GST exemption threshold fixed for Rs.20 Lakh & for North East States Rs. 10 Lakh
Posted Date : 30-Sep-2016 , 03:01:29 pm | Posted By CASANSAAR
The Goods and Services Tax Council, in its second day of meeting, has struck political consensus on the GST threshold limit.
Finance Minister Arun Jaitley addressing the media after the meet said the threshold limit has been set at Rs 20 lakh.
For North-Eastern and other small states, the li...
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GST |
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Govt invites applications for RBI Deputy Governor’s post
Posted Date : 30-Sep-2016 , 08:26:16 am | Posted By CASANSAAR
The Government has invited applications for the post of Deputy Governor in the Reserve Bank of India.
Going by the eligibility criteria listed out in the notification, which calls for people with work experience in public administration or with Indian/ international public financial institution t...
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RBI |
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Interest rates on small savings schemes cut by 0.1% points
Posted Date : 30-Sep-2016 , 08:13:51 am | Posted By CASANSAAR
Interest rates on small saving schemes would be reduced marginally by 0.1 percentage points for the October-December quarter of financial year (FY) 2016-17, leading to lower returns on Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account, a...
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General |
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Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by ICAI
Posted Date : 29-Sep-2016 , 08:47:12 am | Posted By CASANSAAR
Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA
1. The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting hel...
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ICAI |
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PM asks IT Dept to set up mechanism to address grievances of taxpayers
Posted Date : 28-Sep-2016 , 08:11:49 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has asked the Income Tax Department to set up a mechanism to address the grievances of taxpayers. Mr Modi today reviewed the progress towards handling and resolution of grievances related to income tax administration and expressed concern over the grievances.
Interact...
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Income Tax |
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IDS: Tax offices to remain open till 8:00 PM on Sept 28, 29
Posted Date : 28-Sep-2016 , 08:10:57 pm | Posted By CASANSAAR
CBDT extends Working Hours till 8.00 pm on 28th& 29th September, 2016 for IDS Declarations; On 30th September, such declarations can be filed till midnight.
In order to further facilitate the filing of declarations under the Income Declaration Scheme, 2016, the Centr...
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Income Tax |
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Yoga-promoting institutions out of service tax net
Posted Date : 28-Sep-2016 , 08:42:01 am | Posted By CASANSAAR
Yoga instructor Ramdev's trusts and similar other institutions engaged in promoting yoga are not required to pay the service tax for a period, starting from June 20, 2012 to October 20, 2015, provided they are registered as charitable entities.
For period after October 20, 2015, Yoga-promotin...
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Service Tax |
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0 | Hits : 963
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ICAI firm up view on Foreign Auditors Direct Access on Oct. 3
Posted Date : 27-Sep-2016 , 08:40:45 am | Posted By CASANSAAR
The CA Institute will, on October 3, take a final call on the tricky issue of allowing foreign firms to directly offer accounting services in the Indian market.
The Corporate Affairs Ministry (MCA) had sought the CA Institute’s views on whether the government should legalise the entry of fo...
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Auditing |
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Govt asks SC to Restore its Power against Service Tax Defaulters
Posted Date : 27-Sep-2016 , 08:23:02 am | Posted By CASANSAAR
The Centre moved the Supreme Court seeking to restore its power to take action against service tax defaulters on Monday.
The Centre pleaded the Supreme Court division headed by Chief Justice of India TS Thakur to restore its power to arrest the defaulters of service tax.
However, after h...
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Service Tax |
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SBI's Associate banks to soon submit report on amalgamation to RBI
Posted Date : 27-Sep-2016 , 08:15:41 am | Posted By CASANSAAR
As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the scheme of acquisition as ratified by shareholders.
The board of the directors has considered the report of the expert comm...
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Banking |
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No Extension In Deadline For Black Money Disclosure Scheme
Posted Date : 24-Sep-2016 , 10:38:34 pm | Posted By CASANSAAR
Government on Friday ruled out any extension to the September 30 deadline for filing income disclosure under the black money compliance window.
In a series of tweets, Revenue Secretary Hasmukh Adhia said that expectations are raised that looking to the enthusiasm of people for making IDS declarat...
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Black Money |
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CBDT signs Five (5) more Unilateral Advance Pricing Agreements (APAs)
Posted Date : 24-Sep-2016 , 10:25:16 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.
The f...
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CBDT |
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GST Council fails to arrive at consensus on exemption limit; will meet again today
Posted Date : 23-Sep-2016 , 08:06:40 am | Posted By CASANSAAR
The GST Council, which met for the first time on Thursday, failed to arrive at a consensus on the contentious issue of exemption threshold for applicability of the new unified indirect tax – goods and services tax (GST). The meeting, which was chaired by Union finance minister Arun Jaitley, wi...
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GST |
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Income Tax Department unravel Rs 1200 cr undisclosed income
Posted Date : 23-Sep-2016 , 08:00:39 am | Posted By CASANSAAR
Kerala seems to be hot spot when it comes to Income tax (IT) evasion as sleuths traced out undisclosed income worth Rs 1200 in first 6 months of this year alone.
The IT officials claimed that they had eventful period with high number of searches and seizures carried out in 2016.
As per the pre...
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Income Tax |
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Former Kingfisher CFO gets 18-mnth imprisonment in cheque bounce cases
Posted Date : 22-Sep-2016 , 09:19:37 pm | Posted By CASANSAAR
A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases.
The Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 o...
