Decisions Taken On Indirect Tax Issues by the Forum Chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister
Posted Date : 17-Dec-2013 , 06:17:10 pm | Posted By CASANSAAR
In July 2013, the Union Finance Minister Shri P.Chidambaram constituted a Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes. The Forum is chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister and supported by officers of th...
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Service Tax |
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Circular by January 15 for levying excise on goods sold below cost: Finance Ministry
Posted Date : 17-Dec-2013 , 06:12:39 pm | Posted By CASANSAAR
The Finance Ministry has said it will come out with a circular by January 15 to implement a Supreme Court decision regarding valuation of goods sold below the cost price for levying excise duty.
The Supreme Court in a recent decision - in the case of CCE, Mumbai versus Fiat India (P) Ltd - held tha...
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Excise |
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Vacancy Circular for the posts of Technical Member (CA / CS / CMAs), National Company Law Tribunal - 14 Post (Sr.Level)
Posted Date : 17-Dec-2013 , 09:18:45 am | Posted By CASANSAAR
1. Following posts of Member, National Company Law Tribunal to be constituted under Section 408 of the Companies Act, 2013:-
Technical Member - 14(fourteen) posts (8 Unreserved, 2 reserved for SCs, 1 reserved for STs and 3 reserved for OBCs)
2. The selected candidates...
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General |
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Armaan Kohli arrested from the 'Bigg Boss 7' house
Posted Date : 17-Dec-2013 , 08:51:00 am | Posted By CASANSAAR
'Bigg Boss' season 7 participant Armaan Kohli was arrested by Lonavla city police on Monday night for allegedly assaulting British-Pakistani actress Sofia Hayat. Hayat has filed a complaint alleging Kohli of physical abuse during her stay at Lonavala-based bungalow for the shooting of reality show '...
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General |
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RBI restricts FIIs' purchase of additional shares in HDFC Bank
Posted Date : 17-Dec-2013 , 08:42:53 am | Posted By CASANSAAR
The Reserve Bank of India on Monday restricted foreign institutional investors (FIIs) from buying additional shares in HDFC Bank, the country's second-largest private lender, as their shareholding has exceeded the limit.
Stakes held by overseas investors, including FIIs, non-residen...
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Category :
Banking |
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Sebi mulls new rule for promoters turning public shareholders
Posted Date : 17-Dec-2013 , 08:41:46 am | Posted By CASANSAAR
In the past one year, promoters of a few companies chose to re-classify themselves as public shareholders to comply with the rule that any listed firm must have a minimum public holding of 25%. The strategy did not go down well with the capital markets regulator, which feels that promoters took the ...
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SEBI |
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0 | Hits : 285
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Bank unions to go on strike on Dec 18, PSU banks to be Hit
Posted Date : 16-Dec-2013 , 09:29:25 pm | Posted By CASANSAAR
Operations at public sector banks are likely to be hit on December 18 as trade unions have decided to go on day-long strike to press for wage revision and other demands.
The conciliation meeting before the Chief Labour Commissioner between the unions and IBA has failed to find an amicable...
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Banking |
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NSEL scam: Enforcement Directorate attaches assets worth Rs.100 crore
Posted Date : 16-Dec-2013 , 12:06:38 pm | Posted By CASANSAAR
The Enforcement Directorate has attached a fresh estimated Rs. 100 crore assets of a borrower company and its associates in connection with money laundering probe in the National Spot Exchange Limited (NSEL) scam case.
The agency's latest action, under Prevention of Money Laundering (PMLA...
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General |
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FinMin may garner Rs 3,000 crore from service tax amnesty scheme
Posted Date : 16-Dec-2013 , 08:53:54 am | Posted By CASANSAAR
A one-time amnesty scheme to encourage payment of service tax dues is proving to be a winner for the Finance Ministry.
“We have managed to get over Rs 2,500 crore from the Voluntary Compliance Encouragement Scheme for Service Tax. The total will easily exceed Rs 3,000 crore or even mu...
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Service Tax |
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11 crore PAN holders, only 3.5 crore file tax returns
Posted Date : 16-Dec-2013 , 08:39:40 am | Posted By CASANSAAR
Concerned over tax collection not keeping pace with the growth in income and wealth, a Parliamentary Standing Committee has recommended that the tax department should encourage PAN card holders libel for tax to file their income tax returns.
The committee, in its latest report tabled in Parli...
