51 CAs and 3 CSs on radar in I-T crackdown against black money

Image result for EDThe ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.

As many as 54 chartered accountants and company secretaries are under scanner of the income tax (I-T) department and the Enforcement Directorate for money laundering through shell companies, according to sources.

The ED will initiate action against them soon. The professionals are likely to face action in a case of money laundering to the tune of Rs 11,000 crore.

The agency had arrested two people Virendra and Surendra Jain in connection with the case four days ago. The agency is likely to send them notices soon for questioning, may initiate action under provisions of the Money Laundering Act.

These professionals are instrumental in circulating black money.

COME CLEAN BY MARCH 31: I-T DEPT TO BLACK MONEY HOARDERS

The income tax department today warned black money holders that it has “information” about their illegal deposits and they should avail the soon-to-end Pradhan Mantri Garib Kalyan Yojna (PMGKY) window to come clean on their unaccounted wealth or “regret later”. The window under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) closes on March 31.

Related imageAdvertisements issued in national dailies said that the income tax department has information about your deposits. The department also said that total “confidentiality is ensured” to those who declare their black assets and funds under this scheme.

The department had also of late cautioned those who had undisclosed income to either avail this scheme or face stringent action under Benami laws, adding that the defaulters’ names would also be shared with the central probe agencies like the Enforcement Directorate and the CBI.

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Professional Misconduct of CA Results Investigation of ICAI – Direction By NCLT

Case – East India Investments Holdings PTE Ltd Vs Mr Sudhindran Parikkal & Mr Chockalingam – NCLT Chennai bench.

Image result for ICAIMisconduct on the part of chartered accountants- NCLT refers the case to the institute of chartered accountants for investigation.

It was alleged by the petitioner that Respondents are being chartered accountants who certified the company documents such as DIR-12 and INC-22 without proper verification and without following the procedures laid down in the declaration contained in the certificates.

It was contended by the petitioners that the practising professionals colluded with company and certified the documents with the mala-fide intentions mainly for promoting personal gain and with an intention to defraud.

The petitioner considered the erred chartered accountants and included them in the petition and prayed for a direction to the Institute of Chartered Accountants of India to initiate disciplinary action against the erred professionals.

The chartered accountants averred their innocence and claimed immunity against false allegation as they certified the documents on the basis of the information provided by the company officials.

The petitioner argued that if such kind of misconduct is not taken note of , then , the same is likely to encourage other such chartered accountants to follow suit where the reputation of Chartered Accountants Institute will be finally in peril.

Image result for NCLTIn this case, the NCLT referred the allegations on the chartered accountants involved and directed the Institute of Chartered Accountants of India to initiate the investigation of professional and other misconduct .

The above case is an eye opener to all the professionals who are certifying the forms for MCA to show utmost care and diligence and check for all the information needed before certifying forms for filing with the ROC.

Martyrdom Day | March 23 – Shaheed Bhagat Singh

shaheedi-diwas-bdOn the night of March 23, 1931, Bhagat Singh, Sukhdev and Raj Guru’s patriotism was hanged by the words of the crime. It is said that the death penalty was fixed on the morning of March 24, but the fear of some big public outcry was frightened by the British government on the night of March 23, the lifelines of these revolutionaries were eliminated. In the darkness of the night, their funeral was also done on the banks of the Sutlej.

Bhagat Singh was sentenced to death in the Lahore conspiracy case, and at the age of 24, only on the night of 23 March 1931, he laughed and kissed the hanging of the hanging of ‘Inqlab Zidabad’.

Bhagat Singh also became a source of inspiration for the youth. They were the leader of country’s martyrs. (India-Darshan compilation)

NBFC cash loan against gold restricted to Rs 20,000

Image result for nbfc logoNon-Banking Finance Companies (NBFCs) cannot lend more than Rs 20,000 in cash against gold, the Reserve Bank said today. The earlier provision for NBFC was that high value loans against gold of Rs 1 lakh and above must only be disbursed by cheque. RBI reduced the amount to Rs 20,000 from the earlier Rs 1 lakh in line with the provisions of the Income Tax Act.

Image result for Income taxThe relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand,” the central bank said, while amending the provisions for disbursal of loan amount in cash by NBFCs. This assumes significance in the backdrop of government’s focus on less cash economy and promoting digital payments.

Image result for RBIThe decision created severe cash crunch in the country in the last two months of 2016 as 86 per cent of the currency was declared invalid. RBI had placed several restrictions on cash withdrawals from the bank branches and ATMs.

However, with increasing pace of remonetisation, all the restrictions, except on savings bank account, have been lifted. The cash withdrawal limit on savings bank account too will be removed from March 13.

RBS (Royal Bank of Scotland) included in list of Scheduled Commercial Banks

Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934

RBI/2016-17/244                                                               DBR.No.Ret.BC.54/12.07.150/2016-17

March 09, 2017

All Scheduled Commercial Banks

Dear Sir,

Inclusion of “The Royal Bank of Scotland plc” in the Second Schedule to the Reserve Bank of India Act, 1934

We advise that the “The Royal Bank of Scotland plc” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.IBD.No.3878/23.13.020/2016-17 dated September 29, 2016, and published in the Gazette of India (Part III – Section 4) dated January 21- January 27, 2017

Yours faithfully

(M.G.Suprabhat)
Deputy General Manager

Due Dates – March Month – Income Tax

2 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017.
7 March 2017 –
Due date for deposit of Tax deducted/collected for the month of February, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
15 March 2017 –
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of February, 2017 has been paid without the production of a challan.
15 March 2017 –
Fourth instalment of advance tax for the assessment year 2017-18.
15 March 2017 –
Due date for payment of whole amount of advance tax in respect of assessment year 2017-18 for assessees covered under presumptive scheme of Section 44AD.
17 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2017.
30 March 2017 –
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of February, 2017.
31 March 2017 –
Lastdate for declaration of undisclosed income under Pradhan MantriGaribKalyanYojana, 2016.
31 March 2017 –
Due date for payment of second installment (i.e., 25% of tax, surcharge and penalty) under Income Declaration Scheme, 2016.