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 : 1223
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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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0 | Hits : 982
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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 : 814
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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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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 : 1635
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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 : 1511
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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 : 758
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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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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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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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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 : 926
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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 : 928
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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 : 6967
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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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Category :
CA Results |
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0 | Hits : 2592
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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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Category :
Income Tax |
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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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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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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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Category :
Income Tax |
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0 | Hits : 782
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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 : 1139
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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 : 1167
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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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Category :
Income Tax |
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0 | Hits : 983
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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 : 1215
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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 : 998
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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 : 1079
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