An account becoming NPA is not a SIN - RBI to Banks
Posted Date : 12-Jun-2015 , 08:37:41 am | Posted By CASANSAAR
Reserve Bank of India has made a case for developing better strategies to deal with the problem of bad loans as hiding them would aggravate the situation for the banks as well as borrowers.
"An account becoming NPA is not a sin. The time has come that it would be a better strategy that if ...
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NPA |
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Utility Bills Valid Proof of Address to Open Account: RBI
Posted Date : 12-Jun-2015 , 08:21:49 am | Posted By CASANSAAR
Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions, the Reserve Bank of India said on Thursday.
"Utility bill which is not more than two months old of any service provider (elec...
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RBI |
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0 | Hits : 1592
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RBI permits NRIs to invest in Chit Funds
Posted Date : 12-Jun-2015 , 08:14:51 am | Posted By CASANSAAR
The Reserve Bank India (RBI) has permitted non-resident Indians (NRIs) to invest in regulated chit funds. This permission comes with riders. Indians abroad can subscribe to chit funds through banking channels, including accounts maintained in India.
The state governments or Registrar of Chits may...
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RBI |
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0 | Hits : 1078
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Income tax department to address taxpayers grievances in time
Posted Date : 11-Jun-2015 , 08:26:53 am | Posted By CASANSAAR
In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner.
An application for rectification of an order issued by the Income Tax department's Assessing Offic...
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Income Tax |
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0 | Hits : 1084
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Proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015
Posted Date : 10-Jun-2015 , 10:34:01 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015.
The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarif...
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Corporate Law |
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0 | Hits : 956
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CBDT advises Income Tax officials to be strict towards illegal charity
Posted Date : 09-Jun-2015 , 09:13:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has asked the Income Tax department officials to take strict actions against those who are seeking illegal tax exemptions from the government in the name of charity.
Guiding the I-T officials, the apex policy making body of the tax department has tol...
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Income Tax |
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0 | Hits : 1192
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Service Tax Clarification - Service Tax only in AC restaurants; effective rate 5.6%
Posted Date : 09-Jun-2015 , 06:35:23 pm | Posted By CASANSAAR
Service Tax Clarification - Service Tax only in AC restaurants; effective rate 5.6%
Restaurants without air conditioning facility will not charge any service tax from their customers while the ones with ACs will charge only on the 40% of the total bill amount, the finance ministry said on Tuesd...
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Service Tax |
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0 | Hits : 1930
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Banks can bring in foreign promoters after taking over defaulting companies: RBI
Posted Date : 09-Jun-2015 , 08:10:30 am | Posted By CASANSAAR
The RBI on Monday unveiled the much-talked-about "strategic debt restructuring" scheme which paves the way for banks to trigger a change in management of chronically defaulting companies. New norms announced by the RBI allowing banks to convert debt of defaulting companies into equity also...
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RBI |
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CBDT Clarifies Regarding Prosecution of Tax Evaders
Posted Date : 09-Jun-2015 , 07:46:02 am | Posted By CASANSAAR
CBDT Clarifies Regarding Prosecution of Tax Evaders;
Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance
It has been ...
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CBDT |
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ICAI Clarification/Corrigendum over the Cover page of June 2015 issue of The Chartered Accountant Journal
Posted Date : 08-Jun-2015 , 10:22:08 pm | Posted By CASANSAAR
ICAI Clarification/Corrigendum over the Cover page of June 2015 issue of The Chartered Accountant Journal
We wish to clarify to the members, students and other readers of The Chartered Accountant journal that the cover page of the June 2015 issue of the journal is a mere artistic depi...
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ICAI |
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0 | Hits : 2007
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CBDT to field officials: Check bank, property details during assessment
Posted Date : 08-Jun-2015 , 08:31:34 am | Posted By CASANSAAR
Facing outstanding tax demand of Rs 8.27 lakh crore in FY16, the central board of direct taxes (CBDT) has asked its field officials to obtain details of bank accounts, debtors, and property during assessment itself to prevent any tax demand from becoming uncollectible due to inadequacy of asset...
