Black money: 'Warehouse' of tax data for I-T in the offing
Posted Date : 03-Aug-2014 , 08:37:54 pm | Posted By CASANSAAR
As part of its vigour to track black money in country’s economic channels, the I-T department is creating a new “warehouse” of business related intelligence and funds data which will empower the taxman to check multiple trends of expenses made by individuals and entities. &nbs...
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Income Tax |
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ICSI wants Secretarial Audit for Private Companies too
Posted Date : 03-Aug-2014 , 09:36:01 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has made a representation to the Union ministry of corporate affairs to bring private limited companies under the ambit of secretarial audit under the Companies Act 2013. This was disclosed by ICSI president R Sridharan here on Saturday.
Sridhara...
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Auditing |
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CA Dalip Kumar Kaul appointed as independent director of J&K Bank
Posted Date : 03-Aug-2014 , 09:34:12 am | Posted By CASANSAAR
J&K Bank held its 76th Annual General Meeting (AGM) here today.
Chairman and CEO JK Bank Mushtaq Ahmad speaking on the occasion said the bank during 2013-14, continued with its rapid expansion of multi-delivery channels.
He said the bank added a total of 92 business units...
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ICAI |
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CBI arrests CMD of Syndicate Bank, Chartered Accountant & 4 others in Bribery case
Posted Date : 02-Aug-2014 , 08:28:54 pm | Posted By CASANSAAR
Central Bureau of Investigation has arrested S K Jain Chairman and Managing Director Syndicate Bank along with five others for allegedly accepting bribe from private companies to extend them credit facilities.
The agency had conducted raids across 20 locations in cities ...
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ICAI |
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Last date for submission of online applications of MEF 2014-15 has been extended
Posted Date : 02-Aug-2014 , 08:09:39 pm | Posted By CASANSAAR
Dear Members,
Due to last date of filing of ITRs being 31st July, 2014, the pressure on MEF site started from 1st August, 2014 whereby the members are facing problem in filling the same. Considering the genuine difficulty, the last date of online filing of MEF 2014-15 is hereby extended fro...
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Income Tax |
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It is not too late to file income tax returns yet
Posted Date : 02-Aug-2014 , 09:10:26 am | Posted By CASANSAAR
Missed the deadline to file in come tax returns on July 31? Don't feel dejected. You can still file the returns without paying any penalty. Yes, contrary to the perception of many tax payers, there's still enough time to file your returns until March 31, 2015. However, there will be some implic...
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Income Tax |
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ICAI launches
Posted Date : 02-Aug-2014 , 09:06:58 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has launched ‘cloud campus’ — the next generation interactive online learning programmes — to enable students from anywhere across the world to pursue CA, its president K. Raghu said here on Friday.
The ICAI &lsq...
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Students Zone |
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RBI Issues Guidelines for Opening of Bank Accounts of Children
Posted Date : 01-Aug-2014 , 09:52:21 pm | Posted By CASANSAAR
With a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts, Reserve Bank of India (RBI) issued guidelines dated May 6, 2014 to all Scheduled Commercial Banks on Opening of Bank Accounts in the Names of Minors w...
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Banking |
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Government to Launch A New Program of Financial Inclusion in Mission Mode to Provide Households with Facilities of Savings, Credit, Remittances, Insurance and Pension: FM
Posted Date : 01-Aug-2014 , 08:32:39 am | Posted By CASANSAAR
The Union Finance Minster Shri Arun Jaitley said that the Government is going to launch a new program of Financial Inclusion in Mission Mode which will provide households with facilities of savings, credit, remittances, insurance and pension among others. He said that this is a marked shift from ear...
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Income Tax |
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Rajya Sabha clears Finance Bill 2014
Posted Date : 01-Aug-2014 , 08:01:19 am | Posted By CASANSAAR
Finance bill 2014 Final was presented by Finance Minister Shri Arun Jaitley on 10th July 2014. The bill got approval of Lok Sabha on25th July 2014 withsome amendments. Now Rajya Sabha has cleared the Finance Bill 2014 on 31st July 2014.
