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  • Email based IT assessment:Hyd, Kol added to scheme
    Posted Date : 24-May-2016 , 09:37:50 am | Posted By CASANSAAR

    The Income Tax department has decided to extend its ambitious email-based pilot assessment project to two more cities, in addition to the existing five metros, in an effort to ensure paperless communication regime with the taxpayers. The department has now added Hyderabad and Kolkata under the sc...

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  • CBDT releases FAQs on black money scheme
    Posted Date : 21-May-2016 , 07:23:04 am | Posted By CASANSAAR

    The black money scheme announced in the budget has stringent checks and balances to ensure ill-gotten wealth is not laundered through this route.  Money earned through corruption, income caught in an income tax raid or a survey will not be eligible for declaration under the scheme, according...

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  • ED to do forensic audit of Mallya's accounts
    Posted Date : 20-May-2016 , 09:18:43 am | Posted By CASANSAAR

    The Enforcement Directorate (ED) will conduct a forensic audit of Vijay Mallya’s and related companies’ accounts, to collect money trail details in connection with the Rs 6,963 crore borrowed by him and his now-defunct Kingfisher Airlines. The ED is forma...

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  • SEBI tightens norms to curb black money inflow
    Posted Date : 20-May-2016 , 09:12:12 am | Posted By CASANSAAR

    Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday tightened rules on issue of participatory notes (P-notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in India. Sebi also made it mandatory for the to...

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  • Comply with CIC orders invariably - CBDT to I-T dept
    Posted Date : 19-May-2016 , 07:38:27 am | Posted By CASANSAAR

    Citing some cases of non-compliance of Central Information Commission’s orders to the Income Tax department, CBDT has said the taxman should strictly comply with them and non-compliance will be taken “adversely”. Officials said Central Board of Direct Taxes, the policy-making ...

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  • HC seeks Centre, RBI response on debit, credit card surcharge
    Posted Date : 18-May-2016 , 07:37:17 am | Posted By CASANSAAR

      The Delhi high court on Tuesday sought Centre and Reserve Bank of India’s (RBI) response on a plea alleging “illegal” surcharge levied on transactions done through debit and credit cards. The petition filed in public interest has contended that public sector oil mark...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 675

  • Delhi HC quashes Income-Tax order on linking tax refunds to scrutiny
    Posted Date : 18-May-2016 , 07:30:52 am | Posted By CASANSAAR

      In a decision that will benefit taxpayers and ensure faster refunds, the Delhi high court quashed an order of the income-tax department that linked tax refunds to scrutiny assessment. The income-tax department, in a notification, had said that an assessing officer will mandatorily not...

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  • Five associate banks propose merger with parent SBI
    Posted Date : 18-May-2016 , 07:28:07 am | Posted By CASANSAAR

    After over five years of hiatus, associate banks of SBI including State Bank of Bikaner and JaipurBSE 4.22 % have proposed to merger with the parent lender.  The respective boards have proposed merger with the State Bank of IndiaBSE -0.08 % (SBI), the parent, in a meeting held today, sources...

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  • RBI authorises 29 agency banks to accept payments of I-T dues
    Posted Date : 18-May-2016 , 07:24:05 am | Posted By CASANSAAR

    RBI has authorised 29 agency banks to accept payments of Income Tax dues. In a press release issued from Mumbai on Monday, RBI has appealed tax payers to remit their income tax dues sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use the facility of onli...

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  • Tax grievances - Income Tax dept to ensure e-nivaran
    Posted Date : 18-May-2016 , 07:22:37 am | Posted By CASANSAAR

    The Income Tax department has launched a special electronic grievance redressal system called 'e-nivaran' in order to fast track taxpayer grievances and ensure early resolution of their complaints.  A separate and dedicated window for grievance redressal has been launched recently in...

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  • New / Revised Standards on Auditing - ICAI
    Posted Date : 18-May-2016 , 07:14:55 am | Posted By CASANSAAR

    Revised SA 700, Forming an Opinion and Reporting on Financial Statements.   New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.   Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report.   Revised SA 706, Em...

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  • MCA cracking down on those who are directors at more than 20 companies
    Posted Date : 17-May-2016 , 06:44:59 am | Posted By CASANSAAR

    The ministry of corporate affairs (MCA) is cracking down on those who are directors at more than 20 companies and has asked Registrar of Companies officials to start legal action against those exceeding the limit. Interestingly, four persons hold directorships in more than 100 firms each.  A...

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  • SEBI streamlines settlement procedures
    Posted Date : 17-May-2016 , 06:39:32 am | Posted By CASANSAAR

      Entities under probe for ‘serious violations’ in capital markets can seek settlement of the case only if they agree to make good the losses suffered by the investors to SEBI’s satisfaction, the regulator has opined. Regulations provide for settlement of the cases whe...

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  • Pay Income tax dues on time to avoid last-min rush: RBI
    Posted Date : 17-May-2016 , 06:31:08 am | Posted By CASANSAAR

      The Reserve Bank has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush. RBI has also designated 29 banks where people can pay their I-T advances besides accepting the dues at its own office. It has also asked assessees that they can u...

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  • E-Filing of Income Tax Returns jumps over 68% in april
    Posted Date : 16-May-2016 , 08:00:26 am | Posted By CASANSAAR

    E-filing of income tax returns witnessed a 68.5 per cent jump in the first month of the current fiscal year with over 8.32 lakh assessees filing ITRs electronically. The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed la...

