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Posted Date : 22-Jun-2016 , 10:03:39 pm | Posted By CASANSAAR
In order to keep a check on the funding of NGOs, organisations receiving more than Rs one crore as government grant and donations above Rs 10 lakh from abroad have been brought under the ambit of the Lokpal. Under the new rules, office bearers of such NGOs will be treated as "public servants...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 552
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Posted Date : 22-Jun-2016 , 09:11:12 am | Posted By CASANSAAR
Investors holding penny stocks have got a reprieve from the Income-Tax Tribunal. The body has ruled that gains from penny stocks cannot be termed as bogus just because the Securities and Exchange Board of India (Sebi) is probing into possible irregularities in these stocks. Recently, invest...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1478
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Posted Date : 22-Jun-2016 , 09:07:03 am | Posted By CASANSAAR
Tax needs to be paid even on property encroached upon illegally as it would be considered as 'income from other sources', though it would not be considered as a 'capital asset', according to a tribunal ruling. A Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ha...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 409
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Posted Date : 22-Jun-2016 , 08:49:28 am | Posted By CASANSAAR
Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. Though the provisions for arrest and detention...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 560
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Posted Date : 21-Jun-2016 , 10:52:08 pm | Posted By CASANSAAR
With the first month nearing completion, the Finance Ministry will hold a high-level meeting to review the ambitious one-time compliance window that has been announced by the government to declare domestic black money. The review meeting, scheduled later this week, will be chaired by Revenu...
Continue Reading... Category : Finance | Comments : 0 | Hits : 315
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Posted Date : 21-Jun-2016 , 10:27:51 pm | Posted By CASANSAAR
Challenged by increasing cases of defaulters who smartly evade paying due taxes, the Income Tax department has asked its officers not to shy away from invoking the rare provisions of arrest, detention and auctioning of attached assets of the accused. The Central Board of Direct Taxes, in a strate...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 211
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Posted Date : 21-Jun-2016 , 12:56:28 pm | Posted By CASANSAAR
Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and Public at Large This is to inform to all Members and Students of ICAI and public at large that a website namely, icai-org.in and icairesults.info, has been created, which is deceptively similar to ...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 906
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Posted Date : 21-Jun-2016 , 09:57:33 am | Posted By CASANSAAR
The Finance Ministry on Monday said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme. "The higher threshold (up to Rs 2 crore) for non-audit of accounts has been given only to assesse...
Continue Reading... Category : Auditing | Comments : 1 | Hits : 2890
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Posted Date : 20-Jun-2016 , 10:23:57 pm | Posted By CASANSAAR
Government today approved 100 per cent FDI in a host of sectors including civil aviation, defence, pharma and single brand retail sector under automatic route. Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security age...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 406
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Posted Date : 20-Jun-2016 , 10:17:14 pm | Posted By CASANSAAR
On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built...
Continue Reading... Category : Finance | Comments : 0 | Hits : 521
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Posted Date : 20-Jun-2016 , 07:38:55 am | Posted By CASANSAAR
In a major incentive, startups can now issue shares to investors at higher than fair value without worrying about tax consequences. The Central Board of Direct Taxes (CBDT) has notified the much awaited tax exemption on investments above fair market rate for startups. "The exe...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 897
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Posted Date : 20-Jun-2016 , 07:35:22 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has sought the Union government to use double entry accounts system in all its departments, being used across all nations barring India. The government continues using single entry accounts system. The ICAI said it will soon approach U...
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Posted Date : 19-Jun-2016 , 01:34:50 pm | Posted By CASANSAAR
Government today said non resident indians (NRIs) can now open National Pension Savings (NPS) accounts online if they have Aadhaar Card or PAN card. Till now, NRIs could open NPS accounts only through paper applications by approaching Bank offices. In a statement, Finance Ministry said thro...
Continue Reading... Category : Finance | Comments : 0 | Hits : 333
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Posted Date : 16-Jun-2016 , 08:26:53 am | Posted By CASANSAAR
The Gujarat high court on Tuesday issued a notice to the Reserve Bank of India (RBI), asking why the National Spot Exchange Ltd was allowed to run a payment and settlement system without authorization. The court has also asked RBI to initiate action in the matter. The notice follows a...
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Posted Date : 16-Jun-2016 , 08:22:04 am | Posted By CASANSAAR
Cabinet today approved a bill seeking to amend the debt recovery laws with an overall objective of improving the ease of doing business. "Cabinet approves ex-facto 'The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016," an official ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 509
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Posted Date : 15-Jun-2016 , 10:55:38 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the merger of five associate banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with State Bank of India, according to TV repor...
