Reserve Bank of India should be audited: CAG
Posted Date : 03-Jul-2016 , 09:39:03 am | Posted By CASANSAAR
With rising financial frauds and the government’s eye on cleaning up banks’ balance sheets and cracking down on bad loans, the Comptroller and Auditor General of India (CAG) wants the Reserve Bank of India to come under the auditor’s purview too.
CAG Shashi Kant Sharma, said at ...
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Auditing |
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Govt extends time for jewellers to obtain excise registration
Posted Date : 03-Jul-2016 , 09:32:51 am | Posted By CASANSAAR
The Centre on Friday announced that the time limit for taking central excise registration of an establishment by a jeweller has been extended up to 31st of this month.
The Finance Ministry said, the liability for payment of central excise duty will be with effect from 1st March, 2016. However, as...
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Excise |
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0 | Hits : 887
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Heartfelt wishes on the occasion of Chartered Accountant’s Day
Posted Date : 01-Jul-2016 , 08:59:38 am | Posted By CASANSAAR
Heartfelt wishes on the occasion of Chartered Accountant’s Day!!!
We hope that both the Profession and the Professionals will touch great heights in the forth coming years being the major contributor to the society’s economic well being.
So let us join hands and celebrate the G...
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Chartered Accountant |
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0 | Hits : 1403
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Government Notifies Rules regarding Fair market value and reporting requirement for Indian concern
Posted Date : 01-Jul-2016 , 08:54:06 am | Posted By CASANSAAR
Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India.
. &nb...
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Income Tax |
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0 | Hits : 1017
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CBDT issues new set of FAQs to clarify queries regarding Income Declaration Scheme, 2016.
Posted Date : 01-Jul-2016 , 08:53:23 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 Scheme came into effect on 1st June, 2016. Declarations under the Scheme may be filed upto 30th September, 2016. Vide C...
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CBDT |
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SC dismisses plea for ban on Whatsapp and other messaging Apps
Posted Date : 29-Jun-2016 , 09:13:52 pm | Posted By CASANSAAR
The Supreme Court today dismissed a plea seeking ban on WhatsApp and other communication applications on security grounds and claiming that these services violated the law.
The bench headed by Chief Justice T S Thakur and A M Khanwilkar, however, granted liberty to the petitioner ...
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General |
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0 | Hits : 1067
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Cabinet approves recommendations of 7th Pay Commission
Posted Date : 29-Jun-2016 , 09:11:53 pm | Posted By CASANSAAR
Union Cabinet has approved the recommendations of the 7th Pay Commission. Briefing media in New Delhi this evening, Finance Minister Arun Jaitley said the recommendations will be implemented from 1st January 2016 and arrears will paid this year itself.
He said the Pay Commission covers 47 lakh go...
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Finance |
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0 | Hits : 809
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Cabinet approves law allowing shops to open 24x7
Posted Date : 29-Jun-2016 , 09:10:23 pm | Posted By CASANSAAR
A model law that allows shops, malls and cinema halls among other establishments to run 24x7 throughout the year got the Cabinet approval today -- a move aimed at boosting job creation and consumption-led growth.
The law also provides for women to be employed on night shifts with adequate securit...
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General |
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0 | Hits : 894
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7th Pay Commission Overview and Highlights
Posted Date : 29-Jun-2016 , 01:32:52 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the recommendations of 7th Pay Commission, headed by Justice A K Mathur.
The pay panel had earlier recommended an increase in pay by 16 percent, 63 percent in allowances and a 24 percent hike in pension, suggesting a total increase of 23.55 percent.
...
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Income Tax |
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0 | Hits : 1149
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Black money window will not be extended - FM
Posted Date : 29-Jun-2016 , 09:35:22 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday made it amply clear that the window to disclose unaccounted wealth will not be extended beyond the four month period, ending on September 30.
"(We) will not extend compliance. This is a last chance for people to declare their unaccounted income. Gov...
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Black Money |
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0 | Hits : 1057
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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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0 | Hits : 906
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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 : 1070
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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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Category :
Income Tax |
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0 | Hits : 906
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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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Category :
Income Tax |
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0 | Hits : 868
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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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Category :
Income Tax |
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0 | Hits : 717
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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 : 1061
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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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Category :
Income Tax |
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0 | Hits : 1362
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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 : 934
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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 : 1563
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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 : 3846
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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 : 1149
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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 : 900
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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 : 1294
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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 : 1111
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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 : 885
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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 : 1053
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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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Category :
Income Tax |
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0 | Hits : 1940
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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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Category :
Income Tax |
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0 | Hits : 869
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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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Category :
Income Tax |
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0 | Hits : 1004
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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 : 805
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