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Posted Date : 08-Jun-2016 , 10:17:17 pm | Posted By CASANSAAR
The Reserve Bank of India has asked tax-payers to remit their income-tax dues in advance to minimise inconvenience. It has said that last minute rush for paying tax creates problems for both the RBIand the public. “To obviate the inconvenience involved, assessees are advised in their o...
Continue Reading... Category : RBI | Comments : 0 | Hits : 384
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Posted Date : 07-Jun-2016 , 08:42:34 am | Posted By CASANSAAR
The Income Tax department has launched an ATM-based validation system for filing e-ITRs by taxpayers as part of its measure to enhance the paperless regime of filing the annual IT returns. "Now, Electronic Verification Code (EVC) can be generated by pre-validating your Automated Teller Machi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 996
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Posted Date : 07-Jun-2016 , 08:16:37 am | Posted By CASANSAAR
In this case Assessing Officer has observed that the assessee is established by the Act of Parliament of ICAI Act of 1949 and the assessee comes under the Ministry of Corporate Affairs. The assessee is registered u/s. 12A of the Income Tax Act, 1961 (hereinafter referred the Act) and has been claimi...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1300
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Posted Date : 06-Jun-2016 , 09:52:24 pm | Posted By CASANSAAR
Committing to support NPA-ridden public sector banks, Finance Minister Arun Jaitley on Monday said they would be empowered and protected in case of "commercially prudent" settlement of bad debts. With provisioning for NPAs or bad debts leading to Rs 18,000 crore of accumulated net loss ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 428
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Posted Date : 04-Jun-2016 , 07:19:57 am | Posted By CASANSAAR
To make start-up listing platform more attractive, regulator Sebi plans to relax norms by next month to help them tap this avenue for raising funds as also to give an easier exit opportunity to their existing investors including from abroad. The platform is aimed at providing easier exit op...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 472
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Posted Date : 04-Jun-2016 , 07:16:55 am | Posted By CASANSAAR
Banks have reported a 69 per cent spike in non-performing assets in the last two quarters following the asset quality review ordered by the Reserve Bank of India (RBI) and fresh slippages in restructured loans. Gross NPAs of lenders have surged by a whopping Rs 2,41,000 crore in just six months &...
Continue Reading... Category : RBI | Comments : 0 | Hits : 425
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Posted Date : 03-Jun-2016 , 08:24:40 am | Posted By CASANSAAR
The Income Tax department today notified four new forms 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 forms– 1, 2, 3 and 4– can be used both for e-filing or manual fili...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1064
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Posted Date : 03-Jun-2016 , 08:04:14 am | Posted By CASANSAAR
All the 11 benches of the newly constituted National Company Law Tribunal (NCLT) will be fully functional in next "couple of days", a top Corporate Affairs Ministry (MCA) official said. Infrastructure is ready in all the ten cities where the NCLT benches are being set up. Th...
Continue Reading... Category : MCA | Comments : 0 | Hits : 694
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Posted Date : 03-Jun-2016 , 07:59:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday allowed non-banking finance companies (NBFC) to provide takeout financing to projects, an option so far available to only banks. In a notification, the central bank said NBFCs can provide takeout financing for existing infrastructure loans subject to cer...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 365
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Posted Date : 03-Jun-2016 , 07:38:35 am | Posted By CASANSAAR
The Telecom Regulatory Authority of India (TRAI) has launched a mobile application for telecom subscribers to register their complaints against pesky calls and SMSes to tighten the noose on telemarketers. Talking to reporters in New Delhi yesterday, TRAI Chairman R S Sharma said, the new mo...
Continue Reading... Category : General | Comments : 0 | Hits : 643
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Posted Date : 02-Jun-2016 , 07:18:52 am | Posted By CASANSAAR
The government has constituted the National Company Law Tribunal (NCLT) which would help in expediting adjudication matters under the companies law. The tribunal and its appellate authority are part of the Companies Act, 2013, whose many provisions came into effect from April 1, 2...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 651
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Posted Date : 02-Jun-2016 , 07:08:18 am | Posted By CASANSAAR
The Income Tax department will soon put out a list of registered valuers of various categories of assets for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened on Wednesday. Officials said a decision to upload details...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1118
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Posted Date : 01-Jun-2016 , 10:03:01 pm | Posted By CASANSAAR
The Income Tax department had made overseas information exchange requests to a clutch of countries, including some tax havens, in connection with a tax evasion probe against Delhi-based defence consultant Sanjay Bhandari, who is said to be linked to Robert Vadra in an alleged benami proper...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 298
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Posted Date : 01-Jun-2016 , 08:55:54 am | Posted By CASANSAAR
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from 1st June. The existing TCS of 1 per cent on cash purchase of over Rs 5 lakh of jewellery and over Rs 2 lakh of bullion will continue, ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2662
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Posted Date : 01-Jun-2016 , 08:05:24 am | Posted By CASANSAAR
The Income Declaration Scheme will open today and will remain in force till 30th of September. The Scheme is part of Finance Act, 2016 and seeks to provide an opportunity to all persons who have not declared their income correctly in previous years to come forward and declare undisclosed incomes. AI...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 574
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Posted Date : 31-May-2016 , 08:24:38 am | Posted By CASANSAAR
Come Wednesday, consumers will now have to dole out an additional 0.5 per cent cess for various services, taking the total service tax to 15 per cent. In the last budget, the total service tax was raised to 14 per cent from 12.36 per cent. With the addition of the Krishi Kalyan C...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1221
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Posted Date : 31-May-2016 , 08:23:13 am | Posted By CASANSAAR
Equalisation levy of 6 per cent on services pertaining to cross border digital transactions will come into effect from June 1. At present, equalisation levy is leviable only on payments relating to online advertisements, said C A Gupta, Partner, Deloitte Haskins and Sells. The Ce...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 1154
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Posted Date : 31-May-2016 , 08:09:47 am | Posted By CASANSAAR
No tax would be deducted at source for provident fund (PF) withdrawals of up to Rs 50,000 from June 1. The government has notified raising the threshold limit of PF withdrawal for deduction of tax (TDS) from existing Rs 30,000 to Rs 50,000, a senior official told PTI. "The Finance Act, 20...
