Special council meeting convened to discuss Audit cap, Tax Audit Blues - ICAI
Posted Date : 08-Apr-2014 , 08:24:27 am | Posted By CASANSAAR
The auditing fraternity is clearly facing the regulatory heat going by the recent rules notified under the new company law.
Besides mandatory auditor rotation and requirement on reporting of frauds to the central government, the chartered accountants’ fraternity has to grapple with a ...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1071
|
 |
SEBI rolls back some restrictions on currency derivatives
Posted Date : 08-Apr-2014 , 08:22:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Monday partially reversed curbs on dollar-rupee forward contracts that were imposed last year after the rupee hit record lows.
Sebi had doubled the margin requirement on the domestic dollar-rupee forward trades last year in a bid to arres...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 397
|
|
Reserve Bank of India firm on scrapping pre-payment penalty
Posted Date : 08-Apr-2014 , 08:21:02 am | Posted By CASANSAAR
The Reserve Bank is likely to order banks to scrap penalty on pre-payment of all retail and small corporate loans and do away with fines for failure to maintain minimum balance if the recent 'nudge' does not work, said a person familiar with the plan. RBI officials believe there is no justifica...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 476
|
|
Livent Auditor Deloitte ordered to pay $84.8-million for failing detect Fraud
Posted Date : 07-Apr-2014 , 10:34:58 pm | Posted By CASANSAAR
The former auditor of Garth Drabinsky’s Livent has been ordered to pay $85 million in damages to creditors of the defunct Toronto theatre company.
An Ontario Superior Court judge ruled Friday that Deloitte & Touche was negligent in its audit of Livent’s 1997 financ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 836
|
|
FinMin detects unauthorised access of e-filers' online tax returns
Posted Date : 07-Apr-2014 , 10:30:02 pm | Posted By CASANSAAR
E-filers of income tax beware! Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
Replying to an RTI query, the Ministry said a process of “multifunctional authentication” has been designed and will be in place...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 596
|
|
Govt rejects proposal to club allowances with basic salary
Posted Date : 06-Apr-2014 , 09:05:22 am | Posted By CASANSAAR
The labour ministry has asked retirement fund body EPFO not to go ahead with a proposal to club allowances with basic pay for provident fund deductions.
“EPFO has got a letter from the Labour Ministry asking it not to go ahead with clubbing of allowances with basic pay. The Employees&...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 465
|
|
ICAI to prepare road map for economic reforms, taxation
Posted Date : 05-Apr-2014 , 08:41:44 am | Posted By CASANSAAR
For the first time, the CA Institute plans to frame a model roadmap for Indian economy and submit it to the new Central Government on its first day in office.
Towards this end, the CA Institute will host a national summit on "Indian economy and way forward" in the capital on Saturday, Anuj ...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 698
|
|
Billing system: TRAI notifies panel of Auditors
Posted Date : 05-Apr-2014 , 08:39:13 am | Posted By CASANSAAR
Telecom regulator TRAI on Friday notified 17 firms in the panel of auditors which will examine metering and billing system of service providers.
The validity of the panel will be up to July 31, 2017, though TRAI may extend the validity at its discretion.
The operators are required ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1070
|
|
Protest against new rule for appointing company secretaries
Posted Date : 05-Apr-2014 , 08:38:10 am | Posted By CASANSAAR
Company secretaries seem to be facing regulatory heat as the rules notified under the new company law could put thousands of such professionals out of work.
The new rules mandate the appointment of a company secretary only for listed companies and every other public company with a paid-up c...
Continue Reading...
Category :
ICSI |
Comments :
0 | Hits : 1160
|
|
Don’t seek artificial fixes for bad loans: RBI
Posted Date : 05-Apr-2014 , 08:36:35 am | Posted By CASANSAAR
Corporations and banks should not find artificial fixes for non-performing assets, and it was important for them to clean up their balance sheets and focus on putting the asset back on stream, RBI Governor Raghuram Rajan has said.
