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  • File appeals on merit: CBDT to taxmen
    Posted Date : 14-Jul-2015 , 08:28:43 am | Posted By CASANSAAR

    Disapproving of the 'casual' attitude of taxmen in filing appeals and pursuing litigation in important revenue matters, the CBDT has asked the I-T department to take legal recourse only in "deserving" cases. In a departmental communication issued early this month, the Central Bo...

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  • No need to post e-filed Income Tax returns
    Posted Date : 14-Jul-2015 , 08:20:24 am | Posted By CASANSAAR

    In a relief to taxpayers, the government on Monday put in place a new system of e-filing of returns using a 10-digit electronic verification code (EVC) or one-time password (OTP) that can be generated using net banking, ATMs, Aadhaar, your registered mobile as well as the income tax department's...

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  • BSE notice to 530 firms for non-compliance on women directors
    Posted Date : 13-Jul-2015 , 10:10:21 pm | Posted By CASANSAAR

    Top bourse BSE has issued notices to 530 companies with regard to imposition of fines for not complying with Sebi norms to appoint at least one woman director on their respective boards within the prescribed timelines. The capital markets watchdog had issued guidelines in February last year askin...

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  • ICAI to help Indian Railways move to accrual accounting system
    Posted Date : 13-Jul-2015 , 09:12:30 am | Posted By CASANSAAR

    Apex body of chartered accountants ICAI is closely working with Indian Railways to help migrate its accounting system to the more transparent "accrual" format.  Under the accrual basis, revenues and expenses are reported in an income statement during the period when that ...

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  • SEBI Set to Overhaul Disclosure Norms for Better Monitoring
    Posted Date : 13-Jul-2015 , 09:07:10 am | Posted By CASANSAAR

    Capital markets regulator Sebi will soon put in place a system-driven disclosure regime for listed companies, according to sources. The move is expected to strengthen real-monitoring of insider-trading cases and detect other corporate governance-related lapses. A working group formed by Se...

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  • Indirect tax revenue up by over 37 per cent in first quarter of current fiscal
    Posted Date : 12-Jul-2015 , 07:44:27 am | Posted By CASANSAAR

    Chief Economic Advisor Arvind Subramanian said that Indirect tax revenues grew 37.5 per cent in the first quarter of current fiscal, which reflects a healthy growth in the economy. In a tweet, Mr Subramanian said, indirect tax revenue grew a robust 37.5 per cent in April-June over the comparable per...

    Continue Reading... Category : Excise | Comments : 0 | Hits : 330

  • EPFO plans housing scheme for members: Govt
    Posted Date : 11-Jul-2015 , 07:15:58 am | Posted By CASANSAAR

    Retirement fund body EPFO is considering a scheme for its subscribers so that they are able to own a house by retirement, Labour Minister Bandaru Dattatreya said here today. "We have to see that by retirement every EPFO subscriber has his own house... We are considering this," he said w...

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  • Manual scrutiny of Service Tax returns from Aug 1: CBEC
    Posted Date : 11-Jul-2015 , 07:09:39 am | Posted By CASANSAAR

    Seeking to strengthen compliance and verification, the CBEC has said that beginning August 1 it will start manual scrutiny of Service Tax returns of select assessees who have paid less than Rs 50 lakh of total tax during 2014-15. “The focus of the detailed manual scrutiny of the returns (...

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  • CBDT orders mass reshuffle in transfer pricing departmet
    Posted Date : 10-Jul-2015 , 07:20:37 am | Posted By CASANSAAR

    In a major reshuffle, the Income Tax department has issued mass transfer and promotion orders to around 59 additional and joint commissioners in the revenue department with immediate effect.  The circular with order details uploaded on June 19 signed by Brij Mohan, Under Secretary to the Gov...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 629

  • India, US sign FATCA to curb tax evasion
    Posted Date : 10-Jul-2015 , 07:01:45 am | Posted By CASANSAAR

    Come September 30, India and the US will start sharing information about bank accounts or financial investments made by their citizens in each other’s countries. This move will help curb offshore tax evasions. Both countries, on Thursday, signed an Inter Governmental Agreement (IGA) to im...

