Govt. unveils detailed roadmap to phase out tax exemptions for corporate sector
Posted Date : 21-Nov-2015 , 11:47:42 am | Posted By CASANSAAR
Government has unveiled a detailed roadmap to phase out tax exemptions for the corporate sector and bring down its tax rate from 30 to 25 percent. Finance Ministry said in a release that Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporat...
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CBDT |
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RBI opens door for banking M&As, allows individuals to own more than 10% in banks
Posted Date : 20-Nov-2015 , 08:40:05 am | Posted By CASANSAAR
The Reserve Bank of India RBI has thrown open the doors for mergers and acquisitions in the banking industry by signaling that it is open to persons owning more than 10 percent stake in a bank.
For the first time in decades the central bank has said that it could permit promoters, or invest...
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RBI |
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Extension of last date for submission of Application Form for financial assistance from CASBF - ICAI
Posted Date : 20-Nov-2015 , 08:32:05 am | Posted By CASANSAAR
The Board of Trustees of The Chartered Accountants’ Students Benevolent Fund has decided to grant financial assistance to 800 students, out of which 400 male and 400 female students, who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 a...
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CA Exams |
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Zone-shifting of candidates for 13th December-2015 CPT Exam - ICAI
Posted Date : 20-Nov-2015 , 08:27:27 am | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
November 19, 2015
Subject: Zone-shifting of candidates for 13th December - 2015 CPT
Due to paucity of accommodation in certain Zones opted by the candidates in the city of Chennai and Hyderabad some of the candidates have been allotted examinations centres in the ...
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CA Exams |
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Highlights of Recommendations of Seventh Central Pay Commission
Posted Date : 20-Nov-2015 , 08:09:47 am | Posted By CASANSAAR
Recommended Date of implementation: 01.01.2016
Minimum Pay: Based on the Aykroyd formula, the minimum pay in government is recommended to be set at ₹18,000 per month.
Maximum Pay: ₹2,25,000 per month for Apex Scale and ₹2,50,000 per month for Cabinet Secretary and others presently a...
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Finance |
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CA's employees shot at, robbed of Rs 1cr
Posted Date : 19-Nov-2015 , 07:53:01 am | Posted By CASANSAAR
Two employees of a chartered accountant were shot at and robbed of Rs 1 crore on the way to their office in Shastri Nagar of north Delhi on Wednesday evening. Police said CCTV footage of the area has been recovered to identify the robbers and a team has been formed to nab them.
The incident was r...
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CA |
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17,000 RBI staff to go on mass leave today
Posted Date : 19-Nov-2015 , 07:49:25 am | Posted By CASANSAAR
Around 17,000 employees of the Reserve Bank of India (RBI) will be on “mass casual leave” on November 19 to demand improvement in pensions and to protest against the Union Government’s move to dilute the central bank’s autonomy.
The strike in the form of mass leave is th...
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RBI |
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Shah Rukh’s CA gets ED summons over KKR share case
Posted Date : 19-Nov-2015 , 07:42:03 am | Posted By CASANSAAR
THE Enforcement Directorate (ED) has summoned the chartered accountant (CA) of Bollywood actor Shah Rukh Khan after the latter failed to furnish a satisfactory reply when asked why he adopted a “wrong method” of undervaluing shares of his IPL franchise. The CA’s statement is likely...
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International Taxation |
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Government Approves Six (6) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 1810.25 Crore Approximately
Posted Date : 19-Nov-2015 , 07:30:15 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 226th meeting held on 30th October 2015, the Government has approved 6 (six) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1810.25 crore.
The following 6 (six) proposals have bee...
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Income Tax |
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Good news for taxpayers! Income Tax grievances to be addressed in 2 months
Posted Date : 18-Nov-2015 , 08:30:19 am | Posted By CASANSAAR
Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms.
In a maiden initiative...
