GST Network starts pilot testing of filing of returns
Posted Date : 03-May-2017 , 09:28:51 am | Posted By CASANSAAR
Gearing up for the roll-out of the country’s largest tax reform, the Goods and Services Tax Network (GSTN) is carrying out a pilot test on return filing.
“It will be a live test using 4,000 taxpayers and will be conducted over this fortnight,” said a senior official.
Once the...
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GST |
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UP Cabinet approves implementation of GST
Posted Date : 03-May-2017 , 09:26:32 am | Posted By CASANSAAR
The Uttar Pradesh Cabinet on Tuesday approved the implementation of the Goods and Service Tax in the State and the bill associated with it will be tabled in the Assembly session commencing on May 15. If the Assembly ratifies the Bill, Uttar Pradesh will become the fifth State after Jharkhand, Telang...
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GST |
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MP becomes 1st state to shift to January to December financial year
Posted Date : 03-May-2017 , 09:23:36 am | Posted By CASANSAAR
In Madhya Pradesh, a one day special sitting of the state legislative assembly is being held today to pass the Madhya Pradesh Goods and Services Tax Bill.
The State Legislative Assembly Secretariat said that this sitting will be a part of the Budget Session of the legislative assembly. The ...
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Accounts |
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Mr. Anthony Lianzuala takes over as the New Controller General of Accounts (CGA)
Posted Date : 02-May-2017 , 10:52:36 am | Posted By CASANSAAR
Mr. Anthony Lianzuala took over as the New Controller General of Accounts (CGA) in national capital here today. Earlier, the Government of India had appointed Mr. Anthony Lianzuala, a 1982-batch Indian Civil Accounts Service (ICAS) Officer, as the new Controller General of Accounts (CGA), Department...
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Accounts |
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Extension of last date for submission of Application Forms in respect of CPT June, 2017 Exams - ICAI
Posted Date : 02-May-2017 , 10:26:04 am | Posted By CASANSAAR
1st May, 2017
CPT is scheduled to be held on 18th June, 2017. Students who have registered for the Common Proficiency Course on or before 3rd April, 2017 and fulfill the eligibility requirements are eligible to apply for the exam.
The last date for submission of exam application forms ...
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ICAI |
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9 lakh registered companies not filing tax returns annually - Revenue Secretary
Posted Date : 01-May-2017 , 08:26:57 am | Posted By CASANSAAR
Close to nine lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday.
The MCA has sent notices to nearly 3 lakh unlisted companies asking them to deregist...
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Companies Act |
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Aadhaar to be soon compulsory for filings under Companies Act
Posted Date : 01-May-2017 , 08:20:05 am | Posted By CASANSAAR
The Government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act.
The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities are bolstering measures to deal with t...
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Companies Act |
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ICAI finds 4 CAs guilty of Professional Misconduct
Posted Date : 28-Apr-2017 , 09:30:36 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said it has initiated disciplinary action against four of its members for "misconduct" with respect to offering advice on exchanging old currency notes for new ones.
As part of efforts to fight the black money menace as well as curb corrup...
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ICAI |
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Only 34% service tax assesses sign up under GSTN, CBEC ups outreach
Posted Date : 28-Apr-2017 , 09:09:08 am | Posted By CASANSAAR
Even as the government is looking forward to launching its iconic GST tax regime on July 1, it has come to light that only 34% service tax assesses have migrated to the new GST network payment portal.
There are a total of 80 lakh VAT excise and service tax assesses. While 75 per cent of VAT and 7...
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GST |
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SC to hear plea challenging decision on making Aadhaar mandatory for IT returns, PAN
Posted Date : 28-Apr-2017 , 09:02:12 am | Posted By CASANSAAR
The Supreme Court to hear plea challenging government’s decision to link Aadhaar with PAN card for filing of Income Tax returns and to apply for new PAN.
Earlier on Friday, the Supreme Court on Friday pulled up Centre saying that how could he made Aadhaar Card as mandatory when the Apex cou...
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PAN |
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GST bill passed in Jharkhand Assembly unanimously
Posted Date : 28-Apr-2017 , 08:53:16 am | Posted By CASANSAAR
The Jharkhand assembly on Thursday unanimously passed the Jharkhand Goods and Services Bill, 2017, clearing the decks for implementation of the Goods and Services Tax (GST) in the state, which is scheduled for July 1 roll-out. Jharkhand became third state to ratify the bill, after Telangana and Biha...
