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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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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0 | Hits : 1571
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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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Category :
Auditing |
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0 | Hits : 985
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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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0 | Hits : 1567
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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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0 | Hits : 1247
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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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0 | Hits : 1408
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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 : 944
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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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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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0 | Hits : 860
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CA curriculum to be revised in 2017 - ICAI president
Posted Date : 10-Apr-2016 , 07:14:24 am | Posted By CASANSAAR
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
Reddy, who was in the city to discuss about the proposed changes in CA courses, said th...
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CA |
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0 | Hits : 1521
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SEBI mulls reforms in commodity market
Posted Date : 10-Apr-2016 , 07:05:09 am | Posted By CASANSAAR
An experts panel of the Securities and Exchange Board of India (Sebi) will meet on Monday to mull introduction of new products for the commodity derivatives market.
The commodity advisory committee will also discuss a price pooling mechanism for the spot market.
At present, prices are collated...
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SEBI |
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0 | Hits : 734
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Income Tax dept activates e-filing for three more ITRs
Posted Date : 08-Apr-2016 , 08:24:14 am | Posted By CASANSAAR
The Income Tax department on Thursday launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-17 after it operationalised some of them early this week.
The latest enabled Income Tax Returns (ITRs) include ITR-2 for individuals and Hindu Undivid...
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ITR |
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Announcement for conducting ISA-Eligibility & Assessment Test under both Old & New Syllabus for two more attempts - ICAI
Posted Date : 08-Apr-2016 , 08:01:17 am | Posted By CASANSAAR
The Committee on Information Technology at its 73rd Meeting held on 9th March, 2016 decided to continue to hold the ISA Eligibility Test under old Syllabus for two more attempts i.e. May, 2016 and November, 2016. Hence the ISA Eligibility Test will be held under both old and New Syllabus in May, 201...
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ICAI |
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Download online ICAI Admit Card for May 2016 examination
Posted Date : 07-Apr-2016 , 04:13:12 pm | Posted By CASANSAAR
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in.
Candidates may print their admit cards from the said website.
For downloading/printing of the admi...
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Category :
CA Exams |
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Zone-shifting of candidates for MAY - 2016 CA Exams - ICAI
Posted Date : 07-Apr-2016 , 12:40:37 pm | Posted By CASANSAAR
April 7th, 2016
Subject: Zone-shifting of candidates for MAY - 2016 CA Exams
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai, some of the candidates have been allotted examinations centres in the zone other than th...
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Category :
CA Exams |
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0 | Hits : 1026
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Tax receipts at Rs.14.6 lakh cr, exceeds estimates
Posted Date : 07-Apr-2016 , 08:25:54 am | Posted By CASANSAAR
The government collected Rs.14.6 lakh crore in taxes in financial year 2015-16, which is higher than the Budget Estimates and Revised Estimates for the year.
The government data shows that the bulk of the growth in total tax revenues was due to the increase in indirect tax collections. Indirect...
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Category :
Income Tax |
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0 | Hits : 1102
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Company Secretaries pocket avg annual pay of Rs 50 lakh
Posted Date : 07-Apr-2016 , 08:05:12 am | Posted By CASANSAAR
The average annual compensation of Company Secretaries at the top 500 firms listed on the BSE stood at Rs 50 lakh even though many of them got less than Rs 25 lakh, says a report. The findings are based on an analysis of the secretarial audit reports of S&P BSE 500 companies by CimplyFive Corpor...
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ICSI |
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0 | Hits : 1988
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Income Tax dept to challenge Bombay HC verdict in Vodafone TP case
Posted Date : 07-Apr-2016 , 07:58:56 am | Posted By CASANSAAR
Income Tax Department has said it will move Supreme Court challenging the Bombay High Court order in the 8,500-crore rupees Vodafone transfer pricing case. In a series of tweets last night, the IT department said, a substantial question of law has arisen on the issue of taxability of capital gains a...
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Category :
Income Tax |
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0 | Hits : 890
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ICAI Constitutes Expert Panel for Addressing Bank Branch Audit Queries for FY 2015-16
Posted Date : 06-Apr-2016 , 08:22:23 am | Posted By CASANSAAR
Dear Members,
The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members...
