Govt proposes to lower cash transaction limit to Rs.2 lakh
Posted Date : 22-Mar-2017 , 09:18:46 am | Posted By CASANSAAR
Continuing the clampdown on cash transactions, the Centre proposes to further tighten payment norms by capping cash transactions at Rs.2 lakh.
“In the official amendment to the Finance Bill, 2017, the government has proposed that limit of Rs.3 lakh for cash transactions, beyond which it is ...
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Income Tax |
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SC to Govt-Why can't RBI accept scrapped notes till March 31
Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR
The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016.
A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...
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RBI |
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Aadhar to be made mandatory for filing IT return, applying for PAN card
Posted Date : 22-Mar-2017 , 09:07:41 am | Posted By CASANSAAR
The government has proposed to make Aadhaar Card mandatory for filing ITRs or income tax returns and also applying for a Permanent Account Number (PAN).
The proposal was made through an amendment to the Finance Bill 2017 moved by Finance Minister Arun Jaitley in the Lok Sabha.
Besides being ne...
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ITR |
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2 | Hits : 1521
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Bank Branch Audit - Update on allotment of Branches
Posted Date : 21-Mar-2017 , 09:12:54 am | Posted By CASANSAAR
Bank Branch Audit - Update on allotment of Branches
Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval. Few Bank has received the final approval and will start the allotment process very soon.
Plz check your email on regular basis....
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Bank Branch Audit |
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RBI issues draft master circular for revised PPI norms
Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...
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RBI |
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Bharatiya Mahila Bank to be merged with State Bank of India to ensure greater banking services
Posted Date : 21-Mar-2017 , 07:42:25 am | Posted By CASANSAAR
Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace
Union Government is committed to enhance the access to financial services to the population at large and...
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Banking |
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Union Cabinet approves draft GST Bills
Posted Date : 20-Mar-2017 , 12:21:21 pm | Posted By CASANSAAR
The Cabinet on Monday cleared four supporting GST legislations, paving the way for their introduction in Parliament as early as today.
The four supporting legislations — the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) — would be i...
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GST |
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Income Tax department names and shames 29 defaulters
Posted Date : 19-Mar-2017 , 07:52:29 pm | Posted By CASANSAAR
Pursuing with its ‘name and shame’ policy, the income tax department published the names of 29 large defaulters on Saturday through advertisements in national news papers. Together, these defaulters owe Rs 448.02 crore to the I-T department. The dues include both income tax and corporate...
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Income Tax |
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Cabinet may consider GST supplementary legislations on Monday
Posted Date : 19-Mar-2017 , 07:35:23 pm | Posted By CASANSAAR
The Cabinet on Monday may take up for approval the supporting GST legislations, which will then be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime.
A set of four supporting legislations -- the Compensation Law, the Centr...
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GST |
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No proposal to replace Income Tax with BTT - Govt
Posted Date : 18-Mar-2017 , 09:06:40 am | Posted By CASANSAAR
There is no proposal “at present” to replace Income Tax with Banking Transaction Tax or BTT, the government said today.
To a query if the government has any proposal to replace the Income Tax with BTT, Minister of State for Finance Santosh Kumar Gangwar said: “There is no such p...
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Income Tax |
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Number of e-filed ITRs in FY 2016-17 (till 28.02.2017) was 4.21 Cr
Posted Date : 18-Mar-2017 , 08:44:59 am | Posted By CASANSAAR
Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017)
The number of e-filed I...
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ITR |
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Govt to write off tax dues up to Rs 100; 21.54 lakh to benefit
Posted Date : 18-Mar-2017 , 08:41:27 am | Posted By CASANSAAR
As one time measure, the government has decided to write off outstanding taxes of 21.54 lakh taxpayers who owe Rs 100 or less.
This was stated by Minister of State for Finance Santosh Kumar Gangwar in a written reply in the Lok Sabha on Friday.
He said that with a view to reducing the administ...
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Income Tax |
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0 | Hits : 908
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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,...
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CA |
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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...
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GST |
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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...
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Bank Branch Audit |
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40 | Hits : 41384
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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...
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Students Zone |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 849
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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...
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General |
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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...
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CBDT |
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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...
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Banking |
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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...
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RBI |
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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...
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Service Tax |
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0 | Hits : 1099
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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...
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RBI |
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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...
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ICAI |
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0 | Hits : 1890
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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...
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Category :
Excise |
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0 | Hits : 1475
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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...
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ICAI |
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0 | Hits : 1388
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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...
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CA |
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0 | Hits : 2160
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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...
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Budget |
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