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Posted Date : 08-Aug-2016 , 07:32:14 am | Posted By CASANSAAR
The Delhi high court’s Division Bench comprising Justices S. Muralidhar and Vibhu Bakhru today dismissed challenges by liquor manufacturers’ associations to the levy of service tax by the Central Government on those who manufacture alcoholic liquor on job work basis. The central thrus...
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Posted Date : 07-Aug-2016 , 01:34:45 pm | Posted By CASANSAAR
The CBI has been made the nodal authority for banks to report high value frauds worth over Rs 50 crore in public sector banks. The move comes after Reserve Bank of India (RBI) noticed that banks do not have a focal point for filing complaints with the CBI. As a result, the investigative agency ...
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Posted Date : 07-Aug-2016 , 01:29:09 pm | Posted By CASANSAAR
The government may have to amend the SEZ Act 2005 to align it with the Goods and Services Tax (GST) law so that central excise and service tax benefits can be extended to developers and entrepreneurs. The Commerce Ministry is in the process of preparing a note on the changes required in the Speci...
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Posted Date : 06-Aug-2016 , 07:00:44 am | Posted By CASANSAAR
Refund claims worth Rs 1.23 lakh crore are pending with the Income Tax Department as on March 31, the government on Friday said. "As on March 31, 2016, refund claims of above Rs 10 lakh are pending only in 57,783 cases for various assessment years, involving a total amount of Rs 1,23,335 cro...
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Posted Date : 06-Aug-2016 , 06:51:41 am | Posted By CASANSAAR
The government today said, Reserve Bank has been reviewing its policy to promote cashless transaction by electronic mode, which is safe, secure and convenient. In a written reply in Lok Sabha, the Minister of State for Finance Santosh Kumar Gangwar said, according to RBI there has been a ma...
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Posted Date : 05-Aug-2016 , 01:45:57 pm | Posted By CASANSAAR
The GST Bill, which was passed by the Rajya Sabha on Wednesday, is likely to be tabled in the Lok Sabha on August 8 for which the BJP has issued a whip to its members in the Lower House to ensure its smooth passage. The whip issued by the ruling party today has asked its members to be present in ...
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Posted Date : 04-Aug-2016 , 09:48:11 pm | Posted By CASANSAAR
Respected Members, We would like to aware you that there are some fake agencies who mail you the Job Appointment/Offer Letters in the name of some reputed companies and ask for some handsome amount from you (as a refundable security amount). And It will seem to you in a way t...
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Posted Date : 04-Aug-2016 , 07:33:43 pm | Posted By CASANSAAR
To curb illegal and unauthorised pooling of funds by unscrupulous firms, Reserve Bank today launched a website, which will help people obtain information about entities allowed to collect deposits. Launching the portal -- sachet.rbi.org.in -- RBI Governor Raghuram Rajan said that initiating quick...
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Posted Date : 04-Aug-2016 , 07:31:58 pm | Posted By CASANSAAR
The Government has set the target of 1st April next year for roll out of the Goods and Services Tax, GST. Addressing a press conference in New Delhi, Finance Minister Arun Jaitley today unveiled a detailed road map for GST implementation. He said that government is aiming for an optimal ...
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Posted Date : 04-Aug-2016 , 07:19:59 am | Posted By CASANSAAR
Following are the answers to the various frequently asked questions relating to GST: Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and serv...
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Posted Date : 03-Aug-2016 , 09:29:53 pm | Posted By CASANSAAR
After an over seven hour-long debate, the Rajya Sabha today passed the long-pending Goods and Services Tax (GST) which is being described as the country's most transformative tax reform in decades. Barring All India Anna Dravida Munnetra Kazhagam (AIADMK) most other parties supported t...
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Posted Date : 03-Aug-2016 , 08:49:11 pm | Posted By CASANSAAR
Union Cabinet today gave its approval to Motor Vehicle (Amendment) Bill 2016 to improve road safety in the country. The bill proposes to increase penalties against traffic violations to as deterrent measure. It also has stricter provisions for offences like juvenile driving, drunken driving...
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Posted Date : 02-Aug-2016 , 07:36:56 pm | Posted By CASANSAAR
The government has circulated official amendments to the GST bill to drop 1 per cent additional tax and include a definite provision in the statute for compensating states for revenue loss for 5 years as it gears up to discuss the long-pending bill in the Rajya Sabha tomorrow. Under the modified ...
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Posted Date : 02-Aug-2016 , 02:20:51 pm | Posted By CASANSAAR
CA IPC May 2016 Exams Result has been announced by ICAI. The Detail of percentage of candidates passed in the above said examinations are given below. Candidates Applied For No. Of Candidates Appeared No. Of Candidates Passed % Of Pass I ...
