CAclubindia News

Reporting Cash Transactions under Rule 114E of IT Rules, 1962

23 December 2016 at 17:30

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish

Posted in Income Tax | 3 comments | 18969 Views

Rs 592,613 crore issued to public since demonetisation

23 December 2016 at 10:54

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for supply of adequate quantity of banknotes in vari

Posted in Others | 3 comments | 3702 Views

ICAI issues code of conduct for elected members

23 December 2016 at 10:54

In pursuance of the decision taken at the 356th Meeting of Council held on 29th June - 1stJuly, 2016, the ICAI Code of Conduct for elected, Co-opted and Nominated Representatives has been issued.This Code applies to elected and nominated members to t

Posted in Professional Resource | 10464 Views

Payments towards PMGKY 2016 scheme can be made in old currency

23 December 2016 at 10:23

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency allowed till 30 th SDecember, 2016. The Central Government has decided that up to 30.12.2016, the payment towards tax, surcharge, penalty and deposit u

Posted in Income Tax | 3153 Views

IT Dept identifies 67.54 lakh potential non-filers for FY 2014-15

23 December 2016 at 10:23

The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom spec

Posted in Income Tax | 1 comments | 84576 Views

Reduction in charges for IMPS and UPI transaction by banks

22 December 2016 at 10:34

In order to further promote digital and card payments, Department of Financial Services, Ministry of Finance issues direction in public interest all Public Sector Banks(PSBs) not to charge fees for transactions settled on Immediate Payment Service (I

Posted in Others | 3 comments | 4959 Views

RBI withdraws Rs 5000 circular

21 December 2016 at 15:06

RBI/2016-17/189DCM (Plg) No. 1859/10.27.00/2016-17December 19, 2016 The Chairman / Managing Director/ Chief Executive Officer,Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional RuralBanks / Urban Cooperative Banks/ State Cooperative

Posted in Others | 3 comments | 19821 Views

Pay 46% less tax by migrating to digital transaction

21 December 2016 at 10:48

Measures for Promoting Digital Payments & Creation of Less-Cash Economy: Benefit of lower rate of Income Tax on digital turnover for small businesses. The benefit of lower rate of Income-tax on digital turnover for small businesses up to a turnov

Posted in Income Tax | 3 comments | 16446 Views

CPE hours requirements for the block period of 3 years

21 December 2016 at 10:48

CPE HOURS REQUIREMENTS FOR THE BLOCK PERIOD OF 3 YEARS (1-1-2014 TO 31-12-2016) TO BE COMPLIED WITH BY DIFFERENT CATEGORIES OF MEMBERSA. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who a

Posted in Professional Resource | 5217 Views

Savings bank interest rate may be impacted post demonetisation says FM

21 December 2016 at 10:48

FM: India remains a bright point in global economy and BRICS in particular despite the slowdown in global economy in 2016 The Union Finance Minister Shri Arun Jaitley said that the current Financial Year 2016-17 is not a conventional year as many maj

Posted in Others | 1 comments | 4026 Views