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Posted Date : 23-Aug-2017 , 07:34:04 am | Posted By CASANSAAR
Even though as a whole states' revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report. "All states combined will grow at a CAGR of 16.6 per cent in FY18...
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Posted Date : 22-Aug-2017 , 07:24:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) and the income-tax department are investigating the role of about 100 brokerages which they believe may have helped shell companies launder as much as Rs16,000 crore by compromising so-called know-your-customer (KYC) norms, said two people with direc...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 537
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Posted Date : 21-Aug-2017 , 10:11:05 pm | Posted By CASANSAAR
The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns. Only 3 lakh among 528 lakh total income tax returns (ITR) filed for 2015-16 were scruti...
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Posted Date : 21-Aug-2017 , 09:59:29 pm | Posted By CASANSAAR
Income Tax department on Monday morning conducted a massive raid in Delhi and National Capital Region (NCR), a media report said. Over 500 I-T department officials are already on the way to conduct searches in the capital of the country, as reported by DNA. As per the report, the s...
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Posted Date : 21-Aug-2017 , 09:44:40 pm | Posted By CASANSAAR
As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week. A senior official said that about Rs 15,000 crore has ...
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Posted Date : 21-Aug-2017 , 09:06:37 am | Posted By CASANSAAR
In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organizes Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the ne...
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Posted Date : 21-Aug-2017 , 08:51:07 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has assured balance-sheet stressed firms that the key objective of NPA resolution is not liquidation of their businesses but to save them. He said, the objective is to make sure that these valuable assets are preserved. Addressing an insolvency summit organised by Co...
Continue Reading... Category : Banking | Comments : 0 | Hits : 337
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Posted Date : 21-Aug-2017 , 08:31:49 am | Posted By CASANSAAR
Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands. Most banks have already informed their customers that functioning of br...
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Posted Date : 19-Aug-2017 , 10:09:05 pm | Posted By CASANSAAR
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th August, 2017. Earlier the last date for payment of taxes and filing of GST Return...
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Posted Date : 19-Aug-2017 , 09:58:10 pm | Posted By CASANSAAR
A key panel of the Goods and Services Tax (GST) Council on Saturday decided to extend the deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of rolling out the indirect tax reform—by five days to 25 August. A statement from ...
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Posted Date : 18-Aug-2017 , 09:45:49 pm | Posted By CASANSAAR
The tax department on Friday said the number of individuals filing income tax returns has jumped to 2.79 crore this year from 2.23 crore last year, matching with the 56 lakh new tax payer addition stated by Prime Minister Narendra Modi. The statement by the tax department follows some doubting th...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 421
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Posted Date : 18-Aug-2017 , 08:17:10 am | Posted By CASANSAAR
The auditor appointment rules specified by the Companies Act has led to different interpretations. At least 10 publicly traded companies have violated these norms by hiring auditors for terms of less than five years, proxy advisory firm Stakeholder Empowerment Services (SES) said in a report. ...
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Posted Date : 17-Aug-2017 , 09:45:50 pm | Posted By CASANSAAR
In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns for July by a week to August 28. However, these tax...
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Posted Date : 18-Aug-2017 , 07:56:41 am | Posted By CASANSAAR
As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised about the form for claiming transitional input tax credit not being availa...
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Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR
When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, was an eye-opener for the go...
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Posted Date : 17-Aug-2017 , 08:44:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has questioned scores of auditors at 27 public sector banks on the process and logic they had used to compute and report write-downs at the lenders, two people close to the development told ET. The RBI has sought written explanation on differences in the writ...
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Posted Date : 17-Aug-2017 , 08:40:36 am | Posted By CASANSAAR
Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow. Besides, listed companies would be required to file corp...
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Posted Date : 17-Aug-2017 , 08:38:16 am | Posted By CASANSAAR
Stock exchanges BSE and NSE are likely to initiate audit on 100 out of 331 suspected shell companies in the first batch in coordination with SEBI, sources told ET Now. A panel of auditors will soon be appointed for first stage of audit of select 100 companies, sources said. All exc...
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Posted Date : 17-Aug-2017 , 08:32:13 am | Posted By CASANSAAR
The government has approved a new metro rail policy, a scheme to refund central goods and services tax ( CGST) to industrial units in Himachal Pradesh, Uttarakhand, Jammu & Kashmir and the North-East ctill 2027, and changes to strategic disinvestment policy to speed up d...
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Posted Date : 17-Aug-2017 , 08:27:57 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Investment and public Asset Management (DIPAM) for the strategic disinvestment of the following: (i) For setting up an Alternative Mechanism (AM) consi...
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Posted Date : 16-Aug-2017 , 10:08:58 pm | Posted By CASANSAAR
Dr. (Ms.) Mamta Suri took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India. Dr. Suri has obtained her Ph.D. in Finance from U...
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Posted Date : 15-Aug-2017 , 09:40:56 pm | Posted By CASANSAAR
The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said today. The Goods and Services Tax, which unified more than a dozen central and state levies, is...
Continue Reading... Category : GST | Comments : 0 | Hits : 391
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Posted Date : 13-Aug-2017 , 07:43:45 pm | Posted By CASANSAAR
A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said. The new Goods and Services Tax (GST) regime, which was rolled out from July 1, pr...
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Posted Date : 13-Aug-2017 , 07:36:24 pm | Posted By CASANSAAR
The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corp...
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Posted Date : 13-Aug-2017 , 07:34:32 pm | Posted By CASANSAAR
More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July. ...
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Posted Date : 12-Aug-2017 , 01:37:31 pm | Posted By CASANSAAR
Investigation agencies have identified more than 13000 shell companies post demonetization, according to two sources who to spoke to Moneycontrol on condition of anonymity. The Income Tax Department, Enforcement Directorate, the Central Bureau of Investigation and the Serious Fraud of Investigation ...
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Posted Date : 12-Aug-2017 , 08:30:46 am | Posted By CASANSAAR
In a major relief for some taxpayers registered under GST, the GST Law Committee has extended the deadline to claim input tax credit by one week. So, now those taxpayers who are eligible for such refund will first have pay their tax dues - post adjustment of input tax credit by August 20, while c...
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Posted Date : 11-Aug-2017 , 09:44:27 pm | Posted By CASANSAAR
Fiscal Developments The fiscal outcome of the Central Government in 2016-17 was marked by strong growth in tax revenue, sustenance of the pace of capital spending and a consolidation of non-salary/pension revenue expenditure. This combination allowed the Government to contain the fisca...
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Posted Date : 11-Aug-2017 , 10:34:12 am | Posted By CASANSAAR
If you plan to change your weekend jobs next month, you will not have to worry on the Provident Fund aspect. From September, the Provident Fund of your current organisation will be automatically transferred to the next office that you join, as per a report in the Times of India. TOI quoting ch...
Continue Reading... Category : General | Comments : 0 | Hits : 627
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Posted Date : 10-Aug-2017 , 09:10:38 am | Posted By CASANSAAR
Securities and Exchange Board of India, SEBI, has introduced an online registration mechanism for custodians of securities to make it convenient for them to do business. Markets regulator said, the new system will help custodian of securities to complete registration and other regulatory fi...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 294
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