RBI lifts ATM withdrawal limits from Feb 1
Posted Date : 31-Jan-2017 , 09:12:08 am | Posted By CASANSAAR
In a big relief to people, RBI today announced lifting of restrictions on daily withdrawal of money from ATMs with effect from Wednesday. and has also withdrawn all limits on Current Accounts and overdraft accounts with immediate effect.
In a circular to the banks, the RBI, however, said the week...
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RBI |
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I.Tax Dept begins action under Benami Transaction Act; Issues 87 notices and attaches 42 assets.
Posted Date : 31-Jan-2017 , 09:07:33 am | Posted By CASANSAAR
Income Tax department has initiated action under the newly enforced Benami Act. IT Department said, post demonetisation it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under Benami Transactions Act. The Act attracts a heavy penalty and rigorous jail term of a ...
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Income Tax |
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Revision of fee for General Management and Communication Skills (GMCS) 15 days (90 hrs) - ICAI
Posted Date : 30-Jan-2017 , 01:36:06 pm | Posted By CASANSAAR
You may be aware that the present fee of Rs.5500/- for General Management and Communication Skills Course was fixed way back in 2013 and has not undergone any revision during the last four years.
Considering the above, the Council has decided to revise the fee for the course on General Mana...
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ICAI |
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Big Data to help tax department find out multiple PAN holders
Posted Date : 30-Jan-2017 , 08:07:39 am | Posted By CASANSAAR
To plug tax loopholes, the I-T department will use Big Data analytics to track down evaders by collecting information such as common address, mobile number and e-mail to establish relationship between their multiple PANs.
The department, with support from private firms, will analyse the voluminou...
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PAN |
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GST protest - 70K tax officers to wear black bands
Posted Date : 30-Jan-2017 , 08:00:41 am | Posted By CASANSAAR
About 70,000 tax officers and employees in the country will wear black bands at work tomorrow, on Martyrs Day, to protest some recent decisions taken by the GST Council headed by Finance Minister Arun Jaitley.
The associations representing them said the decisions are heavily tilted towards the st...
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GST |
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CA IPCC Nov.2016 Exam Result will be declared on 31st Jan.2017
Posted Date : 27-Jan-2017 , 08:11:41 pm | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2016 is likely to be declared on Tuesday, the 31st January 2017 around 6.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above mark...
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CA Results |
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Demonetisation - Private entities to analyse data vis-a-vis ITR, TDS
Posted Date : 26-Jan-2017 , 10:07:57 pm | Posted By CASANSAAR
With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.
The I-T department has already found that post dem...
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Black Money |
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List of Padma Awards 2017 announced by Govt.
Posted Date : 25-Jan-2017 , 06:06:56 pm | Posted By CASANSAAR
Padma Awards - one of the highest civilian Awards of the country, are conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri. The Awards are given in various disciplines/ fields of activities, viz.- art, social work, public affairs, science and engineering, trade and in...
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General |
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Tax to be levied on cash transaction over Rs 50,000
Posted Date : 25-Jan-2017 , 07:33:40 am | Posted By CASANSAAR
In an effort to discourage cash transactions throughout the country, the Chief Minister Sub Committee on Digital Payment today recommended to levy banking cash transaction tax (BCTT) on withdrawal of Rs 50,000 from banks.
The committee-headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu ...
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Banking |
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Bharti Airtel Q3 net dips 54% to Rs 503.7 cr on Jio woes
Posted Date : 24-Jan-2017 , 10:27:33 pm | Posted By CASANSAAR
Telecom major Bharti Airtel on Monday reported over 54 per cent fall in consolidated net profit to Rs 503.7 for the October-December quarter due to "turbulence" from "predatory pricing" of newcomer Reliance Jio.
The company had posted a net profit of Rs 1,108.1 crore in the sa...
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Shares & Stock |
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Cabinet approves Short term market borrowing by NABARD for on lending to Cooperative Banks
Posted Date : 24-Jan-2017 , 09:55:13 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for the following decisions:
i. National Bank for Agriculture & Rural Development (...
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Banking |
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CBDT issues Guiding Principles for determination of Place of Effective Management (POEM) of a Company
Posted Date : 24-Jan-2017 , 09:48:59 pm | Posted By CASANSAAR
The concept of Place of Effective Management (POEM) for deciding the Residential Status of a company was introduced by the Finance Act, 2015. It is effective from 01.04.2016 and accordingly shall apply from assessment year 2017-18 onwards. The guidelines for determining the POEM has been uploaded on...
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CBDT |
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Budget on Feb 1-SC Dismiss Plea, EC gives nod but with riders
Posted Date : 24-Jan-2017 , 09:02:01 am | Posted By CASANSAAR
The Election Commission gave its nod to the Centre to present the Union Budget on February 1 ahead of the Assembly polls, but said no schemes related to these poll-bound states can be announced and the Finance Minister’s speech should not refer to the government’s achievements in these s...
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Budget |
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Restructured Education loans not to be treated as NPAs - RBI
Posted Date : 24-Jan-2017 , 08:41:33 am | Posted By CASANSAAR
In order to encourage banks to provide education loans, RBI has said rescheduling of payment period of such loans due to unemployment of borrower will not be treated as restructured accounts for computing NPAs.