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Posted Date : 30-May-2016 , 08:24:20 am | Posted By CASANSAAR
To safeguard investors' interest, capital markets regulator Securities and Exchange Board of India (Sebi) might soon ask credit rating agencies (CRAs) to make greater disclosure about suspension and subsequent withdrawal of ratings, and periodic review of the criteria used for ratings. The mo...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 908
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Posted Date : 28-May-2016 , 08:04:55 am | Posted By CASANSAAR
CBDT has extended the time limit for e-filing of the first appeal before a tax officer by a month to June 15 after taking cognisance of complaints made by taxpayers in complying with the exercise, operationalised for the first time this year. “The matter has been examined by the Board (CBDT...
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Posted Date : 28-May-2016 , 08:01:42 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has asked all listed companies to disseminate the cumulative impact of all audit qualifications in a separate format. This is to ensure the information is available to investors. An audit qualification is typically a statement written upon the fro...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 624
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Posted Date : 28-May-2016 , 07:51:10 am | Posted By CASANSAAR
An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Sta...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 420
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Posted Date : 28-May-2016 , 07:49:01 am | Posted By CASANSAAR
Eating out, mobile phone usage and air and rail travel will become expensive with the new Krishi Kalyan Cess (KKC) of 0.5 per cent on taxable services coming into force from June. With imposition of Krishi Kalyan Cess the total incidence of Service Tax will go up to 15 per cent. KC...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 674
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Posted Date : 28-May-2016 , 07:46:53 am | Posted By CASANSAAR
Gearing up to roll out the General Anti-Avoidance Rule (GAAR) from April next to check tax evasion through overseas jurisdictions, the CBDT today initiated a consultation process with general public and all stakeholders on provisions of the new regime. "The general public and stakeholders ar...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 311
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Posted Date : 26-May-2016 , 07:20:28 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor Raghuram Rajan’s insistence on a “deep surgery” to help banks regain health has uncovered that nearly half of the lenders’ stressed assets were not reported. RBI had made banks go through an asset quality review (AQR) to clean up their ...
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Posted Date : 26-May-2016 , 07:11:29 am | Posted By CASANSAAR
Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and K...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 336
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Posted Date : 25-May-2016 , 06:18:01 pm | Posted By CASANSAAR
In a mammoth clean-up exercise, markets regulator Sebi is planning to push for delisting of over 4,200 listed companies whose shares are not being traded, and promoters refusing to give exit opportunity to investors would face strict penal actions. These include over 1,200 companies whose shares ...
Continue Reading... Category : SEBI | Comments : 2 | Hits : 759
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Posted Date : 25-May-2016 , 08:05:37 am | Posted By CASANSAAR
The Income Tax department, beginning this financial year, has decided to 'name and shame' all category of taxpayers who have a default of Rs one crore and above. The department has begun publishing the names of tax defaulters in leading national dailies since last year and has named 67 su...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 948
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Posted Date : 24-May-2016 , 09:46:42 am | Posted By CASANSAAR
Chartered accountants or merchant bankers will compute the fair market value (FMV) of assets in case of indirect transfer of assets by overseas companies on arm’s length basis, the revenue department today proposed with an aim to bring in transparency in taxation matters. Under ...
Continue Reading... Category : Chartered Accountant | Comments : 1 | Hits : 1346
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Posted Date : 24-May-2016 , 09:40:21 am | Posted By CASANSAAR
The income tax department on Monday put out draft rules to assess the value of the assets of a multinational company in India and abroad in an attempt to provide clarity for levy of capital gains tax on indirect transfer of shares. While these rules will provide clarity on how the tax...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 853
- 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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