Mrs. Aruna Sethi appointed as the Chief Adviser (Cost) in the Ministry of Finance
Posted Date : 03-Apr-2017 , 07:40:32 pm | Posted By CASANSAAR
Mrs. Aruna Sethi, 1985 batch officer of Indian Cost Accounts Service (ICoAS) has been elevated to the position of Chief Adviser (Cost) in the Ministry of Finance, Department of Expenditure w.e.f. 1st April, 2017. She is the first lady ICoAS officer who has reached this position. Earlier,...
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Finance |
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GST: Tax evasion over Rs 5 cr a non-bailable offence
Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR
Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant.
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...
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GST |
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FinMin seeks public comments on GST rules
Posted Date : 02-Apr-2017 , 08:23:38 pm | Posted By CASANSAAR
The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1.
The government has sought comments from industry on the 4 set of new rules on -- GST Composition, GST Valuation, GST Transition and GST ITC...
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GST |
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E-filing for Two ITRs Launched by Income Tax Department
Posted Date : 01-Apr-2017 , 05:51:56 pm | Posted By CASANSAAR
The Income Tax department on Saturday launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18.
The two ITRs that are now available for filing on the e-portal of the department-- https://incometaxindiaefiling.gov.in-- are the ITR-1 'Sahaj' and IT...
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ITR |
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Five associate banks, BMB merge with SBI
Posted Date : 01-Apr-2017 , 05:46:40 pm | Posted By CASANSAAR
Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) today, catapulting the country's largest lender to among the top 50 banks in the world.
State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of ...
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Banking |
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Finance Bill gets presidential assent, takes effect from 1st April
Posted Date : 01-Apr-2017 , 05:43:16 pm | Posted By CASANSAAR
President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns.
"The President was kind enough to give his assent to the Finance Bill before he left f...
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Finance Bill |
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ED conducts searches at 100 places in 16 states in crackdown on shell companies
Posted Date : 01-Apr-2017 , 05:39:12 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) today launched one of its biggest crackdowns on shell companies across the country. It conducted searches at 100 locations in sixteen states as part of its country-wide operation against shell companies. Officials said, multiple teams of the agency today raided the p...
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Companies Act |
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Cabinet clears amendments to Companies Act Advertisement
Posted Date : 01-Apr-2017 , 08:42:14 am | Posted By CASANSAAR
The Cabinet today approved amendments to the Companies Act, 2013, that seek to ease compliance requirements and certain other provisions.
A bill to amend the Act was introduced in the Lok Sabha by the government in March last year and then it was referred to the Standing Committee on Finance. The...
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Companies Act |
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Cabinet approves changes to Motor Vehicles (Amendment) Bill 2016
Posted Date : 01-Apr-2017 , 08:39:38 am | Posted By CASANSAAR
The Union Cabinet has cleared changes to the Motor Vehicles (Amendment) Bill, 2016. The decision was taken at a Cabinet meeting held in New Delhi last evening.
AIR correspondent reports that among other decisions, the Cabinet also approved the ratification of two fundamental conventions of ...
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General |
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GST council approves few rules, next meet on May 18-19
Posted Date : 31-Mar-2017 , 08:04:02 pm | Posted By CASANSAAR
The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five ru...
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GST |
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Insolvency and Bankruptcy Board of India notifies Corporate Voluntary Liquidation Process Regulations
Posted Date : 31-Mar-2017 , 07:59:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. T...
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Companies Act |
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ITR Forms for A.Y. 2017-18 notified by CBDT
Posted Date : 31-Mar-2017 , 04:32:55 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18.
One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individu...
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ITR |
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Bank Branch Audit allotment update
Posted Date : 31-Mar-2017 , 12:36:37 pm | Posted By CASANSAAR
Bank Branch Audit - Update on allotment of Branches
RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allotment of Branches.
Following Banks has start sending emails for allotment of branches as informed by Members.
OBC
Andhra Bank
Dena Bank
...
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Bank Branch Audit |
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ICAI signs MoU with TCS iON
Posted Date : 31-Mar-2017 , 08:56:25 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) has signed an MoU with TCS iON for deploying the latter's digital content market place platform (Digital Hub) as a part of its digitisation drive.
The institute's digitisation efforts through the Digital Hub would provide students an...
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ICAI |
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GST Council to finalise draft rules today
Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR
The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod.
At the Council meetings, the Centre and the...
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GST |
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0 | Hits : 720
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New ITR forms to seek details on cash deposits during demonetisation
Posted Date : 30-Mar-2017 , 09:04:42 pm | Posted By CASANSAAR
The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said.
