RBI releases guidelines for on-tap bank licence
Posted Date : 01-Aug-2016 , 09:45:23 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday released the much-awaited guidelines for 'on tap' universal banking licence, but excluded large industrial houses as eligible entities from the purview, though they can invest in banks up to 10 per cent.
As per the "Guidelines for 'on tap'...
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RBI |
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Lok Sabha clears Bill for quicker, easier debt recovery
Posted Date : 01-Aug-2016 , 09:38:14 pm | Posted By CASANSAAR
The Lok Sabha on Monday passed a law empowering banks to take possession of collateral in the case of loan default, except for farm land, while Finance Minister Arun Jaitley promised a compassionate view on education loans. He ruled out any waiver in the event of e...
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Banking |
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Rani Nair set to be new CBDT Chairperson
Posted Date : 31-Jul-2016 , 06:31:08 pm | Posted By CASANSAAR
Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperson with incumbent Atulesh Jindal retiring today.
Nair, a 1979-batch Indian Revenue Service officer of the Income-Tax cadre, is currently working as Member (Legislation and Computerisation) in the Centra...
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CBDT |
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Government Extends Deadline For Filing ITRs to 5th August
Posted Date : 29-Jul-2016 , 08:24:38 pm | Posted By CASANSAAR
The government has extended the last date for filing income tax returns, Press Trust of India reported.
Revenue Secretary Hasmukh Adhia said the last date for filing income tax returns has been extended to August 5, 2016, the agency said.
Generally, July 31 is the last date for filing income t...
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ITR |
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Finance Ministry warns tax officials on resolution against revenue dept
Posted Date : 29-Jul-2016 , 09:29:22 am | Posted By CASANSAAR
Sending a stern warning of disciplinary action against tax officials who passed a resolution against Department of Revenue last week, the finance ministry has said it’s an act of insubordination and that no government department has absolute autonomy.
“Finance minister Arun Jaitley ha...
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Income Tax |
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Simplified Central Excise norms for Jewellery Sector notified
Posted Date : 29-Jul-2016 , 09:18:27 am | Posted By CASANSAAR
In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set up a Sub-Committe...
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Excise |
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Bank employees on strike today against merger with SBI
Posted Date : 29-Jul-2016 , 09:16:16 am | Posted By CASANSAAR
Normal banking operations may take a hit today as public sector bank employees will go on strike to protest against proposed merger of associate banks with SBI and banking reforms announced by the government. The United Forum of Banks Unions, an umbrella organisation of nine bank employees and offic...
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Banking |
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Lok Sabha passes comprehensive bill to check benami transactions
Posted Date : 27-Jul-2016 , 10:37:55 pm | Posted By CASANSAAR
Seeking to check black money, Lok Sabha on Wednesday passed a comprehensive Benami Transactions Amendment Bill, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation.
Moving the Benami Transactions (Prohibition) Amendment Bill...
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General |
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Cabinet increases the limit for foreign investment in Stock Exchanges from 5% to 15%
Posted Date : 27-Jul-2016 , 09:59:08 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange. The Cabinet has also...
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International Business |
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RBI slaps Rs 27-cr penalty on 13 banks for FEMA
Posted Date : 27-Jul-2016 , 09:50:39 pm | Posted By CASANSAAR
In a major crackdown for FEMA violations and KYC lapses, the RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines.
On the basis of inputs received ...
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Banking |
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Govt fixes Dec 31 deadline for retro tax settlement
Posted Date : 27-Jul-2016 , 09:49:31 pm | Posted By CASANSAAR
Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.
The one-time offer to settle tax issues by waiving of interest and penalty, if the companies paid up the principal tax amount, had opened on June 1 t...
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Income Tax |
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Union Cabinet clears amendments in GST Bill
Posted Date : 27-Jul-2016 , 09:47:58 pm | Posted By CASANSAAR
Union Cabinet today approved amendment in Goods and Services Tax Bill and dropped one percent additional tax on inter-state sales as proposed in the current bill.
Sources said, the Cabinet also agreed to include the mechanism of compensating states for all loss of revenue for five years in the bi...
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GST |
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Lok Sabha passes the Child Labour Amendment Bill
Posted Date : 27-Jul-2016 , 08:49:12 am | Posted By CASANSAAR
The Lok Sabha on Monday passed the Child Labour (Prohibition and Regulation) Amendment Bill, 2016, despite opposition by several MPs.
The Bill, passed by the Rajya Sabha on July 19, was put to a clause-by-clause vote following a five-hour-long discussion in which 37 MPs spoke with several, includ...
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General |
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CA Inter (IPC) May 2016 Exam result will be on 2nd August 2016
Posted Date : 26-Jul-2016 , 10:55:51 pm | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2016 is likely to be declared on Tuesday, the 2nd August 2016 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the ...
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CA Results |
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RBI slaps penalty on UCO Bank, Allahabad Bank, Bank of India
Posted Date : 26-Jul-2016 , 10:48:55 pm | Posted By CASANSAAR
RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms.
