GST - PAN card must for excise, service taxpayers to migrate to new tax regime
Posted Date : 09-Jan-2017 , 07:48:55 am | Posted By CASANSAAR
The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax (GST) set-up.
Despite the political impasse putting a question mark on the planned rollout of the new tax regime from 1...
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GST |
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Income tax department to rope in auditors to probe bank deposits
Posted Date : 09-Jan-2017 , 07:46:00 am | Posted By CASANSAAR
With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.
Following the note ba...
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Income Tax |
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Black money assessment reports can't be disclosed
Posted Date : 09-Jan-2017 , 07:40:13 am | Posted By CASANSAAR
The reports on the quantum of black money held by Indians in the country and abroad cannot be made public, country’s two premier institutes that conducted studies on the ill-gotten wealth on the finance ministry’s directive said.
The UPA government had in 2011 asked three institutes &...
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Black Money |
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General Anti-Avoidance Tax Rule to kick in from April 2017
Posted Date : 09-Jan-2017 , 07:34:18 am | Posted By CASANSAAR
The General Anti-Avoidance Rule,GAAR, will kick in from April 1, 2017 said the Central Board for Direct Taxes today. GAAR was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.
During the 2015 Budget presentation, Finance Mini...
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Income Tax |
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Tax refund to exporters under GST within seven days- Com Min
Posted Date : 05-Jan-2017 , 10:36:13 pm | Posted By CASANSAAR
The Department of Revenue has promised to refund tax claims of exporters within seven days under the new GST regime, thus addressing a major concern of the sector, Commerce and Industry Minister Nirmala Sitharaman said today.
The minister also said that exporters would get interest on the refund ...
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GST |
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TN Govt asks traders to register in GSTN portal
Posted Date : 05-Jan-2017 , 10:33:54 pm | Posted By CASANSAAR
With the Centre keen on implementing the ambitious Goods and Services Tax across the country, Tamil Nadu government today asked traders to register in the website created by the Goods and Services Tax Network (GSTN).
GSTN has set up www.gst.gov.in and those registered traders should registe...
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GST |
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Eight opposition parties demand postponement of Budget presentation to March 8
Posted Date : 05-Jan-2017 , 05:04:01 pm | Posted By CASANSAAR
Eight opposition parties including Congress, JD(U), and TMC today met the Election Commission and demanded that the budget should be presented after 8th of March which is the last day of voting in states going to polls.
Talking to media in New Delhi, senior Congress leader Ghulam Nabi Azad ...
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Budget |
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Income tax department signs three advance pricing pacts with taxpayers
Posted Date : 05-Jan-2017 , 08:41:52 am | Posted By CASANSAAR
The Income tax department signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The three APAs signed today pertain to engineering goods and shipping sectors of the economy. The international transactions cover...
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Income Tax |
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Toll Free Helpline - 14444 for digital payments launched
Posted Date : 05-Jan-2017 , 08:38:24 am | Posted By CASANSAAR
The government, in collaboration with telecom and IT industry, has launched a toll-free helpline - 14444 - to address consumer queries on digital payments.
The helpline will address questions regarding various platforms, including the newly-launched Bharat Interface for Money (BHIM), eWallets, Aa...
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Banking |
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0 | Hits : 1233
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GST deadlock continues over dual control, high sea taxes
Posted Date : 04-Jan-2017 , 08:33:48 pm | Posted By CASANSAAR
The deadlock over the Goods and Services Tax (GST) continued on Wednesday as Centre and States refused to budge from their respective positions on the issues including control of taxpayers and taxing high sea trade.
Stating that the Goods and Services Tax (GST) Council was racing against time on ...
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GST |
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Income Tax dept to ensure no grievance remains pending over 30 days
Posted Date : 04-Jan-2017 , 09:12:12 am | Posted By CASANSAAR
In what could come as a good news for taxpayers in the new year, the Income Tax department has asked its officials to resolve their grievances within 30 days time.
The department's new wing called the 'Directorate of Tax Payer Services' has asked all the regional heads of the I-T to e...
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Income Tax |
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ICAI launches first Cost and Management Accounts Lab
Posted Date : 04-Jan-2017 , 08:54:56 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise. It has marked the initiative with the launch of the country’s first CMA (Cost and Management Accounts) Lab at Coimbatore. The facility was inaugurated by Manas Kumar Thakur, President of the Institute...
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Income Tax |
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0 | Hits : 1672
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RBI permits Paytm to launch its Payments Bank
Posted Date : 04-Jan-2017 , 08:49:39 am | Posted By CASANSAAR
Paytm Payments Bank, owned by One97 Communications and its founder Vijay Shekhar Sharma, received an approval to formally launch its services from the Reserve Bank of India (RBI), Sharma said in a blog post on Tuesday. A company official informed that the payments bank is expected to be launched by ...
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Banking |
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SBI pushes merger of 5 associate banks, Bharatiya Mahila Bank to next fiscal
Posted Date : 04-Jan-2017 , 08:40:50 am | Posted By CASANSAAR
SBI Chief Arundhati Bhattacharya has hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank could be pushed to the next financial year as it is still awaiting the government notification in this regard.
Ms. Bhattacharya said undertaking the merger process in the l...
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Banking |
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0 | Hits : 988
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Supreme Court asks Centre to give details of recovery cases filed by banks
Posted Date : 03-Jan-2017 , 10:27:45 pm | Posted By CASANSAAR
The Supreme Court today asked the Centre to give details of recovery cases filed by banks and financial institutions and those pending in debt recovery tribunals and their appellate bodies for the last ten years.
