RBI releases draft framework for account aggregator companies
Posted Date : 04-Mar-2016 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator.
Account aggregators help in collecting and providing the information of customers’ financial asse...
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RBI |
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CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage
Posted Date : 03-Mar-2016 , 10:06:54 pm | Posted By CASANSAAR
CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested ...
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CBDT |
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CBDT clarifies various provisions of the Income-tax Act for reducing litigation and easing burden of compliance
Posted Date : 03-Mar-2016 , 10:05:54 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation.
It has been clarified through Circular No. 1/2016 that under Secti...
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CBDT |
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Advocacy crying for reforms, lawyers can't have free ride - SC
Posted Date : 03-Mar-2016 , 08:19:04 am | Posted By CASANSAAR
The legal profession is "crying for reforms" and lawyers cannot be allowed to a have a "free ride as the administration of justice is a key area", the Supreme Court observed today and sought response of the Bar Council of India on a plea against the bar examination which has been...
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General |
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No arrest for Service Tax evasion for Rs two crore: Government
Posted Date : 03-Mar-2016 , 08:12:10 am | Posted By CASANSAAR
The Finance Ministry has proposed 100 per cent increase, to Rs two crore, in the monetary limit for arresting Service Tax evaders, a step aimed at projecting its taxpayer-friendly image.
At present the limit to arrest such evaders is Rs one crore.
Finance Minister Arun Jaitley has proposed to ...
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Service Tax |
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Jewellers on 3-day pan-India strike against excise duty
Posted Date : 03-Mar-2016 , 08:07:52 am | Posted By CASANSAAR
Jewellers today started their three-day pan-India strike to protest proposed re-imposition of 1 per cent excise duty on gold and diamond jewellery and mandatory quoting of PAN by consumers for transaction of Rs 2 lakh and above.
More than 3 lakh jewellers participated in the strike on Day 1, an i...
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Excise |
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Government working to simplify income tax rules - FM
Posted Date : 03-Mar-2016 , 07:55:07 am | Posted By CASANSAAR
The government is moving fast to simplify the complex income-tax laws, finance minister Arun Jaitley said on Wednesday, indicating that the Direct Taxes Code (DTC) roadmap laid down by the UPA government may get a quiet burial.
“Several of the measures listed there (DTC) have alre...
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Income Tax |
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New black money window not total amnesty scheme - CBDT
Posted Date : 02-Mar-2016 , 08:25:21 am | Posted By CASANSAAR
The new one-time compliance window for domestic black money holders is not a "total amnesty" scheme, CBDT said on Tuesday making it clear that declarations under it will enjoy immunity from prosecution except under the anti-corruption law, the anti-narcotics act and a few other legislation...
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CBDT |
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Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)
Posted Date : 02-Mar-2016 , 08:24:26 am | Posted By CASANSAAR
There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS.
The following clarifications are given in this matter:-
(i) The purpose of this reform of making the change in t...
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Income Tax |
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Companies face country-wise rules for transfer pricing
Posted Date : 02-Mar-2016 , 08:21:36 am | Posted By CASANSAAR
Professionals obtaining any sum of money under a non-compete agreement will now be subject to tax with the government having plugged a loophole in the Budget.
Once non-compete agreements were largely restricted to the manufacturing arena.For instance, an outgoing employee would have to sign on th...
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International Taxation |
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Trust based approach: CBDT accepts over 99% I-T returns
Posted Date : 01-Mar-2016 , 08:09:44 pm | Posted By CASANSAAR
Finance Ministry today said over 99 per cent of the returns filed are "accepted" by the Income Tax Department and only a minuscule number is taken up for scrutiny where the taxman has no discretion.
"CBDT is already following a trust based approach in tax admin...
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Income Tax |
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ICAI invites suggestions on tax proposals of Union Budget 2016-17
Posted Date : 01-Mar-2016 , 07:06:37 pm | Posted By CASANSAAR
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2016 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valua...
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ICAI |
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Public Provident Fund withdrawal exempted from tax: Govt
Posted Date : 01-Mar-2016 , 06:54:19 pm | Posted By CASANSAAR
Government today made it clear that Public Provident Fund will not be taxed on withdrawal. Revenue Secretary Hasmukh Adhia said in a statement that only the interest that accrues on contributions to Employee Provident Fund made after 1st of April this year will be taxed while principal will continue...
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Income Tax |
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Petrol price cut by Rs. 3; diesel costlier by Rs. 1.47
Posted Date : 29-Feb-2016 , 09:23:16 pm | Posted By CASANSAAR
Petrol price was on Monday cut by Rs. 3.02 per litre, but diesel rates were hiked by Rs. 1.47 a litre — the second increase this month in line with global trends.
Petrol in Delhi will cost Rs. 56.61 per litre from midnight tonight as against Rs. 59.63.
A litre of diesel, however, wil...
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General |
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Union Budget 2016 - 17 Highlights
Posted Date : 29-Feb-2016 , 02:03:37 pm | Posted By CASANSAAR
Affirming that the economy is right on track, Finance Minister Arun Jaitley presented the Union Budget for 2016-17. Citing that the CPI inflation has come down to 5.4% from 9 plus, he said it is huge relief for the public.
