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Posted Date : 15-Jun-2015 , 08:40:35 am | Posted By CASANSAAR
The government has asked senior Income Tax (I-T) department officers to individually contribute at least three innovative ideas, to widen the tax base. A senior official said a direction in this regard was given by Union Minister of State for Finance Jayant Sinha during the recently con...
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Posted Date : 13-Jun-2015 , 09:03:06 am | Posted By CASANSAAR
ICAI ask for suggestions from Members on the various CSR activities that can be undertaken by them as CAs/CA Firms. Corporate Social Responsibility (CSR) is very vital in the present context of businesses. It is viewed as one of the most essential drivers while laying down the business plans and ...
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Posted Date : 13-Jun-2015 , 08:56:16 am | Posted By CASANSAAR
RBI issued final guidelines for the 6-year and 13-year cash settled interest rate futures (IRF). "The final guidelines for introduction of the 6-year and the 13-year cash settled IRF on government securities with residual maturity of 4-8 years and 11-15 years, respectively have been issued,&...
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Posted Date : 13-Jun-2015 , 08:53:20 am | Posted By CASANSAAR
The government today issued revised forms for companies’ statutory filings on appointment of cost auditors and for the cost audit reports, while deadlines have also been extended for such submissions. The new e-forms — CRA-2 and CRA-4 — have been notified by the Corporate Affa...
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Posted Date : 12-Jun-2015 , 08:37:41 am | Posted By CASANSAAR
Reserve Bank of India has made a case for developing better strategies to deal with the problem of bad loans as hiding them would aggravate the situation for the banks as well as borrowers. "An account becoming NPA is not a sin. The time has come that it would be a better strategy that if ...
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Posted Date : 12-Jun-2015 , 08:21:49 am | Posted By CASANSAAR
Bills for postpaid mobile service, piped gas and water supply can now be submitted as proof of address for opening account with banks or other financial institutions, the Reserve Bank of India said on Thursday. "Utility bill which is not more than two months old of any service provider (elec...
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Posted Date : 12-Jun-2015 , 08:14:51 am | Posted By CASANSAAR
The Reserve Bank India (RBI) has permitted non-resident Indians (NRIs) to invest in regulated chit funds. This permission comes with riders. Indians abroad can subscribe to chit funds through banking channels, including accounts maintained in India. The state governments or Registrar of Chits may...
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Posted Date : 11-Jun-2015 , 08:26:53 am | Posted By CASANSAAR
In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner. An application for rectification of an order issued by the Income Tax department's Assessing Offic...
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Posted Date : 10-Jun-2015 , 10:34:01 pm | 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...
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Posted Date : 09-Jun-2015 , 09:13:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has asked the Income Tax department officials to take strict actions against those who are seeking illegal tax exemptions from the government in the name of charity. Guiding the I-T officials, the apex policy making body of the tax department has tol...
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Posted Date : 09-Jun-2015 , 06:35:23 pm | Posted By CASANSAAR
Service Tax Clarification - Service Tax only in AC restaurants; effective rate 5.6% Restaurants without air conditioning facility will not charge any service tax from their customers while the ones with ACs will charge only on the 40% of the total bill amount, the finance ministry said on Tuesd...
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Posted Date : 09-Jun-2015 , 08:10:30 am | Posted By CASANSAAR
The RBI on Monday unveiled the much-talked-about "strategic debt restructuring" scheme which paves the way for banks to trigger a change in management of chronically defaulting companies. New norms announced by the RBI allowing banks to convert debt of defaulting companies into equity also...
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Posted Date : 09-Jun-2015 , 07:46:02 am | Posted By CASANSAAR
CBDT Clarifies Regarding Prosecution of Tax Evaders; Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been ...
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Posted Date : 08-Jun-2015 , 10:22:08 pm | Posted By CASANSAAR
ICAI Clarification/Corrigendum over the Cover page of June 2015 issue of The Chartered Accountant Journal We wish to clarify to the members, students and other readers of The Chartered Accountant journal that the cover page of the June 2015 issue of the journal is a mere artistic depi...
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Posted Date : 08-Jun-2015 , 08:31:34 am | Posted By CASANSAAR
Facing outstanding tax demand of Rs 8.27 lakh crore in FY16, the central board of direct taxes (CBDT) has asked its field officials to obtain details of bank accounts, debtors, and property during assessment itself to prevent any tax demand from becoming uncollectible due to inadequacy of asset...
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Posted Date : 08-Jun-2015 , 08:26:40 am | Posted By CASANSAAR
As part of its strategy to make it easier to do business in the country, the government has relaxed norms pertaining to related party transactions, accepting deposits and appointing auditors in private companies. Various norms have also been eased for government-owned companies, nidhi...
