Cost Accountants can audit accounts of cooperative societies - HC
Posted Date : 03-Apr-2016 , 07:44:00 pm | Posted By CASANSAAR
The Karnataka State Chartered Accountants’ Association has lost a legal battle against the State’s two-year-old law, which permits using the services of cost accountants to audit accounts of cooperative societies.
The earlier provision of the Karnataka Cooperative Societies (KCS) Ac...
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Auditing |
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Income Tax dept launches e-appeal filing system
Posted Date : 03-Apr-2016 , 07:36:40 pm | Posted By CASANSAAR
In yet another step aimed at reducing human interface between taxman and the taxpayer, the Income Tax department today operationalised a facility for e-filing of the first appeal before a tax officer.
The department said the facility of filing the appeal form, like filing Income Tax Returns (IT...
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Income Tax |
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Income Tax dept launches tax calculator; e-filing begins this week
Posted Date : 03-Apr-2016 , 06:08:29 pm | Posted By CASANSAAR
E-filing of income tax returns for the assessment year 2016-17 was launched Sunday for a select category of entities and individuals even as the IT department provided an online calculator for filers to do an easy check and obtain their annual tax liability.
"Two Income Tax Re...
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Income Tax |
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0 | Hits : 1142
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Plea in HC against surcharge on debit, credit cards payments
Posted Date : 03-Apr-2016 , 06:04:46 pm | Posted By CASANSAAR
A plea has been filed in the Delhi High Court against "illegal" surcharge levied on transactions done through debit and credit cards across the country while no such charge is imposed on cash payments.
Advocate Amit Sahni in his public interest litigation, likely to be heard by a bench ...
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Banking |
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0 | Hits : 868
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CBDT processes 6.53 lakh online rectification requests in income tax returns
Posted Date : 02-Apr-2016 , 07:58:37 am | Posted By CASANSAAR
The Income tax department has processed over 6.53 lakh online rectification applications in 2015-16 fiscal and asked the assessees to make use of the e-filing portal for correcting mistakes in Income tax returns.
The Central Board of Direct Taxes (CBDT) in a statement said the e-filing portal...
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CBDT |
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Delhi High Court stays service tax on senior counsel, follows Gujarat HC
Posted Date : 01-Apr-2016 , 07:23:13 pm | Posted By CASANSAAR
The Delhi High Court today issued notice to the Union Government over a plea moved by the Delhi High Court Bar Association that had challenged imposition of service tax on Senior Advocates.
A Division Bench of Justices Dr. S. Muralidhar and RK Gauba also stayed the relevant ...
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Service Tax |
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0 | Hits : 1085
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Chartered Accountants lost case against Cost Accountants
Posted Date : 01-Apr-2016 , 08:10:34 am | Posted By CASANSAAR
Chartered accountants of Karnataka under the Karnataka State Chartered Accountants Association have lost their case against the Karnataka State Cost Accountants Association in the high court. The CAs had a grouse against the state government allowing cost accountants to audit the account books of co...
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Chartered Accountant |
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CBDT notifies new ITR forms for AY 2016-17
Posted Date : 31-Mar-2016 , 07:12:28 pm | Posted By CASANSAAR
INCOME-TAX (NINTH AMENDMENT) RULES, 2016 - AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V
NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016
In exercise of the powers confe...
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ITR |
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0 | Hits : 4028
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CARO 2016 - Auditors to disclose corporate loan default details
Posted Date : 31-Mar-2016 , 07:49:56 am | Posted By CASANSAAR
Auditors will now have to provide specific details about loan defaults by a company including lender-wise break up in their reports, as the government strengthens efforts to curb corporate misdoings.
The latest step by the corporate affairs ministry also comes against the backdrop of rising bad...
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Auditing |
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Income Tax dept to send notices to 5.8 mn individuals
Posted Date : 31-Mar-2016 , 07:42:02 am | Posted By CASANSAAR
Defaulters and non-filers of income tax return are facing the heat from the income-tax department, which has sent a massive number of notices to track down offenders. The move is the part of the drive to target 5.8 million-odd defaulters/non-filers and bring them back into the tax fol...