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Income Tax |
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Black money - Income Tax department raids vada pav, jalebi Stalls
Posted Date : 22-Sep-2016 , 11:47:30 am | Posted By CASANSAAR
With the deadline for payment of tax and penalty under the black money disclosure scheme less than two weeks away, the Income-Tax (IT) department has now raided several small businesses including vada pav and jalebi stalls.
According to Economic Times, the IT department raided about 50 vada pav c...
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Income Tax |
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Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
Posted Date : 21-Sep-2016 , 07:21:36 pm | Posted By CASANSAAR
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes.
The Agreement will stimulate the flow of exchange of inform...
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Income Tax |
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Cabinet approves merging of Rail budget with Union Budget
Posted Date : 21-Sep-2016 , 07:15:10 pm | Posted By CASANSAAR
Ending a 92-year-old tradition, the Union Cabinet on Wednesday decided to merge the Railway budget with the General budget and agreed in-principle to advance the date of its presentation in Parliament from the usual February end.
The actual date for presentation of the General budget for 2017-18 ...
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Budget |
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Government invites application for new SEBI Chairman
Posted Date : 21-Sep-2016 , 08:32:22 am | Posted By CASANSAAR
Five months before the tenure of Securities and Exchange Board of India (Sebi) Chairman UK Sinha concludes, the central government has begun the search for a new chief. Sinha was given a one-year extension as the government was unable to find a suitable replacement for the position.
Inviting appl...
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SEBI |
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EY fined $9.3m for Auditors' improper relationships with clients
Posted Date : 21-Sep-2016 , 08:27:37 am | Posted By CASANSAAR
Accounting firm Ernst & Young will pay $9.3 million to settle charges that two of its former auditors got "too close to clients on a personal level" and broke rules aimed at ensuring reviews were impartial, the U.S. Securities and Exchange Commission said .
The agency said the two f...
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Auditing |
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GST Council secretariat to have IRS officers
Posted Date : 21-Sep-2016 , 08:11:36 am | Posted By CASANSAAR
The Centre is keen to look into the composition of Goods and Services Tax (GST) council secretariat to ensure postings of Indian Revenue Service (IRS) officers in its key positions, an association representing them said in New Delhi. The development comes after a delegation of IRS officers associati...
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GST |
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Cabinet to consider Union Budget presentation on February 1
Posted Date : 21-Sep-2016 , 08:05:39 am | Posted By CASANSAAR
Breaking from tradition, the general budget of the Union government is likely to be presented on February 1 instead of the last day of the month, as part of an overhaul that would also scrap the practice of a separate railway budget.
The proposal for advancing of the budget and the merger of the ...
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Budget |
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Big 4 auditing firms corner 26% of audit business in India
Posted Date : 20-Sep-2016 , 08:50:21 am | Posted By CASANSAAR
'Big 4 auditing firms’ - Deloitte, Ernest & Young Group, KPMG and Price Waterhouse Group (PwC) continue to dominate the Indian market with 26% share by volume and 30% by overall fee.
The top 10 audit firms accounted for audit of as many as 549 companies or 36% of the total. Le...
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Auditing |
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FM sets up WAR ROOM to monitor GST implementation
Posted Date : 20-Sep-2016 , 08:46:37 am | Posted By CASANSAAR
A high-level meeting chaired by finance minister Arun Jaitley last week decided to set up a 'war room' in the finance ministry comprising of top officials of the Revenue department and the Central Board of Excise and Customs for day-to-day monitoring of the implementation of GST
The FM...
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GST |
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No legal infirmity in GST notifications
Posted Date : 20-Sep-2016 , 08:25:41 am | Posted By CASANSAAR
The Centre on Monday said its recent notifications, setting up the GST Council and putting into immediate effect 19 sections of the Constitutional Amendment Act for Goods and Services Tax, do not bar it from levying excise duty on goods other than petroleum and tobacco. It wasn’t clear whether...
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GST |
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Centre To Hold Majority Stake In GST Network
Posted Date : 19-Sep-2016 , 11:08:31 pm | Posted By CASANSAAR
The composition of Goods and Services Tax Network (GSTN), a private company tasked to create Information Technology infrastructure for GST, is under examination to give to the Centre majority stake in it.
The government of India presently has 24.5 per cent stake in GSTN while state governments to...
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GST |
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Govt working hard to implement GST: Cabinet Secretary
Posted Date : 19-Sep-2016 , 11:04:33 pm | Posted By CASANSAAR
Cabinet Secretary P K Sinha on September 17 said that government is working hard to implement the Good and Services Tax from 1st of April next year.
Mr Sinha was speaking at the Chief Secretaries' Conclave organised by industry chamber PHD in New Delhi. Terming the GST as a game changer...
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GST |
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SEBI eases documentary requirement for transfer of securities
Posted Date : 16-Sep-2016 , 07:15:29 am | Posted By CASANSAAR
Easing the process of converting physical securities into demat form, markets regulator Sebi has given more flexibility on documentary requirement for the securities held in single name without a nominee.
The move is aimed at making transmission of securities more efficient and investor friendl...
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SEBI |
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Income Tax Department To Honour Honest Taxpayers
Posted Date : 16-Sep-2016 , 06:56:51 am | Posted By CASANSAAR
In a novel initiative revived after decades, the Central Board of Direct Taxes (CBDT) will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their income tax dues diligently over the years.
CBDT, the apex the policy-making body of the Income Tax...
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Income Tax |
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IDS: I-T offices to be open till midnight on Sep 30
Posted Date : 15-Sep-2016 , 10:15:02 pm | Posted By CASANSAAR
The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their offices country-wide open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS).
"The last date for making decl...
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Income Tax |
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