Beware of schemes with abnormal returns: SEBI
Posted Date : 29-Aug-2017 , 08:39:21 am | Posted By CASANSAAR
The market regulator, Securities Exchange Board of India (SEBI) has cautioned the youth against falling for any scheme promising abnormal returns, reported a national news agency on Monday.
"Instead of going through allurement, investors are advised to go through terms and conditions o...
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SEBI |
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Income Tax Dept once again warned people against cash dealings of Rs 2 lakh & more
Posted Date : 29-Aug-2017 , 08:26:52 am | Posted By CASANSAAR
The Income Tax Department once again warned people against cash dealings of 2 lakh rupees and more, saying any violation of this cap will invite strict penalty under law. In a public message yesterday, the department said accepting 2 lakh rupees or more in aggregate from a single person in a day for...
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Income Tax |
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E-way billing - HC orders notice to officials
Posted Date : 28-Aug-2017 , 10:15:22 pm | Posted By CASANSAAR
The Madras High Court today ordered issue of notice to the Centre, including Principal Secretary (Revenue) and Tamil Nadu Commissioner of Commercial Taxes on a PIL seeking to direct traders to use E-way billing for movement or selling of goods in order to prevent cheating.
Justices K K Sasidharan...
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GST |
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Over 36 lakh businesses file GST returns so far
Posted Date : 28-Aug-2017 , 05:40:53 pm | Posted By CASANSAAR
Over 36 lakh businesses have so far filed their first tax returns under the Goods and Services Tax (GST) regime, a top tax official said today.
Tax collected in the maiden filings under the GST regime, which kicked in from July 1, are still being compiled as the last date for filings under differ...
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GST |
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Tax practitioners seek more time for filing GST returns
Posted Date : 26-Aug-2017 , 08:05:30 am | Posted By CASANSAAR
Tax practitioners have urged the government to grant more time for filing tax returns and invoices for the month of July, the first month since the roll-out of the goods and services tax (GST), as businesses and traders strive to adjust to the new indirect tax system.
While many firms managed to ...
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GST |
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More than 2.9 million file GST returns
Posted Date : 26-Aug-2017 , 07:59:44 am | Posted By CASANSAAR
As many as 2,964,653 filers had submitted returns for July under the goods and services tax (GST) regime by the Friday evening. Friday was the deadline for filing returns. The number of filers are likely to increase as the day ends.
GST Network, which is responsible for the information tech...
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GST |
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Guidance for taxpayers in relation to GST
Posted Date : 25-Aug-2017 , 07:46:28 pm | Posted By CASANSAAR
To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions related to GST law, procedures, tax rates, specific industry or sector. The information is available on CBEC GST portal http://cbec-gst.gov.in under Services section. Taxpayers can se...
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GST |
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SC declares right to privacy as Fundamental right
Posted Date : 25-Aug-2017 , 07:46:55 am | Posted By CASANSAAR
In a landmark decision, the Supreme Court today declared the right to privacy a fundamental right under the constitution.
A nine-judge constitution bench headed by Chief Justice JS Khehar ruled that right to privacy is an intrinsic part of the Right to Life and Personal Liberty under Articl...
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General |
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RBI mulls ombudsman for NBFC customers
Posted Date : 24-Aug-2017 , 10:44:14 am | Posted By CASANSAAR
The central bank is considering an 'ombudsman' scheme for redressal of customer grievances at non-banking finance companies (NBFCs) in line with banks, Reserve Bank of India (RBI) Deputy Governor NS Vishwanathan said on Wednesday.
He also said the Reserve Bank is not in favour of NBFCs ac...
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RBI |
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Satyam case - SAT gives SEBI more time to pass fresh order
Posted Date : 24-Aug-2017 , 12:12:16 am | Posted By CASANSAAR
The Securities Appellate Tribunal has given more time to Sebi for passing a fresh order in the Satyam case with respect to the quantum of punishment given to the erstwhile company's founder B Ramalinga Raju and his brother B Rama Raju.
The tribunal on May 12 had asked Sebi to pass a fresh ord...
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SEBI |
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5% GST applicable on selling of space for advertisement in print media
Posted Date : 24-Aug-2017 , 10:33:26 am | Posted By CASANSAAR
Government has clarified that five percent GST is applicable on selling of space for advertisement in print media if an agency buys space from the newspaper and sells the same to clients on its own account.
However, the GST rate will be 18 percent of the sale commission, if the agency works as an...
