CAs, advocates helped in laundering illicit cash - Govt
Posted Date : 17-Mar-2017 , 05:22:40 pm | Posted By CASANSAAR
Serious Fraud Investigation Office (SFIO) has found that chartered accountants and advocates helped 559 people launder Rs 3,790 crore in cash, Parliament was informed today.
Without giving direct reply to a query on whether shell companies swindled Rs 3,900 crore during the demonetisation period,...
Continue Reading...
Category :
CA |
Comments :
0 | Hits : 5737
|
 |
GST Council clears all five draft laws for unified indirect tax
Posted Date : 17-Mar-2017 , 08:04:17 am | Posted By CASANSAAR
After 12 meetings over the last six months, the Goods and Services Tax (GST) Council, which is represented by Union ministers and officials and state finance ministries, on Thursday finally gave its nod to all the five draft legislations needed for implementation of the unified indirect tax.
This...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 754
|
|
Bank Branch Statutory Audit Updates
Posted Date : 16-Mar-2017 , 02:38:59 pm | Posted By CASANSAAR
Bank Branch Statutory Audit Updates
Panel of Statutory Bank auditors received by various banks.
Mails received from following banks as confirmed by Members :-
Andhra Bank
Allahabad Bank
Oriental Bank of Commerce
United Bank of India
Indian Overseas Bank
Sta...
Continue Reading...
Category :
Bank Branch Audit |
Comments :
40 | Hits : 41359
|
|
Parents of missing CA student start their own search in districts
Posted Date : 16-Mar-2017 , 09:52:18 am | Posted By CASANSAAR
Almost a month after 24-year-old Shubham Maheshwari, a CA student, went missing, his parents have still not lost hope and are visiting different parts of Uttar Pradesh in an effort to locate him.
The parents said they are reaching out to local people to trace their son, but no one seems to have s...
Continue Reading...
Category :
Students Zone |
Comments :
0 | Hits : 1764
|
|
CAG questions income tax dept’s ability to probe shell companies
Posted Date : 16-Mar-2017 , 09:29:52 am | Posted By CASANSAAR
Although the government has repeatedly vowed to prosecute shell companies for their role in money laundering, especially during the demonetisation period, the audit report prepared by the comptroller and auditor general (CAG) for FY 16 paints a bleak picture of the income tax department’s (ITD...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 829
|
|
Income Tax dept issues 5,100 notices for suspicious deposits post cash ban
Posted Date : 16-Mar-2017 , 09:24:36 am | Posted By CASANSAAR
The income tax department has issued about 5,100 notices for high-value suspicious deposits post demonetisation and people have admitted to undisclosed income of over Rs 5,400 crore, Parliament was informed today. The department has conducted more than 1,100 search and survey operations and issued a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1181
|
|
Govt approves only 10 startups for availing tax benefits
Posted Date : 16-Mar-2017 , 09:20:20 am | Posted By CASANSAAR
The government has approved only 10 startups for availing tax benefits since the launch of Startup India programme in January 2016, Parliament was informed today.
As on March 9, the government received 1,835 applications for seeking recognition under the Startup India programme and out of this, 7...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 840
|
|
Parliament passes Enemy Property bill
Posted Date : 15-Mar-2017 , 09:12:36 am | Posted By CASANSAAR
Parliament has passed the Enemy Property (Amendment and Validation) Bill, 2016 with the Lok Sabha approving the amendments made to the Bill. The Rajya Sabha had passed the bill with some amendments on Friday.
The amendments to the bill in the Lok Sabha were moved by Home Minister Rajnath Si...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 970
|
|
CBDT asks field officers to fast track prosecution cases against shell companies
Posted Date : 13-Mar-2017 , 07:59:24 pm | Posted By CASANSAAR
CBDT asks its field officers to fast track prosecution cases against shell companies which claimed bogus long-term capital gains.