Finance Bill will comes into effect af...
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Budget |
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Petrol Price Cut by Rs 1.09, Diesel Hiked by 50 paise
Posted Date : 31-Jul-2014 , 06:51:21 pm | Posted By CASANSAAR
Petrol prices have been reduced by Rs 1.09, while diesel prices have been hiked by 50 paise. The new rates are effective midnight.
This is the first drop in petrol prices since April. Petrol prices were last slashed on April 15, by 70 paise per litre, excluding local levies. It was the...
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Income Tax |
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0 | Hits : 845
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IT returns Filling Due Date
Posted Date : 31-Jul-2014 , 06:03:15 pm | Posted By CASANSAAR
Having regard to the Huge number of Income tax returns being filled at the last movement, Income tax Department should extend the Due Date for filing of income tax to August 5, 2014. The due date, which was scheduled for July 31, 2014 should be extended in light of Huge numb...
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Income Tax |
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0 | Hits : 1789
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Clarification Regarding Acquisition and Transfer of Immovable Property in India by Foreign Nationals
Posted Date : 31-Jul-2014 , 05:22:22 pm | Posted By CASANSAAR
It has come to notice of the Central Government that foreign nationals are buying immovable property illegally in some parts of the country. Many organizations and social groups have also made representations to the Central Government expressing their serious concerns in this regard. It has als...
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Income Tax |
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ICAI invites suggestions on the revised formats of Form Nos. 3CA, 3CB and 3CD
Posted Date : 31-Jul-2014 , 12:56:36 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD.The said notification can be downloaded from the link below:
https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Notifica...
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ICAI |
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Solution to the Problems in accessing income tax e-filing website
Posted Date : 31-Jul-2014 , 09:07:20 am | Posted By CASANSAAR
Trouble Shooting Guide for Problems in accessing www.incometaxindiaefiling.gov.in
Issue -Internet service from ISP (internet service provider) is not available or failing intermittently.
Resolution - The call centre of ISP needs to be contacted for resolving this issue.
&n...
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Income Tax |
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Tax benefit allowed on transfer of technical manpower in SEZs
Posted Date : 31-Jul-2014 , 08:54:13 am | Posted By CASANSAAR
The Income Tax department has allowed profit-linked tax deductions to new special economic zone (SEZ) units upon transfer of technical manpower up to 20 per cent from an existing unit. This will provide some tax relief to software and IT-enabled services (ITeS) companies operating from suc...
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Income Tax |
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In a move towards IFRS, Tax Accounting Standard on cards
Posted Date : 31-Jul-2014 , 08:47:13 am | Posted By CASANSAAR
As part of an integrated exercise for introduction of a new Indian Accounting Standard (Ind AS), the Government has initiated moves to put in place a Tax Accounting Standard (TAS) too.
The simultaneous exercises, experts told BusinessLine, will avoid confusion in determining taxable co...
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ICAI |
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0 | Hits : 1059
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Income Tax Filing: Why Mobile Apps Are Risky
Posted Date : 30-Jul-2014 , 09:05:21 pm | Posted By CASANSAAR
The due date for filing income tax returns is almost upon us. And for those who have not yet filed their returns yet, they may be tempted to download mobile applications and finish the job on their handheld devices. Thursday is the due date to file tax returns.
But wait! The Income Tax Department h...
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Income Tax |
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Email PIN by Income tax Department - Check Spam or Junk Folder
Posted Date : 30-Jul-2014 , 02:56:25 pm | Posted By CASANSAAR
If you have not received Email PIN Verification at the time of updating Profile at Income Tax efiling Website then Please check for email in your Inbox as well as the Spam or Junk folder (mail id - DONOTREPLY@incometaxindiaefiling.gov.in).
Best way to receive Email PIN in your In...
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Income Tax |
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Result of the CA Final Exam held in May/June,14 is likely to be declared on 8th Aug.14
Posted Date : 30-Jul-2014 , 11:22:30 am | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to bedeclared on Friday, the 8th August, 2014 around 2.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and inaccordance wit...
