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  • IBBI notifies Regulations for handling of Grievances and Complaints
    Posted Date : 10-Dec-2017 , 07:58:10 pm | Posted By CASANSAAR

    The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017. The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or ...

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  • RBI takes to SMSes, missed-call helpline against prize frauds
    Posted Date : 10-Dec-2017 , 07:55:46 pm | Posted By CASANSAAR

    Taking the fight to the arena used by fraudsters promising prize money from the RBI, the central bank has itself launched an SMS campaign and a 'missed-call' helpline to warn people against such scams. Typically, such fraudsters make calls or send SMSes and emails to gullible people promi...

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  • ICAI clarifies regarding reservations in CA course
    Posted Date : 10-Dec-2017 , 07:50:18 pm | Posted By CASANSAAR

    The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.  In this regard, it is hereby informed that ...

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  • SBI changes names, IFSC codes of around 1300 branches
    Posted Date : 10-Dec-2017 , 12:27:05 am | Posted By CASANSAAR

    Post the merger of its five associates, State Bank of India (SBI) has changed names and Indian Financial System Code (IFSC) codes of nearly 1,300 of its branches. The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Be...

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  • Input Service Distributors can now file GSTR 6 on GST portal
    Posted Date : 08-Dec-2017 , 08:23:21 pm | Posted By CASANSAAR

    Goods and Services Tax Network (GSTN) today said Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal.  The last date for filing of GSTR 6 return for July is December 31, GSTN said in a state...

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  • CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
    Posted Date : 08-Dec-2017 , 08:18:51 pm | Posted By CASANSAAR

    Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the ta...

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  • Income Tax Department suspends an officer for harassing the taxpayer
    Posted Date : 08-Dec-2017 , 08:17:43 pm | Posted By CASANSAAR

    A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the t...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 765

  • Taxman may invoke Benami Act for unexplained credits, investments
    Posted Date : 07-Dec-2017 , 11:31:28 pm | Posted By CASANSAAR

    The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases, according to people in the know. Unexplained credits, in the books of a company or bank accounts of individuals...

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  • Online petition against FRDI Bill gets thousands of signups
    Posted Date : 07-Dec-2017 , 07:20:16 pm | Posted By CASANSAAR

     An online petition against the bail-in provision in the FRDI bill has got thousands of signatures even as the finance ministry said that the proposal, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection. An online petition on Change.org...

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  • RBI rationalises charges on debit card transactions
    Posted Date : 07-Dec-2017 , 07:18:17 pm | Posted By CASANSAAR

    In order to promote digital payments, RBI has come out with differentiated merchant discount rates (MDR) for debit card transactions, prescribing separate caps for small and large traders.  MDR is the rate charged to a merchant by a bank for providing debit and credit card services. As pe...

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  • RBI keeps repo rate unchanged at 6 per cent
    Posted Date : 06-Dec-2017 , 07:51:20 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has kept the key interest rate unchanged at 6 per cent in its fifth bi-monthly monetary policy review for the year 2017-18 today. The central bank has raised inflation forecast to 4.3-4.7 per cent in third and fourth quarters of current fiscal and kept the economic...

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  • Rs.8,450 crore package to boost exports post GST
    Posted Date : 05-Dec-2017 , 09:56:21 pm | Posted By CASANSAAR

    The government on Tuesday announced incentives worth ₹8,450 crore to boost exports of goods and services — mainly from labour-intensive segments and the Micro, Small and Medium Enterprises — and to increase employment generation and value-addition. The incentives were announced as ...

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  • GST data may be used to track income-tax evaders
    Posted Date : 05-Dec-2017 , 09:53:23 pm | Posted By CASANSAAR

    The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.  The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with th...

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  • CBEC calls for reality check to boost GST mop-up
    Posted Date : 05-Dec-2017 , 10:40:40 am | Posted By CASANSAAR

    Amid concerns over slowing goods and services tax (GST) collections, the Central Board of Excise and Customs (CBEC) has sought detailed field reports with a special focus on the top taxpayers.  Finance secretary Hasmukh Adhia will review the revenue position with senior officials in the depa...

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  • Indian Oil suffers Rs 4,200cr due to GST
    Posted Date : 05-Dec-2017 , 10:08:02 am | Posted By CASANSAAR

    State owned oil refiner, Indian Oil Corporation has said that impact of the Goods and Services Tax (GST) would be nearly Rs 4,200 crore as it would not able to claim input tax credit for automotive fuels that are outside GST Input tax credit means at the time of paying tax on output, you can redu...

