Income tax department considering peer review before tax assessments
Posted Date : 03-Dec-2015 , 07:28:52 am | Posted By CASANSAAR
Aiming to make it easier to pay taxes and improve quality of tax orders, the government has set up a committee to look into possibility of a system of peer review before assessment.
To a query on whether government feels peer review assessments can improve quality of tax orders, as recommen...
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Income Tax |
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FinMin orders forensic probe into Rs 6k-cr BoB forex scam
Posted Date : 03-Dec-2015 , 07:02:43 am | Posted By CASANSAAR
A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed.
In a written reply in Rajya Sabha yesterday, Finance Minister Arun Jaitley said CBI and Enforcement Directora...
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Auditing |
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0 | Hits : 955
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Independent Directors in PSUs
Posted Date : 03-Dec-2015 , 06:56:51 am | Posted By CASANSAAR
Section 149(4) of Companies Act, 2013 mandates appointment of independent directors by listed companies. Further, as per Rule 4 of Companies (Appointment and Qualifications of Directors) Rules, 2014 the following class of companies shall have atleast two independent directors:-
• the P...
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Companies Act |
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0 | Hits : 1072
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Black money: Govt gets Rs 17 cr tax and penalty till Nov 26
Posted Date : 03-Dec-2015 , 06:54:34 am | Posted By CASANSAAR
The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.
Minister of State for Finance Jayant Sinha, in a written reply to a question in the Upper House Rajya Sabha, on Tuesday stated th...
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Black Money |
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ICAI Election Procedure - How to Cast your Valuable Vote
Posted Date : 02-Dec-2015 , 09:05:05 am | Posted By CASANSAAR
ICAI ELECTION PROCEDURE
Dates of NIRC Election
Delhi & Gurgaon :- 4th & 5th December, 2015
Other Places in NIRC :- 5th December, 2015
Check Polling Booth Details.
http://www.casansaar.com/icaielection.html
Members will get Two ballots at the time of Voting. ...
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ICAI Election |
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Now, parents can claim interest on overseas edu loans for tax relief
Posted Date : 02-Dec-2015 , 08:21:11 am | Posted By CASANSAAR
Higher education overseas is no bar for claiming interest on educational loans for tax deduction.
Parents whose children are studying overseas or plan to do so, have much to cheer. The Pune Income-tax Appellate Tribunal (ITAT) has held that a deduction for interest paid on educational loans tak...
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Category :
Income Tax |
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0 | Hits : 1068
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A K Jain To Be Acting Chairman Of CBDT
Posted Date : 02-Dec-2015 , 08:04:23 am | Posted By CASANSAAR
Senior IRS officer A K Jain was today appointed acting Chairman of the CBDT following the retirement of its Chairperson Anita Kapur.
Jain, a 1978 batch Indian Revenue Services Officer, will be holding additional charge as chairperson of Central Board of Direct Taxes, the apex policy makin...
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CBDT |
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New Functionalities released under National Pension System (NPS)
Posted Date : 02-Dec-2015 , 07:38:02 am | Posted By CASANSAAR
Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improv...
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Income Tax |
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0 | Hits : 865
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RBI keeps repo rate unchanged at 6.75%, CRR at 4%
Posted Date : 02-Dec-2015 , 07:27:41 am | Posted By CASANSAAR
Reserve Bank of India governor, Raghuram Rajan today left the key policy interest rate, or repo rate unchanged, at 6.75 percent. In its bi-monthly monetary policy review, the RBI also kept the Cash Reserve Ratio unchanged, at 4 percent. The RBI governor said that uptick in retail inflation, excludin...
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RBI |
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Humble Appeal for Vote & Support for KHURANA VIVEK - NIRC B.N.40
Posted Date : 01-Dec-2015 , 09:13:20 am | Posted By CASANSAAR
Respected Professional Colleagues,
I seek your whole hearted support for my candidature for REGIONAL COUNCIL Election (NIRC), BALLOT No. 40.
Please ask your friends to vote for ballot No 40.
I would request You to talk to your near and dear CAs in NIRC for First Preference Vote for Ba...
