Tax shortfall: Finmin asks banks to deposit March TDS by month
Posted Date : 29-Mar-2015 , 06:46:56 pm | Posted By CASANSAAR
Worried over the shortfall in the overall direct tax collection kitty, the government has asked banks, both public and private, to not delay remitting of TDS funds of the current month into state coffers and do the same within the current financial year ending in March.
The Income ...
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TDS |
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RBI proposes to cut banks’ corporate exposure limit
Posted Date : 29-Mar-2015 , 09:12:50 am | Posted By CASANSAAR
In a move to reduce risks in the banking sector and curb the rising bad loans, the Reserve Bank of India (RBI) has proposed to reduce the exposure of a bank to a business group to 25 per cent of its capital, down from the existing level of 55 per cent.
The RBI proposal has come at time when man...
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RBI |
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0 | Hits : 495
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RBI : Designated Bank Branches to Remain Open on March 30, 31
Posted Date : 28-Mar-2015 , 08:19:01 am | Posted By CASANSAAR
With a view to providing greater convenience to taxpayers, it has been decided that all designated branches of agency banks and Reserve Bank of India (RBI) offices conducting government business will keep their counters open for full day on March 30.
Besides, these branches would have extended ...
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RBI |
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0 | Hits : 964
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ICAI and CIMA sign Memorandum of Understanding
Posted Date : 28-Mar-2015 , 08:14:19 am | Posted By CASANSAAR
CIMA (The Chartered Institute of Management Accountants) and ICAI (The Institute of Cost Accountants of India) have signed a historic MoU to allow proven ICAI members to fast-track in qualifying for the globally recognized and prestigious Chartered Global Management Accountant (CGMA) title, which re...
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ICAI |
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1 | Hits : 2263
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RBI changes public deposit rules for NBFCs
Posted Date : 28-Mar-2015 , 08:09:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday made revisions to the norms for non-banking finance companies (NBFCs).
These now say that if there is a downgrading of credit rating, below the minimum specified investment grade, an NBFC should immediately stop accepting public deposits.
The earlier r...
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RBI |
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0 | Hits : 465
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SEBI issues guidelines for international financial centres
Posted Date : 28-Mar-2015 , 08:06:29 am | Posted By CASANSAAR
Moving a step closer to having a Dubai and Singapore-likeinternational financial services centres (IFSCs), India’s capital markets regulator Sebi on Friday issued broad guidelines for IFSCs – the first of which is to come up in Gujarat as Gujarat Intern...
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SEBI |
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0 | Hits : 264
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Income Tax to send OTP, include Aadhar to ease taxpayer e-filing
Posted Date : 27-Mar-2015 , 08:12:21 am | Posted By CASANSAAR
Taxpayers will soon get relief from sending a paper acknowledgement of their e-filed return as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns form.
...
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Income Tax |
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0 | Hits : 1193
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18 tax defaulters owe Rs 500cr to exchequer-Govt releases list
Posted Date : 26-Mar-2015 , 05:23:37 pm | Posted By CASANSAAR
The Revenue Department has made public the names of 18 tax defaulters who collectively owe over Rs 500 crore to the exchequer.
Out of the 18 defaulters, 11 are Gujarat-based, including Somani Cement with tax arrears of Rs 27.47 crore; Blue Information Technology (Rs 75.11 cr); Appletech Solutio...
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Income Tax |
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0 | Hits : 780
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Bank Branches doing govt biz should be open on March 30 & 31: RBI
Posted Date : 26-Mar-2015 , 05:13:59 pm | Posted By CASANSAAR
The RBI has instructed all banks, who deal with government business, to keep designated branches open on March 30 and 31. In a notification issued yesterday, the apex bank asked that all such banks shall keep the counters of their designated branches open for full day on March 30 and 31st.
...
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Banking |
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0 | Hits : 623
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ICAI News - HC ordered notice to ICAI, Union Ministry of Corporate Affairs
Posted Date : 26-Mar-2015 , 03:04:04 pm | Posted By CASANSAAR
The Madras High Court today ordered issue of notices to the Union Ministry of Corporate Affairs and the Institute of Chartered Accountants of India (ICAI), on a plea by a Chartered Accountant against the activities of ICAI.
