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Posted Date : 28-Nov-2017 , 07:47:52 am | Posted By CASANSAAR
The income tax department will continue to receive applications for bilateral advance pricing agreement (APA) and mutual agreement procedures (MAP) from companies despite the absence of a particular clause — corresponding adjustment — in the double taxation avoidance agreement (DTAA) wit...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 632
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Posted Date : 28-Nov-2017 , 07:34:57 am | Posted By CASANSAAR
The Income Tax (IT) department will launch full-fledged assessment proceedings from January next year against those assessees who have deposited "suspicious" amounts of money in banks post-demonetisation, but have not filed their income tax returns (ITRs) till now. The Central Board of ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1109
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Posted Date : 27-Nov-2017 , 10:09:51 pm | Posted By CASANSAAR
GST collections slipped almost 10 per cent to Rs 83,346 crore in October as tax rates on several product were cut and teething troubles with the new regime pushed back implementation of key provisions. As many as 50.1 lakh Goods and Services Tax (GST) returns filed for October resulted in a reven...
Continue Reading... Category : GST | Comments : 0 | Hits : 312
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Posted Date : 27-Nov-2017 , 10:05:40 pm | Posted By CASANSAAR
The Government of India, with the approval President of India, has constituted Fifteenth Finance Commission in pursuance of clause (1) of article 280 of the Constitution, read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 w.e.f. 27thNovember, ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 385
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Posted Date : 27-Nov-2017 , 02:59:03 pm | Posted By CASANSAAR
The Aam Aadmi Party (AAP) has been slapped with a notice of Rs 30.67 Crore by the Income Tax department. The taxman wants AAP to explain by December 7 the alleged discrepancies in donations received. The notice for tax assessment for financial years 2014-15 and 2015-16 has pegged the AAP’s tax...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 550
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Posted Date : 26-Nov-2017 , 01:06:52 pm | Posted By CASANSAAR
Cash deposits of Rs15.39 crore made in a Delhi bank post demonetisation have been held as ‘benami’ property by a special court even as the depositor and the beneficial owner of the stash are “untraceable”. The deposits were declared ‘benami in the ruling in one of th...
Continue Reading... Category : Bank | Comments : 1 | Hits : 620
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Posted Date : 25-Nov-2017 , 05:41:52 pm | Posted By CASANSAAR
The ordinance to make several companies as well as some promoters ineligible to bid for ailing companies may result into reopening of 100-150 cases with insolvency professionals beginning to dispatch letters to bidders to disclose if they are facing action in various forums. "Insolvency profess...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 326
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Posted Date : 24-Nov-2017 , 10:19:51 pm | Posted By CASANSAAR
The government will soon start the process of matching returns and invoices under the Goods & Services Tax (GST) as the IT backbone for the tax reform measure stabilises and the need to assess the extent of taxes due takes centrestage, government sources said. They also said that the re...
Continue Reading... Category : GST | Comments : 0 | Hits : 1364
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Posted Date : 25-Nov-2017 , 09:46:49 am | Posted By CASANSAAR
Chief Economic Adviser (CEA) Arvind Subramanian said Friday that going forward, the Goods and Services Tax (GST) may "probably" have fewer rates by "collapsing" 12 per cent and 18 per cent tax slabs into one. He said the new tax regime, rolled out from July 1, will stabilise i...
Continue Reading... Category : GST | Comments : 0 | Hits : 424
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Posted Date : 25-Nov-2017 , 09:42:39 am | Posted By CASANSAAR
In a ruling in favour of citizens' liberty, the Supreme Court has set aside a clause in the Prevention of Money Laundering Act, which made it virtually impossible for a person convicted to more than three years in jail to get bail if the public prosecutor opposed it. The ruling is signi...
Continue Reading... Category : General | Comments : 0 | Hits : 753
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Posted Date : 25-Nov-2017 , 09:37:38 am | Posted By CASANSAAR
The Reserve Bank of India and the Election Commission have no information on electoral bonds, which were announced about nine months back for the funding of political parties, according to an RTI reply. "We have no information to furnish," the central bank said in its reply to the RTI q...
Continue Reading... Category : RBI | Comments : 0 | Hits : 338
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Posted Date : 25-Nov-2017 , 09:33:56 am | Posted By CASANSAAR
In the days after demonetisation, thousands handled their hidden cash by dumping the currency in banks, filing a revised income-tax return, and forking out a little over 30% tax for the extra cash that was deposited. This, they believed, was a neat way to take care of the cash and keep tax ...
