Observations of the candidates on the question papers of CA examinations Nov. 2016 - ICAI
Posted Date : 02-Nov-2016 , 07:44:22 am | Posted By CASANSAAR
1st November, 2016
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in November 2016, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post...
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CA Exams |
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ICAI withdraws appointment of administrator for Chandigarh branch
Posted Date : 01-Nov-2016 , 08:52:12 am | Posted By CASANSAAR
The Chandigarh branch of the Northern India regional council of the Institute of Chartered Accountants of India (ICAI) Chandigarh shall continue to function under the chairmanship of CA Sahil Singla, as the apex body of ICAI has withdrawn its order to appoint an administrator to run body.
The dec...
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ICAI |
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FinMin releases Rs 1,093 cr for restoration of infra in J&K
Posted Date : 01-Nov-2016 , 08:42:24 am | Posted By CASANSAAR
The finance ministry today released first instalment of special assistance of Rs 1,093.34 crore for repair and permanent restoration of damaged public buildings in Jammu and Kashmir in pursuance of the announcement made by the Prime Minister last November.
A total sum of Rs 2,000 crore has been p...
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Finance |
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CBDT asks taxmen to ensure revenue collection targets are met
Posted Date : 31-Oct-2016 , 06:34:43 pm | Posted By CASANSAAR
CBDT has asked taxmen to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show a shortfall of an estimated over Rs 14,000 crore.
In a letter written to all the field formations of the Income Tax department, Central Board of Direct Taxes Chair...
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CBDT |
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Banks to report frauds of Rs one crore and above to CVC
Posted Date : 31-Oct-2016 , 04:31:17 pm | Posted By CASANSAAR
With several high-ticket alleged frauds like Vijay Mallya loan default case coming to fore, Central Vigilance Commission has now made it mandatory for the public sector banks to report to it all such matters involving funds over Rs one crore.
Based on the reports, the anti-corruption watchdog, wh...
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Banking |
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GSTN to borrow Rs 800 cr to meet GST infra building cost
Posted Date : 31-Oct-2016 , 04:28:39 pm | Posted By CASANSAAR
GSTN, the company that is building the world's biggest and most complex tax system, will borrow Rs 800 crore from banks to fund infrastructure costs to support Goods and Services Tax rollout from April 1 next year.
The Goods and Services Tax Network (GSTN), a not-for-profit, non-government, p...
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GST |
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67th Annual Report and Audited Annual Accounts of the Institute for the year ended 31st March, 2016 - ICAI
Posted Date : 31-Oct-2016 , 04:23:34 pm | Posted By CASANSAAR
67th Annual Report and Audited Annual Accounts of the Institute for the year ended 31st March, 2016.
In accordance with the provisions of sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and Audited Accounts of the Institute for the year ended on ...
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ICAI |
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SC issues notice to RBI on contempt petition
Posted Date : 31-Oct-2016 , 09:07:06 am | Posted By CASANSAAR
In a significant development, the Supreme Court has ordered issuance of notice to Reserve Bank of India officials after hearing the contempt petition moved by Tirupur Exporters Association president Raja Shanmugam on the derivatives scam issue.
The contempt petition was moved with the allegatio...
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RBI |
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Use housing society letter for loan interest sop: ITAT
Posted Date : 31-Oct-2016 , 09:04:31 am | Posted By CASANSAAR
In a recent order, the income tax appellate tribunal's Mumbai bench has held that to claim an interest deduction against a home loan, a taxpayer is not required to submit a completion certificate from any government authority as proof of having obtained possession within the stipulated time peri...
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Income Tax |
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Income Tax dept emails appellants on resolution plan
Posted Date : 29-Oct-2016 , 11:19:47 am | Posted By CASANSAAR
With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involvi...
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Income Tax |
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New Benami Act to take effect from Nov. 1
Posted Date : 29-Oct-2016 , 11:14:46 am | Posted By CASANSAAR
The Benami Transactions (Prohibition) Amendment Act will come into force on November 1, 2016, the Central Board of Direct Taxes said on Friday.
Following this, the existing Benami Transactions (Prohibition) Act will be renamed as the Prohibition of Benami Property Transactions Act (PB...
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General |
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CBDT signs five unilateral advance pricing agreements with Indian taxpayers
Posted Date : 28-Oct-2016 , 12:21:04 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into five Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers.
The agreements cover a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled ser...
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CBDT |
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BSE, NSE seek clarification from Tata Group on Cyrus Mistry letter
Posted Date : 27-Oct-2016 , 08:19:48 am | Posted By CASANSAAR
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) has sought clarification from various listed companies of Tata Group about purported disclosure by the ousted chairman, Cyrus Mistry about 18-billion dollar possible write-down at these firms. The exchanges have asked Tata Motors, Tata St...
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Shares & Stock |
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Accept Rs.500/1,000 notes only after careful scrutiny: RBI
Posted Date : 27-Oct-2016 , 08:18:47 am | Posted By CASANSAAR
Reserve Bank of India has urged public to examine 500 rupees and 1000 rupees currency notes before accepting them in the usual course of transactions to avoid circulation of fake currency notes. RBI said, unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denomin...
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RBI |
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CBDT releases data relating to ITR Statistics for A.Y. 2013-14 & 2014-15
Posted Date : 26-Oct-2016 , 10:56:15 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) had proactively released in April, 2016 time-series data relating to direct tax collections, number of taxpayers, cost of collection, etc., data of number of PAN allotted and data relating to distribution of income and tax payable in the returns for AY ...
