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Posted Date : 16-Jul-2016 , 09:22:52 am | Posted By CASANSAAR
In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge. However, if the number of notes to be exchanged is more than 20, banks can levy service charge. The...
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Posted Date : 16-Jul-2016 , 09:19:31 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder's fault the taxpayer does not get timely possession of a house in which the reinvestment was made. The Income-Tax...
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Posted Date : 15-Jul-2016 , 08:41:19 am | Posted By CASANSAAR
The government clarified on Thursday that blackmoney declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity. The Income Tax department came out with a fourth set of clarifications o...
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Posted Date : 15-Jul-2016 , 08:38:07 am | Posted By CASANSAAR
The Income Tax department has widened the ATM-based validation system for filing of online Returns by taxpayers. The department has included Axis Bank to enhance the paperless regime of filing the annual Income Tax returns. In May this year, the department had launched the bank account-based vali...
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Posted Date : 15-Jul-2016 , 08:36:20 am | Posted By CASANSAAR
In order to provide immediate relief to tax payers, the Central Board of Direct Taxes has directed the Income Tax department to ‘expeditiously’ issue refunds worth `5,000 for last three years of assessment. The department on Thursday has issued directions on pending refunds of...
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Posted Date : 15-Jul-2016 , 08:33:00 am | Posted By CASANSAAR
The government is planning a comprehensive overhaul of certain watchdogs — which are simultaneously acting as the representative bodies of important professional services — by stripping them of their regulatory powers, as it seeks to remove any conflict of interests in their respective r...
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Posted Date : 15-Jul-2016 , 08:23:34 am | Posted By CASANSAAR
The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in. The SIT has made the following recommendations in the Fifth Report: Cash transactions : T...
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Posted Date : 15-Jul-2016 , 07:51:02 am | Posted By CASANSAAR
Income Tax department raided at least 20 premises of Indiabulls on Wednesday across Mumbai, Delhi and Chennai. This was one of the biggest raids undertaken by the I-T department in recent times. The raid lasted for more than 5 hours at some locations. Nearly 1,000 Income Tax officials were involved ...
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Posted Date : 15-Jul-2016 , 07:46:09 am | Posted By CASANSAAR
During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid fo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 275
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Posted Date : 15-Jul-2016 , 07:45:15 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 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 Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (F...
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Posted Date : 15-Jul-2016 , 07:43:53 am | Posted By CASANSAAR
The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy. The SIT headed by Justice M B Shah (retd), submitted its fifth report to ...
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Posted Date : 13-Jul-2016 , 08:15:58 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Tuesday evening arrested Jignesh Shah, the key man behind the Financial Technologies India (FTIL) group that promoted scam-tainted NSEL, for suspected laundering. Shah's arrest in the Rs 5,600-crore NSEL scam came after the investigating agency stumbled upo...
Continue Reading... Category : General | Comments : 0 | Hits : 434
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Posted Date : 12-Jul-2016 , 08:16:55 am | Posted By CASANSAAR
CBDT issued a notification making it clear that information about those who declare their black money under the compliance window, ending September 30, will be kept secret. The notification states that "no public servant shall produce before any person or authority any such document or...
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Posted Date : 12-Jul-2016 , 08:14:45 am | Posted By CASANSAAR
In a bid to end taxpayers' harassment, the Finance Ministry has "modified" the Income Tax department notice issued for the tedious scrutiny procedure by bringing in "three new formats" that will clearly stipulate if the inqury against them is "limited, complete or manual...
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Posted Date : 12-Jul-2016 , 07:36:37 am | Posted By CASANSAAR
As you may be aware, more than 275,000 copies of The Chartered Accountant journal are printed monthly providing useful knowledge to readers. However, printing such a huge quantity requires tons of paper and subsequently becomes a real drain on our trees. The extent of its implication on our environm...
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Posted Date : 10-Jul-2016 , 08:43:48 pm | Posted By CASANSAAR
Bank employees have decided to go strike, as earlier planned on July 12 and 13, since the conciliation meeting failed to yield any results. The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India (SBI), and pro...