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Income Tax |
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Income Tax department honing its strategies for effective searches
Posted Date : 17-Nov-2015 , 08:46:05 am | Posted By CASANSAAR
The investigation wing of Income Tax(IT) department is sharpening its strategies to make search and survey procedures more effective, an official said.
"We are sharpening our strategies to such an extent that non-compliance with the taxation provisions by individuals and companies do not g...
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Income Tax |
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Government notifies revised all industry rates of Duty Drawback and other Duty Drawback related changes wef 23rd Nov 2015
Posted Date : 17-Nov-2015 , 08:29:18 am | Posted By CASANSAAR
The Central Government has notified the Schedule of revised All Industry Rates of Duty Drawback effective from 23rd November, 2015.
These revised rates are based on average incidence of Customs and Central Excise Duties and Service Tax related with the manufacture of export goods and involv...
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Excise |
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Govt to reach out to oppn to get GST Bill passed: FM
Posted Date : 17-Nov-2015 , 08:26:46 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said the government would make all efforts to persuade the opposition for the passage of Constitution amendment bill for implementation of GST in the winter session.
"The process of economic reforms is a continuing one, no reform legislation is stopped in ...
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GST |
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Govt investigating over 2,000 people flagged by MCA
Posted Date : 16-Nov-2015 , 07:40:10 am | Posted By CASANSAAR
The income tax department has started investigating the 2,627 people who are directors on board of more than 20 companies, and were flagged by the ministry of corporate affairs as violators of the Companies Act 2013.
The corporate affairs ministry had shared the details regarding these individual...
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MCA |
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Reschedulement of Paper 8 Indirect Taxes of Final exam scheduled on 16th November 2015 to 26th November 2015, in select cities of Tamil Nadu and Andhra Pradesh only
Posted Date : 16-Nov-2015 , 07:27:55 am | Posted By CASANSAAR
Reschedulement of Paper 8 Indirect Taxes of Final exam scheduled on 16th November 2015 to 26th November 2015, in select cities of Tamil Nadu and Andhra Pradesh only...
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Category :
CA Exams |
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PAN & TAN Revised Application fees wef 15.11.2015
Posted Date : 15-Nov-2015 , 09:10:51 am | Posted By CASANSAAR
W.e.f. November 15, 2015, PAN & TAN application fees have been revised as under:
1.For dispatch of PAN card in India:- Rs. 107 (inclusive of service tax).
2.For dispatch of PAN card outside India: – Rs. 989 (inclusive of service tax).
3.For TAN applications:- Rs. 63 (inclusive of ...
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PAN |
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Income-tax department developing mobile app for filing returns
Posted Date : 15-Nov-2015 , 09:08:34 am | Posted By CASANSAAR
The income-tax department is developing a mobile app which can be used by users for filing their tax returns, a top finance ministry official said on Saturday.
“We are developing a mobile app which can be used by users for filing their income tax returns. There are some security related i...
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Category :
Income Tax |
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Auditors Found Liable for Over $10 Million in Madoff Losses
Posted Date : 14-Nov-2015 , 07:45:05 am | Posted By CASANSAAR
A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than $20 million lost by a Washington state investment company in the wake of Bernie Madoff's multi-decade investment scam.
Friday's verdict pins responsibility o...
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Auditing |
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Postponement of ISA - AT scheduled for 26th December 2015 to 23rd January 2016
Posted Date : 13-Nov-2015 , 10:49:43 pm | Posted By CASANSAAR
12th November, 2015
IMPORTANT ANNOUNCEMENT
Postponement of Information System Audit (Assessment Test) scheduled for 26th December 2015 to 23rd January 2016 It is hereby informed that due to unavoidable circumstances the Information System Audit (Assessment Test) scheduled for 26th December 2...
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CA Exams |
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National Investment Infrastructure Fund gets Governing Council
Posted Date : 13-Nov-2015 , 10:04:00 pm | Posted By CASANSAAR
A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF), authorities said on Friday.
