17 Crore PAN holders in India & only 3.5 crore files Income Tax Return
Posted Date : 16-Dec-2014 , 05:14:07 pm | Posted By CASANSAAR
Further, PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent during FY2005-06 to FY20 10-11, the n...
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Income Tax |
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Business hours extended for RTGS Transfers
Posted Date : 16-Dec-2014 , 08:51:28 am | Posted By CASANSAAR
To promote electronic payments, the Reserve Bank increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29.
On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circul...
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Banking |
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ICAI to help EPFO with accrual accounting system
Posted Date : 15-Dec-2014 , 05:41:46 pm | Posted By CASANSAAR
ICAI, the apex body of chartered accountants, will help Employees' Provident Fund Organisation(EPFO) to migrate to accrual accountingsystem. In this regard, the Institute of Chartered Accountants of India (ICAI) would take up a pilot project for EPFO. A Memorandum of Understandin...
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ICAI |
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Admit Cards for the Information Systems Audit Assessment Test(ISA-AT) - December, 2014 - ICAI
Posted Date : 15-Dec-2014 , 04:10:42 pm | Posted By CASANSAAR
Admit Cards for the Information Systems Audit Assessment Test (ISA-AT) scheduled to be held on 27th December, 2014 have been released. Kindly visit http://isaat.icaiexam.icai.org to download the same....
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ICAI |
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CBDT chief to keep exclusive charge of Income Tax investigations
Posted Date : 15-Dec-2014 , 06:49:48 am | Posted By CASANSAAR
A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney. The charge of I-T investigations, usual...
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Income Tax |
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RBI releases charter giving more rights to bank customers
Posted Date : 15-Dec-2014 , 06:37:49 am | Posted By CASANSAAR
The RBI has released a charter of customer rights that lays down five basic rights that bank customers enjoy. Though a framework laying down service standards already exists, industry-watchers feel a direct intervention from the RBI could make the process more robust. "This will also simplify the pr...
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Banking |
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PAC raps I-T dept for surge in uncollected taxes, laxity
Posted Date : 15-Dec-2014 , 06:29:59 am | Posted By CASANSAAR
A Parliamentary committee has rapped the income tax department for the rising uncollected tax demand and “lack of sustained efforts” on its part to recover the pending amount, which rose to Rs 4.86 lakh crore in 2012-13 from Rs 4.08 lakh crore in 2011-12.
According to the figure...
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Income Tax |
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0 | Hits : 781
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Delhi HC refuses to ban astrology-based TV shows
Posted Date : 14-Dec-2014 , 08:46:18 pm | Posted By CASANSAAR
The Delhi high court has refused to prohibit astrology-based shows on television while saying it was not in its domain to prescribe what the programming code should be.
A division bench of Chief Justice G Rohini and Justice R S Endlaw, which was hearing a petition filed by NGO Sai Lok Kalyan ...
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Income Tax |
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0 | Hits : 800
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Produce more CAs, Minister tells Institute of Chartered Accountants of India
Posted Date : 14-Dec-2014 , 07:58:43 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), which was zealously maintaining its quality by limiting the number of chartered accountants should try to increased its members as the nation needed them, said Nirmala Sitharaman, union minister of state for commerce and industry, on Saturday.&...
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ICAI |
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Ministry tweaks norms for fraud reporting by Auditors
Posted Date : 13-Dec-2014 , 07:21:19 am | Posted By CASANSAAR
The Government will not fritter away its energies on small corporate frauds, but will concentrate on those which are material or serious in nature. The Companies (amendment) Bill introduced by Arun Jaitley, Minister for Finance, Corporate Affairs, and Information & Broadcasting, in the Lok Sabha...
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Auditing |
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Shah Rukh Khan's loan to wife not sham deal to avoid tax, says ITAT
Posted Date : 13-Dec-2014 , 07:12:33 am | Posted By CASANSAAR
Shah Rukh Khan has obtained a clean chit from the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which in its recent order has held that tax avoidance was not the motive %behind the actor giving a substantial interest-free loan to wife. The ITAT also held that residenti...
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Income Tax |
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Government to Not Implement Banking Transaction Tax
Posted Date : 12-Dec-2014 , 10:24:11 pm | Posted By CASANSAAR
The government is not considering implementing Banking Transaction Tax to replace all taxes in the country, Parliament was informed on Friday.
Banking Cash Transaction Tax (BCTT) was introduced in June 2005 to track unaccounted money and trace its source and destination, but was withdrawn i...
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Income Tax |
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0 | Hits : 892
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Online facility to provide Grievance relating to Income Tax CPC
Posted Date : 12-Dec-2014 , 10:21:19 pm | Posted By CASANSAAR
The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance.
www.incometax...
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Income Tax |
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0 | Hits : 885
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Online facility to provide response against outstanding income Tax demand
Posted Date : 12-Dec-2014 , 10:20:26 pm | Posted By CASANSAAR
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide...
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Income Tax |
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0 | Hits : 1191
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New Facility to get direct access to your Income Tax Department e-Filing account
Posted Date : 12-Dec-2014 , 10:17:33 pm | Posted By CASANSAAR
If you have forgotten your e-Filing login password and you are unsuccessfull with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank...
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Income Tax |
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Companies law amendment bill introduced in Lok Sabha
Posted Date : 12-Dec-2014 , 09:08:33 pm | Posted By CASANSAAR
The government Friday introduced a bill in the Lok Sabha to amend the companies law.
The Companies (Amendment) Bill 2014 was introduced by Finance Minister Arun Jaitley.
There are as many as 14 changes proposed in various provisions of the companies law passed b...
