ICAI President asks CA firms to undergo peer review
Posted Date : 20-Jul-2016 , 08:47:47 am | Posted By CASANSAAR
M Devaraja Reddy, president of the Institute of Chartered Accountants of India, has called upon CA firms to undergo peer review by ICAI to improve their competence.
The peer reviewed CA firms would get more professional opportunities than other firms, he said while inaugurating the su...
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ICAI |
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0 | Hits : 1618
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Synchronisation of financial accounting year with calendar year
Posted Date : 19-Jul-2016 , 08:30:03 pm | Posted By CASANSAAR
Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016.
The terms of reference (ToR) of the Committee are as under:
Examine the merits and demerits of various dates for th...
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Accounts |
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0 | Hits : 1477
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Govt allocates Rs 22,915 cr capital to 13 PSU banks for FY17
Posted Date : 19-Jul-2016 , 08:28:34 pm | Posted By CASANSAAR
Government has allocated 22,915 crore rupees capital to 13 public sector banks for the current fiscal. An official release said government has undertaken an exercise to assess the capitalization needs of Public Sector Banks in line with the announcements made under the Union Budget.
The cap...
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Banking |
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0 | Hits : 746
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Nine lakh cases under Income Tax Scanner: CBDT
Posted Date : 19-Jul-2016 , 07:48:05 am | Posted By CASANSAAR
The CBDT is looking into about nine lakh pieces of information of high-value transactions and planning to send preliminary notices to the suspected cases. Out of the total nine lakh pieces, one lakh cases valued over Rs 1 crore are under the department’s scanner, CBDT chairman Atulesh Jindal s...
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CBDT |
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0 | Hits : 1751
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Now Get PAN, TAN for Corporates in a Day
Posted Date : 19-Jul-2016 , 07:43:24 am | Posted By CASANSAAR
For a greater ease of doing business in India, the Central Board of Direct Taxes (CBDT) on Monday said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within a day.
Interacting with reporters here, CBDT Chairman Atulesh J...
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PAN |
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0 | Hits : 2467
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SEBI issues draft paper on REIT to attract investors, realtors
Posted Date : 19-Jul-2016 , 07:30:10 am | Posted By CASANSAAR
With an aim to make the Real Estate Investment Trusts (Reits) more attractive to investors and real estate players, the Securities and Exchange Board of India (Sebi) on Monday proposed relaxed norms for related party transactions and allowed these Trusts to invest more in under-constructio...
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SEBI |
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0 | Hits : 856
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Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
Posted Date : 19-Jul-2016 , 07:26:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them.
The APA Scheme was introduced in the Income-tax Ac...
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CBDT |
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0 | Hits : 912
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RBI to make funds transfer via smartphones easier
Posted Date : 19-Jul-2016 , 07:25:01 am | Posted By CASANSAAR
RBI said it will become easier in coming weeks for people to transfer funds between bank accounts through their smartphones.
Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transa...
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RBI |
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0 | Hits : 916
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Pass Percentage of CA Final May 2016 & CPT June 2016 Exams
Posted Date : 18-Jul-2016 , 01:35:44 pm | Posted By CASANSAAR
CA Final Year May 2016 Exams & CPT June 2016 Exams has been announced by ICAI.
The Detail of percentage of candidates passed in the above said examinations are given below.
CA Final Both Groups - 11.36%
CA Final Group 1 - 18.21%
CA Final Group 2 - 18.78%
CPT - 38.98%
...
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CA Results |
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0 | Hits : 6951
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Good Luck - CA Final , ISA & CPT Exam Results 2016 Likely to be announced today
Posted Date : 18-Jul-2016 , 08:00:29 am | Posted By CASANSAAR
The Institute of Chartered Accounts of India (ICAI) will soon declare the Chartered Accountants (CA) final examination and Common Proficiency Test (CPT) exam result 2016. The Common Proficiency Test (CPT) final examination and Chartered Accountants (CA) was conducted by Institute of Chartered Accoun...
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CA Results |
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0 | Hits : 2578
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CBDT tightens scrutiny rules for assessing officers
Posted Date : 18-Jul-2016 , 07:47:55 am | Posted By CASANSAAR
If you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment.
That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear s...
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Income Tax |
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0 | Hits : 1712
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SC to examine if entry tax violates constitutional guarantee freedom of trade
Posted Date : 18-Jul-2016 , 07:40:59 am | Posted By CASANSAAR
A nine judge constitution bench of the Supreme Court bench will hear from Tuesday a batch of petitions by some top corporate houses and business associations challenging the imposition of entry tax by the various state governments, contending that it was violative of the freedom of trade and commerc...
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General |
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0 | Hits : 858
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Cost Audit requirements made stricter for Companies
Posted Date : 17-Jul-2016 , 10:59:35 pm | Posted By CASANSAAR
Companies will now have to ensure that all statements annexed with their cost audit reports are first approved by their boards of directors before final submission.
The Corporate Affairs Ministry, which is implementing the Companies Act, has amended the rules pertaining to cost records and audit ...
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ICWAI |
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0 | Hits : 1580
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Government ups advertising spending limit of income tax brass to Rs 50 lakh
Posted Date : 16-Jul-2016 , 05:38:25 pm | Posted By CASANSAAR
With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times.
Till now, the regional heads of the tax department could ...
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Income Tax |
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0 | Hits : 773
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About 100 companies get government notice on CSR spend
Posted Date : 16-Jul-2016 , 09:28:51 am | Posted By CASANSAAR
The Registrar of Companies (RoC) has served warning to about 100 companies over non-disclosure or improper disclosure of their corporate social responsibility (CSR) spending, sending a strong signal that the government is very serious about compliance.
