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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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 : 908
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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 : 1047
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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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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 : 784
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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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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 : 948
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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 : 901
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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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1 | Hits : 840
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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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Category :
ICAI Election |
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0 | Hits : 2473
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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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Category :
Income Tax |
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0 | Hits : 1554
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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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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 : 948
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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 : 870
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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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MCA |
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0 | Hits : 978
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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 : 954
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India, Japan sign protocol to amend double taxation avoidance
Posted Date : 11-Dec-2015 , 06:04:59 pm | Posted By CASANSAAR
India and Japan today signed a Protocol for amending the existing convention for avoidance of double taxation and prevention of fiscal evasion with respect to income taxes. Revenue Secretary Hasmukh Adhia signed the protocol on behalf of India while Kenji Hiramatsu, Ambassador of Japan signed on beh...
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Category :
International Taxation |
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0 | Hits : 1267
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ICAI Election 2015 - Fresh dates of counting of Votes
Posted Date : 11-Dec-2015 , 08:55:21 am | Posted By CASANSAAR
As you are aware that due to unprecedented rain in Tamil Nadu, the polling in certain Polling Booths in Southern Region was postponed. The 18th and 19th December, 2015 have been notified as fresh date/s of polling for Chennai City and 19th December, 2015 for other places where p...
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Category :
ICAI Election |
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0 | Hits : 1957
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Sebi-registered FPIs get I-T filing relief
Posted Date : 11-Dec-2015 , 08:24:43 am | Posted By CASANSAAR
After giving a relief to foreign portfolio investors over the issue of minimum alternate tax (MAT), the Income Tax Department on Thursday gave them more reason to cheer over the filing of the so-called defective income tax returns. The Central Board of Direct Taxes (CBDT) clarified that incomplete o...
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SEBI |
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Clarification regarding Notices of defective returns issued to FII/FPIs
Posted Date : 11-Dec-2015 , 08:14:50 am | Posted By CASANSAAR
Notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled.
In order to overcome this difficulty, it is clarified that such returns ...
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Category :
Income Tax |
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0 | Hits : 790
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New facility of pre-filling TDS data while submitting online rectification
Posted Date : 11-Dec-2015 , 08:12:59 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.
Taxpayers were required to fill-in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the Income-tax...
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Category :
TDS |
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0 | Hits : 1700
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I-Tax deptt warns taxpayers against fraudulent emails
Posted Date : 10-Dec-2015 , 08:49:28 am | Posted By CASANSAAR
The Income Tax Department today warned tax payers against phishing/fraudulent refund emails saying it does not seek details of personal information like PIN through e-mail.
"The Income Tax Department does not send e-mail requesting your PIN numbers, passwords or similar access information fo...
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Category :
Income Tax |
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0 | Hits : 995
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Full Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)
Posted Date : 09-Dec-2015 , 07:53:15 pm | Posted By CASANSAAR
Full Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST) by the Committee headed by the Chief Economic Adviser (CEA), Dr Arvind Subramanian is attached here with and is also available on the Ministry of Finance web-site : finmin.nic.in.
...
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Category :
GST |
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0 | Hits : 1132
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Govt initiates SETU programme to support start-up businesses
Posted Date : 09-Dec-2015 , 07:50:26 pm | Posted By CASANSAAR
The government has set up a mechanism known as SETU to support all aspects of start-up business and other self-employment activities, Lok Sabha was informed on Wednesday.
Union minister for skill development Rajiv Pratap Rudy said the National Policy for Skill Development and Entrepreneurs envi...
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Category :
General |
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0 | Hits : 929
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Lok Sabha passes Indian Trusts (Amendment) Bill, 2015
Posted Date : 09-Dec-2015 , 07:43:41 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the Indian Trusts(Amendment) Bill, 2015, amid chaos as the opposition Congress created ruckus in the house over the National Herald case involving Sonia and Rahul Gandhi for the second consecutive day.
The bill, ...
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Category :
General |
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0 | Hits : 1157
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CBDT switching to computer-assisted tax scrutiny - FM
Posted Date : 09-Dec-2015 , 09:34:00 am | Posted By CASANSAAR
The process of selecting tax cases for scrutiny on a random basis is being replaced by a system-based centralised approach, the government today said.
"It may be clarified that for the past several years, the process of selection of cases for scrutiny on a random basis has been dispens...
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CBDT |
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0 | Hits : 1482
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ICSI Request for recognition of CS under proposed GST Law
Posted Date : 09-Dec-2015 , 09:18:06 am | Posted By CASANSAAR
THE INSTITUTE OF Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
404:4: 2015: GST December 3, 2015
Shri Satish Chandra
Member Secretary
Empowered Committee of State Finance Ministers
Delhi Secr...
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Category :
GST |
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0 | Hits : 1363
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