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  • Centre-State stalemate over GST jurisdiction continues
    Posted Date : 20-Nov-2016 , 07:21:28 pm | Posted By CASANSAAR

    Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST) regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock. Mr. Jaitley’s informal meeting with state finance ministers...

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  • Income Tax Dept warns violators will face seven years in jail in case of suspect cash
    Posted Date : 20-Nov-2016 , 07:15:05 pm | Posted By CASANSAAR

    Warning people against depositing their unaccounted old currency in someone else’s bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years...

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  • RBI proposes Islamic Window in Banks
    Posted Date : 20-Nov-2016 , 07:05:48 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country. Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for l...

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  • No leakage of CA Final Direct Tax Laws paper - ICAI
    Posted Date : 20-Nov-2016 , 07:00:35 pm | Posted By CASANSAAR

    No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th November 2016. Our attention has been drawn to some unfounded reports in social media on alleged leakage of question paper relating to Direct Tax Laws, Paper 7 of CA Final Examination held on 13...

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  • Income Tax Department sends notices over Suspicious Bank deposits
    Posted Date : 19-Nov-2016 , 09:33:16 pm | Posted By CASANSAAR

    The Income Tax Department has issued hundreds of notices demanding to know sources of the suspiciously large sums of cash deposited in banks, as the central government tries to tie the loose ends of their anti-black money drive more than a week after they announced they were doing away with old high...

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  • Centre conducts sensitisation seminar on GST
    Posted Date : 19-Nov-2016 , 09:28:24 pm | Posted By CASANSAAR

    Racing against time to meet GST deadline, the Centre today held a sensitisation workshop for over 400 officials on the new indirect tax regime which Cabinet Secretary P K Sinha described as moving away from tax exemptions to seamless flow of credit and tax payments. The workshop, held a day befor...

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  • ICAI not in favour of foreign firms in audit services sector
    Posted Date : 18-Nov-2016 , 10:38:55 pm | Posted By CASANSAAR

    The government  said the Institute of Chartered Accountants of India (ICAI) has not supported the opening up of audit service sector to foreign firms.  ICAI is the apex body of chartered accountants in the country. In a written reply to the Lok Sabha, Minister of State Arjun Ram Megh...

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  • Banks Tomorrow Will Not Swap Old Notes For New, Except For Seniors
    Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR

    Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut. "After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...

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  • FinMin warns people against parking black money in others' accounts
    Posted Date : 18-Nov-2016 , 10:17:47 pm | Posted By CASANSAAR

    Seeking to close all the gaps for people to turn their black money into white, the Finance Ministry on Friday warned those who are using others' accounts to hoard their cash, and that the person allowing his or her account to be misused is also liable for prosecution. "Tax evasion activi...

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  • Several banks slash FD rates by up to 1% after surge in deposits
    Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR

    Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation. Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent.&nbsp...

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  • Over 8,100 defaulters owe Rs 76,685 cr to banks
    Posted Date : 18-Nov-2016 , 10:04:34 pm | Posted By CASANSAAR

    Public sector banks (PSBs) have reported 16 per cent rise in number of wilful defaulters at 8,167 who collectively owe them Rs 76,685 crore at the end of March 2016. As against the previous year, there is 16 per cent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the ...

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  • Cannot disclose details on release of new Rs 500 notes - RBI
    Posted Date : 18-Nov-2016 , 05:53:38 pm | Posted By CASANSAAR

    The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons. The submission was made by the counsel for RBI on a petition seeking a direction to the R...

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  • Long queues outside banks a 'Serious Issue' - SC
    Posted Date : 18-Nov-2016 , 05:51:06 pm | Posted By CASANSAAR

    The Supreme Court today dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising R...

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  • Transactions in relation to which quoting PAN is Mandatory
    Posted Date : 18-Nov-2016 , 08:17:22 am | Posted By CASANSAAR

    The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The list un...

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  • Sebi eases PAN verification process for FPIs
    Posted Date : 18-Nov-2016 , 08:11:30 am | Posted By CASANSAAR

    To ease the PAN verification process at the time of account-opening of FPIs, markets regulator Sebi today said intermediaries can verify the PAN of FPIs online through a website authorised by the Income Tax department.  However, FPIs would have to provide the copy of the PAN card to their in...

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  • Mandatory to quote PAN for Rs 2.5L deposits: CBDT
    Posted Date : 18-Nov-2016 , 08:04:16 am | Posted By CASANSAAR

    Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said. Quoting PAN is mandatory for cash deposit of over Rs 50,000 in a single day in scheduled or a cooperative bank. The ...