The new column will also be i...
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ITR |
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0 | Hits : 1137
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Parliament passes Finance Bill 2017 after Lok Sabha rejects 5 amendments
Posted Date : 30-Mar-2017 , 08:58:22 pm | Posted By CASANSAAR
Parliament has passed the Finance Bill 2017 after the Lok Sabha rejected all five amendments moved to it by the Rajya Sabha. The bill seeks to give effect to the financial proposals of the Central Government for the financial year 2017-18.
The amendments of the Upper House included curbing ...
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Finance Bill |
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GST Network extends deadline till April 30 for firms to register
Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR
with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31.
There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh service...
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GST |
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No relief to those who defaulted on IDS installment - CBDT
Posted Date : 30-Mar-2017 , 10:39:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ruled out any relief for those who declared unaccounted income under the Income Declaration Scheme (IDS) but failed to pay the first instalment of the tax and penalty.
The CBDT said any relaxation will be “discriminatory” against thos...
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CBDT |
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RBI exempts banks from opening on April 1 on annual closing
Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR
Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business.
In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...
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RBI |
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Rajya Sabha return Finance Bill, 2017 with amendments
Posted Date : 30-Mar-2017 , 10:19:58 am | Posted By CASANSAAR
The Rajya Sabha on Wednesday returned the Finance Bill, 2017 to the Lok Sabha with five amendments.
The move came after the House discussed the Bill for over five hours on Tuesday and Wednesday. The Bill that was passed earlier by the Lok Sabha was moved in the Upper House on Monday.
Senior Co...
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Finance Bill |
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A simpler form for filing ITRs will be available from April 1
Posted Date : 30-Mar-2017 , 10:13:07 am | Posted By CASANSAAR
Filing income tax returns is expected to get easier for salaried citizens, with the government introducing a new form from April 1. The ITR-1 form, also called Sahaj, will have fewer columns that need to be filled as some of the income tax deductions have been clubbed together, reported PTI.
Curr...
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ITR |
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Lok Sabha passes GST supplementary bills
Posted Date : 30-Mar-2017 , 10:10:38 am | Posted By CASANSAAR
The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations.
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory G...
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GST |
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Banks yet to file cases against 1,080 wilful defaulters
Posted Date : 27-Mar-2017 , 08:04:36 am | Posted By CASANSAAR
Banks are yet to file criminal cases against borrowers and promoters in 1,080 cases of wilful default accounts involving an amount of Rs 7,673 crore as of September 2016 despite the Reserve Bank instruction to them to launch legal proceedings including criminal action against wilful defaulters. In r...
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Banking |
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0 | Hits : 1173
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CAG to audit the impact of demonetisation
Posted Date : 26-Mar-2017 , 06:21:43 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma.
In an interview to PTI, he said the auditor is gearing up to audit tax revenues under the new Goods and Services Tax (G...
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CAG |
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CBEC to be renamed CBIC under GST regime
Posted Date : 26-Mar-2017 , 06:17:04 pm | Posted By CASANSAAR
The government has approved the restructuring of the apex policy making body for indirect taxes CBEC ahead of the transition to the Goods and Services Tax from 1July
“The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC...
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GST |
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CBDT to waive interest if tax demand paid in retro cases
Posted Date : 26-Mar-2017 , 06:12:30 pm | Posted By CASANSAAR
The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc.
The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.
In ...
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CBDT |
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GST Bills may be introduced in Lok Sabha on Monday
Posted Date : 25-Mar-2017 , 10:10:35 am | Posted By CASANSAAR
The government is likely to table the four legislations for implementation of the goods and services tax in the Lok Sabha on Monday.
The Union Cabinet already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing s...
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GST |
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Most important income-tax changes which will apply from April 1, 2017
Posted Date : 25-Mar-2017 , 09:59:39 am | Posted By CASANSAAR
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month:
1. With a decrease in tax rate from 10...
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Income Tax |
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0 | Hits : 4754
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SEBI probing fresh whistleblower allegations against NSE, BSE, MCX
Posted Date : 25-Mar-2017 , 09:53:53 am | Posted By CASANSAAR
The Securities and Exchanges Board of India (SEBI) has started a preliminary probe into allegations against Multi Commodity Exchange, BSE Ltd. and National Stock Exchange made by an anonymous whistleblower. The same whistleblower had earlier flagged off the issue of preferential access to price feed...
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SEBI |
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