Plea in SC against demonetisation of Rs 1,000 & Rs 500 notes
Posted Date : 10-Nov-2016 , 08:20:06 am | Posted By CASANSAAR
A plea was Wednesday filed in Supreme Court seeking quashing of the Narendra Modi government’s decision to demonetise Rs 1,000 and Rs 500 currency notes on grounds that it infringed on citizens’ right to life and to trade, among others. The PIL, which could be listed for hearing during t...
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Banking |
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Deposits over Rs.10 lakh to attract 200% penalty - Revenue Secretary
Posted Date : 10-Nov-2016 , 07:53:06 am | Posted By CASANSAAR
Those who have deposited more than Rs 10 lakh in their bank accounts, not commensurate with their income tax returns, will have to pay tax and a 200 per cent penalty on the amount as laid out in the Income Tax Act, Revenue Secretary Hasmukh Adhia tweeted on Wednesday.
“If ...
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Banking |
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0 | Hits : 2943
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RBI Dismisses Rumours of GPS - enabled Rs 2,000 Notes
Posted Date : 09-Nov-2016 , 10:22:06 pm | Posted By CASANSAAR
The Reserve Bank of India has dismissed as “figments of imagination” rumours that a new series of Rs 2,000 will come with a GPS-chip that will help government track illegal money transactions.
“Such a technology does not exist at the moment in the world, then how can we introduc...
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RBI |
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Lawyers file plea in Bombay HC challenging ban on Rs 500, Rs 1,000 notes
Posted Date : 09-Nov-2016 , 07:20:10 pm | Posted By CASANSAAR
Two senior advocates have moved the Bombay high court (HC) urging it to take suo moto cognisance of the Union government’s decision to stop the circulation of all currency notes of the denomination of Rs500 and Rs1,000.
Advocate Jamshed Mistry and advocate Jabbar Singh moved the HC’s ...
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Banking |
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No tax immunity for deposits of old Rs 500, Rs 1000 notes in banks - FM
Posted Date : 09-Nov-2016 , 07:14:39 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old Rs 500 and Rs 1,000 currency notes in bank accounts will not enjoy immunity from tax and the land of law will apply on source of such money. A day after the government announced the withdrawal of Rs 500 and Rs 1,000 banknote...
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Banking |
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Deposits under tax exemption limit may not draw Income Tax scrutiny
Posted Date : 09-Nov-2016 , 07:12:41 pm | Posted By CASANSAAR
Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs. 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.
After withdrawing Rs. 500 and...
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Income Tax |
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Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016
Posted Date : 09-Nov-2016 , 05:57:14 pm | Posted By CASANSAAR
RBI/2016-17/114
DBR.No.Leg.BC.31/09.07.005/2016-17
November 9, 2016
The Chairman / Managing Director and Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/
Small Finance Banks / Regional Rural Banks / Local Area Banks
All Cooperative Banks
Dear...
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Banking |
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0 | Hits : 5446
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Donald Trump Elected as 45th President of the United States
Posted Date : 09-Nov-2016 , 01:26:38 pm | Posted By CASANSAAR
Donald John Trump was elected the 45th president of the United States on Tuesday in a stunning culmination of an explosive, populist and polarizing campaign that took relentless aim at the institutions and long-held ideals of American democracy.
The surprise outcome, defying late polls that showe...
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International Business |
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Scrapping of Rs.500,1000 Notes - Appeal to Professionals
Posted Date : 09-Nov-2016 , 08:46:54 am | Posted By CASANSAAR
Since Mr. Modi has announced the withdrawal of the high denomination Bank notes last night, Phone calls to CAs are not stopping. Many of us even had sleepless night due panic among business community and our clients.
CASANSAAR would request and appeal to Professional fraternity to avoid a...
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CA |
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RBI issues FAQs to clear the air on scrapped of Rs500, Rs1000 notes
Posted Date : 09-Nov-2016 , 07:53:06 am | Posted By CASANSAAR
After the government’s surprise announcement on Tuesday of making Rs 1,000 and Rs 500 banknotes illegal from midnight, the Reserve Bank of India posted a 25-point detailed FAQs explaining the rationale behind the move.