    Continue Reading... Category : International Taxation | Comments : 0 | Hits : 466

  • End Capital Gains Tax Exemption to Curb Money Laundering: BSE
    Posted Date : 10-Jul-2015 , 06:57:58 am | Posted By CASANSAAR

    The BSE or Bombay Stock Exchange on Thursday called for ending exemption of capital gains tax on securities to contain various entities using capital markets to evade taxes and launder money. The government should rethink the exemption on capital gains taxes on traded securities, which is enjoyed...

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  • CA Final May 2015 & CPT Exam Result to be Declared on 16th July 2015
    Posted Date : 09-Jul-2015 , 08:47:40 pm | Posted By CASANSAAR

    The result of the CA Final Examination held in May, 2015 and Common Proficiency Test (CPT) held in June, 2015 are likely to be declared on Thursday, the 16 th July, 2015 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum...

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  • CA ISA - AT Exam Result to be Declared on 16th July, 2015. - ICAI
    Posted Date : 09-Jul-2015 , 08:44:43 pm | Posted By CASANSAAR

    9th July, 2015 IMPORTANT ANNOUNCEMENT The result of the Information Systems Audit [ISA] Assessment Test held on 27th June, 2015 is likely to be declared on 16th July, 2015 around 2.00 PM at the Institute’s office at New Delhi. The result of the above Assessment Test will be available ...

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  • Police Atrocities towards CA in Faridabad - Its Time to be Unite
    Posted Date : 09-Jul-2015 , 08:57:27 am | Posted By CASANSAAR

    How our indian Police system works. What happened to a CA in Faridabad. How badly this Chartered Accountant was beaten up without any reason?. This is our turn to Raise the Voice and Stand with our own. Jago CA Jago, This is the time to be Unite.   Statement of CA.Abhishek Aggarwal,   ...

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  • SEBI asks govt to appoint Women Directors on PSU boards
    Posted Date : 09-Jul-2015 , 08:01:42 am | Posted By CASANSAAR

    To ensure parity between listed PSUs and their private sector peers, regulator SEBI has asked the government to fill all vacancies for women and independent directors at the central public sector enterprises. All listed companies, whether PSUs or from private sector, are required to have at least...

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  • Income Tax field staff told to be selective in pursuing tax disputes
    Posted Date : 09-Jul-2015 , 07:37:31 am | Posted By CASANSAAR

    The income tax department has instructed field officers not to file appeals in tax disputes in a routine manner that would only bring adverse comments from the judiciary and exhaust its resources meant for pursuing cases that would stand the test of scrutiny. There are about 7,000 direct tax-re...

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  • Govt orders special audit of mobile networks to check call drops
    Posted Date : 08-Jul-2015 , 07:43:46 am | Posted By CASANSAAR

    Expressing “serious concern” over the problem of frequent call drops, government today ordered a special audit of mobile networks and said regulator TRAI has been asked to formulate a system of “incentives and disincentives” for their service quality. Coming down heavily...

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  • Govt hikes minimum wage to Rs 160 a day WEF 1st July 2015
    Posted Date : 08-Jul-2015 , 07:32:22 am | Posted By CASANSAAR

    After a gap of two years, the government today hiked the minimum wage for workers by Rs 23 to Rs 160 a day. The increased wages will be applicable from July 1. In a statement, Minister of State for Labour and Employment Bandaru Dattatraya said the decision to revise upwards the National Floor ...

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  • Govt to check fraud by linking Aadhar to Matrimonial accounts
    Posted Date : 07-Jul-2015 , 07:18:04 am | Posted By CASANSAAR

    With an increase in the number of complaints of men putting up fake profiles on matrimonial websites and duping women, the government has decided to step in and create a technology platform to check such fraudsters. The Department of Electronics and Information Technology (DeitY) has called a mee...

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  • SEBI has power to regulate Global Depository Receipts: Supreme Court
    Posted Date : 07-Jul-2015 , 07:06:57 am | Posted By CASANSAAR

    The Supreme Court said on Monday that capital market regulator Securities and Exchange Board of India (Sebi) has the power to probe Global Depository Receipts (GDRs) sold by Indian companies, backed by local shares, to foreign investors and listed on overseas exchanges. A bench comprising justice...

