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Posted Date : 22-Jan-2016 , 06:55:42 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into 7 more unilateral Advance Pricing Agreements (APAs) with taxpayers today. This takes the tally of APAs signed so far to 39 (38 unilateral and one bilateral). In the current fiscal year, which is the third year of APA programme, 30 agreements have...
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Posted Date : 22-Jan-2016 , 09:58:41 am | Posted By CASANSAAR
Senior revenue service officer Atulesh Jindal appointed as Chairman of Central Board of Direct Taxes (CBDT), the apex policy making body of Income Tax department. He will succeed A K Jain, who completes his term this month-end. The Appointments Committee of the Cabinet has app...
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Posted Date : 22-Jan-2016 , 08:02:36 am | Posted By CASANSAAR
The ‘Big Four’ accounting firms and their associates handled a high of 378 audit assignments or 26 per cent of the 1,451 companies listed on the NSE, during 2014-15. An analysis based on annual reports of companies for that financial year showed these large groups — Deloit...
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Posted Date : 22-Jan-2016 , 07:51:58 am | Posted By CASANSAAR
In an effort to make the Gold Monetisation Scheme more customer-friendly, the RBI today said depositors will be able to withdraw medium-term (5-7 year) and long-term government deposits (12-15 years) pre-maturely after the minimum lock-in period, though with a penalty. The Reserve Bank today ma...
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Posted Date : 21-Jan-2016 , 10:25:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has admitted to wrongly printing Rs 1000 denomination notes without 'silver thread features'. The notes, reportedly, printed in the 5AG and 3AP series, amount to Rs 30 thousand crore. Out of these, notes worth Rs 20 thousand crores are with RBI while curr...
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Posted Date : 20-Jan-2016 , 08:34:20 am | Posted By CASANSAAR
Director of a publicly-traded company can serve in a maximum of 10 committees in listed and unlisted firms put together, according to Sebi, which is strengthening corporate governance norms. Besides, the director can't chair more than five committees of listed entities and unlisted public lim...
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Posted Date : 20-Jan-2016 , 08:24:52 am | Posted By CASANSAAR
Representatives from the Micro, Small and Medium Enterprises on Monday appealed to the Reserve Bank of India and the government to enhance the loan default period from three to six months for declaration as non-performing asset (NPA). Some of the entrepreneurs also sought reduction in interest ...
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Posted Date : 20-Jan-2016 , 08:20:48 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) said that a single Self Regulatory Organisation (SRO) would be put in place for the oversight of for all mutual fund distributors, according to a financial newspaper. Market regulator said in its notification that the Board (SEBI) may in case of d...
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Posted Date : 20-Jan-2016 , 08:12:10 am | Posted By CASANSAAR
The income tax department has issued over 54,000 non-compliance notices in Jammu and Kashmir to the people who have not filed their income tax returns. "The income tax department has issued over 54,000 non- compliance notices to people who have failed to file their income...
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Posted Date : 19-Jan-2016 , 08:58:50 am | Posted By CASANSAAR
Tax Simplification Committee in its first report has suggested for increasing the limit for tax audit of accounts of business only if the sales turnover exceeds Rs 2 Crore . For professionals , it has suggested the limit of Rs 1 Crore. The committee has suggested complete overhaul of prov...
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Posted Date : 19-Jan-2016 , 08:33:58 am | Posted By CASANSAAR
With an aim to cleanse bank balance sheets by FY17, the Reserve Bank of India is considering changes in norms to address the contentious issues of stressed assets in the banking system that is posing a big risk to reviving loan growth and the economy. On Monday, RBI reviewed the ...
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Posted Date : 19-Jan-2016 , 08:21:05 am | Posted By CASANSAAR
A committee set up by the government to change direct tax laws has suggested several taxpayer-friendly measures to improve the ease of doing business, reduce litigation and accelerate the resolution of tax disputes. In its first report made public on Monday, the committee, headed by retired hig...
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Posted Date : 18-Jan-2016 , 08:07:35 am | Posted By CASANSAAR
The service tax department is sitting on Rs 37,387 tax refunds to exporters. Industry officials allege that the department is resorting to delaying tactics in order not to let go off the revenues by hook or crook. Up to November, the service tax refund of Rs 37,387 crore has been stuck with the a...
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Posted Date : 18-Jan-2016 , 07:53:37 am | Posted By CASANSAAR
To ensure faster disposal of cases as well as reduce overall costs, chartered accountants' apex body ICAI plans to conduct hearings of disciplinary proceedings through video conferencing. The Institute of Chartered Accountants of India (ICAI) has sent the proposal for 'e-h...
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Posted Date : 18-Jan-2016 , 07:51:58 am | Posted By CASANSAAR
CA Final Pass Percentage Nov 2015 Group Candidates Appeared Candidates Passed Pass Percentage of CA Final Both Group 42469 2440 5.75% Group 1 77442 9764 12.61% Group 2 75774 9084 11.99% L...
