ITR : What to Expect From the Revised ITRs
Posted Date : 09-May-2015 , 07:58:25 am | Posted By CASANSAAR
The new Income Tax Return (ITR) forms which the tax department released have invited much clamor and discussion. While the tax department is working on a refreshed form or possibly a clarification on the forms it released, here's a quick check on what to expect.
An abysmally low percentage of...
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ITR |
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GST meet: Consensus on imports and registration
Posted Date : 08-May-2015 , 08:54:56 pm | Posted By CASANSAAR
The Empowered Committee of state finance ministers on GST have reached a consensus on issues related to imports, registration and authorised GST network company to go ahead with preparation of IT platform for GST.
The two-day meet which ended here today also agreed to share the cost of GSTN by th...
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GST |
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RBI introduces RED FLAG to clamp down on loan frauds
Posted Date : 08-May-2015 , 08:15:20 am | Posted By CASANSAAR
With fund diversion by corporates and non-performing assets (NPAs) of banks on the rise, the Reserve Bank of India (RBI) has decided to introduce the concept of a Red Flagged Account (RFA) in a bid to minimise frau risks.
An RFA account is one where a suspicion of fraudulent activity ...
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NPA |
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CA Exams - Date Sheet for Special Examination in Kathmandu (Nepal)
Posted Date : 07-May-2015 , 09:09:26 pm | Posted By CASANSAAR
CA Exams - Date Sheet for Special Examination in Kathmandu (Nepal).
No. 13-CA (EXAM)/M/2015/I: - In continuation to the Institute’s Notification No. 13-CA (EXAM)/M/2015 dated 20th January, 2015, it is notified for the general information that Intermediate (IPC) and Final Examinations schedule...
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CA Exams |
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GST Bill to be taken up in Rajya Sabha today
Posted Date : 07-May-2015 , 08:31:23 am | Posted By CASANSAAR
The government on Wednesday passed the key economic reform Goods and Services Tax (GST) regime in the Lok Sabha amid a walkout by the Congress.
However, the Modi government will face the Opposition hurdle when the legislation will be taken up in Rajya Sabha on Thursday.
The Bill ...
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GST |
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Banks gross NPA ratio rises to 4.45% from 4.1% in 1 year: RBI
Posted Date : 07-May-2015 , 08:24:25 am | Posted By CASANSAAR
The banking sector's asset quality woes further worsened in the last one year, with gross non-performing asset (GNPA) ratio inching to 4.45 per cent as on March 15 this year, as compared to 4.1 per cent in March 2014, according to the latest data released by the Reserve Bank of India (RBI).
H...
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NPA |
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0 | Hits : 890
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Introduction of Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under FEMA
Posted Date : 07-May-2015 , 08:07:56 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999.
The approval is expected to enable foreign in...
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FEMA |
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Highlights of New Proposed Goods & Service Tax (GST)
Posted Date : 06-May-2015 , 09:20:02 pm | Posted By CASANSAAR
1. The basic principal governing behind GST is to have single Taxation System for Goods and Services across the country. Currently Indian economy has various taxes on Goods and services such as VAT, Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. Now in the new Proposal of GST; we will be ha...
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GST |
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0 | Hits : 2456
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ICAI Notification - ISA-AT scheduled on 27th June 2015
Posted Date : 06-May-2015 , 08:58:00 pm | Posted By CASANSAAR
No.13-CA(EXAM)/ISA/J/2015: - In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test (which is open to the members of the Institu...
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ICAI Notification |
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GST Constitutional Amendment Bill Passed by Lok Sabha
Posted Date : 06-May-2015 , 04:55:51 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the GST Constitutional Amendment Bill.
Meanwhile, Union Finance Minister Arun Jaitley said that GST will reduce prices in the long run and boost economic growth. "I don't forsee any state losing revenue after roll out of GST," Jaitley said.
...
