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  • Wrestler Sakshi Malik Wins India's First Medal in Rio Olympic
    Posted Date : 18-Aug-2016 , 12:15:00 pm | Posted By CASANSAAR

      On Thursday, India will wake up to the news that wrestler Sakshi Malik has defeated Kyrgyzstan's Aisuluu Tynybekova in Women's freesyle 58Kg wrestling, claiming India's first medal at the 2016 Rio Olympic Games. Malik defeated Tynybekova (8-5) in a nail-biting contest cont...

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  • Jharkhand ratifies Constitutional Amendment bill on GST
    Posted Date : 17-Aug-2016 , 09:01:30 pm | Posted By CASANSAAR

    Jharkhand Assembly voted unanimously to ratify the Goods and Services Tax, GST Bill. With this Jharkhand has become the third state after Assam and Bihar to ratify the GST Bill passed by the Parliament. AIR Correspondent reports that the proposal was introduced in the assembly by state Minister S...

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  • RBI penalises four co-operative banks for norms violations
    Posted Date : 17-Aug-2016 , 07:53:49 am | Posted By CASANSAAR

    The Reserve Bank on India (RBI) on Tuesday said it has imposed penalties of up to Rs 5 lakh on four co-operative banks for violation of norms. The central bank said it has imposed a monetary penalty of Rs 5 lakh on The Co-operative City Bank, Guwahati, for flouting know-your-customer ...

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  • Bihar Becomes First Non-NDA Govt To Ratify GST
    Posted Date : 16-Aug-2016 , 04:58:56 pm | Posted By CASANSAAR

    Bihar today became the first non-NDA state to ratify the Constitution Amendment Bill on GST after Chief Minister Nitish Kumar counted virtues of the tax reform. With all the major parties in the state including JD(U), RJD, Congress and BJP in favour of the tax legislation, the House approved the ...

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  • CBDT to acknowledge black money declarants by August-end
    Posted Date : 16-Aug-2016 , 07:46:21 am | Posted By CASANSAAR

    Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30. Since the government has extended the deadline for payment of tax and penalty under the Income Disclosure Scheme (IDS),...

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  • Petrol price cut by Rs 1/litre, diesel by Rs 2 a litre
    Posted Date : 16-Aug-2016 , 07:30:10 am | Posted By CASANSAAR

    Petrol price was on Monday cut by Rs 1 per litre and diesel by Rs 2 per litre, following a drop in international prices. Petrol will cost Rs 60.09 a litre in Delhi from midnight of August 15, as compared to Rs 61.09 a litre currently. On the other hand, diesel will cost Rs 50.27 per litre, as aga...

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  • RBI simplifies KYC norms for opening a bank accounts
    Posted Date : 15-Aug-2016 , 07:27:14 pm | Posted By CASANSAAR

    The six documents required for proof of identity are passport, driving licence, voter identity card, PAN card, Aadhaar card issued by UIDAI, and NREGA card. You need to submit any one of these documents. If these documents also contain your address details, then it would be accepted as proof of addr...

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  • PM assures middle class an end to tax terrorism
    Posted Date : 15-Aug-2016 , 07:06:14 pm | Posted By CASANSAAR

      Prime Minister Narendra Modi on Monday assured tax payers that he will remove the fear of taxman hounding them by ushering in accountability and answerability. “Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situati...

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  • Government notifies revised tax treaty with Mauritius
    Posted Date : 14-Aug-2016 , 09:58:59 am | Posted By CASANSAAR

    India has notified a landmark Protocol that has now amended an existing 33-year-old double taxation avoidance agreement (DTAA) between India and Mauritius. The notification of the Protocol on August 10 by the Indian side signifies the culmination of the entire process of amending the DTAA, putt...

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  • Bihar, Gujarat convene assembly sessions to ratify GST Bill
    Posted Date : 13-Aug-2016 , 10:28:55 pm | Posted By CASANSAAR

    The special session of Bihar Assembly will be held on 16th of this month to pass the Goods and Services Tax, GST Bill. The state cabinet has taken decision in this regard this evening. Chief Minister Nitish kumar chaired the meeting. The session will be for one day only. It may be noted that both...

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  • Modi govt asks state govts to ratify GST bill
    Posted Date : 13-Aug-2016 , 06:11:40 pm | Posted By CASANSAAR

    The NDA government today asked the State governments to ratify the GST bill in their respective Assemblies to enable early implementation of the legislation.  Speaking at a BJP party function in Bengaluru, Parliamentary Affairs Minister Anant Kumar congratulated Assam for becoming the first ...

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  • Delhi HC upholds service tax on food, drinks in AC hotels, restaurants
    Posted Date : 12-Aug-2016 , 10:40:23 pm | Posted By CASANSAAR

    The Delhi High Court on Friday, upheld the Centre’s decision to impose service tax on food and beverages served in air-conditioned restaurants and hotels across the country. A bench of Justices S Muralidhar and Najmi Waziri, however, held as “unconstitutional and invalid” the pr...

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  • No move to extend Income Disclosure plan deadline
    Posted Date : 12-Aug-2016 , 10:04:56 pm | Posted By CASANSAAR

    The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30. On a question whether the government has any plans to extend the IDS deadline, Minister of...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 273

  • Assam becomes the first state in the country to pass the GST Bill
    Posted Date : 12-Aug-2016 , 02:35:21 pm | Posted By CASANSAAR

      Finance Minister of Assam Himanta Biswa Sarma tweeted on Friday morning that Assam has become the first state to ratify the Goods and Services Tax (GST) constitution amendment Bill. It was the last day of Assam’s ongoing legislative assembly session, its...

