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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General |
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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 : 1323
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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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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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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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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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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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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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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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Income Tax |
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0 | Hits : 1486
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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 : 1936
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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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Banking |
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0 | Hits : 907
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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 : 938
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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 &...
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RBI |
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0 | Hits : 971
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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...
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Income Tax |
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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...
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MCA |
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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...
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Category :
Income Tax |
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0 | Hits : 825
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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...
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Category :
General |
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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...
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Companies Act |
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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...
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Income Tax |
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0 | Hits : 1598
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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...
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Income Tax |
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0 | Hits : 786
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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, ...
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Income Tax |
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0 | Hits : 3117
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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...
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Income Tax |
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0 | Hits : 1069
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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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0 | Hits : 1673
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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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0 | Hits : 1696
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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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0 | Hits : 1378
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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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0 | Hits : 1431
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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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0 | Hits : 1372
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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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0 | Hits : 1094
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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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Category :
Income Tax |
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0 | Hits : 937
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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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