Service tax will be 15% from June 1
Posted Date : 31-May-2016 , 08:24:38 am | Posted By CASANSAAR
Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent.
In the last budget, the total service tax was raised to 14 per cent from 12.36 per cent.
With the addition of the Krishi Kalyan C...
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Income Tax |
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Equalisation levy of 6 per cent to come in force from June 1: CBDT
Posted Date : 31-May-2016 , 08:23:13 am | Posted By CASANSAAR
Equalisation levy of 6 per cent on services pertaining to cross border digital transactions will come into effect from June 1.
At present, equalisation levy is leviable only on payments relating to online advertisements, said C A Gupta, Partner, Deloitte Haskins and Sells.
The Ce...
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CBDT |
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No TDS for provident fund withdrawals of up to Rs 50,000 from june 1
Posted Date : 31-May-2016 , 08:09:47 am | Posted By CASANSAAR
No tax would be deducted at source for provident fund (PF) withdrawals of up to Rs 50,000 from June 1.
The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI.
"The Finance Act, 20...
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TDS |
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SEBI to tighten disclosure rules for credit rating agencies
Posted Date : 30-May-2016 , 08:24:20 am | Posted By CASANSAAR
To safeguard investors' interest, capital markets regulator Securities and Exchange Board of India (Sebi) might soon ask credit rating agencies (CRAs) to make greater disclosure about suspension and subsequent withdrawal of ratings, and periodic review of the criteria used for ratings.
The mo...
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SEBI |
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CBDT extends e-appeal filing deadline to June 15
Posted Date : 28-May-2016 , 08:04:55 am | Posted By CASANSAAR
CBDT has extended the time limit for e-filing of the first appeal before a tax officer by a month to June 15 after taking cognisance of complaints made by taxpayers in complying with the exercise, operationalised for the first time this year.
“The matter has been examined by the Board (CBDT...
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CBDT |
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SEBI's new order to listed firms on audit qualifications
Posted Date : 28-May-2016 , 08:01:42 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has asked all listed companies to disseminate the cumulative impact of all audit qualifications in a separate format.
This is to ensure the information is available to investors. An audit qualification is typically a statement written upon the fro...
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SEBI |
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Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
Posted Date : 28-May-2016 , 07:51:10 am | Posted By CASANSAAR
An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Sta...
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Income Tax |
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Services to become costly from Jun 1, CBEC notifies 0.5% KKC
Posted Date : 28-May-2016 , 07:49:01 am | Posted By CASANSAAR
Eating out, mobile phone usage and air and rail travel will become expensive with the new Krishi Kalyan Cess (KKC) of 0.5 per cent on taxable services coming into force from June.
With imposition of Krishi Kalyan Cess the total incidence of Service Tax will go up to 15 per cent.
KC...
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Service Tax |
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CBDT begins consultation with stakeholders on GAAR
Posted Date : 28-May-2016 , 07:46:53 am | Posted By CASANSAAR
Gearing up to roll out the General Anti-Avoidance Rule (GAAR) from April next to check tax evasion through overseas jurisdictions, the CBDT today initiated a consultation process with general public and all stakeholders on provisions of the new regime.
"The general public and stakeholders ar...
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CBDT |
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RBI's AQR shows banks were hiding nearly half of their NPAs
Posted Date : 26-May-2016 , 07:20:28 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor Raghuram Rajan’s insistence on a “deep surgery” to help banks regain health has uncovered that nearly half of the lenders’ stressed assets were not reported.
RBI had made banks go through an asset quality review (AQR) to clean up their ...
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RBI |
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Extension of Scheme for E-assessment to Hyderabad and Kolkata during the Current FY 2016-17
Posted Date : 26-May-2016 , 07:11:29 am | Posted By CASANSAAR
Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and K...
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Income Tax |
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SEBI To Delist 4,200 Firms; Warns Erring Promoters, Auditors
Posted Date : 25-May-2016 , 06:18:01 pm | Posted By CASANSAAR
In a mammoth clean-up exercise, markets regulator Sebi is planning to push for delisting of over 4,200 listed companies whose shares are not being traded, and promoters refusing to give exit opportunity to investors would face strict penal actions.
These include over 1,200 companies whose shares ...
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SEBI |
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Income Tax dept to name & shame crorepati' defaulters this yr
Posted Date : 25-May-2016 , 08:05:37 am | Posted By CASANSAAR
The Income Tax department, beginning this financial year, has decided to 'name and shame' all category of taxpayers who have a default of Rs one crore and above.
The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 su...
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Income Tax |
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Chartered Accountants, merchant bankers to determine FMV in indirect transfers
Posted Date : 24-May-2016 , 09:46:42 am | Posted By CASANSAAR
Chartered accountants or merchant bankers will compute the fair market value (FMV) of assets in case of indirect transfer of assets by overseas companies on arm’s length basis, the revenue department today proposed with an aim to bring in transparency in taxation matters.
Under ...
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Chartered Accountant |
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Tax department issues draft rules on capital gains computation
Posted Date : 24-May-2016 , 09:40:21 am | Posted By CASANSAAR
The income tax department on Monday put out draft rules to assess the value of the assets of a multinational company in India and abroad in an attempt to provide clarity for levy of capital gains tax on indirect transfer of shares.
While these rules will provide clarity on how the tax...
