Differentiated tax in GST good for beverages sector
Posted Date : 12-Feb-2017 , 06:33:00 pm | Posted By CASANSAAR
Amid proposal to impose higher taxes on aerated drinks in the upcoming GST, beverages major Coca-Cola India says it will be beneficial for the sector if the government differentiates products within new indirect tax regime based on sugar/calorie content to promote public health.
The Atlanta-headq...
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GST |
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Govt to take Harsh Punitive action against shell cos
Posted Date : 11-Feb-2017 , 10:09:07 am | Posted By CASANSAAR
In a major crackdown on domestic shell companies, the government today decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
Following a review by the Prime Minister's Office, a task force with members from regulator...
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Companies Act |
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Fake currency smuggling halted post note ban - FinMin to PAC
Posted Date : 10-Feb-2017 , 11:13:54 pm | Posted By CASANSAAR
Finance Ministry on Friday informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
According to sources, in its response to th...
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Black Money |
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GSTN rejects CAG’s request to name Auditor, do an extra Audit
Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR
GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...
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GST |
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ICAI plans representation before govt over penalty proposal
Posted Date : 09-Feb-2017 , 08:05:38 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI will approach the government amid concerns over certain proposals under which action can be taken against members for certain violations.
The Council of the Institute of Chartered Accountants of India (ICAI) has discussed the issues.
"There ...
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ICAI |
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Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR
The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...
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Income Tax |
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SMEs to pay 25 per cent tax even if Rs 50 crore limit crossed in FY17 - CBDT Chairman
Posted Date : 06-Feb-2017 , 11:37:22 pm | Posted By CASANSAAR
The I-T department on Monday said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the inco...
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CBDT |
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Taxman not to ask questions on deposits up to Rs 2.5 lakh: I-T dept
Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR
Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns.
Using Big Data analytics, the income tax d...
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Income Tax |
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SC orders attachment of Sahara's Ambey Valley properties
Posted Date : 06-Feb-2017 , 11:24:10 pm | Posted By CASANSAAR
The Supreme Court has attached Ambey Valley properties in Lonavala, Pune in connection with Sahara's default in paying the money to the market regulator, SEBI.
A bench led by Justice Dipak Misra gave the direction after hearing from the counsel of Sahara and SEBI. It said, the propertie...
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Finance |
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Branch Vice Chairman will be the Chairman for the next following year - ICAI
Posted Date : 06-Feb-2017 , 09:14:37 am | Posted By CASANSAAR
ICAI have issued directions to the branches that Vice Chairman of the branch will be the Chairman of the Branch for the next following year
Elevation of Vice Chairman of the Branch as the Chairman in the following year unless two-third of the members present vote to the contrary.
The Managing ...
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ICAI |
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Income tax dept scans 1-cr accounts under Operation Clean Money
Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR
In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.
The tax department has run big data analytics through more than 1...
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Income Tax |
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Taxmen can dig in past 10 years of returns to unearth black money
Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR
In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh.
The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...
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Income Tax |
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Hope to take GST legislations to Parliament this session - FM
Posted Date : 03-Feb-2017 , 10:20:58 pm | Posted By CASANSAAR
Keen to rollout the Goods and Services Tax by July, the government plans to take the supporting legislations to Parliament next month, Finance Minister Arun Jaitley said today.
While the all-powerful GST Council has already decided on a four-slab tax structure for the indirect tax regime, the lev...
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GST |
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Possession of scrapped notes to be punishable
Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR
Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these.
The Bill, to replace ...
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Income Tax |
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0 | Hits : 681
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100% penalty on cash transaction above 3 lakh - RS
Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR
Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.
Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...
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Income Tax |
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RBI to banks: Be quick to identify and declare fraudulent borrowers
Posted Date : 03-Feb-2017 , 08:17:08 am | Posted By CASANSAAR
Flagging instances of loan exposures getting seasoned as non-performing assets (NPAs) for three to four years before borrowers were declared as fraudulent, the Reserve Bank of India has called upon bankers to identify and declare loan accounts as fraud without wasting time.
During FY16, advances-...
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Banking |
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Income Tax dept asks taxpayers to verify online deposits made post demonetization
Posted Date : 02-Feb-2017 , 10:58:52 pm | Posted By CASANSAAR
Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.
