Vodafone challenges special audit order of Income Tax Deptt
Posted Date : 10-May-2016 , 09:12:39 am | Posted By CASANSAAR
Delhi High Court sought the Income Tax department's response on Vodafone's plea challenging an order directing special audit of its accounts for assessment year 2012-13.
A bench of Justices S Muralidhar and Vibhu Bakhru issued notice to the IT department and asked it to fil...
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Income Tax |
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Rs 43000 crore lies in inoperative EPF accounts: Govt
Posted Date : 10-May-2016 , 09:09:35 am | Posted By CASANSAAR
About Rs 43,000 crore is lying in inoperative Employees' Provident Fund accounts and interest would be credited to such accounts, the government said today.
Minister of State for Labour and Employment Bandaru Dattatreya told Lok Sabha that 118.66 lakh claims were settled by the Employee...
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General |
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CBDT declares Aug 31 as deadline for clearing pending ITRs, Refunds
Posted Date : 10-May-2016 , 09:05:54 am | Posted By CASANSAAR
Central Board of Direct Taxes has declared August 31 as deadline for the taxpayers whose Income Tax Returns for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-bas...
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CBDT |
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Rajya Sabha to take up Finance Bill on May 9
Posted Date : 09-May-2016 , 08:50:56 am | Posted By CASANSAAR
Finance Minister Arun Jaitley will move the Finance Bill in the Rajya Sabha on Monday for discussion after the Lok Sabha passed it last week with 21 changes including withdrawal of the proposal to tax withdrawal on provident fund.
Finance Minister Arun Jaitley retained the 1 ...
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Budget |
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MCA regional directors get more powers under companies law
Posted Date : 09-May-2016 , 08:44:28 am | Posted By CASANSAAR
To reduce procedural requirements, the Ministry of Corporate Affairs (MCA) has given more powers to its regional directors with respect to scrutinising firms suspected of violating companies law.
The move comes at a time when the ministry is bolstering efforts to curb corporate misdoings by imp...
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MCA |
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RBI Norms for Protecting Customers
Posted Date : 07-May-2016 , 06:25:29 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights for bank customers, that I s, (i) Right to Fair Treatment, (ii) Right to Transparency, Fair and Hon...
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RBI |
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Professionals, finance companies may get licence to set up Banks
Posted Date : 06-May-2016 , 08:45:33 am | Posted By CASANSAAR
Professionals and finance companies will get a chance to set up banks but many large business houses which have long dreamt of owning such institutions may not be so lucky.
The Reserve Bank has come out with draft rules that propose a minimum capital of Rs 500 crore for granting on-tap lice...
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General |
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Can whatsApp message be treated as petition? SC to hear
Posted Date : 06-May-2016 , 08:42:15 am | Posted By CASANSAAR
Can a WhatsApp message received by a Judge be treated as a petition?
A bench headed by Chief Justice T S Thakur faced the peculiar question when advocate Ashok Arora brought up the issue, saying he had sent the CJI a WhatsApp message from the US about an issue and that the court shoul...
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WhatsApp |
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RBI Proposes Relaxation Of Bank Licence Requirements
Posted Date : 05-May-2016 , 09:00:30 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has issued proposals for the relaxation of requirements for banking licences in the latest effort to boost a sector struggling with $100 billion of stressed debt that is choking the financial system and hitting economic growth.
With only about half of India's p...
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RBI |
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FM warns of action against tax evasion
Posted Date : 05-May-2016 , 08:55:01 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today warned of action against those passing off income from other sources as agriculture income but ruled out levying any tax on farm earnings.
Replying to the discussion on the Finance Bill 2016 in the Lok Sabha, he also ruled out withdrawal of the 1 per cent excis...
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Income Tax |
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Govt eases norm for availing export benefits under MEIS
Posted Date : 05-May-2016 , 08:52:18 pm | Posted By CASANSAAR
Exporters have been relieved from submitting the landing certificate of goods to avail benefits under the Merchandise Exports India Scheme (MEIS).
According to Commerce and Industry Ministry, the move is aimed at improving ease of doing business in the country to promote exports, which are ...
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Custom |
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ICAI reviews financial statements of Vijay Mallya group firms
Posted Date : 05-May-2016 , 08:46:37 pm | Posted By CASANSAAR
Chartered accountants' apex body ICAI is reviewing financial statements of certain Vijay Mallya group firms to assess the role of auditors and has warned of strict disciplinary action in case of violations.
The move also comes against the backdrop of the embattled Mallya facing a case of loan...
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ICAI |
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1 | Hits : 1093
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Lok Sabha passes Finance Bill 2016
Posted Date : 05-May-2016 , 08:39:12 pm | Posted By CASANSAAR
The Lok Sabha on Thursday passed the finance bill, retaining the excise duty on jewellers despite opposition from some political parties.
In his reply to the finance bill, Arun Jaitley defended the government’s decision and said the tax was much lower than what was levied by som...
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Budget |
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Centre may appoint independent regulators for professional services
Posted Date : 05-May-2016 , 08:38:35 am | Posted By CASANSAAR
The government is planning to appoint independent regulators for services such as medicine, law, chartered accountancy, cost accountancy and company secretaryship.
According to sources in the commerce ministry, the existing structure of a regulator-cum-professional body for these serv...
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Finance |
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Govt mulls reducing numbers of tax, administrative tribunals
Posted Date : 05-May-2016 , 08:35:18 am | Posted By CASANSAAR
An Inter-Ministerial Group (IMG) has been constituted to look into the possibility of reduction in the number of tax and administrative tribunals, Union Minister Jitendra Singh said today.
