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Posted Date : 13-Oct-2017 , 08:05:49 am | Posted By CASANSAAR
A number of charitable trusts are under scanner of income tax department for suspicious cash donations they have received after demonetization in the assessment year 2016-17. Top sources in I-T department said that the number of NGOs and trusts selected for income tax scrutiny have doubled compar...
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Posted Date : 13-Oct-2017 , 08:03:19 am | Posted By CASANSAAR
Real estate, a sector prone to tax evasion, might soon come under the goods and services tax (GST) net. The GST Council would consider this at its next meeting on November 10 in Guwahati, finance minister Arun Jaitley said on Wednesday — early Thursday morning in India — at Harv...
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Posted Date : 13-Oct-2017 , 07:56:28 am | Posted By CASANSAAR
Leasing of vehicles purchased and leased prior to 1st July, 2017 would attract GST at a rate equal to 65% of the applicable GST rate (including Compensation Cess). In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th ...
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Posted Date : 11-Oct-2017 , 09:38:55 pm | Posted By CASANSAAR
The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect. The process adopted by an individual or company to bring unaccounted money back to their business without ...
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Posted Date : 12-Oct-2017 , 07:24:51 am | Posted By CASANSAAR
In what could be a major change in the scope of operations for mobile wallets the Reserve Bank of India has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions. In a major move, n...
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Posted Date : 12-Oct-2017 , 07:14:22 am | Posted By CASANSAAR
About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials. No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of th...
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Posted Date : 12-Oct-2017 , 07:05:22 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total...
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Posted Date : 12-Oct-2017 , 07:04:03 am | Posted By CASANSAAR
To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made...
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Posted Date : 12-Oct-2017 , 07:02:35 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance. ...
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Posted Date : 10-Oct-2017 , 09:04:29 am | Posted By CASANSAAR
Chartered accountants’ apex body the Institute of Chartered Accountants of India (ICAI) on Monday said it has sought post graduation degree status for CA qualification. Besides, the CA intermediate programme should be accorded the graduation degree status, the grouping said in a release on ...
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Posted Date : 10-Oct-2017 , 08:46:31 am | Posted By CASANSAAR
The Supreme Court asked the government to take action against those foreign accounting firms which are operating in India and found violating the law in any manner. A bench, comprising Justices A K Goel and U U Lalit, was informed by the Centre that they were taking action against the firms...
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Posted Date : 10-Oct-2017 , 08:34:14 am | Posted By CASANSAAR
The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. Taxpayers who have not yet filed their GSTR-1 for July are ad...
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Posted Date : 09-Oct-2017 , 08:30:05 am | Posted By CASANSAAR
A group of ministers or GoM has been set up under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and to revisit the goods and services tax rates on restaurants. The GST Council, chaired by finance minister Arun Jaitley and consisting of his state c...
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Posted Date : 09-Oct-2017 , 08:27:11 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council has decided to keep open the composition scheme, an easier compliance and tax option, till March 31. The second window of the scheme closed on September 30. It allows small taxpayers to pay a fixed rate of turnover as tax and eases GST formalities.&n...
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Posted Date : 09-Oct-2017 , 08:18:58 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI should have powers to punish audit firms and impose a fine of up to Rs 1 crore on erring auditors, according to the suggestions made by a Sebi panel on corporate governance. At present, the Institute of Chartered Accountants of India (ICAI) can only impos...
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Posted Date : 09-Oct-2017 , 08:01:44 am | Posted By CASANSAAR
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2017 examination, with their photographs and signatures on them, are hosted on http://icaiexam.icai.org No physical admit cards will be sent to any candidate. Candidates are required to download and print t...
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Posted Date : 06-Oct-2017 , 09:10:21 pm | Posted By CASANSAAR
Finance Ministry has received details of suspicious post-demonetisation transactions and bank account operations of 5,800 companies whose names were struck off by the Registrar of Companies earlier this year. From a balance of Rs 22 crore during the pre-demonetisation days, these accounts saw a cred...
