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Posted Date : 22-Sep-2015 , 08:09:24 am | Posted By CASANSAAR
All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day "compliance window" on September 30, the CBDT chief warned on Monday. The Central Board of Direct Taxes (CBDT),...
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Posted Date : 22-Sep-2015 , 08:02:04 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today hoped that economic growth will be higher than 7.3 per cent, recorded last year. He said all macroeconomic parameters appear positive. Addressing global fund managers and institutional investors in Hong Kong on the last day of his four-day visit to Singap...
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Posted Date : 20-Sep-2015 , 09:41:12 pm | Posted By CASANSAAR
The Central Vigilance Commission has asked the apex body of Chartered Accountants, ICAI, to take steps to monitor genuineness of certificates issued by its members in order to check banking frauds. The move comes after it was noticed by the CVC that some unscrupulous people were forging doc...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1906
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Posted Date : 20-Sep-2015 , 09:20:44 pm | Posted By CASANSAAR
In welcome news for taxpayers, the IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment. The Central Board of Direct T...
Continue Reading... Category : Income Tax | Comments : 1 | Hits : 720
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Posted Date : 20-Sep-2015 , 09:17:33 pm | Posted By CASANSAAR
The Companies Act, 2013 is likely to be implemented fully by March 2016, president of the Institute of Company Secretaries of India (ICSI) Atul H Mehta has said. Addressing a press meet here, Mr Mehta said on Sunday that the Act is being implemented partially and the unimplemented sections of the...
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Posted Date : 19-Sep-2015 , 08:30:23 am | Posted By CASANSAAR
Gold deposits over 500gm, not explained by known source of income, will attract income tax under the gold monetization scheme, the government in an internal note dated 15 September that was released on Friday. It is likely to discourage large depositors with undisclosed source of income but wil...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 465
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Posted Date : 17-Sep-2015 , 09:22:13 pm | Posted By CASANSAAR
Finance Minister to Leave Tonight on a Four Day Official Visit to Singapore and Hong Kong; During First Leg of his Visit to Singapore, FM will Address the Singapore Summit; To Attend Meetings with Prominent Investors and Fund Managers Including Meetings with Temasek and GIC, ...
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Posted Date : 17-Sep-2015 , 09:19:33 pm | Posted By CASANSAAR
It is hereby announced that the Council at its 345th Meeting held on 14th - 16th August, 2015 decided to amend the ICAI Website Guidelines, based on the recommendations of the Ethical Standards Board. The amendment has been carried out between paras 6(ix) and (7) of the Website Guidelines, and is sh...
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Posted Date : 17-Sep-2015 , 02:52:52 pm | Posted By CASANSAAR
PUNJAB & HARYANA HIGH COURT High Court has accepted the Writ Petition for seeking extension of Tax Audit Date and had issued notice to CBDT. Next Hearng will be on 21st September, 2015. GUJARAT HIGH COURT Writ Petition has been Filed. Date of Hearing Fixed for Monday i.e...
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Posted Date : 17-Sep-2015 , 08:28:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) wants to make it easier to pay taxes in India. And the measures to be introduced in the near future, after obtaining an internal committee's report, could include peer review of assessment orders in certain cases. The concept of a peer review, C...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 635
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Posted Date : 17-Sep-2015 , 08:13:59 am | Posted By CASANSAAR
A meeting of the Central Board of Trustees of Employees Provident Fund Organisation (EPFO) here on Wednesday decided to enhance the insurance benefit payable to dependents of the members of the Employees’ Provident Fund from the present Rs. 3.60 lakh to 6 lakh. The move under the Employee...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 501
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Posted Date : 17-Sep-2015 , 08:07:35 am | Posted By CASANSAAR
The Reserve Bank of India has allowed banks to grant certain loans to their CEOs and Directors by doing away with the prior approval requirement. In a notification issued in Mumbai yesterday, the RBI said banks can give loans to CEOs and Whole Time Directors for purchasing of car, personal computer,...
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Posted Date : 17-Sep-2015 , 08:05:57 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the proposal to promulgate the Negotiable Instruments (Amendment) Ordinance, 2015. The proposed amendments to the Negotiable Instruments Act, 1881 (“The NI Act”) are focused on clarif...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 387
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Posted Date : 17-Sep-2015 , 08:04:48 am | Posted By CASANSAAR
Seeking to promote financial inclusion, the RBI has granted approval to 10 entities, in principle, to set up small finance banks to provide basic banking services to small farmers and micro industries. The approval granted yesterday includes Ujjivan Financial Services and Equitas Holdings. ...
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Posted Date : 17-Sep-2015 , 08:02:22 am | Posted By CASANSAAR
In a major step towards implementation of restructuring of the Income Tax Department, the Government has approved the promotion of 153 officers to the rank of Commissioners of Income Tax. The officers belong to 1992, 1993 & 1994 batches. With these promotions, the Department will be able to addr...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 302
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Posted Date : 16-Sep-2015 , 09:25:13 am | Posted By CASANSAAR
Shri Narendra Modi Ji, Hon’ble Prime Minister, Mann Ki Baat, Akashvani, Sansad Marg, New Delhi – 110001. Greetings of the Day!!! The Business & professional community of the country has reposed unprecedented confidence in your esteemed leadership. While your ini...