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Posted Date : 17-Jan-2016 , 11:12:43 am | Posted By CASANSAAR
The government on Saturday unveiled a raft of measures - ranging from tax waiver for three years, ending inspector raj and a mega fund — to help boost the start-up eco-system. The 19-point action plan, which was announced by Prime Minister Narendra Modi after a day-long event, came with t...
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Posted Date : 17-Jan-2016 , 11:09:03 am | Posted By CASANSAAR
The government is working to make it easy for budding entrepreneurs to start a business or exit from it, giving boost to the Indian startup ecosystem, Union Minister Nirmala Sitharaman said today. "I understand that starting a startup is as much important as somebody wants to exit from it. T...
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Posted Date : 15-Jan-2016 , 09:16:42 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2015. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2015, can file the same now.  ...
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Posted Date : 15-Jan-2016 , 08:52:50 am | Posted By CASANSAAR
January 12, 2016 FOR INFORMATION OF THE MEMBERS Sub: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” - from 31st December, 2015 to 31st March, 2016 This is for kind information of the members that the last date for complying...
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Posted Date : 15-Jan-2016 , 08:47:55 am | Posted By CASANSAAR
Companies' CSR funds should not be used as a source of funding government schemes, the Ministry of Corporate Affairs (MCA) has said, adding that such spending should have a larger multiplier effect. Allaying concerns in certain quarters that compulsory CSR spending under the Companies A...
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Posted Date : 15-Jan-2016 , 08:41:56 am | Posted By CASANSAAR
The Reserve Bank (RBI) has clarified that use of Aadhaar cards is not mandatory for Direct Benefit Transfer (DBT) Scheme. In a communication to banks, RBI said in view of the Supreme Court's interim orders on 11th August and 15th October last year on usage of Aadhaar, it is clarified that use of...
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Posted Date : 12-Jan-2016 , 08:49:18 am | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in November, 2015 and Common Proficiency Test (CPT) held in December, 2015 are likely to be declared on Sunday, the 17th January, 2016 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and abov...
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Posted Date : 12-Jan-2016 , 08:41:17 am | Posted By CASANSAAR
Probably concerned at the rising number of loan recasts going wrong, the Reserve Bank of India (RBI) has asked lenders to increase provisioning for accounts that may not have yet failed corporate debt restructuring (CDR) but do not meet conditions stipulated in the master restructuring agreement. Wh...
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Posted Date : 12-Jan-2016 , 08:36:32 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (SEBI) today approved new norms to make electronic book mandatory for all private placement issues on debt basis, having a threshold of more than Rs 500 crore. The move is aimed at improving the efficiency, transparency of the price...
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Posted Date : 12-Jan-2016 , 08:31:56 am | Posted By CASANSAAR
8th January 2016 Discontinuation of ranks in Common Proficiency Test (CPT) It is hereby informed that in terms of decision taken by the Examination Committee, declaration of ranks in respect of Common Proficiency Test(CPT), has been discontinued with effect from CPT held in December, 2015 on...
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ICAI Constitute a Group to look into the definition of Accountant and other services a CA can renderPosted Date : 12-Jan-2016 , 08:29:14 am | Posted By CASANSAAR
Council Affairs/M-626/2015 11th January, 2016 ALL MEMBERS OF THE COUNCIL Dear Sir, Sub: Constitution of a Group to look into the definition of Accountant and other services a CA can render Arising out of discussion on the Opening Remarks of the President, the Council at...
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Posted Date : 11-Jan-2016 , 08:41:53 am | Posted By CASANSAAR
The income tax department is planning to carry out all communication related to the scrutiny of returns through e-mails from the next fiscal to reduce harassment of tax payers by eliminating interface between assessees and taxmen. The I-T department, on a pilot basis, has already started scruti...
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Posted Date : 11-Jan-2016 , 08:23:08 am | Posted By CASANSAAR
The Income Tax department’s ambitious OTP-based ITR filing system for taxpayers has crossed the 50 lakh e-verification mark, while more than 39 lakh Aadhaar numbers have been successfully linked with the PAN database after the scheme was launched over six months back. The new e-filing sys...
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Posted Date : 09-Jan-2016 , 11:17:50 pm | Posted By CASANSAAR
Seeking to end harassment of tax payers, the Income Tax department today came out with a new appraisal form for its officials that will judge their performance based on the pace of disposal of cases and quality of assessment. In the revised Annual Performance Appraisal Report (APAR), the CBDT sai...
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Posted Date : 09-Jan-2016 , 09:02:21 am | Posted By CASANSAAR
The Income Tax Department is committed to the objective of timely delivery of quality taxpayer services in a fair and transparent environment. The Department has modified the Annual Performance Appraisal Report (APAR) of the Assessing Officers (Income Tax Officers as well as Assistant Commi...
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- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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