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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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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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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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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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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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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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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Union Budget 2017 - 18 proposes Reduction in Customs and Excise for Renewable Energy Sector, and Cashless Transaction Devices
Posted Date : 01-Feb-2017 , 02:01:23 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 announced substantial relief in Customs and Excise Duties for Renewable Energy Sector and for manufacture of Cashless Transaction Devices.
In a bid to incentiviz...
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Budget |
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Union Budget 2017 - Live Updates
Posted Date : 01-Feb-2017 , 01:03:29 pm | Posted By CASANSAAR
FM Arun Jaitley to present Union Budget 2017 today. CASANSAAR are providing you live updates of Union Budget 2017. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES.
Lok Sabha adjourned after Arun Jaitley introduces Finance Bill
GST Council finalised its recommendations; impleme...
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Budget |
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Union Budget 2017 - Watch Live Telecast Online on casansaar.com
Posted Date : 01-Feb-2017 , 08:53:17 am | Posted By CASANSAAR
Hon'ble Finance Minister's Presentation of Union Budget 2017 in the Parliament on 01st Feb 2017.
...
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Budget |
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Finance Minister Shri Arun Jaitley Presented Economic Survey 2016-17 in the Parliament
Posted Date : 01-Feb-2017 , 08:48:50 am | Posted By CASANSAAR
Economic Survey says economic growth to return to normal as new currency notes in required quantities come back into circulation and follow-up action on demonetisation is taken.
The CPI based core inflation remained stable in the current fiscal year averaging around 5 per cent.
The Economi...
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Budget |
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Finance Minister to present Union Budget today
Posted Date : 01-Feb-2017 , 08:36:02 am | Posted By CASANSAAR
Finance Minister Arun Jaitley will present the Union Budget in Parliament today. There will be no separate Rail Budget from this year, as it has been merged with the General Budget.
Yesterday, the Economic Survey was presented in the Parliament.
After presenting the Budget, Mr Jait...
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Budget |
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CBDT identifies 18 L people with suspicious deposits
Posted Date : 01-Feb-2017 , 08:22:43 am | Posted By CASANSAAR
The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.
These people will have to reply within 10 ...
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CBDT |
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Pass Percentage & Toppers of CA IPC Nov.16 Exams
Posted Date : 31-Jan-2017 , 12:00:55 pm | Posted By CASANSAAR
The Result of Chartered Accountants IPC Examination has been declared.
The Details of Percentage of candidates passed in the above said examinations are given below.
No. of Candidates
...
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CA Results |
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Rs5,583 crore withdrawn from Jan Dhan accounts in a month post note ban
Posted Date : 31-Jan-2017 , 09:38:09 am | Posted By CASANSAAR
Jan Dhan accounts have witnessed net withdrawal of Rs5,582.83 crore since 7 December, the day deposits in these accounts soared to all time high in the backdrop of demonetisation.
Total deposits in Jan Dhan accounts had increased to a record high of Rs74,610 crore on 7 December and thereafter, it...
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Banking |
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0 | Hits : 761
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ITAT mulls video-courts to help tackle issue of pendency
Posted Date : 31-Jan-2017 , 09:35:04 am | Posted By CASANSAAR
Circuit benches of Income Tax Appellate Tribunal (ITAT) will hold regular sittings at Guwahati, Coimbatore, and Madurai. ITAT has proposed setting up of video courts in these cities to go with such video courts already functional at Rajkot, Jabalpur, Nagpur, Raipur and Surat, Dev Darshan Sud, presid...
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Income Tax |
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