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Income Tax |
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Extended Bank hours for conducting Govt. Business on 31st March, 2016
Posted Date : 30-Mar-2016 , 10:20:50 pm | Posted By CASANSAAR
In view of closing of the current financial year and to facilitate the tax-payers in payment of taxes, the Reserve Bank of India has issued instructions vide notification RBI/2015-16/342 dated March 17, 2016 directing all agency banks to keep the counters of their designated branches conducting gove...
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Banking |
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0 | Hits : 1042
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Bank Branch Audit - Allotment of Branches Update
Posted Date : 30-Mar-2016 , 10:15:36 pm | Posted By CASANSAAR
Bank Branch Audit - Allocation of Branches Update:
RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allocation of Branches.
Following Banks has started the process for sending emails for allotment of Branches as informed by the Members.
Bank of In...
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Bank Branch Audit |
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26 | Hits : 28257
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SEBI lays out cyber security policy for commodity exchanges
Posted Date : 30-Mar-2016 , 06:58:58 am | Posted By CASANSAAR
To protect securities market from cyber threats, regulator Sebi has asked commodity derivatives exchanges to put in place framework to safeguard systems, networks and databases from such attacks.
"The exchanges are one of the systemically important Market Infrastructure I...
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SEBI |
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100 % FDI permitted in marketplace e-retailing with riders
Posted Date : 30-Mar-2016 , 06:50:38 am | Posted By CASANSAAR
Government on Tuesday allowed 100 per cent FDI through automatic route in most of e-commerce retailing, a development that will boost domestic as well as foreign players like Flipkart and Amazon.
While the decision to allow 100 per cent FDI in market place e-retail -- where the company only provi...
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International Business |
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RBI cancels registration of 22 NBFCs
Posted Date : 29-Mar-2016 , 10:19:35 pm | Posted By CASANSAAR
Reserve Bank of India on Tuesday said it has cancelled registration of 22 non-banking financial companies (NBFCs) including that of Amazan Capital and Mascot Commerce.
The RBI said it cancelled the certificate of registration of the NBFCs in exercise of the powers conferred on it under Section ...
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RBI |
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Government signs 11 unilateral Advance Pricing Agreements (APAs)
Posted Date : 29-Mar-2016 , 10:19:33 pm | Posted By CASANSAAR
The Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable and non-adversarial tax regim...
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Income Tax |
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0 | Hits : 714
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Inoperative PF accounts to earn interest from April 1
Posted Date : 29-Mar-2016 , 10:10:58 pm | Posted By CASANSAAR
Employees' Provident Fund Organisation (EPFO) has decided to provide interest on inoperative accounts from 1st of next month. The move will benefit over nine crore such account-holders with a total deposits of over Rs 32,000 crore. The decision was taken by the EPFO apex decision making body Cen...
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General |
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0 | Hits : 841
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Govt, RBI taking tough action to recover bank dues: PM
Posted Date : 29-Mar-2016 , 07:37:02 am | Posted By CASANSAAR
Amid rising concern over default by large borrowers like liquor baron Vijay Mallya, Prime Minister Narendra Modi today stressed that the government as well as RBI is taking "tough action" to recover loans from corporate defaulters.
"The only segment showing an increase in (corporat...
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Banking |
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Highlights of Delhi Budget 2016-17
Posted Date : 29-Mar-2016 , 07:22:18 am | Posted By CASANSAAR
The following are some of the highlights of the Delhi Budget for 2016-17:
Items on which Value Added Tax (VAT) is proposed to be slashed from 12.5 percent to 5 percent
* Sweets and Namkeens
* Readymade garments costing above Rs.5,000
* Marble
* Footwear costing above Rs.500
* Schoo...
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Budget |
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Delhi govt presents Rs 46,600 cr budget, no fresh taxes
Posted Date : 29-Mar-2016 , 07:19:47 am | Posted By CASANSAAR
Sweets, namkeens, shoes, readymade garments, watches, marble stone and electric vehicles will cost less in the national capital as the Delhi government reduced VAT on them while presenting a "tax-free" budget for 2016-17 with focus on education, health and transport sectors. ...
