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Coalgate comes under judicial scrutiny, SC notice to Centre
Posted Date : 14-Sep-2012 , 04:31:54 pm | Posted By CASANSAAR

The alleged irregularities in the coal block allocations came under judicial scrutiny today with the Supreme Court directing the Centre to explain if the guidelines were strictly followed in allotting the natural resource to private companies.   Turning down the Centre's plea that the court s...

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Category : General | Comments : 1 | Hits : 196

Procedure of ICAI Elections. (Preferential Voting System)
Posted Date : 14-Sep-2012 , 08:56:14 am | Posted By CASANSAAR

Our elections are held on the single ‘transferable vote’  system under which thevoter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some members are under the ...

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Category : ICAI | Comments : 1 | Hits : 2533

RBI restricts Vishal Finlease from accepting public deposits
Posted Date : 14-Sep-2012 , 08:38:25 am | Posted By CASANSAAR

The Reserve Bank has restricted Gandhinagar based non-banking financial institutionVishal Finlease Pvt Ltd from accepting public deposits for violation of guidelines. "The company - Vishal Finlease Pvt Ltd - has been stopped from accepting public deposits for violating RBIgui...

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Category : RBI | Comments : 0 | Hits : 259

SC directs Essar Oil to pay Rs 5,198 cr tax dues
Posted Date : 14-Sep-2012 , 08:36:38 am | Posted By CASANSAAR

The Supreme Court on Thursday directed the Ruias-owned Essar Oil to pay dues of Rs 5,189 crore to Gujarat government towards its tax liability in eight quaterly instalments. The court also imposed an interest of 10 per cent on this amount from January, 2012.   While disposing of the company&r...

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Category : Income Tax | Comments : 0 | Hits : 266

MCA to introduce refund process for unlinked incorrect NEFT payments
Posted Date : 14-Sep-2012 , 08:35:32 am | Posted By CASANSAAR

MCA is pleased to announce that a refund process will be introduced by 16th September, 2012 for the unlinked incorrect NEFT payments. Revised refund e-Form along with instruction kit will be available on the MCA21 portal. Users are requested to avail this facility....

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Category : Corporate Law | Comments : 0 | Hits : 275

RBI: Central bank focusing on bringing down cash component in economy
Posted Date : 14-Sep-2012 , 08:33:19 am | Posted By CASANSAAR

RBI has said that the central bank is focused on bringing down the cash component in the economy. Speaking to reporters in Mumbai today, RBI Deputy Governor H R Khan said that circulation of a large amount of cash in the economy leads to many problems and hence India should move towards a less cash ...

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Category : RBI | Comments : 1 | Hits : 255

Diesel price hiked by Rs 5 per litre, petrol price left unchanged
Posted Date : 13-Sep-2012 , 08:37:42 pm | Posted By CASANSAAR

The Manmohan Singh government has bitten the bullet on fuel prices in the face of huge opposition not only from allied parties, but even within the Congress.The Cabinet Committee on Political Affairs on Thursday approved aRs. 5 hike in the price of diesel. The hike is effective from midnight to...

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Category : Finance | Comments : 0 | Hits : 400

Re-investigate murder of woman CA, HC tells Haryana police
Posted Date : 13-Sep-2012 , 08:35:07 am | Posted By CASANSAAR

A harrowing tale of a young chartered accountant’s (CA) attempted rape, murder and prima facie attempts by the Haryana Police to shield the accused, has surfaced in the Punjab and Haryana High Court.   The victim, Jyoti, was not only hospitalised for five days after an attempted ra...

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Category : ICAI | Comments : 2 | Hits : 1355

Share buyback expenditure not taxable: Income Tax Appellate Tribunal
Posted Date : 13-Sep-2012 , 08:33:45 am | Posted By CASANSAAR

In an order that will have a bearing on companies opting to buy back shares at a premium, the Income Tax Appellate Tribunal (ITAT), Mumbai held that tax is not payable for the expenditure incurred for such buybacks. Such buybacks involve an expenditure incurred for a smooth and effici...

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Category : Shares & Stock | Comments : 0 | Hits : 312

Income Tax department deputes special team to transcribe Radia tapes
Posted Date : 13-Sep-2012 , 08:26:38 am | Posted By CASANSAAR

The Income Tax department has deployed a special team to transcribe the remaining recordings of the telephone conversations of corporate lobbyist Niira Radia after the Supreme Court had recently directed it to do so. The department, according to sources, had earlie...

