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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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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GST |
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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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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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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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ITR |
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0 | Hits : 1070
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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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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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ICAI |
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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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Income Tax |
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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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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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RBI |
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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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GST |
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0 | Hits : 970
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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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GST |
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0 | Hits : 940
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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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Income Tax |
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0 | Hits : 1030
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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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ITR |
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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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Banking |
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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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GST |
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0 | Hits : 780
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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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FEMA |
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RBI extends rest period for appointment of auditors to 6 years
Posted Date : 28-Jul-2017 , 10:07:36 pm | Posted By CASANSAAR
In order to put an end to private and foreign banks appointing the same set of auditors alternatively after mandatory rest of 2 years, the Reserve Bank of India has extended the mandatory rest period to 6 years, it said in a notification on Thursday.
The earlier rules required an auditor to be ap...
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Auditing |
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Income Tax Dept to share vital data with MCA to nail shell companies
Posted Date : 28-Jul-2017 , 07:53:39 am | Posted By CASANSAAR
The tax authorities will now relay audit reports of corporates and specific information from their I-T returns along with PAN data to the Ministry of Corporate Affairs (MCA), as the government plans to crack down harder on shell companies.
The MCA has already come down heavily on shell companies ...
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Income Tax |
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0 | Hits : 829
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Jeff Bezos overtakes Bill Gates to become World's Richest Man
Posted Date : 28-Jul-2017 , 07:45:29 am | Posted By CASANSAAR
Amazon.com founder and The Washington Post owner Jeffrey P. Bezos on Thursday briefly became the richest person in the world, displacing Microsoft founder Bill Gates.
Bezos' rise to No. 1 followed a surge in Amazon.com shares Thursday ahead of the online retailer's earnings report due out...
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International Business |
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0 | Hits : 973
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LS clears bill to amend companies law
Posted Date : 27-Jul-2017 , 10:03:50 pm | Posted By CASANSAAR
The Lok Sabha today passed a bill to amend the companies law seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country.
Piloting the Companies (Amendment) Bill, 2016, Minister of State for C...
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Companies Act |
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Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme
Posted Date : 26-Jul-2017 , 10:54:04 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives.
Two sets of changes have been made in the scheme:
I. Specific changes have been made...
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RBI |
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CBDT comes out with clarification on MAT for Ind AS companies
Posted Date : 26-Jul-2017 , 08:13:43 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has come up with Frequently Asked Questions (FAQs) clarifying on issues around Minimum Alternate Tax (MAT) provisions for Indian Accounting Standard (Ind AS) compliant companies.
A specific circular with clarifications on this issue has now been issued in ...
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CBDT |
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0 | Hits : 904
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GSTN portal begins invoice uploading for businesses
Posted Date : 25-Jul-2017 , 08:26:13 am | Posted By CASANSAAR
The GSTN portal has started accepting uploading of sale and purchase invoices of businesses generated post Goods and Services Tax rollout on July 1.
GST Network (GSTN) is the company handling the IT backbone for the new tax regime.
The uploaded invoice data can be saved at the port...
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GST |
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0 | Hits : 1722
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NRIs' overseas bank info needed only for income tax refund
Posted Date : 25-Jul-2017 , 08:23:15 am | Posted By CASANSAAR
It is not mandatory for NRIs to provide details of their overseas bank accounts when they file tax returns and only those who seek refunds need to do so, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said on Monday, putting to rest all confusion on the issue. The Income tax d...
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Income Tax |
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0 | Hits : 915
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Income Tax base widens to 6.26 cr in 2016-17 - CBDT
Posted Date : 25-Jul-2017 , 08:19:06 am | Posted By CASANSAAR
Income tax payer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said today.
Clearing the air on disclosure of bank account details of non-resident Indians (NRIs), expats, as well as foreigners with investments in ...
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Income Tax |
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0 | Hits : 805
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FM introduces bill to replace Banking Regulation Ordinance
Posted Date : 24-Jul-2017 , 06:24:14 pm | Posted By CASANSAAR
A bill to authorise the RBI to direct banking companies to resolve the problem of stressed assets was on Monday introduced in the Lok Sabha by Finance Minister Arun Jaitley.
The Banking Regulation (Amendment) Bill, 2017, seeks to amend the Banking Regulation Act, 1949 and replace the Banking Regu...
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Banking |
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0 | Hits : 926
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Govt plans NFRA to keep check on CAs
Posted Date : 24-Jul-2017 , 08:13:31 am | Posted By CASANSAAR
The government is reviewing plans to put in place the National Financial Reporting Authority (NFRA) as it seeks to rein in the Institute of Chartered Accounts for India (ICAI) for its perceived failure in enforcing discipline.
While Companies Act 2013 had provided for NFRA as a regulatory agency ...
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CA |
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0 | Hits : 1923
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26 Chartered Accountants under ICAI scanner amid crackdown on shell firms
Posted Date : 24-Jul-2017 , 08:09:10 am | Posted By CASANSAAR
At least 26 Chartered Accountants have come under the scanner of the ICAI for allegedly helping shell companies, a senior official said.
The Institute of Chartered Accountants of India (ICAI) is the regulator for accountancy professionals and can initiate disciplinary action against erring member...
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Chartered Accountant |
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