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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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 : 1515
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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 : 3381
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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 : 901
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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 : 1014
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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 : 1428
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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 : 1607
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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 : 848
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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 : 1189
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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 : 979
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Cabinet approves merger of 5 associate banks with SBI
Posted Date : 15-Jun-2016 , 10:55:38 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the merger of five associate banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with State Bank of India, according to TV repor...
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Banking |
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0 | Hits : 1384
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Dispensation of GMCS-I by merging its syllabus with Orientation Course for 15 days - ICAI
Posted Date : 15-Jun-2016 , 08:26:06 am | Posted By CASANSAAR
The Council has decided to dispense with the General Management and Communication Skills (GMCS) – I Course and merge its syllabus with Orientation Programme. Hence forthwith, it will be known as Orientation Course. Accordingly, it has been decided to conduct an Orientation Course with a durati...
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ICAI |
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0 | Hits : 1850
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Punjab National Bank releases updated list of wilful defaulters
Posted Date : 15-Jun-2016 , 07:58:26 am | Posted By CASANSAAR
Punjab National Bank (PNB), the nation’s second biggest state-run lender, Tuesday declared a list of 913 wilful defaulters, including Kingfisher Airlines and NAFED, with total outstanding dues of Rs 11,486 crore.
PNB has added eight defaulters to its February list to take the nu...
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Banking |
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0 | Hits : 1480
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All states support GST, barring Tamil Nadu - FM
Posted Date : 15-Jun-2016 , 07:55:47 am | Posted By CASANSAAR
Virtually all states have supported the idea of GST except the southeastern Indian state of Tamil Nadu which has "some reservations", the Indian Finance minister Arun Jaitley said on Tuesday after a meeting of Empowered Committee of state FMs on the long awaited indirect tax reform.
He ...
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GST |
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0 | Hits : 883
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All online purchases to attract GST, says law
Posted Date : 15-Jun-2016 , 07:53:29 am | Posted By CASANSAAR
All purchases made online will attract a uniform Goods and Services Tax, likely to take effect from April next year, according to the model Goods and Services Tax (GST) law approved by state finance ministers on Tuesday.
The tax, in lieu of local levies, will be imposed at the first point of fina...
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GST |
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State FMs to meet this week to discuss model GST law
Posted Date : 15-Jun-2016 , 07:52:38 am | Posted By CASANSAAR
Amid hopes of long pending GST bill getting passed in Rajya Sabha in the next Parliament session, state finance ministers will deliberate on the model GST law at a two-day meeting in Kolkata beginning Tuesday.
Finance Minister Arun Jaitley will participate in the meeting of Empowered Committee of...
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GST |
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0 | Hits : 701
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GST to be levied at first point of transaction: law
Posted Date : 15-Jun-2016 , 07:50:27 am | Posted By CASANSAAR
Sale of goods and services and all online purchases will attract Goods and Services Tax (GST) at the first point of transaction with the likely rollout of uniform GST regime from April 2017.
The model GST law, approved by the state finance ministers on Tuesday, pegged threshold annual turnover fo...
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Category :
GST |
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0 | Hits : 984
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Microsoft to buy networking site LinkedIn for $26.2B
Posted Date : 14-Jun-2016 , 08:30:08 am | Posted By CASANSAAR
Microsoft Corporation will buy LinkedIn Corp for $26.2 billion in its biggest-ever deal announced on Monday, giving the world’s biggest software provider access to an online network of 433 million professionals.
Microsoft will pay $196 per share in an all-cash transaction, a 49.5 per cent...
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Merger & Acquisitions |
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0 | Hits : 819
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President Says No To Arvind Kejriwal Government's office of Profit Bill
Posted Date : 13-Jun-2016 , 10:14:47 pm | Posted By CASANSAAR
In a setback to the Arvind Kejriwal Government in Delhi, President Pranab Mukherjee has refused to give his nod to the bill on "Office of Profit," raising questions on the fate of 21 Aam Aadmi Party legislators who had been appointed as Parliamentary secretaries last year.
Holding an of...
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Category :
General |
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0 | Hits : 1113
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CBI to hire tax experts from RBI, other financial institutions
Posted Date : 13-Jun-2016 , 08:36:54 am | Posted By CASANSAAR
CBI is looking for tax experts from RBI and other financial institutions to help it in probing high-profile cases including multi-crore rupees chit-fund scams and alleged loan fraud by businessman Vijay Mallya.
