Income Tax department is sending out thank you notes - Did you get one?
Posted Date : 12-Oct-2016 , 08:16:25 am | Posted By CASANSAAR
The income tax department has come to acquire an image of an agency that has usually harassed taxpayers, including the honest ones. But recently several individuals were surprised to receive a 'Certificate of Appreciation' in their mailbox, with some even mistaking it for a spam mail.
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Income Tax |
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Govt issues more draft norms under bankruptcy code
Posted Date : 11-Oct-2016 , 08:17:03 pm | Posted By CASANSAAR
Government today came out with another set of draft rules, including for liquidation of insolvent corporate persons, under the Insolvency and Bankruptcy Code.
As part of implementing the Code, the government has already constituted the Insolvency and Bankruptcy Board of India (IBBI) while the dra...
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General |
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SBI plans Special Audit of associate banks ahead of merger
Posted Date : 11-Oct-2016 , 11:12:26 am | Posted By CASANSAAR
The State Bank of India is planning to carry out a special audit of the associate banks before the scheduled merger.
The SBI is on track to merge with five of its associate banks and the Bharatiya Mahila Bank.
The banks are, the State Bank of Travancore, State Bank of Mysore, State Bank ...
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Auditing |
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Tax from IDS to cushion spectrum bid shortfall - FM
Posted Date : 11-Oct-2016 , 11:06:43 am | Posted By CASANSAAR
Tax collected under the country's biggest black money disclosure will help cushion revenue shortfall from the sale of telecom spectrum and help manage the fiscal situation, Finance Minister Arun Jaitley said today.
As much as Rs 65,250 crore of undisclosed assets were brought to light during ...
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Income Tax |
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Indirect tax mop up grows 26% to Rs 4.08 lakh crore in Apr-Sept
Posted Date : 10-Oct-2016 , 09:16:09 pm | Posted By CASANSAAR
Indirect tax collections during the first half of the current fiscal grew 25.9 percent to Rs 4.08 lakh crore mainly on account of 46 percent jump in excise duty mop up.
The net indirect tax collection in the April-September period accounts for 52.5 percent of the Budget 2016-17 estimates.
A fi...
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General |
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Commerce Ministry wants exemptions for exporters to continue under GST
Posted Date : 09-Oct-2016 , 08:35:29 pm | Posted By CASANSAAR
The Commerce Ministry has suggested to its finance counterpart that the exemptions given to exporters should continue under the new indirect tax regime, GST. The proposed procedure of paying taxes and then claiming the refunds by exporters under the Goods and Services Tax (GST) would cause hardships...
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GST |
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CBDT invites professional institutes to train stakeholders on GST
Posted Date : 08-Oct-2016 , 11:10:11 am | Posted By CASANSAAR
With the deadline for the Goods and Services Tax (GST) regime roll-out less than six months away, the government has decided to utilise the services of professional training institutes for imparting training to trade bodies and other stakeholders, it was announced on Friday.
"As GST is propo...
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GST |
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Download Admit Cards for CA IPC & Final Nov. Exams 2016
Posted Date : 08-Oct-2016 , 11:04:17 am | Posted By CASANSAAR
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2016 examination, with their photographs and signatures on them, are hosted on icaiexam.icai.org Candidates may print their admit cards from the said website.
For downloading/printing of the admit cards, ca...
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CA Exams |
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Finmin seeks industry suggestions on taxation for Budget
Posted Date : 07-Oct-2016 , 07:05:21 pm | Posted By CASANSAAR
Gearing up for early presentation of Union Budget 2017-18, the Finance Ministry has asked industry and trade bodies to start sending suggestions on taxation and other fiscal issues.
The central budget for next financial year is likely to be presented in Parliament latest by February 2 or earlier,...
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Budget |
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RBI issues guidelines for small and payments banks
Posted Date : 07-Oct-2016 , 07:47:34 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday issued separate operating guidelines for payments banks and small finance banks in view of their differentiated nature of business and focus on financial inclusion. The RBI has granted in-principle approvals to 11 payments banks (August 2015) and 10 small financ...
