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ICAI Election 2012 - Single Transferable System of Voting - An Apprisal
Posted Date : 19-Oct-2012 , 11:44:16 pm | Posted By CASANSAAR

”The next elections to the Council and Regional Councils of the Institute will be held on 7th and 8thDecember, 2012 at Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad,Jaipur, Kolkata, Mumbai and Pune and on 8th December, 2012 at all other places where pollingbooths...

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Category : ICAI | Comments : 0 | Hits : 2072

2 Lakh Companies' financial statements irregular: MCA
Posted Date : 19-Oct-2012 , 11:37:33 pm | Posted By CASANSAAR

Nearly two lakh companies registered in the country have been found to be irregular in furnishing their financial statements and other filings, according to the Ministry of Corporate Affairs (MCA).   The number of new companies getting registered in India has been rising for the past few year...

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Category : Corporate Law | Comments : 0 | Hits : 550

Vodafone, Income Tax department set for another round in Supreme Court
Posted Date : 19-Oct-2012 , 11:34:48 pm | Posted By CASANSAAR

Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.  The department has challenged in the Supreme Court a Gujarat high court order...

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Category : Income Tax | Comments : 0 | Hits : 190

Sebi duty bound to take action against Sahara: SC
Posted Date : 19-Oct-2012 , 11:26:25 pm | Posted By CASANSAAR

Refusing to grant more time to the Sahara group of investment companies, the Supreme Court on Friday allowed the Securities and Exchange Board of India (Sebi) to take action against the companies if they failed to provide details about some three crore investors from whom the companies raised Rs 24,...

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Category : SEBI | Comments : 0 | Hits : 212

Quality of xBRL Filing Certified by Professional Members
Posted Date : 19-Oct-2012 , 11:04:39 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretary in India (ICSI) the min...

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Category : Corporate Law | Comments : 0 | Hits : 342

MCA finds inaccuracies in cos' financial disclosures
Posted Date : 19-Oct-2012 , 07:43:22 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL.Concerned over the inaccuracies, that were noticed during a random scrutiny, the Ministry has flagged the ...

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Category : Corporate Law | Comments : 0 | Hits : 436

Satyam's Rs 822-cr fixed deposit attached by ED
Posted Date : 19-Oct-2012 , 07:42:12 am | Posted By CASANSAAR

The Enforcement Direc-torate (ED) on Thursday attached fixed deposits of Rs 822 crore of the erstwhile Satyam Computer Services, kept with four banks. The move relates to a case under the Prevention of Money Laundering Act (PMLA) against the company’s promoter, B Ramalinga Raju, and others. &...

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Category : Finance | Comments : 0 | Hits : 245

MCA begins rule-making for new Companies law
Posted Date : 19-Oct-2012 , 07:22:41 am | Posted By CASANSAAR

With the cabinet clearing the modified Companies Bill, activity has gathered pace in the ministry of corporate affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule making process of the new Companies Act. “An expert group comprising 7-8 people has been for...

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Category : Corporate Law | Comments : 0 | Hits : 294

Examination on 4th November 2012 at Shimla Centre (Himachal Pradesh) for IPCE / PCE is rescheduled to 19th November, 2012.
Posted Date : 19-Oct-2012 , 07:21:27 am | Posted By CASANSAAR

NOTIFICATION                        15thOctober, 2012   No.13-CA(Exam)/N/2012/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2012 dated 4thJuly, 2012, it is notified for general information that i...

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Category : Students Zone | Comments : 0 | Hits : 300

Gujarat HC issues notice to SEBI on stock exchange turnover issue
Posted Date : 19-Oct-2012 , 07:18:50 am | Posted By CASANSAAR

Gujarat High Court on Thursday issued notice to Securities and Exchange Board Of India (SEBI) while hearing a public interest litigation (PIL) challenging the stock market regulator's notification with regard to regional stock exchanges (RSE).   A division bench of Chief Justice Bhaskar Bhatt...

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Category : SEBI | Comments : 0 | Hits : 196

KPMG appoints Richard Rekhy as CEO
Posted Date : 18-Oct-2012 , 08:10:03 am | Posted By CASANSAAR

 KPMG today said it has appointed Richard Rekhy as new chief executive for its India operations. Rekhy, who was earlier the Head of Advisory at KPMG in India, will succeed Russell Parera, a statement issued here said. On his appointment, Rekhy said, "The global and...

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Category : Auditing | Comments : 0 | Hits : 452

RIL not allowing CAG audit : Oil Ministry
Posted Date : 18-Oct-2012 , 08:06:51 am | Posted By CASANSAAR

The Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries'  plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG. Oil Secretary G C Chaturvedi told a meeting conv...

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Category : Auditing | Comments : 0 | Hits : 284

Service exporters hit by sudden halt in tax refunds
Posted Date : 18-Oct-2012 , 08:03:26 am | Posted By CASANSAAR

Software exporters, BPOs, consultants and other service exporters have been hit by a sudden halt in service tax refunds in the past few months. Service tax commissionerates across the country have been rejecting tax refund claims of these companies, which also include knowledge processing outsourcin...

