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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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 : 28276
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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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0 | Hits : 812
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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 : 723
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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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Category :
General |
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0 | Hits : 848
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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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0 | Hits : 904
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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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Category :
Budget |
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0 | Hits : 2034
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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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0 | Hits : 1172
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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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Category :
Auditing |
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0 | Hits : 916
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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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Category :
Banking |
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0 | Hits : 868
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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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0 | Hits : 1389
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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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0 | Hits : 1435
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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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0 | Hits : 3164
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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 : 2010
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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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Income Tax |
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0 | Hits : 872
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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 : 1490
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Extra Questions attempted in CA Examinations - ICAI
Posted Date : 21-Mar-2016 , 09:23:50 pm | Posted By CASANSAAR
15th March 2016.
It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are required in terms of the instructions given in the question paper.
In this connection, it is hereby informed that candidates are required to answer the requis...
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CA Exams |
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0 | Hits : 1537
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Report of the Committee on Taxation to Examine the Business Models for E-Commerce
Posted Date : 21-Mar-2016 , 09:21:26 pm | Posted By CASANSAAR
A Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and suggest an approach to deal with these issues. The Committee included officers of the Ce...
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Income Tax |
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0 | Hits : 795
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Bank Consolidation: No major decision likely until late FY17
Posted Date : 21-Mar-2016 , 08:09:27 am | Posted By CASANSAAR
The Centre will tread cautiously on the issue of merger and consolidation of public sector banks (PSBs) as there is no clear-cut mechanism in place for human resource management.
Sources involved with the process said the Finance Ministry is keen on reducing the number of PSBs to about 10 or le...
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Banking |
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0 | Hits : 1397
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Excise department issues tax notices to jewellers
Posted Date : 21-Mar-2016 , 08:00:24 am | Posted By CASANSAAR
Jewellers have started getting tax notices over the one per cent excise duty imposed by the Budget for 2016-17, even as they called off their 18-day strike on the issue from Saturday evening, after assurances from Finance MinisterArun Jaitley against harassment. The notices ask j...
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Excise |
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1 | Hits : 1758
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World's top Auditing firms are under scrutiny for over valuation, Auditing and due diligence of UB Group Companies
Posted Date : 20-Mar-2016 , 08:06:34 pm | Posted By CASANSAAR
Some of world's top auditing firms, including Price Waterhouse, Grant Thornton, Deloitte LLP and Walker Chandiok & Co, are under scrutiny with a slew of regulators seeking answers on their valuation, auditing and due diligence of UB Group companies over the last few years.
Deloitte LLP co...
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Category :
Auditing |
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0 | Hits : 1454
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Retro tax settlement scheme to open from June 1
Posted Date : 20-Mar-2016 , 07:56:57 pm | Posted By CASANSAAR
Government will open from June 1 its one-time offer to settle retrospective tax disputes involving firms like Vodafone and Cairn Energy after rules are framed for them to pay principal tax and get waiver from interest and penalty.
The rules framed for implementation of the scheme shall be notifie...
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Category :
Income Tax |
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0 | Hits : 832
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RBI asks banks to remain open full day on Mar 30 and Mar 31
Posted Date : 19-Mar-2016 , 09:57:39 pm | Posted By CASANSAAR
Reserve Bank has asked banks to keep their branches, which conduct government business, open for full day on March 30 and till 8 pm on March 31 to facilitate the transactions before annual closing of government accounts.
In a notification issued in Mumbai, RBI said that the government has d...
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RBI |
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1 | Hits : 1035
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PSU banks write off 38 accounts worth Rs 8033 Cr
Posted Date : 18-Mar-2016 , 07:28:36 am | Posted By CASANSAAR
Public sector banks have written off 38 accounts of Rs 100 crore and above amounting to about Rs 8,000 crore during the nine months of the current fiscal.
As against Rs 8,033 crore for 2015-16, banks had written off 47 accounts of Rs 100 crore and above totalling Rs 13,018 crore in 2014-15,...
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Banking |
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2 | Hits : 1344
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Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued
Posted Date : 18-Mar-2016 , 07:22:36 am | Posted By CASANSAAR
The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia m...
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Category :
Income Tax |
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0 | Hits : 1051
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Govt introduces bill to further amend Companies Act in Lok Sabha
Posted Date : 17-Mar-2016 , 08:07:46 am | Posted By CASANSAAR
The government on Wednesday introduced in the Lok Sabha a bill to further amend the Companies Act as part of efforts to address difficulties faced by stakeholders and improve the ease of doing business in the country.
Corporate Affairs Minister Arun Jaitley introduced the Companies (Amendment) ...
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Category :
Companies Act |
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