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RBI |
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Finance Ministry sets up Public Debt Management Cell
Posted Date : 06-Oct-2016 , 11:07:27 pm | Posted By CASANSAAR
The Union Finance Ministry has set up a Public Debt Management Cell (PDMC) to streamline government borrowings and better cash management with the overall objective of deepening bond markets. The PDMC, to be housed at RBI's Delhi office, is an interim arrangement and will be upgraded to a statut...
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Finance |
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HC ordered ICAI to suspend CA Firm for issuing False Certification
Posted Date : 06-Oct-2016 , 08:39:05 am | Posted By CASANSAAR
A division bench of the Hyderabad High Court has ordered the Institute of Chartered Accountants of India (ICAI) to suspend a Firm of Chartered Accountants for issuing a false certification to a business firm which enabled the promoters to squander public money by inducing the general public to subsc...
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Category :
Income Tax |
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SEBI asks govt to appoint Woman Director on its Board
Posted Date : 06-Oct-2016 , 08:26:56 am | Posted By CASANSAAR
Sebi has suggested the government to appoint at least one woman director on the regulator's board, in line with its own directions for listed companies' gender diversity on high-table under corporate governance norms.
The Securities and Exchange Board of India (Sebi) had issued guid...
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SEBI |
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States start looking for consultants for GST
Posted Date : 05-Oct-2016 , 10:49:13 pm | Posted By CASANSAAR
States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year.
With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the pr...
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Category :
GST |
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Sushil Chandra to be the next CBDT Chief
Posted Date : 05-Oct-2016 , 10:43:45 pm | Posted By CASANSAAR
Senior Indian Revenue Service officer Sushil Chandra was today appointed chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department.
He will replace Rani Singh Nair, who retires this month-end.
Chandra, a 1980 batch officer of Indian Reve...
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CBDT |
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Central excise officers' body plans protest on GST
Posted Date : 05-Oct-2016 , 10:33:26 pm | Posted By CASANSAAR
An association representing nearly 15,000 central excise and customs officials today said it will launch a nation-wide protest and go on a mass casual leave on 'budget day' if its various demands related to implementation of Goods and Service Tax (GST) are not addressed.
The All India Ass...
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GST |
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IDS 2016 Declarations Cross Rs.71,000 Cr - ICAI
Posted Date : 05-Oct-2016 , 08:08:35 am | Posted By CASANSAAR
The CA Institute on Tuesday said that as per the latest information available with the Institute total declarations made under the ‘Income Declaration Scheme’ 2016 has crossed Rs.71,000 crore.
M Devaraja Reddy, President, Institute of Chartered Accountants of India (ICAI), told at p...
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Income Tax |
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CBEC overhaul likely to administer GST from April 1
Posted Date : 05-Oct-2016 , 07:59:34 am | Posted By CASANSAAR
The government is likely to overhaul the central board of excise and customs’ (CBEC) organisational structure to administer the Central GST (CGST) and Integrated-GST (IGST) from April 1, the appointed date for rolling out the goods and service tax (GST) regime.
Under the CBEC, it is propose...
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GST |
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Provisional certificate valid till degree is issued: HC
Posted Date : 05-Oct-2016 , 07:49:55 am | Posted By CASANSAAR
Provisional certificate issued by a varsity continues to be valid till a degree is issued, Delhi High Court has said while pulling up Delhi University (DU) for denying admission to a student under Scheduled Tribe category on the basis of a provisional certificate.
Justice Sanjeev Sachdeva directe...
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General |
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RBI gives thumbs up to 18 per cent GST rate
Posted Date : 04-Oct-2016 , 09:00:40 pm | Posted By CASANSAAR
The implementation of the much awaited Goods and Services tax could produce a short-lived pass-through to the inflation trajectory the Reserve Bank of India has said in its Monetary Policy Report. It also said that a 18% GST rate would not have any material impact on CPI inflation.
"Wh...