The agency, which is facing acute staff shortage, has written to all central gov...
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RBI |
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0 | Hits : 1316
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SBI begins working on framework for merger of subsidiaries
Posted Date : 13-Jun-2016 , 08:33:45 am | Posted By CASANSAAR
The State Bank of India (SBI) has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited.
“A team of 15-20 members has been set up...
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Banking |
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0 | Hits : 1222
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SEBI issues stricter KYC, disclosure norms for P-Notes
Posted Date : 13-Jun-2016 , 08:16:51 am | Posted By CASANSAAR
Markets regulator SEBI has put in place a stricter KYC norms and disclosure regime for Participatory Notes. The aim is to make it tougher to use these offshore instruments without disclosing the money-trail and details of their users. The measure comes after taking into account suggestions from SIT ...
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SEBI |
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0 | Hits : 798
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CA Professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time - HC
Posted Date : 11-Jun-2016 , 08:23:19 am | Posted By CASANSAAR
Landmark Judgement on Code of Ethics
CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time - ICAI Vs Vivek Kapoor & Others (Punjab & Haryana High Court)
This order will dispose of three references bearing Nos. 5 ...
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CA |
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0 | Hits : 4011
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Don’t pay service tax to builders, Delhi High Court to homebuyers
Posted Date : 09-Jun-2016 , 08:12:10 am | Posted By CASANSAAR
In a judgment that could have ramifications for home buyers across the country, the Delhi High Court has held that service tax cannot be charged on property units in a complex, which include builder flats, group housing flats and builder floors. The Delhi High Court bench of Justice S Muralidhar and...
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Service Tax |
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11 | Hits : 3741
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1% tax at source only on retail sales of motor vehicles: CBDT
Posted Date : 09-Jun-2016 , 08:07:24 am | Posted By CASANSAAR
The one per cent tax collection at source introduced in this year’s Budget on motor vehicles sold with value exceeding ₹10 lakh will apply only on retail sales transactions, the CBDT has said.
It will not cover motor vehicles sold by manufacturers to dealers/distributors, the ...
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CBDT |
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0 | Hits : 1893
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Pay Income Tax dues in advance to avoid last-minute rush - RBI
Posted Date : 08-Jun-2016 , 10:17:17 pm | Posted By CASANSAAR
The Reserve Bank of India has asked tax-payers to remit their income-tax dues in advance to minimise inconvenience.
It has said that last minute rush for paying tax creates problems for both the RBIand the public. “To obviate the inconvenience involved, assessees are advised in their o...
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RBI |
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0 | Hits : 922
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ATM-based validation facility activated for e-filing income tax
Posted Date : 07-Jun-2016 , 08:42:34 am | Posted By CASANSAAR
The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns.
"Now, Electronic Verification Code (EVC) can be generated by pre-validating your Automated Teller Machi...
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Category :
Income Tax |
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0 | Hits : 1470
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Coaching Classes Income of ICAI is exempt u/s 11
Posted Date : 07-Jun-2016 , 08:16:37 am | Posted By CASANSAAR
In this case Assessing Officer has observed that the assessee is established by the Act of Parliament of ICAI Act of 1949 and the assessee comes under the Ministry of Corporate Affairs. The assessee is registered u/s. 12A of the Income Tax Act, 1961 (hereinafter referred the Act) and has been claimi...
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ICAI |
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0 | Hits : 1922
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Govt for settlement bad loans, empowering PSBs: FM
Posted Date : 06-Jun-2016 , 09:52:24 pm | Posted By CASANSAAR
Committing to support NPA-ridden public sector banks, Finance Minister Arun Jaitley on Monday said they would be empowered and protected in case of "commercially prudent" settlement of bad debts.
With provisioning for NPAs or bad debts leading to Rs 18,000 crore of accumulated net loss ...
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Category :
Banking |
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0 | Hits : 898
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Sebi plans to relax start-up listing norms by next month
Posted Date : 04-Jun-2016 , 07:19:57 am | Posted By CASANSAAR
To make start-up listing platform more attractive, regulator Sebi plans to relax norms by next month to help them tap this avenue for raising funds as also to give an easier exit opportunity to their existing investors including from abroad.
The platform is aimed at providing easier exit op...
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SEBI |
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0 | Hits : 923
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