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Budget |
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Utility for e-filing Service Tax Return for Oct 15 to Mar 16 are available
Posted Date : 29-Mar-2016 , 07:14:39 am | Posted By CASANSAAR
1. Utility for e-filing Service Tax Return (ST-3) for the period October, 2015 – March, 2016 is now available in both offline and online version. The last date of filing the ST-3 return for the said period is 25th April, 2016. To avoid congestion and inconvenience in the last minute, all asses...
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Service Tax |
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Political parties should maintain properly Audited Accounts : HC
Posted Date : 28-Mar-2016 , 07:48:45 am | Posted By CASANSAAR
In a landmark judgment, the Delhi High Court has ruled that political parties should satisfy the requirement of the Income Tax Act, 1961, for maintaining properly audited accounts of income received through voluntary contributions. If this is not done, a party cannot claim exemption form paying inco...
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Auditing |
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HC tells IDBI staff not to go on strike from Monday
Posted Date : 26-Mar-2016 , 08:23:42 pm | Posted By CASANSAAR
The high court has not only restrained Industrial Development Bank of India (IDBI) staff in Karnataka from going ahead with their strike from Monday (March 28), but also told them not to disrupt bank work during the crucial March 28-31 period (end of the financial year). "Needless to say, ...
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Banking |
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VAT collection has crossed Rs 20,000 Cr : Delhi Govt
Posted Date : 26-Mar-2016 , 08:06:52 pm | Posted By CASANSAAR
Delhi government today said VAT collection in the ongoing financial year has crossed Rs 20,000 crore, close to its revised target of Rs 21,000 crore.
The government in its first Budget had set Rs 24,000 crore as the target but later, on the grounds of unsteady collection, it was toned down to Rs ...
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VAT |
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ICAI would abolish CPT Exam for CA aspirants & reinstate Foundation course
Posted Date : 26-Mar-2016 , 07:39:24 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
“From November onwards the CPT examination route will be scrapped as the Ministry of Corporate A...
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ICAI |
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ITR forms for AY 2016-17 to be notified early April
Posted Date : 25-Mar-2016 , 09:26:37 pm | Posted By CASANSAAR
Finance Ministry is likely to notify by first week of April new income tax return forms for Assessment Year 2016-17 which will more or less be similar to the one that was filed by assessees last year.
As many as 93 per cent of the individual assessees file income tax returns online and the ...
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ITR |
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New CA course will make entry tough for students - President ICAI
Posted Date : 25-Mar-2016 , 08:13:45 am | Posted By CASANSAAR
Aspirants aiming for a qualification in chartered accountancy from the Institute of Chartered Accountants of India (ICAI) may soon have to gear up for changes in the CA curriculum. Currently, the different levels of the CA course are Common Proficiency Test (CPT), Intermediate (Integrated Profession...
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CA |
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Disclose correct details of interest income in ITR: CBDT
Posted Date : 24-Mar-2016 , 02:59:33 pm | Posted By CASANSAAR
The revenue department on Wednesday asked taxpayers to file correct details of interest received from term deposits for the assessment year 2014-15 on or before March 31, while filing their Income Tax returns (ITRs).
The Central Board of Direct Taxes has also ask...
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Category :
Income Tax |
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0 | Hits : 2003
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CBDT eases taxation norms for bonds, debentures held by companies
Posted Date : 23-Mar-2016 , 06:39:09 am | Posted By CASANSAAR
Seeking to simplify the procedure and promote ease of doing business, CBDT has said capital gains tax will be computed from the date of acquisition of financial instruments like bonds and debentures and not from the date of their conversion into shares.
Tax experts said the notification i...
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Category :
Income Tax |
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0 | Hits : 867
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Banks to remain closed for up to 4-days from Thursday
Posted Date : 21-Mar-2016 , 09:26:00 pm | Posted By CASANSAAR
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
However, according to officials, banks will try to ensure that ATMs remain operational during these holidays.
Thursday will be a holiday for celebrating the Holi...
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Banking |
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2 | Hits : 1483
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