RBI permits banks to hire ex-officials for internal Audit
Posted Date : 27-Aug-2016 , 07:38:10 am | Posted By CASANSAAR
With banks facing shortage of experienced staff for internal audits, the Reserve Bank of India (RBI) on Thursday allowed them to hire their retired officials for up to three years for assistance in conducting “Risk Based Supervision (RBS)”.
“Keeping in view the change in demogra...
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Auditing |
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Nagaland Assembly ratifies GST
Posted Date : 26-Aug-2016 , 11:01:34 pm | Posted By CASANSAAR
The Nagaland Legislative Assembly today ratified the Goods and Service Tax (GST) Constitution Amendment Bill.
The bill was endorsed by the House by a voice vote following a brief discussion.
Introducing the bill, Minister for Parliamentary Affairs Kiyanilie Peseyie&n...
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GST |
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0 | Hits : 782
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RBI asks banks to provide loans to women self-help groups in rural areas at 7% per annum
Posted Date : 26-Aug-2016 , 05:49:47 pm | Posted By CASANSAAR
RBI has asked banks to provide loans to women self-help groups in rural areas at 7 per cent per annum, as per the government's revised guidelines for the current financial year.
The Reserve Bank said in a notification that all women self-help groups (SHGs) will be eligible for interest ...
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RBI |
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Provide/update PAN details to avoid blocking of e-filing account by the Income Tax Dept - ICAI
Posted Date : 25-Aug-2016 , 11:55:30 pm | Posted By CASANSAAR
It has been noticed that the Income Tax Department has blocked/ disabled the e-Filing account of the members whose correct PAN details are not available with the Department.
Upon following with the Income Tax Department, it has been informed that the blocking and disablement of the E-filing Accou...
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Income Tax |
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Income Tax dept officers to suggest changes in direct tax laws
Posted Date : 25-Aug-2016 , 10:53:09 pm | Posted By CASANSAAR
In a bid to keep nation's tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations.
To begin with, the I-T Department has asked officials to provide suggestio...
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Income Tax |
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0 | Hits : 984
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Delhi Assembly ratifies "big reform" GST bill
Posted Date : 25-Aug-2016 , 10:14:27 am | Posted By CASANSAAR
The Delhi Legislative Assembly on Wednesday passed a resolution to ratify the Constitution (122nd Amendment) Bill or the Goods and Services Tax Bill passed by the Parliament. Deputy Chief Minister Manish Sisodia who moved the resolution in the Assembly said, “We think the GST Bill is...
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GST |
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Madhya Pradesh Passes GST Bill, Seventh State To Do So
Posted Date : 24-Aug-2016 , 06:12:43 pm | Posted By CASANSAAR
A special one-day sitting of the state legislative assembly was convened for ratification of the GST Bill.
The Madhya Pradesh Assembly on Wednesday passed the Goods and Services Tax (GST) Amendment Bill.
A special one-day sitting of the state legislative assembly was convened for ratification ...
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GST |
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0 | Hits : 714
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Online Updation of Member's PAN Detail with ICAI
Posted Date : 24-Aug-2016 , 12:17:08 pm | Posted By CASANSAAR
In Case You are facing any Problem in uploading Tax Audit Reports due to non updation of PAN Number at ICAI or due to differences in the Name as Per ICAI Record and Name Given in PAN Number than pls Go through the Link Mentioned below and update your details.
CLICK HERE FOR ONLINE PAN UPDATE WITH...
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PAN |
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2 | Hits : 12202
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Gujarat becomes 6th State to ratify GST Bill
Posted Date : 24-Aug-2016 , 08:55:01 am | Posted By CASANSAAR
The Gujarat State Assembly on Tuesday ratified the Goods and Services Tax (GST) Constitution Amendment Bill in the absence of the Opposition party Congress.
It has become the sixth State to pass the Bill, which requires ratification from at least 15 state legislatures before the President notifies ...
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GST |
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0 | Hits : 774
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Govt mulls ban on cash deals of over Rs 3 lakh - CBDT
Posted Date : 24-Aug-2016 , 08:49:26 am | Posted By CASANSAAR
The government is examining a recommendation by the special investigation team (SIT) to ban cash transactions of over Rs 3 lakh to clamp down on black money, the top Central Board of Direct Taxes (CBDT) official said on Tuesday.
