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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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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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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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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CBDT forms panel to trace Absconding I-T Dept officials
Posted Date : 25-Mar-2017 , 09:24:26 am | Posted By CASANSAAR
There could be about 100 officials of the income tax department across the country who have been on unauthorised leave and not reported to work for years.
These officials, without resigning from the government, have either gone ahead with other ventures or have not reported to work after being se...
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CBDT |
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CCI issues order against CIL and its subsidiaries for abusing dominant position, imposes penalty
Posted Date : 25-Mar-2017 , 09:18:31 am | Posted By CASANSAAR
The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for s...
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General |
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Implementation of Benami Transactions (Prohibition) Amended Act, 2016
Posted Date : 25-Mar-2017 , 09:17:25 am | Posted By CASANSAAR
Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through...
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Black Money |
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SEBI bans Reliance Industries from equity derivatives trading for one year
Posted Date : 25-Mar-2017 , 09:05:51 am | Posted By CASANSAAR
Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year. In an order issued yesterday, SEBI also directed the Mukesh Ambani-led firm to forfeit nearly 1,000 crore rupees for unlawful gains made through alleged fraudulen...
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Shares & Stock |
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GST Bills to be introduced in Parliament next week - FM
Posted Date : 24-Mar-2017 , 09:02:44 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week.
The finance minister maintained that GST is likely to be rolled out from July 1.
Jaitley said there is long procedure before the Bills are i...
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GST |
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Income computation & disclosure standards to be applicable from April 2016
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR
The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016.
ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...
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Income Tax |
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Govt removes 1% tax on cash purchase above Rs 2 lakh
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR
The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April.
Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...
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Income Tax |
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RBI puts IDBI Bank, Indian Overseas Bank and UCO Bank under watch for spike in bad assets
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR
The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...
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RBI |
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Seventeen Acts to be amended through Finance Bill
Posted Date : 23-Mar-2017 , 09:48:33 am | Posted By CASANSAAR
The government plans to dissolve eight appellate tribunals immediately while also making enabling provisions in 17 legislation to bring amendments through notifications. The eight tribunals are being dissolved through the Finance Bill, 2017.
The amendments also state that the central government w...
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Finance Bill |
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Railways launches Vikalp scheme to help wait-listed passengers
Posted Date : 23-Mar-2017 , 09:42:32 am | Posted By CASANSAAR
Good news is in store for the Indian Railways. Reeling under massive financial losses, estimated to be at Rs 40,000 crore, the railways might be able to recover an estimated Rs 20 crore every day with its Vikalp scheme, which was launched nationwide on Wednesday.
Under this scheme, wait-listed pa...
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General |
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Finance Bill 2017 passed in Lok Sabha, mini reforms package
Posted Date : 23-Mar-2017 , 09:13:27 am | Posted By CASANSAAR
The Lok Sabha on Wednesday signed off on Finance Bill 2017, ratifying the government’s tax proposals announced in the budget and also a small but significant package of reform initiatives directed at improving the ease of doing business and boosting anti-corruption initiatives undertaken by th...
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Budget |
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Cabinet approves Amendment of in the Customs and Excise Act to facilitate implementation of GST Regime
Posted Date : 23-Mar-2017 , 09:08:24 am | Posted By CASANSAAR
Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime
Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following ...
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GST |
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SRK must pay tax on notional rent from Dubai villa - ITAT
Posted Date : 23-Mar-2017 , 09:05:09 am | Posted By CASANSAAR
Actor Shah Rukh Khan has to include notional rent from his Dubai villa in his income-tax return filed in India, the Income-tax Appellate Tribunal (ITAT) has ruled.
Khan had submitted to the ITAT that under the India-UAE tax treaty, income from immovable property in Dubai would be liable to tax in...
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Income Tax |
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Action will be taken against 9.3 lakh who didn't respond to Income Tax queries FM
Posted Date : 23-Mar-2017 , 08:59:45 am | Posted By CASANSAAR
Action will "definitely" be taken against 9.29 lakh entities who have not responded to the Income Tax department's queries over cash deposited by them which did not match their income profile, the government asserted today.
During the 50-day demonetisation period, 18 lakh enti...
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Income Tax |
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Missing Delhi based CA student returns home from Nepal
Posted Date : 22-Mar-2017 , 09:22:03 am | Posted By CASANSAAR
Delhi-based chartered accountancy (CA) student Shubham Maheshwari, who was missing for over a month, returned to his native place in Hathras on Monday night, police and his family confirmed.
According to the police, their preliminary investigation revealed that Shubham had gone to Nepal on his ow...
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CA |
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