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Govt allows deduction of CTT as part of business income
Posted Date : 05-Dec-2013 , 08:17:44 pm | Posted By CASANSAAR

In a relief to commodity exchanges, the government has allowed deduction of Commodity Transaction Tax (CTT) to traders as it forms part of their business income.   The move will benefit Multi Commodity Exchange of India (MCX), National Commodity and Derivatives Exchange (N...

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Category : Income Tax | Comments : 0 | Hits : 513

RBI asks urban co-operative banks to provide TDS certificate to customers on time
Posted Date : 05-Dec-2013 , 04:06:26 pm | Posted By CASANSAAR

Reserve Bank today directed urban co-operative banks to provide their customers tax deduction at source (TDS) certificate on time to enable timely filing of income tax returns. ."With a view to protecting the interests of depositors and for rendering better customer service, urban co-opera...

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Category : Income Tax | Comments : 0 | Hits : 215

NSEL crisis: Over 30 brokers under regulatory scanner
Posted Date : 05-Dec-2013 , 09:01:47 am | Posted By CASANSAAR

As the NSEL crisis deepens, role of at least 32 brokerage firms has come under the scanner for allegedly charging high transaction charges and providing portfolio management and margin funding services to their clients in violation of regulations.These brokers were apparently working as Ca...

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Category : Shares & Stock | Comments : 0 | Hits : 276

RBI's draft norms on large banks seek additional capital buffer
Posted Date : 05-Dec-2013 , 08:58:19 am | Posted By CASANSAAR

To protect the financial system from risks emanating from large banks, the Reserve Bank of India (RBI) has floated draft guidelines for the domestic systemically important banks (D-SIBs) that would require such lenders to maintain an additional core capital of up to 0.80 per cent...

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Category : Banking | Comments : 0 | Hits : 216

Download CMA's Exam Admit Card for December - 2013 Term Examination
Posted Date : 04-Dec-2013 , 07:50:09 pm | Posted By CASANSAAR

It has been decided that from Dec-2013 term of Examination dispatch of hard copy of the Admit Card to the Student will be discontinued. Admit Card of Dec-2013 term will be available in the Official Website of the Institute from last week of November, 2013 and student can dow...

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Category : Students Zone | Comments : 0 | Hits : 402

Core investment cos can raise external comm loans for SPVs
Posted Date : 04-Dec-2013 , 02:17:20 pm | Posted By CASANSAAR

The RBI allowed core investment companies to raise external commercial borrowing (ECB) for projects floated as special purpose vehicle in order to strengthen the flow of resources into the infrastructure sector. They will be allowed to raise funds via ECBs with certain riders, the RBI said in a noti...

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Category : RBI | Comments : 0 | Hits : 177

NSEL scam: Police attach properties of Jignesh Shah, three others
Posted Date : 04-Dec-2013 , 09:43:35 am | Posted By CASANSAAR

The long arm of the law seems to be catching up with Jignesh Shah and his trusted lieutenants - Joseph Massey and Shreekant Javalgekar. The Mumbai police has attached Jignesh Shah's bungalow in Juhu, Mumbai's posh suburb, and shares of Financial Technologies (FT), his business empire's flagship com...

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Category : Shares & Stock | Comments : 0 | Hits : 259

Sebi issues revised format on assets and liabilities for firms
Posted Date : 03-Dec-2013 , 08:49:43 pm | Posted By CASANSAAR

Bringing its regulations in line with the new companies law, Sebitoday issued revised norms for firms with regard to their illustrating assets and liabilities. The changes are part of norms on 'Issue of Capital and Disclosure Requirements' for listed firms. These are aimed at aligning existing...

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Category : Corporate Law | Comments : 0 | Hits : 577

ICAI invites applications from highly competent candidates for the position of SECRETARY
Posted Date : 03-Dec-2013 , 03:21:18 pm | Posted By CASANSAAR

ICAI, the second largest accounting body in the world, set up by an Act of Parliament, is looking for a high profile and multi-faceted personality with leadership qualities, excellent communication, interpersonal and motivational skills for the position of Secretary. This is an EXCELL...