Addressing an Assocham event, CBDT Chairperson Rani Singh Nai...
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CBDT |
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Chartered Accountant killed by Women in Dlf Gurgaon
Posted Date : 23-Aug-2016 , 08:40:11 am | Posted By CASANSAAR
A 38-year-old chartered accountant (CA) was stabbed to death at his office in U-Block of DLF Phase-3 on Thursday night. A woman has confessed to the crime, claiming that the chartered accountant attempted to rape her when she went to his office, police said.
The deceased has been identified as Ne...
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Chartered Accountant |
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Govt against withdrawing Nominee directors from PSU Banks’ Boards
Posted Date : 23-Aug-2016 , 08:31:55 am | Posted By CASANSAAR
The government is not favour of the Reserve Bank of India’s suggestion seeking to withdraw the banking regulator’s nominee directors from the boards of public sector banks. The finance ministry feels that the presence of RBI nominees improves the working of boards of PSU banks, and their...
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Banking |
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Himachal Pradesh Assembly Becomes Fourth State To Ratify GTS Bill
Posted Date : 22-Aug-2016 , 06:01:57 pm | Posted By CASANSAAR
Himachal Pradesh assembly became the fourth state after Bihar, Jharkhand and Assam to ratify the GST Bill.
The Himachal Pradesh Assembly Monday ratified the landmark constitutional bill for the roll out of the Goods and Services Tax (GST), which was passed by the Parliament earlier this month. Th...
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GST |
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0 | Hits : 799
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Government delves into etailers’ concerns on GST
Posted Date : 22-Aug-2016 , 12:45:21 pm | Posted By CASANSAAR
The government is looking into the biggest concern of online retailers with the goods and services tax (GST) — rules relating to returned goods that have at times even reached as high as half their sales.
The draft GST law does not provide for credit on tax paid on returned goods, pot...
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GST |
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0 | Hits : 828
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Government May Offer Foreign Auditors Direct Access
Posted Date : 22-Aug-2016 , 12:36:03 pm | Posted By CASANSAAR
In a move that signals the government's intent to allow foreign audit firms to register and operate directly in the Indian market, the Ministry of Corporate Affairs has written to the Institute of Chartered Accountants of India (ICAI) to seek its views and recommendations on the government propo...
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Auditing |
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FinMin mulling advancing Union Budget by a month
Posted Date : 22-Aug-2016 , 08:01:35 am | Posted By CASANSAAR
The Union Budget has for decades been presented on the last day of February, but this could soon change with the government mulling advancing it to January-end, to complete the exercise before the beginning of the new financial year.
The finance ministry is overhauling the Budget-making exercise,...
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Income Tax |
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0 | Hits : 912
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GST bill will be tabled in Delhi Assembly during four-day session
Posted Date : 19-Aug-2016 , 10:56:54 pm | Posted By CASANSAAR
The AAP government on Friday said that it will place the GST Bill for ratification before the Delhi Assembly during its four-day session beginning August 22 if it receives official communication about the Bill from the Centre.
Apart from Goods and Services Tax (GST), the Kejriwal government will ...
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GST |
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0 | Hits : 766
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Clarification regarding the Income Declaration Scheme 2016
Posted Date : 19-Aug-2016 , 10:52:58 pm | Posted By CASANSAAR
Fifth Set of Frequently Asked Questions (FAQs) was issued yesterday clarifying certain issues relating to Income Declaration Scheme,2016 (the Scheme). Clarification has been sought as to whether the answer number 4 of the said FAQ shall apply to all assets declared under the Scheme or it is limited ...
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Income Tax |
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0 | Hits : 807
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New updated Version of Income Tax Return Statistics for Assessment Year 2012-13 released
Posted Date : 19-Aug-2016 , 10:52:07 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) had proactively released data relating to direct tax collections, PAN allocation and distribution of income in the returns for AY 2012-13 earlier in April, 2016.
A new version of the income distribution data for AY 2012-13 has now been placed in pu...
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Income Tax |
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0 | Hits : 715
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Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961
Posted Date : 19-Aug-2016 , 10:51:24 pm | Posted By CASANSAAR
Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible...