The Central Board of Direct Taxes, CBDT has asked its field officers to fast track prosecution cases against shell companies which claimed bogus long-term c...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1053
|
|
ICICI Bank, SBI saw most frauds in first 3 quarters
Posted Date : 13-Mar-2017 , 07:52:58 pm | Posted By CASANSAAR
As many as 455 fraud cases involving Rs one lakh and above were recorded in ICICI Bank between April 2016 to December 2016, data received from the Reserve Bank of India has showed. While ICICI topped the list of banks that have witnessed frauds, State Bank of India came second with 429 such cases, a...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1053
|
|
RBI lifts all cash withdrawal limits from today
Posted Date : 13-Mar-2017 , 07:50:01 pm | Posted By CASANSAAR
All limits on cash withdrawal from savings bank account imposed on November 8 after the demonetisation drive has been removed with effective from Monday as the Reserve Bank of India (RBI) had announced about it last month. Earlier, the central bank had removed all curbs on branch withdrawals from cu...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 939
|
|
Service tax arrears triple to Rs 71K cr in 2 yrs - CAG
Posted Date : 11-Mar-2017 , 08:05:31 am | Posted By CASANSAAR
Service tax arrears more than tripled to Rs 71,257 crore in 2014-15 within a couple of years, apex auditor CAG said today, expressing concern that the recovery is not being given due importance.
The arrears of service tax were at Rs 22,014 crore in 2012-13, it said.
The Comptroller and Auditor...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 1075
|
|
NBFC cash loan against gold restricted to Rs 25,000 - RBI
Posted Date : 10-Mar-2017 , 07:22:30 am | Posted By CASANSAAR
Non-Banking Finance Companies (NBFCs) cannot lend more than Rs 25,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque.
RBI reduced the amount to Rs 25,000 from th...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1016
|
|
Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
Posted Date : 10-Mar-2017 , 07:16:34 am | Posted By CASANSAAR
In continuation of our efforts to help our members acquire CPA designation, we are pleased to inform you that we have launched a helpline platform in this regard. We are very fortunate to have our members Dweep Mehta, Priyanka Baidya, Saoli Chakraborty (recent successfu...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1830
|
|
Parliament passes bill to raise maternity leave to 26 weeks
Posted Date : 09-Mar-2017 , 09:54:23 pm | Posted By CASANSAAR
Parliament has passed the Maternity Benefit (Amendment) Bill, 2016 with Lok Sabha approving it today which was already cleared by Rajya Sabha. The bill seeks to enhance paid maternity leave for women engaged in organised sector from 12 weeks to 26 weeks for two surviving children.
It will be appl...
Continue Reading...
Category :
Excise |
Comments :
0 | Hits : 1447
|
|
ICAI to train 15 lakh traders in GST basics
Posted Date : 09-Mar-2017 , 09:01:36 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) plans to train 15 lakh traders across the country over the next one year in GST basics, according to CMA Manas KR Thakur, National President.
Addressing a press conference here, he said, “We were among several other professional bodies who h...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1371
|
|
Happy Women's Day - Youngest woman CA in country clears exam at 19
Posted Date : 08-Mar-2017 , 09:11:24 am | Posted By CASANSAAR
Many spend years to clear the chartered accountancy exam but this 19-year-old girl did it in one go and became the youngest woman to become a CA in country. She is entering a field that is largely dominated by men at a tender age, but doesn't find it challenging at all.
"I don't th...
Continue Reading...
Category :
CA |
Comments :
0 | Hits : 2102
|
|
Finance Bill will be passed before March 31 - FM
Posted Date : 08-Mar-2017 , 08:02:46 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the Finance Bill pertaining to the budget 2017-18 will be passed before March 31. This will enable ministries to plan their spending from April 1 as the funds will be available from the start of the fiscal year.
The date for presentation of Union Budg...
Continue Reading...
Category :
Budget |
Comments :
0 | Hits : 1122
|
|
CBI books DGM and AGM of Union Bank of India for fraud
Posted Date : 08-Mar-2017 , 07:58:42 am | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against a Deputy General Manager (DGM) and the Assistant General Manager (AGM) of Union Bank of India in Mumbai and three directors for alleged violation of RBI guidelines during demonetisation.
