SEBI set to allow e-commerce firms to sell mutual funds
Posted Date : 29-Jun-2016 , 09:33:07 am | Posted By CASANSAAR
The capital markets regulator is set to allow online marketplaces such as Flipkart and Amazon to sell mutual funds to make these products more accessible to people.
A Securities and Exchange Board of India (Sebi) panel on digitization of financial services, headed by Infosys Ltd co-founder Nand...
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SEBI |
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CBDT relaxes rules for TDS claims by non-resident companies
Posted Date : 29-Jun-2016 , 09:25:14 am | Posted By CASANSAAR
Non-resident companies can now claim benefits of tax treaty by just providing personal details including, name, address and tax residency certificate, even without providing PAN.
The Central Board of Direct Taxes (CBDT) has come out with Rule 37BC, which gives relaxation to non-residents from f...
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CBDT |
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0 | Hits : 1057
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Income tax department to establish over 60 taxpayer centres across country
Posted Date : 29-Jun-2016 , 09:20:11 am | Posted By CASANSAAR
The income tax department will establish over 60 facilitation centres - Aaykar Seva Kendras(ASKs) - this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman.
The ASKs he...
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Income Tax |
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0 | Hits : 875
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PM asks people with undisclosed income to come clean by Sep 30
Posted Date : 26-Jun-2016 , 05:54:28 pm | Posted By CASANSAAR
Prime Minister Narendra Modi appealed to people with undisclosed income to come clean by 30th September. Addressing the Nation on his monthly Mann Ki Baat programme in All India Radio, he said this is the last opportunity for such people. He assured that there will be no probe against persons those ...
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Income Tax |
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0 | Hits : 858
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GAAR Not to apply on Income from Investments before April 1
Posted Date : 26-Jun-2016 , 05:49:09 pm | Posted By CASANSAAR
To clear the air on retrospective applicability of the General Anti-Avoidance Rule (GAAR), the Income Tax Department has said the same will not apply to income from transfer of investments before April 1, 2017.
The stringent anti-avoidance rule (GAAR), which will kick in from April 1 next year, c...
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Income Tax |
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0 | Hits : 708
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RBI releases framework on payments systems
Posted Date : 25-Jun-2016 , 09:28:07 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released its much awaited 'Vision-2018' document yesterday. The ‘Payment and Settlement Systems in India: Vision-2018’ aims at building best of class payment and settlement systems for a ‘less-cash’ India and ensuring access of mobile b...
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RBI |
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0 | Hits : 1042
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Income tax dept publishes list of asset valuers
Posted Date : 25-Jun-2016 , 09:10:33 am | Posted By CASANSAAR
The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.
The exhaustive list, uploaded on t...
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Income Tax |
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0 | Hits : 1347
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Govt notifies changes in FDI policy
Posted Date : 24-Jun-2016 , 10:09:42 pm | Posted By CASANSAAR
The government on Friday notified changes in the foreign direct investment (FDI) policy in sectors including pharmaceuticals, defense and single-brand retail.
These decisions were announced earlier in the week with a view to make India more investor friendly and an attractive FDI destinatio...
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Finance |
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0 | Hits : 922
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HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm - MCA
Posted Date : 24-Jun-2016 , 08:59:50 am | Posted By CASANSAAR
Clarification that HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF.
...
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MCA |
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0 | Hits : 1545
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CBI files graft cases against 9 I-T officials, 3 Chartered Accountants
Posted Date : 23-Jun-2016 , 08:51:40 am | Posted By CASANSAAR
The CBI on Wednesday registered a case against nine senior Income Tax officials, including Principal Commissioner of Income Tax, Delhi, and three private persons on Wednesday for corruption.
“The agency has carried out searches at 17 locations in Delhi, Mumbai, Bangalore, Chennai, Hyderabad...
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Chartered Accountant |
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1 | Hits : 3835
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RBI sets up fraud monitoring cell
Posted Date : 23-Jun-2016 , 08:37:51 am | Posted By CASANSAAR
Lauding the efforts taken by the government to take action against wilful defaulters, RBI Governor Raghuram Rajan today said the central bank has created a monitoring cell for early reporting of frauds to investigative agencies.
"We should send the message that no one can get away, and...
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RBI |
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0 | Hits : 1138
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SEBI eases trading requirement in currency derivatives
Posted Date : 23-Jun-2016 , 08:36:05 am | Posted By CASANSAAR
To ease trading requirements in the currency derivatives segment, the Securities and Exchange Board of India (Sebi) on Wednesday said position limit linked to open interest will be applicable at the time of opening a position.
Such positions will not be required to be unwound in the eve...
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SEBI |
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0 | Hits : 891
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Income Tax department to take steps to boost TDS collections
Posted Date : 23-Jun-2016 , 08:18:39 am | Posted By CASANSAAR
Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance.
The department plans to undertake meetings with various stakeholders like...
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TDS |
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0 | Hits : 1284
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Amendment in Rule 114H of Income-tax Rules, 1962
Posted Date : 22-Jun-2016 , 10:06:44 pm | Posted By CASANSAAR
The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016.
In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable acc...
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Income Tax |
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0 | Hits : 1094
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Establishment of Fund of Funds for funding support to Start-ups
Posted Date : 22-Jun-2016 , 10:05:04 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exc...
