Petrol price cut by Rs 1/litre, diesel by Rs 2 a litre
Posted Date : 16-Aug-2016 , 07:30:10 am | Posted By CASANSAAR
Petrol price was on Monday cut by Rs 1 per litre and diesel by Rs 2 per litre, following a drop in international prices.
Petrol will cost Rs 60.09 a litre in Delhi from midnight of August 15, as compared to Rs 61.09 a litre currently. On the other hand, diesel will cost Rs 50.27 per litre, as aga...
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General |
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RBI simplifies KYC norms for opening a bank accounts
Posted Date : 15-Aug-2016 , 07:27:14 pm | Posted By CASANSAAR
The six documents required for proof of identity are passport, driving licence, voter identity card, PAN card, Aadhaar card issued by UIDAI, and NREGA card. You need to submit any one of these documents. If these documents also contain your address details, then it would be accepted as proof of addr...
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Banking |
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PM assures middle class an end to tax terrorism
Posted Date : 15-Aug-2016 , 07:06:14 pm | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday assured tax payers that he will remove the fear of taxman hounding them by ushering in accountability and answerability.
“Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situati...
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Income Tax |
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Government notifies revised tax treaty with Mauritius
Posted Date : 14-Aug-2016 , 09:58:59 am | Posted By CASANSAAR
India has notified a landmark Protocol that has now amended an existing 33-year-old double taxation avoidance agreement (DTAA) between India and Mauritius.
The notification of the Protocol on August 10 by the Indian side signifies the culmination of the entire process of amending the DTAA, putt...
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Income Tax |
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Bihar, Gujarat convene assembly sessions to ratify GST Bill
Posted Date : 13-Aug-2016 , 10:28:55 pm | Posted By CASANSAAR
The special session of Bihar Assembly will be held on 16th of this month to pass the Goods and Services Tax, GST Bill. The state cabinet has taken decision in this regard this evening. Chief Minister Nitish kumar chaired the meeting. The session will be for one day only.
It may be noted that both...
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GST |
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Modi govt asks state govts to ratify GST bill
Posted Date : 13-Aug-2016 , 06:11:40 pm | Posted By CASANSAAR
The NDA government today asked the State governments to ratify the GST bill in their respective Assemblies to enable early implementation of the legislation.
Speaking at a BJP party function in Bengaluru, Parliamentary Affairs Minister Anant Kumar congratulated Assam for becoming the first ...
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GST |
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Delhi HC upholds service tax on food, drinks in AC hotels, restaurants
Posted Date : 12-Aug-2016 , 10:40:23 pm | Posted By CASANSAAR
The Delhi High Court on Friday, upheld the Centre’s decision to impose service tax on food and beverages served in air-conditioned restaurants and hotels across the country.
A bench of Justices S Muralidhar and Najmi Waziri, however, held as “unconstitutional and invalid” the pr...
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Service Tax |
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No move to extend Income Disclosure plan deadline
Posted Date : 12-Aug-2016 , 10:04:56 pm | Posted By CASANSAAR
The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30.
On a question whether the government has any plans to extend the IDS deadline, Minister of...
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Income Tax |
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Assam becomes the first state in the country to pass the GST Bill
Posted Date : 12-Aug-2016 , 02:35:21 pm | Posted By CASANSAAR
Finance Minister of Assam Himanta Biswa Sarma tweeted on Friday morning that Assam has become the first state to ratify the Goods and Services Tax (GST) constitution amendment Bill. It was the last day of Assam’s ongoing legislative assembly session, its...
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GST |
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Customers will have zero liability in case of online fraud, says RBI
Posted Date : 12-Aug-2016 , 02:25:13 pm | Posted By CASANSAAR
Amid rise in cases of unauthorised electronic banking transactions, RBI Thursday proposed that customers will have no or zero liability in case of fraud being committed because of bank's negligence or third breach.
However, "where customer's own involvement is estab...
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RBI |
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BMC to tie-up with ICAI to clear irregularity in accounts
Posted Date : 12-Aug-2016 , 02:04:29 pm | Posted By CASANSAAR
Following allegations of discrepancies in its accounts and audit system, the Brihanmumbai Municipal Corporation (BMC) is all set to tie-up with the Institute of Chartered Accountants of India (ICAI) to review its accounting and audit procedures.
Municipal commissioner Ajoy Mehta confirmed that th...
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Income Tax |
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Certification must for bank staff selling retail products - RBI
Posted Date : 12-Aug-2016 , 07:38:48 am | Posted By CASANSAAR
RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimise customer complaints.
In cases where other financial sector regulators ha...
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RBI |
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GST Network to start collecting traders’ data for issuing tax IDs
Posted Date : 12-Aug-2016 , 07:32:35 am | Posted By CASANSAAR
The network that forms the information technology backbone of the goods and services tax (GST) will start a nationwide drive, in collaboration with state governments, to collect information on around eight million traders and issue them tax identification numbers (TIN) as India prepares to implement...
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GST |
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GST rate should not be more than 18% - ICSI
Posted Date : 11-Aug-2016 , 10:12:01 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) today said the GST rate should not be more than 18 per cent, otherwise it will cause rise in inflation.
"If RNR is 19 per cent or more, then we may have inflation in near term. We feel that the ideal RNR rate for GST should be 18 per cent ...
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GST |
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High Court stays disciplinary proceedings against CA
Posted Date : 11-Aug-2016 , 07:38:05 am | Posted By CASANSAAR
The High Court of Kerala has stayed disciplinary proceedings initiated by the Institute of Chartered Accountants of India against a member for exceeding the limit on the number of tax audits.