“At the Reserve Bank, we keep hearing corporations com...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 419
|
|
SEBI reorganises panel on disclosures, Accounting Standards
Posted Date : 04-Apr-2014 , 07:45:28 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) has revamped its committee on disclosures and accounting standards that advises it on matters related to disclosure requirements and accounting practices for various market participants.
The 17-member expert panel is been chaired ...
Continue Reading...
Category :
Accounts |
Comments :
0 | Hits : 863
|
|
Govt appoints R Gandhi as RBI Deputy Governor
Posted Date : 04-Apr-2014 , 07:43:10 am | Posted By CASANSAAR
The government has appointed R Gandhi as deputy governor of the Reserve Bank of India (RBI). Gandhi, 58, who has been handed over a three-year term, succeeds Anand Sinha who retired in January.
Prior to this, Gandhi was an executive director of the central bank.
A dep...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 641
|
|
Confusion on Auditing Despite Amendment to Kerala Cooperative Societies Rules
Posted Date : 04-Apr-2014 , 07:39:44 am | Posted By CASANSAAR
Despite notification of the draft of amendment to Kerala Cooperative Societies Rules (1969) on February 14, there is still room for problems in the auditing of the societies.
As three panels were proposed earlier for conducting the audit, the proposal to include retired auditors also has le...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 553
|
|
Direct Tax Code 2013 allows Tax Audit by Company Secretaries and Cost Accountants also
Posted Date : 03-Apr-2014 , 07:58:44 am | Posted By CASANSAAR
Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allowsTax Audit not only by Chartered Accountants but also by Company Secretaries and Cost Accountants.
Clause ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3751
|
|
Profits can't be taxed in the hands of partners
Posted Date : 03-Apr-2014 , 07:29:19 am | Posted By CASANSAAR
In what could bring a major relief to partnership companies, the Income-Tax department is set to clarify that the income of a firm that has been exempted from tax cannot be taxed for its profit in the hands of its partners.
Earlier, even if the income chargeable to tax for a firm was nil due to cer...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 843
|
|
PAN-less candidates with over Rs 5 crore to face I-T scrutiny
Posted Date : 03-Apr-2014 , 07:27:18 am | Posted By CASANSAAR
For the first time, candidates with assets of over Rs 5 crore without a PAN card are set to come under the scanner of Tax department and Election Commission, which have prepared a list of 'red flags' to weed out suspected tax-evaders from the poll fray.
This is part of a joint charte...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 766
|
|
Clarification on prohibition of simultaneously undertaking Concurrent Audit and Quarterly Review of the same Bank - ICAI
Posted Date : 02-Apr-2014 , 10:12:59 pm | Posted By CASANSAAR
Since queries are being received from members at large on the issue, it is accordingly hereby clarified that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit being a kind of internal audit and the quarterly review be...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 672
|
|
IDFC, Bandhan get Banking licences
Posted Date : 02-Apr-2014 , 10:02:25 pm | Posted By CASANSAAR
IDFC and Bandhan Financial Services Pvt Ltd on Wednesday won banking licences, with the RBI approving permits for only two of the 25 applicants.
A day after the Election Commission permitted it to go ahead with the issue of new banking licences, the Reserve Bank of India gave in-princ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 668
|
|
Limit on Audits could pose practical difficulties, says ICAI
Posted Date : 02-Apr-2014 , 06:37:24 am | Posted By CASANSAAR
Limiting the number of firms that can be audited simultaneously by an auditor could create practical difficulties for the profession, accounting regulator ICAI has said.
Most of the provisions of the Companies Act, 2013, have come into effect from today.
The new law would bri...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1990
|
|
Private companies excluded from mandatory Secretarial Audit
Posted Date : 02-Apr-2014 , 06:29:51 am | Posted By CASANSAAR
The Company Secretaries’ Institute wants secretarial audit to be treated on par with the internal auditor appointment norms spelt out in the final rules under the new company law.