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Category :
Income Tax |
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Kingfisher Airlines assets attached on Rs 350 crore tax default
Posted Date : 16-Dec-2013 , 08:32:08 am | Posted By CASANSAAR
The Income Tax department has attached all assets of cash-strapped Kingfisher Airlines for failing to remit taxes amounting to Rs 350 crore, a senior official said Sunday.
"We have attached all assets of Kingfisher Airlines and are in the process of recovering its dues by sale and attachment of pro...
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Income Tax |
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0 | Hits : 346
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PSU banks themselves responsible for NPAs, not govt: FM
Posted Date : 15-Dec-2013 , 09:32:03 am | Posted By CASANSAAR
Blaming "tardy" state-run banks for high level of non-performing assets, Finance Minister P Chidambaram Saturday said banks' boards and not the government should be held responsible for the situation.
"If the bank boards cannot perform their duty, blame should stop with the bank boards and not with...
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Category :
Banking |
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1 | Hits : 371
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Cyber Fraud with Practicing Chartered Accountant
Posted Date : 14-Dec-2013 , 06:39:00 pm | Posted By CASANSAAR
CYBER FRAUD WITH PRACTICING CHARTERED ACCOUNTANT BY HACKING HIS ID AND PASSWORD AND FILING OF FORM 3CB-3CD USING THIS ID...
WHAT SHOULD BE THE ROLE OF CENTRAL LEADERSHIP IN THIS MATTER?
A Case of Cyber Fraud is repoted in the Dainik Jagran of 14th December, 2013. In ...
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Category :
ICAI |
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I-T dept gave tax exemption worth Rs 3,000 cr to undeserving trusts, NGOs: CAG
Posted Date : 14-Dec-2013 , 04:58:10 pm | Posted By CASANSAAR
The income tax department keeps harping about mandatorily quoting Permanent Account Number in every transaction but a scrutiny by the Comptroller and Auditor General of tax exemptions granted to 1.37 lakh trusts and NGOs has revealed that the I-T department granted exemption to at least 72...
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Category :
Income Tax |
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0 | Hits : 375
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Fraud detection is now responsibility of CAs - President, ICAI
Posted Date : 14-Dec-2013 , 08:21:56 am | Posted By CASANSAAR
The Companies Act 2013 has placed the onus of detection of financial fraud on the auditors (chartered accountants) and therefore the CAs should measure up to the challenge in the changed scenario, according to Subhodh Kumar Agarwal, president of the Institute of Chartered Accountants of India (ICAI)...
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ICAI |
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To check for potential NPAs, RBI orders audit of Allahabad Bank
Posted Date : 14-Dec-2013 , 08:13:25 am | Posted By CASANSAAR
Close on the heels of directing a forensic audit on United Bank of India, the RBI has initiated a special audit of another Kolkata-based lender, Allahabad Bank.
The banking regulator has notified Allahabad Bank about the audit to assess the potential non-performing assets and ‘special...
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Category :
Banking |
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Date of Payment of December Installment of Advance Tax Extended From 15th Dec.2013 to 17th Dec.2013
Posted Date : 13-Dec-2013 , 09:35:15 pm | Posted By CASANSAAR
The December instalment of Advance tax is required to be paid on or before 15th December, 2013 by the tax payers who are liable to pay advance tax.
These taxpayers can make payments in the designated branches of the authorized banks, electronically or physically, as per law. The banks are ...
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Income Tax |
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Irregular tax exemptions given to cricket associations: CAG
Posted Date : 13-Dec-2013 , 06:16:46 pm | Posted By CASANSAAR
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said today.
“IT Department allowed exemption in four ... cases for incom...
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Category :
Auditing |
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FMC appoints Price Waterhouse Coopers to do special audit of MCX
Posted Date : 13-Dec-2013 , 03:09:17 pm | Posted By CASANSAAR
Commodity markets regulator FMC has appointed global auditing firm Price Waterhouse Coopers (PwC) as the auditor to conduct a special audit of MCX and examine if there was trade by related parties on the bourse.
In the wake of Rs. 5,600 crore payment crisis at NSEL, the FMC had in September ordered...
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Category :
Auditing |
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Result of the Information Systems Audit [ISA] Assessment Test held on 30th November, 2013 is likely to be declared on 15th December, 2013
Posted Date : 13-Dec-2013 , 03:05:28 pm | Posted By CASANSAAR
December 12, 2013
The result of the Information Systems Audit [ISA] Assessment Test held on 30th November, 2013 is likely to be declared on 15th December, 2013 around 8 PM at the Institute’s office at New Delhi.The result of the above Assessment Test will be available on the Insti...
