Centre makes linking of existing Aadhaar with PAN of taxpayers mandatory from 1st July
Posted Date : 28-Jun-2017 , 04:57:55 pm | Posted By CASANSAAR
The Government has made it mandatory to link existing Aadhaar numbers with Permanent Account Number (PAN) of taxpayers with effect from July 1.
Amending income tax rules and notifying the same, the Government has also made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at th...
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PAN |
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CBDT entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers
Posted Date : 28-Jun-2017 , 04:54:53 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers during June, 2017. A Bilateral Advance Pricing Agreement (involving United Kingdom) was also signed during the month.
The APA Scheme endeavours to provide certainty to taxpayers i...
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CBDT |
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GST software testing done - GSTN
Posted Date : 28-Jun-2017 , 08:06:01 am | Posted By CASANSAAR
GST Network, providing technology backbone for the new tax regime, said it has completed all software trials and testings necessary to successfully rollout GST from July 1. Over 66 lakh taxpayers have enrolled on the GSTN portal, chairman Navin Kumar said.
“GST IT system has undergone...
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GST |
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No GST on railway tickets booked before July 1
Posted Date : 27-Jun-2017 , 08:00:24 am | Posted By CASANSAAR
The Goods and Service Tax (GST), set to kick in on July 1, will replace service tax for all airconditioned and first class railway tickets.
However, tickets booked before July 1 for journeys starting on or after that date will not attract the tax and the difference in service tax and GST will not...
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GST |
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PM Narendra Modi will launch revised syllabus for CA students on July 1
Posted Date : 26-Jun-2017 , 09:25:35 pm | Posted By CASANSAAR
Prime Minister Narendra Modi will launch a revised syllabus for Chartered Accountancy students from July 1 this year, according to the former president of Institute of Chartered Accountants of India (ICAI), G Ramaswamy, who claimed that the number of students pursuing CA will increase in the next fe...
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CA |
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Nepali CAs get enrolled with ICAI to be barred from practice in Nepal
Posted Date : 26-Jun-2017 , 09:19:06 pm | Posted By CASANSAAR
Chartered accountants, who get enrolled in the Indian chartered accountant institute after mid-July ’18 will not get a licence to practice chartered accountancy in Nepal.
The Institute of Chartered Accountants of Nepal (ICAN), the regulatory body for chartered accountants, has taken a decis...
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CA |
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Union Finance Minister urges CM Membooba Mufti Sayeed to implement GST in the State
Posted Date : 26-Jun-2017 , 09:08:51 pm | Posted By CASANSAAR
The Union Finance Minister Sh. Arun Jaitley today has written a letter to the Chief Minister of the State of Jammu and Kashmir, Membooba Mufti Sayeed urging for introduction of the goods and services tax in Jammu and Kashmir from 1st July, 2017 along with the rest of the States.
&...
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GST |
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Postponement of provision relating to TDS and TCS of the CGST / SGST Act 2017
Posted Date : 26-Jun-2017 , 07:10:44 pm | Posted By CASANSAAR
With the objective of ensuring smooth rollout of GST and taking into account the feedback received from the trade and industry regarding the provisions of deduction of tax at Source under Section 51 of the CGST / SGST Act 2017 and collection of tax at source under Section 52 of the CGST / SGST Act 2...
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GST |
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Traders want ombudsman for redressal of GST grievances
Posted Date : 26-Jun-2017 , 07:07:58 pm | Posted By CASANSAAR
Traders' body CAIT today demanded setting up of an 'impartial authority' like an ombudsman or Lokpal, whom businessmen can voice their grievances related to the Goods and Services Tax (GST) and seek redressal.
"At present if I have a taxation-related grievance, the appellate auth...
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GST |
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GST registrations for e-commerce, new companies to begin from today
Posted Date : 25-Jun-2017 , 10:08:20 am | Posted By CASANSAAR
Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.
Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sund...
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GST |
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RBI makes Banks responsible for misselling third party products
Posted Date : 25-Jun-2017 , 09:54:03 am | Posted By CASANSAAR
Banks for the first time have been made accountable for misselling third-party products like insurance policies or mutual fund schemes. Customers can also file complaints against banks for problems with mobile and digital banking services.
The RBI on Friday said that it has widened the scop...
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RBI |
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CBDT notifies new scrutiny notices with e-facility for taxpayers
Posted Date : 25-Jun-2017 , 09:44:00 am | Posted By CASANSAAR
The CBDT has notified revised income tax scrutiny notices that will allow taxpayers to conduct their business with the taxman over the Internet without needing to visit the I-T office, hence reducing physical interface between them.
The new format pertains to three types of notices that are issue...
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CBDT |
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0 | Hits : 1343
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RBI amends Banking Ombudsman Scheme
Posted Date : 25-Jun-2017 , 09:40:32 am | Posted By CASANSAAR
The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India....
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RBI |
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Govt loosens norms for auditor rotation for unlisted companies
Posted Date : 23-Jun-2017 , 07:07:55 am | Posted By CASANSAAR
The government has relaxed conditions for unlisted companies that do not have loans from banks, financial institutions or deposits from public of more than Rs 50 crore on rotation of auditors.
Currently, these companies can't appoint individual auditors for consecutive five years and auditor ...
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Auditing |
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0 | Hits : 1864
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Cabinet expresses Gratitude to State CMs and others for their cooperation in introduction of GST
Posted Date : 23-Jun-2017 , 07:00:54 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has passed a resolution expressing gratitude to Chief Ministers of States and others for their cooperation in introduction of GST.
