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  • GST Council to meet today to finalise supplementary legislations
    Posted Date : 04-Mar-2017 , 07:36:53 am | Posted By CASANSAAR

    The GST Council will meet today to finalise supplementary legislations during the second part of budget session of parliament, which will resume next week, so that the new regime is rolled out from 1st of July. This will be the 11th meeting of the Council, which comprises the Union finance Minister ...

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  • CA held guilty for failure to highlight suspicious book entries during audit
    Posted Date : 03-Mar-2017 , 02:44:03 pm | Posted By CASANSAAR

    Suffice it to highlight that in paras 26 and 27 of the report the Committee highlighted the modus operandi adopted by PCL and AIL to form a loop with no cash flow coming in, but sales, stocks and receivables increases. The obligation of the auditor concerning transactions which are merely book entri...

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  • Model GST Bill to go for 20% peak tax, slabs intact for now
    Posted Date : 02-Mar-2017 , 07:18:34 pm | Posted By CASANSAAR

     The GST Council has proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future. The change in the peak rate will not alter the 4-slab rate ...

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  • Govt notifies law to make banned note possession punishable
    Posted Date : 02-Mar-2017 , 08:46:15 am | Posted By CASANSAAR

    The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000. The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a para...

    Continue Reading... Category : Black Money | Comments : 0 | Hits : 806

  • Govt set to prosecute 10 lakh shell companies for tax evasion
    Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR

    A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them. The special task force, with members from various central probe and enforcement agencies, has ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1078

  • Banks' bad loans could exceed Rs 20 Lakh Cr. - Ex RBI Dy Governor
    Posted Date : 01-Mar-2017 , 08:26:45 am | Posted By CASANSAAR

    The various projections of bad loans with the banking sector in India are only tips of the iceberg and the actual amount of problem assets of the banks could be more than thrice the figures put out bay banks and the banking sector regulator, says a former deputy governor of the Reserve Bank of India...

    Continue Reading... Category : NPA | Comments : 1 | Hits : 577

  • CBDT signs 10 more unilateral APAs with taxpayers
    Posted Date : 01-Mar-2017 , 08:16:20 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has signed 10 more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The 10 APAs signed in the past one week pertain to sectors like telecom, pharma, banking and ...

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  • Guidance Note on Audit of Banks 2017 edition issued by AASB - ICAI
    Posted Date : 01-Mar-2017 , 08:04:02 am | Posted By CASANSAAR

    The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition. For the benefit of the members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at the following links:   Guidance Note on Audi...

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  • RBI sets up panel to review cyber threats
    Posted Date : 01-Mar-2017 , 07:54:00 am | Posted By CASANSAAR

    The Reserve Bank announced setting up of the inter-disciplinary standing committee on cyber security to review the threats inherent in the existing and emerging technology. The 11-member committee will also study adoption of various security standards and protocols, interface with stakeholde...

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  • CA Vivek Khurana Elected as Vice Chairman of NIRC of ICAI
    Posted Date : 27-Feb-2017 , 08:05:18 am | Posted By CASANSAAR

    Many Many Congrats to CA Vivek Khurana (Founder - CASANSAAR) for being elected as Vice Chairman of Northern India Regional Council (NIRC) of ICAI for the year 2017 - 18. CA Rakesh Makkar has been elected as Chairman of NIRC of ICAI for the year 2017 - 18. (PIC - CA.Vivek Khurana - Vice Chair...

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  • DGFT wants GST Council to create an e-wallet facility to ease exporters fears
    Posted Date : 27-Feb-2017 , 07:48:16 am | Posted By CASANSAAR

    Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying th...

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  • Govt warns banks over non-acceptance of PMGKY tax
    Posted Date : 27-Feb-2017 , 07:42:18 am | Posted By CASANSAAR

    The Government has warned banks of “de-authorisation” of branches if they refuse to accept taxes under the amnesty scheme PMGKY, which ends on March 31. The Finance Ministry, in a communication to heads of banks which are authorised to accept deposits under the Pradhan Mantri Garib Ka...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 373

  • Bank Unions call for strike on 28th Feb.
    Posted Date : 27-Feb-2017 , 07:37:35 am | Posted By CASANSAAR

    Operations at public sector banks are likely to be disrupted on Tuesday as nine unions under the aegis of United Forum of Bank Unions (UFBU) have called for a strike to press for various demands, including top executives’ accountability in view of mounting bad loans in the sector.Most of the b...