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Category :
General |
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ITAT has no power to stay prosecution - Punjab and Haryana HC
Posted Date : 01-Dec-2015 , 08:17:47 am | Posted By CASANSAAR
Punjab and Haryana High Court has held that Income Tax Appellate Tribunal(ITAT) has no power to interfere in a prosecution under the Income Tax Act, either at the stage of a show cause notice or at any other stage. A division bench of Justices Rajive Bhalla and Rekha Mittal said that pendency of app...
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Income Tax |
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0 | Hits : 776
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CBDT defines Charitable Purpose for benefits under I-T Act
Posted Date : 01-Dec-2015 , 08:11:42 am | Posted By CASANSAAR
With a view to weed out commercial activities under the garb of charity, the tax department has said any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Income Tax act.
Issuing 'Explanatory Notes to the Provis...
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CBDT |
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0 | Hits : 1402
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RBI relaxed Foreign borrowing norms
Posted Date : 01-Dec-2015 , 08:00:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday approved a set of more liberal external commercial borrowing norms (ECB), allowing Indian companies to raise rupeere sources from overseas lenders, without incurring currency risks.
The new norms will be effective April 1 next year.
Such rupee-den...
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RBI |
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Anita Kapur appointed advisor on tax reforms
Posted Date : 01-Dec-2015 , 07:54:37 am | Posted By CASANSAAR
The Centre has appointed Anita Kapur, the outgoing CBDT Chairperson, as an advisor on tax reforms for a period of six months.
Kapur, who superannuated on Monday, will be an advisor for a period of six months.
Meanwhile, A.K. Jain, Member, CBDT will discharge duties and responsibilities of ...
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Category :
Income Tax |
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PM willing to speak to everyone to get GST bill passed - FM
Posted Date : 27-Nov-2015 , 11:00:11 am | Posted By CASANSAAR
Union Finance Minister Arun Jaitley has said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark Goods and Services Tax (GST) Bill passed. The Minister, who needs Parliament approval for the GST Bill in the Winter Session to roll out the new indirect tax regime from...
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GST |
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Disciplinary cases: CA Institute plans e-hearing facility
Posted Date : 27-Nov-2015 , 10:43:54 am | Posted By CASANSAAR
The CA Institute plans to usher in the facility of ‘e-hearing’ for its disciplinary cases, its President Manoj Fadnis has said.
Such a facility — once introduced after amendment of the rules — would help in faster disposal of disciplinary cases against any erring members...
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ICAI |
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0 | Hits : 1186
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SEBI sets timeline for commodity exchanges
Posted Date : 27-Nov-2015 , 10:39:35 am | Posted By CASANSAAR
Markets regulator the Securities and Exchange Board of India (Sebi) has directed regional commodity derivatives exchanges to submit a scheme for corporation and demutualisation for approval within a period of two years from the date of their association with Sebi, that is September 28, 2015. Followi...
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SEBI |
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0 | Hits : 841
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CBDT takes fresh look at tax accounting standards
Posted Date : 27-Nov-2015 , 10:36:19 am | Posted By CASANSAAR
Heeding to industry concerns, the income tax department has decided to take a fresh look at the tax accounting standards being implemented from this fiscal, which are primarily aimed at protecting the government’s tax revenue from diverse accounting practices followed by the industry.
The...
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CBDT |
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0 | Hits : 884
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RBI allows foreign investors to buy bonds in default
Posted Date : 27-Nov-2015 , 10:15:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed foreign portfolio investors (FPIs) to buy bonds that are either partly or fully in default, a move that gives existing investors an exit option and boosts the fledgling distress bond market in the country.
“FPIs which propose to acquire such non...
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RBI |
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0 | Hits : 888
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Government to set up new agency to probe corporate accounting frauds
Posted Date : 26-Nov-2015 , 08:07:10 am | Posted By CASANSAAR
The government will soon set up a specialised agency to investigate large corporate accounting frauds. It is keen to establish a robust mechanism for faster inquiries into scams such as the one at Satyam Computer Services, which overstated earnings for several years under a previous management.
T...
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Accounts |
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0 | Hits : 1356
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Income Tax department launches PAN-based litigation management system
Posted Date : 26-Nov-2015 , 08:01:45 am | Posted By CASANSAAR
Aimed to reduce lengthy proceedings and time taken in litigation, the Income Tax department has activated a PAN-based online system which enables the taxman to access cases in their jurisdiction on a click, amongst a building database of over 5 lakh appeals and 1.50 lakh judgements. The new fac...
