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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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 : 1109
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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 : 3467
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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 : 970
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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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0 | Hits : 1274
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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 : 1137
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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 : 1242
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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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1 | Hits : 961
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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 : 946
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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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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 : 1362
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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 : 802
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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 : 1886
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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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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 : 2002
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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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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 : 1295
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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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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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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 : 1048
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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 : 1056
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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 : 1016
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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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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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Income Tax |
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0 | Hits : 663
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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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Income Tax |
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0 | Hits : 1708
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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 : 2216
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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 : 1983
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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 : 1073
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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 : 2083
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