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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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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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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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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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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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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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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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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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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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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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 : 925
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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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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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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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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 : 1380
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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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