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GST |
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FinMin modifies cash management system to include post-GST changes
Posted Date : 23-Aug-2017 , 07:40:33 am | Posted By CASANSAAR
The finance ministry has modified the cash management system of the Central government to incorporate the change in date of tax receipts arising out of the new indirect tax regime of the Goods and Services Tax (GST). In an office memorandum, the finance ministry has asked all financial advisers of a...
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GST |
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11 states may see Rs 9500 crore revenue loss this year under GST
Posted Date : 23-Aug-2017 , 07:34:04 am | Posted By CASANSAAR
Even though as a whole states' revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report.
"All states combined will grow at a CAGR of 16.6 per cent in FY18...
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GST |
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Around 100 brokers under lens for helping shell companies
Posted Date : 22-Aug-2017 , 07:24:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) and the income-tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs16,000 crore by compromising so-called know-your-customer (KYC) norms, said two people with direc...
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Shares & Stock |
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Income tax scrutiny volume to remain same even as more people file ITRs
Posted Date : 21-Aug-2017 , 10:11:05 pm | Posted By CASANSAAR
The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns.
Only 3 lakh among 528 lakh total income tax returns (ITR) filed for 2015-16 were scruti...
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ITR |
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Income Tax Department officials conduct massive raid in NCR
Posted Date : 21-Aug-2017 , 09:59:29 pm | Posted By CASANSAAR
Income Tax department on Monday morning conducted a massive raid in Delhi and National Capital Region (NCR), a media report said.
Over 500 I-T department officials are already on the way to conduct searches in the capital of the country, as reported by DNA.
As per the report, the s...
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Income Tax |
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Govt gets Rs 42K crore tax so far in first filing under GST
Posted Date : 21-Aug-2017 , 09:44:40 pm | Posted By CASANSAAR
As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.
A senior official said that about Rs 15,000 crore has ...
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GST |
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ICAI Convocation - 2017-18
Posted Date : 21-Aug-2017 , 09:06:37 am | Posted By CASANSAAR
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organizes Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark th...
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ICAI |
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FM calls for speedy and time-bound resolution of bad loans of banks
Posted Date : 21-Aug-2017 , 08:51:07 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has assured balance-sheet stressed firms that the key objective of NPA resolution is not liquidation of their businesses but to save them. He said, the objective is to make sure that these valuable assets are preserved.
Addressing an insolvency summit organised by Co...
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Banking |
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Banks stare at union strike on Tuesday, services may be hit
Posted Date : 21-Aug-2017 , 08:31:49 am | Posted By CASANSAAR
Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands.
Most banks have already informed their customers that functioning of br...
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Banking |
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Last Date for Payment of GST and Filing of Return For July 2017 Extended By 5 Days
Posted Date : 19-Aug-2017 , 10:09:05 pm | Posted By CASANSAAR
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017.
Earlier the last date for payment of taxes and filing of GST Return...
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GST |
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GST Council extends July payment and return filing deadline to 25 August
Posted Date : 19-Aug-2017 , 09:58:10 pm | Posted By CASANSAAR
A key panel of the Goods and Services Tax (GST) Council on Saturday decided to extend the deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of rolling out the indirect tax reform—by five days to 25 August.
A statement from ...
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GST |
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No inconsistency in number of tax payers - CBDT
Posted Date : 18-Aug-2017 , 09:45:49 pm | Posted By CASANSAAR
The tax department on Friday said the number of individuals filing income tax returns has jumped to 2.79 crore this year from 2.23 crore last year, matching with the 56 lakh new tax payer addition stated by Prime Minister Narendra Modi.
The statement by the tax department follows some doubting th...
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CBDT |
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SES accuses 10 listed firms of violating Auditor hiring norms
Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR
The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report.
...
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Auditing |
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Govt extends GST return filing deadline for cos who want to claim credit for past taxes
Posted Date : 17-Aug-2017 , 09:45:50 pm | Posted By CASANSAAR
In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these tax...
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GST |
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On Clarification regarding availability of Transitional Credit for GST
Posted Date : 18-Aug-2017 , 07:56:41 am | Posted By CASANSAAR
As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed.
Concerns have been raised about the form for claiming transitional input tax credit not being availa...
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GST |
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Govt steps up scrutiny on black money, tax evaders in shell Companies; forms special team
Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR
When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.
The moment, said a top aide to Modi, was an eye-opener for the go...
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Income Tax |
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Banks' Auditors under lens: RBI seeks explanation on differences in write-downs
Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET.
The RBI has sought written explanation on differences in the writ...
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Auditing |
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NSE launches seamless filing system for info related to auditors
Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR
Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow.
Besides, listed companies would be required to file corp...
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Auditing |
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BSE, NSE likely to begin audit of 100 suspected shell companies
Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR
Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now.
A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said.
All exc...
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Auditing |
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