CBDT signs 10 more unilateral APAs with taxpayers
Posted Date : 01-Mar-2017 , 08:16:20 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The 10 APAs signed in the past one week pertain to sectors like telecom, pharma, banking and ...
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CBDT |
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Guidance Note on Audit of Banks 2017 edition issued by AASB - ICAI
Posted Date : 01-Mar-2017 , 08:04:02 am | Posted By CASANSAAR
The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition. For the benefit of the members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at the following links:
Guidance Note on Audi...
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ICAI |
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RBI sets up panel to review cyber threats
Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR
The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology.
The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...
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RBI |
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CA Vivek Khurana Elected as Vice Chairman of NIRC of ICAI
Posted Date : 27-Feb-2017 , 08:05:18 am | Posted By CASANSAAR
Many Many Congrats to CA Vivek Khurana (Founder - CASANSAAR) for being elected as Vice Chairman of Northern India Regional Council (NIRC) of ICAI for the year 2017 - 18.
CA Rakesh Makkar has been elected as Chairman of NIRC of ICAI for the year 2017 - 18.
(PIC - CA.Vivek Khurana - Vice Chair...
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ICAI Election |
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DGFT wants GST Council to create an e-wallet facility to ease exporters fears
Posted Date : 27-Feb-2017 , 07:48:16 am | Posted By CASANSAAR
Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying th...
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GST |
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Govt warns banks over non-acceptance of PMGKY tax
Posted Date : 27-Feb-2017 , 07:42:18 am | Posted By CASANSAAR
The Government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31.
The Finance Ministry, in a communication to heads of banks which are authorised to accept deposits under the Pradhan Mantri Garib Ka...
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Banking |
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Bank Unions call for strike on 28th Feb.
Posted Date : 27-Feb-2017 , 07:37:35 am | Posted By CASANSAAR
Operations at public sector banks are likely to be disrupted on Tuesday as nine unions under the aegis of United Forum of Bank Unions (UFBU) have called for a strike to press for various demands, including top executives’ accountability in view of mounting bad loans in the sector.Most of the b...
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Banking |
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HSBC discloses tax evasion probes in India, other countries
Posted Date : 27-Feb-2017 , 07:31:38 am | Posted By CASANSAAR
Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed.
"Various tax administrations, regulatory and law enforcement authorities a...
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International Business |
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Freedom 251 phone maker Ringing Bells’ MD detained for fraud
Posted Date : 24-Feb-2017 , 11:11:52 pm | Posted By CASANSAAR
Mohit Goel, the Director of Noida-based company Ringing Bells which had announced Freedom251 smartphones at an astonishingly low price of Rs. 251 apiece, was detained on Thursday on allegations of fraud, police said.
Mr. Goel has been detained after owner of Ghaziabad-based Ayam Enterprises filed...
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General |
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Delhi CA student missing for seven days from Jewar
Posted Date : 24-Feb-2017 , 08:55:45 am | Posted By CASANSAAR
A 23-year-old chartered accountancy student went missing on his way from Delhi to Hathras on February 18 and his family members are running from pillar to post to trace him.
Family members suspect that the CA student, Shubham Mysori, has been kidnapped, but ...
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Students Zone |
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SBI set to hire retired officials as concurrent auditors
Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR
Ahead of merger, State Bank of India (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities.
Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...
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Auditing |
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Government to issue Sovereign Gold Bonds 2016 -17 – Series IV
Posted Date : 24-Feb-2017 , 08:17:09 am | Posted By CASANSAAR
Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017. The Bonds will be issued on March 17, 2017. The Bonds will be sold through...
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Finance |
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Five Associate Banks to Merge with SBI from 1st April
Posted Date : 23-Feb-2017 , 10:45:25 pm | Posted By CASANSAAR
In the largest consolidation exercise in the banking history of India, all the five associate banks will merge with State Bank of India, SBI, from the first of April. The bank said in a regulatory filing that the assets of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travanc...
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Merger & Acquisitions |
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CBEC launches app to provide updates to taxpayers on GST
Posted Date : 23-Feb-2017 , 10:34:03 pm | Posted By CASANSAAR
In step with the Government’s Digital India initiative, the Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax.
Taxpayers can readily access a host of GST informatio...
