Bank account number portability can be reality soon - RBI
Posted Date : 31-May-2017 , 08:16:37 am | Posted By CASANSAAR
Customers may soon get to seamlessly switch to another bank with the same account number without losing any transaction details such as credit/debit history — all thanks to Reserve Bank of India's push.
With increase in Aadhaar enrollment and technology advancements, banks and stakehold...
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RBI |
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GST would be implemented from July1, 2017 - Revenue Secretary
Posted Date : 31-May-2017 , 07:52:39 am | Posted By CASANSAAR
Dr. Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India categorically stated that the Goods and Services Tax (GST) will be implemented from July 1, 2017. Dr Adhia was speaking at a Town Hall Meeting with GST stakeholders including Tax Assesses, Traders and representatives of T...
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GST |
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ICAI sets up desks to help traders with GST
Posted Date : 30-May-2017 , 10:50:21 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI has set up desks to help small businessmen and traders on Goods and Services Tax (GST), which is set to be rolled out from July 1.
ICAI GST Sahayata Desks have been made operational, without any charge, at all major cities to facilitate small busine...
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GST |
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Private banks under ICAI scanner for misreporting bad loans
Posted Date : 30-May-2017 , 10:47:45 am | Posted By CASANSAAR
The apex body of chartered accountants, the Institute of Chartered Accountants of India (ICAI), sought information from the Reserve Bank of India (RBI) regarding divergence in bad loan estimates by the top private sector banks, reports livemint.com.
The report said that the 2015-16 financial stat...
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ICAI |
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Undisclosed funds in someone else’s account can be seized: HC
Posted Date : 30-May-2017 , 10:41:12 am | Posted By CASANSAAR
The Delhi high court on Monday upheld the validity of one of the first post-demonetisation raids and seizures carried out by Income Tax authorities in the capital this year.
A bench of Justices S Muralidhar and Chander Shekhar also said the department had powers to seize unexplained funds lying i...
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Income Tax |
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GST will help in evolving India as tax-compliant society
Posted Date : 30-May-2017 , 10:20:20 am | Posted By CASANSAAR
The Goods and Services Tax, to be rolled out in just over a month, will not only check evasions but also help India evolve as a more tax-compliant society, Finance Minister Arun Jaitley said on Monday.
"It certainly will be a more efficient tax and one of the important changes it will bring ...
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GST |
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0 | Hits : 782
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SEBI issues listing norms for NCDs in mergers
Posted Date : 27-May-2017 , 06:46:31 am | Posted By CASANSAAR
Markets regulator Sebi today issued a new framework for listing of non-convertible debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) following mergers and acquisitions (M&As).
A listed company may seek listing of NCRPS/NCDs issued pursuant to a scheme of arrange...
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SEBI |
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CPT June 2017 Examination Admit Cards - ICAI
Posted Date : 27-May-2017 , 06:32:14 am | Posted By CASANSAAR
Announcement
CPT June 2017 Examination Admit Cards
Admit cards in respect of candidates admitted to the CPT June 2017 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org
No physical admit cards will be sent to any candidate. Candidates are required ...
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CA CPT |
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CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response
Posted Date : 26-May-2017 , 12:28:35 pm | Posted By CASANSAAR
Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.
In case there are reportable transactions for the y...
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CBDT |
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RBI invites applications for Dy Governor, may hire from pvt sector for 1st time
Posted Date : 26-May-2017 , 07:43:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday released a public notice inviting applications for the post of a Deputy Governor. This is the first time that RBI may be inviting applications from the private sector.
Currently, the RBI has four Deputy Governors of whom two are internal appointees. Th...
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RBI |
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Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee and Milk Powder
Posted Date : 26-May-2017 , 07:41:15 am | Posted By CASANSAAR
Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less;
Similarly, present incidence of taxes on Milk Po...
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GST |
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0 | Hits : 1000
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Cabinet approves abolition of Foreign Investment Promotion Board
Posted Date : 25-May-2017 , 06:54:00 am | Posted By CASANSAAR
Union Cabinet today approved abolition of Foreign Investment Promotion Board (FIPB) which currently vets FDI proposals requiring the government approval.
Currently, FDI in 11 sectors including defence and retail trading requires FIPB approval. Now, the processing and approval of FDI proposa...
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International Business |
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No doubt in GST implementation from 1st July - FM
Posted Date : 24-May-2017 , 06:53:30 am | Posted By CASANSAAR
Finance minister Arun Jaitley, while attending the African Development Bank’s annual meet, on Tuesday said that consensus building in the 14 meetings of the GST Council has been such that apart from six items there had not been a single vote against any issue and there was no doubt in the impl...
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GST |
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RBI refuses to disclose list of loan defaulters
Posted Date : 24-May-2017 , 06:41:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public.
The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list o...
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RBI |
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Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax
Posted Date : 24-May-2017 , 06:37:37 am | Posted By CASANSAAR
Lower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax
Service providers shall be eligible for full Input Tax Credits (ITC) of GST paid in respect of inputs and input services
Taxes on entertainments and amusements (covered by the erstwhile entry...
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GST |
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0 | Hits : 755
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RBI to reconstitute oversight committee to deal with bad loans
Posted Date : 23-May-2017 , 07:46:04 am | Posted By CASANSAAR
The Reserve Bank said it will reconstitute the oversight committee (OC) under its aegis to operationalise the banking ordinance for resolving the issue of bad loans that have soared to over Rs 8 lakh crore.
