Income Tax detects Rs 3,185 cr black income; seizes Rs 86cr new notes
Posted Date : 21-Dec-2016 , 08:15:02 am | Posted By CASANSAAR
Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes 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 s...
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Income Tax |
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RBI to issue new Rs 500 note with inset letter in new series
Posted Date : 21-Dec-2016 , 08:12:57 am | Posted By CASANSAAR
The Reserve Bank of India, RBI will shortly issue 500 rupee banknotes in Mahatma Gandhi New series with the inset letter E having star mark in the number panel.
The banknote will bear the signature of RBI Governor Dr Urjit R. Patel, year of printing 2016 and Swachh Bahrat Logo.
In a stat...
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Banking |
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0 | Hits : 1063
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CPE Hours Compliance date extended to 31st January 2017
Posted Date : 20-Dec-2016 , 08:45:42 am | Posted By CASANSAAR
Last date for compliance of CPE Hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.
ICAI has stipulated different type of requirements of CPE hours for different type of members based on age, COP holding, residential status, etc, for the current block p...
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Income Tax |
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0 | Hits : 1870
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Make Banks Board Bureau or RBI selector of bank auditors - ICAI to Govt
Posted Date : 20-Dec-2016 , 08:23:44 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has asked the government to put in place a more transparent process in selecting auditors in banks, saying its demand is particularly relevant in the context of high probability of frauds in the lending institutions in the aftermath of demonetis...
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ICAI |
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Government decides to reduce the existing rate of deemed profit u/s 44AD
Posted Date : 20-Dec-2016 , 07:45:51 am | Posted By CASANSAAR
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Ru...
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Income Tax |
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EPFO lowers interest rate on EPF to 8.65 percent for FY17
Posted Date : 19-Dec-2016 , 10:01:22 pm | Posted By CASANSAAR
The Employees Provident Fund Organisation, EPFO has lowered the interest rate on provident fund deposits to 8 (point)65 per cent for the current fiscal, from 8 (point)8 per cent in 2015-16.
Talking to reporters in Bengaluru today, Union Minister of State for Labour and Employment Bandaru Da...
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General |
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Old notes worth more than Rs 5000 can be deposited only once per account until Dec 30
Posted Date : 19-Dec-2016 , 10:00:30 pm | Posted By CASANSAAR
The Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes.
The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far.
...
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Banking |
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Under pressure, banks hand over scrutiny to their Auditing firms
Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR
UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...
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Banking |
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Taxman sends 3000 notices for high bank deposits post notes ban
Posted Date : 17-Dec-2016 , 02:17:27 pm | Posted By CASANSAAR
The Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks.
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation an...
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Income Tax |
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Govt to release app for Aadhaar-linked e-payments soon
Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR
Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments.
"We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...
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Banking |
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Black money holders get last chance to disclose till Mar'17
Posted Date : 17-Dec-2016 , 12:04:20 pm | Posted By CASANSAAR
Offering one last chance to black money holders, the Indian government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.
Offering tax dodgers confidentially and immunity from prosecution under the ne...
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Black Money |
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Govt mulls special session to push GST related bills
Posted Date : 16-Dec-2016 , 08:35:00 am | Posted By CASANSAAR
With Parliament’s winter session heading for a total washout, the government plans a meeting of the Cabinet Committee on Parliamentary Affairs Friday to discuss options including a special short session to take up the Central GST and Integrated GST Bills. The government has, however, decided a...
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GST |
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Traders can register themselves under the GST from Dec 16
Posted Date : 16-Dec-2016 , 08:26:10 am | Posted By CASANSAAR
Around 3.48 lakh traders of the city, registered with the Delhi government's Trade and Taxes department, can register themselves under the upcoming Goods and Services Tax (GST) regime from December 16. The exercise for the registration of city's traders under the new tax law will continue ti...
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GST |
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IBBI notifies norms for liquidation process
Posted Date : 16-Dec-2016 , 08:17:39 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) today notified regulations for liquidation process whereby an insolvency professional is barred from acting as a liquidator unless that individual is independent of the corporate debtor concerned.
The regulations come into force with immed...
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General |
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RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR
Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...