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Category : Income Tax | Comments : 0 | Hits : 187

ICICI Bank, HDFC Bank and Axis Bank cut interest rates on retail term deposits
Posted Date : 13-Sep-2012 , 08:21:35 am | Posted By CASANSAAR

The top three private sector lenders in the country — ICICI Bank, HDFC Bank, and Axis Bank — have slashed interest rates on retail term deposits across maturities. The move is aimed at boosting the net interest margins of the banks, which have been stressed due to slow loan growth and th...

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Category : Banking | Comments : 1 | Hits : 273

Sahara sends two truck-loads of documents to Sebi
Posted Date : 12-Sep-2012 , 08:51:56 pm | Posted By CASANSAAR

Market regulator Sebi's woes with Sahara Group grew today as it sought to approach the Supreme Court on the business conglomerate's non-compliance to a deadline for submission of documentary evidence of money collected from investors through issue of debentures.Sahara Group is believed to have dispa...

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Category : SEBI | Comments : 1 | Hits : 555

Dr. M. Veerappa Moily Launches a Legal Compliance Manual Aimed at Increasing Compliance among Companies
Posted Date : 12-Sep-2012 , 08:50:12 pm | Posted By CASANSAAR

Union  Corporate Affairs Minister Dr. M. Veerappa Moily today launched a Legal Compliance Manual (LCM) here in New Delhi. The objective of this manual is to ensure the compliance of Central and State Laws and follow the norms of good Corporate Governance. The LCM is joi...

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Category : Corporate Law | Comments : 1 | Hits : 362

Announcement for Empanelment as a Technical Reviewer with the Quality Review Board
Posted Date : 12-Sep-2012 , 02:44:59 pm | Posted By CASANSAAR

Dated: 5th September, 2012 Announcement for Empanelment as a Technical Reviewer with the Quality Review Board The Government of India has, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board to perform the follo...

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Category : ICAI | Comments : 1 | Hits : 459

ICAI to launch Centre of Excellence
Posted Date : 12-Sep-2012 , 08:27:51 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has decided to establish a Centre of Excellence in the state with an investment of nearly Rs 15 crore. The project proposal will be presented at ‘Emerging Kerala’.   It will be more like a university with bachelors, masters an...

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Category : ICAI | Comments : 0 | Hits : 810

RBI relaxes ECB norms, hikes limit to $3 billion
Posted Date : 12-Sep-2012 , 08:25:33 am | Posted By CASANSAAR

In a bid to increase the foreign fund flow into the country, the Reserve Bank of India today hiked the maximum limit to $3 billion for foreign borrowers under the external commercial borrowing (ECB) norms. ECB refers to commercial loans in the form of bank loans, buyers' credit, suppliers' credit, ...

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Category : RBI | Comments : 0 | Hits : 239

Goods and service tax one step closer to final approval
Posted Date : 12-Sep-2012 , 08:23:26 am | Posted By CASANSAAR

The Goods and Service Tax (GST) Bill is nearing final approval after the Attorney General of India, Goolam E Vahanvati, answered the constitutional queries raised by former finance minister Yashwant Sinha in his capacity as the Chairman of the Parliamentary Standing Committee on Finance. The value-...

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Category : GST | Comments : 1 | Hits : 448

Income Tax, ED on trail in coal allocations scam
Posted Date : 11-Sep-2012 , 11:12:29 pm | Posted By CASANSAAR

In more trouble for allotees of coal blocks, the Income Tax department and Enforcement Directorate are scanning investments and finances of the firms that are alleged to have illegally benefited in the scam.   Both the agencies under the Finance Ministry have begun a discreet inquiry into the...

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Category : Income Tax | Comments : 1 | Hits : 176

21 FDI Proposals Amounting to Rs. 2410 Crore Approved
Posted Date : 11-Sep-2012 , 11:07:56 pm | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 24, 2012, Government has approved 21 proposals of Foreign Direct Investment amounting to Rs. 2410 crore approximately.    These include 8 proposals worth Rs.1842.55 crore rel...

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Category : Finance | Comments : 0 | Hits : 200

Indian Institute of Corporate Affairs Conference on Corporate Governance- “Inspiring Confidence in Indian Business”
Posted Date : 11-Sep-2012 , 11:07:21 pm | Posted By CASANSAAR

There have been several times in the last two decades when the ethical behavior of organisation has been thecenter of attention. This may be due to lack of knowledge on the issues related to compliance.  Compliance is all about internal control processes. The board shou...

