RBI review unearths Rs 2,41,000 cr bad loans in last 6 months of FY16
Posted Date : 04-Jun-2016 , 07:16:55 am | Posted By CASANSAAR
Banks have reported a 69 per cent spike in non-performing assets in the last two quarters following the asset quality review ordered by the Reserve Bank of India (RBI) and fresh slippages in restructured loans.
Gross NPAs of lenders have surged by a whopping Rs 2,41,000 crore in just six months &...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 960
|
 |
Income Tax dept notifies declaration forms for untaxed funds
Posted Date : 03-Jun-2016 , 08:24:40 am | Posted By CASANSAAR
The Income Tax department today notified four new forms 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 forms– 1, 2, 3 and 4– can be used both for e-filing or manual fili...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1526
|
|
NCLT benches to become functional in next few days: MCA
Posted Date : 03-Jun-2016 , 08:04:14 am | Posted By CASANSAAR
All the 11 benches of the newly constituted National Company Law Tribunal (NCLT) will be fully functional in next "couple of days", a top Corporate Affairs Ministry (MCA) official said.
Infrastructure is ready in all the ten cities where the NCLT benches are being set up. Th...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 1193
|
|
RBI allows NBFCs to provide takeout financing to infra projects
Posted Date : 03-Jun-2016 , 07:59:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday allowed non-banking finance companies (NBFC) to provide takeout financing to projects, an option so far available to only banks.
In a notification, the central bank said NBFCs can provide takeout financing for existing infrastructure loans subject to cer...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 815
|
|
TRAI launches mobile app for subscribers to register complaints against pesky calls, SMSes
Posted Date : 03-Jun-2016 , 07:38:35 am | Posted By CASANSAAR
The Telecom Regulatory Authority of India (TRAI) has launched a mobile application for telecom subscribers to register their complaints against pesky calls and SMSes to tighten the noose on telemarketers.
Talking to reporters in New Delhi yesterday, TRAI Chairman R S Sharma said, the new mo...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1142
|
|
Govt notifies constitution of National Company Law Tribunal
Posted Date : 02-Jun-2016 , 07:18:52 am | Posted By CASANSAAR
The government has constituted the National Company Law Tribunal (NCLT) which would help in expediting adjudication matters under the companies law.
The tribunal and its appellate authority are part of the Companies Act, 2013, whose many provisions came into effect from April 1, 2...
Continue Reading...
Category :
Companies Act |
Comments :
0 | Hits : 1172
|
|
Black money window: Income Tax dept to publish list of asset valuers soon
Posted Date : 02-Jun-2016 , 07:08:18 am | Posted By CASANSAAR
The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened on Wednesday.
Officials said a decision to upload details...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1584
|
|
Income Tax dept made info exchange requests to many countries
Posted Date : 01-Jun-2016 , 10:03:01 pm | Posted By CASANSAAR
The Income Tax department had made overseas information exchange requests to a clutch of countries, including some tax havens, in connection with a tax evasion probe against Delhi-based defence consultant Sanjay Bhandari, who is said to be linked to Robert Vadra in an alleged benami proper...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 771
|
|
Pay 1% tax on cash buy of goods,services over Rs2 Lakh
Posted Date : 01-Jun-2016 , 08:55:54 am | Posted By CASANSAAR
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from 1st June.
The existing TCS of 1 per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3109
|
|
Four month window to disclose black money opens today
Posted Date : 01-Jun-2016 , 08:05:24 am | Posted By CASANSAAR
The Income Declaration Scheme will open today and will remain in force till 30th of September. The Scheme is part of Finance Act, 2016 and seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes. AI...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1053
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1665
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1685
|
|
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...
Continue Reading...
Category :
TDS |
Comments :
0 | Hits : 1368
|
|
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...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1422
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1365
|
|
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...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1085
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 912
|
|
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...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 1186
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 840
|
|
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 ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1648
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 792
|
|
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 ...
Continue Reading...
Category :
SEBI |
Comments :
2 | Hits : 1233
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1400
|
|
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 ...
Continue Reading...
Category :
Chartered Accountant |
Comments :
1 | Hits : 1925
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1334
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 999
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1218
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1258
|
|
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...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1500
|
|
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 ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1222
|
|
|