UCO Bank in a BSE filing said that the Reserve Bank has "imposed a penalty" of Rs 2 crore on it on account of "few lapses in adhe...
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Banking |
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Centre, states make headway on key GST issues
Posted Date : 26-Jul-2016 , 10:41:56 pm | Posted By CASANSAAR
Making headway on the long- pending GST Bill, the Centre and States today agreed on the principle that the tax rate will be lower than the current levels even as the broad consensus emerged that the rate should not be part of the statute.
A meeting of the Empowered Committee of State Finance Mini...
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GST |
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CBDT issues draft rules for taxing buy back of unlisted shares
Posted Date : 26-Jul-2016 , 08:25:19 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) on Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.
The distributed income was defined as the consideration paid by the company on buy back o...
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CBDT |
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RBI slaps penalty on BoB, HDFC Bank & PNB
Posted Date : 26-Jul-2016 , 08:20:42 am | Posted By CASANSAAR
The Reserve Bank of India on Monday slapped penalties ranging from ₹2 crore to ₹5 crore on Bank of Baroda, HDFC Bank, and Punjab National Bank over the issue of advance import remittances.
Bank of Baroda said the RBI has imposed a penalty of ₹5 crore on it. This follows the banking regulato...
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Banking |
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0 | Hits : 1414
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Cyber attack on Union Bank’s offshore accounts
Posted Date : 23-Jul-2016 , 08:39:18 am | Posted By CASANSAAR
Public sector Union Bank of India on Friday said one of the bank’s offshore accounts was breached in a cyber attack but the money trail was traced and movement of funds was blocked.
“There was an attempted cyber incidence in USD Nostro Account of the bank. The money trail was prompt...
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Banking |
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HSBC may come under RBI lens for forex scam
Posted Date : 23-Jul-2016 , 08:37:14 am | Posted By CASANSAAR
The Reserve Bank of India may look into the latest disclosure of an alleged foreign exchange fraud committed by two British executives working for HSBC while servicing Cairn Energy. The alleged scam took place in 2010 when Cairn Energy sold its Indian subsidiary to Vedanta for $3.5 billion...
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Banking |
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0 | Hits : 890
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CBDT launches paperless PAN and TAN application process
Posted Date : 23-Jul-2016 , 08:32:07 am | Posted By CASANSAAR
For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day afte...
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PAN |
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I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM
Posted Date : 23-Jul-2016 , 08:26:01 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today.
As part of enforcement measures the department has conducted searches in 990 groups of assessees during the last two y...
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Income Tax |
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RBI to monitor banks on customer rights
Posted Date : 22-Jul-2016 , 07:44:15 am | Posted By CASANSAAR
Reserve Bank will shortly start monitoring banks on issues relating to customer rights in five broad areas, a senior official said today.
The areas on which the regulator will be conducting surveys and supervision at various banks are – right to privacy, right to fair treatment & transp...
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RBI |
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Only 18% of Indian companies ready for mandatory audit firm rotation
Posted Date : 22-Jul-2016 , 07:40:42 am | Posted By CASANSAAR
Only 18 per cent Indian companies are prepared to rotate by 1 April 2017 auditors who have completed 10 years or more as required under the Companies Act 2013, a survey by Grant Thornton and Prime Database says.
The survey says that only 18 per cent have either appointed auditors or have a compre...
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Auditing |
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‘START-UP INDIA’ - Coverage and Eligibility
Posted Date : 22-Jul-2016 , 07:30:20 am | Posted By CASANSAAR
Press Information Bureau
Government of India
Ministry of Commerce & Industry
20-July-2016 14:28 IST
‘START-UP INDIA’-Coverage and Eligibility
Till date 728 applications have been received in the Startup India portal. Out of them,...
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Corporate Law |
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0 | Hits : 1210
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CBI chargesheets ex-IT Dy Commissioner in graft case
Posted Date : 21-Jul-2016 , 10:06:19 pm | Posted By CASANSAAR
CBI has chargesheeted former Deputy Commissioner of Income Tax Yogendra Mittal for allegedly taking illegal gratification from StockGuru scam accused Ullas Prabhakar Khaire in exchange of an assurance that he would settle his case.
In its charge sheet filed before Special CBI Judge Anju Bajaj Cha...
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Income Tax |
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IT Dept to ssue seven lakh letters seeking high value non PAN transactions
Posted Date : 21-Jul-2016 , 09:56:46 pm | Posted By CASANSAAR
Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions.
An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.
...
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Income Tax |
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ICAI Convocation 2016 Programme Schedule
Posted Date : 21-Jul-2016 , 07:57:22 am | Posted By CASANSAAR
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new...
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GST |
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Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
Posted Date : 21-Jul-2016 , 07:38:21 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.
The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as ...
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General |
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0 | Hits : 800
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Income Tax department to write to over 2.59 lakh taxpayers
Posted Date : 20-Jul-2016 , 08:49:16 am | Posted By CASANSAAR
After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation.
The ‘Direct Tax Dispute Resolution ...
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Income Tax |
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