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GST |
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MDP - Guidelines for LLPs of CA, CS & CMAs soon
Posted Date : 06-May-2015 , 08:06:55 am | Posted By CASANSAAR
Representatives of the professional bodies for Chartered Accountants (CAs), company secretaries and cost accountants will soon get a chance to work together in a limited liability partnership (LLP) firm offering a variety of services to their clients.
The three professional bodies are in the last...
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MDP |
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0 | Hits : 2451
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SC notice to Govt, RBI over top Jobs in Banks
Posted Date : 06-May-2015 , 07:56:08 am | Posted By CASANSAAR
The Supreme Court on Tuesday sought response from the Centre, RBI and others on a petition challenging the government’s move to appoint private bank executives to head five public sector banks.
A bench headed by Justice AR Dave also sought reply from the five public sector banks — B...
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Income Tax |
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1 | Hits : 974
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Companies Act - Easing of Compliance Norms Under Companies Act
Posted Date : 05-May-2015 , 10:44:37 pm | Posted By CASANSAAR
After commencement of various provisions of the Companies Act, 2013 and rules thereunder, various issues received from Industry Chambers and stakeholders were examined in consultation with stakeholders. In order to address the issues received, certain rules have been amended. The compliance norms, w...
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Companies Act |
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0 | Hits : 1351
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Causes and Conditions that result in generation of Black Money
Posted Date : 05-May-2015 , 10:14:13 pm | Posted By CASANSAAR
The Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, which was conducted by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financia...
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Black Money |
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GST Update - Incentivizing States Under GST Regime
Posted Date : 05-May-2015 , 10:10:59 pm | Posted By CASANSAAR
As tax rates during Goods and Services Tax (GST) regime will be closely aligned to the Revenue Neutral Rates (RNR) of the Centre and the States, the revenues of the Central and State Governments will not be impacted in the long run. To help States in the transition phase, the Constitution (122nd Ame...
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GST |
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Tax Concession on Interest Paid on Education Loan
Posted Date : 05-May-2015 , 10:02:41 pm | Posted By CASANSAAR
Section 80E of the Income-tax Act, 1961 provides that in computing the total income of an individual, their shall be allowed a deduction of the amount paid by way of interest on loan taken by him from any financial institution or approved charitable institution for the purpose of pursuing his own hi...
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Income Tax |
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0 | Hits : 916
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Government Approves Nineteen (19) Proposals of Foreign Direct Investment Amounting to Rs. 2165.04 Crore Approximately
Posted Date : 05-May-2015 , 09:59:44 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its Meeting held on 9th April 2015, the Central Government has approved nineteen (19) proposals of Foreign Direct Investment(FDI) amounting to Rs. 2165.04 crore approximately.
...
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International Business |
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Railway invites bid from Big 4 Audit firms
Posted Date : 05-May-2015 , 07:58:36 am | Posted By CASANSAAR
The world’s top four audit firms would soon be in a race to bag the mammoth assignment of suggesting the country’s largest employer, Indian Railways, ways to revamp its age-old policies on recruitment, appointments, management, and requirement of workforce.
The idea of such an exercis...
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Auditing |
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14 Page long ITR Form may come down to 2-3 pages
Posted Date : 04-May-2015 , 10:34:09 pm | Posted By CASANSAAR
The new Income Tax Return form (ITR Form) may only need the average taxpayer to fill out 2-3 pages, sources told NDTV.
Those who want to file further disclosures regarding additional income from various sources or details of expenditures incurred will have to file specific pages for each category...
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ITR |
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Finance Ministry initiates process of hiring chairmen for PSU banks
Posted Date : 04-May-2015 , 10:26:24 pm | Posted By CASANSAAR
The Finance Ministry has initiated the process of identifying persons like retired bureaucrats and bankers who could be appointed as non-executive chairmen of various public sector banks.
Vacancies for the position of non-executive chairman have arisen following the government decision to bifurca...
