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 ...
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CBDT |
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HC seeks Centre, RBI response on debit, credit card surcharge
Posted Date : 18-May-2016 , 07:37:17 am | Posted By CASANSAAR
The Delhi high court on Tuesday sought Centre and Reserve Bank of India’s (RBI) response on a plea alleging “illegal” surcharge levied on transactions done through debit and credit cards.
The petition filed in public interest has contended that public sector oil mark...
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Banking |
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Delhi HC quashes Income-Tax order on linking tax refunds to scrutiny
Posted Date : 18-May-2016 , 07:30:52 am | Posted By CASANSAAR
In a decision that will benefit taxpayers and ensure faster refunds, the Delhi high court quashed an order of the income-tax department that linked tax refunds to scrutiny assessment.
The income-tax department, in a notification, had said that an assessing officer will mandatorily not...
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Income Tax |
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Five associate banks propose merger with parent SBI
Posted Date : 18-May-2016 , 07:28:07 am | Posted By CASANSAAR
After over five years of hiatus, associate banks of SBI including State Bank of Bikaner and JaipurBSE 4.22 % have proposed to merger with the parent lender.
The respective boards have proposed merger with the State Bank of IndiaBSE -0.08 % (SBI), the parent, in a meeting held today, sources...
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Banking |
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RBI authorises 29 agency banks to accept payments of I-T dues
Posted Date : 18-May-2016 , 07:24:05 am | Posted By CASANSAAR
RBI has authorised 29 agency banks to accept payments of Income Tax dues. In a press release issued from Mumbai on Monday, RBI has appealed tax payers to remit their income tax dues sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use the facility of onli...
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RBI |
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Tax grievances - Income Tax dept to ensure e-nivaran
Posted Date : 18-May-2016 , 07:22:37 am | Posted By CASANSAAR
The Income Tax department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and ensure early resolution of their complaints.
A separate and dedicated window for grievance redressal has been launched recently in...
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Income Tax |
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0 | Hits : 1281
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New / Revised Standards on Auditing - ICAI
Posted Date : 18-May-2016 , 07:14:55 am | Posted By CASANSAAR
Revised SA 700, Forming an Opinion and Reporting on Financial Statements.
New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.
Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report.
Revised SA 706,...
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ICAI |
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MCA cracking down on those who are directors at more than 20 companies
Posted Date : 17-May-2016 , 06:44:59 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) is cracking down on those who are directors at more than 20 companies and has asked Registrar of Companies officials to start legal action against those exceeding the limit. Interestingly, four persons hold directorships in more than 100 firms each.
A...
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MCA |
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SEBI streamlines settlement procedures
Posted Date : 17-May-2016 , 06:39:32 am | Posted By CASANSAAR
Entities under probe for ‘serious violations’ in capital markets can seek settlement of the case only if they agree to make good the losses suffered by the investors to SEBI’s satisfaction, the regulator has opined.
Regulations provide for settlement of the cases whe...
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SEBI |
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Pay Income tax dues on time to avoid last-min rush: RBI
Posted Date : 17-May-2016 , 06:31:08 am | Posted By CASANSAAR
The Reserve Bank has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
RBI has also designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office.
It has also asked assessees that they can u...
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Income Tax |
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E-Filing of Income Tax Returns jumps over 68% in april
Posted Date : 16-May-2016 , 08:00:26 am | Posted By CASANSAAR
E-filing of income tax returns witnessed a 68.5 per cent jump in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically.
The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed la...
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Income Tax |
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Govt likely to push for GST vote in Rajya Sabha - FM
Posted Date : 15-May-2016 , 09:25:20 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has charged the Congress with opposing the Goods and Services Tax (GST) Bill solely for political reasons and said that if such opposition continues, the government will have no option other than putting the draft legislation for voting in the Rajya Sabha.
"On...
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GST |
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Finance Bill, 2016 assented by President
Posted Date : 15-May-2016 , 09:17:52 am | Posted By CASANSAAR
Honorable President of India Shri. Pranab Mukherjee has on 14th May 2016 assented The Finance Bill, 2016 .
The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 05, 2016 it was passed by the Lok Sabha and later on it was approved by the Rajya Sabha on ...
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Finance |
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The Income Declaration Scheme 2016 to open from 1st June 2016
Posted Date : 15-May-2016 , 09:07:44 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).
Under the Scheme, such income as declared by the eligible per...
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Income Tax |
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0 | Hits : 1169
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SEBI plans campaign against Dabba trading
Posted Date : 14-May-2016 , 08:22:43 am | Posted By CASANSAAR
To counter the menace of the grey market being used to offload shares and thereby manipulating public offerings (popularly called dabba trading), securities market regulator SEBI is likely to come out with a campaign covering TV, radio, and print media besides cinema and digital media.
This wou...
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SEBI |
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SEBI to tighten KYC, transfer norms for P-Notes
Posted Date : 14-May-2016 , 08:08:59 am | Posted By CASANSAAR
Acting upon recommendations of the Special Investigation Team on black money, market watchdog Securities and Exchange Board of India - Sebi plans to tighten due diligence requirements for issuance and transfer of controversy-ridden P-Notes and put the onus on investors to ensure compliance with anti...