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  • Govt allows dispensing cash through debit card from selected petrol pumps
    Posted Date : 18-Nov-2016 , 07:54:52 am | Posted By CASANSAAR

    The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at some selected IOCL, BPCL and HPCL petrol pumps. The initiative has been launched by the public sector oil companies in association with State Bank of India to ease the burden on banks and ATMs.  The facility...

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  • Centre moves SC to stay proceedings against demonetisation
    Posted Date : 17-Nov-2016 , 05:26:56 pm | Posted By CASANSAAR

    The Supreme Court today agreed to hear a fresh plea of Centre seeking a stay on the proceedings before various high courts and other courts except the apex court against its decision to demonetise high denomination currency notes of 500 and 1,000. The bench agreed to the contention of Attorney Ge...

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  • Relief for farmers, families celebrating weddings, Govt issues guidelines on withdrawal norms
    Posted Date : 17-Nov-2016 , 05:23:35 pm | Posted By CASANSAAR

    In a breather for farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government ha...

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  • Income Tax lens on current account deposits over Rs 12.5 lakh
    Posted Date : 17-Nov-2016 , 08:27:53 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) amended rules in the Income Tax Act and asked banks to furnish a statement of financial transaction in one or more current accounts of a person for cash deposits of Rs 12.5 lakh and above between November 9 and December 30. The CBDT's notification on N...

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  • Jewellery shops remain shut for 6th day after alleged reports of tax evasion
    Posted Date : 17-Nov-2016 , 08:21:26 am | Posted By CASANSAAR

    Gold and jewellery establishments in the national capital remained shut for the 6th day on Wednesday after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion due after the government's demonetization move. The government last wee...

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  • Income Tax department notices to charitable, religious organisations
    Posted Date : 17-Nov-2016 , 08:18:21 am | Posted By CASANSAAR

    The Income Tax department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption.  The organisations have been asked to inform the department about their cash balances as of 8th of this month when the government demonetised 500 and 1,00...

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  • Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
    Posted Date : 17-Nov-2016 , 08:17:31 am | Posted By CASANSAAR

    In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.  The apex bank said this in a notification with ...

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  • SBI collects Rs 1,14,139-cr in deposits in last 7 days
    Posted Date : 17-Nov-2016 , 08:11:29 am | Posted By CASANSAAR

    State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes. The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here ...

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  • Union Budget 2017 to be presented on February 1
    Posted Date : 16-Nov-2016 , 05:29:28 pm | Posted By CASANSAAR

    The Union Budget will now be an early affair as the government has decided to present it on February 1. This announcement has come just a day before the start of the winter session of Parliament, to be held from November 16 to December 16, which is generally convened in the 3rd or 4th week of Novemb...

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  • 3 legislations related to GST bill in government's 'to do' list
    Posted Date : 16-Nov-2016 , 10:45:51 am | Posted By CASANSAAR

    Amid indications of a stormy winter session in Parliament, the government has listed its legislative agenda which includes bills for rollout of goods and services tax (GST), maternity benefit (amendment) and the surrogacy regulation. The government is keen to push the passage of the three legisla...

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  • ICAI Press Release on Sting Operation carried out by Aaj Tak News Channel
    Posted Date : 16-Nov-2016 , 10:29:22 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) welcomes the historic decision of Government of India to fight against Corruption, Black Money, Terrorism and counterfeit Currency. This is a giant leap towards creating a clean and corruption-free economy. The Demonetisation drive declared by t...

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  • ICAI to take strict action against two erring members
    Posted Date : 16-Nov-2016 , 10:25:21 am | Posted By CASANSAAR

    Chartered accountants' apex body ICAI today said it will initiate disciplinary proceedings against two of its members who reportedly offered to convert black money by charging hefty commissions.  The Institute of Chartered Accountants of India (ICAI) has issued showcause notices to the t...

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  • Banks may hire retired staff to deal with cash rush
    Posted Date : 16-Nov-2016 , 10:06:44 am | Posted By CASANSAAR

    The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff. In a letter written to Indian Banks' Association (IBA), the financial services department of the financ...

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  • SC refuses to stay Govt's demonetisation notification
    Posted Date : 15-Nov-2016 , 02:27:18 pm | Posted By CASANSAAR

    Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience. "We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chand...

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