-
Posted Date : 30-Apr-2016 , 07:49:02 am | Posted By CASANSAAR
The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed c...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 700
-
Posted Date : 30-Apr-2016 , 07:47:28 am | Posted By CASANSAAR
The Ministry has issued the Final Order on 12.02.2016 for amalgamation of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Ltd. (FTIL) under Section 396 of the Companies Act, 1956. However, the same has been kept in abeyance pursuant to Orders of the Hon’ble High...
Continue Reading... Category : General | Comments : 1 | Hits : 467
-
Posted Date : 30-Apr-2016 , 07:45:57 am | Posted By CASANSAAR
Bowing to employee protests for the third time in two months, the Indian government on Friday rolled back its decision of lower interest rate on provident fund deposits to 8.7 per cent for 2015-16 and agreed to fix it at 8.8 per cent as decided by retirement fund body EPFO. The roll back comes on...
Continue Reading... Category : General | Comments : 0 | Hits : 453
-
Posted Date : 29-Apr-2016 , 07:52:18 am | Posted By CASANSAAR
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time. The department said the objective of publishing the...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 1266
-
Posted Date : 29-Apr-2016 , 07:50:51 am | Posted By CASANSAAR
In a recent order, Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench dismissed the penalty, income tax officials had levied on salaried employees for ‘concealment of income’, reports a leading daily. This comes into light when an online tax-return filing portal had underrepo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 882
-
Posted Date : 28-Apr-2016 , 07:21:53 am | Posted By CASANSAAR
Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ), a Washington based organization which has repo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 353
-
Posted Date : 27-Apr-2016 , 09:33:10 am | Posted By CASANSAAR
The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said. The Central Board of Direct Taxes has issued a directive in this rega...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1280
-
Posted Date : 27-Apr-2016 , 09:10:09 am | Posted By CASANSAAR
As many as 701 accounts with bad loans exceeding Rs 100 crore owed public sector banks (PSBs) Rs 1.63 lakh crore at the end of December, with State Bank of India accounting for the biggest chunk. SBI had 85 such accounts with aggregate non-performing assets (NPAs) of Rs 23,726 crore, followed b...
Continue Reading... Category : Banking | Comments : 0 | Hits : 623
-
Posted Date : 27-Apr-2016 , 09:07:44 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has filed prosecution against 107 listed companies under various sections of the Companies Act. The prosecution has been filed under the Companies Act 1956 and Companies Act 2013, Corporate Affairs Minister Arun Jaitley said. In a written r...
Continue Reading... Category : MCA | Comments : 1 | Hits : 1396
-
Posted Date : 27-Apr-2016 , 09:06:30 am | Posted By CASANSAAR
Supreme Court has asked Union Finance Ministry to inform it about the mechanism in place for recovery of huge Non-Performing Assets (NPAs). The apex court asked the ministry to inform as to what safeguards it is bringing in to curb bad debt. Supreme Court also observed that if the present system wou...
Continue Reading... Category : NPA | Comments : 0 | Hits : 711
-
Posted Date : 27-Apr-2016 , 08:57:33 am | Posted By CASANSAAR
With problems continuing in using the MCA21 portal, the Corporate Affairs Ministry might deduct payments to IT major Infosys, which expects the situation to be normal in the next few weeks. Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to ...
Continue Reading... Category : MCA | Comments : 0 | Hits : 781
-
Posted Date : 27-Apr-2016 , 08:34:01 am | Posted By CASANSAAR
Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax. The Central Board of Direct Taxes (CBDT) had set up a committee to recommend standard definitions of certa...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 731
-
Posted Date : 26-Apr-2016 , 05:32:51 pm | Posted By CASANSAAR
1. The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come into force on ...
Continue Reading... Category : Accounts | Comments : 0 | Hits : 1117
-
Posted Date : 26-Apr-2016 , 05:29:28 pm | Posted By CASANSAAR
The total outstanding of top one hundred of Non-Performing Accounts (NPA), borrowers of public sector banks stood at 1.73 lakh crore rupees as on 31st December 2015. The Reserve Bank of India has taken various steps for recovery of NPA. These include formation of joint lenders’ forum for re...
Continue Reading... Category : RBI | Comments : 0 | Hits : 497
-
Posted Date : 26-Apr-2016 , 07:55:03 am | Posted By CASANSAAR
Reserve Bank of India (RBI) will simplify the registration process for non-banking finance companies (NBFCs), Deputy Governor R. Gandhi said. “The new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made o...
