23rd October, 2017
The total revenue of GST paid under different heads (upto 23rd October, 2017) for the month of September 2017 is Rs. 92,150/- crore. The total CGST revenue is Rs. 14,042 crore, SGST revenue is Rs. 21,172 cror...
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GST |
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0 | Hits : 820
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Fin Min waived off late filing fees of GSTR 3B for the month of Aug & Sept.
Posted Date : 24-Oct-2017 , 04:13:53 am | Posted By CASANSAAR
The government today waived off penalty on delayed filing of initial Goods and Services Tax (GST) returns for the months of August and September.
In a tweet, Finance Minister Arun Jaitley said, the decision to waive off late fee on filing of GSTR-3B for last two months has been taken to fac...
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GST |
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GST - State allows contractors to escalate contract bill by 5%
Posted Date : 24-Oct-2017 , 08:37:32 am | Posted By CASANSAAR
After the additional burden of Goods and Service Tax (GST) and the fluctuation in fuel prices, Maharashtra government has decided to permit contractors to submit escalated bills with variation of 5%, so that contractors will not face any major financial losses.
The civil and road cont...
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GST |
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0 | Hits : 984
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SEBI to tighten listing norms as part of crackdown on shell firms
Posted Date : 24-Oct-2017 , 08:32:13 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) is looking to tighten listing norms to prevent fly-by-night operators from getting listed on stock exchanges, said four people aware of the development.
The capital market regulator’s move follows the government’s ongoing crackdown on ...
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SEBI |
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GSTN launches excel-based offline tool to file initial GSTR-3B returns
Posted Date : 22-Oct-2017 , 12:09:47 am | Posted By CASANSAAR
Goods and Services Tax Network (GSTN) has launched an excel-based offline tool for businesses to file initial GSTR- 3B returns.
GSTN, in a statement in New Delhi, said that taxpayers can download the offline utility from the GSTN portal and after fill in the data the file can be uploaded on...
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GST |
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Half the assessees fail to file GST returns for September
Posted Date : 22-Oct-2017 , 10:29:10 am | Posted By CASANSAAR
Even three months after the roll-out of the goods and services tax (GST), the level of compliance continues to be low in filing returns. In fact, less than half of assessees filed summary returns under the GST for September, for which the deadline was October 20.
Government officials claime...
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GST |
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0 | Hits : 1198
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Aadhaar linkage with bank accounts mandatory - RBI
Posted Date : 22-Oct-2017 , 10:26:09 am | Posted By CASANSAAR
Reserve Bank of India said biometric identity number Aadhaar linkage with bank accounts is mandatory.
The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage w...
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RBI |
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0 | Hits : 1235
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Income tax department issues draft notification for registration of trusts
Posted Date : 18-Oct-2017 , 10:59:59 pm | Posted By CASANSAAR
The income tax department today came out with draft notification for fresh registration of trusts who have carried out modification of their objects.
The Finance Bill, 2017, proposed to amend section 12A of the Income Tax Act to state that where a trust/institution registered under section ...
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Income Tax |
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0 | Hits : 1277
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Income Tax dept launches ONLINE CHAT to answer taxpayers queries
Posted Date : 19-Oct-2017 , 09:22:12 am | Posted By CASANSAAR
The Income Tax Department has launched an 'online chat' service for taxpayers so that they can seek answers to their basic queries and doubts relating to direct tax issues.
A window has been hosted on the main page of the department's website -- www.incometaxindia.gov.in/ -- with a pr...
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Income Tax |
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0 | Hits : 1162
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CBEC to Redistribute Cases in Jurisdictions to Reduce Pendency of cases with Commissioners (Appeal
Posted Date : 18-Oct-2017 , 08:33:40 am | Posted By CASANSAAR
In order to clear the pendency of cases as on 30th June 2017 before the Commissioners of Central Excise and Service Tax (Appeals), the CBEC will redistribute the cases pending in the jurisdiction of a Principal Chief Commissioner / Chief Commissioner of Central Excise and Service Tax, among other Co...
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Service Tax |
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0 | Hits : 1591
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FM launches Gold options trading on MCX
Posted Date : 17-Oct-2017 , 05:56:06 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today launched gold options trading on the leading commodity bourse MCX and said this is one of the steps towards formalising trade in the yellow metal.
Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or ...
