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Posted Date : 05-Jul-2016 , 08:41:40 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Institute of Chartered Accountants of India (ICAI) to submit a status report on the progress made in the probe into allegations of FDI violations and malpractices by UK-based audit firm, PricewaterhouseCoopers Pvt. Ltd (PwC). A bench headed by Justice J....
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Posted Date : 04-Jul-2016 , 10:37:01 pm | Posted By CASANSAAR
The government is looking to encourage people with black money stashed away under the mattress to come clean by softening the tax blow in its amnesty scheme that runs from June 1 to September 30. They may only need to pay an effective tax of about 31% against 45% stipulated in the Income Declaration...
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Posted Date : 04-Jul-2016 , 10:11:32 pm | Posted By CASANSAAR
Travancore Devaswom Board president Prayar Gopalakrishnan on Saturday said there was no question of permitting any organisation to conduct programmes other than devotional at Sabarimala. The TDB chief was responding to Saturday’s report in The Hindu about a three-day residential s...
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Posted Date : 04-Jul-2016 , 10:04:34 pm | Posted By CASANSAAR
As per the latest data, over 1.02 crore Income Tax Returns (ITRS) have been verified by the internet-based electronic filing system of the department. "The figures for e-verified ITRs stand at 1,02,08,715 as of now. The one crore mark was achieved recently and the department wants this to gr...
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Posted Date : 04-Jul-2016 , 09:57:20 pm | Posted By CASANSAAR
July 4, 2016 FOR THE URGENT ATTENTION OF STUDENTS Change in syllabus under the Revised Education and Training Scheme Number of queries are being received from the students with respect to the proposed change in the curriculum of Education and Training of CA course as to what will happen...
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Posted Date : 03-Jul-2016 , 09:39:03 am | Posted By CASANSAAR
With rising financial frauds and the government’s eye on cleaning up banks’ balance sheets and cracking down on bad loans, the Comptroller and Auditor General of India (CAG) wants the Reserve Bank of India to come under the auditor’s purview too. CAG Shashi Kant Sharma, said at ...
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Posted Date : 03-Jul-2016 , 09:32:51 am | Posted By CASANSAAR
The Centre on Friday announced that the time limit for taking central excise registration of an establishment by a jeweller has been extended up to 31st of this month. The Finance Ministry said, the liability for payment of central excise duty will be with effect from 1st March, 2016. However, as...
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Posted Date : 01-Jul-2016 , 08:59:38 am | Posted By CASANSAAR
Heartfelt wishes on the occasion of Chartered Accountant’s Day!!! We hope that both the Profession and the Professionals will touch great heights in the forth coming years being the major contributor to the society’s economic well being. So let us join hands and celebrate the G...
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Posted Date : 01-Jul-2016 , 08:54:06 am | Posted By CASANSAAR
Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India. . &nb...
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Posted Date : 01-Jul-2016 , 08:53:23 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 Scheme came into effect on 1st June, 2016. Declarations under the Scheme may be filed upto 30th September, 2016. Vide C...
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Posted Date : 29-Jun-2016 , 09:13:52 pm | Posted By CASANSAAR
The Supreme Court today dismissed a plea seeking ban on WhatsApp and other communication applications on security grounds and claiming that these services violated the law. The bench headed by Chief Justice T S Thakur and A M Khanwilkar, however, granted liberty to the petitioner ...
Continue Reading... Category : General | Comments : 0 | Hits : 594
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Posted Date : 29-Jun-2016 , 09:11:53 pm | Posted By CASANSAAR
Union Cabinet has approved the recommendations of the 7th Pay Commission. Briefing media in New Delhi this evening, Finance Minister Arun Jaitley said the recommendations will be implemented from 1st January 2016 and arrears will paid this year itself. He said the Pay Commission covers 47 lakh go...
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Posted Date : 29-Jun-2016 , 09:10:23 pm | Posted By CASANSAAR
A model law that allows shops, malls and cinema halls among other establishments to run 24x7 throughout the year got the Cabinet approval today -- a move aimed at boosting job creation and consumption-led growth. The law also provides for women to be employed on night shifts with adequate securit...
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Posted Date : 29-Jun-2016 , 01:32:52 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the recommendations of 7th Pay Commission, headed by Justice A K Mathur. The pay panel had earlier recommended an increase in pay by 16 percent, 63 percent in allowances and a 24 percent hike in pension, suggesting a total increase of 23.55 percent. ...