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  • Customers will have zero liability in case of online fraud, says RBI
    Posted Date : 12-Aug-2016 , 02:25:13 pm | Posted By CASANSAAR

      Amid rise in cases of unauthorised electronic banking transactions, RBI Thursday proposed that customers will have no or zero liability in case of fraud being committed because of bank's negligence or third breach.  However, "where customer's own involvement is estab...

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  • BMC to tie-up with ICAI to clear irregularity in accounts
    Posted Date : 12-Aug-2016 , 02:04:29 pm | Posted By CASANSAAR

    Following allegations of discrepancies in its accounts and audit system, the Brihanmumbai Municipal Corporation (BMC) is all set to tie-up with the Institute of Chartered Accountants of India (ICAI) to review its accounting and audit procedures. Municipal commissioner Ajoy Mehta confirmed that th...

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  • Certification must for bank staff selling retail products - RBI
    Posted Date : 12-Aug-2016 , 07:38:48 am | Posted By CASANSAAR

    RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimise customer complaints. In cases where other financial sector regulators ha...

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  • GST Network to start collecting traders’ data for issuing tax IDs
    Posted Date : 12-Aug-2016 , 07:32:35 am | Posted By CASANSAAR

    The network that forms the information technology backbone of the goods and services tax (GST) will start a nationwide drive, in collaboration with state governments, to collect information on around eight million traders and issue them tax identification numbers (TIN) as India prepares to implement...

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  • GST rate should not be more than 18% - ICSI
    Posted Date : 11-Aug-2016 , 10:12:01 pm | Posted By CASANSAAR

    The Institute of Company Secretaries of India (ICSI) today said the GST rate should not be more than 18 per cent, otherwise it will cause rise in inflation. "If RNR is 19 per cent or more, then we may have inflation in near term. We feel that the ideal RNR rate for GST should be 18 per cent ...

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  • High Court stays disciplinary proceedings against CA
    Posted Date : 11-Aug-2016 , 07:38:05 am | Posted By CASANSAAR

      The High Court of Kerala has stayed disciplinary proceedings initiated by the Institute of Chartered Accountants of India against a member for exceeding the limit on the number of tax audits. Disposing a writ filed by Shaji Poulose, a Chartered Accountant practising in Malappuram Dist...

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  • Cabinet approves foreign investment in other Financial Services sector
    Posted Date : 10-Aug-2016 , 08:39:48 pm | Posted By CASANSAAR

    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to amend regulation for foreign investment in the Non- Banking Finance Companies (NBFCs).  The amendment in the existing Foreign Exchange Management (Transfer or Issue of Security by the Person Resident...

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  • Govt to set up committee to review e-commerce rules
    Posted Date : 10-Aug-2016 , 08:36:12 pm | Posted By CASANSAAR

    The government has decided to set up a committee to look into all issues including foreign direct investment norms pertaining to the fast growing e-commerce industry in the country. Official sources said, the committee will be headed by the NITI Aayog CEO. The other members in the panel will incl...

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  • CBDT constitutes committee to review media policy
    Posted Date : 10-Aug-2016 , 07:29:12 am | Posted By CASANSAAR

      CBDT has constituted a new committee to "review" the existing media policy for communicating the activities of the board and the income tax department to the public.  The nine-member committee has been created under Central Board of Direct Taxes member...

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  • SEBI launches e-payment mode for penalties
    Posted Date : 10-Aug-2016 , 07:27:40 am | Posted By CASANSAAR

      Markets regulator Sebi has introduced electronic mode for payment of penalties, disgorgement as well as settlement amounts. Currently, Sebi accepts payment through demand drafts.   The move would help in enabling ease of payment, the Securities and Exchange Board of&n...

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  • IT Dept Finds Unaccounted Wealth of Rs 130 Crore With AAP MLA
    Posted Date : 10-Aug-2016 , 07:21:15 am | Posted By CASANSAAR

    The Income Tax Department has found unaccounted income and investment worth Rs 130 crore with Aam Aadmi Party (AAP) MLA Kartar Singh Tanwar, sources said on Tuesday. The department has already seized unaccounted cash and jewellery of nearly Rs 1 crore from Tanwar and his brother. Tanwar has been ...

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  • ICAI Form Group for looking into the appointments/reappointments of statutory/internal auditors of various units of ICAI
    Posted Date : 10-Aug-2016 , 07:14:24 am | Posted By CASANSAAR

    No.M-626/2016                                                                                  ...

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  • ICAI form Group for finalizing the format of Fit & Proper Certificate to be issued to Indian CA Firms
    Posted Date : 10-Aug-2016 , 07:12:58 am | Posted By CASANSAAR

    No.M-626/2016                                                                                  ...

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  • Income Tax refunds of Rs 14,332 cr issued till Aug 5 this year
    Posted Date : 09-Aug-2016 , 06:48:01 am | Posted By CASANSAAR

    Income Tax refunds of Rs 14,332 crore have been issued this year till August 5, the Finance Ministry said. "The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore which includes 20.81 lakh refunds for AY 2016-17 (current year retu...

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  • Constitutional amendments on GST Bill made by RS, rectified by LS unanimously
    Posted Date : 08-Aug-2016 , 08:23:43 pm | Posted By CASANSAAR

    Lok Sabha, on Monday, unanimously passed the 122nd Constitutional Amendment Bill as amended by the Rajya Sabha with all 443 members voting in favour. AIADMK leader P.Venugopal led a walk out of party MPs after the party was not satisfied with Finance Minister Arun Jaitley's clarifications o...

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  • RBI launches 'Sachet' portal to check illegal money collection
    Posted Date : 08-Aug-2016 , 07:38:20 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) launched a portal to curb illegal collection of money by companies. This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits, said&...

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