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Bank branch Advance limit for Statutory Audit fixed at 6 crores
Posted Date : 23-Mar-2012 , 08:33:14 am | Posted By CASANSAAR

Dear Member, It has been learnt that RBI has received communication regarding Bank Branch Audit allotment.   All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited. CA. Jaydeep N. Shah Pres...

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Category : Income Tax | Comments : 0 | Hits : 1738

60-yr-old CA in EOW net for selling TDR worth Rs 5 cr
Posted Date : 23-Mar-2012 , 08:16:00 am | Posted By CASANSAAR

The economic offences wing (EOW) has arrested two persons-a 60-year-old chartered accountant and the accountant of an infrastructure firm-for selling transfer of development rights (TDR) valued at Rs 4.61 crore to four companies.The FIR was lodged by Dhiren Mehta, director of Bharat Insulation ...

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Category : ICAI | Comments : 0 | Hits : 533

Govt sets up 12-member advisory group on international taxation
Posted Date : 23-Mar-2012 , 08:12:02 am | Posted By CASANSAAR

The Finance Ministry has constituted a 12-member advisory group headed by the Revenue Secretary on the controversial amendments in the Income Tax Act that seek to tax overseas deals with retrospective effect.The group, which will also have representatives from the industry chambers, will suggest to ...

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Category : Income Tax | Comments : 0 | Hits : 193

Govt approved 6 Proposals of Foreign Direct Investment Amounting to Rs. 232.67 crore
Posted Date : 23-Mar-2012 , 08:10:07 am | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 2, 2012, the CentralGovernment has approved sixteen (16) proposals of Foreign Direct Investment amounting to Rs.&nb...

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Category : Finance | Comments : 0 | Hits : 336

Number of companies, which have not submitted their Annual Returns and Balance Sheets during the last three years
Posted Date : 23-Mar-2012 , 08:08:52 am | Posted By CASANSAAR

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the LokSabha that it is mandatory, under the Companies Act, 1956 for all companies to submit Annual Returns, Balance Sheet etc to the Government.       &n...

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Category : Corporate Law | Comments : 0 | Hits : 418

CAG says media reports on coal block auction are misleading
Posted Date : 23-Mar-2012 , 08:06:56 am | Posted By CASANSAAR

The CAG has told the Prime Minister that the media reports on alleged coal scam published in a newspaper is exceedingly misleading. Quoting CAG, the daily claimed that the government has lost 10.7 lakh crore rupees by not auctioning coal blocks.Rejecting the claim, the CAG in a letter to Dr Manmohan...

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Category : CAG | Comments : 0 | Hits : 525

Railway minister Mukul Roy announces rollback in railway fare hike
Posted Date : 22-Mar-2012 , 02:23:02 pm | Posted By CASANSAAR

Newly appointed railway minister Mukul Roy announced a rollback in some of the rail fares that were announced last week in the Rail Budget. Mukul Roy told Parliament that fares for first and second class passengers in air-conditioned carriages would still go up, but there would be no increase for...

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Category : Income Tax | Comments : 0 | Hits : 347

Government lost Rs 10.7 lakh crore by not auctioning coal blocks: CAG
Posted Date : 22-Mar-2012 , 10:52:33 am | Posted By CASANSAAR

The CAG is at it again. About 16 months after it rocked the UPA government with its explosive report on allocation of 2G spectrum and licences, the Comptroller & Auditor General's draft report titled 'Performance Audit Of Coal Block Allocations' says the government has extended "undue benefi...

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Category : CAG | Comments : 0 | Hits : 697

Divorce to get easier, faster
Posted Date : 22-Mar-2012 , 08:30:00 am | Posted By CASANSAAR

The government is working to make laws friendlier to help unhappy couples get divorce faster. The government wants changes in the Hindu Marriage Act of 1955 and Special Marriage Act of 1954 to provide ‘irretrievable breakdown of marriage’ as a new ground for parting ways. As a now a mini...

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Category : General | Comments : 0 | Hits : 667

SEBI plans no-frills demat accounts to attract retail investors
Posted Date : 22-Mar-2012 , 08:25:55 am | Posted By CASANSAAR

Market regulator Sebi is exploring the option of low-cost, no-frills demat accounts, hoping it will encourage more investors to take a plunge into equities. Annual depository account maintenance charges can be as high as Rs 1,000, discouraging retail investors who may want to invest small sums ...

