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Posted Date : 08-Nov-2017 , 09:58:24 pm | Posted By CASANSAAR
The Finance Minister Mr. Arun Jaitley says, the positive indications have started emerging in the formal economy after a year of demonetisation. He said, the tax base has increased, more money is available now in the banks, mutual funds and capital market. In an exclusive interview to Al...
Continue Reading... Category : GST | Comments : 0 | Hits : 254
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Posted Date : 08-Nov-2017 , 08:31:30 am | Posted By CASANSAAR
Almost all the woes being faced by businesses and traders under the four-month-old Goods and Services Tax (GST) regime would likely be resolved by the GST Council at its November 10 meeting, Prime Minister Narendra Modi said. India’s 100th rank in the World Bank’s latest ease of doing...
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Posted Date : 08-Nov-2017 , 08:27:03 am | Posted By CASANSAAR
The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for detailed probe into suspected discrepancies, official sources said. Issue of notices will begin this ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 686
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Posted Date : 07-Nov-2017 , 08:33:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now. Answering a query from the audience at the FIBAC banking event, S Ganesh Kumar, Executive Director of RBI said, "Our current positio...
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Posted Date : 06-Nov-2017 , 09:47:05 pm | Posted By CASANSAAR
The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said. Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail...
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Posted Date : 06-Nov-2017 , 09:44:24 pm | Posted By CASANSAAR
The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation , official sources said today. Separately, they said, the department has identified one lakh "high risk" cases of alleged tax eva...
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Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR
Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 304
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Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR
Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 429
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Posted Date : 06-Nov-2017 , 02:07:50 pm | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) has said that it has introduced a utility Table 6A in the Form GSTR-1 used by exporters to claim refunds. In a statement yesterday, it said Table 6A of Form GSTR1 has been introduced on the GST portal. Table 6A of Form GSTR1 allows taxpayers to file expor...
Continue Reading... Category : GST | Comments : 0 | Hits : 426
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Posted Date : 06-Nov-2017 , 08:34:50 am | Posted By CASANSAAR
The noose around shell companies has tightened as the government has banned 58,000 bank accounts of 35,000 alleged shell companies who have deposited and withdrawn over Rs 17,000 crore during since demonetization. The move is part of a massive ongoing drive during which 2.24 lakh companies have s...
Continue Reading... Category : Accounts | Comments : 0 | Hits : 996
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Posted Date : 06-Nov-2017 , 08:32:05 am | Posted By CASANSAAR
The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week. The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on N...
Continue Reading... Category : GST | Comments : 0 | Hits : 401
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Posted Date : 05-Nov-2017 , 10:03:41 am | Posted By CASANSAAR
Flagging off preparation for the filing of GSTR-4, the quarterly return for taxpayers who have opted for Composition Levy, the Goods and Services Tax Network (GSTN) introduced an offline tool on the GST Portal for the same. “GSTR-4 return can be prepared only using the Offline Tool. This ha...
Continue Reading... Category : GST | Comments : 0 | Hits : 311
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Posted Date : 05-Nov-2017 , 10:00:11 am | Posted By CASANSAAR
Promising more measures to ease problems faced by small businesses due to GST, Prime Minister Narendra Modi on Saturday said a committee of state ministers has accepted most of the suggestions made by them and an announcement is likely in the GST Council meet next week. The GST Council had announ...
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Posted Date : 04-Nov-2017 , 09:41:12 am | Posted By CASANSAAR
The revenue department said farmers do not need to quote PAN for cash sale of their produce up to Rs 2 lakh a day. The Central Board of Direct Taxes (CBDT) said in response to representations from stakeholders regarding applicability of provisions of Income-tax Act, 1961 to cash sale of agricultu...
Continue Reading... Category : PAN | Comments : 0 | Hits : 631
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Posted Date : 04-Nov-2017 , 09:34:59 am | Posted By CASANSAAR
The Supreme Court today made it clear that banks and telecom service providers will have to indicate the last date of linking bank accounts and mobile numbers with Aadhaar in their communications with customers. Currently, the last date to link Aadhaar with bank accounts is December 31 this year ...
Continue Reading... Category : General | Comments : 0 | Hits : 489
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Posted Date : 02-Nov-2017 , 09:29:45 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management. The idea of LEI, a 20-digit unique code to identify partie...