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Category : Corporate Law | Comments : 0 | Hits : 160

Govt plans to bring FDI in multi-brand this month
Posted Date : 11-Sep-2012 , 09:26:23 am | Posted By CASANSAAR

The government is set to allow global super markets, such as Wal-Mart, Tesco and Carrefour, later this month to set up stores, ending the national ban on FDI in multi-brand retail. A government source said requesting anonymity that the new policy framework - allowing up to 49%  foreign direct ...

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Category : FEMA | Comments : 1 | Hits : 300

MCX offers 50% discount on transaction fee, to start equity trade in Nov
Posted Date : 10-Sep-2012 , 11:48:06 pm | Posted By CASANSAAR

MCX Stock Exchange aims to formally start stocks trading around Diwali in mid-November, chief executive Joseph Massey said on Monday, in its quest to become the country's third major equities market.The MCX Stock Exchange has been quickly taking the necessary steps to commence stock trading since th...

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Category : Shares & Stock | Comments : 0 | Hits : 290

Direct tax collections up 6.51% in April-Aug
Posted Date : 10-Sep-2012 , 11:30:58 pm | Posted By CASANSAAR

The gross direct tax collection during April-August this fiscal went up by 6.51 per cent to over Rs. 1.64 lakh crore, from Rs. 1.54 lakh crore in the corresponding period last year, a Finance Ministry statement said.Corporate tax collection grew by just 0.15 per cent and stood at...

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Category : Income Tax | Comments : 0 | Hits : 156

ISI mark mandatory on steel products from September 12
Posted Date : 10-Sep-2012 , 11:28:38 pm | Posted By CASANSAAR

Steel makers will now have to produceBureau of Indian Standards (BIS) certified steel items as the Centre has made the certification mandatory from September 12. It was stated by BIS' Northern Region Office in a release here today. According to BIS new guidelines, all manufacturers, f...

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Category : General | Comments : 0 | Hits : 365

Sebi probes 35 brokers for money laundering
Posted Date : 10-Sep-2012 , 08:58:14 am | Posted By CASANSAAR

As many as 35 stock brokers have been probed by capital market regulator Securities and Exchange Board of India (Sebi) for possible lapses in controls related to money launderingand terror financing, and further action may be taken soon in these cases.   The inspections by ...

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Category : SEBI | Comments : 0 | Hits : 260

TDS on service tax kept in abeyance
Posted Date : 10-Sep-2012 , 08:56:05 am | Posted By CASANSAAR

A proposal to introduce the TDS (Tax Deducted at Source) mechanism for service tax on the lines of income tax has been put on the back burner. The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.   At p...

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Category : Service Tax | Comments : 0 | Hits : 620

IT Department exposes Multi-crores Tax Evasion by Jewellers
Posted Date : 09-Sep-2012 , 07:21:46 am | Posted By CASANSAAR

The Income Tax department on late Friday night exposed the tax evasion worth crores of rupees from the five plush Jewellery showrooms in Jammu. Income tax sleuths raised the premises of Chowdhary Shankar Shah Jewellers Jain Bazar, Vijay Shankar Shah Jewellers Jain Bazar, Chowdhary Shankar Shah ...

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Category : Income Tax | Comments : 0 | Hits : 402

CBDT to come out with accounting norms for real estate
Posted Date : 08-Sep-2012 , 09:23:51 am | Posted By CASANSAAR

The Revenue department Thursday said it will soon come out with accounting standards for the real estate sector to bring about uniformity in reporting of financial results. "We will shortly come forward with accounting standard in this regard (for real estate sector)," Central Board of Direct Taxes...

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Category : Income Tax | Comments : 0 | Hits : 488

RBI advises against gold investment
Posted Date : 08-Sep-2012 , 09:21:22 am | Posted By CASANSAAR

On a day gold prices touched a new high, the Reserve Bank of India (RBI) urged the public against choosing gold as an asset for savings or investment. "Because interest rates are very low, people are investing in gold. But the poor should never invest in gold for whenever they ha...

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Category : RBI | Comments : 0 | Hits : 531

Govt sends notices to pharma cos for non-payment of service tax
Posted Date : 08-Sep-2012 , 09:17:53 am | Posted By CASANSAAR

The government said it has served show cause notices to manufacturers of pharmaceutical products who have failed to pay service taxes worth hundreds of crores of rupees.   “Show cause notices have been issued to such manufacturers (of pharmaceutical products) for recovery of service tax...

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Category : Service Tax | Comments : 0 | Hits : 272

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