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...
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CBDT |
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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 ...
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RBI |
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0 | Hits : 1663
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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...
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Income Tax |
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0 | Hits : 802
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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 ...
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SEBI |
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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...
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Income Tax |
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0 | Hits : 1405
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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 ...
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Chartered Accountant |
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1 | Hits : 1946
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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...
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Income Tax |
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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...
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Income Tax |
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0 | Hits : 1008
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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...
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CBDT |
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0 | Hits : 1224
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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...
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Income Tax |
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0 | Hits : 1274
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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...
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SEBI |
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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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0 | Hits : 1175
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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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0 | Hits : 1346
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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 : 1306
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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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0 | Hits : 1324
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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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1 | Hits : 1349
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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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0 | Hits : 972
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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 : 1189
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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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0 | Hits : 810
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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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0 | Hits : 810
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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 : 1126
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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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