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  • RBI reiterates its concern over use of virtual currencies
    Posted Date : 05-Dec-2017 , 07:21:51 am | Posted By CASANSAAR

    The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.  Earlier on two occassions, the RBI has cautioned users, holders and traders of Virtu...

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  • RBI may hold rates at policy meet this week
    Posted Date : 04-Dec-2017 , 11:03:12 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) is widely expected to keep rates on hold following the forthcoming monetary policy committee (MPC) meeting on December 6. Many economists believe that rates have bottomed and money markets will move from a liquidity-surplus situation — experienced since demoneti...

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  • First post-GST budget likely on February 1
    Posted Date : 04-Dec-2017 , 09:58:38 am | Posted By CASANSAAR

    Finance Minister Arun Jaitley is likely to present India's first post-GST and the current government's last full Budget on February 1 next year.  The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of...

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  • Indian CAs in great demand as UAE looks to implement VAT
    Posted Date : 04-Dec-2017 , 09:55:36 am | Posted By CASANSAAR

    Indian chartered accountants (CAs), who have gone through the rigour of interpreting and implementing the Goods and Services Tax (GST), dubbed the most complicated tax law, are in great demand in the United Arab Emirates (UAE) and other Gulf countries these days.  Their knowledge of Hindi ha...

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  • Exporters file over 10000 applications for GST refunds
    Posted Date : 04-Dec-2017 , 09:48:04 am | Posted By CASANSAAR

    With over 10,000 applications for refunds filed by exporters till November, the GST Network asked exporters to ensure that the claims do not exceed the GST paid in that month. The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST a...

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  • 60000 SHELL Companies deposited Rs 21000 crore during demonetisation
    Posted Date : 02-Dec-2017 , 09:11:55 am | Posted By CASANSAAR

    The government has received bank details of 60,000 out of 2.24 lakh companies which were deregistered recently due to non-compliance and non-filing of returns, said a ministry of corporate affairs official. The bank details of these companies reveal that Rs 21,000 crore was deposited post-demonet...

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  • CBDT warns taxman against roving, fishing scrutiny inquiries
    Posted Date : 02-Dec-2017 , 09:07:55 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has warned the taxman against undertaking "roving or fishing" inquiries in the name of scrutiny assessments and asked them to scrupulously adhere to its guidelines.  The policy-making body of the department, in a stern two-page communication...

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  • Economy shakes off Demonetisation & GST impacts with 6.3% growth
    Posted Date : 01-Dec-2017 , 10:29:02 am | Posted By CASANSAAR

    India's growth staged a recovery in the September quarter as the economy emerged from the shadows of the impact of demonetisation and rollout issues linked to GST, prompting the government to say that it was poised for a durable recovery in the months ahead. Data released by the Central Stat...

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  • GOI Series-III Sovereign Gold Bonds – next Subscription period – December 4-6 2017
    Posted Date : 01-Dec-2017 , 09:31:54 am | Posted By CASANSAAR

    The Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, for the period from October 09, 2017 to December 27, 2017 (with subscription period Monday to Wednesday every week). The Bonds will be issued on the succeeding Monda...

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  • RBI asks cooperative societies not to use word Bank in names
    Posted Date : 30-Nov-2017 , 09:15:05 am | Posted By CASANSAAR

    The RBI has asked co-operative societies not use the word 'Bank' in their names as it violates the Banking Regulation Act.  In a statement, the RBI said that it has also "come to the notice" that some co-operative societies are accepting deposits from public which tantamoun...

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  • Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund
    Posted Date : 29-Nov-2017 , 07:16:32 pm | Posted By CASANSAAR

      The Government of India is seized of the issue of Exporters complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. Media reports with incorrect estimations of re...

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  • Income Tax department raids several locations in Delhi-NCR in panama paper case
    Posted Date : 29-Nov-2017 , 07:32:10 am | Posted By CASANSAAR

    The Income Tax (IT) department today conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases, official sources said. The I-T teams swooped down on three business groups, which had interests in meta...

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  • Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh
    Posted Date : 29-Nov-2017 , 07:25:47 am | Posted By CASANSAAR

    The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T re...

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  • Tax advisers may come under Income Tax department's scanner
    Posted Date : 29-Nov-2017 , 07:19:20 am | Posted By CASANSAAR

    Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in the know. However, ...

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  • Govt appoints Shri B.N. Sharma as Chairman of the National Anti-profiteering Authority under GST
    Posted Date : 29-Nov-2017 , 07:16:10 am | Posted By CASANSAAR

    In an immediate follow up action of last week's Cabinet approval for creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority under GST, the Government today issued orders appointing senior IAS officer Shri B.N. Sharma, as the first Chairman of this ape...

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