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CBDT |
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Government relaxes norms pertaining to related party transactions, Audits & acceptance of deposits for Private Companies
Posted Date : 08-Jun-2015 , 08:26:40 am | Posted By CASANSAAR
As part of its strategy to make it easier to do business in the country, the government has relaxed norms pertaining to related party transactions, accepting deposits and appointing auditors in private companies.
Various norms have also been eased for government-owned companies, nidhi...
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Companies Act |
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0 | Hits : 1751
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NRI rupee accounts not to be treated as FDI - Govt
Posted Date : 08-Jun-2015 , 08:19:22 am | Posted By CASANSAAR
The government has agreed not to treat NRI investments emanating out of their rupee accounts in bank accounts in India as Foreign Direct Investments (FDI).
On the face of it, this may appear to be a huge leg up to investments in industries and infrastructure by our diaspora but a deeper reflectio...
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International Business |
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0 | Hits : 1010
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Instill fear of jail and social censure in tax evaders says CBDT
Posted Date : 07-Jun-2015 , 09:16:14 pm | Posted By CASANSAAR
Taxman should instill the fear of “incarceration, loss of liberty and social opprobrium” in tax evaders and prosecute them in large numbers to create a credible deterrence against the menace of black money, the CBDT says.
The apex policy making body of the I-T department, in a ...
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Income Tax |
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0 | Hits : 828
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Govt relaxes compliance provisions for private companies
Posted Date : 06-Jun-2015 , 09:00:33 pm | Posted By CASANSAAR
Keeping up with its promise of making life easier for private companies, the Modi-led Government has now exempted such companies from several provisions of the new company law enacted in 2013.
Besides providing exemptions, the Corporate Affairs Ministry has also provided certain relaxations, wh...
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Companies Act |
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0 | Hits : 1381
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States seek full compensation for first 5 yr for revenue loss following GST implementation
Posted Date : 06-Jun-2015 , 08:49:02 pm | Posted By CASANSAAR
States have sought full compensation for the first five years from the Centre for the revenue loss following the implementation of Goods and services tax (GST). This emerged during the meeting of State Finance Ministers Empowered Committee on GST, which was held in New Delhi yesterday under the Chai...
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GST |
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Govt set up eight-member panel to suggest changes to Companies Act
Posted Date : 05-Jun-2015 , 05:57:27 pm | Posted By CASANSAAR
Govt set up eight-member panel to suggest changes to Companies Act
Continuing efforts to improve the ease of doing business in the country, the government has set up an eight-member panel to address issues related to the new companies law and suggest necessary change...
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Companies Act |
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0 | Hits : 1037
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Government to tighten screws on banks Window Dressing of accounts
Posted Date : 05-Jun-2015 , 08:31:37 am | Posted By CASANSAAR
The government is set to overhaul annual targets for public sector lenders this month, ending a focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives.
Banking and government sources said the new targets, to be discuss...
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Banking |
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0 | Hits : 1190
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Service Tax contributes Rs.1.68 lakh crores to Indirect tax in 2014-15
Posted Date : 05-Jun-2015 , 08:23:48 am | Posted By CASANSAAR
Out of total indirect tax collection of Rs. 5.46 lakh crores, nearly Rs.1.68 lakh crores came from Service Tax which is nearly 30% of total collection in 2014-15, growing at the rate of 8-10% annually, a senior official from Service Tax said at an ASSOCHAM event.
The contribution of s...
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Service Tax |
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Companies are no longer required to file e-form INC-21 with ROC - MCA
Posted Date : 05-Jun-2015 , 08:05:45 am | Posted By CASANSAAR
Companies are no longer required to file e-form INC-21 with ROC - MCA
The requirement of filing declaration by a company before commencement of business or exercising its borrowing powers has been dispensed with under the Companies (Amendment) Act, 2015. Accordingly companies are no longer requir...
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MCA |
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1 | Hits : 6893
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Company Secretaries can now act as whistleblowers
Posted Date : 04-Jun-2015 , 08:25:33 am | Posted By CASANSAAR
With the new Companies Act in place, company secretaries (CS) like other statutory auditors can now act as whistleblowers if they detect any fraud.
"There is a provision of whistleblower in the new Companies Act. It is now mandated in the act of 2013," Institut...
