Tax relief denial does not affect exempt income: Tribunal
Posted Date : 31-Mar-2014 , 08:26:00 am | Posted By CASANSAAR
Jamsetji Tata Trust has won a major reprieve from the Income Tax Appellate Tribunal (ITAT), which has held that exempt income — such as dividend and long-term capital gains — cannot be brought to tax in the hands of the trust even if the investments made by it do not meet ...
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Income Tax |
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e-filing services under MCA-21 temporarily suspended from April 1-13
Posted Date : 31-Mar-2014 , 08:22:27 am | Posted By CASANSAAR
The Corporate Affairs Ministry has temporarily suspended services of e-filings under MCA-21 from April 1 to 13.
This move is intended to facilitate a smooth transition to the new forms under the new company law, sources close to the developments said.
In this April 1-13 period, all...
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Corporate Law |
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0 | Hits : 736
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Govt Orders Special Audit of Nokia India Accounts
Posted Date : 30-Mar-2014 , 09:13:01 am | Posted By CASANSAAR
The government has ordered a special audit into the accounts of Nokia India, widening the ambit of its dispute with the Finnish handset maker and further queering the pitch for the completion of the company's $7.2 billion global deal to sell its devices business to Microsoft.A Nokia spokesperson con...
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Income Tax |
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0 | Hits : 481
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PwC is sued for $1 billion over MF Global collapse
Posted Date : 29-Mar-2014 , 03:50:12 pm | Posted By CASANSAAR
The administrator of MF Global Holdings Ltd's bankruptcy plan on Friday sued the Auditor PricewaterhouseCoopers for at least $1 billion over its advice on a $6.3 billion European sovereign debt investment that helped fuel the brokerage's rapid demise.
According to a complaint file...
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International Business |
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0 | Hits : 514
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Retain our Audit, Regulatory roles: ICAI to Ministry
Posted Date : 29-Mar-2014 , 10:19:11 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India, the regulator of corporate accounting and audits, is hoping the Union Ministry of Corporate Affairs will acknowledge its current role and accept its recommendations regarding avoidance of certain domain-overlapping functions with those of the proposed...
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ICAI |
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0 | Hits : 1332
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Sebi extends timline to implement FPI regulations to June 30
Posted Date : 29-Mar-2014 , 10:16:12 am | Posted By CASANSAAR
Market regulator Sebi today extended the time-frame for implementing new Foreign Portfolio Investor (FPI) regulations by three months to June 30.
The new Foreign Portfolio Investor (FPI) regulations was put in place to make an easier registration process and operating framework for overse...
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SEBI |
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0 | Hits : 345
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New Companies Act: Firms to have at least one woman, two independent Directors
Posted Date : 28-Mar-2014 , 10:04:05 pm | Posted By CASANSAAR
Most companies now need to have at least one woman and two independent directors, while the listed entities will be required to have a director to represent the interests of small shareholders if they demand. The new requirements are part of the rules related to the appointment and qualificatio...
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Corporate Law |
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0 | Hits : 942
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Pricing pacts with MNCs soon to address tax grievances
Posted Date : 28-Mar-2014 , 07:22:16 am | Posted By CASANSAAR
The government’s attempt to address the tax-related grievances of MNCs is beginning to show results. The revenue department is set to sign some unilateral advance pricing agreements (APAs) by the end of this month. These agreements are aimed at giving conditional exemptions to MNCs from tax au...
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Income Tax |
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0 | Hits : 426
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Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014
Posted Date : 27-Mar-2014 , 07:24:33 pm | Posted By CASANSAAR
ounters shall remain open for extended hours till 8.00 pm. Further, on Sunday, March 30, 2014, agency banks will keep select branches open at key locations as a regular working day for transacting Government Business. Similarly, on Monday, March 31, 2014, at places where public holiday has been...
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Income Tax |
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0 | Hits : 558
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CCI imposes a fine of Rs. 1 Crore upon Google for failure to supply information/ documents in the investigations
Posted Date : 27-Mar-2014 , 07:23:55 pm | Posted By CASANSAAR
The Competition Commission of India(CCI)has imposed a fine of Rs. 1 Crore upon Google for failure to comply with the directions given by the Director General(DG)seeking information and documents. The order was passed on a reference made by the DG to CCI alleging inter alia non-cooperation by Go...
