-
Posted Date : 30-Mar-2017 , 10:13:07 am | Posted By CASANSAAR
Filing income tax returns is expected to get easier for salaried citizens, with the government introducing a new form from April 1. The ITR-1 form, also called Sahaj, will have fewer columns that need to be filled as some of the income tax deductions have been clubbed together, reported PTI. Curr...
Continue Reading... Category : ITR | Comments : 0 | Hits : 515
-
Posted Date : 30-Mar-2017 , 10:10:38 am | Posted By CASANSAAR
The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations. The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory G...
Continue Reading... Category : GST | Comments : 0 | Hits : 366
-
Posted Date : 27-Mar-2017 , 08:04:36 am | Posted By CASANSAAR
Banks are yet to file criminal cases against borrowers and promoters in 1,080 cases of wilful default accounts involving an amount of Rs 7,673 crore as of September 2016 despite the Reserve Bank instruction to them to launch legal proceedings including criminal action against wilful defaulters. In r...
Continue Reading... Category : Banking | Comments : 0 | Hits : 734
-
Posted Date : 26-Mar-2017 , 06:21:43 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma. In an interview to PTI, he said the auditor is gearing up to audit tax revenues under the new Goods and Services Tax (G...
Continue Reading... Category : CAG | Comments : 0 | Hits : 608
-
Posted Date : 26-Mar-2017 , 06:17:04 pm | Posted By CASANSAAR
The government has approved the restructuring of the apex policy making body for indirect taxes CBEC ahead of the transition to the Goods and Services Tax from 1July “The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC...
Continue Reading... Category : GST | Comments : 0 | Hits : 279
-
Posted Date : 26-Mar-2017 , 06:12:30 pm | Posted By CASANSAAR
The tax department will waive interest liability if the principal demand of capital gains tax is paid by companies like Cairn India and Vodafone plc. The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios. In ...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 306
-
Posted Date : 25-Mar-2017 , 10:10:35 am | Posted By CASANSAAR
The government is likely to table the four legislations for implementation of the goods and services tax in the Lok Sabha on Monday. The Union Cabinet already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing s...
Continue Reading... Category : GST | Comments : 0 | Hits : 736
-
Posted Date : 25-Mar-2017 , 09:59:39 am | Posted By CASANSAAR
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month: 1. With a decrease in tax rate from 10...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 4327
-
Posted Date : 25-Mar-2017 , 09:53:53 am | Posted By CASANSAAR
The Securities and Exchanges Board of India (SEBI) has started a preliminary probe into allegations against Multi Commodity Exchange, BSE Ltd. and National Stock Exchange made by an anonymous whistleblower. The same whistleblower had earlier flagged off the issue of preferential access to price feed...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 405
-
Posted Date : 25-Mar-2017 , 09:24:26 am | Posted By CASANSAAR
There could be about 100 officials of the income tax department across the country who have been on unauthorised leave and not reported to work for years. These officials, without resigning from the government, have either gone ahead with other ventures or have not reported to work after being se...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 526
-
Posted Date : 25-Mar-2017 , 09:18:31 am | Posted By CASANSAAR
The Competition Commission of India (CCI) has found Coal India Limited (CIL) and its subsidiaries to be in contravention of the provisions of Section 4(2)(a)(i) of the Competition Act, 2002 for imposing unfair/ discriminatory conditions in Fuel Supply Agreements (FSAs) with the power producers for s...
Continue Reading... Category : General | Comments : 0 | Hits : 375
-
Posted Date : 25-Mar-2017 , 09:17:25 am | Posted By CASANSAAR
Though the Benami Transactions (Prohibition) Act, 1988 has been on the statute book since more than 28 years, the same could not be made operational because of certain inherent defects. With a view to providing effective regime for prohibition of benami transactions, the said Act was amended through...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 1050
-
Posted Date : 25-Mar-2017 , 09:05:51 am | Posted By CASANSAAR
Securities and Exchange Board of India has banned Reliance Industries and 12 other entities from equity derivatives trading for one year. In an order issued yesterday, SEBI also directed the Mukesh Ambani-led firm to forfeit nearly 1,000 crore rupees for unlawful gains made through alleged fraudulen...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 281
-
Posted Date : 24-Mar-2017 , 09:02:44 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are i...
Continue Reading... Category : GST | Comments : 0 | Hits : 593
-
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR
The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016. ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1477
-
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR
The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April. Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1429
-
Posted Date : 24-Mar-2017 , 08:41:05 am | Posted By CASANSAAR
The Reserve Bank of india has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further. While UCO Bank also figures in the list, the name of the fourth lender could not b...
