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  • Govt extends time limit for filing of GST returns
    Posted Date : 08-Aug-2017 , 09:39:40 pm | Posted By CASANSAAR

    The Central Government today extended the date of filing returns under the Central Goods and Services Tax Act (CGST), 2017.  As per the Notification, the details of outward Supplies in FORM GSTR-1 under s. 37 of the CGST for the month of July and August shall be filed from 1st to 5th Septemb...

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  • GST - Online travel agents liable to deduct 1% tax at source
    Posted Date : 08-Aug-2017 , 09:30:09 pm | Posted By CASANSAAR

    Online travel agents providing online ticketing and other services will be liable to deduct 1% tax at source under the GST regime as they have been classified as e-commerce operators, the CBEC said on Tuesday. Under the Goods and Services Tax (GST) regime, an e- commerce operator is required to coll...

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  • SEBI directs bourses to act against 331 suspected shell companies
    Posted Date : 08-Aug-2017 , 08:06:21 am | Posted By CASANSAAR

    SEBI has directed bourses to initiate action against 331 suspected shell companies listed in the share markets. These scripts will not be available for trading from this month. The regulator's directive came after the corporate affairs ministry shared a list of 331 listed companies that are susp...

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  • 11 lakh PAN have been deactivated: Here's how to check if your PAN is active or not
    Posted Date : 07-Aug-2017 , 09:07:31 pm | Posted By CASANSAAR

    Recently, Minister of State for Finance Santosh Kumar Gangwar in a written reply informed the Rajya Sabha that as on July 27, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person.  A person cannot hold more than one&nb...

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  • 25% growth in number of ITRs filed in current fiscal, Advance Tax collections up by 41%
    Posted Date : 07-Aug-2017 , 10:34:02 am | Posted By CASANSAAR

    As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of  Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registeri...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 338

  • ICAI directed to address govt units' complaints quickly
    Posted Date : 06-Aug-2017 , 03:10:03 pm | Posted By CASANSAAR

    Chartered accountants' apex body ICAI has been directed to resolve complaints from government organisations in a "time-bound manner", union minister Arjun Ram Meghwal said today.  The minister of state for corporate affairs informed the Lok Sabha that in the last five years, th...

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  • GST - Rates on textile works, tractor parts cut; e-way bill provisions finalised
    Posted Date : 06-Aug-2017 , 02:46:24 pm | Posted By CASANSAAR

    The GST rates on textile job works like stitching and embroidery, and tractor parts were cut on Saturday, while e-way bill provisions relating to online pre-registration of goods before transportation were relaxed. The all-powerful GST Council, headed by finance minister Arun Jaitley and comprisi...

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  • GST Council meet to review implementation today
    Posted Date : 05-Aug-2017 , 07:30:54 am | Posted By CASANSAAR

    The Goods and Services Tax (GST) Council will meet today to review the implementation of GST which was rolled from 1st of July, this year.  The GST Council at its meeting will finalise a mechanism to operationalise anti-profiteering clause which seeks to protect consumers interest.  ...

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  • E-filing of income tax returns jumps 21% till August 1
    Posted Date : 04-Aug-2017 , 10:07:09 pm | Posted By CASANSAAR

    The government will scrutinise 30,000 cases among taxpayers, individual and non-individual, who tried regularising their unaccounted incomes by filing ITRs in response to the note ban in November last year. Meanwhile, there has been 21 per cent growth in the online filing of tax returns as of Aug...

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  • Income Tax Offices to remain open on Saturday,5th August, 2017 for filing of ITRs
    Posted Date : 04-Aug-2017 , 10:03:52 pm | Posted By CASANSAAR

    In view of the difficulties faced by taxpayers, the due date for filing of Income Tax Returns for F.Y. 2016-2017 i.e. Assessment Year A.Y. 2017-2018 was extended to 5th August, 2017(for certain categories of taxpayers). In order to facilitate manual filing of returns (of aforesaid categories) on ...

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  • Businesses can start filing July returns from 5 Aug - GSTN
    Posted Date : 04-Aug-2017 , 08:35:37 am | Posted By CASANSAAR

    The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till 20 August, GST Network Chairman Navin Kumar said on Thursday. Businesses can start filing their first GST returns and pay taxes for July on the portal of GST N...

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  • No GST on traditional Rakhi; 5% tax on gold, silver rakhis
    Posted Date : 04-Aug-2017 , 08:31:33 am | Posted By CASANSAAR

    Rakhi, the sacred thread that women tie on the wrist of their brothers on the day of Raksha Bandhan, will not attract the goods and services tax (GST) provided it's the traditional cotton thread. However, gold and silver rakhis will be taxed 5%.  The finance ministry has said puja samagr...

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  • RBI directive on auditors to benefit second-tier firms
    Posted Date : 03-Aug-2017 , 07:05:57 am | Posted By CASANSAAR

    The Reserve Bank of India’s (RBI's) recent diktat, that statutory auditors in private and foreign banks should be repeated only after the mandatory rest period of six years, opens up an opportunity for firms outside the famed Big Four — PricewaterhouseCoopers, Deloitte, KPMG and EY.&...

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  • Nearly 40% taxpayers yet to complete GST enrollment process - GSTN
    Posted Date : 03-Aug-2017 , 07:00:20 am | Posted By CASANSAAR

    Even as the date of filing the first returns under the goods and services tax (GST) looms, nearly 40% of the taxpayers that have migrated to the GST Network (GSTN) portal are yet to complete the entire enrollment process, a necessary condition for filing returns. Over 71 lakh taxpayers of VAT, servi...