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Corporate Law |
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0 | Hits : 463
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Election Commission to take a view on new bank licences on March 31
Posted Date : 27-Mar-2014 , 02:56:10 pm | Posted By CASANSAAR
The Election Commission will take a view on the issuance of new bank licences by the Reserve Bank of India (RBI) on Monday, March 31.
The model code of conduct has come into force with the announcement of general election earlier this month.
"I think most likely we w...
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Banking |
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0 | Hits : 438
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Landlord PAN Mandatory for Rent Over 1 lakh P.A.
Posted Date : 27-Mar-2014 , 02:53:35 pm | Posted By CASANSAAR
Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit inthe form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salariedemployee takes this benefit. IT departmen...
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Category :
Income Tax |
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1 | Hits : 1184
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MCA notifies 183 sections of Companies Act 2013
Posted Date : 27-Mar-2014 , 07:50:42 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has notified 183 sections of the new Companies Act, 2013, which comes into effect from April 1, 2014. With this, 283 of 470 sections of the Act have got notified in a phased manner. However, the related rules that fall under the 183 sections are expected to get noti...
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Corporate Law |
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0 | Hits : 1237
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Eye on higher excise mop-up, CBEC gives more powers to commissioners
Posted Date : 27-Mar-2014 , 07:49:45 am | Posted By CASANSAAR
In a last-ditch attempt to shore up faltering excise duty collection, the Central Bureau of Excise and Customs (CBEC) has empowered chief commissioners to act tough on manufacturers and dealers evading duty payment and abusing duty credit facilities.
The new provisions, notified on March 21...
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Excise |
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0 | Hits : 451
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MCA stops Challan, NEFT and Pay Later payment facility till 31st March 2014
Posted Date : 27-Mar-2014 , 07:46:30 am | Posted By CASANSAAR
Offline payment facility (Challan, NEFT and Pay Later) would be stopped from 26th March 2014 till 31st March (both days inclusive). You are requested to make payment only through online mode(Credit/Debit Card and Net Banking)....
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Corporate Law |
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0 | Hits : 993
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Tax Administration Reform Commission (TARC) to look into amalgamation of Direct, Indirect tax dept
Posted Date : 27-Mar-2014 , 07:45:09 am | Posted By CASANSAAR
The Tax Administration Reform Commission (TARC) set up by the Finance Ministry to suggest measures to prevent economic offences among other things, will soon look into amalgamation of Direct Tax and Indirect Tax Departments.
“In business practices, companies pay corporate income tax, ...
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Category :
Income Tax |
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0 | Hits : 426
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Sebi ask companies to follow standard format for Auditor Certificates
Posted Date : 26-Mar-2014 , 08:34:54 am | Posted By CASANSAAR
Market regulator Sebi today asked all listed companies to follow a standard format for their Auditor Certificates, which are required to be filed to seek approval for merger, demerger and restructuring schemes.
The Securities and Exchange Board of India (Sebi) said it has been observ...
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SEBI |
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0 | Hits : 696
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New accounting standards will bolster foreign fund inflows - ICAI
Posted Date : 26-Mar-2014 , 08:31:11 am | Posted By CASANSAAR
The accountancy body, CA institute has fired another salvo – the third in the last decade – on the IFRS convergence front.
n a well thought out move, the institute has recommended a new roadmap for convergence of Indian accounting standards with the International Financial Repor...
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Accounts |
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0 | Hits : 924
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Registered foreign portfolio investors can open rupee accounts
Posted Date : 26-Mar-2014 , 08:26:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said registered foreign portfolio investors (RFPI) will be eligible to open special non-resident rupee (SNRR) accounts and foreign currency accounts with banks. For genuine investments in securities, they can also transfer sums from a foreign currency account to a...
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International Business |
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0 | Hits : 429
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SEBI asks mutual fund houses to make monthly disclosures about assets managed by them
Posted Date : 25-Mar-2014 , 10:12:25 pm | Posted By CASANSAAR
The Securities and Exchange Board of India - SEBI has asked mutual fund houses to make monthly disclosures about assets managed by them.
This will be applicable as part of the long term policy for the mutual fund industry, that was unveiled by SEBI on Monday.
