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Posted Date : 21-Apr-2017 , 08:53:18 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has constituted a high-level committee to review disciplinary rules and regulations governing chartered accountants, company secretaries and cost accountants. The six-member committee, chaired by retired IAS officer Meenakshi Datta Ghosh, has been tas...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1168
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Posted Date : 21-Apr-2017 , 08:48:22 am | Posted By CASANSAAR
Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders. These have been proposed by the Central Board of Excise and Customs in the ...
Continue Reading... Category : GST | Comments : 0 | Hits : 573
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Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR
Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1. Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...
Continue Reading... Category : GST | Comments : 0 | Hits : 570
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Posted Date : 21-Apr-2017 , 08:36:41 am | Posted By CASANSAAR
Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8(point)65 per cent interest rate on EPF for 2016-17. He said, the government will immediately issue the notification and credit the rate of interest to over four crore subscribers. The ratification of the ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 730
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Posted Date : 20-Apr-2017 , 09:12:10 am | Posted By CASANSAAR
The RBI asked banks to make higher provisioning for loans to the telecom sector that is facing financial stress and closely monitor their exposure to avoid any adverse impact on businesses . The sector has a debt of about Rs 4.6 lakh crore even as it is faces pressure on revenues and profitability...
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Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR
Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties. The scheme, which opened in December last year, provided last chance to holders ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 444
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Posted Date : 19-Apr-2017 , 04:46:34 pm | Posted By CASANSAAR
I. Members who have not shared their PAN with ICAI It has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Department, will be blocked by the In...
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Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR
With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 436
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Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR
Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it? Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones? Will all the services be taxed at 18%? Will service tax on insurance and other low y...
Continue Reading... Category : GST | Comments : 0 | Hits : 418
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Posted Date : 18-Apr-2017 , 08:26:35 am | Posted By CASANSAAR
About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1. Consulting major KPMG and the Federation of Small Medium Ent...
Continue Reading... Category : GST | Comments : 0 | Hits : 858
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Posted Date : 18-Apr-2017 , 08:24:37 am | Posted By CASANSAAR
The Sub-Committee of the Financial Stability and Development Council (FSDC), which met on Monday, discussed the setting up of a Computer Emergency Response Team for the Financial Sector (CERT-Fin), the Reserve Bank of India (RBI) said. “Issues such as setting up of Computer Emergency Respon...
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Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR
As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years. Starting last month, notices are being sent out to ove...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 950
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Posted Date : 18-Apr-2017 , 08:18:37 am | Posted By CASANSAAR
Statistics laid out by the Finance Minister during Budget Speech 2017 regarding the number of tax payers in the country vis-a-vis quantum of expenditure incurred by individuals revealed a stark distinction between disclosure of income and expenditure. In order to the change the current scenario and ...
Continue Reading... Category : ITR | Comments : 0 | Hits : 1842
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Posted Date : 16-Apr-2017 , 01:46:15 pm | Posted By CASANSAAR
The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members. The Finance Ministry in its communication to the Labour Ministry has, however, put ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 348
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Posted Date : 15-Apr-2017 , 08:00:19 am | Posted By CASANSAAR
At least 10 out of the 22 public-sector banks might freeze branch expansion this fiscal and make higher provisioning for bad loans, while 16 lenders are unlikely to give dividends for the just concluded FY17. This is part of the mandatory actions that banks have to comply with under RBI’s r...
Continue Reading... Category : Banking | Comments : 0 | Hits : 520
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Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR
A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 410
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Posted Date : 14-Apr-2017 , 09:06:13 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI said disciplinary "proceedings" have been initiated against members allegedly involved in money laundering through dubious companies. Asserting that the matter of such members would be dealt with seriously, the Institute of Chartered Accou...
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Posted Date : 14-Apr-2017 , 09:00:36 am | Posted By CASANSAAR
Increasing instances of the role of chartered accountants, tax consultants and lawyers in financial frauds, particularly during the demonetisation exercise, has led the Central government to contemplate changes in existing laws, making it mandatory for them to report suspicious transactions under th...
Continue Reading... Category : Chartered Accountant | Comments : 0 | Hits : 2773
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Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR
President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1. The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...
Continue Reading... Category : GST | Comments : 0 | Hits : 328
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Posted Date : 13-Apr-2017 , 03:26:33 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies. The CAs and CSs are accused of helping shell companies convert ...
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Posted Date : 13-Apr-2017 , 08:21:24 am | Posted By CASANSAAR
Reserve Bank of India on Wednesday unveiled draft guidelines relating to simplified hedging facility for resident entities with foreign currency exposures and non-resident entities with rupee exposures, other than individuals, to enable them to hedge underlying exchange rate risk. The facility is...
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Posted Date : 13-Apr-2017 , 08:14:02 am | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs has given its approval for listing of 11 Central Public Sector Enterprises (CPSEs) on stock exchanges. They include Rail Vikas Nigam Limited, Indian Railway Finance Corporation Limited, Indian Railway Catering and Tourism Corporation (IRCTC) Limited, Bharat ...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 237
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Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR
The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts. "The account holders may be informed that, in case self-certifications are not provided till April 30, 2...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 522
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Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR
The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 509
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Posted Date : 11-Apr-2017 , 01:51:00 pm | Posted By CASANSAAR
In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in 1 day. Applicant companies submit a common application form SPICe (IN...
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Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns. The ratings will be made public on the GST Network (GSTN) website as tax authorities ...
Continue Reading... Category : GST | Comments : 0 | Hits : 671
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Posted Date : 08-Apr-2017 , 08:46:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects — something similar to the development finance institutions (DFIs) of the past. “Going forward, considering the existing landsca...
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Posted Date : 08-Apr-2017 , 08:29:31 am | Posted By CASANSAAR
There is no official estimate of black money held in scrapped Rs 500 and Rs 1,000 notes that have been left undeposited with banks during the demonetisation period. "There is no official estimation of the amount of black money in form of old Rs 500/1000 that have not been deposited during th...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 729
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Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR
ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions. Alongs...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1177
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Posted Date : 07-Apr-2017 , 07:27:55 am | Posted By CASANSAAR
The Reserve Bank has decided to slash clearance time for National Electronic Funds Transfer (NEFT) in an attempt to enhance efficiency of the electronic payment system and add to customer convenience. In line with the document on Vision-2018 for Payment and Settlement Systems, the NEFT settlement...
Continue Reading... Category : RBI | Comments : 0 | Hits : 846
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- Bank Branch Statutory Audit Updates 2019
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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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