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Posted Date : 16-Sep-2015 , 08:44:03 am | Posted By CASANSAAR
The Prime Minister, Shri Narendra Modi, has urged people to record voice messages for 'Mann Ki Baat'. The "My Gov" platform, had earlier invited people to record messages in either Hindi or English, for Mann Ki Baat on the toll-free number 1800 3000 7800. "In...
Continue Reading... Category : General | Comments : 0 | Hits : 333
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Posted Date : 16-Sep-2015 , 08:34:04 am | Posted By CASANSAAR
DELHI HIGH COURT High Court not accepted the Writ & asked to file PIL GUJARAT HIGH COURT Writ Petition has been Filed. Date of Hearing Fixed for Monday i.e. 21st September 2015. PUNJAB & HARYANA HIGH COURT Writ Petition has been filed in Punjab & Haryan...
Continue Reading... Category : ITR | Comments : 0 | Hits : 2537
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Posted Date : 15-Sep-2015 , 09:07:45 pm | Posted By CASANSAAR
CBDT has constituted a new committee to examine the feasibility of implementing a new tax assessment system of 'industry-based jurisdiction' instead of the current system of territorial revenue collection in the country. The six-member committee, to be headed by a Principal Commissi...
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Posted Date : 15-Sep-2015 , 07:31:39 am | Posted By CASANSAAR
The impending merger of the Forward Markets Commission (FMC) with the Securities and Exchange Board of India (Sebi) has run into a legal hurdle, with a group of employees of the commodities market regulator moving Bombay High Court against the merger. The employees said they h...
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Posted Date : 15-Sep-2015 , 07:26:01 am | Posted By CASANSAAR
Delhi HC not accepted the Writ for Extension of Tax Audit Date and said that the issue involved seems to be of Public Interest and Appellant should file Public Interest Litigation (PIL) instead of Writ Petition. Petitioner are going through what next step to be taken and seeking legal advice as...
Continue Reading... Category : ITR | Comments : 0 | Hits : 1791
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Posted Date : 15-Sep-2015 , 07:12:52 am | Posted By CASANSAAR
The Reserve Bank of India on Monday cancelled the certificate of registration of Sahara India Financial Corporation, a non-banking finance company, with effect from September 3. With this mandate, the Lucknow-headquartered Sahara India Financial Corporation cannot conduct the business of a ...
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Posted Date : 14-Sep-2015 , 03:58:32 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has assured global investors of the "fairest and predictable taxation regime" as he invited them to invest in various sectors, including infrastructure, manufacturing and defence. He said he's optimistic that Indo-US bilateral...
Continue Reading... Category : International Taxation | Comments : 0 | Hits : 363
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Posted Date : 14-Sep-2015 , 07:49:22 am | Posted By CASANSAAR
In what could be a good news for hundreds of thousands of taxpayers, the income tax department will process and send refunds in 7-10 days as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note. The department's latest initiat...
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Posted Date : 12-Sep-2015 , 07:27:25 am | Posted By CASANSAAR
State-run Canara Bank today said Rakesh Sharma has assumed charge as its Managing Director and Chief Executive Officer. Before joining Canara Bank, Sharma was MD and CEO of Lakshmi Vilas Bank since March 7, 2014. Sharma’s s parental bank was State Bank of India wherein he had raised to t...
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Posted Date : 11-Sep-2015 , 08:42:41 am | Posted By CASANSAAR
In a fresh order in the nearly seven-year old Satyam scam case, regulator Sebi today asked 10 entities linked to the main accused B Ramalinga Raju -- including his mother, brother and son -- to disgorge over Rs 1,800 crore worth of illegal gains made by them. Besides, they will also have to...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 840
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Posted Date : 11-Sep-2015 , 08:37:42 am | Posted By CASANSAAR
The auditors of Metropolitan Stock Exchange (MSEI) have made 10 critical comments, including the practice of preparing the financial statements on ‘on going concern’ basis (an assumption that the entity will not be forced to halt operations and liquidate assets in the near term), even th...
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Posted Date : 11-Sep-2015 , 07:39:03 am | Posted By CASANSAAR
More than 20 million income tax returns have been filed electronically, the income-tax department said on Thursday, a growth of more than 26% from a year ago. The department received 20.6 million returns on the e-filing portal, as against 16.3 million returns last year. The last date for f...
Continue Reading... Category : ITR | Comments : 0 | Hits : 626
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Posted Date : 10-Sep-2015 , 08:54:36 am | Posted By CASANSAAR
Cases of Indians holding funds stashed abroad and falling under the purview of the new anti-black money law will not have scope to enjoy the facility of compounding of the offence as compared to such provisions existing in the Income Tax Act, the CBDT has said. The Compounding of Offences is a ...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 773
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Posted Date : 09-Sep-2015 , 06:46:27 pm | Posted By CASANSAAR
With no signs of support coming from the main opposition Congress, the Centre on Wednesday dropped plans for calling a special session of Parliament for passage of the Goods and Services Tax (GST) bill and decided to prorogue both the Lok Sabha and the Rajya Sabha. “Keeping the political ...
Continue Reading... Category : GST | Comments : 0 | Hits : 666
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