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  • Lok Sabha passes Indian Trusts (Amendment) Bill, 2015
    Posted Date : 09-Dec-2015 , 07:43:41 pm | Posted By CASANSAAR

    The Lok Sabha on Wednesday passed the Indian Trusts(Amendment) Bill, 2015, amid chaos as the opposition Congress created ruckus in the house over the National Herald case involving Sonia and Rahul Gandhi for the second consecutive day. The bill, ...

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  • CBDT switching to computer-assisted tax scrutiny - FM
    Posted Date : 09-Dec-2015 , 09:34:00 am | Posted By CASANSAAR

    The process of selecting tax cases for scrutiny on a random basis is being replaced by a system-based centralised approach, the government today said.  "It may be clarified that for the past several years, the process of selection of cases for scrutiny on a random basis has been dispens...

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  • ICSI Request for recognition of CS under proposed GST Law
    Posted Date : 09-Dec-2015 , 09:18:06 am | Posted By CASANSAAR

    THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament 404:4: 2015: GST  December 3, 2015 Shri Satish Chandra Member Secretary Empowered Committee of State Finance Ministers Delhi Secr...

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  • FM pitches for early passage of GST Bill
    Posted Date : 09-Dec-2015 , 09:13:45 am | Posted By CASANSAAR

    Pitching for early passage of the GST Bill in the Rajya Sabha, Indian Finance Minister Arun Jaitley on Tuesday said efforts to create hurdle will amount to damaging the country. The Constitution Amendment Bill to roll out Goods and Services Tax is stuck in the Rajya Sabha due to stiff opposition ...

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  • Deliberations Between ICAI, ICSI and ICoAI on Multi-Disciplinary Partnership (MDP) Firms
    Posted Date : 09-Dec-2015 , 09:10:51 am | Posted By CASANSAAR

    The modalities of setting up Multi-Disciplinary Partnership (MDPs) of their members are under discussion amongst the Institute of Chartered Accountants of India (ICAI), The Institute of Company Secretaries of India (ICSI) and The Institute of Cost Accountants of India (ICAoI).  The councils ...

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  • Sebi issues show-cause notice to RBL bank
    Posted Date : 08-Dec-2015 , 07:52:34 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to RBL Bank over possible rule violations, which could hinder the 72-year-old lender's plans to raise an estimated Rs 1,450 crore though an initial public offering (IPO).  The bank can go ahead with the IPO ...

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  • CBDT notifies emails as new communication mode with taxpayers
    Posted Date : 07-Dec-2015 , 10:17:08 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has notified an amendment in the Income Tax Act that would allow the department to serve notices to taxpayers through their registered emails and would also make it legitimate for assessees to file their responses and authenticated documents through electroni...

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  • CEA-led panel recommends standard rate for GST at 17-18 %
    Posted Date : 06-Dec-2015 , 06:52:19 pm | Posted By CASANSAAR

    The Chief Economic Advisor-led panel has recommended standard rate for Goods and Services Tax at 17 to 18 per cent, the rate at which most products would likely be taxed.  In its report submitted to Finance Minister Arun Jaitley, the committee has excluded real estate, electricity and alcoho...

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  • Government Orders Quick Issue of Income Tax Refunds Under Rs. 50,000
    Posted Date : 06-Dec-2015 , 06:13:47 pm | Posted By CASANSAAR

    In good news for lakhs of taxpayers awaiting their IT refunds, the government has directed the taxman to "expeditiously" settle claims involving less than Rs. 50,000. According to government data, over Rs. 5,400 crore is locked in pending refunds, which has become a ...

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  • RBI bars 56 NBFCs from conducting business
    Posted Date : 06-Dec-2015 , 10:16:29 am | Posted By CASANSAAR

    The Reserve Bank of India has cancelled the certificate of registration of 56 non-banking finance companies (NBFCs), including ABNL, Future Ventures India and Bajaj Finserve. Following the cancellation of registration certificate, these companies cannot transact in the business of an NBFC as la...

