SEBI clampdown busts over Rs 15000 crore worth tax evasion
Posted Date : 14-Mar-2016 , 08:00:24 am | Posted By CASANSAAR
In a major clampdown, the Securities and Exchange Board of India (Sebi) has debarred over 1,000 entities from the capital markets after they were found to be misusing stock exchange platforms for tax evasion to the tune of more than Rs 15,000 crore.
Market regulator Sebi has also suspended tradin...
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SEBI |
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Income Tax department probes Crorepati agriculturists for evasion
Posted Date : 14-Mar-2016 , 07:55:45 am | Posted By CASANSAAR
Over 2,700 entities have declared agricultural income of over Rs 1 crore in the last nine assessment years with theIncome Tax department initiating a tax evasion probe in select cases.
IT department Assessing Officers across the country, as part of a recent directive, have been asked to &quo...
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Income Tax |
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0 | Hits : 1192
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All willful loan defaulters would stand disqualified from board positions at listed companies - SEBI
Posted Date : 12-Mar-2016 , 10:20:13 pm | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) Chairman U K Sinha today said that all willful loan defaulters would stand disqualified from board positions at listed companies under new rules
Addressing media in New Delhi, Mr Sinha said, willful loan defaulters barred from fund raising, taking pos...
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SEBI |
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0 | Hits : 833
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Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor
Posted Date : 12-Mar-2016 , 10:19:15 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income. A let...
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Income Tax |
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0 | Hits : 943
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Bank Branch Statutory Audit Updates
Posted Date : 11-Mar-2016 , 02:48:17 pm | Posted By CASANSAAR
Bank Branch Statutory Audit Updates
Banks have received the list from RBI and start sending emails for Bank Branch Statutory Audits.
Mails Received from following Banks as confirmed by Members:-
State Bank of Patiala (SBoP)
Canara Bank
State Bank of India (SBI)
Bank of Baroda...
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Bank Branch Audit |
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37 | Hits : 46057
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CVC suggests e-verification of bank guarantees to check frauds
Posted Date : 10-Mar-2016 , 07:52:39 pm | Posted By CASANSAAR
To check fraudulent bank guarantees, the Central Vigilance Commission has suggested electronic verification of such documents directly with the concerned lending institutions.
The move will help curb the menace of banking frauds. A bank guarantee acts as a proof of financial stability and credi...
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Banking |
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0 | Hits : 1132
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Haryana based CA firms who could not apply for Empanelment with O/o C&AG may submit their details latest by 15th March, 2016
Posted Date : 10-Mar-2016 , 07:43:44 pm | Posted By CASANSAAR
Pursuant to our request made to O/o C&AG, their good offices has informed that Chartered Accountant firms based in Haryana who could not apply for Empanelment with O/o C&AG due to local rampant disturbances may give the required details regarding the firms/partners in hard copy by last date ...
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General |
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Rajya Sabha passes Real Estate Regulatory Bill
Posted Date : 10-Mar-2016 , 07:40:42 pm | Posted By CASANSAAR
The Rajya Sabha today passed the Real Estate (Regulation and Development) Bill, 2015, paving way for regulation in the real estate sector.
The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector.
...
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General |
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0 | Hits : 809
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Coaching Centres must shift out from Residential areas - SC
Posted Date : 10-Mar-2016 , 08:30:08 am | Posted By CASANSAAR
The Supreme Court on March 8 directed that that coaching centres in residential areas must shift to commercial premises or institutional areas as they were troubling women and the elderly people.
The petitioner All Rajasthan Coaching Institutes Association challenged the eviction orders served ...
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General |
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0 | Hits : 1541
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Interest on FDs earned by a club is not taxable - ITAT
Posted Date : 10-Mar-2016 , 07:34:00 am | Posted By CASANSAAR
Interest on fixed deposits (FDs) earned by the Chembur-based Bombay Presidency Golf Club was held as non-taxable by the income-tax appellate tribunal (ITAT) in its recent judgement. The club is registered as a charitable trust.
During financial year 2008-09, it earned Rs 2.17 crore as bank intere...
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Income Tax |
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0 | Hits : 984
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RBI Cancels Registration Certificate of BNP Paribas, 3 Others
Posted Date : 10-Mar-2016 , 07:31:29 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said it has cancelled registration certificates of four non-banking financial companies (NBFCs) including BNP Paribas India Holding Pvt Ltd.
The three other firms are Mumbai-based Financial Services Private Limited Bhageriya Financial, Capital Services Limit...
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RBI |
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0 | Hits : 1069
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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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0 | Hits : 1682
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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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0 | Hits : 2834
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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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0 | Hits : 955
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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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0 | Hits : 973
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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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0 | Hits : 1049
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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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0 | Hits : 1625
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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 : 964
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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 : 964
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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 : 872
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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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0 | Hits : 835
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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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0 | Hits : 1717
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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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0 | Hits : 975
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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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0 | Hits : 1615
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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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0 | Hits : 1216
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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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0 | Hits : 1263
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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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0 | Hits : 1246
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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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0 | Hits : 1050
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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 : 860
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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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