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Category : ICAI | Comments : 0 | Hits : 1245

Tax row: IT Department rejects Nokia India's offer to pay Rs 2,250 crore
Posted Date : 03-Dec-2013 , 07:56:36 am | Posted By CASANSAAR

The Income Tax (IT) Department, on Monday, told the Delhi High Court that the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs. 2,250 crore to it is not acceptable.   Nokia India, however, stuck to its offer. A bench of justices Sanjiv Khanna and Sanjeev Sachdeva observed &l...

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Category : Income Tax | Comments : 0 | Hits : 688

Inflation Indexed National Saving Securities- Cumulative (IINSS-C)
Posted Date : 02-Dec-2013 , 04:56:32 pm | Posted By CASANSAAR

The Government of India, in consultation with Reserve Bank of India, has decided to launch Inflation Indexed National Savings Securities-Cumulative (IINSS-C) for retail investors in the second half of December 2013. These securities are being launched in the backdrop of announcement made in the...

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Category : Income Tax | Comments : 0 | Hits : 554

Elections 2014: 31% of AAP supporters want Narendra Modi as next PM
Posted Date : 02-Dec-2013 , 10:29:49 am | Posted By CASANSAAR

Aam Aadmi Party (AAP) chief ministerial candidate Arvind Kejirwal and the BJP's nominee for prime minister Narendra Modi appear to have few similarities. If the former, a political rookie, is seen as a harbinger of cleaner politics and a socialist leaning heavily on populism, Modi, a veteran with a ...

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Category : General | Comments : 0 | Hits : 437

Income Tax department reveals top 10 assessees in all catagories
Posted Date : 02-Dec-2013 , 08:36:52 am | Posted By CASANSAAR

Directors of Kamal Sponge Steel and Power Kamaljeet Singh Ahluwalia and Prashant Ahluwalia, both facing CBI probe in coal scam, are in the list of top 10 Income Tax assessees in the ‘Individual’ category for 2011-12, according to an RTI reply.   The I-T department data shows that ...

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Category : Income Tax | Comments : 0 | Hits : 2226

Tehelka holding company networth negative; Auditors red-flag issues
Posted Date : 01-Dec-2013 , 08:25:00 pm | Posted By CASANSAAR

As Tarun Tejpal battles alleged sexual assault charges by a woman colleague, the filings made by Tehelka’s holding company shows a negative networth with liabilities far exceeding its assets.   Besides, auditors have red-flagged issues like absence of an internal audit committee and non...

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Category : Auditing | Comments : 0 | Hits : 832

RBI aims to make people aware of not writing on currency notes
Posted Date : 01-Dec-2013 , 08:45:40 am | Posted By CASANSAAR

The Reserve Bank aims to create awareness among people about not writing anything on the currency notes and that they need to keep them clean, Deputy Governor K C Chakrabarty said on Saturday.  However, when asked if banks would stop accepting such notes from Januray 1, 2014 onwards, he said: ...

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Category : Banking | Comments : 0 | Hits : 489

Finance professionals in India frustrated by lack of investment: Survey
Posted Date : 01-Dec-2013 , 08:44:40 am | Posted By CASANSAAR

Indian finance professionals have witnessed more business opportunities over the past six months but are frustrated due to their inability to use such situations, a survey says.   According to the latest global economic conditions survey, undertaken by the Association of Ch...

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Category : Finance | Comments : 0 | Hits : 386

Punching PIN must for debit card transactions from Dec.1
Posted Date : 30-Nov-2013 , 09:11:01 pm | Posted By CASANSAAR

Debit card holders will be required to punch in their PIN numbers every time they use the card from Sunday, Dec. 1, a move aimed at minimising frauds.   In June, the Reserve Bank had extended the deadline for implementation of mandatory PIN punching at Point-of-Sales (PoS) and merchant outlet...

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Category : Banking | Comments : 0 | Hits : 743

RBI dilutes policy, allows banks to become insurance brokers
Posted Date : 30-Nov-2013 , 04:40:29 pm | Posted By CASANSAAR

Diluting its earlier tough stance, the Reserve Bank of India has decided to permit banks to undertake insurance broking business departmentally, subject to the requirements, including the minimum net worth of Rs 500 crore.   "Banks desirous of offering insurance broking services should seek s...

