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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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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Income Tax |
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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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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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Income Tax |
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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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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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Income Tax |
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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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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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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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Income Tax |
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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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ICAI |
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Bank employees to go on strike on July 12-13
Posted Date : 10-Jul-2016 , 08:43:48 pm | Posted By CASANSAAR
Bank employees have decided to go strike, as earlier planned on July 12 and 13, since the conciliation meeting failed to yield any results. The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India (SBI), and pro...
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Banking |
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Result for the CA final and CPT will be Declared on 18th July 2016
Posted Date : 10-Jul-2016 , 08:31:42 pm | Posted By CASANSAAR
Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 are likely to be declared on Monday, the 18th July 2016Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016...
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Students Zone |
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Railways, Defence Ministry likely to adopt double-entry accounting
Posted Date : 10-Jul-2016 , 10:33:31 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is confident that the Indian Railways will start implementing Double Entry Accounting System (DEAS) from 2017 thereby facilitatating better management of its finances and assets.
The institute will be submitting the report of a pi...
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Accounts |
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Coca-Cola India gets its first Chartered Accountant Woman CFO
Posted Date : 09-Jul-2016 , 08:11:51 am | Posted By CASANSAAR
Sarvita Sethi, a chartered accountant with more than 15 years of experience in corporate finance, is set to become the first woman chief financial officer of the country’s largest beverage maker — Coca-Cola India. Sethi, in her forties, is currently based out of Athens, Greece ...
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Chartered Accountant |
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Income Tax To Scrutinise High Value Transactions, Penny Stock Trade
Posted Date : 08-Jul-2016 , 10:54:12 pm | Posted By CASANSAAR
Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean.
In a communication to Principal Chief Commissi...
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Income Tax |
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Fat Tax Introduced in Kerala: 14.5% to be Levied on Fast Food
Posted Date : 08-Jul-2016 , 10:46:58 pm | Posted By CASANSAAR
As a measure to tackle the increasing rate of obesity, Kerala is all set to introduce the first ever 'fat tax' to be levied on junk and fast food items. In his budget speech, Kerala's Minister of Finance proposed a tax of 14.5% to be levied on junk food including items like burgers, pizz...
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VAT |
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Indirect tax collection for the 1st quarter of 2016-17 indicates a growth rate of 30.8%
Posted Date : 08-Jul-2016 , 10:42:21 pm | Posted By CASANSAAR
The figures of indirect tax collection for the 1st quarter of current fiscal 2016-17 indicates a growth rate of 30.8% as compared to the 36.3% in the corresponding period of previous financial year. Once the Additional Resource Mobilization(ARM) is removed, the growth rate in Q1 is 10.2%[Custo...
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Excise |
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Raids on entry operators reveal new list of possible tax evaders
Posted Date : 08-Jul-2016 , 08:36:58 am | Posted By CASANSAAR
The income tax department has prepared an integrated databank of suspected black money holders across the country who have taken the help of 'entry operators' to launder large amounts of unaccounted cash through banking channels over the past few years.
These entry operators are chartered...
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Income Tax |
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Govt may extend tax payment deadline for black money scheme
Posted Date : 07-Jul-2016 , 10:33:02 pm | Posted By CASANSAAR
The Centre may extend the September 30 deadline for taxpayers to declare their undisclosed income. The government has approved a request from the industry for tax to be paid in parts, PTI reported.
“The government is favourably considering extending the tax payment deadline as it understand...
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Income Tax |
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Govt forms panel to examine desirability and feasibility of new financial year
Posted Date : 07-Jul-2016 , 10:30:04 pm | Posted By CASANSAAR
The government has set up a committee to examine the desirability and feasibility of having a new financial year. According to the Finance Ministry, the four member committee will be headed by former Chief Economic Advisor Shankar Acharya. As per terms of reference, the committee will examine the me...
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Income Tax |
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Black money window: CBDT curtails leave of income tax officers
Posted Date : 06-Jul-2016 , 10:27:43 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ordered regulation of leave of all income-tax (I-T) department officials over the next three months. The CBDT wants to ensure that enough officials are available to run the ongoing one-time black money window scheme, also known as the income dec...
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Income Tax |
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ICDS notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 01-04-2016
Posted Date : 06-Jul-2016 , 10:03:27 pm | Posted By CASANSAAR
Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representa...
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Income Tax |
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SEBI defers implementation of new accounting standards
Posted Date : 06-Jul-2016 , 07:36:21 am | Posted By CASANSAAR
In a relief for listed companies, the Securities and Exchange Board of India (Sebi) on Tuesday deferred the timelines for implementation of new accounting standards.
Starting financial year 2017 companies were required to transition from the current reporting format for financial resu...
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SEBI |
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PM Modi's new-look Cabinet - Full List
Posted Date : 05-Jul-2016 , 10:55:37 pm | Posted By CASANSAAR
PM Modi today inducted 19 news ministers in his Cabinet and carried out a reshuffle of the portfolios of his ministers. Here's the complete list of the new Council of Ministers:
Cabinet Ministers
1. Rajnath Singh - Home Affairs
2. Sushma Swaraj - External Affairs
3. Arun Jaitley - Fi...
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General |
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CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty
Posted Date : 05-Jul-2016 , 03:45:07 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand of tax arises, when after examining the submission...
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Excise |
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SC seeks status report from ICAI over allegations of FDI violations by Audit firms
Posted Date : 05-Jul-2016 , 08:41:40 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Institute of Chartered Accountants of India (ICAI) to submit a status report on the progress made in the probe into allegations of FDI violations and malpractices by UK-based audit firm, PricewaterhouseCoopers Pvt. Ltd (PwC).
A bench headed by Justice J....
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ICAI |
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New amnesty scheme levies 31% effective tax, Centre won't question income source
Posted Date : 04-Jul-2016 , 10:37:01 pm | Posted By CASANSAAR
The government is looking to encourage people with black money stashed away under the mattress to come clean by softening the tax blow in its amnesty scheme that runs from June 1 to September 30. They may only need to pay an effective tax of about 31% against 45% stipulated in the Income Declaration...
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Income Tax |
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TDB not to permit ICAI seminar at Sabarimala
Posted Date : 04-Jul-2016 , 10:11:32 pm | Posted By CASANSAAR
Travancore Devaswom Board president Prayar Gopalakrishnan on Saturday said there was no question of permitting any organisation to conduct programmes other than devotional at Sabarimala.
The TDB chief was responding to Saturday’s report in The Hindu about a three-day residential s...
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ICAI |
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Income tax department has verified over one crore tax returns online
Posted Date : 04-Jul-2016 , 10:04:34 pm | Posted By CASANSAAR
As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department.
"The figures for e-verified ITRs stand at 1,02,08,715 as of now. The one crore mark was achieved recently and the department wants this to gr...
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Income Tax |
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Change in CA syllabus under the Revised Education and Training Scheme - ICAI
Posted Date : 04-Jul-2016 , 09:57:20 pm | Posted By CASANSAAR
July 4, 2016
FOR THE URGENT ATTENTION OF STUDENTS
Change in syllabus under the Revised Education and Training Scheme
Number of queries are being received from the students with respect to the proposed change in the curriculum of Education and Training of CA course as to what will happen...
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Students Zone |
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