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GST |
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Marks for passing ISA (Assessment Test) reduced to 60%
Posted Date : 27-Apr-2017 , 10:29:48 am | Posted By CASANSAAR
25th April 2017 – Requirements for passing Information Systems Audit (Assessment Test)
It is hereby informed that in exercise of the authority vested with it under Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India...
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ICAI |
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CBDT clears the air on rental incomes from industrial parks, SEZs
Posted Date : 27-Apr-2017 , 10:22:50 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property&rdqu...
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CBDT |
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SEBI allows options trading in commodities market
Posted Date : 26-Apr-2017 , 09:50:11 pm | Posted By CASANSAAR
Capital market regulator, SEBI has allowed options trading in commodity derivatives. SEBI's board approved the proposal at its meeting in Mumbai, today. Ajay Tyagi, Chairman of the Securities and Exchange Board of India described it as a very big step towards further deepening the commodities de...
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SEBI |
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RBI fines Kotak Mahindra, HSBC for violating FEMA
Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999.
The central bank slapped a fine of Rs70,000 on...
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RBI |
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Service tax returns filing date extended to April 30
Posted Date : 26-Apr-2017 , 02:24:07 pm | Posted By CASANSAAR
Extension of the date of submission of the Form ST-3 for the period 1st October 2016 to 31st March 2017 from 25th April 2017 to 30th April 2017, Order No. 01/2017-Service Tax dt. 25-04-2017.
www.casansaar.com
...
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Service Tax |
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RBI Governor suggests merging public sector banks
Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR
RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets.
"As many have pointed out, it is not clear that we need so...
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RBI |
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Compliance rating for industry under GST
Posted Date : 26-Apr-2017 , 09:53:07 am | Posted By CASANSAAR
Revenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime.
Mr. Adhia said the Compliance Rati...
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GST |
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Discontinuation of some of the Post Qualification Courses for Members - ICAI
Posted Date : 26-Apr-2017 , 09:48:35 am | Posted By CASANSAAR
The post qualification courses for members conducted by ICAI include the following:
Management Accountancy Course (MAC)
Tax Management Course (TMC)
Corporate Management Course (CMC) and
International Tax Laws and World Trade Organisation Course (ITL & WTO)
Examinations in respect of the a...
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ICAI |
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Bihar becomes second state after Telangana to pass GST bill
Posted Date : 24-Apr-2017 , 10:04:04 pm | Posted By CASANSAAR
Bihar on Monday became the second state after Telangana to pass state Goods and Services Tax bill, touted as the biggest tax reform since independence.With the lone exception of CPI (ML), all the political parties backed the bills associated with the tax reforms.The tax is scheduled to be rolled out...
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GST |
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No income tax on salary deducted if notice period not served - ITAT
Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR
The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.
In this case, two companies while settling dues had deducted salary for the notice period which...
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Income Tax |
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Panel to review misconduct rules for accounting professionals
Posted Date : 21-Apr-2017 , 08:53:18 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has constituted a high-level committee to review disciplinary rules and regulations governing chartered accountants, company secretaries and cost accountants.
The six-member committee, chaired by retired IAS officer Meenakshi Datta Ghosh, has been tas...
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ICAI |
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Draft GST rules allow e-filing of appeals, digital accounts
Posted Date : 21-Apr-2017 , 08:48:22 am | Posted By CASANSAAR
Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders.
These have been proposed by the Central Board of Excise and Customs in the ...
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GST |
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Records of goods lost, stolen, gifted a must under GST draft rules
Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR
Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1.
Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...
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GST |
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Finance Ministry approves 8.65% interest rate on EPF for 2016-17
Posted Date : 21-Apr-2017 , 08:36:41 am | Posted By CASANSAAR
Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8(point)65 per cent interest rate on EPF for 2016-17. He said, the government will immediately issue the notification and credit the rate of interest to over four crore subscribers.
The ratification of the ...
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Finance |
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RBI asks banks to closely monitor loans to telecom sector
Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR
The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses
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The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...
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RBI |
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Govt further extends deadline for deposits under PMGKY to April 30
Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR
Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties.
The scheme, which opened in December last year, provided last chance to holders ...
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Income Tax |
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Request to provide/update PAN details to avoid blocking of e-filing account by the Income-tax Department - ICAI
Posted Date : 19-Apr-2017 , 04:46:34 pm | Posted By CASANSAAR
I. Members who have not shared their PAN with ICAI
It has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Department, will be blocked by the In...
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ICAI |
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Income Tax Department detects over Rs 540 cr black money in last fortnight
Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR
With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...
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Income Tax |
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GST council to debate tax on services, fitment of items on April 18-19
Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR
Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it?
Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones?
Will all the services be taxed at 18%? Will service tax on insurance and other low y...
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GST |
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