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Category :
Corporate Law |
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0 | Hits : 1017
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States reject proposed Goods and Services Tax (GST) Bill
Posted Date : 12-Dec-2014 , 08:38:47 am | Posted By CASANSAAR
In a setback to the Centre, states Thursday rejected the draft Goods and Services Tax (GST) Bill saying it does not address their concerns, particularly on entry tax and taxation of petroleum products.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring pe...
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GST |
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RBI asks FinMin to review priority lending norms
Posted Date : 12-Dec-2014 , 08:34:34 am | Posted By CASANSAAR
Reserve Bank has asked the Finance Ministry for a review of priority sector lending norms which the foreign banks find difficult to follow under the wholly-owned subsidiary model.
Under the wholly-owned subsidiary model, a framework for which has been put in place by RBI last year, ...
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RBI |
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Govt appoints four new Members in CBDT
Posted Date : 12-Dec-2014 , 08:26:31 am | Posted By CASANSAAR
Government appointed four senior IRS officers, including two women officials, as the new Members of theCentral Board of Direct Taxes (CBDT) -- the apex authority of the Income Tax department.
The posts, of the seven-member apex body, have been lying vacant for over ...
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Income Tax |
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Announcement on Grant of Fellow Membership on the basis of service - ICAI
Posted Date : 12-Dec-2014 , 07:53:48 am | Posted By CASANSAAR
Regulation 5 (3) of the Chartered Accountants Regulations, 1988 provides for eligibility to become a fellow member of the Institute on the basis of service in specified industries and organizationsAn associate member is eligible for admission as a Fellow Member if he/she satisfies the eligib...
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ICAI |
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Service Tax rules for Audit of companies have been tightened
Posted Date : 11-Dec-2014 , 08:46:04 am | Posted By CASANSAAR
The service tax rules for audit of companies have been tightened by making the access to registered premises of the assesses and reports more rigid and discretionary for the tax officers.
In a recent amendment made by the department, the time limit given for the assesses to submit i...
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Service Tax |
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SEBI allows non-demat MF transactions through stock exchanges
Posted Date : 11-Dec-2014 , 08:45:02 am | Posted By CASANSAAR
To help expand reach of mutual funds, regulator Sebi has allowed their distributors to use the stock exchange platform for non-demat transactions as well for sale or redemption of these financial products.The move comes over one year after Sebi allowed MF distributors to use stock exchange infrastru...
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SEBI |
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Tax tribunal rules against Vodafone, says transfer pricing case within IT dept's jurisdiction
Posted Date : 10-Dec-2014 , 10:16:53 pm | Posted By CASANSAAR
British telecom giant Vodafone's tax woes continue, with the tax appellate tribunal ruling on Wednesday that the tax department was within its jurisdiction in the Rs 8,500 croretransfer pricing tax dispute involving the sale of its call centre business to Hutchison in 2007.
The&nbs...
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Income Tax |
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Centre to release Rs 11000 crore CST compensation to states: FM
Posted Date : 10-Dec-2014 , 10:12:17 pm | Posted By CASANSAAR
The states will receive Rs.11,000 crore this fiscal towards partial compensation of the losses suffered by them for reduction in central sales tax (CST), Finance Minister Arun Jaitley said Wednesday.
Observing that there has been a "trust deficit" with the states on this count del...
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GST |
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Capital requirement of Public Sector Banks - Raising capital from public markets by broad basing shareholding
Posted Date : 10-Dec-2014 , 09:33:42 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for allowing Public Sector Banks (PSBs) to raise capital to meet their additional capital requirements under BASEL-III by diluting Government holding upto 52 percent in a phased manner. Out of 27 PSBs, ...
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Banking |
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0 | Hits : 788
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Delhi HC says tax data of private firms exempt from disclosure under RTI
Posted Date : 10-Dec-2014 , 08:34:08 am | Posted By CASANSAAR
The Delhi high court in a recent order said that tax information of private limited companies is confidential data and exempt from disclosure under the Right To Information (RTI) Act. Currently, individuals are exempt from such disclosure, and the ruling extends the definition of individual in this ...
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Corporate Law |
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0 | Hits : 1595
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Goods and Services Tax Scheduled for April 2016
Posted Date : 10-Dec-2014 , 08:26:11 am | Posted By CASANSAAR
The government on Tuesday said that broad agreement has been achieved with the states on most of the issues concerning the implementation of Goods and Services Tax (GST) which is scheduled to be rolled out from April 1, 2016.The states, minister of state for finance Jayant Sinha said, will be &ldquo...
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GST |
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Registration must for brokerages, analysts, says market regulator SEBI
Posted Date : 10-Dec-2014 , 08:21:05 am | Posted By CASANSAAR
Research analysts employed with a research firm or a brokerage house are not required to obtain registration certificate from the capital market regulator Sebi. However, firms that employ these analysts are required to obtain the certificate, the Sebi clarified on Tuesday. "The individuals empl...
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SEBI |
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Mobile service providers need not deduct tax on pre-paid kits: Karnataka High Court
Posted Date : 10-Dec-2014 , 08:14:15 am | Posted By CASANSAAR
In a major relief to the leading mobile phone service providers, the Karnataka High Court has ruled that they are not liable to deduct tax at source on the discount given to the distributors while supplying them in bulk pre-paid cards and related starter-kits and recharge vouchers.
A Divisi...
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Income Tax |
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0 | Hits : 761
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Send Suggestions for Preference of e-Journal over Hard Copy of Journal - ICAI
Posted Date : 09-Dec-2014 , 09:37:54 pm | Posted By CASANSAAR
Preference of e-Journal over Hard Copy of JournalKind Attention: All Members of ICAI
The Office of Editorial Board, of late, had received requests from some of the ICAI members asking us to stop sending free (mandatory) hard copy of the Journal and begin sending the soft copy instead. The Editorial...
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ICAI |
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