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  • Centre, states make headway on key GST issues
    Posted Date : 26-Jul-2016 , 10:41:56 pm | Posted By CASANSAAR

    Making headway on the long- pending GST Bill, the Centre and States today agreed on the principle that the tax rate will be lower than the current levels even as the broad consensus emerged that the rate should not be part of the statute. A meeting of the Empowered Committee of State Finance Mini...

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  • CBDT issues draft rules for taxing buy back of unlisted shares
    Posted Date : 26-Jul-2016 , 08:25:19 am | Posted By CASANSAAR

    Central Board of Direct Taxes (CBDT) on Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax. The distributed income was defined as the consideration paid by the company on buy back o...

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  • RBI slaps penalty on BoB, HDFC Bank & PNB
    Posted Date : 26-Jul-2016 , 08:20:42 am | Posted By CASANSAAR

    The Reserve Bank of India on Monday slapped penalties ranging from ₹2 crore to ₹5 crore on Bank of Baroda, HDFC Bank, and Punjab National Bank over the issue of advance import remittances. Bank of Baroda said the RBI has imposed a penalty of ₹5 crore on it. This follows the bank...

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  • Cyber attack on Union Bank’s offshore accounts
    Posted Date : 23-Jul-2016 , 08:39:18 am | Posted By CASANSAAR

    Public sector Union Bank of India on Friday said one of the bank’s offshore accounts was breached in a cyber attack but the money trail was traced and movement of funds was blocked. “There was an attempted cyber incidence in USD Nostro Account of the bank. The money trail was prompt...

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  • HSBC may come under RBI lens for forex scam
    Posted Date : 23-Jul-2016 , 08:37:14 am | Posted By CASANSAAR

      The Reserve Bank of India may look into the latest disclosure of an alleged foreign exchange fraud committed by two British executives working for HSBC while servicing Cairn Energy. The alleged scam took place in 2010 when Cairn Energy sold its Indian subsidiary to Vedanta for $3.5 billion...

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  • CBDT launches paperless PAN and TAN application process
    Posted Date : 23-Jul-2016 , 08:32:07 am | Posted By CASANSAAR

    For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL.  Under the new process PAN and TAN will be allotted within one day afte...

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  • I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM
    Posted Date : 23-Jul-2016 , 08:26:01 am | Posted By CASANSAAR

    The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today. As part of enforcement measures the department has conducted searches in 990 groups of assessees during the last two y...

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  • RBI to monitor banks on customer rights
    Posted Date : 22-Jul-2016 , 07:44:15 am | Posted By CASANSAAR

    Reserve Bank will shortly start monitoring banks on issues relating to customer rights in five broad areas, a senior official said today. The areas on which the regulator will be conducting surveys and supervision at various banks are – right to privacy, right to fair treatment & transp...

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  • Only 18% of Indian companies ready for mandatory audit firm rotation
    Posted Date : 22-Jul-2016 , 07:40:42 am | Posted By CASANSAAR

    Only 18 per cent Indian companies are prepared to rotate by 1 April 2017 auditors who have completed 10 years or more as required under the Companies Act 2013, a survey by Grant Thornton and Prime Database says. The survey says that only 18 per cent have either appointed auditors or have a compre...

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  • ‘START-UP INDIA’ - Coverage and Eligibility
    Posted Date : 22-Jul-2016 , 07:30:20 am | Posted By CASANSAAR

    Press Information Bureau Government of India Ministry of Commerce & Industry 20-July-2016 14:28 IST ‘START-UP INDIA’-Coverage and Eligibility             Till date 728 applications have been received in the Startup India portal. Out of them,...

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  • CBI chargesheets ex-IT Dy Commissioner in graft case
    Posted Date : 21-Jul-2016 , 10:06:19 pm | Posted By CASANSAAR

    CBI has chargesheeted former Deputy Commissioner of Income Tax Yogendra Mittal for allegedly taking illegal gratification from StockGuru scam accused Ullas Prabhakar Khaire in exchange of an assurance that he would settle his case. In its charge sheet filed before Special CBI Judge Anju Bajaj Cha...

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  • IT Dept to ssue seven lakh letters seeking high value non PAN transactions
    Posted Date : 21-Jul-2016 , 09:56:46 pm | Posted By CASANSAAR

    Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions.  An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.  ...

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  • ICAI Convocation 2016 Programme Schedule
    Posted Date : 21-Jul-2016 , 07:57:22 am | Posted By CASANSAAR

    In order to promote a sense of comradeship among members and for bringing them closer to the Institute, the Institute of Chartered Accountants of India (ICAI) organize Convocations for distributing certificates to the newly qualified members. In fact, this is an occasion to mark the entry of the new...

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  • Cabinet approves amendment in the Benami Transactions (Prohibition) amendment Bill, 2015
    Posted Date : 21-Jul-2016 , 07:38:21 am | Posted By CASANSAAR

    The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.  The amendments aim to strengthen the Bill in terms of legal and administrative procedure so as ...

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  • Income Tax department to write to over 2.59 lakh taxpayers
    Posted Date : 20-Jul-2016 , 08:49:16 am | Posted By CASANSAAR

    After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation. The ‘Direct Tax Dispute Resolution ...