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Shares & Stock |
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0 | Hits : 810
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GST penalty imposed before deadline
Posted Date : 17-Oct-2017 , 12:33:33 am | Posted By CASANSAAR
Thanks to a technical glitch on the GST website, traders and chartered accountants found it difficult to file GST returns.
The deadline for filing GST returns for September transactions is October 20. However, when returns were uploaded on the website, it erroneously issued penalties for late fil...
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GST |
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1 | Hits : 3935
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SEBI sets norm for physical settlement in commodity derivative
Posted Date : 17-Oct-2017 , 08:36:36 am | Posted By CASANSAAR
Markets regulator Sebi asked exchanges to prefer physical settlement system for commodity derivatives contracts, a move that is expected to help hedgers manage risk better as well as curb excessive manipulation.
"The first preference of settlement type shall always be by the way ...
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SEBI |
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0 | Hits : 981
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Govt is open for further GST Amendments - PM
Posted Date : 17-Oct-2017 , 08:26:14 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday said that his government was open to further amendments in the Goods and Services Tax (GST) and assured the business community in Gujarat that all GST hurdles will be solved.
He was addressing a massive rally of supporters and BJP workers at Bhat village in ...
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GST |
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0 | Hits : 1099
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SC to hear petition against linking Aadhaar to bank accounts and mobile
Posted Date : 16-Oct-2017 , 03:06:15 pm | Posted By CASANSAAR
service, a petition has been filed in the Supreme Court challenging the government's directive to link the two with Aadhaar numbers. According to petition, filed by activist Dr. Kalyani Menon Sen, the government's rule on linking Aadhaar violates the fundamental right to privacy and equates ...
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General |
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High Court notice to government over disqualification of shell companies' directors
Posted Date : 13-Oct-2017 , 08:10:00 am | Posted By CASANSAAR
The Delhi High Court has issued notice to the Ministry of Corporate Affairs and Registrar of Companies (RoC) on a petition challenging the disqualification of more than one lakh directors of shell companies.
The Ministry of Corporate Affairs, last month, identified 1,06,578 directors of she...
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Companies Act |
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Charitable trusts under Income tax scanner for cash donations
Posted Date : 13-Oct-2017 , 08:05:49 am | Posted By CASANSAAR
A number of charitable trusts are under scanner of income tax department for suspicious cash donations they have received after demonetization in the assessment year 2016-17.
Top sources in I-T department said that the number of NGOs and trusts selected for income tax scrutiny have doubled compar...
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Income Tax |
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0 | Hits : 1476
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Govt to discuss bringing real estate under GST in Nov - FM
Posted Date : 13-Oct-2017 , 08:03:19 am | Posted By CASANSAAR
Real estate, a sector prone to tax evasion, might soon come under the goods and services tax (GST) net.
The GST Council would consider this at its next meeting on November 10 in Guwahati, finance minister Arun Jaitley said on Wednesday — early Thursday morning in India — at Harv...
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GST |
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Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST
Posted Date : 13-Oct-2017 , 07:56:28 am | Posted By CASANSAAR
Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess).
In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th ...
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GST |
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0 | Hits : 1496
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Will new benami law be given retrospective effect - Delhi High Court
Posted Date : 11-Oct-2017 , 09:38:55 pm | Posted By CASANSAAR
The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect.
The process adopted by an individual or company to bring unaccounted money back to their business without ...
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Income Tax |
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0 | Hits : 1130
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RBI brings in fresh guidelines for mobile wallet players
Posted Date : 12-Oct-2017 , 07:24:51 am | Posted By CASANSAAR
In what could be a major change in the scope of operations for mobile wallets the Reserve Bank of India has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions.
In a major move, n...
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RBI |
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0 | Hits : 1425
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GST - Nearly 70% file GSTR-1 for July
Posted Date : 12-Oct-2017 , 07:14:22 am | Posted By CASANSAAR
About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials.
No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of th...
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GST |
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0 | Hits : 1569
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Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017
Posted Date : 12-Oct-2017 , 07:05:22 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total...
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Income Tax |
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0 | Hits : 898
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GST rate structure for Petroleum and Oil Sector
Posted Date : 12-Oct-2017 , 07:04:03 am | Posted By CASANSAAR
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made...
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GST |
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0 | Hits : 1283
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Cabinet approves MoU between SEBI and FSC
Posted Date : 12-Oct-2017 , 07:02:35 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance.
...
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SEBI |
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0 | Hits : 921
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