RBI sets up helpline for guiding start-ups on forex matters
Posted Date : 23-Dec-2015 , 07:59:45 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday said it has created a dedicated helpline (helpstartup@rbi.org.in) for start-ups in India in order to offer guidance/assistance for undertaking cross-border transactions within the ambit of the regulatory framework.
While seeking guidance, the enter...
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International Business |
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Swachh Bharat cess garners Rs. 329 Cr in 1 month
Posted Date : 22-Dec-2015 , 08:51:30 pm | Posted By CASANSAAR
The government has collected Rs. 329.6 crore in a month’s time from the 0.5 per cent Swachh Bharat cess which is imposed on all taxable services, the Parliament was informed on Tuesday.
“The provisional figures of Swachh Bharat cess collected till December 16, 2015, is about Rs. 329...
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Service Tax |
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Govt sets threshold for fraud reporting by auditors at Rs 1 Cr
Posted Date : 22-Dec-2015 , 05:41:31 am | Posted By CASANSAAR
Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.
Under the Companies Act, 2013, auditors are required to report to the government when they come across instan...
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Auditing |
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0 | Hits : 1360
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ICAI Elections 2015 - Updates on Counting of Votes (WESTERN REGION)
Posted Date : 21-Dec-2015 , 10:26:18 pm | Posted By CASANSAAR
ICAI ELECTION 2015 - Counting Updates
The Tray distribution for Central Council & Regional Council has begun.
WIRC UPDATE
Candidates at Sr. No.29, 17, 33, 34, 05, 30 (i.e. Purushotaam Khandalelwal, Manish Gadhia, Kedar Mehendale, Satyanarayan Mundada, Pradeep Agrawal, Vik...
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ICAI Election |
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CVC alerts banks to fake CA certificates from borrowers
Posted Date : 21-Dec-2015 , 07:59:28 am | Posted By CASANSAAR
The Central Vigilance Commission has asked public sector banks to put in place a system to check the rising instances of fake Chartered Accountant certificates being submitted by borrowers to get loans.
While studying banks’ lending process, the Commission stumbled on instances of loans bei...
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CA |
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1 | Hits : 2306
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Over 27 lakh new assesses brought under Income Tax - FinMin
Posted Date : 20-Dec-2015 , 03:50:30 pm | Posted By CASANSAAR
Over 27 lakh new assessees from across the country have been brought under the tax net by the Income Tax department as part of its ambitious drive to bring one crore fresh taxpayers within its ambit this financial year.
Top sources in the Finance Ministry, quoting official data, said the ma...
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Income Tax |
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0 | Hits : 928
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GST being delayed for Collateral reasons - FM
Posted Date : 19-Dec-2015 , 01:15:44 pm | Posted By CASANSAAR
Indicating that the Goods and Services Tax (GST) Bill may not go through in the current session of Parliament, Finance Minister Arun Jaitley today said the Bill was being delayed for “collateral reasons”.
However, the Minister added that the government will push for other reform b...
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GST |
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0 | Hits : 1007
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Highlights of the Achievements of Ministry of Corporate Affairs
Posted Date : 18-Dec-2015 , 07:30:10 pm | Posted By CASANSAAR
The major highlights of the achievements of the Ministry of corporate Affairs in the current fiscal year is as follows:
The Companies (Amendment) Act, 2015 [21 of 2015] has been published in the Gazette on 26th May, 2015, and is also available on the Ministry’s website....
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MCA |
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CBDT notifies new Income Tax authority
Posted Date : 18-Dec-2015 , 08:08:08 am | Posted By CASANSAAR
CBDT notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had availed the one-time compliance window under the latest anti-black money Act enacted by the government.”
with effect from December 18, 2015 and until f...
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CBDT |
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0 | Hits : 1597
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Interest rate to be based on marginal cost of funds from April 1: RBI
Posted Date : 17-Dec-2015 , 10:11:42 pm | Posted By CASANSAAR
The RBI today said all banks will have to follow a new and uniform methodology from April next year to calculate base rate as per the marginal cost of funds. In a press release issued today The Reserve Bank said that apart from helping borrowers reap the benefit of lower rates, the step will also im...
