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Posted Date : 22-Apr-2015 , 07:51:40 am | Posted By CASANSAAR
The Income Tax Department has been awarded the 'Prime Minister's Award for Excellence in Public Administration' for 'Easy Tax Compliance through Quality Service'. The award was presented at a function at the Vigyan Bhawan here today by Prime Minister Narendra Modi on the occ...
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Posted Date : 21-Apr-2015 , 07:50:24 am | Posted By CASANSAAR
The Reserve Bank of India has said that it is not averse to banks entering into joint ventures with e-commerce firms to smoothen payments or appointing them as business correspondents for acquiring new customers. Integrating e-commerce with their own platforms will allow banks to work around the two...
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Posted Date : 20-Apr-2015 , 09:42:14 pm | Posted By CASANSAAR
ICAI ANNOUNCEMENT GUIDANCE ON REPORTING UNDER THE COMPANIES (AUDITOR’S REPORT) ORDER, 2015 (CARO, 2015) AND CONSEQUENTIAL AMENDMENT TO THE FORMAT OF THE AUDITOR’S REPORT OF A COMPANY. 1. As the members are aware, the Ministry of Corporate Affairs, on 10th April, 2015, notified the Com...
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Posted Date : 20-Apr-2015 , 09:37:12 pm | Posted By CASANSAAR
ICAI CLARIIFICATION ON AUDITOR’S REPORT IN RESPECT OF FINANCIAL STATEMENTS OF A COMPANY FOR ACCOUNTING YEARS BEGINNING BEFORE 1ST APRIL, 2014. The Ministry of Corporate Affairs vide its General Circular No 07/2014, Dissemination of Information With Regards to the Provisions of the Companies...
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Posted Date : 20-Apr-2015 , 09:30:58 pm | Posted By CASANSAAR
Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013 The Council of the Institute of Chartered Accountants of India (ICAI), at its 342nd meeting considered and approved the Guidance Note on Reporting Under Section 143(3)(f) and (h) of the Companies Act, 2013...
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Posted Date : 20-Apr-2015 , 08:21:33 am | Posted By CASANSAAR
The new ITR forms for AY 2015-16, requiring stringent disclosures, are on the hold for now. But as the government intensifies fight against black money and adopts global standards, taxpayers will have to begin spring cleaning of their finances and financial records to avoid being on the wron...
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Posted Date : 20-Apr-2015 , 08:17:26 am | Posted By CASANSAAR
In a major step towards bringing greater regulatory clarity for M&A deals, Sebi plans to put in place new guidelines to define 'bright lines' identifying the change of control in such transactions. Under Sebi's Takeover Regulations, the definition of 'control' is based on ...
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Posted Date : 20-Apr-2015 , 07:57:22 am | Posted By CASANSAAR
The Finance Ministry on Saturday asked people not to pay higher service tax of 14 per cent, proposed in the budget, as the Finance Bill has not yet been passed by Parliament. Revenue Secretary Shaktikanta Das said customers should lodge a complaint with the local Chief Commissioner if a...
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Posted Date : 18-Apr-2015 , 06:43:30 pm | Posted By CASANSAAR
The Finance Ministry on Saturday said the new income tax return (ITR) form will be reconsidered and simplified. Meanwhile, the Central Board of Direct Taxes, the apex policy making body of the Income Tax department, has notified new Income Tax Return (ITR) forms for the current assessment year, m...
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Posted Date : 18-Apr-2015 , 08:50:16 am | Posted By CASANSAAR
Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system. The Central Board of Direct Taxes (CBDT)...
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Posted Date : 18-Apr-2015 , 08:43:29 am | Posted By CASANSAAR
Widening its net to check generation of black money, the Income Tax department has introduced significant changes in the income tax return form for AY assessment year 2015-16. Taxpayers will now have to disclose instances of foreign travel, details of theirbank&nb...
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Posted Date : 18-Apr-2015 , 08:39:37 am | Posted By CASANSAAR
Taxpayers will now have to disclose all bank accounts held by them in India and details of their foreign travel in their income-tax returns (ITR) as the tax department moves to check black money both domestically and abroad. Taxpayers will have to declare income accruing from foreign assets ...
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Posted Date : 18-Apr-2015 , 08:33:49 am | Posted By CASANSAAR
New ITR Forms and e-Filing requirements for A.Y. 2015-16. I. Introduction to New Rule 12 The CBDT has notified amendment to Rule 12 of the Income-tax Rules which shall be applicable for the assessment year 2015-16. Till assessment year 2014-15, individuals or HUFs, who were otherwise no...
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Posted Date : 16-Apr-2015 , 07:08:39 pm | Posted By CASANSAAR
S.O. 1014 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Seventh Amen...