The central bank said the most important reason for the ban was the abno...
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RBI |
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Full text of PM Modi's speech on Demonetisation of Rs.500 and Rs.1000
Posted Date : 08-Nov-2016 , 11:36:05 pm | Posted By CASANSAAR
My dear citizens
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us ...
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Banking |
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0 | Hits : 1070
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New Rs 2000 and Rs 500 Notes to be Issued Soon
Posted Date : 08-Nov-2016 , 09:01:11 pm | Posted By CASANSAAR
Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.
“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.
Modi says the citizens’ money will be safe as they can deposi...
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Banking |
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0 | Hits : 1092
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PM announces scrapping of currency notes of Rs 500, 1000 denomination w.e.f. midnight tonight
Posted Date : 08-Nov-2016 , 08:53:01 pm | Posted By CASANSAAR
1,000 and 500 rupee notes will cease to be legal tender from midnight tonight and those who are in possession of these notes can deposit the notes in their accounts in banks and post offices from 10th of this month to 30th of December this year.
In a special nationwide televised address this even...
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General |
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GST Potal Launched - Get Ready for GST
Posted Date : 08-Nov-2016 , 01:53:14 pm | Posted By CASANSAAR
The Govt has launched GST portal (www.gst.gov.in). The state wise schedule for GST Registration is hosted on the website.
Government has launched GST Portal (i.e., www.gst.gov.in) for the enrollment of existing taxpayers of VAT, Service Tax and Excise for smooth transition to GST. Exis...
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GST |
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0 | Hits : 2708
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Health Alarm - New Delhi most Polluted city on Earth
Posted Date : 08-Nov-2016 , 08:14:47 am | Posted By CASANSAAR
As Delhi is choking with pollution with most of its parts witnessing smog levels that are almost five times higher, the US environmental protection agency on Monday said that the national capital is the most polluted city on earth right now.
The measurements taken at the US Embassy in Delhi rec...
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General |
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RBI appoints M Rajeshwar Rao as new ED
Posted Date : 08-Nov-2016 , 07:41:45 am | Posted By CASANSAAR
The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's taking voluntary retirement from the central bank. RBI said in a statement that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operatio...
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RBI |
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0 | Hits : 843
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Nomination for Membership at the International Accounting Standards Board (IASB)
Posted Date : 07-Nov-2016 , 10:27:23 pm | Posted By CASANSAAR
International Accounting Standards Board (IASB) is seeking applications for vacancies in the Board
(A) IASB position summary:
The International Accounting Standards Board is the independent standard-setting body of the IFRS Foundation. Members of the Board represent the best available co...
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ICAI |
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ICAI can not take Disciplinary action against Chandigarh Branch of ICAI - HC
Posted Date : 07-Nov-2016 , 08:38:18 am | Posted By CASANSAAR
In a victory of sorts for the committee of the Chandigarh branch of the Northern India Regional Council (NIRC) of Institute of Chartered Accountants of India (ICAI), the Punjab and Haryana High Court has in its interim order said that the committee would continue to function and the respondents in t...
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ICAI |
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CBDT to install cheque deposit machines at Ayakar Seva Kendras
Posted Date : 07-Nov-2016 , 08:27:51 am | Posted By CASANSAAR
In order to make the department more taxpayer friendly, Central Board of Direct Taxes (CBDT) has decided to install cheque deposit machines at Ayakar Seva Kendras (ASKs) and launch a modified website to assist assesses to ascertain their tax liability.
As per the road map prepared by the CBDT, th...
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CBDT |
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PAN Details Updation only required for Practicing Members - ICAI
Posted Date : 06-Nov-2016 , 08:39:32 am | Posted By CASANSAAR
Only required for Practicing Members
This refers to the earlier announcements of ICAI regarding the updation of PAN details by the members in the Institute’s records to avoid blocking of e-filing account by the Income Tax Department. Inspite of the earlier said announcements and reminder em...