Continue Reading... Category : ITR | Comments : 0 | Hits : 785
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Posted Date : 25-Nov-2017 , 09:29:04 am | Posted By CASANSAAR
GOI floats Series-III of Sovereign Gold Bonds 2017-18 Issue price shall be Rs2,961 per gram with Settlement on December 4, 2017. Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 420
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Posted Date : 24-Nov-2017 , 08:58:17 am | Posted By CASANSAAR
The Employees’ Provident Fund Organisation (EPFO) on Thursday decided to credit units of exchanged traded funds (ETF) to the provident fund (PF) accounts of its over 45 million subscribers, giving them a window to monetize the fund’s equity exposure. EPFO has been investing in the sto...
Continue Reading... Category : General | Comments : 0 | Hits : 662
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Posted Date : 24-Nov-2017 , 08:31:07 am | Posted By CASANSAAR
In a major boost to the asset reconstruction companies (ARCs) the Reserve Bank today relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore. Earlier ARCs could convert a portion of the debt ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 708
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Posted Date : 24-Nov-2017 , 08:28:09 am | Posted By CASANSAAR
The finance ministry today said there is no proposal to withdraw the bank cheque book facility as part of exercise to promote digital transaction. The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 633
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Posted Date : 23-Nov-2017 , 06:40:13 pm | Posted By CASANSAAR
The Government of India promulgated today the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the Ordinance to amend the Code. The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesi...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 586
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Posted Date : 23-Nov-2017 , 10:04:16 am | Posted By CASANSAAR
Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2017 [Last Date - 6th December, 2017] - ICAI Online Application Form Hard Copy Application Form ...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 717
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Posted Date : 22-Nov-2017 , 10:03:43 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved an ordinance to introduce certain changes to the Insolvency and Bankruptcy Code (IBC). “Some changes have been proposed to the Insolvency and Bankruptcy Code and since these are being done by an ordinance, we cannot give the details of the proposals t...
Continue Reading... Category : General | Comments : 0 | Hits : 421
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Posted Date : 23-Nov-2017 , 09:17:18 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15thFinance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time. ...
Continue Reading... Category : Finance Bill | Comments : 0 | Hits : 622
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Posted Date : 23-Nov-2017 , 09:15:33 am | Posted By CASANSAAR
During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be re-drafted. Accordingly, in order to review the Act and to draft a new Direct Tax Law i...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 564
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Posted Date : 22-Nov-2017 , 09:35:40 am | Posted By CASANSAAR
With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take sto...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 629
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Posted Date : 22-Nov-2017 , 09:29:52 am | Posted By CASANSAAR
The government has referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetisation in what appeared to be entities that existed largely on paper. At the same time, the ministry of corporate affairs has ordered ...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 663
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Posted Date : 21-Nov-2017 , 09:54:52 pm | Posted By CASANSAAR
As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October -- the highest monthly return filing within due date, GST Network said. The last date of GSTR-3B filing, which is the initial sales return, for October was yesterday. Around 56 per cent of the regi...
Continue Reading... Category : GST | Comments : 0 | Hits : 527
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Posted Date : 22-Nov-2017 , 09:22:34 am | Posted By CASANSAAR
e government is likely to seek cabinet approval for amending the insolvency and bankruptcy code (IBC) to streamline the process of selecting buyers of stressed assets. It is aimed at preventing promoters who are wilful defaulters or have a history of fraud from buying companies cheap. The amendme...
Continue Reading... Category : General | Comments : 0 | Hits : 244
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Posted Date : 21-Nov-2017 , 08:27:53 am | Posted By CASANSAAR
Centre has appealed industry leaders to pass on the benefit of GST rate reduction to the consumers. In a letter to all the major Fast-Moving Consumer Goods(FMCG) companies, Central Board of Excise and Customs (CBEC) Chairperson, Vanaja Sarna stressed on the need to immediately revise the MR...
Continue Reading... Category : GST | Comments : 0 | Hits : 493
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Posted Date : 20-Nov-2017 , 10:28:09 am | Posted By CASANSAAR
After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation. While the move is expected to help push ...
Continue Reading... Category : GST | Comments : 0 | Hits : 615
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Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR
The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....
Continue Reading... Category : RBI | Comments : 0 | Hits : 416
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Posted Date : 19-Nov-2017 , 02:19:46 am | Posted By CASANSAAR
Eminent chartered accountant Sethurathnam Ravi has been appointed as the chairman of the leading stock exchange BSE. CA Ravi, who was a public interest director at the BSE, replaces Dhirendra Swarup. In a regulatory filing, BSE said that Sebi has "approved the appointment of R...
Continue Reading... Category : CA | Comments : 0 | Hits : 874
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Posted Date : 19-Nov-2017 , 11:27:26 am | Posted By CASANSAAR
GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from tomorrow. The chairman who is also Deputy Chief Minister o...
Continue Reading... Category : GST | Comments : 0 | Hits : 376
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