Disposing a writ filed by Shaji Poulose, a Chartered Accountant practising in Malappuram Dist...
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CA |
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Cabinet approves foreign investment in other Financial Services sector
Posted Date : 10-Aug-2016 , 08:39:48 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).
The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident...
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Finance |
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Govt to set up committee to review e-commerce rules
Posted Date : 10-Aug-2016 , 08:36:12 pm | Posted By CASANSAAR
The government has decided to set up a committee to look into all issues including foreign direct investment norms pertaining to the fast growing e-commerce industry in the country. Official sources said, the committee will be headed by the NITI Aayog CEO.
The other members in the panel will incl...
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General |
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CBDT constitutes committee to review media policy
Posted Date : 10-Aug-2016 , 07:29:12 am | Posted By CASANSAAR
CBDT has constituted a new committee to "review" the existing media policy for communicating the activities of the board and the income tax department to the public.
The nine-member committee has been created under Central Board of Direct Taxes member...
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CBDT |
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SEBI launches e-payment mode for penalties
Posted Date : 10-Aug-2016 , 07:27:40 am | Posted By CASANSAAR
Markets regulator Sebi has introduced electronic mode for payment of penalties, disgorgement as well as settlement amounts.
Currently, Sebi accepts payment through demand drafts.
The move would help in enabling ease of payment, the Securities and Exchange Board of&n...
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SEBI |
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IT Dept Finds Unaccounted Wealth of Rs 130 Crore With AAP MLA
Posted Date : 10-Aug-2016 , 07:21:15 am | Posted By CASANSAAR
The Income Tax Department has found unaccounted income and investment worth Rs 130 crore with Aam Aadmi Party (AAP) MLA Kartar Singh Tanwar, sources said on Tuesday.
The department has already seized unaccounted cash and jewellery of nearly Rs 1 crore from Tanwar and his brother. Tanwar has been ...
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Income Tax |
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ICAI Form Group for looking into the appointments/reappointments of statutory/internal auditors of various units of ICAI
Posted Date : 10-Aug-2016 , 07:14:24 am | Posted By CASANSAAR
No.M-626/2016 ...
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ICAI |
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ICAI form Group for finalizing the format of Fit & Proper Certificate to be issued to Indian CA Firms
Posted Date : 10-Aug-2016 , 07:12:58 am | Posted By CASANSAAR
No.M-626/2016 ...
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ICAI |
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Income Tax refunds of Rs 14,332 cr issued till Aug 5 this year
Posted Date : 09-Aug-2016 , 06:48:01 am | Posted By CASANSAAR
Income Tax refunds of Rs 14,332 crore have been issued this year till August 5, the Finance Ministry said.
"The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore which includes 20.81 lakh refunds for AY 2016-17 (current year retu...
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Income Tax |
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Constitutional amendments on GST Bill made by RS, rectified by LS unanimously
Posted Date : 08-Aug-2016 , 08:23:43 pm | Posted By CASANSAAR
Lok Sabha, on Monday, unanimously passed the 122nd Constitutional Amendment Bill as amended by the Rajya Sabha with all 443 members voting in favour.
AIADMK leader P.Venugopal led a walk out of party MPs after the party was not satisfied with Finance Minister Arun Jaitley's clarifications o...
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GST |
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RBI launches 'Sachet' portal to check illegal money collection
Posted Date : 08-Aug-2016 , 07:38:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) launched a portal to curb illegal collection of money by companies.
This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits, said&...
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RBI |
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Delhi HC dismisses challenge to Centre’s levy of Service Tax on liquor manufacturers
Posted Date : 08-Aug-2016 , 07:32:14 am | Posted By CASANSAAR
The Delhi high court’s Division Bench comprising Justices S. Muralidhar and Vibhu Bakhru today dismissed challenges by liquor manufacturers’ associations to the levy of service tax by the Central Government on those who manufacture alcoholic liquor on job work basis.
The central thrus...
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Service Tax |
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CBI nodal agency for banks to report high value frauds
Posted Date : 07-Aug-2016 , 01:34:45 pm | Posted By CASANSAAR
The CBI has been made the nodal authority for banks to report high value frauds worth over Rs 50 crore in public sector banks.
The move comes after Reserve Bank of India (RBI) noticed that banks do not have a focal point for filing complaints with the CBI. As a result, the investigative agency ...
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Banking |
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0 | Hits : 899
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Govt may have to amend SEZ Act to align it with GST
Posted Date : 07-Aug-2016 , 01:29:09 pm | Posted By CASANSAAR
The government may have to amend the SEZ Act 2005 to align it with the Goods and Services Tax (GST) law so that central excise and service tax benefits can be extended to developers and entrepreneurs.
The Commerce Ministry is in the process of preparing a note on the changes required in the Speci...
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GST |
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Rs 1.23 Lakh Crore of Income Tax Refund Pending: Government
Posted Date : 06-Aug-2016 , 07:00:44 am | Posted By CASANSAAR
Refund claims worth Rs 1.23 lakh crore are pending with the Income Tax Department as on March 31, the government on Friday said.
"As on March 31, 2016, refund claims of above Rs 10 lakh are pending only in 57,783 cases for various assessment years, involving a total amount of Rs 1,23,335 cro...
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Income Tax |
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RBI reviewing its policy to promote cashless transaction: Govt
Posted Date : 06-Aug-2016 , 06:51:41 am | Posted By CASANSAAR
The government today said, Reserve Bank has been reviewing its policy to promote cashless transaction by electronic mode, which is safe, secure and convenient.
In a written reply in Lok Sabha, the Minister of State for Finance Santosh Kumar Gangwar said, according to RBI there has been a ma...
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RBI |
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