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CBDT |
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CBDT issues second round of Appreciation Certificates to taxpayers
Posted Date : 26-Oct-2016 , 07:51:06 am | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley, had personally handed-over the Certificates of Appreciation to a few individuals at North Block in the national capital to commence the program of taxpayer appreciation on 19th September, 2016. The Central Board of Direct Taxes (CBDT) has sent-out such c...
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CBDT |
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80 lakh assessees may start migrating to GSTN Portal from Nov. 8
Posted Date : 25-Oct-2016 , 08:13:47 am | Posted By CASANSAAR
As many as 80 lakh assessees of excise as well as service tax and VAT can start migrating their registration to the Goods and Service Tax Network portal by November 8, GSTN Chief Executive Prakash Kumar said.
“On this date (November 8), we are releasing enrolments. This means getting these ...
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GST |
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SC to examine disclosure of names in NPAs
Posted Date : 25-Oct-2016 , 08:10:31 am | Posted By CASANSAAR
The central government on Monday told the Supreme Court that anexpert committee it had appointed on non-performing assets will submitits report this month end and the court must hold its hand till then for furtherexamination of the problem which plagues the banking sector.
The court, howeve...
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NPA |
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Cyrus Mistry removed as Tata group chief, Ratan Tata returns
Posted Date : 24-Oct-2016 , 10:56:50 pm | Posted By CASANSAAR
In a dramatic development, Tata Sons, the holding company of the $103-billion (around Rs 6.88 lakh crore) Tata group, said its board has removed Cyrus Pallonji Mistry, 48, as chairman of the conglomerate and named Ratan Tata, chairman of Tata Trusts, the largest shareholder in Tata Sons, as interim ...
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General |
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Salaried tax payers to get SMS alerts on TDS deductions
Posted Date : 24-Oct-2016 , 10:55:31 pm | Posted By CASANSAAR
As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley on Monday launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this f...
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TDS |
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No significant addition to Rs 65,250 Cr IDS disclosure
Posted Date : 24-Oct-2016 , 09:26:08 am | Posted By CASANSAAR
Undeclared wealth of Rs 65,250 crore disclosed under the one-time compliance window has not seen any significant addition after tax authorities completed scrutiny of all the filings, sources said.
Finance Minister Arun Jaitley had on October 1 announced India's biggest ever black money haul w...
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Income Tax |
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RBI will be issuing Rs 2000 currency notes in India
Posted Date : 24-Oct-2016 , 09:23:09 am | Posted By CASANSAAR
The nation India is all ready to add up one more currency note to its currencies very soon, and the reports are very soon coming out with more details. As per the reports, the Reserve Bank of India, RBI is planning up to issue the RS 2000 currency note, and this is the highest to come regarding the ...
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RBI |
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GST a challenge and opportunity for Accounting Professionals
Posted Date : 24-Oct-2016 , 09:19:58 am | Posted By CASANSAAR
Introduction of Goods and Services Tax (GST) is a challenge and opportunity for the chartered accountants, according to M Venkaiah Naidu, Minister of Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting.
He was speaking at the inaugural session of the ICAI...
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GST |
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Income Tax dept to intensify anti-black money operations
Posted Date : 24-Oct-2016 , 09:13:39 am | Posted By CASANSAAR
With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him....
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Income Tax |
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FinMin to hold meeting with top management of banks on NPAs
Posted Date : 24-Oct-2016 , 08:54:45 am | Posted By CASANSAAR
Finance Ministry has called a meeting of senior management of banks today to discuss the bad loans issue in specific sectors. Sources said, the meeting will focus on non-performing assets (NPAs) in sectors like steel, power and infrastructure. These three sectors account for bulk of gross NPAs which...
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Finance |
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Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III
Posted Date : 20-Oct-2016 , 10:09:11 pm | Posted By CASANSAAR
Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III; Applications for the bond to be accepted from October 24, 2016 to November 02, 2016 and the Bonds will be issued on November 17, 2016.
Government of India, in consultation with the Reserve Bank of I...
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RBI |
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Finmin seeks info on debit cards security breach
Posted Date : 20-Oct-2016 , 10:06:34 pm | Posted By CASANSAAR
Concerned over security breach in 32 lakh debit cards of various banks, the Finance Ministry has sought details from lenders as also the additional steps that need to be taken to avert such incidents.
According to the ministry sources, the Department of Financial Services has sought information a...
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Finance |
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GST Council puts off rate decision to Nov 16
Posted Date : 20-Oct-2016 , 08:01:21 am | Posted By CASANSAAR
Centre and states failed to decide the tax rate under the new GST regime even though they "converged towards a consensus" on levying a cess in addition to the highest rate of tax on luxury and sin goods.
There were differences on the issue of dual control with states demanding control o...
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GST |
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3.2 million debit cards compromised; SBI, HDFC Bank, ICICI, YES Bank and Axis worst hit
Posted Date : 20-Oct-2016 , 07:44:15 am | Posted By CASANSAAR
Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India, people aware of the matter said. Several victims have reported unauthorised usage from locations i...
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Banking |
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I T Department Changes PAN Rules For Automobile Sales Above Rs.2 Lakh
Posted Date : 20-Oct-2016 , 07:37:32 am | Posted By CASANSAAR
The Directorate of Income Tax (Intelligence and Criminal Investigation) conducted a seminar of Tuesday on quoting of PAN in respect of transactions of sale or purchase of automobiles above Rs.2 lakh and furnishing of statement of financial transaction in case of receipt of cash payment exceeding Rs....
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PAN |
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