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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Black Money |
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Income Tax department rejects black money disclosures of over Rs 2 lakh crore
Posted Date : 04-Dec-2016 , 11:06:25 pm | Posted By CASANSAAR
The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind th...
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Income Tax |
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Depositing black money in banks will not make it white - FM
Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR
What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash.
Jaitley said, “...
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Banking |
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No consensus at GST Council, Next Meet on December 11-12
Posted Date : 03-Dec-2016 , 08:35:34 pm | Posted By CASANSAAR
For the third time in one month, the GST Council on Saturday failed to break deadlock over control of assessees under the new indirect tax regime, an issue that has been holding up supporting bills essential for the GST rollout from April 1 next year.
The Council, headed by Finance Minister Arun ...
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Category :
GST |
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Government intends to implement GST by 1st April next year - FM
Posted Date : 03-Dec-2016 , 07:39:22 am | Posted By CASANSAAR
The Two Days Goods and Services Tax,GST Council meeting is underway in New Delhi. It will dwell on the issue of jurisdiction over assesees and draft model laws for implementation of the GST regime from April next year. The meeting is being chaired by Finance Minister Arun Jaitley.
The GST Council...
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GST |
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Businessman declares Rs 13680 crore under disclosure scheme, goes missing
Posted Date : 02-Dec-2016 , 11:03:46 pm | Posted By CASANSAAR
A property dealer who approached the Income Tax department with a disclosure of a whopping Rs 13,680 crore minutes before the voluntary declaration scheme lapsed on September 30 has now gone missing, according to his chartered accountant.
Mahesh Shah, 67, originally hails from Ahmedabad but has b...
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Category :
Income Tax |
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ICAI invites suggestions on revised Model GST Law
Posted Date : 02-Dec-2016 , 10:40:23 pm | Posted By CASANSAAR
Your feedback / concerns and suggestions received on Model GST Law were communicated and as can be seen many amendments are due to the suggestions made by us. CBEC has now released revised draft Model GST Law in the public domain. The same can be viewed at the below link:
http://idtc-icai.s3.amaz...
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ICAI |
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Govt suspends 27 public sector bank officials over ‘illegal’ transactions
Posted Date : 02-Dec-2016 , 09:59:29 pm | Posted By CASANSAAR
The union Ministry of Finance has suspended 27 officials of public sector banks and transferred six to non-sensitive positions over allegations of illegal transactions as the central government continues to plug holes after its announcement to invalidate old high-value banknotes of Rs 500 and Rs 100...
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Banking |
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Constitutional compulsion to roll out GST from Sep next - FM
Posted Date : 02-Dec-2016 , 05:51:27 pm | Posted By CASANSAAR
Citing constitutional compulsion, Finance Minister Arun Jaitley today sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenu...
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Category :
GST |
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0 | Hits : 838
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RBI cautions against fake notifications on social media
Posted Date : 02-Dec-2016 , 08:32:01 am | Posted By CASANSAAR
In view of the numerous notifications being issued by the RBI post the November 8 demonetisation measure, India's central bank on Thursday cautioned people on fake instructions being published in its name by "unscrupulous elementson" over social media.
"It has been reported t...
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RBI |
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NIRC Premier League 2016 - Match Result & Points Table
Posted Date : 01-Dec-2016 , 04:53:30 pm | Posted By CASANSAAR
NIRC Premier League 2016 - Points Table & Every Match Result.
Total 24 Teams are playing in NIRC Premier League. 6 Groups has been formed, Every Team will play 3 matches in each Group. Quarter Final will be in Top 6 Team from Each Group & 2 Top Teams as per NRR.
Every Team had pl...
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Category :
General |
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No tax on ancestral jewellery, purchase from disclosed income
Posted Date : 01-Dec-2016 , 04:31:25 pm | Posted By CASANSAAR
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today.
The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up t...
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Category :
Income Tax |
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0 | Hits : 1373
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Reliance Jio extends free voice & data till March 2017
Posted Date : 01-Dec-2016 , 04:21:40 pm | Posted By CASANSAAR
Industrialist Mukesh Ambani-led Reliance Jio on Thursday announced to extend the freebies including free voice call, and data services till March 31, 2017 through “Jio Happy New Year” offer, a move seen to rapidly double the Jio subscribers to over 100 million from 52 million now.
&ld...
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Category :
General |
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0 | Hits : 773
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Old Rs 500 notes valid at petrol pumps, for airline tickets till tomorrow
Posted Date : 01-Dec-2016 , 04:16:30 pm | Posted By CASANSAAR
The deadline for using old 500 rupee notes at petrol pumps and buying airline tickets at airports has been cut short to tomorrow from the 15th of this month announced earlier. A government notification said, old notes will continue to be accepted for the other utility bill payments as well as at rai...
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Category :
Banking |
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0 | Hits : 871
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GET free of cost 10 unstructured CPE hours on a Self declaration for 2016
Posted Date : 01-Dec-2016 , 08:21:31 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2016. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2016, can file the same now.
...
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Category :
ICAI |
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New Regime of Insolvency and Bankruptcy Code from today
Posted Date : 01-Dec-2016 , 08:13:19 am | Posted By CASANSAAR
Marking the start of a "new regime", the Insolvency and Bankruptcy Code is all set to be operational from today while as many as 15 insolvency professionals have been registered under it.
Describing the Code as the next major reform undertaken by the government after GST (Goods an...