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  • Repo rate cut by 25 bps to 6%; reverse repo by 25 bps to 5.75%
    Posted Date : 02-Aug-2017 , 10:24:54 am | Posted By CASANSAAR

    The Reserve Bank of India in its 3rd bi-monthly monetary policy decision of FY 2017-18 on Wednesday reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent, citing reduction in upside risk to inflation. This move is expected to lower EMIs for...

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  • Govt moves to check benami, Aadhaar to be made must for property deals
    Posted Date : 02-Aug-2017 , 10:58:18 am | Posted By CASANSAAR

    In a move meant to curb benami transactions and the use of black money in real estate deals, the government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney and will among others. The government has also...

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  • GST Council to decide on anti-profiteering mechanism at Saturday meet
    Posted Date : 02-Aug-2017 , 10:55:21 am | Posted By CASANSAAR

    The much-awaited mechanism for anti-profiteering will be decided upon by the GST Council on Saturday, Finance Minister Arun Jaitley told the Lok Sabha on Tuesday. He also expressed the hope that other sectors would follow suit of the auto sector to cut prices due to the effective lower rates under t...

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  • 16-year-old class 12 boy bags 1.4 crore offer from Google
    Posted Date : 01-Aug-2017 , 09:58:56 pm | Posted By CASANSAAR

    In the wake of reports that Harshit Sharma - a Chandigarh student - has landed a high-paying job with Google, it has now emerged that the global internet giant has no such record about the 16-year-old boy. “Currently, we don’t have any information on our records with respect to Harshi...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 1225

  • Reduction/exemption of tax rates under GST for small businesses
    Posted Date : 01-Aug-2017 , 09:55:27 pm | Posted By CASANSAAR

    The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rate...

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  • Recovery of undisclosed income post demonitization
    Posted Date : 01-Aug-2017 , 09:53:47 pm | Posted By CASANSAAR

    With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating black money which casts a long shadow of parallel ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 288

  • Increase in number of Income Tax payers after demonetisation
    Posted Date : 01-Aug-2017 , 09:52:37 pm | Posted By CASANSAAR

    The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15. ...

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  • Government sets up two call centres to cater to the queries relating to GST
    Posted Date : 01-Aug-2017 , 09:51:40 pm | Posted By CASANSAAR

    Government has set up two call centres being run for the purpose of catering to queries of taxpayers and stakeholders in GST. i. Call centre on GST Application software prepared by GSTN, is being run by GSTN. Phone number is 0120-4888999 and email id is helpdesk@gst.gov.in ii. CBEC Mitra Helpd...

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  • Pass Percentage & Toppers of CA IPCE May 2017 Exams
    Posted Date : 01-Aug-2017 , 05:46:09 am | Posted By CASANSAAR

    The Result of Chartered Accountants IPCE Examination has been declared.    The Details of Percentage of candidates passed in the above said examinations are given below.     No. of Candidates Passed Candidates  Pass %   ...

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  • RBI plans to extend Cyber Audit to all Banks
    Posted Date : 01-Aug-2017 , 03:07:52 pm | Posted By CASANSAAR

    The Reserve Bank of India is planning to conduct a cyber-audit of all banks in the country instead of just a few bigger banks as it did in the past, a policy shift that comes in the wake of an increase in cyber-attacks.  The banks which do not have security measures in place as per the RBI s...

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  • RBI asks banks to work towards account number portability
    Posted Date : 01-Aug-2017 , 07:57:45 am | Posted By CASANSAAR

    Reserve Bank of India Deputy Governor S S Mundra has asked banks to work towards account number portability, as it will be a far-reaching step towards enhancing competition and improving customer service.  Speaking at the annual conference of banking ombudsmen in Mumbai , he said banks shoul...

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  • Over 5 lakh businesses opt for GST Composition Scheme - RS
    Posted Date : 31-Jul-2017 , 10:16:46 pm | Posted By CASANSAAR

    Union Revenue Secretary Hasmukh Adhia on Monday said as many as 5.12 lakh businesses have so far opted for the Composition Scheme under the GST system. "Dealers opting for composition in the Goods and Services Tax (GST) system is 5.12 lakh up to Sunday (July 30)," the Revenue Secretary ...

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  • Deadline for Aadhaar-PAN linking extended till August 31
    Posted Date : 31-Jul-2017 , 10:13:39 pm | Posted By CASANSAAR

    The government on Monday notified that it has extended the deadline for linking Aadhaar with PAN (Permanent Account Number). The last date for the linking has now been finalised for August 31. The Central Board of Direct Taxes (CBDT) also said that the Income Tax Returns (ITRs) will be processed onl...

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  • Embroidered sarees to attract 5% GST - CBEC
    Posted Date : 31-Jul-2017 , 10:07:12 pm | Posted By CASANSAAR

    Sarees, whether designer or embroidered, will attract a five per cent Goods and Services Tax (GST), the tax department said today. Clearing the air over whether sarees will be treated as garments or fabric, the Central Board of Excise and Customs (CBEC) said sarees are treated as fabric and it re...

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  • Rajya Sabha passes the amended Constitution (123rd Amendment) Bill 2017
    Posted Date : 31-Jul-2017 , 10:05:12 pm | Posted By CASANSAAR

    The Rajya Sabha today passed the Constitution (One Hundred and Twenty-third Amendment) Bill, 2017 with amendments.  The bill seeks to create a new commission with constitutional status for the OBCs at par with the National Commissions for Scheduled Castes and Scheduled Tribes.  Reply...

    Continue Reading... Category : General | Comments : 0 | Hits : 406

  • Extension of date for filing of ITRs extended up to 5th Aug, 2017
    Posted Date : 31-Jul-2017 , 04:51:45 pm | Posted By CASANSAAR

    There are some complaints that the taxpayers are not being able to log on to the e-filing website of Income Tax Department or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database. While technical snags have been removed already, the main reason for...

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