Continue Reading... Category : RBI | Comments : 0 | Hits : 812
-
Posted Date : 23-Mar-2017 , 09:48:33 am | Posted By CASANSAAR
The government plans to dissolve eight appellate tribunals immediately while also making enabling provisions in 17 legislation to bring amendments through notifications. The eight tribunals are being dissolved through the Finance Bill, 2017. The amendments also state that the central government w...
Continue Reading... Category : Finance Bill | Comments : 0 | Hits : 1178
-
Posted Date : 23-Mar-2017 , 09:42:32 am | Posted By CASANSAAR
Good news is in store for the Indian Railways. Reeling under massive financial losses, estimated to be at Rs 40,000 crore, the railways might be able to recover an estimated Rs 20 crore every day with its Vikalp scheme, which was launched nationwide on Wednesday. Under this scheme, wait-listed pa...
Continue Reading... Category : General | Comments : 0 | Hits : 811
-
Posted Date : 23-Mar-2017 , 09:13:27 am | Posted By CASANSAAR
The Lok Sabha on Wednesday signed off on Finance Bill 2017, ratifying the government’s tax proposals announced in the budget and also a small but significant package of reform initiatives directed at improving the ease of doing business and boosting anti-corruption initiatives undertaken by th...
Continue Reading... Category : Budget | Comments : 1 | Hits : 1603
-
Posted Date : 23-Mar-2017 , 09:08:24 am | Posted By CASANSAAR
Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following ...
Continue Reading... Category : GST | Comments : 0 | Hits : 287
-
Posted Date : 23-Mar-2017 , 09:05:09 am | Posted By CASANSAAR
Actor Shah Rukh Khan has to include notional rent from his Dubai villa in his income-tax return filed in India, the Income-tax Appellate Tribunal (ITAT) has ruled. Khan had submitted to the ITAT that under the India-UAE tax treaty, income from immovable property in Dubai would be liable to tax in...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 917
-
Posted Date : 23-Mar-2017 , 08:59:45 am | Posted By CASANSAAR
Action will "definitely" be taken against 9.29 lakh entities who have not responded to the Income Tax department's queries over cash deposited by them which did not match their income profile, the government asserted today. During the 50-day demonetisation period, 18 lakh enti...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 762
-
Posted Date : 22-Mar-2017 , 09:22:03 am | Posted By CASANSAAR
Delhi-based chartered accountancy (CA) student Shubham Maheshwari, who was missing for over a month, returned to his native place in Hathras on Monday night, police and his family confirmed. According to the police, their preliminary investigation revealed that Shubham had gone to Nepal on his ow...
Continue Reading... Category : CA | Comments : 0 | Hits : 5368
-
Posted Date : 22-Mar-2017 , 09:18:46 am | Posted By CASANSAAR
Continuing the clampdown on cash transactions, the Centre proposes to further tighten payment norms by capping cash transactions at Rs.2 lakh. “In the official amendment to the Finance Bill, 2017, the government has proposed that limit of Rs.3 lakh for cash transactions, beyond which it is ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 596
-
Posted Date : 22-Mar-2017 , 09:15:33 am | Posted By CASANSAAR
The Supreme Court on Tuesday directed the Centre to file a response to a plea challenging the Reserve Bank of India’s (RBI) refusal to accept demonetized Rs500 and Rs1,000 notes post 31 December, 2016. A bench headed by Chief Justice of India (CJI) J.S. Khehar gave the government two weeks ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 464
-
Posted Date : 22-Mar-2017 , 09:07:41 am | Posted By CASANSAAR
The government has proposed to make Aadhaar Card mandatory for filing ITRs or income tax returns and also applying for a Permanent Account Number (PAN). The proposal was made through an amendment to the Finance Bill 2017 moved by Finance Minister Arun Jaitley in the Lok Sabha. Besides being ne...
Continue Reading... Category : ITR | Comments : 2 | Hits : 999
-
Posted Date : 21-Mar-2017 , 09:12:54 am | Posted By CASANSAAR
Bank Branch Audit - Update on allotment of Branches Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval. Few Bank has received the final approval and will start the allotment process very soon. Plz check your email on regular basis....
Continue Reading... Category : Bank Branch Audit | Comments : 15 | Hits : 23829
-
Posted Date : 21-Mar-2017 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India has asked all prepaid payment licence holders who mostly issue mobile wallets to convert their minimum KYC (Know Your Customer) wallet accounts into full KYC account by June 30 of this year. It has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore f...
Continue Reading... Category : RBI | Comments : 0 | Hits : 463
-
Posted Date : 21-Mar-2017 , 07:42:25 am | Posted By CASANSAAR
Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace Union Government is committed to enhance the access to financial services to the population at large and...
Continue Reading... Category : Banking | Comments : 0 | Hits : 356
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- 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