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GST |
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CBI arrests Income Tax officer in bribery case
Posted Date : 04-Oct-2016 , 08:46:31 pm | Posted By CASANSAAR
CBI has arrested an Income Tax officer for allegedly accepting a bribe of Rs 3 lakh and demanding Rs 5,000 as additional illegal gratification for his staff. A CBI spokesperson said in Delhi that the officer and his staff member were arrested from Mumbai.
“A case was registered U/...
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Category :
Income Tax |
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RBI cuts repo rate by 25 basis points to 6.25% from 6.50%
Posted Date : 04-Oct-2016 , 08:40:27 pm | Posted By CASANSAAR
The Reserve bank of India has reduced the key policy rate or the repo rate by 25 bps to 6.25 per cent in the fourth bimonthly policy review announced on Tuesday.
This is the first rate decision made by the Monetary Policy Committee (MPC) of the bank, which is headed by RBI Governor Urjit Patel an...
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RBI |
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Plz help the family of CA died in young age
Posted Date : 04-Oct-2016 , 08:54:49 am | Posted By CASANSAAR
Untimely demise of CA Amit Garg s/o Sh. R.C.Garg (Membership No. 502815) due to cancer based at Faridabad had left his family high and dry (including non working wife and three schooling children).
Any monetary assistance to the bereaved family of deceased would be appreciated.
Bank ...
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General |
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CAG may Audit IDS, not individual declarations
Posted Date : 04-Oct-2016 , 08:21:40 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) may audit the just ended black money disclosure scheme for the process followed and how well it performed, but will not get into the disclosures made.
As much as Rs 65,250 crore of undeclared assets were declared through 64,275 declarations...
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CAG |
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CAG lens on entities avoiding tax with ‘farm income’ claim
Posted Date : 03-Oct-2016 , 10:08:33 pm | Posted By CASANSAAR
The comptroller and auditor general has initiated an audit of entities claiming tax exemption on agricultural income amid suggestions from some political parties and income tax authorities that a blanket exemption be done away with and tax be levied after a threshold.
The auditor has written to t...
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Category :
Income Tax |
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CBDT committed to Strict Confidentiality under Income Declaration Scheme: 2016
Posted Date : 03-Oct-2016 , 07:53:20 pm | Posted By CASANSAAR
While announcing the results of the Income Declaration Scheme 2016 on 1st October, 2016 at a press conference in Delhi, the Honourable Finance Minister Shri Arun Jaitley stressed that no break-up of these declarations on the basis of trades/cities/states shall be released in order to ensure absolute...
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CBDT |
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Kareena Kapoor Khan's income tax account hacked, returns filed
Posted Date : 03-Oct-2016 , 12:52:09 pm | Posted By CASANSAAR
Bollywood actor Kareena Kapoor Khan on Friday filed a complaint against an unidentified person for allegedly hacking into her Income Tax account and filing a false return claim.
The cyber police station in BKC has registered a case and a probe is on to identify and trace the accused.
Police so...
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Category :
Income Tax |
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IDS - 64,275 declarants disclose Rs 65,250 cr black money - FM
Posted Date : 01-Oct-2016 , 10:36:41 pm | Posted By CASANSAAR
In the biggest ever blackmoney disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government.
While the blackmoney declarations will go up once all the online and manual filings of undisclosed ...
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Category :
Income Tax |
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Govt forms panel to examine issues related to Audit Firms
Posted Date : 01-Oct-2016 , 07:38:14 am | Posted By CASANSAAR
The government on Friday set up a three-member expert panel, headed by The Energy and Resources Institute (Teri) chairman Ashok Chawla, to examine various issues related to audit firms, including possible adverse impact from restrictive shareholder agreements.
Reserve Bank of India (RBI) deputy g...
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Auditing |
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IDS - Rs 65,000 Cr and counting
Posted Date : 01-Oct-2016 , 07:34:39 am | Posted By CASANSAAR
The Capital’s tallest building, the 28-storey Civic Centre near the New Delhi Railway Station, is hardly a hub of action on a weekend night. But September 30 was not like any other Friday evening. It was the last day of the government’s Income Declaration Scheme (IDS). And hours before t...
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Income Tax |
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