Additionally, proprietors of a private firm ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1569
|
|
Income Tax dept initiates probe against petrol pumps for converting black money
Posted Date : 08-Mar-2017 , 07:37:25 am | Posted By CASANSAAR
Income Tax department has launched a probe against petrol pumps for suspected conversion of unaccounted cash during demonetisation. Petrol pumps were allowed to accept old currency notes in payments towards refueling of vehicles after demonetisation.
They are under the scanner of the I-T departme...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1052
|
|
SC seeks reply of Centre, RBI on exchanging demonetised notes
Posted Date : 07-Mar-2017 , 07:43:30 am | Posted By CASANSAAR
The Supreme Court has questioned the Centre and the RBI on a plea made by petitioner, Sharad Mishra.
The plea brought in focus the allegation that people were not allowed to deposit the old currency notes of 500 and 1000 in the specified RBI branches.
The Supreme Court bench, heade...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1176
|
|
Trade Mark Rules 2017 come into effect from 06th March
Posted Date : 07-Mar-2017 , 07:19:43 am | Posted By CASANSAAR
The Trade Mark Rules, 2017 have come into effect from 06th March which will replace the erstwhile Trade Mark Rules 2002 and streamline and simplify the processing of Trade Mark applications.
In the revamped rules number of Trade Mark forms have been reduced from 74 to eight. Commerce and In...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 973
|
|
Agriculturists, small traders exempt from registering under GST
Posted Date : 04-Mar-2017 , 10:04:58 pm | Posted By CASANSAAR
The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover.
The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in i...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1651
|
|
GST Council approves final draft of Central GST, Integrated GST laws
Posted Date : 04-Mar-2017 , 10:02:47 pm | Posted By CASANSAAR
The GST Council today approved the final draft of Central GST and Integrated GST laws in its meeting headed by Finance Minister Arun Jaitley in New Delhi.
Briefing media in New Delhi, Mr Jaitley said, the UT-GST and SGST laws will be approved in the next meeting on 16th of this month.
The comp...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 803
|
|
GST Council to meet today to finalise supplementary legislations
Posted Date : 04-Mar-2017 , 07:36:53 am | Posted By CASANSAAR
The GST Council will meet today to finalise supplementary legislations during the second part of budget session of parliament, which will resume next week, so that the new regime is rolled out from 1st of July. This will be the 11th meeting of the Council, which comprises the Union finance Minister ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 975
|
|
CA held guilty for failure to highlight suspicious book entries during audit
Posted Date : 03-Mar-2017 , 02:44:03 pm | Posted By CASANSAAR
Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entri...
Continue Reading...
Category :
Chartered Accountant |
Comments :
0 | Hits : 4511
|
|
Model GST Bill to go for 20% peak tax, slabs intact for now
Posted Date : 02-Mar-2017 , 07:18:34 pm | Posted By CASANSAAR
The GST Council has proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future.
The change in the peak rate will not alter the 4-slab rate ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1137
|
|
Govt notifies law to make banned note possession punishable
Posted Date : 02-Mar-2017 , 08:46:15 am | Posted By CASANSAAR
The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a para...
Continue Reading...
Category :
Black Money |
Comments :
0 | Hits : 1307
|
|
Govt set to prosecute 10 lakh shell companies for tax evasion
Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR
A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them.
The special task force, with members from various central probe and enforcement agencies, has ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1741
|
|
Banks' bad loans could exceed Rs 20 Lakh Cr. - Ex RBI Dy Governor
Posted Date : 01-Mar-2017 , 08:26:45 am | Posted By CASANSAAR
The various projections of bad loans with the banking sector in India are only tips of the iceberg and the actual amount of problem assets of the banks could be more than thrice the figures put out bay banks and the banking sector regulator, says a former deputy governor of the Reserve Bank of India...
Continue Reading...
Category :
NPA |
Comments :
1 | Hits : 1240
|
|
|