The union cabinet had in July approved the creation of the NIIF with a corpus of Rs.20,000 crore for developme...
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Finance |
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CBDT to set up taxpayers lounge at India International Trade Fair 2015
Posted Date : 13-Nov-2015 , 10:00:31 pm | Posted By CASANSAAR
The Income Tax Department will be setting-up a 'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015.
The theme of the Taxpayers' Lounge this year would follow the theme of IITF 2015 i....
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CBDT |
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Swachh Bharat cess to be levied on portion of taxable service
Posted Date : 13-Nov-2015 , 09:15:58 am | Posted By CASANSAAR
The government on Thursday clarified the Swachh Bharat cess of 0.5% would be levied in the same proportion as the overall service tax, clearing the mounting confusion over the levy to be introduced from November 15.
There are many services where full 14 per cent rate does not apply and are subjec...
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Category :
Service Tax |
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NRIs can now bring in FDI through companies, trusts and LLPs
Posted Date : 13-Nov-2015 , 09:12:34 am | Posted By CASANSAAR
The government has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by nonresident Indians (NRIs) as part of the liberalised FDI norms announced on Tuesday.
Giving more flexibility to NRIs to decide the ...
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Category :
Income Tax |
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Clarifications on Swachh Bharat Cess
Posted Date : 13-Nov-2015 , 08:58:21 am | Posted By CASANSAAR
Swachh Bharat Cess will come into effect from 15th November 2015, at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess will be used for financ...
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Category :
Service Tax |
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RBI staff plans mass leave on Nov 19 to protest against govt interference
Posted Date : 13-Nov-2015 , 08:46:53 am | Posted By CASANSAAR
Reserve Bank of India’s employees have proposed one-day mass leave on November 19 to protest what they termed as the government’s intention to curb the apex bank’s activity and intervening into monetary policies.
The United Forum of Reserve Bank Officers and Employees, the umb...
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RBI |
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Companies should get listed within six days of share sale: SEBI
Posted Date : 11-Nov-2015 , 09:40:47 am | Posted By CASANSAAR
Outlining the schedule of various activities after the public issues has closed, securities regulator SEBI said that stock exchanges would allow a bid to be modified only until 1 pm the on the day after the issue has closed (date of issue close is called 'T').
However, modification woul...
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SEBI |
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CBDT orders I-T offices to set up grievance cells
Posted Date : 11-Nov-2015 , 09:36:07 am | Posted By CASANSAAR
In a bid to tackle high-pitched and unreasonable tax assessment orders, which result in heavy income tax (I-T) demands, the Central Board of Direct Taxes (CBDT) issued a notification on Monday requiring setting up of local grievance committees across I-T offices in India.
The CBDT, in its n...
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Income Tax |
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Government sets 5-day timeline for 80% service tax refund
Posted Date : 11-Nov-2015 , 09:32:43 am | Posted By CASANSAAR
Seeking to fast-track service tax refund to exporters, the Central Board of Excise and Customs (CBEC) on Tuesday fixed a timeline for 80% payment of the total amount claimed.
"On the receipt of the document... in respect of the pending case, the jurisdictional deputy/assistant co...
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Category :
Service Tax |
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Now book tickets 30 minutes prior to departure of train
Posted Date : 11-Nov-2015 , 09:25:10 am | Posted By CASANSAAR
Come November 12, you can book a railway ticket online 30 minutes prior to the departure of a train.
In a passenger-friendly move, Railways has also made changes in its system of preparation of chart, which would now be prepared twice.
First reservation chart would be prepared four hours...
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Category :
General |
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Centre eases FDI norms in 15 major sectors
Posted Date : 11-Nov-2015 , 09:19:41 am | Posted By CASANSAAR
The Government has liberalised Foreign Direct Investment, FDI norms in 15 major sectors of the economy to further boost the investment environment and to bring in more foreign investment in the country.
These sectors include mining, civil aviation, defence, broadcasting, construction, manufacturi...
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International Business |
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