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Finance |
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CA Exams - Observations of the candidates on the question papers of CA examinations-May 2015
Posted Date : 04-May-2015 , 10:22:13 pm | Posted By CASANSAAR
3rd May 2015
Observations of the candidates on the question papers of CA examinations-May 2015.
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 20...
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Income Tax |
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PAN Mandatory for Central Excise Registration
Posted Date : 04-May-2015 , 10:19:02 pm | Posted By CASANSAAR
Permanent Account Number (PAN) has been made mandatory for private firms seeking central excise registration.
The registration will now be given within two days of filing online applications, as per the new simplified rules formed by the Finance Ministry "to improve the ease in doing busines...
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PAN |
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CASANSAAR Placement Cell for CA, CS, CMAs (For Job Seekers & Job Recruiters)
Posted Date : 04-May-2015 , 10:08:10 am | Posted By CASANSAAR
CASANSAAR had launched the CASANSAAR Placement Cell for CA, CS, CMAs. This Cell will assist Job Seekers & Job Recruiters for best fit..
If you have requirement of CA / CS / CMA's in your office / Firm / Company then you can contact CASANSAAR&nb...
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ICAI |
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0 | Hits : 1931
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Service Tax - Amended norms lower fines on defaulters
Posted Date : 04-May-2015 , 07:37:19 am | Posted By CASANSAAR
Businesses that have intentionally defaulted on service tax payments in the last four years will get partial relief from the hefty 100% penalty, as per the Finance Bill, 2015 approved by the Lok Sabha last week.
The amended provision introduces 50% penalty for intentional defaults from April 20...
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Service Tax |
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0 | Hits : 1476
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Income Tax department collects Rs 6.96 lakh cr revenue during 2014-15
Posted Date : 04-May-2015 , 07:21:43 am | Posted By CASANSAAR
Government collected over Rs 6,96,200 crore revenue under the direct taxes kitty in the just concluded financial year 2014-15, about 14 per cent short of target.
Officials said the I-T Department which collects a variety of taxes like Income Tax and Corporate Tax collected approximately Rs 6,96...
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Income Tax |
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0 | Hits : 803
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SEBI replaces colour codes for mutual fund with Riskometer
Posted Date : 03-May-2015 , 09:45:34 am | Posted By CASANSAAR
To help investors better understand risks involved in mutual fund investments, regulator Sebi replaced the mandatory colour codes with a 'riskometer' containing five levels of risks from low to high.
The mutual funds would need to mention the risk level of a scheme through a speedometer-l...
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SEBI |
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USL - Auditors community needs a greater fear of repercussions for conducting poor quality audits
Posted Date : 02-May-2015 , 08:23:07 am | Posted By CASANSAAR
The failure of Auditors to highlight the financial irregularities earlier is possibly the most egregious in this entire saga. Auditors are supposed to provide an independent oversight to financial statements. In this case, the issues were not raised until the financial statements for the year ended ...
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Auditing |
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0 | Hits : 1424
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File INC-29 for Name availability, allotment of DIN, Company incorporation and commencement of business
Posted Date : 02-May-2015 , 08:09:17 am | Posted By CASANSAAR
The corporate affairs ministry will from May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.
"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will n...
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Companies Act |
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Auditors Report on Consolidated Financial Statements under the Companies Act, 2013
Posted Date : 01-May-2015 , 07:52:59 pm | Posted By CASANSAAR
ANNOUNCEMENT
AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
UNDER THE COMPANIES ACT, 2013
The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statem...
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Auditing |
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Effective Date of Service Tax Rate 12.36% or 14%
Posted Date : 01-May-2015 , 08:49:18 am | Posted By CASANSAAR
Effective Date of Service Tax Rate 12.36% or 14%
Finance Bill 2015 has proposed to increase effective rate of service tax from 12.36% to 14%. Effective date will be only after Finance Bill become the Finance Act or the date notified by the Govt of India.
In this regard relevant portion of D.O....
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Service Tax |
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