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Category : SEBI | Comments : 0 | Hits : 261

Vodafone have to pay tax once I-T Act is amended: FinMin
Posted Date : 21-Mar-2012 , 10:28:05 pm | Posted By CASANSAAR

British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today. "They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill...

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Category : Income Tax | Comments : 0 | Hits : 569

RBI offices to remain open on Mar 31 for special clearings
Posted Date : 21-Mar-2012 , 05:05:14 pm | Posted By CASANSAAR

All the regional offices of the Reserve Bank of India and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current ...

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Category : Income Tax | Comments : 0 | Hits : 346

Tech Mahindra, Mahindra Satyam boards approve merger at swap ratio of 2:17
Posted Date : 21-Mar-2012 , 04:54:04 pm | Posted By CASANSAAR

The boards of Satyam Computer Services Ltd and Tech Mahindra Ltd, IT services providers of the Mahindra group, approved the merger of two companies, according to TV reports. The exchange ratio for the merger was pegged at 2:17 ratio i.e. 2 shares of Tech Mahindra will be given for 17 shares of ...

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Category : Corporate Law | Comments : 0 | Hits : 480

Move to hike advance limit for bank branch audit flayed
Posted Date : 21-Mar-2012 , 08:26:51 am | Posted By CASANSAAR

  A debate is on over the move to up the minimum advance limit for making statutory audit compulsory in a public sector bank branch. All PSU bank branches having advances of over Rs.5 crore are now subject to statutory audit. The minimum advance limit is now sought to be increased to Rs.20 cr...

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Category : Auditing | Comments : 0 | Hits : 1901

Sebi short-lists 19 companies in 2011 IPO fraud case
Posted Date : 21-Mar-2012 , 07:51:55 am | Posted By CASANSAAR

Capital market regulator Sebi has widened the scope of its investigation to probe misuse of fund or price manipulation by some of the companies that came out with IPOs last year. Sebi's integrated surveillance department and investigation department have short-listed 19 companies that were lis...

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Category : SEBI | Comments : 0 | Hits : 534

NRIs with unexplained wealth may land in income tax trouble
Posted Date : 21-Mar-2012 , 07:49:40 am | Posted By CASANSAAR

The government today said the Income Tax Department will "bother" only those non-resident Indians who have unexplained funds."If any money is found to be of some person and then it comes to our knowledge, then if it is legitimately explained he doesn't have to bother, but if it is unexplained ...

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Category : Income Tax | Comments : 0 | Hits : 240

Kingfisher Airlines to suspend all international flights: Mallya
Posted Date : 20-Mar-2012 , 09:09:39 pm | Posted By CASANSAAR

Kingfisher Airlines will suspend all international flights, and has submitted a new flight plan to the country's aviation regulator. The airline  will operate up to 125 daily local flights with 20 planes.The promoter of the carrier, Vijay Mallya, with other top Kingfisher officials, met ...

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Category : International Business | Comments : 0 | Hits : 211

SC dismisses Govt's review petition on Vodafone verdict
Posted Date : 20-Mar-2012 , 09:04:44 pm | Posted By CASANSAAR

The Supreme Court on Tuesday dismissed the government’s review petition in the Rs 11,000 crore Vodafone tax case.The government had filed a review petition asking the court to reconsider its verdict delivered in January which gave its order in favour of Vodafone and helped improve foreign inve...

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Category : Income Tax | Comments : 0 | Hits : 313

Insurance Companies Mandated to Take Prior Approval of IRDA of their Products Before Launching
Posted Date : 20-Mar-2012 , 09:02:38 pm | Posted By CASANSAAR

The insurance companies are mandated to take prior approval from the Insurance Regulatory and Development Authority (IRDA) of the product before launching. As per File and Use Guidelines, the insurance companies are required to launch products after allowing for 60 days for non-life and 30 days...

