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  • Centre To Hold Majority Stake In GST Network
    Posted Date : 19-Sep-2016 , 11:08:31 pm | Posted By CASANSAAR

    The composition of Goods and Services Tax Network (GSTN), a private company tasked to create Information Technology infrastructure for GST, is under examination to give to the Centre majority stake in it. The government of India presently has 24.5 per cent stake in GSTN while state governments to...

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  • Govt working hard to implement GST: Cabinet Secretary
    Posted Date : 19-Sep-2016 , 11:04:33 pm | Posted By CASANSAAR

    Cabinet Secretary P K Sinha on September 17 said that government is working hard to implement the Good and Services Tax from 1st of April next year.  Mr Sinha was speaking at the Chief Secretaries' Conclave organised by industry chamber PHD in New Delhi. Terming the GST as a game changer...

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  • SEBI eases documentary requirement for transfer of securities
    Posted Date : 16-Sep-2016 , 07:15:29 am | Posted By CASANSAAR

    Easing the process of converting physical securities into demat form, markets regulator Sebi has given more flexibility on documentary requirement for the securities held in single name without a nominee. The move is aimed at making transmission of securities more efficient and investor friendl...

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  • Income Tax Department To Honour Honest Taxpayers
    Posted Date : 16-Sep-2016 , 06:56:51 am | Posted By CASANSAAR

    In a novel initiative revived after decades, the Central Board of Direct Taxes (CBDT) will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their income tax dues diligently over the years. CBDT, the apex the policy-making body of the Income Tax...

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  • IDS: I-T offices to be open till midnight on Sep 30
    Posted Date : 15-Sep-2016 , 10:15:02 pm | Posted By CASANSAAR

    The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their offices country-wide open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS).  "The last date for making decl...

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  • Govt says info under domestic black money scheme confidential
    Posted Date : 15-Sep-2016 , 10:12:05 pm | Posted By CASANSAAR

    Government today said information about those who declare their black money under the compliance window, ending September 30, will be kept confidential.  As regards concerns regarding confidentiality of the information filed under the scheme, it is reiterated that information contained in a ...

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  • PM directs officials to complete all steps much before April 1 for smooth roll out of GST
    Posted Date : 15-Sep-2016 , 10:07:57 pm | Posted By CASANSAAR

    Prime Minister Narendra Modi has directed officials to complete all steps much before 1st April next year for the smooth roll out of GST. Reviewing the preparedness for GST at a meeting yesterday, Mr Modi asked the officials to ensure that there is no slippage on date of implementation of GST. ...

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  • CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016
    Posted Date : 15-Sep-2016 , 02:18:15 pm | Posted By CASANSAAR

    Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from June 1, 2016 and can be availed upto 31st December, 2016. The scheme is available to the cases pending with the first ...

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  • SEBI re-constituted panel on disclosures, accounting standards
    Posted Date : 14-Sep-2016 , 09:24:46 pm | Posted By CASANSAAR

    Sebi has re-constituted its committee which advises the regulator on issues related to disclosure requirements and accounting practices for various entities in the securities market. The 17-member Committee on Disclosures and Accounting Standards will continue to be chaired by Tata Sons’ Di...

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  • Budget overhaul: FinMin readies presentation before PM
    Posted Date : 13-Sep-2016 , 08:12:32 pm | Posted By CASANSAAR

    The Indian finance ministry plans to make a presentation to the Prime Minister on the proposed overhaul of the Budget by shifting to outcome-based budgeting, and merger of rail with the general Budget. Bringing forward the Budget presentation date by a month to January end, scrapping the distinct...

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  • CBEC to be renamed as CBIT under GST regime
    Posted Date : 13-Sep-2016 , 10:23:55 am | Posted By CASANSAAR

    Apex indirect tax body CBEC will be renamed as the Central Board of Indirect Tax (CBIT) once the new national tax framework kicks in from April 1 next year, as per the draft dealing in GST organisational structure prepared by the Centre. Headed by a secretary-level officer, CBIT will implement th...

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  • Pay tax under dispute resolution scheme on time to get relief: CBDT
    Posted Date : 13-Sep-2016 , 10:13:56 am | Posted By CASANSAAR

    CBDT said assessees taking advantage of the Direct Tax Dispute Resolution Scheme, 2016, will be required to pay the taxes within the stipulated period to avail the relief under the scheme.  "The tax payable under the scheme should be paid to the credit of the government on or before the...

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  • Indirect tax up 27% in Apr-Aug; direct tax 15%
    Posted Date : 13-Sep-2016 , 09:50:48 am | Posted By CASANSAAR

    Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 per cent and direct taxes, 15.03 per cent. The total direct and indirect tax collections at the end of August stood at Rs 5.25 lakh crore, about a third of the Rs 1...

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  • Detail of GST Council and its Secretariat
    Posted Date : 12-Sep-2016 , 07:46:30 pm | Posted By CASANSAAR

    The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:     Creation of the GST Council as per Article 279A of the amended Constitution; Creation of the G...

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  • Cabinet approves process, formation and functioning of GST council
    Posted Date : 12-Sep-2016 , 07:34:41 pm | Posted By CASANSAAR

    The Union Cabinet today approved the process, formation and functioning of the Goods and Services Tax (GST) Council. The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates.  Pres...

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  • President hopes Govt will set up GST Council soon
    Posted Date : 10-Sep-2016 , 10:16:11 pm | Posted By CASANSAAR

    President Pranab Mukherjee on Saturday hoped the government will set up a Goods and Services Tax (GST) Council soon and reduce cascading effect of indirect taxes.  President was speaking at the centenary celeberations of Karur Vysya Bank in Chennai. The GST,has been ratified by 19-20 stat...

