RBI directive on auditors to benefit second-tier firms
Posted Date : 03-Aug-2017 , 07:05:57 am | Posted By CASANSAAR
The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY.&...
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RBI |
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Nearly 40% taxpayers yet to complete GST enrollment process - GSTN
Posted Date : 03-Aug-2017 , 07:00:20 am | Posted By CASANSAAR
Even as the date of filing the first returns under the goods and services tax (GST) looms, nearly 40% of the taxpayers that have migrated to the GST Network (GSTN) portal are yet to complete the entire enrollment process, a necessary condition for filing returns. Over 71 lakh taxpayers of VAT, servi...
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GST |
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0 | Hits : 1095
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Repo rate cut by 25 bps to 6%; reverse repo by 25 bps to 5.75%
Posted Date : 02-Aug-2017 , 10:24:54 am | Posted By CASANSAAR
The Reserve Bank of India in its 3rd bi-monthly monetary policy decision of FY 2017-18 on Wednesday reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent, citing reduction in upside risk to inflation. This move is expected to lower EMIs for...
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RBI |
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0 | Hits : 791
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Govt moves to check benami, Aadhaar to be made must for property deals
Posted Date : 02-Aug-2017 , 10:58:18 am | Posted By CASANSAAR
In a move meant to curb benami transactions and the use of black money in real estate deals, the government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney and will among others. The government has also...
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Income Tax |
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0 | Hits : 1607
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GST Council to decide on anti-profiteering mechanism at Saturday meet
Posted Date : 02-Aug-2017 , 10:55:21 am | Posted By CASANSAAR
The much-awaited mechanism for anti-profiteering will be decided upon by the GST Council on Saturday, Finance Minister Arun Jaitley told the Lok Sabha on Tuesday. He also expressed the hope that other sectors would follow suit of the auto sector to cut prices due to the effective lower rates under t...
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GST |
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16-year-old class 12 boy bags 1.4 crore offer from Google
Posted Date : 01-Aug-2017 , 09:58:56 pm | Posted By CASANSAAR
In the wake of reports that Harshit Sharma - a Chandigarh student - has landed a high-paying job with Google, it has now emerged that the global internet giant has no such record about the 16-year-old boy.
“Currently, we don’t have any information on our records with respect to Harshi...
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International Business |
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0 | Hits : 1748
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Reduction/exemption of tax rates under GST for small businesses
Posted Date : 01-Aug-2017 , 09:55:27 pm | Posted By CASANSAAR
The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rate...
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GST |
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0 | Hits : 888
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Recovery of undisclosed income post demonitization
Posted Date : 01-Aug-2017 , 09:53:47 pm | Posted By CASANSAAR
With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating black money which casts a long shadow of parallel ...
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Income Tax |
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0 | Hits : 731
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Increase in number of Income Tax payers after demonetisation
Posted Date : 01-Aug-2017 , 09:52:37 pm | Posted By CASANSAAR
The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.
...
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Income Tax |
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0 | Hits : 711
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Government sets up two call centres to cater to the queries relating to GST
Posted Date : 01-Aug-2017 , 09:51:40 pm | Posted By CASANSAAR
Government has set up two call centres being run for the purpose of catering to queries of taxpayers and stakeholders in GST.
i. Call centre on GST Application software prepared by GSTN, is being run by GSTN. Phone number is 0120-4888999 and email id is helpdesk@gst.gov.in
ii. CBEC Mitra Helpd...
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GST |
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0 | Hits : 794
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Pass Percentage & Toppers of CA IPCE May 2017 Exams
Posted Date : 01-Aug-2017 , 05:46:09 am | Posted By CASANSAAR
The Result of Chartered Accountants IPCE Examination has been declared.
The Details of Percentage of candidates passed in the above said examinations are given below.
No. of Candidates
Passed Candidates
Pass %
...