Tax
Infrastructure and agriculture cess to be levied.
Excise duty ra...
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Budget |
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FM spoke on the Key Reform Measures in his Budget speech 2016-17
Posted Date : 29-Feb-2016 , 01:24:18 pm | Posted By CASANSAAR
1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017.
2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912 cr, which is nearly twice the alloca...
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Budget |
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Budget 2016 - Certain Tax Reliefs announced for small tax payers and others
Posted Date : 29-Feb-2016 , 01:23:12 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley said that the taxation is a major tool available to Government for removing poverty and inequality and this has to be cautiously exercised. But, he would like to give relief to small tax...
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Budget |
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Tax Proposals are aimed at Boosting Economic Growth and Employment Generation
Posted Date : 29-Feb-2016 , 01:22:19 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote me...
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Budget |
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Budget 2016 - Simplification and Rationalization of Taxation
Posted Date : 29-Feb-2016 , 01:12:53 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committe...
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Budget |
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Budget 2016 - Comprehensive Code on Resolution of Financial Firms to be Enacted
Posted Date : 29-Feb-2016 , 01:12:00 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that in the financial sector, a comprehensive Code on Resolution of Financial Firms will be enacted. Together with the Bankruptcy and Insolvency Law, this will fill a major systemic vacu...
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Budget |
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A New Health Protection Scheme to provide health cover up to Rs.1 lakh per family
Posted Date : 29-Feb-2016 , 01:10:58 pm | Posted By CASANSAAR
The Minister for Finance and Corporate Affairs and Information and Broadcasitng, Shri Arun Jaitley has announced a New Health Protection Scheme in the Budget 2016-17. In his Budget address in the Parliament today, the Finance Minister expressed concern that a serious illness of family member(s) caus...
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Budget |
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Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges
Posted Date : 29-Feb-2016 , 01:09:29 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that to promote private participation in infrastructure projects, Public Utility (Resolution of Disputes) Bill will be introduced; and guidelines for renegotiation of PPP agreements will...
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Budget |
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Budget 2016 - Promoting a tax-friendly regime through a new Dispute Resolution Scheme’
Posted Date : 29-Feb-2016 , 01:08:23 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the tax payers and administrative ...
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Budget |
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Budget 2016 - Compliance window to declare undisclosed income by paying 45% tax
Posted Date : 29-Feb-2016 , 01:07:03 pm | Posted By CASANSAAR
While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window.
Shri Jaitley proposed a limited period Compliance window for domestic taxpayers t...
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Budget |
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Budget 2016 - Companies Act 2013 to be amended to facilitate Ease of Doing Business
Posted Date : 29-Feb-2016 , 01:05:31 pm | Posted By CASANSAAR
A Bill shall be introduced in the current Budget session of the Parliament in order to amend the Companies Act 2013. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this will remove the difficulties and impediments to ease of doi...
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Budget |
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Budget 2016 - Ek Bharat Shreshtha Bharat Programme to be Launched
Posted Date : 29-Feb-2016 , 01:05:06 pm | Posted By CASANSAAR
Ek Bharat Shrestha Bharat’ programme will be launched to link States and Districts in an annual programme that connects people though exchanges in areas of language, trade, culture, travel and tourism. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister S...
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Budget |
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Union Budget 2016 - Live Updates
Posted Date : 29-Feb-2016 , 12:47:09 pm | Posted By CASANSAAR
FM Arun Jaitley to present Union Budget 2016 today at 11.00 AM. CASANSAAR are providing you live updates of Union Budget 2016.
JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES.
Finance Minister Arun Jaitley's budget speech ends. House adjourned till tomorrow.
Finance Minister Arun Ja...
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Budget |
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Union Budget 2016 - Watch Live Telecast Online on casansaar.com
Posted Date : 29-Feb-2016 , 08:08:04 am | Posted By CASANSAAR
Hon'ble Finance Minister's Presentation of Union Budget in the Parliament on 29th Feb 2016, 11:00 AM IST.
...
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Budget |
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Finance Minister to Present General Budget 2016-17 in Parliament
Posted Date : 29-Feb-2016 , 07:53:37 am | Posted By CASANSAAR
Finance Minister Arun Jaitley will present the General Budget in Parliament today for 2016-17. Mr Jaitley faces a tough task of balancing the needs of farm sector as well as the industry when he presents his third Budget as he seeks to garner resources to boost public spending for higher growth amid...
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Budget |
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SFIO beefs up resources; empanels 91 Chartered Accountant firms
Posted Date : 29-Feb-2016 , 07:50:27 am | Posted By CASANSAAR
Strengthening its resources to deal with white collar crimes, SFIO has empanelled as many as 91 chartered accountant firms to carry out forensic audit and analysis of financial statements on a case to case basis.
Facing manpower crunch, Serious Fraud Investigation Office (SFIO) has been loo...
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Chartered Accountant |
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