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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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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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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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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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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0 | Hits : 1414
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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 : 1102
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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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0 | Hits : 1320
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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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0 | Hits : 799
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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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