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CA Results |
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0 | Hits : 2384
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RBI plans to extend Cyber Audit to all Banks
Posted Date : 01-Aug-2017 , 03:07:52 pm | Posted By CASANSAAR
The Reserve Bank of India is planning to conduct a cyber-audit of all banks in the country instead of just a few bigger banks as it did in the past, a policy shift that comes in the wake of an increase in cyber-attacks.
The banks which do not have security measures in place as per the RBI s...
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RBI |
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0 | Hits : 1081
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RBI asks banks to work towards account number portability
Posted Date : 01-Aug-2017 , 07:57:45 am | Posted By CASANSAAR
Reserve Bank of India Deputy Governor S S Mundra has asked banks to work towards account number portability, as it will be a far-reaching step towards enhancing competition and improving customer service.
Speaking at the annual conference of banking ombudsmen in Mumbai , he said banks shoul...
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RBI |
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0 | Hits : 962
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Over 5 lakh businesses opt for GST Composition Scheme - RS
Posted Date : 31-Jul-2017 , 10:16:46 pm | Posted By CASANSAAR
Union Revenue Secretary Hasmukh Adhia on Monday said as many as 5.12 lakh businesses have so far opted for the Composition Scheme under the GST system.
"Dealers opting for composition in the Goods and Services Tax (GST) system is 5.12 lakh up to Sunday (July 30)," the Revenue Secretary ...
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Category :
GST |
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0 | Hits : 1049
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Deadline for Aadhaar-PAN linking extended till August 31
Posted Date : 31-Jul-2017 , 10:13:39 pm | Posted By CASANSAAR
The government on Monday notified that it has extended the deadline for linking Aadhaar with PAN (Permanent Account Number). The last date for the linking has now been finalised for August 31. The Central Board of Direct Taxes (CBDT) also said that the Income Tax Returns (ITRs) will be processed onl...
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PAN |
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Embroidered sarees to attract 5% GST - CBEC
Posted Date : 31-Jul-2017 , 10:07:12 pm | Posted By CASANSAAR
Sarees, whether designer or embroidered, will attract a five per cent Goods and Services Tax (GST), the tax department said today.
Clearing the air over whether sarees will be treated as garments or fabric, the Central Board of Excise and Customs (CBEC) said sarees are treated as fabric and it re...
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GST |
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0 | Hits : 1003
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Rajya Sabha passes the amended Constitution (123rd Amendment) Bill 2017
Posted Date : 31-Jul-2017 , 10:05:12 pm | Posted By CASANSAAR
The Rajya Sabha today passed the Constitution (One Hundred and Twenty-third Amendment) Bill, 2017 with amendments.
The bill seeks to create a new commission with constitutional status for the OBCs at par with the National Commissions for Scheduled Castes and Scheduled Tribes.
Reply...
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Category :
General |
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Extension of date for filing of ITRs extended up to 5th Aug, 2017
Posted Date : 31-Jul-2017 , 04:51:45 pm | Posted By CASANSAAR
There are some complaints that the taxpayers are not being able to log on to the e-filing website of Income Tax Department or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database. While technical snags have been removed already, the main reason for...
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Category :
ITR |
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0 | Hits : 1030
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Due date for filing Income tax returns extended to 05th August 2017
Posted Date : 31-Jul-2017 , 03:27:27 pm | Posted By CASANSAAR
In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended from 31st July to 5th August, 2017. - Tweet by Income Tax Deptt.
www,casansaar.com....
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Income Tax |
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0 | Hits : 2326
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Govt keen to set up NFRA, to regulate Audit quality
Posted Date : 31-Jul-2017 , 08:20:51 am | Posted By CASANSAAR
If you thought that the Modi government had abandoned plans to set up National Financial Reporting Authority (NFRA) to regulate audit quality, think again.
The Centre is clearly inclined to go ahead and set up NFRA going by the latest amendment moved to the company law on Thursday last, say econo...
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Category :
ICAI |
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0 | Hits : 1053
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Govt collected more than Rs.2.35 lakh crore as cesses in 2016-17
Posted Date : 30-Jul-2017 , 12:02:08 pm | Posted By CASANSAAR
Government collected more than two lakh 35,000 crore rupees last fiscal by way of a host of cesses, including those on education, Swachh Bharat and Krishi Kalyan.