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Income Tax |
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0 | Hits : 801
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Students can access answer sheet under RTI - SC
Posted Date : 19-Aug-2016 , 06:19:03 am | Posted By CASANSAAR
The Supreme Court has asked the Central Board of Secondary Education (CBSE) to “scrupulously” follow its 2011 judgment that it is a student’s “fundamental and legitimate right” to access his answer sheets under the Right to Information Act.
The recent order by a Benc...
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General |
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Bank unions decide to join national strike on September 2
Posted Date : 18-Aug-2016 , 10:49:29 pm | Posted By CASANSAAR
Around five lakh bank employees and officers in banks will join the All India General Strike on September 2, 2016 to protest against the Central Government's anti-people economic policies and anti-worker labour reforms.
Employees and officers working in various public sector banks, private ba...
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Banking |
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0 | Hits : 963
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Fifth set of FAQs providing clarification on various issues under the IDS 2016
Posted Date : 18-Aug-2016 , 10:37:42 pm | Posted By CASANSAAR
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Income Declaration Scheme Rules, 2016 (the Rules) were notified on 19.5.2016. Representations have been receiv...
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Income Tax |
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Only 14 lakh individuals fell in 30% tax bracket in 2012-13
Posted Date : 18-Aug-2016 , 08:36:13 pm | Posted By CASANSAAR
Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs. 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13.
As per the Income Tax Return Statistics for Assessment Year 2012-13, 14 lakh people or just 4.6 per c...
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Income Tax |
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0 | Hits : 790
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SBI gets board approval for merger of associate banks
Posted Date : 18-Aug-2016 , 06:01:41 pm | Posted By CASANSAAR
State bank of India board at a meeting held on Thursday approved the merger of 3 associate banks and BMBL to create a banking giant. In a filing on BSE, the public sector lender said,”The Central Board of Directors of the State Bank of India have accorded their approval to the Scheme of Acquis...
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Banking |
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0 | Hits : 930
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Wrestler Sakshi Malik Wins India's First Medal in Rio Olympic
Posted Date : 18-Aug-2016 , 12:15:00 pm | Posted By CASANSAAR
On Thursday, India will wake up to the news that wrestler Sakshi Malik has defeated Kyrgyzstan's Aisuluu Tynybekova in Women's freesyle 58Kg wrestling, claiming India's first medal at the 2016 Rio Olympic Games.
Malik defeated Tynybekova (8-5) in a nail-biting contest cont...
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General |
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0 | Hits : 811
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Jharkhand ratifies Constitutional Amendment bill on GST
Posted Date : 17-Aug-2016 , 09:01:30 pm | Posted By CASANSAAR
Jharkhand Assembly voted unanimously to ratify the Goods and Services Tax, GST Bill. With this Jharkhand has become the third state after Assam and Bihar to ratify the GST Bill passed by the Parliament.
AIR Correspondent reports that the proposal was introduced in the assembly by state Minister S...
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GST |
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0 | Hits : 683
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RBI penalises four co-operative banks for norms violations
Posted Date : 17-Aug-2016 , 07:53:49 am | Posted By CASANSAAR
The Reserve Bank on India (RBI) on Tuesday said it has imposed penalties of up to Rs 5 lakh on four co-operative banks for violation of norms.
The central bank said it has imposed a monetary penalty of Rs 5 lakh on The Co-operative City Bank, Guwahati, for flouting know-your-customer ...
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Banking |
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0 | Hits : 1151
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Bihar Becomes First Non-NDA Govt To Ratify GST
Posted Date : 16-Aug-2016 , 04:58:56 pm | Posted By CASANSAAR
Bihar today became the first non-NDA state to ratify the Constitution Amendment Bill on GST after Chief Minister Nitish Kumar counted virtues of the tax reform.
With all the major parties in the state including JD(U), RJD, Congress and BJP in favour of the tax legislation, the House approved the ...
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Excise |
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0 | Hits : 1433
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CBDT to acknowledge black money declarants by August-end
Posted Date : 16-Aug-2016 , 07:46:21 am | Posted By CASANSAAR
Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30.
Since the government has extended the deadline for payment of tax and penalty under the Income Disclosure Scheme (IDS),...
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Income Tax |
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0 | Hits : 895
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