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Bollywood's first superstar Rajesh Khanna dies at 69
Posted Date : 18-Jul-2012 , 02:30:39 pm | Posted By CASANSAAR

Actor Rajesh Khanna has died at home in Mumbai. He was 69. Mr Khanna was suffering from cancer. Mr Khanna will be cremated tomorrow morning. His bungalow, Aashirwad, on Carter Road in Bandra has been cordoned off by the police.Mr Khanna had been hospitalized on June 23, when he was taken to Lil...

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Category : General | Comments : 0 | Hits : 353

Income Tax department rejects tax exemption applications of three institutes
Posted Date : 18-Jul-2012 , 07:33:14 am | Posted By CASANSAAR

The income tax (I-T) department has cancelled the applications of three educational institutions seeking exemptions under the Section 10 (23C) IVa of the Income Tax Act as these educational institutions have a turnover of more than Rs 1 crore and still had not applied for exemptions under the releva...

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Category : Income Tax | Comments : 0 | Hits : 554

Registrar of Companies looking into financial irregularities of OnMobile: M V Moily
Posted Date : 18-Jul-2012 , 07:31:35 am | Posted By CASANSAAR

The Corporate Affairs Ministry today said it has asked the Registrar of Companies (RoC) to look into the alleged financial irregularities of the mobile value-added services company OnMobile. "We are making some discreet inquiry. I don't know whether any fraud (financial...

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Category : Corporate Law | Comments : 0 | Hits : 262

Sebi seeks changes in Companies Act
Posted Date : 18-Jul-2012 , 07:29:46 am | Posted By CASANSAAR

The government is considering an amendment in the Companies Act to support a recent notification by the Indian capital markets regulator Sebi that proposes to penalise companies saddled with adverse auditor remarks. Sebi has initiated a dialogue with the Ministry of Corporate Aff...

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Category : SEBI | Comments : 0 | Hits : 294

CBDT's circular to offer clarity on indirect tax transfers under M&As
Posted Date : 18-Jul-2012 , 07:27:56 am | Posted By CASANSAAR

In a major boost to foreign investors’ sentiment, the Central Board of Direct Taxes (CBDT) is likely to come out with a circular to bring more clarity on indirect tax transfers under a particular merger or acquisition. The CBDT’s circular will be on Section 9 of the Income Tax Act. Mo...

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Category : Income Tax | Comments : 0 | Hits : 298

Supreme Court orders Essar Oil to pay Rs 1000 crore tax dues to Gujarat govt by July 30
Posted Date : 17-Jul-2012 , 10:15:38 pm | Posted By CASANSAAR

The Supreme Court has asked the Ruias owned Essar Oil to pay dues of Rs 1,000 crore as sales tax to the Gujarat government by July 30, following which the coercive action taken by Gujarat government to force immediate payment of the remaining principal amount ...

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Category : Income Tax | Comments : 0 | Hits : 251

CA Final Examination held in May, 2012 and CPT held in June, 2012 - Result date revised
Posted Date : 17-Jul-2012 , 05:39:52 pm | Posted By CASANSAAR

IMPORTANT ANNOUNCEMENT In supersession of our announcement dated 11th July, 2012 on the likely date and timing of the declaration of the results of the Chartered Accountants Final examination held in May 2012 and of the Common Proficiency Test held in June 2012, this is to inform that due to unavoi...

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Category : ICAI | Comments : 0 | Hits : 2135

ICAI to open 1000 support centres for students
Posted Date : 17-Jul-2012 , 08:49:33 am | Posted By CASANSAAR

The Institute of Cost Accountants of India (ICAI) is planning to set up 1,000 cost management accounting (CMA) support centres across the country in the next 12 months.   “We are planning to open one centre in each district across the country. Around 300 such centres are ready to be lau...

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Category : ICWAI | Comments : 0 | Hits : 577

UK's ICAEW announces scholarship for Indian CAs
Posted Date : 17-Jul-2012 , 08:38:55 am | Posted By CASANSAAR

The Institute of Chartered Accountants England and Wales, ICAEW, has announced scholarship scheme for Chartered Accountants in India to learn advanced professional skill development course. There are over 120-fully funded scholarships 40-each for Pune, Mumbai and Delhi based Chartered Acco...

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Category : ICAI | Comments : 0 | Hits : 710

Govt may penalise companies saddled with adverse auditor remarks
Posted Date : 17-Jul-2012 , 08:36:20 am | Posted By CASANSAAR

The government is considering an amendment in the Companies Act to support a recent notification by the Indian capital markets regulator Sebi that proposes to penalise companies saddled with adverse auditor remarks. The Securities and Exchange Board of India (Sebi) has initi...

