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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ICAI issues advisory for members over demonetisation
Posted Date : 10-Dec-2016 , 08:14:33 am | Posted By CASANSAAR
December 9, 2016
ANNOUNCEMENT
For attention of Members
Demonetisation Policy announced by Government of India- An Advisory for Members
As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of ...
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ICAI |
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ICAI will take strict action against those putting the profession to shame
Posted Date : 09-Dec-2016 , 08:26:50 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) vice-president Nilesh S Vikamsey on Thursday said the institute will take strict action against those 'putting the profession to shame'.
His statement came in the backdrop of post-demonetisation crackdown by income tax department and enfo...
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ICAI |
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RBI allows eKYC to use OTP for account opening
Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts.
“A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...
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RBI |
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Govt announces several incentives on payments through digital modes
Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR
Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means.
Mr Jaitley also said,...
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Banking |
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Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad
Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR
Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...
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Income Tax |
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Paperless ICAI - Online submission of ICAI Forms
Posted Date : 08-Dec-2016 , 12:40:21 pm | Posted By CASANSAAR
In the series of regulatory forms - Form 6, Form 9, Form 101, Form 103 and Form 117 are currently available in the above links for ease of access of ICAI and its stakeholders. Members can authenticate and submit forms in online and offline mode using Digital Signature.
Form 6 (Certificate of Prac...
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ICAI |
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Triple talaq is unconstitutional, it violates rights of Muslim women - Allahabad HC
Posted Date : 08-Dec-2016 , 12:27:54 pm | Posted By CASANSAAR
Pronouncing its order on the sensitive issue, the HC said the triple talaq system practice in the Muslim community violates the rights of Muslim women.
The court slammed All India Muslim Personal Law Board's stand of supporting triple talaq saying, "No Personal Law Board is above the Con...
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General |
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Auditors of 50 Bank Branches are under Examination
Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR
On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges.
Sources said the banks on the list have seen the l...
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Banking |
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Panel suggests relief to private companies and subsidiaries of foreign companies from Auditor rotation
Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR
The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front.
The “justifiable relief” should depend upon their capi...
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Category :
Auditing |
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GST jurisdiction a difficult issue, hopeful of Apr roll-out - FM
Posted Date : 08-Dec-2016 , 08:28:49 am | Posted By CASANSAAR
Pinning hopes on quick resolution of the difficult issue of tax jurisdiction with States, Union Finance Minister Arun Jaitley has said that the Goods and Services Tax (GST) regime will be rolled out from April next year.
Addressing the valedictory ceremony of Petrotech 2016 in New Delhi last even...
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GST |
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PSU banks write off Rs 1.54 lakh crore bad loans
Posted Date : 07-Dec-2016 , 10:07:57 pm | Posted By CASANSAAR
Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016, Parliament was informed today.
During 2013-14, all PSBs written off Rs 34,409 crore non-performing assets (NPAs). The amount increased further to Rs 49,018 crore in the following year.
...
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NPA |
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Bombay HC asks RBI to file response to PIL on blind unable to identify notes
Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR
The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...
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Banking |
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Axis Bank suspends 19 officials; Hires KPMG for forensic audit
Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR
Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation.
Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...
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Category :
Banking |
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Justice JS Khehar to be next Chief Justice of India
Posted Date : 06-Dec-2016 , 09:54:19 pm | Posted By CASANSAAR
Justice Khehar, who will be sworn in on January 4, will hold the tenure for over seven months till August 27, 2017.
Justice Jagdish Singh Khehar, who led the five-judge constitution bench in the Supreme Court which had struck down the controversial NJAC Act for appointment of judges, was on Tuesd...
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General |
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Expert panel on audit firms gets more time to submit report
Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR
A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report.
The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...
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Auditing |
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Government departments to make all payments above Rs 5000 electronically
Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR
The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000.
This move is intended to bring about a complete digitisation of payments, the ministry said in a statement.
All the...
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Banking |
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0 | Hits : 1014
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US fines Deloitte record $8mn over audit fraud in Brazil
Posted Date : 06-Dec-2016 , 08:38:13 am | Posted By CASANSAAR
A US accounting watchdog hit Deloitte's Brazil division with a record USD 8 million fine for issuing false audits of a US-traded Brazilian airline and then doctoring papers to thwart an investigation, the agency said.
Brazil-based Deloitte Touche Tohmatsu Auditores Independentes "k...
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Auditing |
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ED arrests 2 bank managers for money laundering
Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR
The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said.
“Banks have been advised to stop activity in eleven accounts,” the ED add...
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Banking |
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ISA-AT application forms date extended upto 10th Dec. 2016 - ICAI
Posted Date : 05-Dec-2016 , 09:42:46 pm | Posted By CASANSAAR
5th December 2016
Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
It has been decided that the last date for submission of application forms for ISA-AT scheduled to be held on 24th December 2016 has b...
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ICAI |
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Govt nudges shopkeepers to accept card payments
Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR
As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks.
Merchants will benefit by ...
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Banking |
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Verification of High Value Suspicious Declarations made under the IDS 2016
Posted Date : 05-Dec-2016 , 08:43:41 am | Posted By CASANSAAR
An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent (45%) of the declared amount as tax, surcharge and penalty. The scheme closed on 30th September,2016.
On 1st Octob...
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Category :
Black Money |
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