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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Income Tax |
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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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ICAI |
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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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General |
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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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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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Auditing |
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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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Income Tax |
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0 | Hits : 1156
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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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Income Tax |
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0 | Hits : 920
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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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Auditing |
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0 | Hits : 923
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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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Income Tax |
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0 | Hits : 1017
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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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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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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 : 1156
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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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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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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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2 | Hits : 5251
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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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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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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 : 28294
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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 : 817
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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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Category :
Income Tax |
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0 | Hits : 731
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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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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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Category :
Banking |
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0 | Hits : 912
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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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