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Finance |
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0 | Hits : 851
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NGOs receiving Rs 1 cr govt grant to be under Lokpal
Posted Date : 22-Jun-2016 , 10:03:39 pm | Posted By CASANSAAR
In order to keep a check on the funding of NGOs, organisations receiving more than Rs one crore as government grant and donations above Rs 10 lakh from abroad have been brought under the ambit of the Lokpal.
Under the new rules, office bearers of such NGOs will be treated as "public servants...
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Income Tax |
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0 | Hits : 1031
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Capital Gain from penny stocks not bogus - ITAT
Posted Date : 22-Jun-2016 , 09:11:12 am | Posted By CASANSAAR
Investors holding penny stocks have got a reprieve from the Income-Tax Tribunal. The body has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India (Sebi) is probing into possible irregularities in these stocks.
Recently, invest...
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Income Tax |
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0 | Hits : 1923
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Encroached property cannot be considered a capital asset:ITAT
Posted Date : 22-Jun-2016 , 09:07:03 am | Posted By CASANSAAR
Tax needs to be paid even on property encroached upon illegally as it would be considered as 'income from other sources', though it would not be considered as a 'capital asset', according to a tribunal ruling.
A Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ha...
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Income Tax |
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0 | Hits : 848
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Clarification regarding News Report of Arrest of Tax Defaulters
Posted Date : 22-Jun-2016 , 08:49:28 am | Posted By CASANSAAR
Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax.
In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though the provisions for arrest and detention...
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Income Tax |
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0 | Hits : 992
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Finmin to review domestic black money window
Posted Date : 21-Jun-2016 , 10:52:08 pm | Posted By CASANSAAR
With the first month nearing completion, the Finance Ministry will hold a high-level meeting to review the ambitious one-time compliance window that has been announced by the government to declare domestic black money.
The review meeting, scheduled later this week, will be chaired by Revenu...
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Finance |
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0 | Hits : 792
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Income Tax dept to use powers to arrest, detain wilful defaulters
Posted Date : 21-Jun-2016 , 10:27:51 pm | Posted By CASANSAAR
Challenged by increasing cases of defaulters who smartly evade paying due taxes, the Income Tax department has asked its officers not to shy away from invoking the rare provisions of arrest, detention and auctioning of attached assets of the accused.
The Central Board of Direct Taxes, in a strate...
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Income Tax |
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0 | Hits : 661
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Advisory for Members & Students of ICAI in respect of a fake website - ICAI
Posted Date : 21-Jun-2016 , 12:56:28 pm | Posted By CASANSAAR
Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and Public at Large
This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to ...
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ICAI |
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0 | Hits : 1490
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Presumptive Taxation: No Audit for turnover of up to Rs 2 Crore
Posted Date : 21-Jun-2016 , 09:57:33 am | Posted By CASANSAAR
The Finance Ministry on Monday said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme.
"The higher threshold (up to Rs 2 crore) for non-audit of accounts has been given only to assesse...
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Auditing |
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1 | Hits : 3366
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Govt announces 100% FDI in Defence, Pharma, Single Brand Retail, Aviation sectors
Posted Date : 20-Jun-2016 , 10:23:57 pm | Posted By CASANSAAR
Government today approved 100 per cent FDI in a host of sectors including civil aviation, defence, pharma and single brand retail sector under automatic route. Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security age...
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Income Tax |
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0 | Hits : 880
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Quarterly Revision of Interest Rates for Small Savings Schemes
Posted Date : 20-Jun-2016 , 10:17:14 pm | Posted By CASANSAAR
On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built...
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Finance |
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0 | Hits : 1001
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CBDT notifies tax exemption on investments above fair market rate for startups
Posted Date : 20-Jun-2016 , 07:38:55 am | Posted By CASANSAAR
In a major incentive, startups can now issue shares to investors at higher than fair value without worrying about tax consequences.
The Central Board of Direct Taxes (CBDT) has notified the much awaited tax exemption on investments above fair market rate for startups.
"The exe...
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CBDT |
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0 | Hits : 1416
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ICAI urges Govt to Introduce double entry accounts system
Posted Date : 20-Jun-2016 , 07:35:22 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has sought the Union government to use double entry accounts system in all its departments, being used across all nations barring India.
The government continues using single entry accounts system.
The ICAI said it will soon approa...
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ICAI |
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0 | Hits : 1596
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NRIs can now join NPS online through eNPS: Finance Ministry
Posted Date : 19-Jun-2016 , 01:34:50 pm | Posted By CASANSAAR
Government today said non resident indians (NRIs) can now open National Pension Savings (NPS) accounts online if they have Aadhaar Card or PAN card. Till now, NRIs could open NPS accounts only through paper applications by approaching Bank offices.
In a statement, Finance Ministry said thro...
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Finance |
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0 | Hits : 832
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NSEL scam: Gujarat high court issues notice to RBI
Posted Date : 16-Jun-2016 , 08:26:53 am | Posted By CASANSAAR
The Gujarat high court on Tuesday issued a notice to the Reserve Bank of India (RBI), asking why the National Spot Exchange Ltd was allowed to run a payment and settlement system without authorization. The court has also asked RBI to initiate action in the matter.
The notice follows a...
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RBI |
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0 | Hits : 1180
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Cabinet clears bill for speedy recovery of bad loans
Posted Date : 16-Jun-2016 , 08:22:04 am | Posted By CASANSAAR
Cabinet today approved a bill seeking to amend the debt recovery laws with an overall objective of improving the ease of doing business.
"Cabinet approves ex-facto 'The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016," an official ...
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Banking |
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0 | Hits : 969
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