The central bank said it has been decided to reconstitute the OC under the aegis of the ce...
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RBI |
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CBDT signs two unilateral advance pricing agreements
Posted Date : 23-May-2017 , 07:41:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered two unilateral Advance Pricing Agreements (APAs) pertaining software and information technology sectors.
"The CBDT has entered into two Unilateral Advance Pricing Agreements (APA) on May 4, 2017, and May 11, 2017, respectively, with Indian...
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CBDT |
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Income Tax dept launches facility to correct errors in PAN, Aadhaar
Posted Date : 23-May-2017 , 07:38:37 am | Posted By CASANSAAR
The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.
Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...
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Income Tax |
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RBI ombudsman for one redressal system for all financial transactions
Posted Date : 22-May-2017 , 07:39:49 am | Posted By CASANSAAR
There is a need for a single redressal mechanism for all types of financial transactions in the country , feels Ranjana Sahajwala, ban of the RBI. king ombudsman of the RBI.
The RBI created the office of banking ombudsman (OBO) to act as a mediator or adjudicator between the customer and the bank...
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RBI |
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0 | Hits : 939
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Exporters to get tax refund under GST within 7 days
Posted Date : 20-May-2017 , 08:23:26 pm | Posted By CASANSAAR
Commerce Minister Nirmala Sitharaman today assured exporters that they would get their refund tax claims within seven days under the new goods and services tax (GST) regime.
She also said that the GST Council has been fairly seized of the tax refund issue under the new indirect tax regime, to be ...
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GST |
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GST will be consumer-friendly, healthcare and education to be exempted - FM
Posted Date : 20-May-2017 , 07:37:36 am | Posted By CASANSAAR
The Finance Minister Arun Jaitley has said that healthcare and education will remain exempted from the GST. Addressing a press conference after the two-day 14th GST council meeting in Srinagar today, Mr. Jaitley said, services to be taxed at 5, 12, 18, 28 per cent.
He said, restaurants with...
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GST |
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GST Council finalises rates for services
Posted Date : 20-May-2017 , 07:28:33 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council on Friday finalised tax rates for all services, except lottery, under the new indirect tax regime to be rolled out from July 1. Those services already exempted from tax, such as healthcare and education, will continue to enjoy the concession.
The tax rate ...
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GST |
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GST Council to decide rate of Service tax today
Posted Date : 19-May-2017 , 09:46:07 am | Posted By CASANSAAR
Foodgrains and common-use products like hair oil, soaps, toothpaste and also the electricity will cost less from July first after the implementation of nation-wide Goods and Service Tax.
The GST rates for all 1,211 items but six were finalised, yesterday, at the first day of the two-day mee...
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GST |
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0 | Hits : 1905
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GST Council clears all 9 rules for new tax regime at Srinagar meeting
Posted Date : 19-May-2017 , 09:16:12 am | Posted By CASANSAAR
On day one of its crucial meeting in Srinagar, Jammu & Kashmir, the Goods and Services Tax (GST) Council on Thursday approved all nine rules for the rollout of the new indirect tax regime. The nine rules finalised by the council pertain to composition, valuation, transition, input tax credit, in...
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GST |
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0 | Hits : 1057
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Delhi Court accepts blue tick on WhatsApp as valid proof of served notice
Posted Date : 18-May-2017 , 10:37:18 pm | Posted By CASANSAAR
What seems to be the first case of its kind, a Civil Court in Delhi’s Rohini accepted the blue double-tick of WhatsApp chat as a valid proof of the notice being served. A man served notice to his daughter-in-law, her parents and her friend on WhatsApp in connection with a property dispute.
...
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WhatsApp |
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0 | Hits : 2321
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RBI liberalises tier-I presence in new bank branch policy
Posted Date : 18-May-2017 , 10:19:25 pm | Posted By CASANSAAR
RBI today came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres.
It also widened the role of bank boards, making them responsible for complying with the new guidelines.
The RBI ...
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RBI |
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81% items to be taxed below 18% rate under GST - Govt
Posted Date : 18-May-2017 , 10:16:57 pm | Posted By CASANSAAR
The Goods and Services Council today finalised tax rates for 1,211 items with a majority of items being kept at under 18 per cent rates.
"GST Council today approved 7 GST rules in a meeting held in Srinagar, while legal committee is looking at remaining 2 GST rules ( return, tran...
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GST |
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GST Council meets today to deliberate on tax rates for commodities and services
Posted Date : 18-May-2017 , 08:50:07 am | Posted By CASANSAAR
The Goods and Service Tax, GST Council will meet today in Srinagar to deliberate on tax rates on commodities and services. The meeting will be chaired by Union Finance Minister Arun Jaitley and it will be attended by the Finance Ministers of all States and Union Territories.
AIR correspondent rep...
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GST |
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0 | Hits : 776
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Charterd Accountant arrested on charge of hacking IT portal
Posted Date : 17-May-2017 , 08:35:16 am | Posted By CASANSAAR
A chartered accountant was on Monday arrested for allegedly hacking the irrigation department’s login page in the income tax portal, which is used to file tax returns. The accused, Sanjay Frederick Singh, used to file tax returns for the irrigation department but his services were discontinued...
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Chartered Accountant |
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FM launches clean money portal as govt tightens grip on tax evaders
Posted Date : 17-May-2017 , 08:28:04 am | Posted By CASANSAAR
The Centre has turned its heat on tax evaders with a new portal to investigate them.
The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean...
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Income Tax |
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