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RBI |
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0 | Hits : 879
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Initiatives of Central Board of Excise and Customs to Facilitate Trade and to Resolve Disputes
Posted Date : 17-Dec-2015 , 02:51:55 pm | Posted By CASANSAAR
The Central Board of Excise and Customs, Department of Revenue, Ministry of Finance, Government of India has taken a number of initiatives to facilitate trade and to resolve disputes. A slew of measures were taken to enable effective and speedy dispute resolution and to facilitate the trade and indu...
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Excise |
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0 | Hits : 922
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Furnishing of Information in Respect of Payments made to the Non-Resident
Posted Date : 17-Dec-2015 , 02:50:47 pm | Posted By CASANSAAR
Section 195 of the Income-tax Act empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of compliance and co...
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Income Tax |
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0 | Hits : 1205
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Banks can't withhold info on defaulters and other issues covered under RTI: SC
Posted Date : 17-Dec-2015 , 08:03:39 am | Posted By CASANSAAR
The Supreme Court has held that RBI should take rigid action against those banks and financial institutions which have been indulging in disreputable business practices. A bench comprising Justices MY Eqbal and C Nagappan said, the central bank cannot withhold information on defaulters and other iss...
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Banking |
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0 | Hits : 907
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Open to scrapping 1% additional tax for GST Bill passage: FM
Posted Date : 16-Dec-2015 , 04:31:11 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Wednesday hinted at accepting Congress' stand on scrapping of one per cent additional tax but said that their demand for incorporating the GST rate in the Constitution Bill was not agreeable.
Congress has been stalling passage of the GST Bill over its demand f...
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GST |
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1 | Hits : 1044
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Rules regarding quoting of PAN for specified transactions amended
Posted Date : 15-Dec-2015 , 10:00:19 pm | Posted By CASANSAAR
The Government is committed to curbing the circulation of black money and widening of tax base.
To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions excee...
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PAN |
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CBDT takes Initiatives for reducing Tax Litigation as a part of its initiatives to reduce grievances of the taxpayers
Posted Date : 15-Dec-2015 , 09:58:02 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued a Circular revising the monetary limits for filing of appeals by the Department with the objective of reducing litigation as a part of its initiatives to reduce grievances of the taxpayers.
The monetary limits for filing of appeals by the Depart...
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CBDT |
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0 | Hits : 933
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Date of Advance Tax for taxpayers in Tamil Nadu and Puducherry extended till 31st December, 2015
Posted Date : 15-Dec-2015 , 09:55:04 pm | Posted By CASANSAAR
The last date of payment of December 2015 installment of Advance Tax for both Corporate and Non-Corporate Taxpayers in the State of Tamil Nadu and Union territory of Puducherry has been extended from 15.12.2015 to 31.12.2015 in view of unprecedented rainfall and floods in these areas.
The C...
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Category :
Income Tax |
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0 | Hits : 782
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New CA syllabus will make global CAs out of Indian students
Posted Date : 15-Dec-2015 , 05:02:27 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is set to make global chartered accountants (CA) out of Indian CA students with its new syllabus. Having started the process of revamping the syllabus to bring it in line with current global needs last year, the syllabus, which is presently be...
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CA |
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0 | Hits : 2199
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CBDT ups monetary limit for court appeal by income tax
Posted Date : 15-Dec-2015 , 08:33:51 am | Posted By CASANSAAR
In order to cut down on frivolous litigation and taxpayers grievances, the CBDT has issued fresh directions revising the monetary threshold for the taxman to appeal at two important legal forums -- ITAT and High Courts.
The Central Board of Direct Taxes, which formulates policies for the tax de...
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CBDT |
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Income tax dept's ambitious email project for taxpayers delayed
Posted Date : 15-Dec-2015 , 08:28:57 am | Posted By CASANSAAR
The rollout of an ambitious pilot project of the Income Tax department to begin paperless and email-based communication with taxpayers has been delayed as many chosen tax offices have not sent the required data to the CBDT even after over a month-and-a-half of the go-ah...
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Category :
Income Tax |
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0 | Hits : 945
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SEBI Develops Online System for Commodity Brokers Registration
Posted Date : 15-Dec-2015 , 08:21:50 am | Posted By CASANSAAR
Markets regulator Securities and Exchange Board of India (Sebi) has developed an online mechanism for registration of commodity derivative brokers as members of such exchanges.