Through this policy, SEBI ...
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SEBI |
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0 | Hits : 300
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ICAI suggests revised IFRS road map, to start from April 2016
Posted Date : 25-Mar-2014 , 08:19:04 am | Posted By CASANSAAR
Revising its earlier road map, ICAI has recommended that companies, having net worth of over Rs 500 crore, implement new accounting standards that converge with global norms from April 1, 2016.
The Institute of Chartered Accountants of India (ICAI), the country's apex accounting wat...
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ICAI |
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0 | Hits : 718
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Will simplify e-filing norms: CBDT
Posted Date : 25-Mar-2014 , 08:17:50 am | Posted By CASANSAAR
E-filing of Income Tax returns will be further simplified by the Central Board of Direct Taxes (CBDT) which said it is encouraged by the increasing number of taxpayers taking the online route. The e-filing of returns this financial year saw a jump of 40 per cent with 25,647 crore online returns...
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Income Tax |
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0 | Hits : 758
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EPFO to provide permanent A/c number from October this year
Posted Date : 24-Mar-2014 , 07:13:15 pm | Posted By CASANSAAR
Retirement fund body EPFO will start providing permanent account numbers on the pattern of core banking services to its over five crore subscribers from October this year.
Permanent or universal account number (UAN) will facilitate subscribers to avoid filing PF account ...
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Category :
General |
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0 | Hits : 453
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SC says Aadhaar should not be made mandatory
Posted Date : 24-Mar-2014 , 07:10:10 pm | Posted By CASANSAAR
The Supreme Court today directed the Centre not to shareAadhaar card details with any agency without the consent of the card holder.
It also asked the government to immediately withdraw all the orders which had made Aadhaar card compulsory for registration of marriage or property or ...
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General |
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0 | Hits : 435
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ICSI Council / Regional Councils Election – 2014
Posted Date : 24-Mar-2014 , 08:34:58 am | Posted By CASANSAAR
Kind Attention Members
COUNCIL / REGIONAL COUNCILS ELECTIONS-2014
As the members are aware, the term of the existing Council and the Regional Councils will expire on 18th January 2015 and the elections for the Council and the Regional Council...
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ICSI |
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0 | Hits : 384
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New Companies Act drives demand for forensic audits
Posted Date : 24-Mar-2014 , 08:28:47 am | Posted By CASANSAAR
Forensic audit is emerging as a big-ticket business for accounting firms.Two developments are responsible. One, some high-profile frauds in the limelight over recent months. Two, changes in the approach of regulators, allied to provisions in the new Companies Act, which put more accountability ...
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Auditing |
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0 | Hits : 845
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Give customers a free copy of credit profile: RBI
Posted Date : 24-Mar-2014 , 08:22:01 am | Posted By CASANSAAR
Customers should be given a free copy of their credit profile as it would help in promoting financial discipline among loan seekers, the Reserve Bank of India (RBI) has said in a report.
"The Committee has suggested that providing customers with a free copy of their Credit Information Reports (CIRs...
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RBI |
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0 | Hits : 651
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Over 50,000 cr revenue still to come; CBDT cancels all leave
Posted Date : 23-Mar-2014 , 07:27:05 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has cancelled leave of all officials on tax collection duty and ordered 24X7 functioning of its offices till March 31 in order to collect the remaining revenue of over Rs 50,000 crore before the end of the current financial year.
The direct taxes tar...
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Category :
Income Tax |
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0 | Hits : 559
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EXPERT PANEL for Addressing Bank Branch Audit Queries FY 2013-14 - ICAI
Posted Date : 23-Mar-2014 , 07:06:25 pm | Posted By CASANSAAR
The bank audit season is around the corner. Given the fact that the banking industry istypical in terms of its geographical and customer spread, the volume and varied natureof products and services offered, coupled with the strict constraints for completing theaudits, the members, many a times, face...
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ICAI |
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0 | Hits : 929
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E-filing of I-T returns: Taxpayers to get Digital Signatures
Posted Date : 23-Mar-2014 , 10:58:55 am | Posted By CASANSAAR
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income-Tax Department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The Central Board of Direct Taxes (CBDT), the apex office to formulate policies...
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Category :
Income Tax |
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0 | Hits : 1932
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