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Category :
Finance |
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NGOs need to register with NITI Aayog for grant-in-aid: Govt
Posted Date : 01-Dec-2016 , 08:05:15 am | Posted By CASANSAAR
The Government has said, it is now mandatory for all Non-Governmental Organisations, NGOs and voluntary outfits to register with the NITI Aayog to receive grant-in-aid from Ministries and Departments of the Central government.
Minister of State for Planning Rao Inderjit Singh said this in a...
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Category :
General |
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0 | Hits : 1068
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National anthem must be played before screening of films - SC
Posted Date : 30-Nov-2016 , 05:26:49 pm | Posted By CASANSAAR
The Supreme Court today directed that cinema halls across the country must play the national anthem before the screening of a film and people should stand up as a mark of respect.
The court also directed that the national flag should be shown on screen when the anthem is played.
"People m...
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Category :
General |
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0 | Hits : 964
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RBI restricts withdrawals from Jan Dhan accounts up to Rs 10,000
Posted Date : 30-Nov-2016 , 04:59:46 pm | Posted By CASANSAAR
The Reserve Bank has placed a limit of 10,000 rupees on monthly withdrawals from Pradhan Mantri Jan Dhan bank accounts and who want to withdraw more than 10,000 a month, will have to furnish appropriate documents to prove why they need the money.
RBI, in a notification, said the move is with the ...
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Category :
Banking |
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0 | Hits : 1232
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Delhi HC dismisses plea against Rs 2.5 lakh withdrawal limit for weddings
Posted Date : 30-Nov-2016 , 04:58:52 pm | Posted By CASANSAAR
Delhi High Court today dismissed petition seeking relaxation in withdrawal limit of Rs 2 lakh 50 thousand for marriages and reserved its verdict on the plea saying that government has provided relaxation wherever necessary on demonetisation issue.
The plea had said, the cap of 2.5 lakh rupe...
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Category :
Banking |
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0 | Hits : 759
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Smaller deposits to be probed only if big accounts indicate irregularities
Posted Date : 30-Nov-2016 , 08:57:57 am | Posted By CASANSAAR
The tax department will go after 'big fish' in probing deposits made in demonetised Rs 500 and Rs 1,000 notes but also intend to investigate small deposits, including Jan-Dhan accounts, if the probe into big tax evaders gives clues for irregularities in these accounts.
“...
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Category :
Income Tax |
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FinMim invites suggestions from public for forthcoming Budget
Posted Date : 30-Nov-2016 , 08:48:51 am | Posted By CASANSAAR
Finance Ministry has invited suggestions from public for Budget 2017-18 to encourage Jan Bhagidari and make the procedure of budget formation transparent.
According to a post on 'My Gov' portal, people can submit their suggestions by 15th of next month. People can submit suggestions...
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Budget |
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PM Modi asks BJP MPs, MLAs to submit their Bank details till 31st December
Posted Date : 30-Nov-2016 , 08:47:00 am | Posted By CASANSAAR
Prime Minister Narendra Modi has asked BJP MPs and MLAs to submit details of their bank account transactions between 8th November and 31st December to party President Amit Shah. Addressing BJP Parliamentary Party meeting in New Delhi today, Mr. Modi rejected the allegation that the Income-Tax Amendm...
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Category :
Banking |
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Son has no legal right in parents' house, can stay at their mercy: Delhi HC
Posted Date : 29-Nov-2016 , 08:23:41 pm | Posted By CASANSAAR
A son, irrespective of his marital status, has no legal right to live in the self-acquired house of his parents and can reside there only at their "mercy", the Delhi high court has said.
The court also said that only because parents have allowed the son to live in their house as long as...
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Category :
General |
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Government not mulling December 30 cut-off extension for cash deposits
Posted Date : 29-Nov-2016 , 08:14:28 pm | Posted By CASANSAAR
Government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes.
The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes...
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Category :
Banking |
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0 | Hits : 774
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Income tax law amendments passed by Lok Sabha without debate
Posted Date : 29-Nov-2016 , 04:26:11 pm | Posted By CASANSAAR
The Taxation Laws (Second Amendment) Bill was passed in the Lok Sabha on Tuesday without any debate amid sloganeering by the opposition parties which demanded that the government first discuss the fallout of partial demonetisation.
Union finance minister Arun Jaitley, while moving the bill for co...
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Category :
Income Tax |
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0 | Hits : 1416
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RBI relaxes withdrawal limits for deposits made in legal tender
Posted Date : 29-Nov-2016 , 08:31:52 am | Posted By CASANSAAR
RBI has relaxed weekly withdrawal limits in cases where deposits are made in current legal tender notes and said, the decision has been taken as certain depositors are hesitating to deposit money in view of current limits on cash withdrawals.
The withdrawal limit will increase by the amount of de...
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RBI |
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Pay 50 pc tax on unaccounted deposits or 85 pc if caught
Posted Date : 28-Nov-2016 , 04:58:33 pm | Posted By CASANSAAR
Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught. Nearly t...
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Category :
Income Tax |
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0 | Hits : 1392
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30% tax, 10% penalty and 33% surcharge proposed on undisclosed income under demonetisation
Posted Date : 28-Nov-2016 , 03:36:01 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Monday tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted...
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Category :
Income Tax |
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0 | Hits : 1529
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Income tax department asks IDS declarants to pay tax by 30 November
Posted Date : 28-Nov-2016 , 08:14:48 am | Posted By CASANSAAR
With the last date for payment of tax instalment under Income Disclosure Scheme (IDS) drawing close, the income tax department on Sunday warned declarants that non-payment of first instalment by 30 November will make declarations invalid.
The IDS, which was open from June to September, provided...
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Income Tax |
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