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Category : Service Tax | Comments : 0 | Hits : 203

Peak Filing Preparation 2012 - MCA 21
Posted Date : 18-Oct-2012 , 08:01:21 am | Posted By CASANSAAR

ANNOUNCEMENTSub: Peak Filing Preparation 2012 - MCA 21 As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956.  In order to ensure smooth filing and to avoid last minute rush, the Ministry of Corporate Affairs vide its General Circular No...

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Category : Corporate Law | Comments : 0 | Hits : 353

Concerns rise as more U.S. audit work moves to India
Posted Date : 17-Oct-2012 , 07:53:25 am | Posted By CASANSAAR

Auditing of U.S. corporations' financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.   U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U....

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Category : Auditing | Comments : 0 | Hits : 727

Govt set to ease FDI rules for companies
Posted Date : 17-Oct-2012 , 07:49:38 am | Posted By CASANSAAR

The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.   Government officials told TOI that the move, which has been in the pip...

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Category : International Business | Comments : 0 | Hits : 181

Chowdary appointed new Member (inv) in CBDT
Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR

Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...

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Category : Income Tax | Comments : 0 | Hits : 285

Kingfisher Airlines' employees get income-tax notices on non-payment of taxes
Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR

A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...

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Category : Income Tax | Comments : 0 | Hits : 254

RBI to set aside funds for buying illiquid gilts
Posted Date : 17-Oct-2012 , 07:38:27 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is working with the government to set aside funds for buying illiquid gilts from the market. “Over a period of time we will have some budget where we will try to repair some of those securities in which volumes are low, and create volumes for those securities wh...

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Category : RBI | Comments : 0 | Hits : 136

Ministry of Corporate Affairs - XBRL filings
Posted Date : 17-Oct-2012 , 07:35:10 am | Posted By CASANSAAR

MCA has released final version of the MCA XBRL Validation Tool and XBRL Filing Manual V2.0. Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 have been enabled on MCA website with effect from 14.10.2012. Based on the feedback received from various stakeh...

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Category : Corporate Law | Comments : 0 | Hits : 246

Vikram Pandit steps down as Citigroup CEO
Posted Date : 16-Oct-2012 , 10:43:07 pm | Posted By CASANSAAR

In an abrupt exit, Citigroup's India-born CEO Vikram Pandit resigned on Tuesday after nearly a five-year tenure during which he steered US’s third-biggest bank through the difficult years after the 2008 financial crisis.Nagpur-born Columbia University graduate Pandit (55), who had been the CEO...

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Category : International Business | Comments : 0 | Hits : 205

Take penal action against cos exposing markets & investors to fraud: SEBI to depositories
Posted Date : 16-Oct-2012 , 10:41:26 pm | Posted By CASANSAAR

SEBI has decided to empower depositories to take penal action against companies that do not properly reconcile their demat and physical shares and thus expose the equity market and investors to possible frauds.   A senior official said the depositories have the mandate to help the companies ...

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Category : SEBI | Comments : 0 | Hits : 165

Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold and Silver Notified
Posted Date : 16-Oct-2012 , 10:39:37 pm | Posted By CASANSAAR

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Ind...

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Category : Custom | Comments : 0 | Hits : 194

MCA likely to tighten fund raising norms by unlisted companies
Posted Date : 16-Oct-2012 , 07:55:32 am | Posted By CASANSAAR

Taking a leaf out of the Sahara case, the Corporate Affairs Ministry is contemplating to tighten fund raising norms from the public by unlisted companies.   The Ministry, according to an official, is of the view that an unlisted company should not be allowed to raise funds either through priv...

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Category : Corporate Law | Comments : 0 | Hits : 357

Sebi notifies IPO reforms; funds usage comes under scrutiny
Posted Date : 16-Oct-2012 , 07:53:04 am | Posted By CASANSAAR

Market regulator Sebi today notified wide-ranging reforms in IPO market, including a strict vigil on usage of issue proceeds, greater disclosure by companies and their bankers and allotment of a minimum number of shares to retail investors. As per the notification issued by ...

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Category : SEBI | Comments : 0 | Hits : 250

Indirect tax collections grow 15.6 % in first half
Posted Date : 16-Oct-2012 , 07:50:14 am | Posted By CASANSAAR

Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity.   Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at R...

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Category : Excise | Comments : 0 | Hits : 174

New FDI policy in conflict with FEMA regulations: SC
Posted Date : 16-Oct-2012 , 07:48:20 am | Posted By CASANSAAR

The Centre may have to defer till November 5 implementation of its decision allowing FDI in retail trading with the Supreme Court on Monday pointing to a technical glitch. A bench comprising Justices R M Lodha and A R Dave agreed with PIL petitioner M L Sharma that the decisions relating to 51% FDI...

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Category : International Business | Comments : 0 | Hits : 217

63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 2012.
Posted Date : 16-Oct-2012 , 07:45:36 am | Posted By CASANSAAR

15th October, 2012   63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 – 2012.   In accordance with the provisions as contained in sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Repor...

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Category : ICAI | Comments : 0 | Hits : 353

Penalty justified even if defaulter agrees to pay up: Tribunal
Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR

Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...

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Category : Income Tax | Comments : 0 | Hits : 243

Paying tax soon to be a fundamental duty
Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR

Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty.   The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...

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Category : Income Tax | Comments : 0 | Hits : 248

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