Banks may allow up to three spells of moratorium (not exceeding 6 months each) d...
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RBI |
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SEBI seeks forensic audit of MCX’s trading software
Posted Date : 24-Jan-2017 , 08:38:03 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has directed the board of Multi Commodity Exchange of India Ltd (MCX) to commission a special audit of its trading software, according to two people familiar with the development.
The software is owned and operated by Financial Technologies India ...
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SEBI |
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Income Tax Dept to probe deeper into suspicious bank accounts
Posted Date : 24-Jan-2017 , 08:24:59 am | Posted By CASANSAAR
The Income Tax Department has widened its scrutiny of suspicious transactions postdemonetisation to cover term deposit accounts, loan repayments and advance remittances for imports in the postdemonetisation period.
A senior official confirmed that after analysing cash deposits made in bank and po...
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Income Tax |
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Finance Ministry may review tax regime on long-term capital gains
Posted Date : 23-Jan-2017 , 10:23:43 pm | Posted By CASANSAAR
The finance ministry reviewing the long-term capital gains (LTCG) taxation regime ahead of the Union Budget 2017-18, in the backdrop of Prime Minister Narendra Modi’s suggestion of increasing contribution of financial market participants to the exchequer.
Sources said the review may lead to...
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Income Tax |
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CBI arrests former IDBI Chairman in Vaijay Mallya loan default case
Posted Date : 23-Jan-2017 , 10:19:25 pm | Posted By CASANSAAR
Central Bureau of Investigation (CBI) has arrested former IDBI chairman in Vijay Mallya loan default case, according to sources. Four executives of Kingfisher Airlines and three more former executives of IDBI Bank were also arrested by CBI, according to reports.
Earlier in the day, in a dev...
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Banking |
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Budget 2017 to be presented on Feb 1, SC dismisses plea on postponing it
Posted Date : 23-Jan-2017 , 05:04:57 pm | Posted By CASANSAAR
Supreme Court on Monday dismissed the plea to change the Budget date from February 1. According to PTI, the Supreme Court dismissed the PIL, filed by ML Sharma, as there was no illustration to support that the presentation of the Budget would influence voters’ mind in state elections.
The P...
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Budget |
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SC gives 2 weeks time to Centre for Verification of Mobile users
Posted Date : 23-Jan-2017 , 05:01:12 pm | Posted By CASANSAAR
The Supreme Court today asked the Centre to apprise it within two weeks about the steps which can be taken to scrutinise the existing and future mobile users in the country.
A bench headed by Chief Justice J S Khehar said mobile numbers are now being used for banking purposes also and asked Centr...
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General |
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Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:10:10 pm | Posted By CASANSAAR
Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.
The PMGKDS permits voluntary declarat...
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Income Tax |
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Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:09:32 pm | Posted By CASANSAAR
Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.
The PMGKDS permits voluntary declarat...
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Income Tax |
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NSDL to seek final RBI go-ahead for payments bank
Posted Date : 21-Jan-2017 , 09:52:17 am | Posted By CASANSAAR
The leading depository NSDL on Friday said it will be applying "very soon" for the final licences to launch a payments bank and hopes to roll out the new entity over the next three months.
"We have complied with all the requirements for the final licence and will be making the fina...
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Banking |
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Income Tax dept gets over Rs300 crore declarations under PMGKY
Posted Date : 21-Jan-2017 , 09:43:46 am | Posted By CASANSAAR
The income tax department has received confirmations for over Rs300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation.
Officials said I-T department ...
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Income Tax |
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CA Exam Date Sheet for May 2017 - ICAI
Posted Date : 19-Jan-2017 , 07:58:58 pm | Posted By CASANSAAR
No. 13-CA (EXAM)/M/2017: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following place...
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CS Exams |
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Cabinet approves Listing of Government owned General Insurance Companies at the stock exchanges
Posted Date : 19-Jan-2017 , 08:27:39 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has given its ‘in principle’ approval for listing the following five Government owned General Insurance Companies in the stock exchanges. These are:
The New India Assuran...
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Shares & Stock |
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Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016
Posted Date : 19-Jan-2017 , 08:25:22 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. It also appr...
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Income Tax |
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Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Posted Date : 19-Jan-2017 , 08:24:23 am | Posted By CASANSAAR
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017.
CBDT has received queries from stakeholders seeking clarifications about various provisions of the Scheme. The is...
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Income Tax |
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IDS disclosures valid if taxes realised by December 5 - CBDT
Posted Date : 18-Jan-2017 , 09:06:28 am | Posted By CASANSAAR
In a minor relaxation to IDS tax payment rules, the Income Tax Department has said disclosures under the scheme will be considered valid even if the tax amount has been realised by December 5.
The first instalment of taxes was to be paid by November 30.
The government had come out ...
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CBDT |
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CBDT puts on hold circular on taxation of indirect transfer of shares
Posted Date : 18-Jan-2017 , 09:00:47 am | Posted By CASANSAAR
In a bid to soothe the nerves of foreign portfolio investors spooked by a fresh tax burden on indirect transfers mooted by the Central Board of Direct Taxes last month, the finance ministry stepped into the picture on Tuesday and put the tax department missive in abeyance till further notice.
The...
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Income Tax |
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