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SEBI |
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Examiners shall appoint Checkers - ICAI
Posted Date : 13-May-2016 , 08:36:21 am | Posted By CASANSAAR
May 12, 2016
The examination process inter alia includes a procedure of having the answer books checked, after evaluation by examiners, by Checkers to ensure that all answers have been evaluated, marks awarded have been carried forward to the cover page of the answer books and that the totalling ...
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ICAI |
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CSR expenses need to be treated as non-cost items: ICAI
Posted Date : 13-May-2016 , 07:12:28 am | Posted By CASANSAAR
Companies need to treat expenses related to CSR activities as non-cost items and separately disclose transactions in this regard where related parties are involved, according to cost accountants' apex body ICAI.
In a detailed exposure draft of guidance note on 'Treatment of Costs Relating...
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ICAI |
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0 | Hits : 1118
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RBI tweaks shareholding norms for private sector banks
Posted Date : 13-May-2016 , 07:08:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today issued new guidelines on ownership in private sector banks by bundling shareholding patterns into two broad categories of individuals (natural persons) and legal entities/institutions, but retained the cap on foreign ownership at 74 per cent.
The ...
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RBI |
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ICAI committee to decide on Number of VP, Council Term & Restriction of 3 terms
Posted Date : 13-May-2016 , 06:46:35 am | Posted By CASANSAAR
Council Affairs/M-626/2016 ...
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ICAI |
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Rajya Sabha sets record, passes 5 bills in few hours
Posted Date : 12-May-2016 , 05:47:46 am | Posted By CASANSAAR
In a record of sorts, five bills were passed in the Rajya Sabha , which has been under attack for delaying in the passage of key legislation.
The bills, including some key finance legislation, were passed during the course of a few hours in the post-lunch period.
The Upper House is likely ...
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Finance |
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Income Tax department to reopen the 2001 tax case against Big B
Posted Date : 12-May-2016 , 05:31:21 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed the Income Tax (IT) department to reopen the 2001 tax case against actor Amitabh Bachchan over his earnings during the quiz show Kaun Banega Crorepati (KBC).
The apex court set aside the Bombay High Court’s order that gave relief to the actor in ...
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Income Tax |
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India & Mauritius amend treaty to plug tax loopholes
Posted Date : 12-May-2016 , 05:30:13 am | Posted By CASANSAAR
After years of protracted negotiations, India and Mauritius on Tuesday agreed to amend their 32-year-old bilateral tax treaty in an attempt to check `round-tripping' of funds and ensure that no entity gets away without paying taxes in either country.
In addition, the new agreement provides fo...
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International Taxation |
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IT dept's PAN-Aadhaar linkage crosses 50-lakh mark
Posted Date : 12-May-2016 , 05:15:27 am | Posted By CASANSAAR
The Income Tax department's ambitious plan to link its PAN number database with Aadhaar has crossed the 50-lakh mark.
The Central Board of Direct Taxes (CBDT), the policy-making body for the IT department, had launched the initiative of linking the two databases -- Permanent Account Number ...
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Income Tax |
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0 | Hits : 828
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Parliament passes Appropriation, Finance Bills 2016; Also clears Insolvency and Bankruptcy Bill
Posted Date : 12-May-2016 , 05:11:38 am | Posted By CASANSAAR
Parliament passed Appropriation and Finance Bills with Rajya Sabha returning them to the Lok Sabha after a four-hour debate. It also cleared the Insolvency and Bankruptcy Code,2016.
Replying to the debate on Appropriation and Finance Bills , Finance Minister Arun Jaitley asked the Congress to rec...
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Budget |
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No negative balances in savings accounts: RBI
Posted Date : 11-May-2016 , 08:33:29 am | Posted By CASANSAAR
Negative balances in savings accounts due to penalty charges are now history following a directive from the central bank. The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero.
Although the norms came into effect...
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RBI |
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0 | Hits : 2605
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Declaration of Assets & Liabilities in the new ITR forms
Posted Date : 11-May-2016 , 08:24:40 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) have released new income-tax return formswith mandatory provisions of declaring Assets & Liabilities (A&L) such as cars, jewellery yacht, aircrafts, shares, properties, etc. Prior to Assessment Year (A.Y.) 2015-16, the Asset –Liability Schedule (AL ...
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ITR |
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Compliance of SEBI Directive on Women Director
Posted Date : 11-May-2016 , 08:23:33 am | Posted By CASANSAAR
The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a direct...
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SEBI |
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Govt forms tribunal to look into election disputes of ICAI
Posted Date : 10-May-2016 , 09:21:23 am | Posted By CASANSAAR
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 4th May, 2016
S.O. 1634(E).—In exercise of the powers conferred by sub-section (1) of section 10B of the Chartered Accountants Act, 1949 (38 of 1949) and in pursuance of rule 3 of the Chartered Accountants (Election Tri...
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ICAI |
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4 | Hits : 2152
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RBI to amend forex management rules
Posted Date : 10-May-2016 , 09:18:49 am | Posted By CASANSAAR
In a move aimed at contributing to the ease of doing business, the Reserve Bank of India on Monday said it proposes to amend the Foreign Exchange Management Regulations to mandate that foreign investment by non-residents on repatriation basis can be made in equity, debt and any other appro...
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RBI |
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