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  • Failure to pay TDS collected can attract 7-yr jail term: CBDT
    Posted Date : 06-Dec-2015 , 10:13:01 am | Posted By CASANSAAR

    Employers failing to pay the Government the tax deducted at source (TDS) on salaries of their employees can be jailed for up to seven years, the CBDT has said.   Failure to deduct income tax on salaries of employees or defaulting in payment of the same to the government will be liable to a ...

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  • Govt extends date for excise, service tax payment in TN
    Posted Date : 06-Dec-2015 , 10:08:45 am | Posted By CASANSAAR

    The Revenue Department has extended the last date for payment of excise and service taxes in Tamil Nadu to December 20 in view of unprecedented rains which have disrupted normal life in Chennai and other areas.  It has also extended the date for payment of tax d...

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  • Support for CASANSAAR, Vote to Vivek Khurana (NIRC B.N.40)
    Posted Date : 03-Dec-2015 , 08:02:05 am | Posted By CASANSAAR

    CA.VIVEK KHURANA (Founder of CASANSAAR) and his team are serving for CA profession from last Six years and trying to do there best with the medium of CASANSAAR.COM  Now CA.VIVEK KHURANA has filed Nomination for NIRC Elections of ICAI. Its our humble request to all of you that please keep Sup...

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  • Government invites applications for the post of CEO for National Investment and Infrastructure Fund (NIIF)
    Posted Date : 03-Dec-2015 , 07:36:04 am | Posted By CASANSAAR

    National Investment and Infrastructure Fund (NIIF) has been set-up by the Government of India, with an expected initial corpus of Rs. 40, 000 crores.  The Fund is set- up as a Fund of Funds (Category II Alternate Investment Fund) with a proposed series of funds.  The Fund is looking to app...

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  • Income tax department considering peer review before tax assessments
    Posted Date : 03-Dec-2015 , 07:28:52 am | Posted By CASANSAAR

    Aiming to make it easier to pay taxes and improve quality of tax orders, the government has set up a committee to look into possibility of a system of peer review before assessment.  To a query on whether government feels peer review assessments can improve quality of tax orders, as recommen...

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  • FinMin orders forensic probe into Rs 6k-cr BoB forex scam
    Posted Date : 03-Dec-2015 , 07:02:43 am | Posted By CASANSAAR

    A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed. In a written reply in Rajya Sabha yesterday, Finance Minister Arun Jaitley said CBI and Enforcement Directora...

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  • Independent Directors in PSUs
    Posted Date : 03-Dec-2015 , 06:56:51 am | Posted By CASANSAAR

    Section 149(4) of Companies Act, 2013 mandates appointment of independent directors by listed companies. Further, as per Rule 4 of Companies (Appointment and Qualifications of Directors) Rules, 2014 the following class of companies shall have atleast two independent directors:-  • the P...

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  • Black money: Govt gets Rs 17 cr tax and penalty till Nov 26
    Posted Date : 03-Dec-2015 , 06:54:34 am | Posted By CASANSAAR

    The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window. Minister of State for Finance Jayant Sinha, in a written reply to a question in the Upper House Rajya Sabha, on Tuesday stated th...

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  • ICAI Election Procedure - How to Cast your Valuable Vote
    Posted Date : 02-Dec-2015 , 09:05:05 am | Posted By CASANSAAR

    ICAI ELECTION PROCEDURE Dates of NIRC Election Delhi & Gurgaon :- 4th & 5th December, 2015 Other Places in NIRC :- 5th December, 2015 Check Polling Booth Details. http://www.casansaar.com/icaielection.html Members will get Two ballots at the time of Voting.  ...

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  • Now, parents can claim interest on overseas edu loans for tax relief
    Posted Date : 02-Dec-2015 , 08:21:11 am | Posted By CASANSAAR

    Higher education overseas is no bar for claiming interest on educational loans for tax deduction. Parents whose children are studying overseas or plan to do so, have much to cheer. The Pune Income-tax Appellate Tribunal (ITAT) has held that a deduction for interest paid on educational loans tak...

