FinMin raises monetary limit for appeals in tax cases
Posted Date : 26-Apr-2016 , 07:44:29 am | Posted By CASANSAAR
To reduce litigation, the Finance Ministry today raised the monetary limit for filing appeals in indirect tax cases to Rs 10 lakh in appellate tribunal, and Rs 15 lakh in High Courts.
The ministry has also made it mandatory for Principal Commissioners or commissioners to hold a pre-showcause noti...
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Income Tax |
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Due date for filing Service Tax Return (Oct 15 - March 16) extended
Posted Date : 25-Apr-2016 , 08:44:20 pm | Posted By CASANSAAR
Tweet of Finance Ministry
Govt extends the date of filing ST-3 returns to 29th April from 25th due to difficulties faced by taxpayers in ACES application. #casansaar
https://twitter.com/FinMinIndia
e
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EX...
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Service Tax |
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Govt. approves 8.7% interest on EPF for 2015-16
Posted Date : 25-Apr-2016 , 08:12:42 pm | Posted By CASANSAAR
The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).
"The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has prop...
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Income Tax |
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Govt plans to cut scrutiny time of income tax returns to 1 year
Posted Date : 25-Apr-2016 , 08:16:20 am | Posted By CASANSAAR
In an effort to make life simpler for income tax payers, the government is looking to reduce the time under which an assessment of an individual's tax returns picked up for random scrutiny is completed to one year.
Currently, assessment of tax returns picked up through a system of computer-dr...
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Income Tax |
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Guidance Note on the Companies (Auditor's Report) Order, 2016 - ICAI
Posted Date : 25-Apr-2016 , 08:01:53 am | Posted By CASANSAAR
Guidance Note on the Companies (Auditor's Report) Order, 2016 issued by Auditing and Assurance Standards Board - ICAI.
The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016) which is applicable for audits of financial statements for periods...
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ICAI |
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Bank of Baroda norms for selecting Auditing firms challenged
Posted Date : 24-Apr-2016 , 02:59:09 pm | Posted By CASANSAAR
Assailing the decision of the Bank of Baroda, which has fixed Rs. 150-crore turnover as the minimum eligibility for auditing firms to participate in the tender for its assignments, a Chartered Accountant has approached the Madras High Court seeking to restrain officials from going ahead with the dec...
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Auditing |
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0 | Hits : 1952
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Invitation to Associate in Development of the Study/Background Material - ICAI
Posted Date : 23-Apr-2016 , 08:16:57 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Indian Parliament namely, Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the Country.
The Committee on Economic, Commercial Laws & WTO, non-stan...
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ICAI |
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Beware! your income tax notice could be fake
Posted Date : 22-Apr-2016 , 08:48:39 am | Posted By CASANSAAR
Cyber crime has assumed a new avatar, with the first case of phishing in the name of refunding tax dues being registered in the city.
A senior analyst at Dell, Rajat Mondal, was in for a surprise when he received an email, supposedly from tax authorities, that he is due for a refund of Rs 18,900 ...
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Income Tax |
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RBI issues master direction on merger of pvt sector banks
Posted Date : 22-Apr-2016 , 08:28:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today came out with master direction for merger of private sector banks and also between NBFCs and banks.
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking i...
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RBI |
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SEBI working with RBI for common KYC
Posted Date : 22-Apr-2016 , 08:26:31 am | Posted By CASANSAAR
In an effort to ease retail participation in the securities market, regulator SEBI will pitch for a common KYC (Know Your Customer) norm for banking and the capital markets. With this, your bank KYC specification will soon be enough for you to avail of other financial services, offered by securities...
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SEBI |
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HC upholds income tax provision on perquisites
Posted Date : 20-Apr-2016 , 09:10:34 am | Posted By CASANSAAR
The Madras High Court has dismissed a writ petition challenging the Constitutional validity of Section 17(2)(viii) of the Income Tax Act, 1961 which empowers the executive authorities to prescribe the value of any fringe benefit or amenity, other than those listed under the provision, under the defi...
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Income Tax |
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NPA effect: Norms for Chartered Accountants, advocates soon
Posted Date : 19-Apr-2016 , 07:26:55 am | Posted By CASANSAAR
Public sector banks, saddled with a pile of non performing assets—loans that do not fetch returns—could soon frame stringent rules allowing them to take action against service providers such as chartered accountants and advocates if required.
The Central Vigilance Commission (CVC) h...
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Income Tax |
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CBDT issues draft rules on foreign tax credit
Posted Date : 18-Apr-2016 , 10:19:14 pm | Posted By CASANSAAR
The rules, once finalised will allow for tax credit with all countries with which India has a double tax avoidance agreement as well as tax paid by Indian residents in other specified countries.
At present, such a facility is not available in the Income Tax Act, 1961 and the introduction of suc...
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CBDT |
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Madras HC upholds Constitutionality of Section 94-A of the Income Tax Act
Posted Date : 18-Apr-2016 , 07:56:41 pm | Posted By CASANSAAR
Madras High Court has upheld the constitutionality of Section 94-A (1) of the Income Tax Act holding that it ‘was the need of the hour’.
The Division Bench comprising of Justices V. Ramasubramanian and T. Mathivanan held that treaties cannot limit the power of Parliament to make Laws ...
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Income Tax |
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SEBI to tighten disclosure norms for rating agencies
Posted Date : 18-Apr-2016 , 07:45:06 pm | Posted By CASANSAAR
Concerned over severe spill-over impact of recent drastic downgrades by rating agencies, market regulator Sebi plans to strengthen its disclosure guidelines for issuance and review of the ratings by such entities.
