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Posted Date : 15-Dec-2016 , 08:22:57 am | Posted By CASANSAAR
He is an 18-year-old somewhere in India. Or so, he says. And he is part of Legion, the hacker group that has got India's attention after several high-profile email and Twitter hacks, and some extensive data dumps. On Wednesday evening, he shared with TOI a list of what he claims are email addres...
Continue Reading... Category : Chartered Accountant | Comments : 0 | Hits : 2232
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Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR
In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action. It said that post demonetisation announc...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 885
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Posted Date : 15-Dec-2016 , 08:07:03 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday gave its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of MoU between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman. The MoU w...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 544
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Posted Date : 15-Dec-2016 , 07:58:02 am | Posted By CASANSAAR
Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attit...
Continue Reading... Category : GST | Comments : 0 | Hits : 706
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Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR
Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 383
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Posted Date : 14-Dec-2016 , 09:26:09 am | Posted By CASANSAAR
The CA Institute has cause for cheer with the Veerappa Moily headed Standing Committee on Finance recommending that it was not in favour of establishing a separate regulator--independent of audit profession--for auditors. This stance of the Parliamentary Panel is being widely read as its veto for...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 404
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Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR
In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods. In instructions to the assessing officers, the Central Boar...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 889
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Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR
RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation. The Reserve Bank, in a notification issued today, said banks should "preserve ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 414
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Posted Date : 14-Dec-2016 , 08:46:23 am | Posted By CASANSAAR
RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago. "The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank a...
Continue Reading... Category : RBI | Comments : 0 | Hits : 343
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Posted Date : 13-Dec-2016 , 08:04:07 am | Posted By CASANSAAR
Following allegations of involvement in money laundering in the wake of demonetisation, the Reserve Bank on Monday quelled rumours stating that it has “not initiated any action” to cancel the licence of Axis Bank. Axis Bank had suspended 24 of its employees for allegedly breaking rule...
Continue Reading... Category : RBI | Comments : 0 | Hits : 325
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Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR
Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday. The raid was carried out by Crime Branch at the office of T&T law firm la...
Continue Reading... Category : Banking | Comments : 0 | Hits : 679
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Posted Date : 12-Dec-2016 , 09:14:55 am | Posted By CASANSAAR
The Income Tax Department is mulling a major educational drive to update professionals, taxpayers and representatives of trade bodies about the initiatives being taken by it with regard to online grievance redressal and e-filing of returns. The drive is aimed at updating stakeholders who have not be...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 387
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Posted Date : 12-Dec-2016 , 09:11:09 am | Posted By CASANSAAR
With the Centre and states again failing on Sunday to sort out contentious issue of dual control of assessees, the Goods and Services Tax (GST) rollout from April 1 next year is now looking virtually impossible. The 6th meeting of the all-powerful GST Council was slated to decide on dual control ...
Continue Reading... Category : GST | Comments : 0 | Hits : 385
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Posted Date : 10-Dec-2016 , 11:30:32 pm | Posted By CASANSAAR
A High Court is not a disciplinary authority and it is not its job to impose a punishment even if an employer hands down a "shockingly disproportionate" penalty to an errant employee, the Supreme Court has said. Holding that the power of awarding a particular penalty rested with the dis...
Continue Reading... Category : General | Comments : 0 | Hits : 352
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Posted Date : 10-Dec-2016 , 11:20:59 pm | Posted By CASANSAAR
Reserve Bank has directed all Scheduled Commercial Banks (SCBs) to upload the Know Your Customer or KYC data pertaining to new individual accounts opened on or after January 1, with Central KYC Records Registry. Besides, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 344
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Posted Date : 10-Dec-2016 , 08:14:33 am | Posted By CASANSAAR
December 9, 2016 ANNOUNCEMENT For attention of Members Demonetisation Policy announced by Government of India- An Advisory for Members As you may be aware, the ICAI has always been supportive of the bold initiatives taken by the Government in strengthening the economic growth of ...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1979
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Posted Date : 09-Dec-2016 , 08:26:50 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) vice-president Nilesh S Vikamsey on Thursday said the institute will take strict action against those 'putting the profession to shame'. His statement came in the backdrop of post-demonetisation crackdown by income tax department and enfo...
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Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts. “A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...
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Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR
Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means. Mr Jaitley also said,...
Continue Reading... Category : Banking | Comments : 0 | Hits : 602
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Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR
Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 683
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Posted Date : 08-Dec-2016 , 12:40:21 pm | Posted By CASANSAAR
In the series of regulatory forms - Form 6, Form 9, Form 101, Form 103 and Form 117 are currently available in the above links for ease of access of ICAI and its stakeholders. Members can authenticate and submit forms in online and offline mode using Digital Signature. Form 6 (Certificate of Prac...
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Posted Date : 08-Dec-2016 , 12:27:54 pm | Posted By CASANSAAR
Pronouncing its order on the sensitive issue, the HC said the triple talaq system practice in the Muslim community violates the rights of Muslim women. The court slammed All India Muslim Personal Law Board's stand of supporting triple talaq saying, "No Personal Law Board is above the Con...
Continue Reading... Category : General | Comments : 0 | Hits : 294
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Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR
On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges. Sources said the banks on the list have seen the l...
Continue Reading... Category : Banking | Comments : 0 | Hits : 4545
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Posted Date : 08-Dec-2016 , 08:38:09 am | Posted By CASANSAAR
The Standing Committee on Finance headed by Veerappa Moily has recommended that “justifiable relief” be extended to private companies and subsidiaries of foreign companies on the “auditor rotation” front. The “justifiable relief” should depend upon their capita...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 908
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Posted Date : 08-Dec-2016 , 08:28:49 am | Posted By CASANSAAR
Pinning hopes on quick resolution of the difficult issue of tax jurisdiction with States, Union Finance Minister Arun Jaitley has said that the Goods and Services Tax (GST) regime will be rolled out from April next year. Addressing the valedictory ceremony of Petrotech 2016 in New Delhi last even...
Continue Reading... Category : GST | Comments : 0 | Hits : 518
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Posted Date : 07-Dec-2016 , 10:07:57 pm | Posted By CASANSAAR
Public sector banks (PSBs) have written off Rs 1.54 lakh crore of bad loans between April 2013 and June 2016, Parliament was informed today. During 2013-14, all PSBs written off Rs 34,409 crore non-performing assets (NPAs). The amount increased further to Rs 49,018 crore in the following year. ...
Continue Reading... Category : NPA | Comments : 0 | Hits : 748
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Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR
The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...
Continue Reading... Category : Banking | Comments : 0 | Hits : 216
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Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR
Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation. Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1037
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Posted Date : 06-Dec-2016 , 09:54:19 pm | Posted By CASANSAAR
Justice Khehar, who will be sworn in on January 4, will hold the tenure for over seven months till August 27, 2017. Justice Jagdish Singh Khehar, who led the five-judge constitution bench in the Supreme Court which had struck down the controversial NJAC Act for appointment of judges, was on Tuesd...
Continue Reading... Category : General | Comments : 0 | Hits : 336
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Posted Date : 06-Dec-2016 , 09:07:58 am | Posted By CASANSAAR
A government appointed three-member panel looking into various issues related to audit firms has been given more time till January 15 to submit its report. The group, headed by TERI Chairman Ashok Chawla, was set up by the Corporate Affairs Ministry in September following representations fr...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 610
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