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  • States to bear cost of filing tax returns, payments under GST
    Posted Date : 07-Sep-2016 , 10:50:14 am | Posted By CASANSAAR

    Every tax payment and return filing under the goods and services tax (GST) regime will cost around Rs.50-60, but traders will not have to bear this cost. Instead, the states will bear this cost as they try to protect the trader base from higher costs and ensure a smooth transition to the GST regi...

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  • Study Group for Examining the Desirability and Feasibility of having a New Financial Year - ICAI
    Posted Date : 06-Sep-2016 , 07:53:12 am | Posted By CASANSAAR

    Council Affairs/M-626/2016                                                                   5th September, 2016   ALL MEMBERS O...

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  • SIT asks RBI to share black money data with government agencies
    Posted Date : 06-Sep-2016 , 07:51:26 am | Posted By CASANSAAR

    The special investigation team (SIT) on black money has asked the Reserve Bank of India (RBI) to develop an institutional mechanism, in consultation with the revenue department, to share export-import and foreign exchange (forex) transaction information with investigative agencies, to curb illicit f...

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  • IDS 2016 – Government issues Clarifications in the form of Sixth Set of FAQs
    Posted Date : 06-Sep-2016 , 07:39:12 am | Posted By CASANSAAR

    The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations up to 30.9.2016. The Income Declara...

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  • Urjit Patel assumes charge as new RBI Governor
    Posted Date : 06-Sep-2016 , 07:37:39 am | Posted By CASANSAAR

    Urjit Patel who took over as the 24th Governor of Reserve Bank will have a tough task in maintaining the legacy of his predecessor, Raghuram Rajan, and balance the need to contain inflation without hurting growth. Patel assumed charge effective September 4, 2016, after serving as deputy governor ...

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  • Services growth hits three-and-a-half years high
    Posted Date : 05-Sep-2016 , 04:30:58 pm | Posted By CASANSAAR

    Services sector growth touched the highest level in over three-and-a-half years, driven by new business orders amid improved market conditions. Nikkei India Services Purchasing Managers' Index (PMI), which tracks changes in activity at services sector companies on a monthly basis, stood at 54.7 ...

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  • Rajasthan Assembly ratifies GST Bill
    Posted Date : 02-Sep-2016 , 06:09:11 pm | Posted By CASANSAAR

    Rajasthan Assembly today unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by parliament. Speaking on the resolution, Chief Minister Vasundhara Raje said that the GST will have a very positive impact and states including Rajasthan will get advantages. ...

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  • Small traders to be exempted from GST
    Posted Date : 02-Sep-2016 , 02:06:55 pm | Posted By CASANSAAR

    Small trading having an annual turnover up to Rs 25 lakh will be exempted from goods and services tax and the Centre and states are likely to agree to this limit, Revenue Secretary Hasmukh Adhia said on Thursday. "There will be an exemption limit for small traders and the...

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  • Firms were made to deposit service tax under COERCION - HC
    Posted Date : 02-Sep-2016 , 08:35:31 am | Posted By CASANSAAR

    In a strong order against central excise authority, Delhi High Court asked it to refund the service tax amount paid by three travel portals soon, observing that these firms were made to deposit the money under "coercion and duress" through the "unwarranted" arrest of some of thei...

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  • RBI allows banks to sell stressed assets to NBFCs, other lenders
    Posted Date : 02-Sep-2016 , 08:13:11 am | Posted By CASANSAAR

    Banks can now sell their stressed assets to other lenders, non-banking financial companies and financial institutions in addition to distressed-asset buyers, a move the banking regulator said will speed up the resolution of bank bad loans. The Reserve Bank of India (RBI), in guidelines issued on ...

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  • Trade Union strike today likely to hit banking, transport
    Posted Date : 02-Sep-2016 , 08:09:47 am | Posted By CASANSAAR

    Essential services such as banking and public transport are likely to be hit on Friday as trade unions go on a nationwide strike to protest the government's alleged "indifference" to their demand for better wages and "anti-worker" changes in labour laws. Railway services will...

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  • GST bill can now go for Presidential assent - FM
    Posted Date : 02-Sep-2016 , 08:05:37 am | Posted By CASANSAAR

    Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation, Finance Minister Arun Jaitley said. With Odisha approving the constitution amendment at a special assembly session today, 50 per cent of the states have ratifi...

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  • Chartered accountants drag Cost accountants to Court
    Posted Date : 01-Sep-2016 , 08:30:14 am | Posted By CASANSAAR

    Chartered accountants have dragged charging the latter with trying to 'misrepresent' themselves as chartered accountants, and attempting to misappropriate the reputed acronym ICAI (Institute of Chartered Accountants in India). Justice M Sathyanarayanan, before whom the writ petition filed...

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  • CBDT issues circular endorsing validity of e-declarations
    Posted Date : 01-Sep-2016 , 08:07:07 am | Posted By CASANSAAR

    The CBDT has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration Scheme (IDS). With only a month left for the IDS to close on September 30, the Central Board of Direct Taxes (CBDT) said for those en...

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  • SEBI suspects money laundering by brokers in NSEL scam
    Posted Date : 01-Sep-2016 , 08:01:18 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) has come across fresh evidence indicating that as many as five brokers might have used the 'exchange mechanism' to launder money in the Rs 5,574-crore National Spot Exchange (NSEL) scam, according to the audit report submitted to it. The...

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  • CBDT issues closure of financial accounts of Income-tax rules
    Posted Date : 01-Sep-2016 , 07:55:10 am | Posted By CASANSAAR

    The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August, 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain the self-certification and carry-out due diligence pr...