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ICSI |
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0 | Hits : 1694
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Govt notifies FDI policy relaxations for NRIs
Posted Date : 03-Jun-2015 , 07:56:41 pm | Posted By CASANSAAR
Non-repatriable investments by NRIs, OCIs and PIOs will be treated as domestic investments and will not be subject to foreign direct investment caps, the Commerce and Industry Ministry on Wednesday said.
“The government has reviewed the FDI policy relating to investments by NRIs, PIOs and...
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International Business |
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0 | Hits : 887
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Service Tax - Penalty encouraging voluntary compliance
Posted Date : 03-Jun-2015 , 07:52:09 pm | Posted By CASANSAAR
Rationalisation of penalty provisions is encouraging voluntary compliance by Service Tax assessees, a senior finance ministry official said today.
"Penalty can be imposed under various sections. These provisions have been rationalised and harmonised to encourage voluntary payments," Ass...
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Service Tax |
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ICAI are looking for Portfolio Investor for the Investment of Surplus funds around Rs. 600 Cr. PA
Posted Date : 03-Jun-2015 , 08:56:02 am | Posted By CASANSAAR
ICAI are looking for Portfolio Investor for the Investment of Surplus funds around Rs. 600 Cr. PA.
The Institute from time to time is making investment of its surplus funds as per the provisions of the Section 18(2) of the Chartered Accountants Act, 1949 as amended by the Chartered Accountants (A...
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ICAI |
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0 | Hits : 1517
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CA Exams Date Sheet for Special Examination in Kathmandu (Nepal)
Posted Date : 03-Jun-2015 , 08:53:43 am | Posted By CASANSAAR
No. 13-CA EXAM /M/2015/II: - In further modification of the Institute’s Notification No. 13-CA (EXAM)/M/2015 dated 20th January, 2015 and in supersession of Notification No. 13-CA (EXAM)/M/2015/I dated 6th May, 2015 it is notified for the general information that Intermediate (IPC) a...
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CA Exams |
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0 | Hits : 1169
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RBI cuts repo rate 25 bps to 7.25%, Leaves CRR and SLR unchanged
Posted Date : 02-Jun-2015 , 11:10:38 am | Posted By CASANSAAR
In keeping with demands by industry as well as the Finance Ministry, the Reserve Bank of India on Tuesday cut the benchmark rate cut by 25 basis points to 7.25%,. The latest cut takes the number of rate cuts this calendar year to three; the central bank had cut the repo rate...
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RBI |
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One in five CAs breach Tax Audit Norms - CAG Report
Posted Date : 02-Jun-2015 , 08:40:16 am | Posted By CASANSAAR
One in five CAs breach tax audit norms - CAG Report.
Nearly one out of every five chartered accountants (CAs) in India appear to have breached tax audit norms, going by a recent report by the Comptroller and Auditor General of India — a charge serious enough to prompt the ...
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CA |
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5 | Hits : 3042
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FinMin, RBI set up panel on reducing cash transactions
Posted Date : 01-Jun-2015 , 10:15:44 am | Posted By CASANSAAR
To reduce cash transactions in the economy and boost the usage of cards and point of sales (PoS) terminals, the Union finance ministry and Reserve Bank of India (RBI) have set up a committee to look at ways to encourage use of plastic money.
The committee has representatives from National Payment...
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RBI |
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1 | Hits : 1296
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New Service tax Rate 14% becomes effective today
Posted Date : 01-Jun-2015 , 10:07:48 am | Posted By CASANSAAR
New Service tax Rate 14% becomes effective today. The tax is levied on all services, expect a small negative list.
Some of the key services that will attract higher tax and hence become costlier are: railways, airlines, banking, insurance, advertising, architecture, construction, credit card...
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Service Tax |
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0 | Hits : 1310
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New ITR forms 1, 2 & 4s Notified, Due Date propose to be Extended to 31-08-2015
Posted Date : 31-May-2015 , 04:04:14 pm | Posted By CASANSAAR
New ITR forms 1, 2 & 4s notified by CBDT. Due date extended to 31.08.2015.
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers;
A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not ...
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ITR |
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3 | Hits : 3978
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