Continue Reading... Category : Banking | Comments : 0 | Hits : 771
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Posted Date : 15-Jun-2016 , 08:26:06 am | Posted By CASANSAAR
The Council has decided to dispense with the General Management and Communication Skills (GMCS) – I Course and merge its syllabus with Orientation Programme. Hence forthwith, it will be known as Orientation Course. Accordingly, it has been decided to conduct an Orientation Course with a durati...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1311
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Posted Date : 15-Jun-2016 , 07:58:26 am | Posted By CASANSAAR
Punjab National Bank (PNB), the nation’s second biggest state-run lender, Tuesday declared a list of 913 wilful defaulters, including Kingfisher Airlines and NAFED, with total outstanding dues of Rs 11,486 crore. PNB has added eight defaulters to its February list to take the nu...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1002
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Posted Date : 15-Jun-2016 , 07:55:47 am | Posted By CASANSAAR
Virtually all states have supported the idea of GST except the southeastern Indian state of Tamil Nadu which has "some reservations", the Indian Finance minister Arun Jaitley said on Tuesday after a meeting of Empowered Committee of state FMs on the long awaited indirect tax reform. He ...
Continue Reading... Category : GST | Comments : 0 | Hits : 434
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Posted Date : 15-Jun-2016 , 07:53:29 am | Posted By CASANSAAR
All purchases made online will attract a uniform Goods and Services Tax, likely to take effect from April next year, according to the model Goods and Services Tax (GST) law approved by state finance ministers on Tuesday. The tax, in lieu of local levies, will be imposed at the first point of fina...
Continue Reading... Category : GST | Comments : 0 | Hits : 410
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Posted Date : 15-Jun-2016 , 07:52:38 am | Posted By CASANSAAR
Amid hopes of long pending GST bill getting passed in Rajya Sabha in the next Parliament session, state finance ministers will deliberate on the model GST law at a two-day meeting in Kolkata beginning Tuesday. Finance Minister Arun Jaitley will participate in the meeting of Empowered Committee of...
Continue Reading... Category : GST | Comments : 0 | Hits : 266
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Posted Date : 15-Jun-2016 , 07:50:27 am | Posted By CASANSAAR
Sale of goods and services and all online purchases will attract Goods and Services Tax (GST) at the first point of transaction with the likely rollout of uniform GST regime from April 2017. The model GST law, approved by the state finance ministers on Tuesday, pegged threshold annual turnover fo...
Continue Reading... Category : GST | Comments : 0 | Hits : 533
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Posted Date : 14-Jun-2016 , 08:30:08 am | Posted By CASANSAAR
Microsoft Corporation will buy LinkedIn Corp for $26.2 billion in its biggest-ever deal announced on Monday, giving the world’s biggest software provider access to an online network of 433 million professionals. Microsoft will pay $196 per share in an all-cash transaction, a 49.5 per cent...
Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 340
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Posted Date : 13-Jun-2016 , 10:14:47 pm | Posted By CASANSAAR
In a setback to the Arvind Kejriwal Government in Delhi, President Pranab Mukherjee has refused to give his nod to the bill on "Office of Profit," raising questions on the fate of 21 Aam Aadmi Party legislators who had been appointed as Parliamentary secretaries last year. Holding an of...
Continue Reading... Category : General | Comments : 0 | Hits : 660
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Posted Date : 13-Jun-2016 , 08:36:54 am | Posted By CASANSAAR
CBI is looking for tax experts from RBI and other financial institutions to help it in probing high-profile cases including multi-crore rupees chit-fund scams and alleged loan fraud by businessman Vijay Mallya. The agency, which is facing acute staff shortage, has written to all central gov...
Continue Reading... Category : RBI | Comments : 0 | Hits : 750
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Posted Date : 13-Jun-2016 , 08:33:45 am | Posted By CASANSAAR
The State Bank of India (SBI) has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited. “A team of 15-20 members has been set up...
Continue Reading... Category : Banking | Comments : 0 | Hits : 665
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Posted Date : 13-Jun-2016 , 08:16:51 am | Posted By CASANSAAR
Markets regulator SEBI has put in place a stricter KYC norms and disclosure regime for Participatory Notes. The aim is to make it tougher to use these offshore instruments without disclosing the money-trail and details of their users. The measure comes after taking into account suggestions from SIT ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 333
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Posted Date : 11-Jun-2016 , 08:23:19 am | Posted By CASANSAAR
Landmark Judgement on Code of Ethics CA professional providing accommodation entries, defrauding revenue, deserves to be debarred from practice for life time - ICAI Vs Vivek Kapoor & Others (Punjab & Haryana High Court) This order will dispose of three references bearing Nos. 5 an...
Continue Reading... Category : CA | Comments : 0 | Hits : 3473
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Posted Date : 09-Jun-2016 , 08:12:10 am | Posted By CASANSAAR
In a judgment that could have ramifications for home buyers across the country, the Delhi High Court has held that service tax cannot be charged on property units in a complex, which include builder flats, group housing flats and builder floors. The Delhi High Court bench of Justice S Muralidhar and...
Continue Reading... Category : Service Tax | Comments : 11 | Hits : 3181
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Posted Date : 09-Jun-2016 , 08:07:24 am | Posted By CASANSAAR
The one per cent tax collection at source introduced in this year’s Budget on motor vehicles sold with value exceeding ₹10 lakh will apply only on retail sales transactions, the CBDT has said. It will not cover motor vehicles sold by manufacturers to dealers/distributors, ...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 1296
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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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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