A bench headed by Chief Justice T S Thakur also sought a response on the question as...
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Banking |
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Union Budget likely to be tabled on February 1
Posted Date : 03-Jan-2017 , 10:24:46 pm | Posted By CASANSAAR
As part of a major overhaul of the budget process, the Cabinet Committee on Parliamentary Affairs (CCPA) on Tuesday recommended advancing the holding of the Budget Session from January 31 followed by the presentation of the Union Budget on February 1.
Both the address of the President and tabling...
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Budget |
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GST - States demand tax on high sea sales, higher compensation
Posted Date : 03-Jan-2017 , 10:23:15 pm | Posted By CASANSAAR
In fresh roadblocks to GST rollout, states today demanded taxation rights for sales in high seas and also increasing the number of items on which cess is to be levied to compensate the states to deal with revenue loss estimated at Rs 90,000 crore post demonetisation.
Initially a Rs 55,000 crore G...
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GST |
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GST delayed, rollout now likely on 1 June
Posted Date : 02-Jan-2017 , 08:34:17 am | Posted By CASANSAAR
The rollout of the goods and services tax (GST) is likely to be delayed by two or three months, according to two people familiar with the situation.
The government is yet to lock down a date, but is likely to settle for either 1 June or 1 July, the people said on condition of anonymity.
Expect...
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GST |
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Govt junks plan for new law on grant of bail
Posted Date : 02-Jan-2017 , 08:21:53 am | Posted By CASANSAAR
Just over a year after it was conceived, the government has junked a plan to come out with a new law that clearly sets out conditions for grant of bail as it now feels that amendments in CrPC can help do away with cumbersome procedures involved in getting the relief.
In September last year, the t...
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General |
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NRIs can exchange defunct notes till june 30, others till March 31- RBI
Posted Date : 01-Jan-2017 , 10:23:30 pm | Posted By CASANSAAR
RBI on Saturday night came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, the last day for depositing the invalid currency notes in banks.
Resident Indian citizens who were abroad from November 9 to December 30 can ...
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Category :
Black Money |
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Rs 3,285 Cr withdrawn from Jan Dhan a/cs in last 15 days
Posted Date : 01-Jan-2017 , 10:20:57 pm | Posted By CASANSAAR
Jan Dhan accounts witnessed net withdrawal of Rs 3,285 crore in the last fortnight after a huge surge in deposits post demonetisation in November.
Total deposits increased to a record high of Rs 74,610 crore for the week ended December 7 and thereafter, it started gradual decline to close at Rs 7...
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Banking |
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SBI, PNB, UBI cuts lending rate by up to 90 bps
Posted Date : 01-Jan-2017 , 10:19:04 pm | Posted By CASANSAAR
Top PSU lenders State Bank, Punjab National Band and Union Bank today slashed their benchmark lending rates by up to 90 basis points.
The country's largest lender, SBI, in a statement said, it has reduced marginal cost of funds based lending rate (MCLR) by 0.9 per cent from 8.90 per cent to 8...
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Banking |
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0 | Hits : 1143
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RBI extends period of enhanced Prepaid Payment Instruments limit
Posted Date : 31-Dec-2016 , 06:43:19 pm | Posted By CASANSAAR
Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments.
RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI iss...
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RBI |
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CBDT plans to act on accounts with huge deposits first
Posted Date : 31-Dec-2016 , 08:35:41 am | Posted By CASANSAAR
As the time-frame to deposit the cash in demonetised Rs 500 and Rs 1,000 notes comes to an end, the Income Tax Department on Friday said that it will have to prioritise and plan the action and is likely to verify accounts with huge deposits first, considering the constraints of a limited manpower co...
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CBDT |
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Archana Nigam appointed as Controller General of Accounts
Posted Date : 31-Dec-2016 , 08:34:28 am | Posted By CASANSAAR
Archana Nigam will take over as the next Controller General of Accounts in the Department of Expenditure under the Ministry of Finance on January 1, 2017.
An Officer of the 1981 batch of the Indian Civil Accounts Service, Nigam has worked in various capacities in a number of ministries in the las...
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CAG |
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Cash withdrawal limit from ATMs increased to Rs 4,500 per day
Posted Date : 31-Dec-2016 , 08:27:04 am | Posted By CASANSAAR
In a major relief for the common man, Reserve Bank of India (RBI) increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1, 2017.
RBI in a notification issued has said that there has been no change in the weekly withdrawal limit, which stands...
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Banking |
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0 | Hits : 806
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President approves promulgation of Specified Bank Notes Ordinance, 2016
Posted Date : 31-Dec-2016 , 08:26:05 am | Posted By CASANSAAR
President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance.
It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a o...
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Banking |
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Demonetisation: Deadline to deposit old notes in banks ends today
Posted Date : 30-Dec-2016 , 08:03:05 am | Posted By CASANSAAR
The 50-day deadline to deposit the old 500 and 1,000 rupee notes in banks comes to an end today, however, people, will still have time to exchange the currency notes at designated RBI counters till March 31 after giving valid reasons for not depositing defunct notes in their accounts by December 30....
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Category :
Black Money |
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0 | Hits : 908
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Income Tax detects Rs 4,172 crore undisclosed income, seizes new note
Posted Date : 29-Dec-2016 , 10:07:09 pm | Posted By CASANSAAR
Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.
Official source...
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Income Tax |
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RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR
Why were Rs 1000 and Rs 500 notes demonetised by the government?
Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public.
The monetary policy regulat...
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RBI |
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