There are at least 36 tribunals for settling various administrative and tax-related disputes, including Cent...
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Income Tax |
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Auditors have access to only one set of account - SIRC
Posted Date : 05-May-2016 , 08:32:15 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been fi...
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Auditing |
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Ultra-rich must declare cost price of expensive assets: CBDT
Posted Date : 05-May-2016 , 08:21:51 am | Posted By CASANSAAR
The tax department on Wednesday said that people with annual income of over Rs 50 lakh will have to disclose the acquisition cost of each asset such as land, building and jewellery in the annual return.
The Central Board of Direct Taxes (CBDT) added that the luxury items to be disclos...
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CBDT |
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Observations of the candidates on the question papers of CA examinations-May, 2016 - ICAI
Posted Date : 04-May-2016 , 10:54:43 pm | Posted By CASANSAAR
4th May, 2016
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 2016, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the f...
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CA Exams |
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Submit proof of travel for claiming tax deduction on LTA: CBDT
Posted Date : 04-May-2016 , 07:09:13 am | Posted By CASANSAAR
The Income Tax Department has brought out a new form making it mandatory for salaried taxpayers to furnish proof of travel for claiming tax deduction on LTA or LTC.
The Central Board of Direct Taxes (CBDT) has brought in a Form 12BB form requiring employees to furnish to their employe...
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CBDT |
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Government moves to recover Rs 3,348 crore from service tax collectors
Posted Date : 04-May-2016 , 07:07:10 am | Posted By CASANSAAR
In order to recover Rs 3,348 crore dues, the service tax department has issued 834 show cause notices to service providers who collected the tax from customers but did not deposit it in government accounts in 2015-16.
"There have been cases of service providers who have collected servi...
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Service Tax |
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0 | Hits : 968
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Income from sale of unlisted equities to be treated as capital gains: CBDT
Posted Date : 03-May-2016 , 08:55:26 am | Posted By CASANSAAR
India's apex direct taxes body has said income from sale of unlisted equities would be treated as capital gains in a move that gives significant relief to private equity, offshore and alternative investment funds.
The directive puts to rest the debate over treatment of income from sale ...
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Income Tax |
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0 | Hits : 1094
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SIRC's Auditor resigns over dubious accounts
Posted Date : 03-May-2016 , 08:52:35 am | Posted By CASANSAAR
In an odd turn of events, the auditors of the Southern Indian Regional Council (SIRC) of the CA Institute resigned saying the accounts of the body that certifies and regulates auditing appeared dubious. Sundararajan Associates, the statutory auditors of the SIRC and Southern India Chartered Accounta...
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Auditing |
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5 | Hits : 3459
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RBI clamps down on long term working capital loans
Posted Date : 03-May-2016 , 08:46:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked banks to avoid approving long-term credit for periods up to 10 years under the garb of working capital loans to stressed companies, two bankers in the know said.
As the name suggests, working capital loans are typically given for short periods to cater ...
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RBI |
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Only 1% of India's population pays taxes: Govt data
Posted Date : 02-May-2016 , 08:29:11 am | Posted By CASANSAAR
Only about one per cent of India’s population pays income tax but the number of effective I-T assessees has risen to ~5.17 crore in 2014-15, from 4.72 crore in 2012-13, according to government data.
A total of 2.87 crore individuals filed I-T returns for assessment year 2012-13,...
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Income Tax |
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0 | Hits : 951
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MCA acts against 169 Cos for not having women directors
Posted Date : 30-Apr-2016 , 07:58:37 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has initiated prosecutions against 169 companies for failure to appoint at least one woman director on their boards.
Certain class of listed and unlisted firms are required to have at least one woman director on their boards under the Companies Act, 2013 --...
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MCA |
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Government to conduct special audit of telcos like Airtel, Vodafone and Idea
Posted Date : 30-Apr-2016 , 07:56:55 am | Posted By CASANSAAR
Government will conduct special audit of telecom companies, including Bharti Airtel, Vodafone, Reliance Communications and Idea Cellular for three years to 2010-11, Telecom Minister Ravi Shankar Prasad said today.
"Government has decided to conduct special audit for three subsequent fi...
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Auditing |
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0 | Hits : 1129
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Guidelines for Grant of Rewards to Informers of Tax Evasion
Posted Date : 30-Apr-2016 , 07:49:02 am | Posted By CASANSAAR
The details with regard to guidelines in respect of rewards to informers of tax evasion are:
Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed c...
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Income Tax |
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0 | Hits : 1216
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Merger of National Stock Exchange Limited (NSEL) and Financial Technologies India Limited (FTIL)
Posted Date : 30-Apr-2016 , 07:47:28 am | Posted By CASANSAAR
The Ministry has issued the Final Order on 12.02.2016 for amalgamation of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Ltd. (FTIL) under Section 396 of the Companies Act, 1956. However, the same has been kept in abeyance pursuant to Orders of the Hon’ble High...
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General |
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Govt rolls back decision to lower EPF rate; fixes it at 8.8%
Posted Date : 30-Apr-2016 , 07:45:57 am | Posted By CASANSAAR
Bowing to employee protests for the third time in two months, the Indian government on Friday rolled back its decision of lower interest rate on provident fund deposits to 8.7 per cent for 2015-16 and agreed to fix it at 8.8 per cent as decided by retirement fund body EPFO.
The roll back comes on...
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General |
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0 | Hits : 935
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CBDT publishes direct taxes related data for first time
Posted Date : 29-Apr-2016 , 07:52:18 am | Posted By CASANSAAR
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
The department said the objective of publishing the...
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CBDT |
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