Media Cos' advertisement payment not liable for TDS - CBDT
Posted Date : 09-Mar-2016 , 08:39:49 am | Posted By CASANSAAR
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars.
Circular No.4/2016 dated 29.02.2016 ...
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TDS |
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CBI books five senior officials of Syndicate Bank in alleged Rs 1,000 cr scam
Posted Date : 08-Mar-2016 , 08:18:30 pm | Posted By CASANSAAR
There is trouble in store for some senior officials of the state-run Syndicate Bank with the Central Bureau of Investigation (CBI) booking them on charges of fraud and cheating as part of their investigations into an alleged fraud to the tune of Rs 1,000 core.
Five senior bank of...
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Banking |
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PSU Banks Bad Loans Rise By Rs. 1 Lakh Crore in 9 Months of FY 16 - FM
Posted Date : 08-Mar-2016 , 08:15:22 pm | Posted By CASANSAAR
Bad loans of public sector banks (PSBs) have increased by nearly Rs 1 lakh crore during the first nine months of the current fiscal year, Finance Minister Arun Jaitley said on Tuesday.
"The gross Non Performing Assets (NPAs) of the PSBs (PSU banks) increased from 5.43 per cent as on March 20...
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Banking |
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Government Considering Amendments to Companies Act - FM
Posted Date : 08-Mar-2016 , 08:07:15 pm | Posted By CASANSAAR
To further improve ease of doing business, the government is considering amendments to the Companies Act, Corporate Affairs Minister Arun Jaitley on Tuesday said.
The Companies Law Committee, which submitted its report to the government on February 1, has suggested amendments to 78 sections of th...
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Companies Act |
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Budget 2016: FM Arun Jaitley rolls back proposal to tax EPF
Posted Date : 08-Mar-2016 , 12:40:09 pm | Posted By CASANSAAR
Facing a strong backlash from salaried tax payers over its proposal to tax withdrawal from retirement funds, the government has decided to withdraw the budget proposal that sought to create a pensioned society by discouraging full withdrawal.
There is at present no tax on withdrawal from em...
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Income Tax |
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CBDT halves I.Tax refunds issue timeline to 15 days this fiscal
Posted Date : 08-Mar-2016 , 07:54:24 am | Posted By CASANSAAR
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT on Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days.
In view of the large volume of p...
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CBDT |
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Developers in a consortium to be treated as separate tax units
Posted Date : 08-Mar-2016 , 07:52:25 am | Posted By CASANSAAR
In a major relief to infrastructure developers, the income tax department has clarified that companies which are part of a consortium in large infrastructure projects will be treated as separate taxable units.
This will enable these companies to set off losses from other projects and not attrac...
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Income Tax |
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0 | Hits : 944
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BSE tightens noose on auditors in Preferential manipulations
Posted Date : 08-Mar-2016 , 07:50:31 am | Posted By CASANSAAR
Tightening its surveillance mechanism to check share price manipulations, top stock exchange BSE has decided to follow a stricter process to scrutinise the auditorcertificates provided by listed firms regarding their preferential allotment of shares.
In case of any discre...
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Auditing |
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0 | Hits : 951
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CBDT sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department
Posted Date : 08-Mar-2016 , 07:39:37 am | Posted By CASANSAAR
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress...
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Income Tax |
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0 | Hits : 836
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Centre considering ESOPs for bank employees: FM
Posted Date : 06-Mar-2016 , 07:33:49 am | Posted By CASANSAAR
State-run bank chiefs have strongly backed the idea of consolidation while the government is actively considering employee stock options (ESOPS) for bank employees, finance minister Arun Jaitley said on Saturday.
Heads of state-run banks, who gathered for a two-day retreat with senior government ...
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Banking |
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Clarifications on levy imposed on jewellery
Posted Date : 04-Mar-2016 , 10:09:24 pm | Posted By CASANSAAR
In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of...
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Budget |
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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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Category :
Income Tax |
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0 | Hits : 839
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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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Category :
Income Tax |
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0 | Hits : 1460
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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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Category :
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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Category :
Income Tax |
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0 | Hits : 1083
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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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Category :
Income Tax |
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0 | Hits : 1116
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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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Category :
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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Category :
Budget |
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0 | Hits : 866
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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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Category :
Budget |
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