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Posted Date : 09-May-2017 , 10:19:40 am | Posted By CASANSAAR
Union Finance Minister Arun Jaitley has said the invoice matching mechanism in the Goods and Services Tax, which will be rolled out from 1st of July, will help curb fake bill frauds. In a letter to Congress Rajya Sabha member Digvijaya Singh, Mr Jaitley said there is only one GST retur...
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Posted Date : 07-May-2017 , 07:37:48 pm | Posted By CASANSAAR
Chartered accountants’ apex body ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving canceled notes post demonetisation till December 30, 2016. Companies are required to disclose details about transactions involving scrapped notes fro...
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Posted Date : 07-May-2017 , 07:15:46 pm | Posted By CASANSAAR
A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years. CBI sources said the shell companies were allegedly being used by the accused to divert lo...
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Posted Date : 07-May-2017 , 07:12:40 pm | Posted By CASANSAAR
Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. "Unlike in other countries, the transition to the new tax regime would be smoo...
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Posted Date : 07-May-2017 , 07:10:24 pm | Posted By CASANSAAR
The Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors. Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to aud...
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Posted Date : 06-May-2017 , 09:20:27 pm | Posted By CASANSAAR
The provision of Rs 10,000 penalty against chartered accountants (CAs) for each wrong certification or report, introduced in Finance Act 2017, has been challenged in Madras High Court. The court has accepted the objection and has asked the Central Board of Direct Taxes (CBDT) and the government t...
Continue Reading... Category : CA | Comments : 0 | Hits : 1010
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Posted Date : 06-May-2017 , 09:13:26 pm | Posted By CASANSAAR
RBI has made substantial changes in the norms for dealing with stressed loans and warned banks they will be penalised for missing Non-Performing Assets (NPA) resolution timelines. RBI, through a notification, eased the decision making process in the Joint Lenders' Forum and Corrective Action ...
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Posted Date : 03-May-2017 , 09:36:41 am | Posted By CASANSAAR
In April, the Reserve Bank of India advised banks to closely monitor loans to telecom operators after Airtel, Vodafone and Idea got caught up in a price war with Reliance Jio. The apex bank had asked banks to consider setting aside higher provisions for loans in stressed sectors by June 30. The advi...
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Posted Date : 03-May-2017 , 09:30:29 am | Posted By CASANSAAR
The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unif...
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Posted Date : 03-May-2017 , 09:28:51 am | Posted By CASANSAAR
Gearing up for the roll-out of the country’s largest tax reform, the Goods and Services Tax Network (GSTN) is carrying out a pilot test on return filing. “It will be a live test using 4,000 taxpayers and will be conducted over this fortnight,” said a senior official. Once the...
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Posted Date : 03-May-2017 , 09:26:32 am | Posted By CASANSAAR
The Uttar Pradesh Cabinet on Tuesday approved the implementation of the Goods and Service Tax in the State and the bill associated with it will be tabled in the Assembly session commencing on May 15. If the Assembly ratifies the Bill, Uttar Pradesh will become the fifth State after Jharkhand, Telang...
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Posted Date : 03-May-2017 , 09:23:36 am | Posted By CASANSAAR
In Madhya Pradesh, a one day special sitting of the state legislative assembly is being held today to pass the Madhya Pradesh Goods and Services Tax Bill. The State Legislative Assembly Secretariat said that this sitting will be a part of the Budget Session of the legislative assembly. The ...
Continue Reading... Category : Accounts | Comments : 0 | Hits : 1031
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Posted Date : 02-May-2017 , 10:52:36 am | Posted By CASANSAAR
Mr. Anthony Lianzuala took over as the New Controller General of Accounts (CGA) in national capital here today. Earlier, the Government of India had appointed Mr. Anthony Lianzuala, a 1982-batch Indian Civil Accounts Service (ICAS) Officer, as the new Controller General of Accounts (CGA), Department...
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Extension of last date for submission of Application Forms in respect of CPT June, 2017 Exams - ICAIPosted Date : 02-May-2017 , 10:26:04 am | Posted By CASANSAAR
1st May, 2017 CPT is scheduled to be held on 18th June, 2017. Students who have registered for the Common Proficiency Course on or before 3rd April, 2017 and fulfill the eligibility requirements are eligible to apply for the exam. The last date for submission of exam application forms ...
