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Posted Date : 10-Mar-2016 , 07:40:42 pm | Posted By CASANSAAR
The Rajya Sabha today passed the Real Estate (Regulation and Development) Bill, 2015, paving way for regulation in the real estate sector. The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector.  ...
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Posted Date : 10-Mar-2016 , 08:30:08 am | Posted By CASANSAAR
The Supreme Court on March 8 directed that that coaching centres in residential areas must shift to commercial premises or institutional areas as they were troubling women and the elderly people. The petitioner All Rajasthan Coaching Institutes Association challenged the eviction orders served ...
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Posted Date : 10-Mar-2016 , 07:34:00 am | Posted By CASANSAAR
Interest on fixed deposits (FDs) earned by the Chembur-based Bombay Presidency Golf Club was held as non-taxable by the income-tax appellate tribunal (ITAT) in its recent judgement. The club is registered as a charitable trust. During financial year 2008-09, it earned Rs 2.17 crore as bank intere...
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Posted Date : 10-Mar-2016 , 07:31:29 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said it has cancelled registration certificates of four non-banking financial companies (NBFCs) including BNP Paribas India Holding Pvt Ltd. The three other firms are Mumbai-based Financial Services Private Limited Bhageriya Financial, Capital Services Limit...
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Posted Date : 09-Mar-2016 , 08:39:49 am | Posted By CASANSAAR
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars. Circular No.4/2016 dated 29.02.2016 ...
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Posted Date : 08-Mar-2016 , 08:18:30 pm | Posted By CASANSAAR
There is trouble in store for some senior officials of the state-run Syndicate Bank with the Central Bureau of Investigation (CBI) booking them on charges of fraud and cheating as part of their investigations into an alleged fraud to the tune of Rs 1,000 core. Five senior bank of...
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Posted Date : 08-Mar-2016 , 08:15:22 pm | Posted By CASANSAAR
Bad loans of public sector banks (PSBs) have increased by nearly Rs 1 lakh crore during the first nine months of the current fiscal year, Finance Minister Arun Jaitley said on Tuesday. "The gross Non Performing Assets (NPAs) of the PSBs (PSU banks) increased from 5.43 per cent as on March 20...
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Posted Date : 08-Mar-2016 , 08:07:15 pm | Posted By CASANSAAR
To further improve ease of doing business, the government is considering amendments to the Companies Act, Corporate Affairs Minister Arun Jaitley on Tuesday said. The Companies Law Committee, which submitted its report to the government on February 1, has suggested amendments to 78 sections of th...
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Posted Date : 08-Mar-2016 , 12:40:09 pm | Posted By CASANSAAR
Facing a strong backlash from salaried tax payers over its proposal to tax withdrawal from retirement funds, the government has decided to withdraw the budget proposal that sought to create a pensioned society by discouraging full withdrawal. There is at present no tax on withdrawal from em...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 595
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Posted Date : 08-Mar-2016 , 07:54:24 am | Posted By CASANSAAR
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT on Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days. In view of the large volume of p...
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Posted Date : 08-Mar-2016 , 07:52:25 am | Posted By CASANSAAR
In a major relief to infrastructure developers, the income tax department has clarified that companies which are part of a consortium in large infrastructure projects will be treated as separate taxable units. This will enable these companies to set off losses from other projects and not attrac...
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Posted Date : 08-Mar-2016 , 07:50:31 am | Posted By CASANSAAR
Tightening its surveillance mechanism to check share price manipulations, top stock exchange BSE has decided to follow a stricter process to scrutinise the auditorcertificates provided by listed firms regarding their preferential allotment of shares. In case of any discre...
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Posted Date : 08-Mar-2016 , 07:39:37 am | Posted By CASANSAAR
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress...
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Posted Date : 06-Mar-2016 , 07:33:49 am | Posted By CASANSAAR
State-run bank chiefs have strongly backed the idea of consolidation while the government is actively considering employee stock options (ESOPS) for bank employees, finance minister Arun Jaitley said on Saturday. Heads of state-run banks, who gathered for a two-day retreat with senior government ...
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Posted Date : 04-Mar-2016 , 10:09:24 pm | Posted By CASANSAAR
In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of...
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Posted Date : 04-Mar-2016 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator. Account aggregators help in collecting and providing the information of customers’ financial asse...