The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database t...
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Income Tax |
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0 | Hits : 1526
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Budget to ensure transparency in political funding - ICAI
Posted Date : 02-Feb-2017 , 08:24:58 am | Posted By CASANSAAR
Apex body of chartered accountants ICAI said the stringent and bold measures proposed in the Union Budget would ensure transparency in electoral funding.
In the Budget, the government has proposed restricting permissible cash donation from any person to a political party at Rs 2,000, among other ...
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Budget |
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0 | Hits : 1491
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Auditors, valuers to be fined Rs 10,000 for incorrect certificate
Posted Date : 02-Feb-2017 , 08:20:32 am | Posted By CASANSAAR
Finance Minister Arun Jaitley on Wednesday proposed to penalise accountants, merchant bankers or registered valuers if they provide incorrect information or certificate.
New section 271J proposed to be inserted to provide that penalty of Rs.10,000 would be levied, if an accountant or a merchant b...
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Budget |
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Budget 2017 proposes a penalty for delayed filing of income tax return
Posted Date : 02-Feb-2017 , 08:14:54 am | Posted By CASANSAAR
Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs10,000, but from the 2018-19 Assessment Year (AY).
“In order to ensure that return is filed within due date, it is proposed to insert a new section 234F in the Act (I-T Act) to prov...
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Budget |
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Salient Features of Direct Tax Proposals in Union Budget 2017
Posted Date : 02-Feb-2017 , 07:57:51 am | Posted By CASANSAAR
The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:
I. Affordable Housing:
1. &nb...
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Budget |
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FM reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
Posted Date : 01-Feb-2017 , 02:32:55 pm | Posted By CASANSAAR
Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.
Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.
A simple one...
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Budget |
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First combined Budget of Independent India, that includes Railways, presented
Posted Date : 01-Feb-2017 , 02:29:36 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18, in Parliament today, said that this Budget is the First combined Budget of Independent India that includes the Railways. He said that India is now in a position to synergize the inves...
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Budget |
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Political Parties have to file its ITR within the prescribed time limit
Posted Date : 01-Feb-2017 , 02:25:51 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely while presenting the General Budget 2017-18 in Parliament today said that the political party can receive maximum donation up to Rs. 2,000 in cash from one person. Proposing steps towards transparent funding of political parties...
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ITR |
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FIPB to be phased-out in the next fiscal, Bill to be tabled in Parliament soon to crack down on ponzy schemes
Posted Date : 01-Feb-2017 , 02:13:55 pm | Posted By CASANSAAR
While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister, Shri Arun Jaitley proposed that the Foreign Investment Promotion Board (FIPB) will be phased-out in the next fiscal. Expressing concern over dubious deposit schemes, Shri Jaitley said that a Bill will so...
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Budget |
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0 | Hits : 840
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Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh
Posted Date : 01-Feb-2017 , 02:11:12 pm | Posted By CASANSAAR
In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a sugge...
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Budget |
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0 | Hits : 982
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Union Budget 2017 - Finance Minister announces several anti graft and rationalisation measures in the field of Income tax
Posted Date : 01-Feb-2017 , 02:09:27 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. He said that the Government i...
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Budget |
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0 | Hits : 986
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Union Budget 2017 - Shares of Railway PSEs - IRCTC, IRFC and IRCON to be listed
Posted Date : 01-Feb-2017 , 02:07:00 pm | Posted By CASANSAAR
While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley has said that the shares of Railway Public Sector Enterprises (PSEs) like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Government will encourage strengthening the CP...
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Budget |
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Union Budget 2017 - Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore
Posted Date : 01-Feb-2017 , 02:04:23 pm | Posted By CASANSAAR
Presumptive income scheme for audit of entities raised from Rs. 1 crore to Rs. 2 crore; Threshold for maintenance of books for individuals and HUF more than doubled
Individual Insurance agents earning below taxable limit to be exempted from 5% TDS off commission after filing self-...
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Budget |
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GST Council has finalised its recommendations on almost all the issues based on consensus - FM
Posted Date : 01-Feb-2017 , 02:02:53 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today said that the GST Council has finalised its recommendations on almost all the issues based on consensus after spirited debate and discussions. The Finance Mini...
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GST |
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