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  • Govt likely to push for GST vote in Rajya Sabha - FM
    Posted Date : 15-May-2016 , 09:25:20 am | Posted By CASANSAAR

    Finance Minister Arun Jaitley has charged the Congress with opposing the Goods and Services Tax (GST) Bill solely for political reasons and said that if such opposition continues, the government will have no option other than putting the draft legislation for voting in the Rajya Sabha. "On...

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  • Finance Bill, 2016 assented by President
    Posted Date : 15-May-2016 , 09:17:52 am | Posted By CASANSAAR

    Honorable President of India Shri. Pranab Mukherjee has on 14th May 2016 assented The Finance Bill, 2016 . The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 05, 2016 it was passed by the Lok Sabha and later on it was approved by the Rajya Sabha on ...

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  • The Income Declaration Scheme 2016 to open from 1st June 2016
    Posted Date : 15-May-2016 , 09:07:44 am | Posted By CASANSAAR

    The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Under the Scheme, such income as declared by the eligible per...

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  • SEBI plans campaign against Dabba trading
    Posted Date : 14-May-2016 , 08:22:43 am | Posted By CASANSAAR

    To counter the menace of the grey market being used to offload shares and thereby manipulating public offerings (popularly called dabba trading), securities market regulator SEBI is likely to come out with a campaign covering TV, radio, and print media besides cinema and digital media. This wou...

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  • SEBI to tighten KYC, transfer norms for P-Notes
    Posted Date : 14-May-2016 , 08:08:59 am | Posted By CASANSAAR

    Acting upon recommendations of the Special Investigation Team on black money, market watchdog Securities and Exchange Board of India - Sebi plans to tighten due diligence requirements for issuance and transfer of controversy-ridden P-Notes and put the onus on investors to ensure compliance with anti...

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  • Examiners shall appoint Checkers - ICAI
    Posted Date : 13-May-2016 , 08:36:21 am | Posted By CASANSAAR

    May 12, 2016 The examination process inter alia includes a procedure of having the answer books checked, after evaluation by examiners, by Checkers to ensure that all answers have been evaluated, marks awarded have been carried forward to the cover page of the answer books and that the totalling ...

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  • CSR expenses need to be treated as non-cost items: ICAI
    Posted Date : 13-May-2016 , 07:12:28 am | Posted By CASANSAAR

    Companies need to treat expenses related to CSR activities as non-cost items and separately disclose transactions in this regard where related parties are involved, according to cost accountants' apex body ICAI. In a detailed exposure draft of guidance note on 'Treatment of Costs Relating...

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  • RBI tweaks shareholding norms for private sector banks
    Posted Date : 13-May-2016 , 07:08:56 am | Posted By CASANSAAR

      The Reserve Bank of India (RBI) today issued new guidelines on ownership in private sector banks by bundling shareholding patterns into two broad categories of individuals (natural persons) and legal entities/institutions, but retained the cap on foreign ownership at 74 per cent. The ...

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  • ICAI committee to decide on Number of VP, Council Term & Restriction of 3 terms
    Posted Date : 13-May-2016 , 06:46:35 am | Posted By CASANSAAR

    Council Affairs/M-626/2016                                                                               ...

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  • Rajya Sabha sets record, passes 5 bills in few hours
    Posted Date : 12-May-2016 , 05:47:46 am | Posted By CASANSAAR

    In a record of sorts, five bills were passed in the Rajya Sabha , which has been under attack for delaying in the passage of key legislation. The bills, including some key finance legislation, were passed during the course of a few hours in the post-lunch period. The Upper House is likely ...

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  • Income Tax department to reopen the 2001 tax case against Big B
    Posted Date : 12-May-2016 , 05:31:21 am | Posted By CASANSAAR

    The Supreme Court on Wednesday allowed the Income Tax (IT) department to reopen the 2001 tax case against actor Amitabh Bachchan over his earnings during the quiz show Kaun Banega Crorepati (KBC).   The apex court set aside the Bombay High Court’s order that gave relief to the actor in ...

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  • India & Mauritius amend treaty to plug tax loopholes
    Posted Date : 12-May-2016 , 05:30:13 am | Posted By CASANSAAR

    After years of protracted negotiations, India and Mauritius on Tuesday agreed to amend their 32-year-old bilateral tax treaty in an attempt to check `round-tripping' of funds and ensure that no entity gets away without paying taxes in either country. In addition, the new agreement provides fo...

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  • IT dept's PAN-Aadhaar linkage crosses 50-lakh mark
    Posted Date : 12-May-2016 , 05:15:27 am | Posted By CASANSAAR

    The Income Tax department's ambitious plan to link its PAN number database with Aadhaar has crossed the 50-lakh mark. The Central Board of Direct Taxes (CBDT), the policy-making body for the IT department, had launched the initiative of linking the two databases -- Permanent Account Number ...

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  • Parliament passes Appropriation, Finance Bills 2016; Also clears Insolvency and Bankruptcy Bill
    Posted Date : 12-May-2016 , 05:11:38 am | Posted By CASANSAAR

    Parliament passed Appropriation and Finance Bills with Rajya Sabha returning them to the Lok Sabha after a four-hour debate. It also cleared the Insolvency and Bankruptcy Code,2016. Replying to the debate on Appropriation and Finance Bills , Finance Minister Arun Jaitley asked the Congress to rec...

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  • No negative balances in savings accounts: RBI
    Posted Date : 11-May-2016 , 08:33:29 am | Posted By CASANSAAR

    Negative balances in savings accounts due to penalty charges are now history following a directive from the central bank. The RBI has asked banks to stop imposing charges for non-maintenance of minimum balance once the balance in a savings account touches zero. Although the norms came into effect...

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