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Posted Date : 06-Oct-2017 , 09:04:05 pm | Posted By CASANSAAR
Government has announced major relief in GST for exporters and small and medium enterprises. The composition threshold limit under GST has been enhanced from 75 lak rupees to one crore. Briefing reporters after a marathon 8-hour long GST Council meeting, Finance Minister Arun Jaitley said t...
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Posted Date : 06-Oct-2017 , 08:59:33 pm | Posted By CASANSAAR
To bring simplicity and to reduce the compliance cost for the small taxpayers, the GST Council in its 22nd meeting has decided to allow taxpayers with Rs 1.5 crore to file quarterly returns and at the same time increased the threshold for composition scheme to Rs. 1 crore from the present Rs. 75 lak...
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Posted Date : 06-Oct-2017 , 08:50:58 pm | Posted By CASANSAAR
Government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. The decision was taken at the crucial meeting of the GST Council today. Offering further respite to Jewellers, the meeting furt...
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Posted Date : 06-Oct-2017 , 08:31:12 am | Posted By CASANSAAR
The Goods and Services Tax Council (GST Council) chaired by finance minister Arun Jaitley is likely to announce on Friday a special package for micro, small and medium enterprises (MSMEs) that will, among other things, address the concerns of exporters, as policymakers explore ways to fix an unexpec...
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Posted Date : 06-Oct-2017 , 08:21:11 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has submitted suggestions to remove the instances of double taxation under goods and services tax (GST). It claimed that provisions of reverse charge mechanism (RCM) and composition scheme are leading to cascading of taxes. Under GST, i...
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Posted Date : 06-Oct-2017 , 08:08:41 am | Posted By CASANSAAR
IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on 31st March, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up equity share capital or voting power of an information utility, while allowing certain specified perso...
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Posted Date : 05-Oct-2017 , 10:35:36 am | Posted By CASANSAAR
The Institute of Chartered Account of India (ICAI) president Nilesh Vikamsey’s daughter, who went missing on Wednesday, was found dead under mysterious cicrumstances in Mumbai on Thursday. Mumbai Police said the deceased has been identified as Pallavi Vikamsey, 21-year-old. Pallavi was m...
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Posted Date : 05-Oct-2017 , 07:55:27 am | Posted By CASANSAAR
The monetary policy committee (MPC) of Reserve Bank of India decided to hold the key policy rate unchanged at 6% as it sees risks to inflation. However, it maintained the neutral stance of the policy while reiterating that the MPC remains committed to keep headline inflation close to 4% on durabl...
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Posted Date : 05-Oct-2017 , 07:45:44 am | Posted By CASANSAAR
Users will be able to transfer funds from one mobile wallet to another as Reserve Bank is allowing inter-operability among prepaid payment instruments (PPI) very soon. PPIs which include the likes of e-wallets, gift cards and meal coupons are used as substitutes for cash. RBI today said in ...
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Posted Date : 04-Oct-2017 , 08:30:27 am | Posted By CASANSAAR
A few senior tax officials and corporates have requested the government to start Advance Authority for Rulings as early as possible to clear doubts on goods and services tax (GST), as this will prevent companies and associations from approaching courts for clarity. Advance Authority for Rulings (AAR...
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Posted Date : 04-Oct-2017 , 08:16:47 am | Posted By CASANSAAR
Bowing to public pressure, the government today cut excise duty on petrol and diesel by Rs 2 per litre to moderate the relentless rise in fuel prices witnessed for the last three months. "Govt of India has reduced Basic Excise Duty rate on petrol and diesel [both branded and unbranded] by Rs...
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Posted Date : 04-Oct-2017 , 08:12:11 am | Posted By CASANSAAR
The Reserve Bank of India will today announce the fourth bi-monthly policy review statement. The Monetary Policy Committee headed by RBI governor Urjit Patel started two-day deliberations with industry in Mumbai yesterday. The bi-monthly monetary policy statement is being keenly awaited by all st...
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Posted Date : 29-Sep-2017 , 07:59:04 am | Posted By CASANSAAR
The GST Department has announced that the window for adopting the composition scheme under the GST Act for small traders, producers, and restaurants will be open till September 30. Under the scheme, all small traders, producers, and restaurants which have a turnover of less than Rs.75 lakh need t...
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