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Category :
ICAI |
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1 | Hits : 438
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Delhi High Court unfreezes Nokia's factory assets, tax dispute continues
Posted Date : 13-Dec-2013 , 08:35:19 am | Posted By CASANSAAR
A court on Thursday accepted an appeal by Nokia to release its local factory after it was seized by authorities in a tax dispute, removing a hurdle to the sale of the company's mobile phone business to Microsoft .
The plant in the southern city of Chennai is one of Nokia's biggest phone-mak...
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Category :
Income Tax |
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SEBI panel prescribes stricter norms on insider trading
Posted Date : 13-Dec-2013 , 08:34:09 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) panel, headed by former chief justice of India N. K. Sodhi, has suggested that trades by promoters, employees, directors and their immediate relatives would need to be disclosed internally to the company.
The panel on insider trading also re...
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SEBI |
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Government Approves Two Proposals of Foreign Direct Investment (FDI) Amounting to About Rs. 97.85 Crore
Posted Date : 12-Dec-2013 , 05:49:14 pm | Posted By CASANSAAR
Further to para 7 of the Press Release dated October 25, 2013, wherein it was stated that decision about the five (5) proposals will be communicated separately, the Government of India has approved two (2) proposals of Foreign Direct Investment (FDI) amounting to Rs. 97.85 crore.
&nb...
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Finance |
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FM asks authorities to share information to check tax evasion
Posted Date : 12-Dec-2013 , 01:38:53 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today called for better information sharing among various agencies of the government to check tax evasion.
"I think organisations must come forward to share information withDRI (Directorate of Revenue Intelligence), just as DRI must come forward to share inf...
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Category :
Income Tax |
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0 | Hits : 330
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CBDT brings out 19-point format for Electoral Trusts
Posted Date : 12-Dec-2013 , 08:39:43 am | Posted By CASANSAAR
As poll season gathers momentum, the CBDT has brought out a 19-point fresh standard format for 'Electoral Trusts', created by corporate and business houses to fund political parties.
The checklist has been devised as such that the business firm could enumerate all relevant details about the c...
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Category :
Income Tax |
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0 | Hits : 337
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“Lok Adalat” Commences in Company Law Board
Posted Date : 11-Dec-2013 , 07:03:48 pm | Posted By CASANSAAR
To mitigate the hardship of small investors and to expedite disposal of cases pending before the Company Law Board the first ever “Lok Adalat” was successfully held at the Company Law Board, Mumbai Bench at Mumbai on 07-12-2013. The initiative to hold Lok Adalat in Company Law Board take...
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Category :
Corporate Law |
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0 | Hits : 360
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Gay sex illegal, says Supreme Court, sets aside High Court order
Posted Date : 11-Dec-2013 , 10:49:34 am | Posted By CASANSAAR
The Supreme Court today said gay sex between consenting adults remains a criminal offence, in a major setback for the largely closeted homosexual community in India.
The top court today said that the Delhi High court's 2009 order decriminalising homosexuality is constitutionally unsustainable...
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General |
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Audit reports of banks signed by deceased Chartered Accountants - Regulators
Posted Date : 11-Dec-2013 , 08:49:27 am | Posted By CASANSAAR
Regulators suspect the audits of several banks to be out of this world— not because of their high quality but because they are signed by deceased accountants.The authorities, who claim they are gravely concerned, will discuss the problem at the next meeting of the Financial Stability Developme...
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Category :
ICAI |
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0 | Hits : 2008
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MCA seeks NSEL investigation details from EOW
Posted Date : 11-Dec-2013 , 08:41:22 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has sought details of progress made in the investigation of the beleaguered National Spot Exchange Ltd (NSEL) case which faces Rs 5,600 crore payment crisis.
“The MCA is in touch with us. They have sought details of progress made in NSEL inves...
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Category :
Corporate Law |
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0 | Hits : 268
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Name and shame insider trading offenders: SEBI advisory board
Posted Date : 10-Dec-2013 , 07:17:12 pm | Posted By CASANSAAR
To deal with insider trading and other offences in securities market, SEBI’s international advisory board today suggested steps like ‘naming and shaming’ of culprits, an effective whistleblower framework and larger penalties.
The board also asked SEBI to consider provision...
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SEBI |
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