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 : 1035
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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 : 802
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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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0 | Hits : 1734
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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 : 956
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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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0 | Hits : 918
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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 : 1912
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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 : 1065
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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 : 2355
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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 : 788
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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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0 | Hits : 2001
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Govt to strengthen agency under GST to check tax evasion
Posted Date : 17-May-2017 , 08:22:40 am | Posted By CASANSAAR
Ahead of the planned GST rollout from July 1, the government is strengthening the body responsible for detecting tax evasion and will set up two new agencies, including one for business intelligence and analytics.
With the goods and service tax (GST) subsuming central levies like excise dut...
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GST |
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0 | Hits : 919
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SEBI reports more 11k cases on misuse of LTCG tax, unpaid dues amount to Rs 34000 Cr
Posted Date : 17-May-2017 , 08:18:54 am | Posted By CASANSAAR
When PM Narendra Modi had flagged the misuse of long term capital gains tax at a Securities Exchange Board of India (SEBI) event last year, it made market participants nervous of losing the tax benefit.
The fear comes back as the regulator is contemplating on withdrawing capital gains benefit for...
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SEBI |
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0 | Hits : 1286
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1.58 lakh taxpayers under I-T dept scanner for partial account declarations
Posted Date : 17-May-2017 , 07:54:36 am | Posted By CASANSAAR
The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past.
Post demonetisation on 8 November, the tax department is flushed with information from various sources, including statement of financi...
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Category :
Income Tax |
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0 | Hits : 1505
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91 lakh persons come under tax net post note ban - FM
Posted Date : 17-May-2017 , 07:50:22 am | Posted By CASANSAAR
The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said.
Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said the fallout of the November 8 de...
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Category :
Income Tax |
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0 | Hits : 831
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PAN must for registration of companies with over Rs 20 lakh turnover
Posted Date : 16-May-2017 , 10:38:00 am | Posted By CASANSAAR
Organisations with over Rs 20 lakh turnover will have to specify the PAN while filling the Udyog Aadhaar Memorandum for registration.
These organisations include companies, limited liability partnerships, cooperative societies, societies and trusts.
The decision, taken at a meeting...
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PAN |
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Petrol prices cut by Rs 2.16 per litre, diesel by Rs 2.10
Posted Date : 16-May-2017 , 10:31:41 am | Posted By CASANSAAR
Petrol prices were on Monday cut by Rs2.16 per litre and diesel by Rs2.10 per litre, reversing the four-week trend of rising fuel prices.
The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in di...
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Category :
General |
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0 | Hits : 800
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RBI's hiring a CFO - Here’s your chance to earn Rs 4 lakh a month
Posted Date : 16-May-2017 , 10:30:01 am | Posted By CASANSAAR
If you are a Chartered Accountant (CA) aged 45-55 years of age, a job is awaiting you. The Reserve Bank of India has opened applications for the job of Chief Financial Officer at the rank of Executive Director.
This is a first by the central bank as till now, it did not have a dedicated official ...
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RBI |
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0 | Hits : 2481
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Need to eliminate AD HOCISM in auditor selection at PSBs: ICAI
Posted Date : 13-May-2017 , 06:27:21 am | Posted By CASANSAAR
A centralised system for auditor selection at public sector banks will help do away with "ad hocism", chartered accountants' apex body ICAI has said amid concerns over alleged malpractices in the whole process.
In the wake of the concerns flagged by the Institute of Chartered Accoun...
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Bank Branch Audit |
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