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Posted Date : 18-Feb-2017 , 08:29:21 am | Posted By CASANSAAR
The income tax (I-T) department will issue follow-up letters to more than 1 million taxpayers who have failed to respond to its missives to explain high-value cash deposits in bank accounts between 9 November and 30 December. As part of Operation Clean Money, to begin with, the department had sen...
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Posted Date : 18-Feb-2017 , 08:26:46 am | Posted By CASANSAAR
Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau. Neelam Damodharan and Atanu Kumar Das have been appointed as EDs in Bank of India. Damodharan is General Manager in Bank of Baroda and Das is GM in Vijaya Bank. K Sw...
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Posted Date : 18-Feb-2017 , 08:25:26 am | Posted By CASANSAAR
Goods and Services Tax (GST) governing council will meet in Udaipur, Rajasthan today to give approval to GST Draft Law. Union Finance Minister Arun Jaitley will chair the meeing which will be attended by Finance Ministers of various states. AIR correspondent reports that the main agenda for...
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Posted Date : 16-Feb-2017 , 08:07:25 am | Posted By CASANSAAR
After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Ke...
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Posted Date : 16-Feb-2017 , 08:01:15 am | Posted By CASANSAAR
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks. However, no decision was taken on the proposal to also merge the Bharatiya M...
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Posted Date : 16-Feb-2017 , 08:00:13 am | Posted By CASANSAAR
The Income Tax department is developing an App that will soon allow assesses to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue Permanent Account Numbers, PAN to assesses within minutes by way of e-KYC authentication using Aadhaar. It will ...
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Posted Date : 15-Feb-2017 , 08:47:10 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is toying with the idea of introducing the concept of “temporary suspension” of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, said Nilesh Vikamsey, newly elected President. &l...
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Posted Date : 15-Feb-2017 , 08:30:54 am | Posted By CASANSAAR
High Court, Bombay No.: RG/1611/11/2017 NOTICE All the parties/litigants and public at large are hereby informed that they shall not take mobile phones, cameras or audio/video recording devices and shall not record anything using them inside the Court Halls. These articles shoul...
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Posted Date : 15-Feb-2017 , 08:23:55 am | Posted By CASANSAAR
The government has shared names of 34 chartered accountants (CAs) with the Institute of Chartered Accountants of India (ICAI) for investigation after the professionals were allegedly found to be involved in money laundering through shell companies during the demonetisation period, ICAI president Nil...
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Posted Date : 15-Feb-2017 , 08:19:04 am | Posted By CASANSAAR
The Reserve Bank of India wants banks to create a common pool of forensic audit firms so that they can pick one of them quickly whenever a high-value fraud needs to be investigated. This is aimed at ensuring that precious time is not lost in evaluating eligibility criteria of audit firms. This...
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Posted Date : 14-Feb-2017 , 07:59:37 am | Posted By CASANSAAR
The Income Tax Department today said ‘Operation Clean Money’ launched for e-verification of large cash deposits made during the period from November 9 to December 30 last year has received an overwhelming response with more than 5.27 lakh taxpayers submitting their response out of the 18...
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Posted Date : 14-Feb-2017 , 07:52:51 am | Posted By CASANSAAR
The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current...
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Posted Date : 14-Feb-2017 , 07:45:30 am | Posted By CASANSAAR
[TO BE PUBLISHED IN PART III, SECTION 4 OF THE GAZETTE OF INDIA, EXTRAORDINARY DATED, 9TH FEBRUARY, 2017] THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA New Delhi, the 9th February, 2017 NOTIFICATION No.1-CA(7)/179/2017:- In exercise of the powers conferred under sub-secti...
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Posted Date : 12-Feb-2017 , 10:26:16 pm | Posted By CASANSAAR
The Income Tax department has extended the date for replying to the queries on cash deposits during the demonetisation period till Wednesday. On 31st of last month, the tax department had launched 'Operation Clean Money' under which it had sent out SMS and e-mails to 18 lakh assessees in ...
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Posted Date : 12-Feb-2017 , 10:11:01 pm | Posted By CASANSAAR
New President & Vice-President of ICAI CA Nilesh S Vikamsey & CA Naveen ND Gupta elected as President & Vice President of ICAI for the F.Y. 2017 - 18. Many Many Congrats from the team of CASANSAAR. CA.Vivek Khurana (Founder - CASANSAAR) With Newly Ele...
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Posted Date : 12-Feb-2017 , 06:33:00 pm | Posted By CASANSAAR
Amid proposal to impose higher taxes on aerated drinks in the upcoming GST, beverages major Coca-Cola India says it will be beneficial for the sector if the government differentiates products within new indirect tax regime based on sugar/calorie content to promote public health. The Atlanta-headq...
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Posted Date : 11-Feb-2017 , 10:09:07 am | Posted By CASANSAAR
In a major crackdown on domestic shell companies, the government today decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes. Following a review by the Prime Minister's Office, a task force with members from regulator...
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Posted Date : 10-Feb-2017 , 11:13:54 pm | Posted By CASANSAAR
Finance Ministry on Friday informed a Parliamentary Committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10. According to sources, in its response to th...
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Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR
GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...
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Posted Date : 09-Feb-2017 , 08:05:38 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI will approach the government amid concerns over certain proposals under which action can be taken against members for certain violations. The Council of the Institute of Chartered Accountants of India (ICAI) has discussed the issues. "There ...
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Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR
The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...
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Posted Date : 06-Feb-2017 , 11:37:22 pm | Posted By CASANSAAR
The I-T department on Monday said companies that had a turnover of less than Rs 50 crore in 2015-16 will pay tax at the reduced rate of 25 per cent from April 1 even if they cross the threshold in 2016-17 or subsequent years. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said the inco...
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Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR
Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the income tax d...
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Posted Date : 06-Feb-2017 , 11:24:10 pm | Posted By CASANSAAR
The Supreme Court has attached Ambey Valley properties in Lonavala, Pune in connection with Sahara's default in paying the money to the market regulator, SEBI. A bench led by Justice Dipak Misra gave the direction after hearing from the counsel of Sahara and SEBI. It said, the propertie...
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Posted Date : 06-Feb-2017 , 09:14:37 am | Posted By CASANSAAR
ICAI have issued directions to the branches that Vice Chairman of the branch will be the Chairman of the Branch for the next following year Elevation of Vice Chairman of the Branch as the Chairman in the following year unless two-third of the members present vote to the contrary. The Managing ...
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Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR
In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1...
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Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR
In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh. The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...
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Posted Date : 03-Feb-2017 , 10:20:58 pm | Posted By CASANSAAR
Keen to rollout the Goods and Services Tax by July, the government plans to take the supporting legislations to Parliament next month, Finance Minister Arun Jaitley said today. While the all-powerful GST Council has already decided on a four-slab tax structure for the indirect tax regime, the lev...
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Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR
Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these. The Bill, to replace ...
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Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR
Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official. Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...
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