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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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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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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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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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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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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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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