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RBI |
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Legion hacker claims mail leak of 74k Chartered Accountants
Posted Date : 15-Dec-2016 , 08:22:57 am | Posted By CASANSAAR
He is an 18-year-old somewhere in India. Or so, he says. And he is part of Legion, the hacker group that has got India's attention after several high-profile email and Twitter hacks, and some extensive data dumps. On Wednesday evening, he shared with TOI a list of what he claims are email addres...
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Chartered Accountant |
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CBDT warns taxpayers against revising I-T return forms
Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR
In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action.
It said that post demonetisation announc...
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Income Tax |
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Cabinet approves renewal of MoU between ICAI and CBFS Oman
Posted Date : 15-Dec-2016 , 08:07:03 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman.
The MoU w...
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ICAI |
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Report Card on GST Implementation
Posted Date : 15-Dec-2016 , 07:58:02 am | Posted By CASANSAAR
Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attit...
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GST |
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Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR
Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...
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Income Tax |
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Parl panel not in favour of new independent regulator NFRA
Posted Date : 14-Dec-2016 , 09:26:09 am | Posted By CASANSAAR
The CA Institute has cause for cheer with the Veerappa Moily headed Standing Committee on Finance recommending that it was not in favour of establishing a separate regulator--independent of audit profession--for auditors.
This stance of the Parliamentary Panel is being widely read as its veto for...
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ICAI |
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Income Tax dept tells officers to not open last year’s assessments on higher turnover this year
Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR
In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods.
In instructions to the assessing officers, the Central Boar...
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Income Tax |
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RBI wants CCTV footage from banks to spot currency hoarders post demonetisation
Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR
RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.
The Reserve Bank, in a notification issued today, said banks should "preserve ...
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RBI |
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Banks get Rs 12.44 lakh crore in old notes till Dec 10 - RBI
Posted Date : 14-Dec-2016 , 08:46:23 am | Posted By CASANSAAR
RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago.
"The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank a...
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RBI |
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RBI denies reports of Axis Bank's licence cancellation
Posted Date : 13-Dec-2016 , 08:04:07 am | Posted By CASANSAAR
Following allegations of involvement in money laundering in the wake of demonetisation, the Reserve Bank on Monday quelled rumours stating that it has “not initiated any action” to cancel the licence of Axis Bank.
Axis Bank had suspended 24 of its employees for allegedly breaking rule...
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RBI |
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Delhi Police seize Rs 13.56 crore cash from lawyer's office in Delhi
Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR
Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday.
The raid was carried out by Crime Branch at the office of T&T law firm la...
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Banking |
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CBDT to organise drive to sensitise taxpayer of e-initiatives
Posted Date : 12-Dec-2016 , 09:14:55 am | Posted By CASANSAAR
The Income Tax Department is mulling a major educational drive to update professionals, taxpayers and representatives of trade bodies about the initiatives being taken by it with regard to online grievance redressal and e-filing of returns. The drive is aimed at updating stakeholders who have not be...
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CBDT |
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GST Council meet inconclusive; Apr 1 target unlikely
Posted Date : 12-Dec-2016 , 09:11:09 am | Posted By CASANSAAR
With the Centre and states again failing on Sunday to sort out contentious issue of dual control of assessees, the Goods and Services Tax (GST) rollout from April 1 next year is now looking virtually impossible.
The 6th meeting of the all-powerful GST Council was slated to decide on dual control ...
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GST |
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High Court not a disciplinary authority - SC
Posted Date : 10-Dec-2016 , 11:30:32 pm | Posted By CASANSAAR
A High Court is not a disciplinary authority and it is not its job to impose a punishment even if an employer hands down a "shockingly disproportionate" penalty to an errant employee, the Supreme Court has said.
Holding that the power of awarding a particular penalty rested with the dis...
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General |
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RBI asks banks to upload KYC with central registry from Jan 1
Posted Date : 10-Dec-2016 , 11:20:59 pm | Posted By CASANSAAR
Reserve Bank has directed all Scheduled Commercial Banks (SCBs) to upload the Know Your Customer or KYC data pertaining to new individual accounts opened on or after January 1, with Central KYC Records Registry. Besides, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain ...
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Income Tax |
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