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Category : Auditing | Comments : 0 | Hits : 444

MCA moves cabinet note on Cos Bill for making key changes
Posted Date : 17-Jul-2012 , 08:34:53 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has moved a Cabinet note on the Companies Bill for making some key changes. According to the sources these changes have been made to take on board the objections raised by the Standing Committee on Finance, reports, Ronojoy Banerjee of CNBC-TV18.   The ...

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Category : Corporate Law | Comments : 0 | Hits : 247

RBI imposes Rs 5 lakh penalty on Karad Urban Co-op Bank
Posted Date : 17-Jul-2012 , 08:33:08 am | Posted By CASANSAAR

The Reserve Bank has imposed a penalty of Rs 5 lakh on Maharashtra-based Karad Urban Co-operative Bank for violating guidelines on shifting of branch without the regulator's prior approval. "The bank had violated RBI instructions...which involved change in municipal ward number 35 to ...

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Category : Banking | Comments : 0 | Hits : 292

Finance ministry bans PSU banks from taking over loan accounts
Posted Date : 17-Jul-2012 , 08:29:22 am | Posted By CASANSAAR

The finance ministry has banned public sector banks from taking over loan accounts from lenders where their current chairman and managing director (CMD) or executive director (ED) had worked earlier. The ministry had in June issued draft guidelines on 'takeover of loans' in which it h...

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Category : Finance | Comments : 1 | Hits : 372

SEBI, RBI for financially aware and empowered India
Posted Date : 16-Jul-2012 , 09:09:26 pm | Posted By CASANSAAR

Financial sector regulators, including RBIand Sebi, today proposed a nationwide survey for assessing financial inclusion and literacy in the country and educate 500 million adults, besides providing financial education to school children. The draft 'National Strategy for Financial Edu...

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Category : SEBI | Comments : 0 | Hits : 236

Change in Tariff Value of Brass Scrap (all Grades), Gold and Silver Notified
Posted Date : 16-Jul-2012 , 09:06:47 pm | Posted By CASANSAAR

The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 58/2012-Customs (N.T.) dated July 13, 2012 and thereby notifying change in tariff value of Brass Scrap (all grades), Gold and Silver as shown in the tables below:  ...

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Category : Excise | Comments : 0 | Hits : 228

Self-Service Portal for Students & Members (E-Diary Release for Articled/ Audit/ Industrial Training)
Posted Date : 16-Jul-2012 , 04:50:44 pm | Posted By CASANSAAR

16th July, 2012   The Institute is going to introduce Self Service portal for Students & Members. This release will include view functionality of ‘Students & Member’s Profile and Educational Details as available in the Institute’s records. This release wi...

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Category : Students Zone | Comments : 0 | Hits : 619

Result of the Information Systems Audit [ISA] Assessment Test held on 23rd June, 2012 is likely to be declared tentatively on 18th July, 2012 around 2.00 PM
Posted Date : 16-Jul-2012 , 04:46:50 pm | Posted By CASANSAAR

11th July, 2012 IMPORTANT ANNOUNCEMENT The result of the Information Systems Audit [ISA] Assessment Test held on 23rd June, 2012 is likely to be declared tentatively on 18th July, 2012 around 2.00 PM at the Institute’s office at New Delhi.The result of the above Assessment Te...

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Category : ICAI | Comments : 0 | Hits : 326

Reebok India case: Income Tax department finds no signs of big corporate fraud
Posted Date : 15-Jul-2012 , 08:20:49 pm | Posted By CASANSAAR

About two months after a criminal case was filed by Reebok India against two of its former employees over a scam allegedly involving Rs 870 crore, the Income Tax department has found that it may not be a case of corporate fraud as made out and could involve tax evasion to the tune of Rs 14...

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Category : Income Tax | Comments : 0 | Hits : 453

RBI rationalises customer charges for NEFT
Posted Date : 14-Jul-2012 , 03:57:24 pm | Posted By CASANSAAR

The Reserve Bank of India has rationalized charges that banks can levy on customers for transfer of funds through National Electronic Funds Transfer - NEFT.   In a notification issued in Mumbai, the RBI said as per the new rate system, banks can levy not more than 2 rupees 50 paise for fun...

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Category : RBI | Comments : 0 | Hits : 436

Filing your income tax return, look at CBDT circular first
Posted Date : 14-Jul-2012 , 08:59:17 am | Posted By CASANSAAR

With just 17 days left for filing income tax return (ITR), it is time to start the process. However, the CBDT has come out with guidelines on procedural aspects of filing ITR, based on tax payers' annual income. Here is a quick look of changes made by the Central Board of Di...