Sebi began regulating commodities derivatives market earlier this year after the merger of the erstwhile FMC (Forward Mark...
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SEBI |
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RBI dismisses social media rumours over scribbled notes
Posted Date : 15-Dec-2015 , 08:21:15 am | Posted By CASANSAAR
Dismissing rumours on the social media, the RBI on Monday said all notes including those with scribbling will continue to be legal.
"As I understand, one of the topics trending on Whatsapp is the statement that at the end of the year notes with writing will not be accepted. This ...
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Category :
Banking |
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0 | Hits : 900
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GST Bill - No consensus emerges between Congress and Centre
Posted Date : 15-Dec-2015 , 08:01:19 am | Posted By CASANSAAR
No consensus emerged in the meeting between the main opposition Congress and the government on Goods and Services Tax bill. Congress leader Anand Sharma said the government and Congress will have another round of consultations.
Briefing media in New Delhi this evening Mr Sharma said Leader o...
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GST |
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ICAI Elections 2015 - Region Wise Estimated Date of Counting
Posted Date : 12-Dec-2015 , 09:12:29 am | Posted By CASANSAAR
I wish to inform you that the counting of votes for election to the twenty third Council and twenty second Regional Councils will commence from 20th December, 2015. The venue for the Counting will beInstitute’s premises at ICAI Bhawan, A-29, Sector 62, NOIDA – 201 309. The cou...
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ICAI Election |
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0 | Hits : 2471
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CBI arrests Joint Commissioner of Income Tax on bribery charges
Posted Date : 12-Dec-2015 , 09:05:05 am | Posted By CASANSAAR
The Anti-Corruption Bureau of the Central Bureau of Investigation on Friday arrested a Joint Commissioner with the Income Tax Department in Mumbai on the charge of accepting a bribe of Rs 5 lakh from a Mumbai resident. CBI officials said the accused, SK Jangre, had reopened the file regarding the co...
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Income Tax |
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0 | Hits : 1553
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RBI constitutes a committee to check menace of Chit-fund and various financial irregularities
Posted Date : 12-Dec-2015 , 09:00:50 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, has set-up a committee to check the menace of Chit-fund and various financial irregularities in the country.
This Committee will work in coordination with the State governments regularly. This was stated by the RBI Governor Mr. Raghuram Rajan in a press conference ...
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RBI |
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0 | Hits : 917
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Guidelines for Banks on Refinancing Existing and Pending Infrastructural Projects
Posted Date : 12-Dec-2015 , 08:58:24 am | Posted By CASANSAAR
Reserve Bank of India (RBI) guidelines are already in place on refinancing existing infrastructure and other project loans. As per extant guidelines, banks are allowed to refinance such loans by way of take-out financing, even without a pre-determined agreement with other Banks/Financial Institution...
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Category :
Banking |
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0 | Hits : 944
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Government Approves Seven (07) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 5240.35 Crore Approx
Posted Date : 12-Dec-2015 , 08:57:12 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 227th meeting held on 9thNovember 2015, the Government has approved Seven (07) proposals of Foreign Direct Investment (FDI) amounting to Rs. 5240.35 crore.
The following Seven (07) proposals have bee...
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Category :
International Business |
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0 | Hits : 867
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MCA to soon introduce a new version of Form INC29
Posted Date : 12-Dec-2015 , 08:56:16 am | Posted By CASANSAAR
Time taken for registration of a company cut by 50% as a part of ‘ease-of-doing business’ effort by the Ministry of Corporate Affairs; Ministry to soon introduce a new version of Form INC29 incorporating suggestions received from the stakeholders allowing up to 5 directors to be appointe...
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Category :
MCA |
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0 | Hits : 976
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National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT)
Posted Date : 12-Dec-2015 , 08:52:30 am | Posted By CASANSAAR
The provisions of the Companies Act, 2013 regarding constitution of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) had been challenged in the Supreme Court and the matter was decided by the Hon’ble Court by judgment dated 14th May, 2015. The ...
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Category :
Companies Act |
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0 | Hits : 951
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