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Posted Date : 01-May-2017 , 08:26:57 am | Posted By CASANSAAR
Close to nine lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said on Saturday. The MCA has sent notices to nearly 3 lakh unlisted companies asking them to deregist...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 598
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Posted Date : 01-May-2017 , 08:20:05 am | Posted By CASANSAAR
The Government will soon make quoting of Aadhaar number compulsory for key managerial personnel and directors in regulatory filings under the Companies Act. The move, primarily aimed at tackling the issue of bogus identities, comes at a time when authorities are bolstering measures to deal with t...
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Posted Date : 28-Apr-2017 , 09:30:36 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said it has initiated disciplinary action against four of its members for "misconduct" with respect to offering advice on exchanging old currency notes for new ones. As part of efforts to fight the black money menace as well as curb corrup...
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Posted Date : 28-Apr-2017 , 09:09:08 am | Posted By CASANSAAR
Even as the government is looking forward to launching its iconic GST tax regime on July 1, it has come to light that only 34% service tax assesses have migrated to the new GST network payment portal. There are a total of 80 lakh VAT excise and service tax assesses. While 75 per cent of VAT and 7...
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Posted Date : 28-Apr-2017 , 09:02:12 am | Posted By CASANSAAR
The Supreme Court to hear plea challenging government’s decision to link Aadhaar with PAN card for filing of Income Tax returns and to apply for new PAN. Earlier on Friday, the Supreme Court on Friday pulled up Centre saying that how could he made Aadhaar Card as mandatory when the Apex cou...
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Posted Date : 28-Apr-2017 , 08:53:16 am | Posted By CASANSAAR
The Jharkhand assembly on Thursday unanimously passed the Jharkhand Goods and Services Bill, 2017, clearing the decks for implementation of the Goods and Services Tax (GST) in the state, which is scheduled for July 1 roll-out. Jharkhand became third state to ratify the bill, after Telangana and Biha...
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Posted Date : 27-Apr-2017 , 10:29:48 am | Posted By CASANSAAR
25th April 2017 – Requirements for passing Information Systems Audit (Assessment Test) It is hereby informed that in exercise of the authority vested with it under Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India...
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Posted Date : 27-Apr-2017 , 10:22:50 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property”...
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Posted Date : 26-Apr-2017 , 09:50:11 pm | Posted By CASANSAAR
Capital market regulator, SEBI has allowed options trading in commodity derivatives. SEBI's board approved the proposal at its meeting in Mumbai, today. Ajay Tyagi, Chairman of the Securities and Exchange Board of India described it as a very big step towards further deepening the commodities de...
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Posted Date : 26-Apr-2017 , 09:48:01 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday imposed a monetary penalty on Kotak Mahindra Bank and Hong Kong & Shanghai Banking Corp. Ltd for violation of instructions on reporting requirements of the Foreign Exchange Management Act (FEMA), 1999. The central bank slapped a fine of Rs70,000 on...
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Posted Date : 26-Apr-2017 , 02:24:07 pm | Posted By CASANSAAR
Extension of the date of submission of the Form ST-3 for the period 1st October 2016 to 31st March 2017 from 25th April 2017 to 30th April 2017, Order No. 01/2017-Service Tax dt. 25-04-2017. www.casansaar.com...
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Posted Date : 26-Apr-2017 , 10:30:05 am | Posted By CASANSAAR
RBI Governor Urjit Patel has said the Indian banking system could be better off if some public sector banks are consolidated to have fewer but healthier entities, as it would help in dealing with the problem of stressed assets. "As many have pointed out, it is not clear that we need so...
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Posted Date : 26-Apr-2017 , 09:53:07 am | Posted By CASANSAAR
Revenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime. Mr. Adhia said the Compliance Rati...
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Posted Date : 26-Apr-2017 , 09:48:35 am | Posted By CASANSAAR
The post qualification courses for members conducted by ICAI include the following: Management Accountancy Course (MAC) Tax Management Course (TMC) Corporate Management Course (CMC) and International Tax Laws and World Trade Organisation Course (ITL & WTO) Examinations in respect of the a...
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Posted Date : 24-Apr-2017 , 10:04:04 pm | Posted By CASANSAAR
Bihar on Monday became the second state after Telangana to pass state Goods and Services Tax bill, touted as the biggest tax reform since independence.With the lone exception of CPI (ML), all the political parties backed the bills associated with the tax reforms.The tax is scheduled to be rolled out...
Continue Reading... Category : GST | Comments : 0 | Hits : 346
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Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR
The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax. In this case, two companies while settling dues had deducted salary for the notice period which...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 755
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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