Justice T S Sivagnanam on a...
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ICAI |
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2 | Hits : 2668
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Financial sector regulators under service tax scanner
Posted Date : 26-Mar-2015 , 08:04:32 am | Posted By CASANSAAR
It is the time of the financial sector regulators to come under the scanner of the services tax department. The service tax department has sent notice to Securities and Exchange Board of India (Sebi) for tax dues on income generated through its services. Sources said the total&nb...
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Service Tax |
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0 | Hits : 517
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Bank Branch Audit Latest update
Posted Date : 25-Mar-2015 , 08:07:31 pm | Posted By CASANSAAR
Bank Audit Latest update :
Mail still not received by banks from RBI but as per RBI officials it will be shortly released.
(RBI are in consolidation process because some members had send multiple consents, as per news available.)
Members are waiting for the mails but no body knows the exe...
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Bank Branch Audit |
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5 | Hits : 5259
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Government approves ten (10) proposals of Foreign Direct Investment amounting to Rs. 2857.83 crore approx
Posted Date : 25-Mar-2015 , 06:02:36 pm | Posted By CASANSAAR
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 17.02.2015
Following 10 (ten) proposals have been approved by the Government:
Sl.
No.
Item ...
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International Business |
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0 | Hits : 1315
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Traders protest making PAN must for buying gold over Rs 1 lakh
Posted Date : 25-Mar-2015 , 05:41:38 pm | Posted By CASANSAAR
Bullion market remained closed in the national capitaltoday as traders refrained from doing business to protest the Budgetary proposal that would make it mandatory to quote PAN for purchases of above Rs 1 lakh.
“Making it mandatory to...
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PAN |
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0 | Hits : 452
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Bank Branch Audit - Allotment of Branches Update
Posted Date : 25-Mar-2015 , 10:04:00 am | Posted By CASANSAAR
Bank Branch Audit - Allocation of Branches Update:
Banks will start sending letters to members for allotment of branches by today. Banks had been asked for clearance of CSA List. If Banks provide it then from today itself or it may be further delayed.
Meeting of Central ...
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Bank Branch Audit |
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7 | Hits : 8205
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Companies can access all services of CA-CS-CMA from one source soon
Posted Date : 25-Mar-2015 , 08:48:42 am | Posted By CASANSAAR
In a move that could significantly alter the road map of corporate compliance, audit and consulting, three professional bodies (ICAI, ICSI,)are preparing a regulatory framework to allow a single entity to provide all such services to a company as early as this year.
The Institute of Charter...
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MDP |
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0 | Hits : 2033
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The Income Tax department collects over Rs 3,500 cr from non-filers
Posted Date : 24-Mar-2015 , 09:26:09 pm | Posted By CASANSAAR
The Income Tax department has issued over 20 lakh “intimations” and collected Rs. 3,569 crore in the current financial year from those taxpayers who had either not filed their tax returns or did so incorrectly.
Under its ‘non-filers tracking management system’,...
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Category :
Income Tax |
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0 | Hits : 592
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Why Taxpayers May Not Have to Send Paper Acknowledgement for ITR
Posted Date : 24-Mar-2015 , 09:20:23 pm | Posted By CASANSAAR
Taxpayers in India will soon get relief from sending a paper acknowledgement of their e-filed ITR as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns fo...
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ITR |
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0 | Hits : 948
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Freedom of Speech Online: Section 66A is Struck Down by Supreme Court
Posted Date : 24-Mar-2015 , 11:11:42 am | Posted By CASANSAAR
The Supreme Court on Tuesday upheld free speech online as it struck down the "vague" section 66A of the Information Technology Act, 2000, according to TV reports.
The petitioners had described Section 66A as vague and ambiguous and beyond the ambit of article 19 of the Constitution gu...
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Category :
Judicial Announcement |
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0 | Hits : 856
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Income Tax Return: Better late than never
Posted Date : 24-Mar-2015 , 08:12:59 am | Posted By CASANSAAR
If you are yet to file income-tax return for the previous financial year (FY14/assessment year 2014-15), you still have a chance to do so by March 31. However, if you miss this deadline as well, the tax authorities could impose a fine of R5,000 ...