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Category : Income Tax | Comments : 0 | Hits : 1832

MCA`s mandate for Phase II annual filings in XBRL
Posted Date : 14-Jul-2012 , 08:56:03 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has issued a fresh circular no. 16/2012, which mandates the following class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after April 1, 2011: > All compani...

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Category : Corporate Law | Comments : 0 | Hits : 447

I-T assessment may again miss its benchmark
Posted Date : 14-Jul-2012 , 08:52:08 am | Posted By CASANSAAR

Although the Central Board of Direct Taxes (CBDT) has chalked out a detailed strategy on quality scrutiny assessment for the current fiscal year to avoid tax evasion and maximise revenue collection, income tax (I-T) employees raised doubts on whether the target would actually be achieved.  &nb...

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Category : Income Tax | Comments : 0 | Hits : 322

No. of Tax Audits & Company Audits Permissible for a Member
Posted Date : 14-Jul-2012 , 08:46:28 am | Posted By CASANSAAR

Members have time and again, raising queries regarding maximum numbers of audits that may be accepted by a Chartered Accountant and the various situations under which numbers of audits would be reckoned. Therefore, a comparison of No. of tax audits and company audits permissible for a member in prac...

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Category : Auditing | Comments : 0 | Hits : 1963

PM sets up committee to frame GAAR guidelines by Sept 30
Posted Date : 13-Jul-2012 , 07:09:59 pm | Posted By CASANSAAR

Prime Minister Manmohan Singh Friday set up an experts' committee to review and rework the controversial General Anti Avoidance Rules (GAAR) tax provision. The four-member committee to be headed by Parthasarathi Shome, director and chief executive of the Indian Council ...

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Category : Income Tax | Comments : 0 | Hits : 216

Expert advice is not an excuse to avoid penalty for claiming false deductions: I-T tribunal
Posted Date : 13-Jul-2012 , 06:48:37 am | Posted By CASANSAAR

An income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was supported by advice from a chartered accountant. A division bench of the Income-tax Appellate Tribunal (ITAT), Kolkata, made this point in an appeal filed by Dar...

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Category : Income Tax | Comments : 0 | Hits : 372

Hackers claim to steal 450,000 Yahoo user accounts
Posted Date : 13-Jul-2012 , 06:44:15 am | Posted By CASANSAAR

A previously unknown hacker group has posted online the details of 450,000 user accounts and passwords it claims to have taken from a Yahoo server.The Ars Technica technology news website reported that the group, which calls itself D33DS Company, hacked into an unidentified subdo...

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Category : International Business | Comments : 0 | Hits : 288

56% of late income tax filers below 30 years of age
Posted Date : 13-Jul-2012 , 06:42:48 am | Posted By CASANSAAR

"Bangalore city leads in terms of late filers at 39% followed by NCR at 24%. On the other hand, people from Hyderabad and Chennai contribute about 9% each to the late filers," says a study by TaxSpanner.com, an online tax filing portal."Of the total return filers in Bangalore, about 45% file their r...

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Category : Income Tax | Comments : 0 | Hits : 283

Invitation to take up assignment of "Verification checkers" - ICAI
Posted Date : 12-Jul-2012 , 08:05:38 pm | Posted By CASANSAAR

Examinees of CA exams have an option of applying for verification of marks, soon after declaration of results.The verification of marks work is done during July-September and February-April every year.The scope of the work includes the following:Checking Whether the answer book(s) compila...

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Category : ICAI | Comments : 0 | Hits : 848

Diesel price hike likely after presidential polls on July 19: Source
Posted Date : 12-Jul-2012 , 08:03:28 pm | Posted By CASANSAAR

Government is likely to raise diesel prices after a presidential election on July 19, a highly-placed oil ministry source said on Thursday, as Asia's third largest economy battles to avoid a sovereign downgrade to "junk" by two ratings agencies.Prime Minister Manmohan Singh has long vowed ...

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Category : General | Comments : 0 | Hits : 231

PFRDA Issues Revised Set of Guidelines for Registration of Pension Fund Managers to Manage National Pension System for the Non-Governmentand Private Sector
Posted Date : 12-Jul-2012 , 07:52:57 pm | Posted By CASANSAAR

The Pension Fund Regulatory and Development Authority (PFRDA) today issued a revised set of guidelines for registration of Pension Fund Managers (PFMs) to manage the National Pension System (NPS) for the non-government and private sector. The revised guidelines, available on PFRDA’s websi...

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Category : Finance | Comments : 0 | Hits : 201

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