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  • Goa Assembly ratifies GST Bill
    Posted Date : 31-Aug-2016 , 04:33:56 pm | Posted By CASANSAAR

    With this, 50 per cent of States have passed the Bill, paving way for the presidential assent, Chief Minister Laxmikant Parsekar said. The Goa Legislative Assembly on Wednesday unanimously passed a resolution ratifying the amendments to the Constitution to pave way for the presidential assent to ...

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  • Cabinet approves grant of Permanent Residency Status for Foreign Investors
    Posted Date : 31-Aug-2016 , 02:16:43 pm | Posted By CASANSAAR

    The Union Cabinet has approved the scheme for grant of Permanent Residency Status (PRS) to foreign investors subject to the relevant conditions in the FDI Policy notified by the Government from time to time. The scheme is expected to encourage foreign investment in India and facilitate Make in India...

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  • SBT-SBI merger: Kerala HC issues notice to finance ministry, RBI
    Posted Date : 31-Aug-2016 , 07:36:50 am | Posted By CASANSAAR

    The Kerala high court on Tuesday issued notice to the Union finance ministry, the Reserve Bank of India (RBI), State Bank of India (SBI), State Bank of Travancore (SBT) and the state government on a petition filed against the move to acquire SBT by SBI. A division bench comprising acting chief ...

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  • Income Tax Assessing Officers Asked To Share Email ID, Phone Number
    Posted Date : 31-Aug-2016 , 07:30:30 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has directed the income tax assessing officers (AO) to mention their email IDs and telephone numbers in all the notices issued by them to the taxpayers, after several assesses complained to it that they were unable to communicate with taxman over the internet...

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  • Sikkim Assembly ratifies GST Bill
    Posted Date : 30-Aug-2016 , 08:26:12 pm | Posted By CASANSAAR

    Sikkim today ratified the Constitution Amendment Bill on Goods and Services Tax (GST), becoming the 12th state to have passed the landmark tax reform. Eleven states -- Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra and Nagaland, have ...

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  • CBDT signs 20 Unilateral Advance Pricing Agreements with Indian taxpayers
    Posted Date : 30-Aug-2016 , 08:23:00 pm | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) entered into twenty (20) Unilateral Advance Pricing Agreements (APAs) yesterday and today, i.e., 29th August, 2016 and 30th August, 2016, with Indian taxpayers. Many of these agreements also have a “Rollback” provision in them.  The APA Sc...

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  • Telangana ratifies GST Bill
    Posted Date : 30-Aug-2016 , 05:23:14 pm | Posted By CASANSAAR

    The Telangana Legislative Assembly and Legislative Council have unanimously passed a resolution giving their nod to the proposed Amendment to the Constitution to pass the GST (Goods and Service Tax) bill. Telangana has become the tenth State to ratify the Bill. A special session of the two Hou...

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  • Nagaland Assembly Passes GST Bill
    Posted Date : 30-Aug-2016 , 05:19:24 pm | Posted By CASANSAAR

    The Nagaland Legislative Assembly today ratified the Goods and Service Tax (GST) Constitution Amendment Bill. The bill was endorsed by the House by a voice vote following a brief discussion. Introducing the bill, Minister for Parliamentary Affairs Kiyanilie Peseyie said the revenue of the stat...

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  • Goods and services tax-18 per cent or above: States, Centre wrangle over ‘potential losses’
    Posted Date : 30-Aug-2016 , 04:48:55 pm | Posted By CASANSAAR

    If the current VAT rates across states is anything to go by, a possible move by the GST Council to peg the standard GST rate at around 18% could translate into at least nine states potentially losing out revenues   The government may have hinted at a more than 18 per cent rate for the propose...

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  • RBI Forecasts 7.6 percent GDP growth for this fiscal
    Posted Date : 30-Aug-2016 , 11:37:18 am | Posted By CASANSAAR

    Reserve Bank of India has said that the near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17. In its Annual Report 2015-16 released yesterday, RBI said a better than anticipated agricultural performance and the possibility ...

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  • Income Tax department to name and shame chronic crorepati defaulters
    Posted Date : 29-Aug-2016 , 11:57:43 pm | Posted By CASANSAAR

    As part of its ‘naming and shaming’ policy to curb tax evasion, the Income Tax Department may soon go on to publish names of even those taxpayers who have a ‘chronic’ default of Rs.1crore and above. Officials said the policy framework for putting the names of such e...

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  • Maharashtra, Haryana ratify GST Constitutional Amendment Bill
    Posted Date : 29-Aug-2016 , 11:48:08 pm | Posted By CASANSAAR

    Maharashtra Legislature has ratified the Goods and Services Tax (GST) Constitutional Amendment Bill. The proposal was unanimously passed by both the houses at a special one-day session held in Mumbai today. Earlier today, Maharashtra Finance Minister Sudhir Mungantiwar presented the Bill in state...

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  • 50% of states expected to approve GST by early September
    Posted Date : 29-Aug-2016 , 06:15:41 pm | Posted By CASANSAAR

    NEW DELHI: With half the state legislatures expected to ratify the Constitution amendment bill to roll out goods and services tax+ (GST) by early September, the Centre is now moving to the next stage — deciding on the contentious issue of fixing the rates — so that the ambitious reform i...

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  • Bilateral trade with India reaches USD 109 billion, it would get further boost from GST: US
    Posted Date : 29-Aug-2016 , 10:48:35 am | Posted By CASANSAAR

    US today said bilateral trade with India has reached USD 109 billion and it will get a further boost from new reforms including GST. US Commerce Secretary Ms. Penny Pritzker, who will be on a 3-day India visit from tomorrow, told PTI in an interview that travel and tourism and sub-national engagemen...

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