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ITR |
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0 | Hits : 963
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SEBI clears norms for international finance centres
Posted Date : 24-Mar-2015 , 08:06:43 am | Posted By CASANSAAR
India on Sunday moved a step closer to having a Singapore- or Dubai-like financial hub, with the Securities and Exchange Board of India (Sebi) approving a framework for international financial centres (IFCs).
After its board meeting in New Delhi, the market regulator issued broad guidelines for I...
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SEBI |
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0 | Hits : 315
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RBI asks bankers not to outsource loan processing tasks
Posted Date : 24-Mar-2015 , 08:01:09 am | Posted By CASANSAAR
Concerned over the rising number of loan default cases, the RBI warned lenders against outsourcing their credit processing activities to third-party entities. “We encourage the banks that whatever is the non-core activity it should be outsourced. Let me tell you credit processing is not a...
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RBI |
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0 | Hits : 390
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Finmin launches national electronic I-T judicial database
Posted Date : 24-Mar-2015 , 07:52:48 am | Posted By CASANSAAR
The Finance Ministry has operationalised an ambitious electronic national database of judicial orders and appeals to de-congest and streamline huge litigation in the Income Tax Department and the Central Board of Direct Taxes (CBDT).
The much-talked about repository called the National Judicial R...
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Category :
Income Tax |
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0 | Hits : 357
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Bank Branch Audit Update
Posted Date : 23-Mar-2015 , 08:52:17 am | Posted By CASANSAAR
Bank Branch Audit Update:
Banks may get the final approval list from RBI today. Plz check your email on regular basis because banks will start alloting branches immidiately once received the final approval list from RBI
Most of the bank finalised allocation of branches, jus...
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Bank Branch Audit |
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11 | Hits : 7857
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Feedback on Arrear Demand Verification Portal by Income Tax Department
Posted Date : 23-Mar-2015 , 08:44:18 am | Posted By CASANSAAR
Income Tax Software - As you may be aware that the Income Tax Department has launched an "Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which is available in the respective user-id's of the assessees. This portal provides various options in the assessee'...
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Category :
Income Tax Software |
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0 | Hits : 1592
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Frauds worth Rs 11022 crore detected in PSU banks during April-December
Posted Date : 23-Mar-2015 , 08:14:37 am | Posted By CASANSAAR
PSU banks have reported over 2,100 fraud cases involving a sum of Rs 11,022 crore in the first nine months of the ongoing fiscal, with PNB reporting the maximum number of such instances.
An analysis of the data available with the Reserve Bank shows fraud cases, involving amount of Rs 1 lakh and a...
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Category :
Banking |
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0 | Hits : 1191
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Black money bill - Foreign property to be taxed at current price
Posted Date : 22-Mar-2015 , 05:13:09 pm | Posted By CASANSAAR
Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.
However, the tax and penalty would take into account the part-disclosure, if any, made by the taxpayer...
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Category :
Black Money |
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0 | Hits : 404
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CAs under ambit of black money bill
Posted Date : 21-Mar-2015 , 08:47:10 am | Posted By CASANSAAR
The government's black money bill seeks to bring the financial intermediary community, including CAs and lawyers, within the ambit of the tough provisions of the proposed law, in addition to those who keep unaccounted wealth in foreign countries.
Under the new l...
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CA |
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0 | Hits : 1737
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New tax accounting standards to be implemented wef 01-04-2015
Posted Date : 21-Mar-2015 , 08:38:05 am | Posted By CASANSAAR
The Government has proposed new tax accounting standards related to income computation and disclosures by businesses to ensure consistency as well as clarity on taxation issue. Sub-section (2) of Section 145 of the Income Tax Act, 1961 (the Act) provides that the Central Government may not...
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Category :
Accounting Standards |
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0 | Hits : 4140
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Over 94% of outstanding tax hard to recover: CAG Report
Posted Date : 21-Mar-2015 , 08:27:29 am | Posted By CASANSAAR
Over 94 per cent of the country's uncollected tax demand of Rs 5.75 lakh crore is difficult to recover, the Comptroller and Auditor General of India has said. The CAG, in an audit report on direct taxes tabled in Parliament on Friday, also hauled up the Income Tax Settlement Commission and the i...
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CAG |
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0 | Hits : 490
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