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  • ICAI President asks CA firms to undergo peer review
    Posted Date : 20-Jul-2016 , 08:47:47 am | Posted By CASANSAAR

      M Devaraja Reddy, president of the Institute of Chartered Accountants of India, has called upon CA firms to undergo peer review by ICAI to improve their competence. The peer reviewed CA firms would get more professional opportunities than other firms, he said while inaugurating the su...

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  • Synchronisation of financial accounting year with calendar year
    Posted Date : 19-Jul-2016 , 08:30:03 pm | Posted By CASANSAAR

    Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016.  The terms of reference (ToR) of the Committee are as under:  Examine the merits and demerits of various dates for th...

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  • Govt allocates Rs 22,915 cr capital to 13 PSU banks for FY17
    Posted Date : 19-Jul-2016 , 08:28:34 pm | Posted By CASANSAAR

    Government has allocated 22,915 crore rupees capital to 13 public sector banks for the current fiscal. An official release said government has undertaken an exercise to assess the capitalization needs of Public Sector Banks in line with the announcements made under the Union Budget.  The cap...

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  • Nine lakh cases under Income Tax Scanner: CBDT
    Posted Date : 19-Jul-2016 , 07:48:05 am | Posted By CASANSAAR

    The CBDT is looking into about nine lakh pieces of information of high-value transactions and planning to send preliminary notices to the suspected cases. Out of the total nine lakh pieces, one lakh cases valued over Rs 1 crore are under the department’s scanner, CBDT chairman Atulesh Jindal s...

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  • Now Get PAN, TAN for Corporates in a Day
    Posted Date : 19-Jul-2016 , 07:43:24 am | Posted By CASANSAAR

    For a greater ease of doing business in India, the Central Board of Direct Taxes (CBDT) on Monday said it has put in place new protocols which will ensure that corporates are allotted PAN and Tax Deduction Account Number (TAN) within a day. Interacting with reporters here, CBDT Chairman Atulesh J...

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  • SEBI issues draft paper on REIT to attract investors, realtors
    Posted Date : 19-Jul-2016 , 07:30:10 am | Posted By CASANSAAR

      With an aim to make the Real Estate Investment Trusts (Reits) more attractive to investors and real estate players, the Securities and Exchange Board of India (Sebi) on Monday proposed relaxed norms for related party transactions and allowed these Trusts to invest more in under-constructio...

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  • Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
    Posted Date : 19-Jul-2016 , 07:26:48 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a “Rollback” provision in them.  The APA Scheme was introduced in the Income-tax Ac...

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  • RBI to make funds transfer via smartphones easier
    Posted Date : 19-Jul-2016 , 07:25:01 am | Posted By CASANSAAR

    RBI said it will become easier in coming weeks for people to transfer funds between bank accounts through their smartphones. Speaking at the IDRBT Banking Technology Excellence Awards function, RBI Governor Raghuram Rajan also made a case for tax benefits to merchants for promoting digital transa...

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  • Pass Percentage of CA Final May 2016 & CPT June 2016 Exams
    Posted Date : 18-Jul-2016 , 01:35:44 pm | Posted By CASANSAAR

    CA Final Year May 2016 Exams & CPT June 2016 Exams has been announced by ICAI. The Detail of percentage of candidates passed in the above said examinations are given below. CA Final Both Groups - 11.36% CA Final Group 1 - 18.21% CA Final Group 2 - 18.78% CPT - 38.98% ...

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  • Good Luck - CA Final , ISA & CPT Exam Results 2016 Likely to be announced today
    Posted Date : 18-Jul-2016 , 08:00:29 am | Posted By CASANSAAR

    The Institute of Chartered Accounts of India (ICAI) will soon declare the Chartered Accountants (CA) final examination and Common Proficiency Test (CPT) exam result 2016. The Common Proficiency Test (CPT) final examination and Chartered Accountants (CA) was conducted by Institute of Chartered Accoun...

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  • CBDT tightens scrutiny rules for assessing officers
    Posted Date : 18-Jul-2016 , 07:47:55 am | Posted By CASANSAAR

    If you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment.  That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear s...

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  • SC to examine if entry tax violates constitutional guarantee freedom of trade
    Posted Date : 18-Jul-2016 , 07:40:59 am | Posted By CASANSAAR

    A nine judge constitution bench of the Supreme Court bench will hear from Tuesday a batch of petitions by some top corporate houses and business associations challenging the imposition of entry tax by the various state governments, contending that it was violative of the freedom of trade and commerc...

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  • Cost Audit requirements made stricter for Companies
    Posted Date : 17-Jul-2016 , 10:59:35 pm | Posted By CASANSAAR

    Companies will now have to ensure that all statements annexed with their cost audit reports are first approved by their boards of directors before final submission. The Corporate Affairs Ministry, which is implementing the Companies Act, has amended the rules pertaining to cost records and audit ...

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  • Government ups advertising spending limit of income tax brass to Rs 50 lakh
    Posted Date : 16-Jul-2016 , 05:38:25 pm | Posted By CASANSAAR

    With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times. Till now, the regional heads of the tax department could ...

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  • About 100 companies get government notice on CSR spend
    Posted Date : 16-Jul-2016 , 09:28:51 am | Posted By CASANSAAR

    The Registrar of Companies (RoC) has served warning to about 100 companies over non-disclosure or improper disclosure of their corporate social responsibility (CSR) spending, sending a strong signal that the government is very serious about compliance.  Regional registrars of companies (RoCs...

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