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  • I.Tax Dept asks declarants to hurry as blackmoney window nears end
    Posted Date : 10-Sep-2016 , 10:06:44 pm | Posted By CASANSAAR

    The Income Tax department on Saturday said those holding potential black money should hurry up and declare their stash funds under the one-time domestic compliance window as only 20 days are left for the Income Declaration Scheme (IDS) to close. “The Income Declaration Scheme closes on 30.0...

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  • Padma Awards Goes Public, Now Citizens Can Nominate Any Achiever
    Posted Date : 10-Sep-2016 , 11:03:23 am | Posted By CASANSAAR

    Any Indian can now recommend any achiever for the prestigious Padma Awards, with the government throwing open the nomination process to general public to make it transparent and curb the crony culture of influence and lobbying. The nominations can be made online but the nominators would be requir...

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  • ITR Due Date for tax payers whose accounts are required to be audited extended to 17 Oct.
    Posted Date : 09-Sep-2016 , 07:45:20 pm | Posted By CASANSAAR

    Due date for filing of Income tax returns by tax payers whose accounts are required to be audited under IT Act has been extended to 17th Oct. Authentic News. #casansaar(Tweet by Ministry of Finance)...

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  • 56% CAs admit presence of corporate tax evasion
    Posted Date : 09-Sep-2016 , 08:23:58 am | Posted By CASANSAAR

    In a first-of-its kind survey conducted among 95 chartered accountants across the state, 56% admitted to the existence of the malpractice of corporate tax evasion. The assessors cited multiple overlapping taxes, lack of prudent government spending and delays in getting tax refunds as the main reason...

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  • GST to spur overhaul of CA course syllabus
    Posted Date : 09-Sep-2016 , 08:18:33 am | Posted By CASANSAAR

    The implementation of the goods and services tax (GST) bill will call for major changes in the chartered accountancy (CA) syllabus. At least two tax papers of the course will see "big changes", the Institute for Chartered Accountants of India has said. As the GST bill has already been p...

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  • Banks can accept tax dues in cash under IDS: RBI
    Posted Date : 09-Sep-2016 , 08:15:56 am | Posted By CASANSAAR

    The Reserve bank of India (RBI) on Thursday directed banks to accept tax dues in cash under the domestic black money declaration scheme which closes on September 30. Under the Income Declaration Scheme, 2016, which came into effect on June 1, one can come clean by paying tax, penalty and cess totall...

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  • Arunachal Pradesh assembly ratifies GST bill to simplify taxation
    Posted Date : 09-Sep-2016 , 08:06:44 am | Posted By CASANSAAR

    Arunachal Pradesh on Thursday ratified Goods and Service Tax (GST) Bill to simplify the taxation by implementing single tax rates across the country. Deputy Chief Minister Chowna Mein, who also holds the finance portfolio, moved the resolution for ratification of the Constitution (One Hundred and Tw...

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  • CBDT launches 'e-nivaran' facility to resolve income tax grievances
    Posted Date : 08-Sep-2016 , 09:45:39 pm | Posted By CASANSAAR

    CBDT has launched the ambitious 'e-nivaran' facility for online redressal of taxpayers' grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public when it comes to complaints related to the I-T Department.  A...

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  • President has signed the 122nd Constitutional Amendment Bill on GST
    Posted Date : 08-Sep-2016 , 05:11:30 pm | Posted By CASANSAAR

    The much-awaited Goods and Services Tax now becomes a law with President Pranab Mukherjee signing the bill after 16 states ratified it.  The government plans to roll out the new indirect tax regime from April 1, 2017. GST, the biggest tax reform since Independence, will create uniform market...

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  • SEBI tightens norms for Promoters & Directors of delisting firms
    Posted Date : 08-Sep-2016 , 08:09:44 am | Posted By CASANSAAR

    Restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies Pending Fulfillment of Exit Offers to the Shareholders 1. In terms of section 21A of the Securities Contracts (Regulation) Act, 1956 (SCR Act) read with rule 21 of the Securities Contracts (Regulation) Rules, 19...

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  • No need to carry physical copy of DL / RC, Install DigiLocker app
    Posted Date : 07-Sep-2016 , 07:20:44 pm | Posted By CASANSAAR

    The government on Wednesday launched a new service through which a user can access their driving licence and registration certificate digitally and need not carry a physical copy all the time. The service was launched by Union Minister Nitin Gadkari and Ravi Shankar Prasad in New Delhi. This w...

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  • Have a stiff target for implementation of GST on April 1, 2017 - FM
    Posted Date : 07-Sep-2016 , 04:48:04 pm | Posted By CASANSAAR

    Finance minister Arun Jaitley said the implementation target of April 1, 2017 is stiff but the government would try to keep it.  "It a stiff target. We are running against time. We would like to give it a try, " Jaitley said in an interactive session at the India Summit organised b...

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  • SC asks states, UTs to upload FIRs on websites within 24 hours
    Posted Date : 07-Sep-2016 , 02:02:25 pm | Posted By CASANSAAR

    The Supreme Court on Wednesday directed all states and Union Territories to upload first information reports (FIRs) on their websites within 24 hours of registration at police stations. A bench comprising Justices Dipak Misra and C Nagappan, however, extended the time up to 72 hours for uploading...

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  • RBI asks IT assesses in national capital to pay advance dues
    Posted Date : 07-Sep-2016 , 10:58:22 am | Posted By CASANSAAR

    The Reserve Bank of India said there is a rush for remitting income tax dues at the Reserve Bank and other bank authorised to collect income tax towards the end of March/June/September/December is heavy. It becomes difficult for the RBI to cope up with the pressure of receipts although additional...

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