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Posted Date : 08-Jun-2015 , 08:19:22 am | Posted By CASANSAAR
The government has agreed not to treat NRI investments emanating out of their rupee accounts in bank accounts in India as Foreign Direct Investments (FDI). On the face of it, this may appear to be a huge leg up to investments in industries and infrastructure by our diaspora but a deeper reflectio...
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Posted Date : 07-Jun-2015 , 09:16:14 pm | Posted By CASANSAAR
Taxman should instill the fear of “incarceration, loss of liberty and social opprobrium” in tax evaders and prosecute them in large numbers to create a credible deterrence against the menace of black money, the CBDT says. The apex policy making body of the I-T department, in a ...
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Posted Date : 06-Jun-2015 , 09:00:33 pm | Posted By CASANSAAR
Keeping up with its promise of making life easier for private companies, the Modi-led Government has now exempted such companies from several provisions of the new company law enacted in 2013. Besides providing exemptions, the Corporate Affairs Ministry has also provided certain relaxations, wh...
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Posted Date : 06-Jun-2015 , 08:49:02 pm | Posted By CASANSAAR
States have sought full compensation for the first five years from the Centre for the revenue loss following the implementation of Goods and services tax (GST). This emerged during the meeting of State Finance Ministers Empowered Committee on GST, which was held in New Delhi yesterday under the Chai...
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Posted Date : 05-Jun-2015 , 05:57:27 pm | Posted By CASANSAAR
Govt set up eight-member panel to suggest changes to Companies Act Continuing efforts to improve the ease of doing business in the country, the government has set up an eight-member panel to address issues related to the new companies law and suggest necessary change...
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Posted Date : 05-Jun-2015 , 08:31:37 am | Posted By CASANSAAR
The government is set to overhaul annual targets for public sector lenders this month, ending a focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives. Banking and government sources said the new targets, to be discuss...
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Posted Date : 05-Jun-2015 , 08:23:48 am | Posted By CASANSAAR
Out of total indirect tax collection of Rs. 5.46 lakh crores, nearly Rs.1.68 lakh crores came from Service Tax which is nearly 30% of total collection in 2014-15, growing at the rate of 8-10% annually, a senior official from Service Tax said at an ASSOCHAM event. The contribution of s...
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Posted Date : 05-Jun-2015 , 08:05:45 am | Posted By CASANSAAR
Companies are no longer required to file e-form INC-21 with ROC - MCA The requirement of filing declaration by a company before commencement of business or exercising its borrowing powers has been dispensed with under the Companies (Amendment) Act, 2015. Accordingly companies are no longer requir...
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Posted Date : 04-Jun-2015 , 08:25:33 am | Posted By CASANSAAR
With the new Companies Act in place, company secretaries (CS) like other statutory auditors can now act as whistleblowers if they detect any fraud. "There is a provision of whistleblower in the new Companies Act. It is now mandated in the act of 2013," Institut...
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Posted Date : 03-Jun-2015 , 07:56:41 pm | Posted By CASANSAAR
Non-repatriable investments by NRIs, OCIs and PIOs will be treated as domestic investments and will not be subject to foreign direct investment caps, the Commerce and Industry Ministry on Wednesday said. “The government has reviewed the FDI policy relating to investments by NRIs, PIOs and...
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Posted Date : 03-Jun-2015 , 07:52:09 pm | Posted By CASANSAAR
Rationalisation of penalty provisions is encouraging voluntary compliance by Service Tax assessees, a senior finance ministry official said today. "Penalty can be imposed under various sections. These provisions have been rationalised and harmonised to encourage voluntary payments," Ass...
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Posted Date : 03-Jun-2015 , 08:56:02 am | Posted By CASANSAAR
ICAI are looking for Portfolio Investor for the Investment of Surplus funds around Rs. 600 Cr. PA. The Institute from time to time is making investment of its surplus funds as per the provisions of the Section 18(2) of the Chartered Accountants Act, 1949 as amended by the Chartered Accountants (A...
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Posted Date : 03-Jun-2015 , 08:53:43 am | Posted By CASANSAAR
No. 13-CA EXAM /M/2015/II: - In further modification of the Institute’s Notification No. 13-CA (EXAM)/M/2015 dated 20th January, 2015 and in supersession of Notification No. 13-CA (EXAM)/M/2015/I dated 6th May, 2015 it is notified for the general information that Intermediate (IPC) a...
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Posted Date : 02-Jun-2015 , 11:10:38 am | Posted By CASANSAAR
In keeping with demands by industry as well as the Finance Ministry, the Reserve Bank of India on Tuesday cut the benchmark rate cut by 25 basis points to 7.25%,. The latest cut takes the number of rate cuts this calendar year to three; the central bank had cut the repo rate...
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
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- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