The new company law had stipulated mandatory secretarial audit for all listed companies and other classes...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1081
|
|
RBI to propose steps to reduce window dressing by banks
Posted Date : 02-Apr-2014 , 06:26:29 am | Posted By CASANSAAR
The Reserve Bank will propose measures to reduce window dressing by banks, which tends to add to yearend liquidity pressures in the system. "We are discussing with bankers how to improve liquidity towards the yearend and not come to a path where banks are not willing to lend to each other," sai...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 527
|
|
Banks must not punish non-maintenance of minimum balance: RBI
Posted Date : 01-Apr-2014 , 09:44:28 pm | Posted By CASANSAAR
As part of a consumer protection initiative, the Reserve Bank of India on Tuesday asked banks not to levy penal charges on customers who don't maintain a minimum balance in basic savings bank accounts.
"Banks should also not take undue advantage of customer difficulty or inattention," RBI G...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 876
|
|
Direct Taxes Code 2013: How it affects you
Posted Date : 01-Apr-2014 , 09:43:03 pm | Posted By CASANSAAR
The Finance Ministry on Tuesday released a revised Direct Taxes Code (DTC) for comments. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act. The Direct Taxes Code Bill, 2010, was introduced in the Lok Sabha in 2010 and was later referred to t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1195
|
|
RBI keeps rates unchanged in its first bi-monthly policy review
Posted Date : 01-Apr-2014 , 11:19:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its first bi-monthly monetary policy has decided to hold the key policy rate or the repo rate at 8 per cent but cautioned that inflation risks could resurface.
A poll by Business Standard of bankers, economists and debt market experts had s...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 329
|
|
Govt makes rotation of Auditors mandatory under new Companies Law
Posted Date : 01-Apr-2014 , 08:33:45 am | Posted By CASANSAAR
The corporate affairs ministry on Monday notified rules making the rotation of auditors mandatory for listed companies, unlisted companies with a share capital for more than Rs.10 crore, all private companies with paid-up capital of Rs.20 crore or more, and all companies with public deposi...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1471
|
|
Download ST3 Return Utility for Oct to Mar 14 Service Tax Return Filing
Posted Date : 01-Apr-2014 , 08:18:34 am | Posted By CASANSAAR
Service Tax Return (ST-3) for the period Oct,13 -March,14 is now available for e-filing by the assessees in both offline and online version. The last date of filing the ST-3 return for the said period is 25th April, 2014. However, to avoidcongestion and inconvenience in the last ...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 1004
|
|
New companies law: Most provisions to be effective from Today
Posted Date : 01-Apr-2014 , 08:16:39 am | Posted By CASANSAAR
Bringing in changes that will strengthen corporate governance as well as protect investors' interests, most provisions of the new companies law will come into effect form Today.
Norms for social welfare spending, stringent regulations for related party transactions, independent directors and deposi...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1129
|
|
Send Comments on Proposed Direct Taxes Code 2013
Posted Date : 01-Apr-2014 , 08:03:54 am | Posted By CASANSAAR
The Finance Minister, in his speech on Interim Budget 2014-15, made the following observation on Direct Taxes Code (DTC):-
"Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been abl...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 354
|
|
ACES Service Desk to work for extended hours on all Saturdays till 25th April 14 and on on last Sunday i.e. 20-04-2014
Posted Date : 01-Apr-2014 , 07:59:26 am | Posted By CASANSAAR
In case of any difficulty in accessing the ACES Application or in filing the ST-3 returns, the assessees can seek help of the ACES Service Desk by sending e-mail to aces.servicedesk@icegate.gov.in or calling up National Toll-free number 1800 425 4251.
In general, the Service Desk...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 370
|
|
I-T asks e-filers of tax returns to send ITRV by speed post
Posted Date : 31-Mar-2014 , 08:30:44 am | Posted By CASANSAAR
If you are filing online your Income Tax return, the paper copy of the 'ITRV' should only be sent through "speed post" to the Central Processing Centre (CPC) of the department inBengaluru.
ITRV or 'Income Tax Return - Verification' form is issued as an acknowledgement to returns filed onl...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1336
|
|
|