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PAN |
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0 | Hits : 2271
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Charted Accountant found dead under mysterious circumstances
Posted Date : 05-Nov-2016 , 07:38:56 am | Posted By CASANSAAR
A 41-year-old Charted Accountant was found dead under mysterious circumstances after he fell from the eighth floor of a highrise building in East Delhi’s Madhu Vihar area on Thursday evening. According to the police, the deceased has been identified as Govind Vallabh. Police said that they hav...
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Chartered Accountant |
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GST Council meeting remains inconclusive on dual control issue
Posted Date : 04-Nov-2016 , 10:32:56 pm | Posted By CASANSAAR
The government says Goods and Service Tax Council meeting remained inconclusive on cross empowerment or dual control issue.
Addressing a press conference in New Delhi at the end of two day meeting of the council, Finance Minister Arun Jaitley said, state Finance Ministers will meet on 20th ...
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GST |
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RBI issues guidelines for forex hedging by foreign companies
Posted Date : 04-Nov-2016 , 10:30:59 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) issued draft guidelines on how Indian subsidiaries of multinational companies can hedge their currency exposure risk in the country.
RBI said on Friday that subsidiaries looking to hedge their exposure outside of exports and imports could do so through all foreign curr...
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RBI |
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Final GST rates out, slabs fixed at 5%, 12%, 18% & 28%
Posted Date : 03-Nov-2016 , 10:04:58 pm | Posted By CASANSAAR
A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council on Thursday.
With a view to keeping inflation under check, essential ...
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GST |
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GST Council to discuss tax rates, dual control today
Posted Date : 03-Nov-2016 , 08:31:47 am | Posted By CASANSAAR
With barely a fortnight left for Parliament's Winter Session, the GST Council will begin its crucial 2-day meeting today to decide on tax rate including the levy of cess and sort out the vexed issue of jurisdiction over assessees.
At the meeting, to be chaired by Finance Minister Arun Jaitley...
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GST |
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0 | Hits : 941
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Pay Income Tax dues in advance to avoid last minute rush - RBI
Posted Date : 03-Nov-2016 , 08:00:54 am | Posted By CASANSAAR
Reserve Bank of India has authorized 29 agency banks to accept payments of Income Tax dues. In a press release, the RBI has appealed to tax payers to remit their income tax sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use alternate channels like selec...
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RBI |
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0 | Hits : 1080
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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961
Posted Date : 03-Nov-2016 , 07:54:30 am | Posted By CASANSAAR
ICAI has released the 5th Edition (November 2016) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 & August 2013.
The ICAI has revised Guidance note on Report under Section...
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Income Tax |
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0 | Hits : 1378
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SEBI tightens norms for credit rating companies
Posted Date : 02-Nov-2016 , 08:03:03 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday asked credit rating agencies to frame detailed rules for rating criteria, processes and responsibilities of rating analysts and increase the range of their disclosures. Raters have 60 days to adhere to these norms.
The capital markets...
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SEBI |
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0 | Hits : 885
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EPFO issues guidelines to settle death claims in seven days
Posted Date : 02-Nov-2016 , 07:50:17 am | Posted By CASANSAAR
The Employees' Provident Fund Organisation (EPFO) on Tuesday said it has issued guidelines to its field offices to settle death claims within seven days and retirement cases before a worker retires from the job.
Labour Minister Bandaru Dattatreya on Tuesday took stock of the action taken on d...
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General |
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0 | Hits : 822
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Sushil Chandra takes charges as CBDT chairman
Posted Date : 02-Nov-2016 , 07:48:41 am | Posted By CASANSAAR
Sushil Chandra, a 1980 batch Indian Revenue Service officer, took charge as the chairman of the Central Board of Direct Taxes (CBDT) on Tuesday.
Chandra has held the post of member, in charge of investigation, CBDT since December 2015 and is said to have played a crucial role in the success of ...
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CBDT |
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