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Posted Date : 03-Mar-2016 , 10:06:54 pm | Posted By CASANSAAR
CBDT issues Revised Guidelines for stay of demand at the First Appeal Stage; Decision of the Board to provide significant relief to the taxpayers in matters relating to grant of stay and recovery of demand by reducing arbitrariness in the disposal of stay petitions where the tax demand is contested ...
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Posted Date : 03-Mar-2016 , 10:05:54 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has taken a number of decisions to clarify the applicability of various provisions of the Income-tax Act with the objective of easing the burden of compliance and reducing litigation. It has been clarified through Circular No. 1/2016 that under Secti...
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Posted Date : 03-Mar-2016 , 08:19:04 am | Posted By CASANSAAR
The legal profession is "crying for reforms" and lawyers cannot be allowed to a have a "free ride as the administration of justice is a key area", the Supreme Court observed today and sought response of the Bar Council of India on a plea against the bar examination which has been...
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Posted Date : 03-Mar-2016 , 08:12:10 am | Posted By CASANSAAR
The Finance Ministry has proposed 100 per cent increase, to Rs two crore, in the monetary limit for arresting Service Tax evaders, a step aimed at projecting its taxpayer-friendly image. At present the limit to arrest such evaders is Rs one crore. Finance Minister Arun Jaitley has proposed to ...
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Posted Date : 03-Mar-2016 , 08:07:52 am | Posted By CASANSAAR
Jewellers today started their three-day pan-India strike to protest proposed re-imposition of 1 per cent excise duty on gold and diamond jewellery and mandatory quoting of PAN by consumers for transaction of Rs 2 lakh and above. More than 3 lakh jewellers participated in the strike on Day 1, an i...
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Posted Date : 03-Mar-2016 , 07:55:07 am | Posted By CASANSAAR
The government is moving fast to simplify the complex income-tax laws, finance minister Arun Jaitley said on Wednesday, indicating that the Direct Taxes Code (DTC) roadmap laid down by the UPA government may get a quiet burial. “Several of the measures listed there (DTC) have alre...
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Posted Date : 02-Mar-2016 , 08:25:21 am | Posted By CASANSAAR
The new one-time compliance window for domestic black money holders is not a "total amnesty" scheme, CBDT said on Tuesday making it clear that declarations under it will enjoy immunity from prosecution except under the anti-corruption law, the anti-narcotics act and a few other legislation...
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Posted Date : 02-Mar-2016 , 08:24:26 am | Posted By CASANSAAR
There seems to be some amount of lack of understanding about the changes made in the General Budget 2016-17 in the tax treatment for recognised Provident Fund & NPS. The following clarifications are given in this matter:- (i) The purpose of this reform of making the change in t...
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Posted Date : 02-Mar-2016 , 08:21:36 am | Posted By CASANSAAR
Professionals obtaining any sum of money under a non-compete agreement will now be subject to tax with the government having plugged a loophole in the Budget. Once non-compete agreements were largely restricted to the manufacturing arena.For instance, an outgoing employee would have to sign on th...
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Posted Date : 01-Mar-2016 , 08:09:44 pm | Posted By CASANSAAR
Finance Ministry today said over 99 per cent of the returns filed are "accepted" by the Income Tax Department and only a minuscule number is taken up for scrutiny where the taxman has no discretion. "CBDT is already following a trust based approach in tax admin...
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Posted Date : 01-Mar-2016 , 07:06:37 pm | Posted By CASANSAAR
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2016 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valua...
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Posted Date : 01-Mar-2016 , 06:54:19 pm | Posted By CASANSAAR
Government today made it clear that Public Provident Fund will not be taxed on withdrawal. Revenue Secretary Hasmukh Adhia said in a statement that only the interest that accrues on contributions to Employee Provident Fund made after 1st of April this year will be taxed while principal will continue...
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Posted Date : 29-Feb-2016 , 09:23:16 pm | Posted By CASANSAAR
Petrol price was on Monday cut by Rs. 3.02 per litre, but diesel rates were hiked by Rs. 1.47 a litre — the second increase this month in line with global trends. Petrol in Delhi will cost Rs. 56.61 per litre from midnight tonight as against Rs. 59.63. A litre of diesel, however, wil...
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Posted Date : 29-Feb-2016 , 02:03:37 pm | Posted By CASANSAAR
Affirming that the economy is right on track, Finance Minister Arun Jaitley presented the Union Budget for 2016-17. Citing that the CPI inflation has come down to 5.4% from 9 plus, he said it is huge relief for the public. Tax Infrastructure and agriculture cess to be levied. Excise duty ra...
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