Income Tax department sets capital gains tax rules straight on Esop, FDI
Posted Date : 06-Jun-2017 , 05:37:21 pm | Posted By CASANSAAR
In a significant decision, the Income-Tax Department has clarified about tax rules for capital gains tax made on certain equity investments in case no securities transactions tax (STT) has been paid, putting an end to the uncertainty that arose from the budget proposal relating to such transactions....
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Income Tax |
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RBI clarifies PCA does not restrict bank's public operation
Posted Date : 06-Jun-2017 , 08:11:17 am | Posted By CASANSAAR
The Reserve Bank of India has clarified that the Prompt Corrective Action (PCA) framework invoked on banks will not restrict operations for the general consumers or public at large.
Amid some misinformed reports in media including social media, the RBI has clarified in a statement on Monday that ...
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RBI |
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24 States pass the State GST (SGST) Act While 7 States have yet to pass the SGST Act
Posted Date : 06-Jun-2017 , 08:03:03 am | Posted By CASANSAAR
24 States pass the State GST (SGST) Act While 7 States viz. Meghalaya,Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the SGST Act.
Twenty Four (24) States have passed the State GST (SGST) Act till today i.e. 5th June, 2017 while 7...
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GST |
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Prime Minister reviews progress towards GST implementation
Posted Date : 05-Jun-2017 , 09:56:26 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has directed that maximum attention be paid to cyber-security in IT systems concerned with Goods and Services Tax. Reviewing the progress towards beginning of GST from 1st of next month, Mr. Modi asserted that the implementation of new tax regime is the culmination of th...
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GST |
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CAG will audit GSTN - Finance Minister
Posted Date : 05-Jun-2017 , 09:52:27 pm | Posted By CASANSAAR
Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley today said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN).
In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GS...
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GST |
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ICAI penalises four for encouraging money laundering during demonetization
Posted Date : 05-Jun-2017 , 08:48:37 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India on Friday found four persons guilty of advising individuals for encouraging money laundering during the demonetisation drive.
In lieu of this, the ICAI facilitated a three-month suspension, along with a fine of Rs. one lakh each under the Chartered ...
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ICAI |
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ICAI proposes joint audit for Private Banks
Posted Date : 05-Jun-2017 , 08:45:00 am | Posted By CASANSAAR
To enhance the quality of audit the Institute of Chartered Accountants of India (ICAI) has proposed an introduction of a new concept of joint audit in private banks to the Finance Ministry and the Reserve Bank of India.
This process follows questions over the auditors in an estimation of NPA&rsqu...
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ICAI |
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Shell companies directors to face up to five-year disqualification
Posted Date : 05-Jun-2017 , 08:42:01 am | Posted By CASANSAAR
Directors of companies that have not been carrying out business for a long time are set to be disqualified from holding directorship in any registered firm for up to five years, as part of the government's intensified efforts against the black money menace.
Shell companies are dubious e...
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Companies Act |
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Income Tax department warns against cash dealings of Rs 2 lakh
Posted Date : 05-Jun-2017 , 08:36:32 am | Posted By CASANSAAR
The Income-Tax Department warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.
It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to...
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Income Tax |
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GST Council finalises tax rates on last six items, sets stage for July 1 roll out
Posted Date : 05-Jun-2017 , 08:33:37 am | Posted By CASANSAAR
Setting the stage for the roll out of the Goods and Services Tax, the GST Council today finalised the rates of taxation on the last six items. With this, the council completed the work of bringing all items under the four-slab GST structure.
Last month, during its meeting in Srinagar, the Arun Ja...
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GST |
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Govt starts GST awareness drive for consumers
Posted Date : 05-Jun-2017 , 08:27:39 am | Posted By CASANSAAR
The government has started its media blitzkrieg to tell the common man that the upcoming GST will reduce prices of most goods.
The Central Board of Excise and Customs (CBEC) in advertisements in leading dailies gave pictorial representations of items which are exempt from Goods and Services Tax a...
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GST |
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Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule
Posted Date : 02-Jun-2017 , 07:11:28 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Ed...
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CA Exams |
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Delhi Assembly passes state GST bill in a special session
Posted Date : 01-Jun-2017 , 07:52:13 am | Posted By CASANSAAR
The Delhi Assembly passed the state Goods and Services Tax (GST) Bill even as Chief Minister Arvind Kejriwal pitched for capping the tax rate at a maximum of 10 per cent.
A special session of the Assembly cleared the bill with voice vote after an extensive discussion and also adopted a reso...
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GST |
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Link Aadhaar with PAN by sending SMS - Income Tax Dept
Posted Date : 31-May-2017 , 10:19:04 pm | Posted By CASANSAAR
The Income Tax Department on Wednesday urged taxpayers to link their Aadhaar with their Permanent Account Number (PAN), using a SMS-based facility.
The department issued advertisements in leading national dailies and described how both the unique identity numbers of an individual can be linked by...
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PAN |
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Bifurcation of Paper 4- Taxation of Intermediate (IPC) Examination into two sections - ICAI
Posted Date : 31-May-2017 , 10:05:03 pm | Posted By CASANSAAR
It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.
It has now been decided to bifurcate the above mentioned Paper 4- Taxati...
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CA Exams |
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Last Date for furnishing of SFT extended to 30th June 2017
Posted Date : 31-May-2017 , 02:32:49 pm | Posted By CASANSAAR
CBDT has extended the date of furnishing of the statement of financial transacation under Rule 114(5) of the Rules, read with sub section (1) of section 285BA of the Act for the Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of person throughout india who are liable to furnish ...
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Income Tax |
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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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0 | Hits : 1887
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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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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 : 1096
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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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Category :
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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