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GST |
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India to be fastest growing economy among G-20 nations - Moody's
Posted Date : 23-Feb-2017 , 10:19:27 pm | Posted By CASANSAAR
India will be the fastest growing economy among G-20 countries clocking a 7.1 per cent growth in 2017, Moody's Investors Service said today.
The Indian economy had slowed in the fourth quarter of 2016 due to the withdrawal of 86 per cent of the currency in circulation -- without an immediate ...
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International Business |
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Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR
The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...
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Income Tax |
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No threat, show cause to be issued under Operation Clean Money - CBDT
Posted Date : 22-Feb-2017 , 08:43:05 am | Posted By CASANSAAR
The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.
The Central Board of Direct Taxes (CBDT), the policy-making body of t...
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CBDT |
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CA Student goes missing from Noida
Posted Date : 21-Feb-2017 , 07:28:48 am | Posted By CASANSAAR
A 23-year-old chartered accountancy course student has been missing for the past two days, police said.
They said Shubam Maheshwari, who is from Hathras and a final year CA student in Delhi, went missing on Saturday after he left for his hometown from Anand Vihar bus terminal.
Around 9.3...
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CA |
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Government extends deadline for registering on GST portal
Posted Date : 21-Feb-2017 , 07:17:42 am | Posted By CASANSAAR
About1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date. The Delhi government is now preparing to bring out an advertisement to announce extension of the deadline for enrolment till March 15. The earlier deadline was D...
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GST |
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Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR
The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...
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Income Tax |
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RBI enhances cash withdrawal limit from Savings account to Rs 50,000
Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR
Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month.
The Reserve Bank of India (RBI) ...
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RBI |
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Children's accounts to come under Income Tax scanner
Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR
Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.
Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...
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Income Tax |
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GST Council clears compensation Bill
Posted Date : 19-Feb-2017 , 08:24:47 pm | Posted By CASANSAAR
The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. ...
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GST |
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CA Sunil Mehta appointed non-executive Chairman of PNB
Posted Date : 18-Feb-2017 , 08:36:15 am | Posted By CASANSAAR
Punjab National Bank (PNB) has a new non-executive Chairman in CA.Sunil Mehta.
The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services (DFS) for the appointment of Mehta as non-executive Chairman of PNB, official sources said.
He has be...
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Banking |
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Income Tax dept to follow-up with over 1 million taxpayers on high-value deposits
Posted Date : 18-Feb-2017 , 08:29:21 am | Posted By CASANSAAR
The income tax (I-T) department will issue follow-up letters to more than 1 million taxpayers who have failed to respond to its missives to explain high-value cash deposits in bank accounts between 9 November and 30 December.
As part of Operation Clean Money, to begin with, the department had sen...
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Income Tax |
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0 | Hits : 1581
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Eight Executive Directors appointed in various Banks
Posted Date : 18-Feb-2017 , 08:26:46 am | Posted By CASANSAAR
Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau.
Neelam Damodharan and Atanu Kumar Das have been appointed as EDs in Bank of India. Damodharan is General Manager in Bank of Baroda and Das is GM in Vijaya Bank.
K Sw...
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Banking |
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0 | Hits : 1463
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GST governing council meets in Udaipur to give approval to GST Draft Law
Posted Date : 18-Feb-2017 , 08:25:26 am | Posted By CASANSAAR
Goods and Services Tax (GST) governing council will meet in Udaipur, Rajasthan today to give approval to GST Draft Law.
Union Finance Minister Arun Jaitley will chair the meeing which will be attended by Finance Ministers of various states. AIR correspondent reports that the main agenda for...
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GST |
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Online Income Tax grievance redressal facility launched at 60 offices
Posted Date : 16-Feb-2017 , 08:07:25 am | Posted By CASANSAAR
After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Ke...
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Income Tax |
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0 | Hits : 1091
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Cabinet okays merger of SBI, 5 associate banks
Posted Date : 16-Feb-2017 , 08:01:15 am | Posted By CASANSAAR
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
However, no decision was taken on the proposal to also merge the Bharatiya M...
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Merger & Acquisitions |
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0 | Hits : 968
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Income Tax department's mobile app for income tax, PAN soon
Posted Date : 16-Feb-2017 , 08:00:13 am | Posted By CASANSAAR
The Income Tax department is developing an App that will soon allow assesses to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue Permanent Account Numbers, PAN to assesses within minutes by way of e-KYC authentication using Aadhaar.
It will ...
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Income Tax |
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