Besides, Sebi is also considering asking the Credit Rating Agencies (CR...
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SEBI |
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RBI for proper monitoring of foreign direct investment
Posted Date : 15-Apr-2016 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”...
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RBI |
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Audit Report of IRCON flags concerns over Rs 422 cr payment to foreign agents
Posted Date : 14-Apr-2016 , 01:25:58 pm | Posted By CASANSAAR
An independent audit report has flagged some serious concerns over payment of Rs 422.43 crore to foreign agents by railway PSU IRCON International in respect of projects in two countries.
Stating that such transactions would have an adverse effect on the functioning of the company, the aud...
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Auditing |
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0 | Hits : 1845
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Interest rates for NSSF loan to Centre, states cut to 8.8%
Posted Date : 14-Apr-2016 , 01:23:12 pm | Posted By CASANSAAR
The National Small Savings Fund (NSSF) loan rate to the Centre as well as states has been lowered to 8.8 percent from 9.5 percent following a recent cut in small savings interest rates, an official statement said on Wednesday.
"In line with the revision of interest rates of small savings s...
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General |
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0 | Hits : 957
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Members / Firms to furnish PAN details to ICAI
Posted Date : 14-Apr-2016 , 09:07:46 am | Posted By CASANSAAR
For ICAI MEMBERS
Update your PAN details with ICAI. Otherwise unable to upload TAR & MCA forms online. ICAI had already requested the Members / Firms to submit the PAN details to their concerned Regional office on or before 15th December, 2015, If you have not submitted the ...
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ICAI |
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HC upholds stricter tax rule on inflow from abroad
Posted Date : 13-Apr-2016 , 07:46:55 am | Posted By CASANSAAR
The high court here has agreed with the Indian government’s 2013 plan to tax investments from Cyprus, which was used by several foreign investors to avoid taxes in India. The order would impact several foreign institutional investors (FIIs) and private equity investors whic...
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Income Tax |
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0 | Hits : 1095
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Supreme Court seeks total NPAs, RBI says No
Posted Date : 13-Apr-2016 , 07:43:49 am | Posted By CASANSAAR
Even as the Supreme Court on Tuesday decided to examine whether the Reserve Bank of India can disclose names of big defaulters in view of its confidentiality claims, the banking regulator said any revelation about outstanding dues to banks will “impact the economy of the country”.
A...
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NPA |
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Simplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAG
Posted Date : 12-Apr-2016 , 10:20:11 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and prescribes a new simplified and consolidated procedure. The Cir...
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Auditing |
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Gurgaon is now to be known as Gurugram
Posted Date : 12-Apr-2016 , 10:17:37 pm | Posted By CASANSAAR
Gurgaon, the corporate hub of Haryana on the outskirts of Delhi, will now be known as 'Gurugram'.
The decision was taken by the BJP government claiming that people of the area have been making a demand in this regard.
An official spokesman said the decision to change the name was taken...
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General |
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No Clean Chit given to Auditors related to Mallya’s case - ICAI president
Posted Date : 12-Apr-2016 , 07:14:40 am | Posted By CASANSAAR
President of the Institute of Chartered Accountants of India (ICAI) M Devraj Reddy today categorically said that so far no ‘clean chit’ has been given to the auditors related to the industrialist Vijay Mallya’s default case. Addressing a press conference here, Mr Reddy said though ...
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Auditing |
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Govt to move SC on Service Tax levy on lawyers
Posted Date : 12-Apr-2016 , 07:11:09 am | Posted By CASANSAAR
The revenue department has decided to move the Supreme Court for transfer of petitions filed in three High Courts, which had stayed levy of service tax on legal services provided by senior advocates.
It has also decided to rope in Attorney General in the case and get the stay orders vacated. Th...
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Service Tax |
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Publication on Central Excise Law and Procedure for Jewellery Industry - ICAI
Posted Date : 12-Apr-2016 , 06:58:40 am | Posted By CASANSAAR
The publication “Central Excise Law and Procedure for Jewellery Industry” has been brought out by Indirect Taxes Committee of ICAI to familiarize the members and the industry with the various provisions of excise law and procedures pertaining to the levy of excise duty on jewellery. The ...
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Excise |
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RBI declines to share details banks inspection report
Posted Date : 11-Apr-2016 , 10:18:00 pm | Posted By CASANSAAR
The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country.
Replyi...
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RBI |
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Aadhaar, net banking-based IT e-filing appeal system activated
Posted Date : 11-Apr-2016 , 10:14:24 pm | Posted By CASANSAAR
Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.
In order to reduce the interface between taxman and the taxpayer, the department has recently op...
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Income Tax |
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0 | Hits : 928
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RBI Grants First Payments Bank License To Airtel
Posted Date : 11-Apr-2016 , 10:07:42 pm | Posted By CASANSAAR
Airtel M Commerce Services (AMSL), a subsidiary of Bharti Airtel has been granted the first payments bank license from Reserve Bank of India (RBI) today.
On August 19, 2015 Reserve Bank of India (RBI) had issued “in-principle” approval to 11 applicants to set up payments banks. The ...
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RBI |
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0 | Hits : 917
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Govt exempts housing finance cos from XBRL filings
Posted Date : 11-Apr-2016 , 07:43:31 am | Posted By CASANSAAR
Providing relaxation for housing finance companies, the Corporate Affair Ministry has exempted such entities from filing financial statements in XBRL format.
XBRL, or Extensible Business Reporting Language, provides a common, electronic format for business reporting.
In a recen...
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MCA |
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