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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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 : 3862
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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 : 1162
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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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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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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 : 1130
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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 : 912
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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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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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Income Tax |
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0 | Hits : 1954
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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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Income Tax |
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0 | Hits : 894
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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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Income Tax |
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0 | Hits : 1019
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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 : 812
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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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0 | Hits : 689
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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 : 1542
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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 : 3405
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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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Category :
Income Tax |
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0 | Hits : 912
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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 : 1026
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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 : 1435
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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 : 1626
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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 : 859
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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 : 1196
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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 : 992
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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 : 1422
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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 : 1863
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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 : 1495
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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 : 891
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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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0 | Hits : 850
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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 : 711
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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 : 1001
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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 : 829
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