No income tax penalty if you have concealed your income by mistake
Posted Date : 29-Apr-2016 , 07:50:51 am | Posted By CASANSAAR
In a recent order, Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench dismissed the penalty, income tax officials had levied on salaried employees for ‘concealment of income’, reports a leading daily.
This comes into light when an online tax-return filing portal had underrepo...
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Income Tax |
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0 | Hits : 1352
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Multi-Disciplinary Team for Probing the Panama Papers Leaks
Posted Date : 28-Apr-2016 , 07:21:53 am | Posted By CASANSAAR
Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ), a Washington based organization which has repo...
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Income Tax |
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0 | Hits : 791
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Income tax department to pay interest on TDS refund
Posted Date : 27-Apr-2016 , 09:33:10 am | Posted By CASANSAAR
The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said.
The Central Board of Direct Taxes has issued a directive in this rega...
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Income Tax |
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0 | Hits : 1871
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701 bad loan accounts owe PSU banks Rs 1.63 lakh cr
Posted Date : 27-Apr-2016 , 09:10:09 am | Posted By CASANSAAR
As many as 701 accounts with bad loans exceeding Rs 100 crore owed public sector banks (PSBs) Rs 1.63 lakh crore at the end of December, with State Bank of India accounting for the biggest chunk.
SBI had 85 such accounts with aggregate non-performing assets (NPAs) of Rs 23,726 crore, followed b...
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Banking |
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0 | Hits : 1135
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MCA filed prosecution against 107 listed companies
Posted Date : 27-Apr-2016 , 09:07:44 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has filed prosecution against 107 listed companies under various sections of the Companies Act.
The prosecution has been filed under the Companies Act 1956 and Companies Act 2013, Corporate Affairs Minister Arun Jaitley said.
In a written r...
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MCA |
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1 | Hits : 1990
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SC asks FinMin to explain NPAs recovery mechanism
Posted Date : 27-Apr-2016 , 09:06:30 am | Posted By CASANSAAR
Supreme Court has asked Union Finance Ministry to inform it about the mechanism in place for recovery of huge Non-Performing Assets (NPAs). The apex court asked the ministry to inform as to what safeguards it is bringing in to curb bad debt. Supreme Court also observed that if the present system wou...
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NPA |
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0 | Hits : 1270
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MCA might deduct payments to Infosys for poor management of MCA21 portal
Posted Date : 27-Apr-2016 , 08:57:33 am | Posted By CASANSAAR
With problems continuing in using the MCA21 portal, the Corporate Affairs Ministry might deduct payments to IT major Infosys, which expects the situation to be normal in the next few weeks.
Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to ...
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MCA |
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0 | Hits : 1279
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Income tax dept to consider information on non-filers from 3rd party sources like banks
Posted Date : 27-Apr-2016 , 08:34:01 am | Posted By CASANSAAR
Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax.
The Central Board of Direct Taxes (CBDT) had set up a committee to recommend standard definitions of certa...
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Income Tax |
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0 | Hits : 1231
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Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016
Posted Date : 26-Apr-2016 , 05:32:51 pm | Posted By CASANSAAR
1. The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come into force on ...
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Accounts |
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0 | Hits : 1722
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RBI takes various steps for recovery of NPA: Jayant Sinha
Posted Date : 26-Apr-2016 , 05:29:28 pm | Posted By CASANSAAR
The total outstanding of top one hundred of Non-Performing Accounts (NPA), borrowers of public sector banks stood at 1.73 lakh crore rupees as on 31st December 2015. The Reserve Bank of India has taken various steps for recovery of NPA.
These include formation of joint lenders’ forum for re...
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RBI |
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0 | Hits : 1038
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RBI to ease registration process for NBFCs
Posted Date : 26-Apr-2016 , 07:55:03 am | Posted By CASANSAAR
Reserve Bank of India (RBI) will simplify the registration process for non-banking finance companies (NBFCs), Deputy Governor R. Gandhi said.
“The new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made o...
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RBI |
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0 | Hits : 1036
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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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0 | Hits : 1001
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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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0 | Hits : 9863
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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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Category :
Income Tax |
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0 | Hits : 656
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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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Category :
Income Tax |
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0 | Hits : 1693
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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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0 | Hits : 2177
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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 : 1969
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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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0 | Hits : 1047
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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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1 | Hits : 2043
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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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0 | Hits : 1117
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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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0 | Hits : 831
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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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0 | Hits : 1133
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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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Category :
Income Tax |
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2 | Hits : 2446
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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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0 | Hits : 1578
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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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0 | Hits : 836
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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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0 | Hits : 1005
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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 : 1878
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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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Category :
General |
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0 | Hits : 966
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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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1 | Hits : 12427
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