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Posted Date : 03-Nov-2017 , 07:52:04 am | Posted By CASANSAAR
Clamping down on fraudulent activities, Sebi has barred 10 entities for sending out fake SMSes in bulk with "questionable recommendations" to pump up trading volumes in the shares of Supreme Tex Mart Ltd. Promoters, directors and their relatives along with three other entities all...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 497
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Posted Date : 03-Nov-2017 , 07:46:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to sectors like FMCG, semi-conductor, information t...
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Posted Date : 01-Nov-2017 , 09:30:39 pm | Posted By CASANSAAR
The Supreme Court today directed the Centre to place before it details regarding 1,581 cases involving MPs and MLAs, as declared by politicians at the time of filing their nominations during the 2014 general elections. The apex court asked the government to apprise it as to how many of these 1,58...
Continue Reading... Category : General | Comments : 0 | Hits : 283
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Posted Date : 01-Nov-2017 , 09:28:59 pm | Posted By CASANSAAR
GST Network, which developed the technology backbone for new indirect tax regime, today said it has launched an offline tool for filing purchase returns GSTR-2. The tool would allow taxpayers to export data of GSTR-2 to excel. This will be helpful in comparing this data with purchase register to ...
Continue Reading... Category : GST | Comments : 0 | Hits : 436
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Posted Date : 01-Nov-2017 , 09:27:10 pm | Posted By CASANSAAR
In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the I...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 317
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Posted Date : 01-Nov-2017 , 09:26:03 am | Posted By CASANSAAR
The Madras High Court on Tuesday allowed a petitioner to file her income tax returns manually, without quoting the Aadhaar number or the enrolment ID. Petitioner Preeti Mohan relied on a June 9 Supreme Court judgement, which said Aadhaar cannot be mandatory for filing I-T returns. &ldquo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 960
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Posted Date : 31-Oct-2017 , 10:50:05 pm | Posted By CASANSAAR
On consideration of representations from various stakeholders for further extension of ‘due date’, being 30th September 2017 for those liable to file returns by 30.09.2017 and to facilitate ease of compliance by the taxpayers, CBDT has further extended the ‘due-date’ for fili...
Continue Reading... Category : Tax Audit | Comments : 0 | Hits : 806
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Posted Date : 31-Oct-2017 , 08:47:44 am | Posted By CASANSAAR
The government has constituted a ministerial panel headed by Finance Minister Arun Jaitley to oversee merger proposals of state-owned banks. The other members of the panel include Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman. In a tweet, Financial ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 645
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Posted Date : 30-Oct-2017 , 04:35:14 pm | Posted By CASANSAAR
The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers. The last date for filing of GSTR-3 for the month of...
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Posted Date : 30-Oct-2017 , 04:30:14 pm | Posted By CASANSAAR
The last date for filing of GSTR-2 for the month of July, 2017 is 31st October, 2017. The competent authority has approved the extension of filing of GSTR-2 for July, 2017 to 30th November, 2017, for facilitation of businesses and all taxpayers. The last date for filing of GSTR-3 for the month of...
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Posted Date : 30-Oct-2017 , 03:27:13 pm | Posted By CASANSAAR
To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively. last date for filing of GSTR-3 for the month of July, 2017 also stands extended to 11th December, 2017 (deadline was 10th November, 2017). A Notification in ...
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Posted Date : 28-Oct-2017 , 06:12:08 pm | Posted By CASANSAAR
Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by t...
Continue Reading... Category : Tax Audit | Comments : 0 | Hits : 2513
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Posted Date : 28-Oct-2017 , 08:28:09 am | Posted By CASANSAAR
Tax professionals has sought extension of the time for e-filing of income tax returns for the entities "where tax audit report or transfer pricing report or other audit reports are prescribed" till November 30. Among other things, it has cited non-availability of clerical staff at...
Continue Reading... Category : Tax Audit | Comments : 0 | Hits : 2073
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Posted Date : 27-Oct-2017 , 09:48:31 pm | Posted By CASANSAAR
The new norms proposed by the Securities and Exchange Board of India's (Sebi) corporate governance panel for auditors has strengthened the case for the establishment of an independent auditor as mooted by the government. The Parliamentary Standing Committee on Finance had in 2012 specified th...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 800
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