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Category : Finance | Comments : 0 | Hits : 158

Mukul Roy to be sworn in as Railways Minister today
Posted Date : 20-Mar-2012 , 08:13:18 am | Posted By CASANSAAR

After forcing the government to secure the resignation of railway minister Dinesh Trivedi, Trinamool Congress chief Mamata Banerjee on Monday persuaded Prime Minister Manmohan Singh to induct Mukul as the new Cabinet minister. Roy will be sworn in at 10 am on Tuesday, hours before the commencem...

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Category : General | Comments : 0 | Hits : 196

Delhi High Court quashes criminal case against Microsoft
Posted Date : 20-Mar-2012 , 08:08:11 am | Posted By CASANSAAR

The Delhi High Court on Friday quashed criminal proceedings against Microsoft India, a fortnight after the company was exempted by a trial court in a similar case for hosting objectionable content online. Microsoft India is the only company, out of the 21 websites, against whom both criminal and...

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Category : International Business | Comments : 0 | Hits : 192

SC to hear Centre's Vodafone review plea today
Posted Date : 20-Mar-2012 , 07:42:54 am | Posted By CASANSAAR

The Supreme Court will hear the Centre's plea for review of the Vodafone judgment on Tuesday at a time when the UPA government has proposed to amend the Income Tax Act to levy capital gains tax on domestic asset acquisition through merger and acquisition deals involving overseas companies....

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Category : Income Tax | Comments : 0 | Hits : 194

Don't start taking sleeping pills, Jaswant tells Pranab
Posted Date : 19-Mar-2012 , 10:07:09 pm | Posted By CASANSAAR

"Do not start consuming sleeping pills," this was the advice of former finance minister Jaswant Singh to the present incumbent in the finance ministry on the issue fiscal deficit. Making a brief remark before the Prime Minister's reply in the Lok Sabha to the Motion of ...

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

Setting Up of NCLT and NCLA
Posted Date : 19-Mar-2012 , 10:04:50 pm | Posted By CASANSAAR

The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT). Provisions have been incorporated in the Companies Bill, 2011 which has been introduced in the Lok Sabha on 14.12.2011. The establishment of NCLT and NCLAT as specialized ...

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

Delay in Implementation of IFRS
Posted Date : 19-Mar-2012 , 10:03:58 pm | Posted By CASANSAAR

Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholde...

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Category : Accounts | Comments : 0 | Hits : 1184

CCI highlights the competition issues in public procurement
Posted Date : 19-Mar-2012 , 03:51:55 pm | Posted By CASANSAAR

Under the competition advocacy initiatives, the Competition Commission of India has been organizing meetings, seminars, workshops etc. with the various stake holders to spread awareness about the Competition Law and the Commission. As part of this initiative CCI organized a workshop on the topi...

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Category : Corporate Law | Comments : 0 | Hits : 250

After tax blow, Get ready for fuel price hike
Posted Date : 19-Mar-2012 , 08:30:07 am | Posted By CASANSAAR

Oil companies are considering an increase — a substantial one at that — in the prices of automobile and cooking fuels as early as next week after the budget session goes into a break on March 30. It will be another piece of bad news for consumers hit by costlier products and services fol...

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Category : General | Comments : 0 | Hits : 461

EC gives green signal to new auditing norms for political parties
Posted Date : 19-Mar-2012 , 08:22:06 am | Posted By CASANSAAR

In a step that will bring in transparency and help curb black money in the poll process, the Election Commission has given its nod to new auditing and accounting norms for political parties in the country. The norms and guidelines, prepared by the Institute of Chartered Accountants of India (ICAI...

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Category : Auditing | Comments : 0 | Hits : 316

Service tax exemption to leave advertisers with surplus funds
Posted Date : 19-Mar-2012 , 08:19:58 am | Posted By CASANSAAR

Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore more to advertisers for spending on campaigns, according to industry experts."Given that marketing budgets of companies always take into account the service tax ...

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Category : Income Tax | Comments : 0 | Hits : 224

Direct Tax Code likely to become effective from FY'14: Pranab
Posted Date : 19-Mar-2012 , 08:17:07 am | Posted By CASANSAAR

Finance Minister Pranab Mukherjee today expressed hope that the direct tax regime would become effective from 2013-14.   Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next yea...

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Category : Income Tax | Comments : 0 | Hits : 167

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