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Posted Date : 10-Jul-2016 , 08:31:42 pm | Posted By CASANSAAR
Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016 are likely to be declared on Monday, the 18th July 2016Result of the Chartered Accountants Final Examination held in May 2016 and Common Proficiency Test (CPT) held in June 2016...
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Posted Date : 10-Jul-2016 , 10:33:31 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is confident that the Indian Railways will start implementing Double Entry Accounting System (DEAS) from 2017 thereby facilitatating better management of its finances and assets. The institute will be submitting the report of a pi...
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Posted Date : 09-Jul-2016 , 08:11:51 am | Posted By CASANSAAR
Sarvita Sethi, a chartered accountant with more than 15 years of experience in corporate finance, is set to become the first woman chief financial officer of the country’s largest beverage maker — Coca-Cola India. Sethi, in her forties, is currently based out of Athens, Greece ...
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Posted Date : 08-Jul-2016 , 10:54:12 pm | Posted By CASANSAAR
Income Tax Department has asked its top officers to closely scrutinise high-value transactions and investments in penny stocks to identify potential black money holders who can avail the four-month compliance window ending September 30 to come clean. In a communication to Principal Chief Commissi...
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Posted Date : 08-Jul-2016 , 10:46:58 pm | Posted By CASANSAAR
As a measure to tackle the increasing rate of obesity, Kerala is all set to introduce the first ever 'fat tax' to be levied on junk and fast food items. In his budget speech, Kerala's Minister of Finance proposed a tax of 14.5% to be levied on junk food including items like burgers, pizz...
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Posted Date : 08-Jul-2016 , 10:42:21 pm | Posted By CASANSAAR
The figures of indirect tax collection for the 1st quarter of current fiscal 2016-17 indicates a growth rate of 30.8% as compared to the 36.3% in the corresponding period of previous financial year. Once the Additional Resource Mobilization(ARM) is removed, the growth rate in Q1 is 10.2%[Custo...
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Posted Date : 08-Jul-2016 , 08:36:58 am | Posted By CASANSAAR
The income tax department has prepared an integrated databank of suspected black money holders across the country who have taken the help of 'entry operators' to launder large amounts of unaccounted cash through banking channels over the past few years. These entry operators are chartered...
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Posted Date : 07-Jul-2016 , 10:33:02 pm | Posted By CASANSAAR
The Centre may extend the September 30 deadline for taxpayers to declare their undisclosed income. The government has approved a request from the industry for tax to be paid in parts, PTI reported. “The government is favourably considering extending the tax payment deadline as it understand...
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Posted Date : 07-Jul-2016 , 10:30:04 pm | Posted By CASANSAAR
The government has set up a committee to examine the desirability and feasibility of having a new financial year. According to the Finance Ministry, the four member committee will be headed by former Chief Economic Advisor Shankar Acharya. As per terms of reference, the committee will examine the me...
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Posted Date : 06-Jul-2016 , 10:27:43 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has ordered regulation of leave of all income-tax (I-T) department officials over the next three months. The CBDT wants to ensure that enough officials are available to run the ongoing one-time black money window scheme, also known as the income dec...
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Posted Date : 06-Jul-2016 , 10:03:27 pm | Posted By CASANSAAR
Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment Year 2016-17). Subsequent to notification of the ICDS, a number of representa...
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Posted Date : 06-Jul-2016 , 07:36:21 am | Posted By CASANSAAR
In a relief for listed companies, the Securities and Exchange Board of India (Sebi) on Tuesday deferred the timelines for implementation of new accounting standards. Starting financial year 2017 companies were required to transition from the current reporting format for financial resu...
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Posted Date : 05-Jul-2016 , 10:55:37 pm | Posted By CASANSAAR
PM Modi today inducted 19 news ministers in his Cabinet and carried out a reshuffle of the portfolios of his ministers. Here's the complete list of the new Council of Ministers: Cabinet Ministers 1. Rajnath Singh - Home Affairs 2. Sushma Swaraj - External Affairs 3. Arun Jaitley - Fi...
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Posted Date : 05-Jul-2016 , 03:45:07 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand of tax arises, when after examining the submission...
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