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Posted Date : 29-Jun-2016 , 09:35:22 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday made it amply clear that the window to disclose unaccounted wealth will not be extended beyond the four month period, ending on September 30. "(We) will not extend compliance. This is a last chance for people to declare their unaccounted income. Gov...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 542
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Posted Date : 29-Jun-2016 , 09:33:07 am | Posted By CASANSAAR
The capital markets regulator is set to allow online marketplaces such as Flipkart and Amazon to sell mutual funds to make these products more accessible to people. A Securities and Exchange Board of India (Sebi) panel on digitization of financial services, headed by Infosys Ltd co-founder Nand...
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Posted Date : 29-Jun-2016 , 09:25:14 am | Posted By CASANSAAR
Non-resident companies can now claim benefits of tax treaty by just providing personal details including, name, address and tax residency certificate, even without providing PAN. The Central Board of Direct Taxes (CBDT) has come out with Rule 37BC, which gives relaxation to non-residents from f...
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Posted Date : 29-Jun-2016 , 09:20:11 am | Posted By CASANSAAR
The income tax department will establish over 60 facilitation centres - Aaykar Seva Kendras(ASKs) - this fiscal from Goalpara in Assam to Neemuch in MP as part of efforts to widen the taxpayer base and reach a maximum number of people who need help in doing business with the taxman. The ASKs he...
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Posted Date : 26-Jun-2016 , 05:54:28 pm | Posted By CASANSAAR
Prime Minister Narendra Modi appealed to people with undisclosed income to come clean by 30th September. Addressing the Nation on his monthly Mann Ki Baat programme in All India Radio, he said this is the last opportunity for such people. He assured that there will be no probe against persons those ...
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Posted Date : 26-Jun-2016 , 05:49:09 pm | Posted By CASANSAAR
To clear the air on retrospective applicability of the General Anti-Avoidance Rule (GAAR), the Income Tax Department has said the same will not apply to income from transfer of investments before April 1, 2017. The stringent anti-avoidance rule (GAAR), which will kick in from April 1 next year, c...
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Posted Date : 25-Jun-2016 , 09:28:07 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has released its much awaited 'Vision-2018' document yesterday. The ‘Payment and Settlement Systems in India: Vision-2018’ aims at building best of class payment and settlement systems for a ‘less-cash’ India and ensuring access of mobile b...
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Posted Date : 25-Jun-2016 , 09:10:33 am | Posted By CASANSAAR
The Income Tax department today published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month. The exhaustive list, uploaded on t...
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Posted Date : 24-Jun-2016 , 10:09:42 pm | Posted By CASANSAAR
The government on Friday notified changes in the foreign direct investment (FDI) policy in sectors including pharmaceuticals, defense and single-brand retail. These decisions were announced earlier in the week with a view to make India more investor friendly and an attractive FDI destinatio...
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Posted Date : 24-Jun-2016 , 08:59:50 am | Posted By CASANSAAR
Clarification that HUF cannot be a partner but its karta or any individual of HUF can be a partner in a partnership firm in its individual capacity and not the HUF....
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Posted Date : 23-Jun-2016 , 08:51:40 am | Posted By CASANSAAR
The CBI on Wednesday registered a case against nine senior Income Tax officials, including Principal Commissioner of Income Tax, Delhi, and three private persons on Wednesday for corruption. “The agency has carried out searches at 17 locations in Delhi, Mumbai, Bangalore, Chennai, Hyderabad...
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Posted Date : 23-Jun-2016 , 08:37:51 am | Posted By CASANSAAR
Lauding the efforts taken by the government to take action against wilful defaulters, RBI Governor Raghuram Rajan today said the central bank has created a monitoring cell for early reporting of frauds to investigative agencies. "We should send the message that no one can get away, and...
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Posted Date : 23-Jun-2016 , 08:36:05 am | Posted By CASANSAAR
To ease trading requirements in the currency derivatives segment, the Securities and Exchange Board of India (Sebi) on Wednesday said position limit linked to open interest will be applicable at the time of opening a position. Such positions will not be required to be unwound in the eve...
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Posted Date : 23-Jun-2016 , 08:18:39 am | Posted By CASANSAAR
Buoyed by a steady growth in collections from tax deducted at source (TDS), the Income Tax department now plans to undertake multiple steps to "augment" revenue from this category and minimise tax avoidance. The department plans to undertake meetings with various stakeholders like...
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Posted Date : 22-Jun-2016 , 10:06:44 pm | Posted By CASANSAAR
The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016. In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable acc...
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Posted Date : 22-Jun-2016 , 10:05:04 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with Securities and Exc...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- Bank Branch Statutory Audit Updates 2019
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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