25 lakh cars sold in India every year despite only 24 lakh people declaring income over Rs 10 lakh
Posted Date : 27-Dec-2016 , 08:18:16 pm | Posted By CASANSAAR
An average of 25 lakh cars including 35,000 luxury vehicles are sold in India every year despite only 24 lakh people declaring an annual income of over Rs 10 lakh, PTI reported on Tuesday. A senior government official told the agency that only 3.65 crore of the 125 crore people in the country filed ...
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Income Tax |
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SEBI eases trading norms for equity derivatives contract
Posted Date : 27-Dec-2016 , 08:12:21 pm | Posted By CASANSAAR
With an aim to ease trading requirements, markets regulator Sebi today relaxed the combined futures and options position limit of stock brokers, FPIs and mutual funds in equity derivatives to 20 per cent of the applicable Market Wide Position Limit.
The decision has been taken in consultation wit...
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SEBI |
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Rs 50,000 penalty for holding old notes after December 30?
Posted Date : 27-Dec-2016 , 08:32:18 am | Posted By CASANSAAR
With the old Rs 500 and Rs 1000 currency notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes.
According to report, the government is planning for a new ordinance on holding of old notes and is l...
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Black Money |
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0 | Hits : 1578
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Public Auditors' body demand for more power to PAC, Audit of FIs
Posted Date : 25-Dec-2016 , 11:18:24 pm | Posted By CASANSAAR
The Public Accounts Committee (PAC) should be given enough powers to take up cases for investigation on its own, the Institute of Public Auditors of India (IPAI) has demanded.
Besides, banks, other financial institutions and projects under the PPP should be brought within the scope of CAG's a...
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Auditing |
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0 | Hits : 1142
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No intention of govt to impose long-term capital gains tax - FM
Posted Date : 25-Dec-2016 , 11:08:12 pm | Posted By CASANSAAR
To assuage market fears, Finance Minister Arun Jaitley on Sunday said there is no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about.
The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes...
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Income Tax |
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0 | Hits : 906
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SC to hear plea against tax exemption to political parties on Jan 11
Posted Date : 24-Dec-2016 , 08:35:34 am | Posted By CASANSAAR
The Supreme Court on Friday said it would next month hear a plea seeking quashing of a provision of the Income Tax (IT) Act on tax exemption to political parties on receiving voluntary contributions.
A bench of justices Ashok Bhushan and L Nageswara Rao said there was no urgency in hearing the pl...
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Income Tax |
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0 | Hits : 694
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GST Council to meet again on Jan 3-4 to decide on dual control and IGST - FM
Posted Date : 23-Dec-2016 , 05:41:21 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today said that the GST Council today finalised primary draft of CGST and SGST laws, which are for compensating states.
The laws comprising 197 provisions, 5 schedules have been approved.
While speaking to media after chairing the 7th GST Council meeting, he...
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GST |
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0 | Hits : 1003
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Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Posted Date : 23-Dec-2016 , 03:48:00 pm | Posted By CASANSAAR
Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at...
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Income Tax |
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0 | Hits : 1073
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ICAI Commerce Wizard 2016 for Students on January 8, 2017
Posted Date : 23-Dec-2016 , 09:06:02 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will conduct a talent search examination in Commerce, ‘ICAI Commerce Wizard 2016’ for students of Classes 9 to 12 on January 8, 2017.
There are two levels of the exam in which the candidate can take the level 1 of the test online ...
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ICAI |
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Govt allowed use of old notes for tax payment under PMGKY
Posted Date : 23-Dec-2016 , 09:02:15 am | Posted By CASANSAAR
The Govt has allowed use of old bank notes of 500 and 1,000 rupees for payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) till 30th of this month.
Finance Ministry in a statement said, the Taxation and Investment Regime for PMGKY, 2016 h...
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Income Tax |
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0 | Hits : 834
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I Tax Dept set to initiate criminal action against Mahesh Shah and his CA
Posted Date : 23-Dec-2016 , 08:54:21 am | Posted By CASANSAAR
Income-Tax authorities are set to initiate criminal action against realtor Mahesh Shah and his Chartered Accountant (CA) Tehmul Sethna for filing a “false” declaration of Rs. 13,860 crore black money under the Centre’s Income Disclosure Scheme (IDS).
Mr. Shah had declared unacco...
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CA |
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GST Council finalises Central and State GST Laws, Dual Control pending
Posted Date : 23-Dec-2016 , 08:44:48 am | Posted By CASANSAAR
In a significant breakthrough, the GST Council on Thursday finalised 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws, a senior finance ministry official said on the condition of anonymity.
Another 3-4 clauses relating to definiti...
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GST |
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0 | Hits : 1187
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Income Tax Dept warns taxpayers against sharing user ID, password
Posted Date : 23-Dec-2016 , 08:36:24 am | Posted By CASANSAAR
The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.
In an advisory to taxpayers, the department's TDS Centralised Process...
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Income Tax |
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0 | Hits : 1326
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ICAI Code of Conduct for elected, Co-opted and Nominated Representatives
Posted Date : 23-Dec-2016 , 08:32:02 am | Posted By CASANSAAR
No. ICAI /ESB/2016/02
Announcement
In pursuance of the decision taken at the 356th Meeting of Council held on 29th June - 1st July, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued.
This Code applies to elected and nominated members to the...
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ICAI |
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Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR
The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...
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Income Tax |
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Whatsapp Group Admin Cannot Be Held Responsible For Defamatory Content - HC
Posted Date : 22-Dec-2016 , 08:25:46 am | Posted By CASANSAAR
Last year, social media was rattled by the news of arrest of a Whatsapp Group admin, due to controversial content posted by the members of that group.
The incident happened in Latur, but its ripples were felt all over the country because it made the task of administrating a Whatsapp group (or a T...
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General |
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0 | Hits : 1957
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CBDT asks I-T to ensure better collection of revenue arrears
Posted Date : 21-Dec-2016 , 10:20:56 pm | Posted By CASANSAAR
Concerned over 60 per cent shortfall in cash collection from arrear demands, the CBDT has asked the Income Tax department to pull up its socks and ensure it achieves the target in this regard as the current fiscal is running out fast. While the Central Board of Direct Taxes (CBDT), the policy-making...
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CBDT |
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RBI slaps fine on 5 foreign banks for violating FEMA
Posted Date : 21-Dec-2016 , 08:50:01 pm | Posted By CASANSAAR
The Reserve Bank today imposed penalty on five foreign banks, including Deutsche Bank and Standard Chartered Bank, for violation of its instructions on reporting requirements of the FEMA.
The three other banks are: Bank of America, Bank of Tokyo Mitsubishi and The Royal Bank of Scotland.
RBI s...
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FEMA |
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Currency worth Rs 5.92 lakh crore issued since demonetisation
Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR
The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month.
The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...
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Category :
Banking |
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0 | Hits : 791
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RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR
Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...
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RBI |
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Cyrus Mistry moves National Company Law Tribunal against Tata Sons
Posted Date : 21-Dec-2016 , 08:44:26 am | Posted By CASANSAAR
A day after resigning from the boards of listed Tata group of companies, Cyrus Mistry on Tuesday filed a suit in the National Company Law Tribunal (NCLT) against Tata Sons for “oppression and mismanagement” in the Tata group holding company.
Mistry’s family-owned investment firm...
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Companies Act |
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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 : 1115
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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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Category :
Income Tax |
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0 | Hits : 1889
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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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0 | Hits : 1337
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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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Category :
Banking |
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0 | Hits : 1114
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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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0 | Hits : 1931
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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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