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Posted Date : 07-Apr-2017 , 07:23:22 am | Posted By CASANSAAR
The Lok Sabha today passed the Taxation Laws (Amendment) Bill,2017 which seeks to amend the Customs Act 1962, the Customs Tariff Act 1975, the Central Excise Act 1944, the Finance Act, 2001 and the Finance Act, 2005 and to repeal certain enactments. The Customs Act is proposed to be amended to in...
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Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR
The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...
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Posted Date : 06-Apr-2017 , 08:39:53 pm | Posted By CASANSAAR
The Reserve Bank left its benchmark lending rate, Repo rate, unchanged at 6(point)25 per cent for the fourth monetary policy review in a row today citing upside risk to inflation. RBI however increased the reverse repo rate -- which it pays to banks for parking funds with it -- by 0.25 per cent t...
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Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR
Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...
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Posted Date : 06-Apr-2017 , 07:28:51 am | Posted By CASANSAAR
Only resident Indians will have to quote Aadhaar for filing ITR as the I-T department has made it mandatory for them for assessment year 2017-18. The government, as per the Finance Act 2017, has made it a must for taxpayers to quote Aadhaar or enrolment ID for filing of income tax returns (ITR). ...
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Posted Date : 05-Apr-2017 , 08:49:48 pm | Posted By CASANSAAR
Various legislative steps have been taken by the Finance Act, 2017 to curb black money by discouraging cash transaction and by promoting digital economy. These prominently include placing restriction on cash transaction by introduction of New Sections 269ST & 271DA to the Income-tax Act...
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Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...
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Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR
The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents in different benches of the Income Tax Appellate Tribunals (ITAT) across the country. A bench of Chief Justice J S Khehar and Justice D Y Chandrachud also asked Solicitor General R...
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Posted Date : 03-Apr-2017 , 07:41:48 pm | Posted By CASANSAAR
Section 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2017, provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after ...
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Posted Date : 03-Apr-2017 , 07:40:32 pm | Posted By CASANSAAR
Mrs. Aruna Sethi, 1985 batch officer of Indian Cost Accounts Service (ICoAS) has been elevated to the position of Chief Adviser (Cost) in the Ministry of Finance, Department of Expenditure w.e.f. 1st April, 2017. She is the first lady ICoAS officer who has reached this position. Earlier,...
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Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR
Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...
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Posted Date : 02-Apr-2017 , 08:23:38 pm | Posted By CASANSAAR
The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1. The government has sought comments from industry on the 4 set of new rules on -- GST Composition, GST Valuation, GST Transition and GST ITC...
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Posted Date : 01-Apr-2017 , 05:51:56 pm | Posted By CASANSAAR
The Income Tax department on Saturday launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18. The two ITRs that are now available for filing on the e-portal of the department-- https://incometaxindiaefiling.gov.in-- are the ITR-1 'Sahaj' and IT...
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Posted Date : 01-Apr-2017 , 05:46:40 pm | Posted By CASANSAAR
Five associates and the Bharatiya Mahila Bank became part of the State Bank of India (SBI) today, catapulting the country's largest lender to among the top 50 banks in the world. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of ...
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Posted Date : 01-Apr-2017 , 05:43:16 pm | Posted By CASANSAAR
President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left f...
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Posted Date : 01-Apr-2017 , 05:39:12 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) today launched one of its biggest crackdowns on shell companies across the country. It conducted searches at 100 locations in sixteen states as part of its country-wide operation against shell companies. Officials said, multiple teams of the agency today raided the p...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 668
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Posted Date : 01-Apr-2017 , 08:42:14 am | Posted By CASANSAAR
The Cabinet today approved amendments to the Companies Act, 2013, that seek to ease compliance requirements and certain other provisions. A bill to amend the Act was introduced in the Lok Sabha by the government in March last year and then it was referred to the Standing Committee on Finance. The...
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Posted Date : 01-Apr-2017 , 08:39:38 am | Posted By CASANSAAR
The Union Cabinet has cleared changes to the Motor Vehicles (Amendment) Bill, 2016. The decision was taken at a Cabinet meeting held in New Delhi last evening. AIR correspondent reports that among other decisions, the Cabinet also approved the ratification of two fundamental conventions of ...
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Posted Date : 31-Mar-2017 , 08:04:02 pm | Posted By CASANSAAR
The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five ru...
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Posted Date : 31-Mar-2017 , 07:59:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 59, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016, has notified today the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2016. T...
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Posted Date : 31-Mar-2017 , 04:32:55 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individu...
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Posted Date : 31-Mar-2017 , 12:36:37 pm | Posted By CASANSAAR
Bank Branch Audit - Update on allotment of Branches RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allotment of Branches. Following Banks has start sending emails for allotment of branches as informed by Members. OBC Andhra Bank Dena Bank ...
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Posted Date : 31-Mar-2017 , 08:56:25 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) has signed an MoU with TCS iON for deploying the latter's digital content market place platform (Digital Hub) as a part of its digitisation drive. The institute's digitisation efforts through the Digital Hub would provide students an...
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Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR
The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod. At the Council meetings, the Centre and the...
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Posted Date : 30-Mar-2017 , 09:04:42 pm | Posted By CASANSAAR
The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be i...
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Posted Date : 30-Mar-2017 , 08:58:22 pm | Posted By CASANSAAR
Parliament has passed the Finance Bill 2017 after the Lok Sabha rejected all five amendments moved to it by the Rajya Sabha. The bill seeks to give effect to the financial proposals of the Central Government for the financial year 2017-18. The amendments of the Upper House included curbing ...
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Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR
with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31. ​There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh se...
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Posted Date : 30-Mar-2017 , 10:39:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ruled out any relief for those who declared unaccounted income under the Income Declaration Scheme (IDS) but failed to pay the first instalment of the tax and penalty. The CBDT said any relaxation will be “discriminatory” against thos...
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Posted Date : 30-Mar-2017 , 10:23:34 am | Posted By CASANSAAR
Reversing its earlier order, the Reserve Bank of India said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business. In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from Marc...
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Posted Date : 30-Mar-2017 , 10:19:58 am | Posted By CASANSAAR
The Rajya Sabha on Wednesday returned the Finance Bill, 2017 to the Lok Sabha with five amendments. The move came after the House discussed the Bill for over five hours on Tuesday and Wednesday. The Bill that was passed earlier by the Lok Sabha was moved in the Upper House on Monday. Senior Co...
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
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- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
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- 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
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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- 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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