Minister of State for Finance Santosh Kumar Gangwar said this in a written reply in the Lok Sabha yesterday. He said the total r...
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Category :
Income Tax |
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0 | Hits : 730
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Beware of fake mails regarding Job Openings
Posted Date : 29-Jul-2017 , 08:00:55 am | Posted By CASANSAAR
Respected Professional Colleagues,
We would like to aware you that there are some fake agencies who mail you the Job Appointment/Offer Letters in the name of some reputed companies and ask for some handsome amount from you (as a refundable security amount). And It will seem to ...
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CA |
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0 | Hits : 1426
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Govt suggests RBI to freeze accounts of defaulting firms
Posted Date : 29-Jul-2017 , 07:36:29 am | Posted By CASANSAAR
The government has requested the Reserve Bank of India (RBI) to freeze accounts of the defaulting firms who have not filed their financial statements and returns. The central bank, however, said that it has no powers to freeze such accounts. The finance ministry also suggested that the RBI circulate...
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Category :
RBI |
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0 | Hits : 1055
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GST - Sale of bottled water on same rate Post GST
Posted Date : 29-Jul-2017 , 07:28:38 am | Posted By CASANSAAR
On account of implementation of GST there may be instances where the retail sale price of a pre-packaged commodity is required to be changed. Department of Consumer Affairs has therefore issued an advisory on the matter.
Further, vide this advisory it has been informed inter alia, that for ...
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Category :
GST |
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0 | Hits : 881
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GST - Printing of Post-GST Rates on Old Stock
Posted Date : 29-Jul-2017 , 07:26:56 am | Posted By CASANSAAR
On account of implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be changed. The Department has issued an order according to which, manufacturers/ packers/ importers of pre-packaged commodities are allowed to declare the revise...
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Category :
GST |
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0 | Hits : 878
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CBI books additional commissioner of Income Tax in corruption charge
Posted Date : 28-Jul-2017 , 10:33:48 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Friday registered a case against an additional commissioner of Income Tax (I-T) and his family members in a disproportionate assets case after searching at least 10 locations.
The officer had amassed over Rs 6 crore while his known income d...
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Category :
Income Tax |
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0 | Hits : 966
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Govt mulls extending July 31 deadline of ITRs because of overworked by CAs
Posted Date : 28-Jul-2017 , 10:26:29 pm | Posted By CASANSAAR
The government is considering the possibility of extending the July 31 deadline for filing ITRs, a senior bureaucrat in the finance ministry told ET Now.
And, if a decision is taken to to extend the July 31 deadline, it is unlikely to be communicated to the public till the last day as the t...
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Category :
ITR |
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0 | Hits : 3487
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Accidental Insurance for RuPay ATM Card Holders
Posted Date : 28-Jul-2017 , 10:16:39 pm | Posted By CASANSAAR
All RuPay ATM-cum-debit cardholders are presently eligible for accidental death and permanent disability insurance cover. RuPay Classic cardholders are eligible for cover of Rs.1 lakh, whereas RuPay Premium cardholders are eligible for cover of Rs.2 lakh. Insurance premium is paid by the National Pa...
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Category :
Banking |
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0 | Hits : 765
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Benefits of the reduced rates/tax rebate to the consumers post GST
Posted Date : 28-Jul-2017 , 10:15:04 pm | Posted By CASANSAAR
The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified th...
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Category :
GST |
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0 | Hits : 747
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Investments by NRIs as FDI and in stock changes as per FEMA
Posted Date : 28-Jul-2017 , 10:12:42 pm | Posted By CASANSAAR
Non-Resident Indians (NRIs) can invest in India as per the following regulation of Foreign Exchange Management (Transfer or issue of Security by a person resident outside India) Regulations, 2000 dated May 3, 2000 as amended from time to time:
As per Regulations 5(1), NRIs may invest i...
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Category :
FEMA |
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0 | Hits : 1191
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