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Category :
ICAI |
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0 | Hits : 1991
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Petrol hiked by Rs.2.19/litre, diesel by 98 paise
Posted Date : 05-Apr-2016 , 12:42:37 pm | Posted By CASANSAAR
State-run Indian Oil Corp (IOC) hiked transport fuel rates from Tuesday, increasing petrol by Rs.2.19 a litre and diesel by 98 paise -- both at Delhi, with corresponding increase in other states, on the back of a further hardening of global crude oil rates.
The current level of international prod...
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Category :
General |
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0 | Hits : 774
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RBI cuts repo rate by 25 basis points to 6.5%
Posted Date : 05-Apr-2016 , 12:27:40 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced a 25 basis cut in its policy interest rate this morning, lowering it to more than five-year low. The prevailing rate now stands at 6.5 per cent. The central bank also announced reduction in minimum daily maintenance of cash reserve ratio from 95 per cent to ...
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RBI |
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0 | Hits : 809
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BoB’s move to change concurrent Auditors stirs hornet’s nest
Posted Date : 05-Apr-2016 , 08:45:25 am | Posted By CASANSAAR
Bank of Baroda, the country’s second-largest public sector bank, has stirred up a hornet’s nest with its decision to not renew the contracts of an existing panel of concurrent auditors and instead issue a fresh tender with terms that practically disqualify all small- and medium-size Indi...
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Category :
Auditing |
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1 | Hits : 2545
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Release of new functionality to taxpayers to secure their E-filing account
Posted Date : 05-Apr-2016 , 08:42:53 am | Posted By CASANSAAR
The Income Tax Department has from time to time issued advisories regarding the need to avoid phishing emails and to carefully protect the passwords, OTPs and not share them with others.
In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attem...
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Category :
Income Tax |
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0 | Hits : 1144
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Taxpayers' grievances:CBDT allots quota to top brass
Posted Date : 05-Apr-2016 , 08:42:08 am | Posted By CASANSAAR
In order to accord a high priority to issues related to taxpayer's grievances, CBDT has brought a new mechanism where top officers of the IT department have been alloted a specific quota of complaints to monitor and track, from their origin to successful resolution.
The new initiative h...
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Category :
Income Tax |
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0 | Hits : 910
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HC panel asks for audit of NSEL, others
Posted Date : 05-Apr-2016 , 08:38:27 am | Posted By CASANSAAR
A committee of the high court here has found discrepancies in data collated from various sources and recommended audit of eight brokers and seven clients or investors in the case of the defunct National Spot Exchange (NSEL). The panel gave its recommendation to the HC, which usually studies these an...
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Category :
Auditing |
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0 | Hits : 912
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Panama paper leak triggers tax evasion probes across the Globe
Posted Date : 05-Apr-2016 , 08:33:03 am | Posted By CASANSAAR
Spain, France and several other countries have launched tax evasion probes after a massive leak of confidential documents lifted the lid on the murky offshore financial dealings of a slew of politicians and celebrities.
The scandal erupted yesterday when media groups began revealing the results o...
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Category :
Income Tax |
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0 | Hits : 997
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ICAI Announcement - Responding to Tenders
Posted Date : 05-Apr-2016 , 08:27:26 am | Posted By CASANSAAR
Council Affairs
4th April, 2016
ANNOUNCEMENT - RESPONDING TO TENDERS
The matter pertaining to responding to tenders issued by various users of professional services or organization in areas exclusively reserved for the members of the Institute was recently considered by the Council of the I...
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CA Announcement |
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0 | Hits : 2534
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Country has Rs 10 lakh crore NPAs - Past President ICAI
Posted Date : 04-Apr-2016 , 08:25:43 am | Posted By CASANSAAR
The growing non-performing assets in banks are a matter of great concern. Even the Union government is projecting NPAs at Rs 3.80 lakh crore, in reality it is not less than Rs 10 lakh crore, said Past President ICAI Amarjeet Chopra while speaking at a Bank audit seminar here on Friday at ICAI audito...
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ICAI |
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0 | Hits : 1628
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