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Income Tax |
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New dedicated Chapter helpdesk for queries related to members/students based abroad - ICAI
Posted Date : 26-Nov-2015 , 07:36:11 am | Posted By CASANSAAR
24 November 2015
The Institute of Chartered Accountants of India is committed to provide the best services to its members. Considering the same, the International Affairs Committee of the Institute has reactivated its logistic framework through a dedicated email foreigndesk@icai.in at ICAI HO l...
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ICAI |
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0 | Hits : 1003
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CDs are documents, can be considered as evidence under law: SC
Posted Date : 26-Nov-2015 , 07:26:56 am | Posted By CASANSAAR
In a significant ruling, the Supreme Court has allowed compact discs (CDs) to be treated as a document under the law and said that litigants should be allowed to prove or disprove such electronic proof in judicial proceedings.
The apex court, without deciding on the authenticity of a CD in a case...
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General |
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0 | Hits : 1012
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RBI defers issue date of Sovereign Gold Bond to Nov 30
Posted Date : 26-Nov-2015 , 07:25:46 am | Posted By CASANSAAR
The Reserve Bank of India, RBI has shifted the issue date of Sovereign Gold Bond by four days to 30th November to enable their smooth uploading into RBI’s e-Kuber system. The decision has been taken in view of large number of applications being received by the banks and post offices for Sovere...
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RBI |
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0 | Hits : 910
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Profile, Vision & Mission of CA Vivek Khurana - Ballot No. 40 for NIRC Election
Posted Date : 25-Nov-2015 , 08:53:28 am | Posted By CASANSAAR
Respected Professional Colleagues,
Greetings of the Day!!!
With the grace of almighty God and your continuing support, I have offered my candidature for ensuing election to the NIRC and seek your kind first preference vote and support.
I assure you that I would do my utmost to ach...
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Category :
ICAI Election |
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0 | Hits : 3724
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ICAI director finds NSEL auditor guilty of misconduct
Posted Date : 25-Nov-2015 , 08:22:13 am | Posted By CASANSAAR
The director (discipline) of the Institute of Chartered Accountants of India (ICAI), the apex body of chartered accountants, has formed a prima-facie opinion, finding the auditor of the National Spot Exchange (NSEL) guilty of professional misconduct.
The matter has now been taken up by the instit...
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ICAI |
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0 | Hits : 1478
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RBI grants approval for TReDS; NPCI to be central unit for Bharat bill payment
Posted Date : 25-Nov-2015 , 08:19:02 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Tuesday granted an "in-principle" approval to three companies to set up and operate a new Trade Receivables Discounting System (TReDS) to be formed under the Payment and Settlement System (PSS) Act 2007.
A joint venture between the National Stock Exchange&...
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RBI |
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0 | Hits : 1203
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Income tax department to unveil enhanced and more user-friendly website
Posted Date : 25-Nov-2015 , 08:07:11 am | Posted By CASANSAAR
The Income Tax department will soon upgrade its official web portal and unveil more user-friendly features for taxpayers on the online platform.
Officials said the website--www.incometaxindia.gov.in-- will host easy navigation tools for taxpayers and others so that they can easily do ...
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Category :
Income Tax |
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0 | Hits : 870
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Modi says hopeful of rolling out GST in 2016
Posted Date : 25-Nov-2015 , 07:59:10 am | Posted By CASANSAAR
The government is hopeful of rolling out the goods and services tax (GST) in 2016, Prime Minister Narendra Modi said on Tuesday, and asserted that reforms were happening in a big way and reaching the last mile.
Addressing the India-Singapore Economic Convention, Modi said the government had...
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Category :
GST |
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0 | Hits : 918
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For smooth and quick passage of GST Bill, government reaches out to opposition
Posted Date : 24-Nov-2015 , 08:34:40 am | Posted By CASANSAAR
The government is reaching out to parties in the opposition on the much-delayed goods and services tax — including looking at the possibility of incorporating some of the changes proposed by the Congress — as it seeks to ensure passage of the Constitution amendment b...
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Category :
GST |
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