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Income Tax |
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Email based IT assessment:Hyd, Kol added to scheme
Posted Date : 24-May-2016 , 09:37:50 am | Posted By CASANSAAR
The Income Tax department has decided to extend its ambitious email-based pilot assessment project to two more cities, in addition to the existing five metros, in an effort to ensure paperless communication regime with the taxpayers.
The department has now added Hyderabad and Kolkata under the sc...
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Income Tax |
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CBDT releases FAQs on black money scheme
Posted Date : 21-May-2016 , 07:23:04 am | Posted By CASANSAAR
The black money scheme announced in the budget has stringent checks and balances to ensure ill-gotten wealth is not laundered through this route.
Money earned through corruption, income caught in an income tax raid or a survey will not be eligible for declaration under the scheme, according...
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CBDT |
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ED to do forensic audit of Mallya's accounts
Posted Date : 20-May-2016 , 09:18:43 am | Posted By CASANSAAR
The Enforcement Directorate (ED) will conduct a forensic audit of Vijay Mallya’s and related companies’ accounts, to collect money trail details in connection with the Rs 6,963 crore borrowed by him and his now-defunct Kingfisher Airlines.
The ED is forma...
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Income Tax |
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0 | Hits : 1239
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SEBI tightens norms to curb black money inflow
Posted Date : 20-May-2016 , 09:12:12 am | Posted By CASANSAAR
Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday tightened rules on issue of participatory notes (P-notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in India. Sebi also made it mandatory for the to...
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SEBI |
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Comply with CIC orders invariably - CBDT to I-T dept
Posted Date : 19-May-2016 , 07:38:27 am | Posted By CASANSAAR
Citing some cases of non-compliance of Central Information Commission’s orders to the Income Tax department, CBDT has said the taxman should strictly comply with them and non-compliance will be taken “adversely”.
Officials said Central Board of Direct Taxes, the policy-making ...
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CBDT |
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HC seeks Centre, RBI response on debit, credit card surcharge
Posted Date : 18-May-2016 , 07:37:17 am | Posted By CASANSAAR
The Delhi high court on Tuesday sought Centre and Reserve Bank of India’s (RBI) response on a plea alleging “illegal” surcharge levied on transactions done through debit and credit cards.
The petition filed in public interest has contended that public sector oil mark...
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Banking |
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Delhi HC quashes Income-Tax order on linking tax refunds to scrutiny
Posted Date : 18-May-2016 , 07:30:52 am | Posted By CASANSAAR
In a decision that will benefit taxpayers and ensure faster refunds, the Delhi high court quashed an order of the income-tax department that linked tax refunds to scrutiny assessment.
The income-tax department, in a notification, had said that an assessing officer will mandatorily not...
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Income Tax |
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Five associate banks propose merger with parent SBI
Posted Date : 18-May-2016 , 07:28:07 am | Posted By CASANSAAR
After over five years of hiatus, associate banks of SBI including State Bank of Bikaner and JaipurBSE 4.22 % have proposed to merger with the parent lender.
The respective boards have proposed merger with the State Bank of IndiaBSE -0.08 % (SBI), the parent, in a meeting held today, sources...
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Banking |
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RBI authorises 29 agency banks to accept payments of I-T dues
Posted Date : 18-May-2016 , 07:24:05 am | Posted By CASANSAAR
RBI has authorised 29 agency banks to accept payments of Income Tax dues. In a press release issued from Mumbai on Monday, RBI has appealed tax payers to remit their income tax dues sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use the facility of onli...
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RBI |
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Tax grievances - Income Tax dept to ensure e-nivaran
Posted Date : 18-May-2016 , 07:22:37 am | Posted By CASANSAAR
The Income Tax department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and ensure early resolution of their complaints.
A separate and dedicated window for grievance redressal has been launched recently in...
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Income Tax |
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0 | Hits : 1253
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New / Revised Standards on Auditing - ICAI
Posted Date : 18-May-2016 , 07:14:55 am | Posted By CASANSAAR
Revised SA 700, Forming an Opinion and Reporting on Financial Statements.
New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.
Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report.
Revised SA 706,...
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ICAI |
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MCA cracking down on those who are directors at more than 20 companies
Posted Date : 17-May-2016 , 06:44:59 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) is cracking down on those who are directors at more than 20 companies and has asked Registrar of Companies officials to start legal action against those exceeding the limit. Interestingly, four persons hold directorships in more than 100 firms each.
A...
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MCA |
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SEBI streamlines settlement procedures
Posted Date : 17-May-2016 , 06:39:32 am | Posted By CASANSAAR
Entities under probe for ‘serious violations’ in capital markets can seek settlement of the case only if they agree to make good the losses suffered by the investors to SEBI’s satisfaction, the regulator has opined.
Regulations provide for settlement of the cases whe...
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SEBI |
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Pay Income tax dues on time to avoid last-min rush: RBI
Posted Date : 17-May-2016 , 06:31:08 am | Posted By CASANSAAR
The Reserve Bank has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
RBI has also designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office.
It has also asked assessees that they can u...
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Income Tax |
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0 | Hits : 810
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E-Filing of Income Tax Returns jumps over 68% in april
Posted Date : 16-May-2016 , 08:00:26 am | Posted By CASANSAAR
E-filing of income tax returns witnessed a 68.5 per cent jump in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically.
The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed la...
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Income Tax |
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