Regional registrars of companies (RoCs...
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Corporate Law |
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0 | Hits : 1123
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RBI asks banks to exchange upto 20 soiled notes free of charge
Posted Date : 16-Jul-2016 , 09:22:52 am | Posted By CASANSAAR
In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge.
However, if the number of notes to be exchanged is more than 20, banks can levy service charge.
The...
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RBI |
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0 | Hits : 1150
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Can’t deny tax relief to buyer if builder delays flat delivery - ITAT
Posted Date : 16-Jul-2016 , 09:19:31 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder's fault the taxpayer does not get timely possession of a house in which the reinvestment was made.
The Income-Tax...
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Income Tax |
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0 | Hits : 969
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Blackmoney declarants cannot pay tax from undeclared income
Posted Date : 15-Jul-2016 , 08:41:19 am | Posted By CASANSAAR
The government clarified on Thursday that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.
The Income Tax department came out with a fourth set of clarifications o...
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Category :
Black Money |
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0 | Hits : 1182
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E-filing: ATM-based validation facility enhanced
Posted Date : 15-Jul-2016 , 08:38:07 am | Posted By CASANSAAR
The Income Tax department has widened the ATM-based validation system for filing of online Returns by taxpayers. The department has included Axis Bank to enhance the paperless regime of filing the annual Income Tax returns.
In May this year, the department had launched the bank account-based vali...
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Category :
Income Tax |
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0 | Hits : 983
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CBDT directs IT depatment to fast track refunds
Posted Date : 15-Jul-2016 , 08:36:20 am | Posted By CASANSAAR
In order to provide immediate relief to tax payers, the Central Board of Direct Taxes has directed the Income Tax department to ‘expeditiously’ issue refunds worth `5,000 for last three years of assessment.
The department on Thursday has issued directions on pending refunds of...
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CBDT |
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0 | Hits : 1065
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Narendra Modi Govt to strip ICAI, ICSI, MCI of Powers
Posted Date : 15-Jul-2016 , 08:33:00 am | Posted By CASANSAAR
The government is planning a comprehensive overhaul of certain watchdogs — which are simultaneously acting as the representative bodies of important professional services — by stripping them of their regulatory powers, as it seeks to remove any conflict of interests in their respective r...
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ICAI |
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0 | Hits : 5862
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Recommendations of SIT on Black Money as Contained in the Fifth SIT Report
Posted Date : 15-Jul-2016 , 08:23:34 am | Posted By CASANSAAR
The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in.
The SIT has made the following recommendations in the Fifth Report:
Cash transactions : T...
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Category :
Income Tax |
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0 | Hits : 706
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Indiabulls office raided by Income Tax department in Rs 1500 crore tax evasion case
Posted Date : 15-Jul-2016 , 07:51:02 am | Posted By CASANSAAR
Income Tax department raided at least 20 premises of Indiabulls on Wednesday across Mumbai, Delhi and Chennai. This was one of the biggest raids undertaken by the I-T department in recent times. The raid lasted for more than 5 hours at some locations. Nearly 1,000 Income Tax officials were involved ...
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Income Tax |
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0 | Hits : 985
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IDS 2016 – Government Revises Time Schedule for Making Payments under the Scheme
Posted Date : 15-Jul-2016 , 07:46:09 am | Posted By CASANSAAR
During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid fo...
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Category :
Income Tax |
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0 | Hits : 726
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IDS 2016 – Government Issues Clarifications in the form of Fourth Set of Frequently Asked Questions (FAQs)
Posted Date : 15-Jul-2016 , 07:45:15 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (F...
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Income Tax |
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0 | Hits : 719
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Ban cash transactions of above Rs 3 lakh to curb blackmoney - SIT
Posted Date : 15-Jul-2016 , 07:43:53 am | Posted By CASANSAAR
The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy.
The SIT headed by Justice M B Shah (retd), submitted its fifth report to ...
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Category :
Income Tax |
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0 | Hits : 611
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ED arrests Jignesh Shah in Rs 5,600 crore NSEL scam
Posted Date : 13-Jul-2016 , 08:15:58 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Tuesday evening arrested Jignesh Shah, the key man behind the Financial Technologies India (FTIL) group that promoted scam-tainted NSEL, for suspected laundering.
Shah's arrest in the Rs 5,600-crore NSEL scam came after the investigating agency stumbled upo...
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General |
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0 | Hits : 910
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Black money window: CBDT issues notification to ensure secrecy
Posted Date : 12-Jul-2016 , 08:16:55 am | Posted By CASANSAAR
CBDT issued a notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret.
The notification states that "no public servant shall produce before any person or authority any such document or...
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Black Money |
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0 | Hits : 1245
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Finance Ministry modifies IT scrutiny notices; adds words of courtesy
Posted Date : 12-Jul-2016 , 08:14:45 am | Posted By CASANSAAR
In a bid to end taxpayers' harassment, the Finance Ministry has "modified" the Income Tax department notice issued for the tedious scrutiny procedure by bringing in "three new formats" that will clearly stipulate if the inqury against them is "limited, complete or manual...
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Category :
Income Tax |
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0 | Hits : 1494
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I Go Green With ICAI
Posted Date : 12-Jul-2016 , 07:36:37 am | Posted By CASANSAAR
As you may be aware, more than 275,000 copies of The Chartered Accountant journal are printed monthly providing useful knowledge to readers. However, printing such a huge quantity requires tons of paper and subsequently becomes a real drain on our trees. The extent of its implication on our environm...
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Category :
ICAI |
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1 | Hits : 1905
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