“GST is the biggest tax reform in independent India. It is one of the most sweeping indirect ...
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GST |
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GST to lower overall tax burden over time - RBI governor
Posted Date : 23-Jun-2017 , 06:57:49 am | Posted By CASANSAAR
As the four-rate structure, Goods and Services Tax will come into force in all states across the country except Jammu & Kashmir from the midnight of June 30, the Reserve Bank of India Governor Mr. Urjit Patel today expressed optimistic view that GST would eventually reduce taxes and inefficienci...
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RBI |
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GSTN to launch helpline for taxpayers, officials on Jun 25
Posted Date : 22-Jun-2017 , 10:33:55 pm | Posted By CASANSAAR
GST Network, the company providing IT backbone for the GST, will launch two call centres on Sunday to handle queries from taxpayers and tax officials.
The Goods and Services Tax will be rolled out from July 1, and GSTN will have a major role to play as it will have to handle the huge traffic of i...
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GST |
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0 | Hits : 917
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GST registration for existing Service Tax, Excise, VAT to reopen on June 25th
Posted Date : 22-Jun-2017 , 05:02:51 pm | Posted By CASANSAAR
Government has said a new window for registration for Goods and Services Tax for excise, service tax and VAT payers will reopen on June 25th.
Talking to media, Revenue Secretary Hasmukh Adhia said traders and businessmen can enroll themselves on GSTN website. Two rounds of registration have...
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GST |
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0 | Hits : 1024
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All States/UTs except J&K approves the State GST Act
Posted Date : 22-Jun-2017 , 07:06:17 am | Posted By CASANSAAR
As of today, all the States and Union Territories (having assemblies), except the State of Jammu & Kashmir, have approved the State Goods and Services Tax (SGST) Act. The State of Kerala issued an Ordinance today approving State GST Act while the State of West Bengal had issued an Ordinance in t...
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GST |
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Govt asks banks to deposit junked notes with RBI by July 20
Posted Date : 22-Jun-2017 , 07:03:44 am | Posted By CASANSAAR
The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period.
After the November 8 shock demonetisation announ...
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Banking |
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Retailers need to file single GST return every month
Posted Date : 22-Jun-2017 , 07:00:24 am | Posted By CASANSAAR
Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.
In an interview to PTI, Revenue Secretary H...
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GST |
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0 | Hits : 1798
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SEBI relaxes norms for banks to take over stressed assets of listed companies to recover bad loans
Posted Date : 22-Jun-2017 , 06:57:59 am | Posted By CASANSAAR
Capital markets regulator, SEBI on Wednesday relaxed take over norms for acquisition of stressed assets of listed companies to help the government and the RBI in their efforts to tackle bad loans. SEBI Chairman Ajay Tyagi said this after a board meeting in Mumbai, on Wednesday.
SEBI's b...
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SEBI |
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President to launch GST on midnight of 30th June
Posted Date : 20-Jun-2017 , 07:03:59 pm | Posted By CASANSAAR
Union Finance Minister Arun Jaitley on Tuesday said, Goods and Services Tax (GST) will officially be launched on 30th June midnight.
Briefing media in New Delhi, Mr Jaitley said the launch function will be held exactly at midnight in the Central Hall of Parliament.
He said Presiden...
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GST |
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CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961
Posted Date : 20-Jun-2017 , 09:03:47 am | Posted By CASANSAAR
Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatri...
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CBDT |
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GST Council sets tax rates for lotteries, hotels
Posted Date : 19-Jun-2017 , 07:56:22 am | Posted By CASANSAAR
The Goods and Service Tax (GST) Council on Sunday decided to tax state-run lotteries and state authorised lotteries at 12 and 18 per cent respectively and to tax 28 per cent in hotels starting from Rs 7,500 and 18 per cent below Rs. 7,500.
Union Finance Minister Arun Jaitley said the GST on resta...
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GST |
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0 | Hits : 1038
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GST Council gives relaxation of 2 months for filing tax returns
Posted Date : 19-Jun-2017 , 07:47:50 am | Posted By CASANSAAR
The GST Council relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime. Briefing media at meeting of the council in New Delhi, Finance Minister Arun Jaitley said, to obviate any lack of preparedness, a slight relaxation of time for two month...
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GST |
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Don't report frauds below Rs one lakh to police: CVC to banks
Posted Date : 17-Jun-2017 , 07:45:33 am | Posted By CASANSAAR
The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes.
Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police.
The decision was taken by ...
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Banking |
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Aadhaar mandatory for opening bank account, transactions of Rs 50000 and above
Posted Date : 16-Jun-2017 , 05:05:10 pm | Posted By CASANSAAR
In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will bec...
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Income Tax |
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CBDT forms task force for a unified I-T assessment system
Posted Date : 16-Jun-2017 , 08:50:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has constituted a special task force to chart the road map for its ambitious proposal of a jurisdiction-free income tax assessment system and e-scrutiny of taxpayers.
The 13-member task force has been asked to submit its report on the new tax assessment pr...
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CBDT |
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Aviation Ministry seeks GST roll out in September, writes to FinMin
Posted Date : 16-Jun-2017 , 08:44:35 am | Posted By CASANSAAR
The Civil Aviation Ministry has requested the Finance Ministry to defer the rollout of the Goods and Services Tax to September, reports the Hindu. The airlines claim it will be difficult for them to make the switch to the new indirect tax regime by July, when the GST is set for a pan-India implement...
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GST |
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