60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR
A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...
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Income Tax |
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Action will be taken against erring members - ICAI on ED raids
Posted Date : 14-Apr-2017 , 09:06:13 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said disciplinary "proceedings" have been initiated against members allegedly involved in money laundering through dubious companies.
Asserting that the matter of such members would be dealt with seriously, the Institute of Chartered Accou...
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ICAI |
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Govt. plan to make professionals accountable for info sharing under PMLA
Posted Date : 14-Apr-2017 , 09:00:36 am | Posted By CASANSAAR
Increasing instances of the role of chartered accountants, tax consultants and lawyers in financial frauds, particularly during the demonetisation exercise, has led the Central government to contemplate changes in existing laws, making it mandatory for them to report suspicious transactions under th...
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Chartered Accountant |
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President gives assent to four supporting legislations on GST
Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR
President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1.
The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...
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GST |
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ED raids offices of 34 Chartered Accountants in Delhi
Posted Date : 13-Apr-2017 , 03:26:33 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.
The CAs and CSs are accused of helping shell companies convert ...
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Chartered Accountant |
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RBI proposes simplified forex hedging facility
Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR
Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk.
The facility is...
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RBI |
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Cabinet approves listing of 11 CPSEs on stock exchanges
Posted Date : 13-Apr-2017 , 08:14:02 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs has given its approval for listing of 11 Central Public Sector Enterprises (CPSEs) on stock exchanges. They include Rail Vikas Nigam Limited, Indian Railway Finance Corporation Limited, Indian Railway Catering and Tourism Corporation (IRCTC) Limited, Bharat ...
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Shares & Stock |
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Income Tax department asks financial institutions to get accounts self-certified by April 30
Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR
The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.
"The account holders may be informed that, in case self-certifications are not provided till April 30, 2...
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Income Tax |
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Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962
Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR
The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...
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Income Tax |
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CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business
Posted Date : 11-Apr-2017 , 01:51:00 pm | Posted By CASANSAAR
In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day.
Applicant companies submit a common application form SPICe (IN...
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CBDT |
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Taxpayers to be rated on GST compliance
Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns.
The ratings will be made public on the GST Network (GSTN) website as tax authorities ...
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GST |
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RBI proposes wholesale, long-term finance banks
Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past.
“Going forward, considering the existing landsca...
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RBI |
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No estimates of undeposited black money in old notes - Govt.
Posted Date : 08-Apr-2017 , 08:29:31 am | Posted By CASANSAAR
There is no official estimate of black money held in scrapped Rs 500 and Rs 1,000 notes that have been left undeposited with banks during the demonetisation period.
"There is no official estimation of the amount of black money in form of old Rs 500/1000 that have not been deposited during th...
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Category :
Black Money |
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1.37 crore who don’t file returns are now on Income Tax radar
Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR
ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions.
Alongs...
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Category :
Income Tax |
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0 | Hits : 1606
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NEFT transfer to get quicker as RBI cuts clearance time
Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR
The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience.
In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...
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RBI |
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Lok Sabha passes Taxation Laws (Amendment) Bill 2017
Posted Date : 07-Apr-2017 , 07:23:22 am | Posted By CASANSAAR
The Lok Sabha today passed the Taxation Laws (Amendment) Bill,2017 which seeks to amend the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments.
The Customs Act is proposed to be amended to in...
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General |
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Rajya Sabha passes all four GST bills to pave way for rollout
Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR
The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...
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GST |
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RBI maintains status quo on repo rate
Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR
The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation.
RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...
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RBI |
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Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings
Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR
Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...
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Income Tax |
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ITR - Only resident Indians need to quote Aadhaar in ITR
Posted Date : 06-Apr-2017 , 07:28:51 am | Posted By CASANSAAR
Only resident Indians will have to quote Aadhaar for filing ITR as the I-T department has made it mandatory for them for assessment year 2017-18.
The government, as per the Finance Act 2017, has made it a must for taxpayers to quote Aadhaar or enrolment ID for filing of income tax returns (ITR).
...
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ITR |
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Budget 2017 takes Steps to discourage Cash transactions & curb Black Money
Posted Date : 05-Apr-2017 , 08:49:48 pm | Posted By CASANSAAR
Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy.
These prominently include placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act...
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Category :
Black Money |
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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...
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Income Tax |
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SC grants three weeks to Govt to fill up vacancies in ITAT
Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR
The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents in different benches of the Income Tax Appellate Tribunals (ITAT) across the country.
A bench of Chief Justice J S Khehar and Justice D Y Chandrachud also asked Solicitor General R...
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Income Tax |
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CBDT requests for stakeholder’s comments on draft of Notification to be issued Under Section 10(38) of the Income-tax Act, 1961
Posted Date : 03-Apr-2017 , 07:41:48 pm | Posted By CASANSAAR
Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after ...
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CBDT |
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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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