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Posted Date : 01-Aug-2016 , 09:48:39 pm | Posted By CASANSAAR
The long-pending GST Bill was today listed for consideration and passage in Rajya Sabha on Wednesday amidst strong indications that the most far-reaching taxation reform in independent India would be supported by Congress and all other major political parties. The Goods and Services Tax (GST) Bil...
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Posted Date : 01-Aug-2016 , 09:45:23 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday released the much-awaited guidelines for 'on tap' universal banking licence, but excluded large industrial houses as eligible entities from the purview, though they can invest in banks up to 10 per cent. As per the "Guidelines for 'on tap'...
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Posted Date : 01-Aug-2016 , 09:38:14 pm | Posted By CASANSAAR
The Lok Sabha on Monday passed a law empowering banks to take possession of collateral in the case of loan default, except for farm land, while Finance Minister Arun Jaitley promised a compassionate view on education loans. He ruled out any waiver in the event of e...
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Posted Date : 31-Jul-2016 , 06:31:08 pm | Posted By CASANSAAR
Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperson with incumbent Atulesh Jindal retiring today. Nair, a 1979-batch Indian Revenue Service officer of the Income-Tax cadre, is currently working as Member (Legislation and Computerisation) in the Centra...
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Posted Date : 29-Jul-2016 , 08:24:38 pm | Posted By CASANSAAR
The government has extended the last date for filing income tax returns, Press Trust of India reported. Revenue Secretary Hasmukh Adhia said the last date for filing income tax returns has been extended to August 5, 2016, the agency said. Generally, July 31 is the last date for filing income t...
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Posted Date : 29-Jul-2016 , 09:29:22 am | Posted By CASANSAAR
Sending a stern warning of disciplinary action against tax officials who passed a resolution against Department of Revenue last week, the finance ministry has said it’s an act of insubordination and that no government department has absolute autonomy. “Finance minister Arun Jaitley ha...
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Posted Date : 29-Jul-2016 , 09:18:27 am | Posted By CASANSAAR
In this year’s Budget, central excise duty of 1% without input and capital goods tax credit or 12.5% with credit was imposed on articles of jewellery falling under heading 7113 of the First Schedule to the Central Excise Tariff 1985. Subsequent to that, the Government had set up a Sub-Committe...
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Posted Date : 29-Jul-2016 , 09:16:16 am | Posted By CASANSAAR
Normal banking operations may take a hit today as public sector bank employees will go on strike to protest against proposed merger of associate banks with SBI and banking reforms announced by the government. The United Forum of Banks Unions, an umbrella organisation of nine bank employees and offic...
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Posted Date : 27-Jul-2016 , 10:37:55 pm | Posted By CASANSAAR
Seeking to check black money, Lok Sabha on Wednesday passed a comprehensive Benami Transactions Amendment Bill, with Finance Minister Arun Jaitley assuring that genuine religious trusts will be kept out of the purview of the legislation. Moving the Benami Transactions (Prohibition) Amendment Bill...
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Posted Date : 27-Jul-2016 , 09:59:08 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange. The Cabinet has also...
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Posted Date : 27-Jul-2016 , 09:50:39 pm | Posted By CASANSAAR
In a major crackdown for FEMA violations and KYC lapses, the RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines. On the basis of inputs received ...
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Posted Date : 27-Jul-2016 , 09:49:31 pm | Posted By CASANSAAR
Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes. The one-time offer to settle tax issues by waiving of interest and penalty, if the companies paid up the principal tax amount, had opened on June 1 t...
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Posted Date : 27-Jul-2016 , 09:47:58 pm | Posted By CASANSAAR
Union Cabinet today approved amendment in Goods and Services Tax Bill and dropped one percent additional tax on inter-state sales as proposed in the current bill. Sources said, the Cabinet also agreed to include the mechanism of compensating states for all loss of revenue for five years in the bi...
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Posted Date : 27-Jul-2016 , 08:49:12 am | Posted By CASANSAAR
The Lok Sabha on Monday passed the Child Labour (Prohibition and Regulation) Amendment Bill, 2016, despite opposition by several MPs. The Bill, passed by the Rajya Sabha on July 19, was put to a clause-by-clause vote following a five-hour-long discussion in which 37 MPs spoke with several, includ...
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Posted Date : 26-Jul-2016 , 10:55:51 pm | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May, 2016 is likely to be declared on Tuesday, the 2nd August 2016 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the ...
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Posted Date : 26-Jul-2016 , 10:48:55 pm | Posted By CASANSAAR
RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms. UCO Bank in a BSE filing said that the Reserve Bank has "imposed a penalty" of Rs 2 crore on it on account of "few lapses in adhe...
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