Continue Reading... Category : RBI | Comments : 0 | Hits : 499
-
Posted Date : 26-Apr-2016 , 07:44:29 am | Posted By CASANSAAR
To reduce litigation, the Finance Ministry today raised the monetary limit for filing appeals in indirect tax cases to Rs 10 lakh in appellate tribunal, and Rs 15 lakh in High Courts. The ministry has also made it mandatory for Principal Commissioners or commissioners to hold a pre-showcause noti...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 533
-
Posted Date : 25-Apr-2016 , 08:44:20 pm | Posted By CASANSAAR
Tweet of Finance Ministry Govt extends the date of filing ST-3 returns to 29th April from 25th due to difficulties faced by taxpayers in ACES application. #casansaar https://twitter.com/FinMinIndia e GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCI...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 9284
-
Posted Date : 25-Apr-2016 , 08:12:42 pm | Posted By CASANSAAR
The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT). "The (EPFO's apex decision-making body) CBT, at its meeting held in February 2016, has prop...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 206
-
Posted Date : 25-Apr-2016 , 08:16:20 am | Posted By CASANSAAR
In an effort to make life simpler for income tax payers, the government is looking to reduce the time under which an assessment of an individual's tax returns picked up for random scrutiny is completed to one year. Currently, assessment of tax returns picked up through a system of computer-dr...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1194
-
Posted Date : 25-Apr-2016 , 08:01:53 am | Posted By CASANSAAR
Guidance Note on the Companies (Auditor's Report) Order, 2016 issued by Auditing and Assurance Standards Board - ICAI. The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016) which is applicable for audits of financial statements for periods...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1551
-
Posted Date : 24-Apr-2016 , 02:59:09 pm | Posted By CASANSAAR
Assailing the decision of the Bank of Baroda, which has fixed Rs. 150-crore turnover as the minimum eligibility for auditing firms to participate in the tender for its assignments, a Chartered Accountant has approached the Madras High Court seeking to restrain officials from going ahead with the dec...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1467
-
Posted Date : 23-Apr-2016 , 08:16:57 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Indian Parliament namely, Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the Country. The Committee on Economic, Commercial Laws & WTO, non-stan...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 481
-
Posted Date : 22-Apr-2016 , 08:48:39 am | Posted By CASANSAAR
Cyber crime has assumed a new avatar, with the first case of phishing in the name of refunding tax dues being registered in the city. A senior analyst at Dell, Rajat Mondal, was in for a surprise when he received an email, supposedly from tax authorities, that he is due for a refund of Rs 18,900 ...
Continue Reading... Category : Income Tax | Comments : 1 | Hits : 1563
-
Posted Date : 22-Apr-2016 , 08:28:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today came out with master direction for merger of private sector banks and also between NBFCs and banks. In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking i...
Continue Reading... Category : RBI | Comments : 0 | Hits : 560
-
Posted Date : 22-Apr-2016 , 08:26:31 am | Posted By CASANSAAR
In an effort to ease retail participation in the securities market, regulator SEBI will pitch for a common KYC (Know Your Customer) norm for banking and the capital markets. With this, your bank KYC specification will soon be enough for you to avail of other financial services, offered by securities...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 358
-
Posted Date : 20-Apr-2016 , 09:10:34 am | Posted By CASANSAAR
The Madras High Court has dismissed a writ petition challenging the Constitutional validity of Section 17(2)(viii) of the Income Tax Act, 1961 which empowers the executive authorities to prescribe the value of any fringe benefit or amenity, other than those listed under the provision, under the defi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 627
-
Posted Date : 19-Apr-2016 , 07:26:55 am | Posted By CASANSAAR
Public sector banks, saddled with a pile of non performing assets—loans that do not fetch returns—could soon frame stringent rules allowing them to take action against service providers such as chartered accountants and advocates if required. The Central Vigilance Commission (CVC) h...
Continue Reading... Category : Income Tax | Comments : 2 | Hits : 1972
-
Posted Date : 18-Apr-2016 , 10:19:14 pm | Posted By CASANSAAR
The rules, once finalised will allow for tax credit with all countries with which India has a double tax avoidance agreement as well as tax paid by Indian residents in other specified countries. At present, such a facility is not available in the Income Tax Act, 1961 and the introduction of suc...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 486
-
Posted Date : 18-Apr-2016 , 07:56:41 pm | Posted By CASANSAAR
Madras High Court has upheld the constitutionality of Section 94-A (1) of the Income Tax Act holding that it ‘was the need of the hour’. The Division Bench comprising of Justices V. Ramasubramanian and T. Mathivanan held that treaties cannot limit the power of Parliament to make Laws ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1038
-
Posted Date : 18-Apr-2016 , 07:45:06 pm | Posted By CASANSAAR
Concerned over severe spill-over impact of recent drastic downgrades by rating agencies, market regulator Sebi plans to strengthen its disclosure guidelines for issuance and review of the ratings by such entities. Besides, Sebi is also considering asking the Credit Rating Agencies (CR...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 362
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- 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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