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  • A K Jain To Be Acting Chairman Of CBDT
    Posted Date : 02-Dec-2015 , 08:04:23 am | Posted By CASANSAAR

    Senior IRS officer A K Jain was today appointed acting Chairman of the CBDT following the retirement of its Chairperson  Anita Kapur. Jain, a 1978 batch Indian Revenue Services Officer, will be holding additional charge as chairperson of Central Board of Direct Taxes, the apex policy makin...

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  • New Functionalities released under National Pension System (NPS)
    Posted Date : 02-Dec-2015 , 07:38:02 am | Posted By CASANSAAR

    Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improv...

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  • RBI keeps repo rate unchanged at 6.75%, CRR at 4%
    Posted Date : 02-Dec-2015 , 07:27:41 am | Posted By CASANSAAR

    Reserve Bank of India governor, Raghuram Rajan today left the key policy interest rate, or repo rate unchanged, at 6.75 percent. In its bi-monthly monetary policy review, the RBI also kept the Cash Reserve Ratio unchanged, at 4 percent. The RBI governor said that uptick in retail inflation, excludin...

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  • Humble Appeal for Vote & Support for KHURANA VIVEK - NIRC B.N.40
    Posted Date : 01-Dec-2015 , 09:13:20 am | Posted By CASANSAAR

    Respected Professional Colleagues, I seek your whole hearted support for my candidature for REGIONAL COUNCIL Election (NIRC), BALLOT No. 40. Please ask your friends to vote for ballot  No 40. I would request You to talk to your near and dear CAs in NIRC for First Preference Vote for Ba...

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  • ITAT has no power to stay prosecution - Punjab and Haryana HC
    Posted Date : 01-Dec-2015 , 08:17:47 am | Posted By CASANSAAR

    Punjab and Haryana High Court has held that Income Tax Appellate Tribunal(ITAT) has no power to interfere in a prosecution under the Income Tax Act, either at the stage of a show cause notice or at any other stage. A division bench of Justices Rajive Bhalla and Rekha Mittal said that pendency of app...

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  • CBDT defines Charitable Purpose for benefits under I-T Act
    Posted Date : 01-Dec-2015 , 08:11:42 am | Posted By CASANSAAR

    With a view to weed out commercial activities under the garb of charity, the tax department has said any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Income Tax act.  Issuing 'Explanatory Notes to the Provis...

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  • RBI relaxed Foreign borrowing norms
    Posted Date : 01-Dec-2015 , 08:00:28 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Monday approved a set of more liberal external commercial borrowing norms (ECB), allowing Indian companies to raise rupeere sources from overseas lenders, without incurring currency risks. The new norms will be effective April 1 next year. Such rupee-den...

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  • Anita Kapur appointed advisor on tax reforms
    Posted Date : 01-Dec-2015 , 07:54:37 am | Posted By CASANSAAR

    The Centre has appointed Anita Kapur, the outgoing CBDT Chairperson, as an advisor on tax reforms for a period of six months. Kapur, who superannuated on Monday, will be an advisor for a period of six months. Meanwhile, A.K. Jain, Member, CBDT will discharge duties and responsibilities of ...

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  • PM willing to speak to everyone to get GST bill passed - FM
    Posted Date : 27-Nov-2015 , 11:00:11 am | Posted By CASANSAAR

    Union Finance Minister Arun Jaitley has said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark Goods and Services Tax (GST) Bill passed. The Minister, who needs Parliament approval for the GST Bill in the Winter Session to roll out the new indirect tax regime from...

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  • Disciplinary cases: CA Institute plans e-hearing facility
    Posted Date : 27-Nov-2015 , 10:43:54 am | Posted By CASANSAAR

    The CA Institute plans to usher in the facility of ‘e-hearing’ for its disciplinary cases, its President Manoj Fadnis has said. Such a facility — once introduced after amendment of the rules — would help in faster disposal of disciplinary cases against any erring members...

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