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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0 | Hits : 858
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Govt says info under domestic black money scheme confidential
Posted Date : 15-Sep-2016 , 10:12:05 pm | Posted By CASANSAAR
Government today said information about those who declare their black money under the compliance window, ending September 30, will be kept confidential.
As regards concerns regarding confidentiality of the information filed under the scheme, it is reiterated that information contained in a ...
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Income Tax |
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0 | Hits : 800
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PM directs officials to complete all steps much before April 1 for smooth roll out of GST
Posted Date : 15-Sep-2016 , 10:07:57 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has directed officials to complete all steps much before 1st April next year for the smooth roll out of GST.
Reviewing the preparedness for GST at a meeting yesterday, Mr Modi asked the officials to ensure that there is no slippage on date of implementation of GST.
...
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GST |
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CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016
Posted Date : 15-Sep-2016 , 02:18:15 pm | Posted By CASANSAAR
Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from June 1, 2016 and can be availed upto 31st December, 2016.
The scheme is available to the cases pending with the first ...
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CBDT |
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SEBI re-constituted panel on disclosures, accounting standards
Posted Date : 14-Sep-2016 , 09:24:46 pm | Posted By CASANSAAR
Sebi has re-constituted its committee which advises the regulator on issues related to disclosure requirements and accounting practices for various entities in the securities market.
The 17-member Committee on Disclosures and Accounting Standards will continue to be chaired by Tata Sons’ Di...
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SEBI |
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Budget overhaul: FinMin readies presentation before PM
Posted Date : 13-Sep-2016 , 08:12:32 pm | Posted By CASANSAAR
The Indian finance ministry plans to make a presentation to the Prime Minister on the proposed overhaul of the Budget by shifting to outcome-based budgeting, and merger of rail with the general Budget.
Bringing forward the Budget presentation date by a month to January end, scrapping the distinct...
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Budget |
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CBEC to be renamed as CBIT under GST regime
Posted Date : 13-Sep-2016 , 10:23:55 am | Posted By CASANSAAR
Apex indirect tax body CBEC will be renamed as the Central Board of Indirect Tax (CBIT) once the new national tax framework kicks in from April 1 next year, as per the draft dealing in GST organisational structure prepared by the Centre.
Headed by a secretary-level officer, CBIT will implement th...
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GST |
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Pay tax under dispute resolution scheme on time to get relief: CBDT
Posted Date : 13-Sep-2016 , 10:13:56 am | Posted By CASANSAAR
CBDT said assessees taking advantage of the Direct Tax Dispute Resolution Scheme, 2016, will be required to pay the taxes within the stipulated period to avail the relief under the scheme.
"The tax payable under the scheme should be paid to the credit of the government on or before the...
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CBDT |
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Indirect tax up 27% in Apr-Aug; direct tax 15%
Posted Date : 13-Sep-2016 , 09:50:48 am | Posted By CASANSAAR
Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 per cent and direct taxes, 15.03 per cent.
The total direct and indirect tax collections at the end of August stood at Rs 5.25 lakh crore, about a third of the Rs 1...
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General |
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Detail of GST Council and its Secretariat
Posted Date : 12-Sep-2016 , 07:46:30 pm | Posted By CASANSAAR
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:
Creation of the GST Council as per Article 279A of the amended Constitution;
Creation of the G...
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GST |
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Cabinet approves process, formation and functioning of GST council
Posted Date : 12-Sep-2016 , 07:34:41 pm | Posted By CASANSAAR
The Union Cabinet today approved the process, formation and functioning of the Goods and Services Tax (GST) Council. The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates.
Pres...
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GST |
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President hopes Govt will set up GST Council soon
Posted Date : 10-Sep-2016 , 10:16:11 pm | Posted By CASANSAAR
President Pranab Mukherjee on Saturday hoped the government will set up a Goods and Services Tax (GST) Council soon and reduce cascading effect of indirect taxes.
President was speaking at the centenary celeberations of Karur Vysya Bank in Chennai.
The GST,has been ratified by 19-20 stat...
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GST |
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I.Tax Dept asks declarants to hurry as blackmoney window nears end
Posted Date : 10-Sep-2016 , 10:06:44 pm | Posted By CASANSAAR
The Income Tax department on Saturday said those holding potential black money should hurry up and declare their stash funds under the one-time domestic compliance window as only 20 days are left for the Income Declaration Scheme (IDS) to close.
“The Income Declaration Scheme closes on 30.0...
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Income Tax |
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0 | Hits : 916
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Padma Awards Goes Public, Now Citizens Can Nominate Any Achiever
Posted Date : 10-Sep-2016 , 11:03:23 am | Posted By CASANSAAR
Any Indian can now recommend any achiever for the prestigious Padma Awards, with the government throwing open the nomination process to general public to make it transparent and curb the crony culture of influence and lobbying.
The nominations can be made online but the nominators would be requir...
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General |
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ITR Due Date for tax payers whose accounts are required to be audited extended to 17 Oct.
Posted Date : 09-Sep-2016 , 07:45:20 pm | Posted By CASANSAAR
Due date for filing of Income tax returns by tax payers whose accounts are required to be audited under IT Act has been extended to 17th Oct.
Authentic News.
#casansaar(Tweet by Ministry of Finance)...
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Income Tax |
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0 | Hits : 4757
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56% CAs admit presence of corporate tax evasion
Posted Date : 09-Sep-2016 , 08:23:58 am | Posted By CASANSAAR
In a first-of-its kind survey conducted among 95 chartered accountants across the state, 56% admitted to the existence of the malpractice of corporate tax evasion. The assessors cited multiple overlapping taxes, lack of prudent government spending and delays in getting tax refunds as the main reason...
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CA |
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GST to spur overhaul of CA course syllabus
Posted Date : 09-Sep-2016 , 08:18:33 am | Posted By CASANSAAR
The implementation of the goods and services tax (GST) bill will call for major changes in the chartered accountancy (CA) syllabus. At least two tax papers of the course will see "big changes", the Institute for Chartered Accountants of India has said.
As the GST bill has already been p...
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GST |
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0 | Hits : 2069
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Banks can accept tax dues in cash under IDS: RBI
Posted Date : 09-Sep-2016 , 08:15:56 am | Posted By CASANSAAR
The Reserve bank of India (RBI) on Thursday directed banks to accept tax dues in cash under the domestic black money declaration scheme which closes on September 30. Under the Income Declaration Scheme, 2016, which came into effect on June 1, one can come clean by paying tax, penalty and cess totall...
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RBI |
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Arunachal Pradesh assembly ratifies GST bill to simplify taxation
Posted Date : 09-Sep-2016 , 08:06:44 am | Posted By CASANSAAR
Arunachal Pradesh on Thursday ratified Goods and Service Tax (GST) Bill to simplify the taxation by implementing single tax rates across the country. Deputy Chief Minister Chowna Mein, who also holds the finance portfolio, moved the resolution for ratification of the Constitution (One Hundred and Tw...
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GST |
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