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  • CA Announcement - Clarification on General Amnesty Scheme
    Posted Date : 06-Jul-2015 , 08:51:58 pm | Posted By CASANSAAR

    CA Announcement - Clarification on General Amnesty Scheme   6th July, 2015 In regard to the General Amnesty Scheme for retrospective restoration of membership which was extended upto 15th May, 2015 vide Announcement dated 5th May, 2015 on the website of the Institute, it is hereby clarif...

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  • Immunity from FEMA for disclosures in black money window
    Posted Date : 06-Jul-2015 , 08:35:50 pm | Posted By CASANSAAR

    Holding out an olive branch, the government today said persons using special window to declare assets abroad will be given immunity from prosecution under FEMA, Prevention of Money Laundering Act and four other laws.  Also, persons not being informed of prior information with government on t...

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  • First CA Examination in the New Syllabus in 2017 - ICAI Vice President
    Posted Date : 06-Jul-2015 , 09:00:26 am | Posted By CASANSAAR

    The new curriculum for Chartered Accountancy (CA), with the objective of making the course more practical to meet the requirements of the competitive market, is likely to be announced in 2016. Addressing presspersons here on Friday, vice-president of the Institute of Chartered Accountants of In...

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  • Online tax calculators for hassle free Income tax planning
    Posted Date : 06-Jul-2015 , 08:49:00 am | Posted By CASANSAAR

    Online tax calculators for hassle free Income tax planning. It is that time of the year when there is a frenzy of people rushing to get their tax papers and proofs in place for filing the income tax returns for money earned in the previous financial year. The Income Tax Department has devised ...

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  • Deutsche Bank’s $1-bn investment faces fresh probe
    Posted Date : 06-Jul-2015 , 07:58:31 am | Posted By CASANSAAR

    With questions being raised about a USD one-billion debt market investment of Deutsche Bank and others, financial regulators RBI and Sebi are having a fresh look at the case to ensure compliance to their norms. Besides, they are also reviewing their regulations for greater clarity in ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 273

  • SEBI asks 75 firms to restate a/c on Audit red-flags
    Posted Date : 06-Jul-2015 , 07:51:51 am | Posted By CASANSAAR

    Coming down heavily on companies where auditors have flagged serious lapses, regulator Sebi and stock exchanges have asked at least 75 listed firms, including  Kingfisher Airlines  and its parent UB Holdings , to restate their financial accounts after addressing these issues. These...

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  • Types of ITR Forms for e-filing of Income Tax Return
    Posted Date : 04-Jul-2015 , 10:50:03 pm | Posted By CASANSAAR

    Types of ITR Forms for e-filing of Income Tax Return   ITR-1: Amongst the salaried this is one of the most widely used income tax return forms. This form is applicable to taxpayers who have income from salary and own one house property. If you own more than one house property, you are not e...

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  • Tax on rental income of education trust exempted - High Court
    Posted Date : 04-Jul-2015 , 10:37:45 pm | Posted By CASANSAAR

    In a relief to Shri Vile Parle Kelavani Mandal (SVKM), an educational trust that runs Narsee Monjee Institute of Management Studies, the Bombay High Court has clarified that if the trust generates the income by giving hall and premises on rental, the income is not taxable income, if it is used for t...

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  • CAs to submit Audit Report of 82 mining leases
    Posted Date : 04-Jul-2015 , 09:51:39 am | Posted By CASANSAAR

    In a bid to recover money from illegal mining activity, CAs appointed by the state government have submitted an audit report of 82 mining leases out of 118 mining leases. A Directorate of Mines and Geology official said that audit of the remaining mining leases would be completed by July 15. Para...

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  • Barclays hires KPMG as its auditor after 120 years with PwC
    Posted Date : 04-Jul-2015 , 09:44:58 am | Posted By CASANSAAR

    Giant accounting firm KPMG will take over the lucrative audit of Barclays’ books from 2017, the bank announced today, bringing PwC’s long-term tenure to an end. Britain’s banks have been encouraged to put their audit contracts out to tender more frequently, to make su...

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