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Students Zone |
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Taxman's missive makeover: Politeness is the new mantra for the Income Tax department
Posted Date : 30-Jul-2014 , 08:32:18 am | Posted By CASANSAAR
Politeness is the new mantra for the Income Tax department which has asked its officials to be more courteous while approaching taxpayers with queries regarding their financial transactions or returns.
The I-T department had begun the practise of writing such clarification-seeking letters t...
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Income Tax |
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Income from Alternate Investment Fund to be taxed at 30%
Posted Date : 30-Jul-2014 , 08:29:23 am | Posted By CASANSAAR
The Finance Ministry has said that income of Alternative Investment Funds (AIF) will be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy.
The Central Board of Direct taxes was request...
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Income Tax |
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RBI suggests SEBI action against 'Wilful' defaulters
Posted Date : 29-Jul-2014 , 07:58:05 pm | Posted By CASANSAAR
Tightening the regulatory noose around wilful defaulters of bank loans, RBI has suggested to watchdog Sebi that such entities should be prevented from raising funds through capital markets. To facilitate such restrictions on entities found to have 'wilfully' defaulted on bank loans, the Reserve...
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RBI |
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ITR e-filing faces page downloading issues; ISP asked to improve connectivity
Posted Date : 29-Jul-2014 , 07:16:50 pm | Posted By CASANSAAR
The internet service providers have been asked by the Income Tax Department to take prompt action on e-filing of income tax return which is facing severe connectivity issues.
Since the deadline for online filing of ITR is nearing, online tax filing portal is witnessing a huge traffic during the pea...
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Income Tax |
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SBI wins over Rs. 1,000 cr income tax case
Posted Date : 29-Jul-2014 , 07:12:18 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal has held that State Bank of India was not required to deduct any tax at source (TDS) on over Rs. 11,000 crore in the Site Restoration Fund (SRF) account maintained by Oil and Natural Gas Corporation (ONGC) from 2002.
Total stakes involved in his case includ...
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Income Tax |
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0 | Hits : 1168
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Key Changes in New / Revised Tax Audit Report Form 3CD
Posted Date : 29-Jul-2014 , 06:41:33 pm | Posted By CASANSAAR
The CBDT has notified Income-tax (7th amendment) Rules, 2014 which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed info...
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Income Tax |
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3CD report uploaded in Old format not valid, Withdrawal of OLD Utility
Posted Date : 29-Jul-2014 , 06:39:40 pm | Posted By CASANSAAR
The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect.
Taxpayers and CAs are advised to await the release of the new schema and utility to submit in the newly notified aforementioned Forms.
&nbs...
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Income Tax |
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GMR Infrastructure's Auditors flag up the dangers in Accounting Standards
Posted Date : 29-Jul-2014 , 08:31:35 am | Posted By CASANSAAR
The auditors - S R Batliboi & Associates - to publicly-held GMRInfrastructure, have raised red flags over accounting norms followed by the infrastructure developer with respect to certain of its power, airports and highway projects.
One of GMR's power projects which has been hit ...
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Auditing |
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0 | Hits : 1503
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Taxmen to focus on pay and perks of Corporate Bosses
Posted Date : 29-Jul-2014 , 08:28:48 am | Posted By CASANSAAR
The tax authorities are keeping close watch on compensation paid to top corporate bosses, including their allowances and perks, and income from your fixed deposits. The income tax department is also launching a city-specific drive focused on certain categories of spending ...
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Income Tax |
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Union Bank of India has NPAs worth Rs 3,350 crore
Posted Date : 28-Jul-2014 , 08:04:06 pm | Posted By CASANSAAR
Union Bank of India has non-performing assets (NPAs) worth about Rs 3,350 crore from 20 defaulters.
Replying to an RTI query, the bank, however, declined to share the names of the defaulters citing "commercial confidence".
"List of the borrowers cannot be provided as they...
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Banking |
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