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  • HSBC discloses tax evasion probes in India, other countries
    Posted Date : 27-Feb-2017 , 07:31:38 am | Posted By CASANSAAR

    Tax authorities in India and other countries are probing HSBC Bank, including its Swiss and Dubai offices, for allegedly abetting tax evasion by four Indians and their families, the multinational lender has disclosed. "Various tax administrations, regulatory and law enforcement authorities a...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 369

  • Freedom 251 phone maker Ringing Bells’ MD detained for fraud
    Posted Date : 24-Feb-2017 , 11:11:52 pm | Posted By CASANSAAR

    Mohit Goel, the Director of Noida-based company Ringing Bells which had announced Freedom251 smartphones at an astonishingly low price of Rs. 251 apiece, was detained on Thursday on allegations of fraud, police said. Mr. Goel has been detained after owner of Ghaziabad-based Ayam Enterprises filed...

    Continue Reading... Category : General | Comments : 0 | Hits : 403

  • Delhi CA student missing for seven days from Jewar
    Posted Date : 24-Feb-2017 , 08:55:45 am | Posted By CASANSAAR

    ​   A 23-year-old chartered accountancy student went missing on his way from Delhi to Hathras on February 18 and his family members are running from pillar to post to trace him. Family members suspect that the CA student, Shubham Mysori, has been kidnapped, but are clu...

    Continue Reading... Category : Students Zone | Comments : 0 | Hits : 893

  • SBI set to hire retired officials as concurrent auditors
    Posted Date : 24-Feb-2017 , 08:30:25 am | Posted By CASANSAAR

    Ahead of merger, State Bank of India   (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities. Concurrent audits are real-time examination of transactions to ensure accuracy, bank compliance, a...

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  • Government to issue Sovereign Gold Bonds 2016 -17 – Series IV
    Posted Date : 24-Feb-2017 , 08:17:09 am | Posted By CASANSAAR

    Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017. The Bonds will be issued on March 17, 2017. The Bonds will be sold through...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 721

  • Five Associate Banks to Merge with SBI from 1st April
    Posted Date : 23-Feb-2017 , 10:45:25 pm | Posted By CASANSAAR

    In the largest consolidation exercise in the banking history of India, all the five associate banks will merge with State Bank of India, SBI, from the first of April. The bank said in a regulatory filing that the assets of State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travanc...

    Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 631

  • CBEC launches app to provide updates to taxpayers on GST
    Posted Date : 23-Feb-2017 , 10:34:03 pm | Posted By CASANSAAR

    In step with the Government’s Digital India initiative, the Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax.              Taxpayers can readily access a host of GST informatio...

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  • India to be fastest growing economy among G-20 nations - Moody's
    Posted Date : 23-Feb-2017 , 10:19:27 pm | Posted By CASANSAAR

    India will be the fastest growing economy among G-20 countries clocking a 7.1 per cent growth in 2017, Moody's Investors Service said today. The Indian economy had slowed in the fourth quarter of 2016 due to the withdrawal of 86 per cent of the currency in circulation -- without an immediate ...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 239

  • Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
    Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR

    The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...

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  • No threat, show cause to be issued under Operation Clean Money - CBDT
    Posted Date : 22-Feb-2017 , 08:43:05 am | Posted By CASANSAAR

    The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban. The Central Board of Direct Taxes (CBDT), the policy-making body of t...

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  • CA Student goes missing from Noida
    Posted Date : 21-Feb-2017 , 07:28:48 am | Posted By CASANSAAR

    A 23-year-old chartered accountancy course student has been missing for the past two days, police said.  They said Shubam Maheshwari, who is from Hathras and a final year CA student in Delhi, went missing on Saturday after he left for his hometown from Anand Vihar bus terminal. Around 9.3...

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  • Government extends deadline for registering on GST portal
    Posted Date : 21-Feb-2017 , 07:17:42 am | Posted By CASANSAAR

    About1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date. The Delhi government is now preparing to bring out an advertisement to announce extension of the deadline for enrolment till March 15. The earlier deadline was D...

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  • Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
    Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR

    The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...

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  • RBI enhances cash withdrawal limit from Savings account to Rs 50,000
    Posted Date : 21-Feb-2017 , 06:45:28 am | Posted By CASANSAAR

    Reserve Bank has enhanced the cash withdrawal limit from Savings Bank Account to 50,000 rupees from the existing 24,000 rupees from 20th Feb. RBI has also said that all limits on cash withdrawals from Savings Bank Account will be withdrawn from 13th of next month. The Reserve Bank of India (RBI) ...

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  • Children's accounts to come under Income Tax scanner
    Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR

    Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.  Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...

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  • GST Council clears compensation Bill
    Posted Date : 19-Feb-2017 , 08:24:47 pm | Posted By CASANSAAR

    The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. ...

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  • CA Sunil Mehta appointed non-executive Chairman of PNB
    Posted Date : 18-Feb-2017 , 08:36:15 am | Posted By CASANSAAR

    Punjab National Bank (PNB) has a new non-executive Chairman in CA.Sunil Mehta. The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services (DFS) for the appointment of Mehta as non-executive Chairman of PNB, official sources said. He has be...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 727

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