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Posted Date : 16-Apr-2015 , 05:20:04 pm | Posted By CASANSAAR
CA Exams:Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015 Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C (8) and Regulation 38C (6), respectively, of the Charter...
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Posted Date : 16-Apr-2015 , 07:08:09 am | Posted By CASANSAAR
The income-tax department, which stumbled upon a few cases of illegal share sales involving high premium payments by companies, has initiated an investigation and drawn up a massive list of private companies since 2005. Senior I-T officials told dna that the department would soon question compa...
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Posted Date : 15-Apr-2015 , 11:42:16 pm | Posted By CASANSAAR
Moving ahead with its strategy of 'naming and shaming' large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government. Some of the big defaulters of income tax/corporate tax in the list are: Hyderabad-based Totem I...
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Posted Date : 15-Apr-2015 , 11:35:34 pm | Posted By CASANSAAR
Net neutrality has been in the news and on social media these day. Here are few things about net neutrality you can read to understand it better. What is net neutrality? A neutral internet is one in which all websites (and all types of data) are equally accessible on all internet connect...
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Posted Date : 15-Apr-2015 , 11:01:39 pm | Posted By CASANSAAR
CA Exams - Important Announcement For CPT June, 2015 Examination The Examination Application Form for admission to CPT June, 2015 examination is available from 7th April, 2015 and 28th April, 2015 is the last date for submission of filled up examination application form. The application form is...
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Posted Date : 15-Apr-2015 , 07:02:35 pm | Posted By CASANSAAR
Dated: 15th April, 2015 The Examination Application Form for admission to CPT June, 2015 examination is available from 7th April, 2015 and 28th April, 2015 is the last date for submission of filled up examination application form. The application form is available online at http://icaiexam.ica...
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Posted Date : 15-Apr-2015 , 07:31:58 am | Posted By CASANSAAR
To connect directly with the citizens, the Reserve Bank of India (RBI) will send alerts about announcements from itsTwitter handle, @RBI_Official, and is also planning to have a Facebook page. RBI has also revamped its website, and will make its presence on YouTube. ...
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Posted Date : 15-Apr-2015 , 07:26:15 am | Posted By CASANSAAR
Finance minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demand on foreign institutional investors (FIIs) as they lost acase against levy of tax on capital gains they made. "FIIs went to a tribunal, which is c...
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Posted Date : 14-Apr-2015 , 08:51:36 am | Posted By CASANSAAR
The controversial retrospective amendment to tax indirect transfers of Indian assets seems to have lost its sting with the high-level panel set up to scrutinise new cases not getting even a single reference since it was created in August last year. "No case has been referred to the pan...
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Posted Date : 14-Apr-2015 , 08:28:51 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI), on Monday, issued procedures for tendering and settlement of shares through stock exchanges for takeovers, buy back and delisting of entities. This is “to facilitate tendering of shares by the shareholders and settlement of the same,...
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Posted Date : 13-Apr-2015 , 06:47:33 pm | Posted By CASANSAAR
The founder of Satyam Computer Services, Ramalinga Raju, who was found guilty in an accounting fraudcase and sentenced to seven years' imprisonment last week, has filed an appeal to challenge the court's verdict. Uma Maheshwar Rao, a lawyer for Raju, told R...
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Posted Date : 13-Apr-2015 , 08:57:34 am | Posted By CASANSAAR
The trial court of Central Bureau of Investigation (CBI) in India's largest accounting fraud at Satyam Computer has construed that the two former partners of audit firm PriceWaterhouse had 'connived' with the software outsourcer's founders in fudging accounts, a claim the audit firm ...
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Posted Date : 13-Apr-2015 , 08:50:34 am | Posted By CASANSAAR
In a major relief to investors, the rollover of mutual fund fixed maturity plans (FMPs) beyond 36 months will not attract capital gains. A tax of 20 per cent will be charged at the time of redemption of plans. The Central Board of Direct Taxes (CBDT) has issued the clarification with regards to taxa...
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Posted Date : 12-Apr-2015 , 02:02:14 pm | Posted By CASANSAAR
It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on What's App purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed severa...
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Posted Date : 11-Apr-2015 , 01:53:12 pm | Posted By CASANSAAR
Application Guide on the provisions of the Schedule II to the Companies Act, 2013 The Corporate Laws & Corporate Governance Committee of the Institute of Chartered Accountants of India has issued the Application Guide on the provisions of the Schedule II to the Companies Act, 2013. For ...
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Posted Date : 11-Apr-2015 , 07:41:37 am | Posted By CASANSAAR
To check corporate wrongdoings, the government today made it mandatory for auditors to flag off any lapses found on the company's part, including those related to frauds, inventory and asset management, outstanding dues and compliance to statutory regulations. The order comes against the ba...
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- Payment of MCA fees –electronic mode-regarding
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