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Category : Banking | Comments : 0 | Hits : 148

Cost Accountants protest against new Cost Audit draft rules
Posted Date : 30-Nov-2013 , 09:27:25 am | Posted By CASANSAAR

Cost Accountants on Friday protested outside the Pune Municipal Corporation (PMC) against the new cost audit draft rules published by the Ministry of Corporate affairs. The accountants have demanded an immediate withdrawal of the rules claiming it detrimental to their field.   The recently pu...

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Category : ICWAI | Comments : 0 | Hits : 1385

RBI allows banks to pay interest more frequently
Posted Date : 30-Nov-2013 , 09:16:45 am | Posted By CASANSAAR

Triggering a potential deposit war among banks, the Reserve Bank of India on Friday gave commercial banks the option of paying interest on savings and term deposits at intervals less than three months. The RBI move, announced in a notification, is expected to make banks woo depositors more aggressiv...

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Category : RBI | Comments : 0 | Hits : 470

Vodafone transfer pricing case sent to tax department's DRP
Posted Date : 29-Nov-2013 , 07:11:30 pm | Posted By CASANSAAR

The Bombay High Court today asked British telecom major VodafonePlc to go back to dispute resolution panel (DRP) of the Income Tax Department in its second transfer pricing case. The IT department claimed as much as Rs 370 crore in tax for the assessment year 2009-10.    ...

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Category : Income Tax | Comments : 0 | Hits : 371

Sebi issues draft norms to regulate research analysts
Posted Date : 29-Nov-2013 , 07:06:56 pm | Posted By CASANSAAR

To ward off market manipulation through 'independent' reports on stocks and listed companies, Sebi today proposed new norms to regulate research analysts while clamping down on research services offered by foreign entities without getting registered in India.   Those to be regul...

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Category : SEBI | Comments : 0 | Hits : 226

Rising NPAs: RBI initiates forensic audit at United Bank
Posted Date : 29-Nov-2013 , 08:50:05 am | Posted By CASANSAAR

The Reserve Bank of India has initiated a special inspection of Kolkata-based United Bank of India, apparently prompted by an alarming rise in bad loans that has forced the bank to report a Rs 490-crore loss in the second quarter. While it's not unusual for RBI to undertake such a move, there was sp...

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Category : Banking | Comments : 0 | Hits : 674

MCA clears the air on investments in subsidiaries
Posted Date : 29-Nov-2013 , 08:40:16 am | Posted By CASANSAAR

Giving India Inc some more months to grant loans to directors or make fresh investments in their step-down subsidiaries, the ministry of corporate affairs (MCA) has clarified that provisions of inter-corporate loans as per the old Company Act of 1956 will remain in force till the corresponding secti...

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Category : Corporate Law | Comments : 0 | Hits : 448

Live-in relationship neither a Crime nor a Sin: Supreme Court
Posted Date : 29-Nov-2013 , 08:38:48 am | Posted By CASANSAAR

Live-in relationship is neither a crime nor a sin, the Supreme Court has held while asking Parliament to frame law for protection of women in such relationship and children born out of it.   The apex court said unfortunately, there is no express statutory provision to regulate live-in relatio...

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Category : Corporate Law | Comments : 0 | Hits : 900

CBEC Pavilion Received Bronze Medal for Excellence in Display at 33rd Indian International Trade Fair, 2013
Posted Date : 28-Nov-2013 , 07:30:49 pm | Posted By CASANSAAR

CBEC pavilion in 33rd India International Trade Fair, 2013 has been awarded with a bronze medal by Dr. Farooq Abdullah, Hon’ble Minister for New and Renewable Energy during a ceremony held at Pragati Maidan, New Delhi yesterday. CBEC pavilion was highly praised by the public as well as me...

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Category : Service Tax | Comments : 0 | Hits : 174

Banks violate RBI norms to deny zero-balance A/Cs
Posted Date : 28-Nov-2013 , 08:02:25 am | Posted By CASANSAAR

Banks have been found to use the Reserve Bank of India's norms as an excuse to avoid opening zero-balance accounts. In a sting operation conducted by a web portal, an IIT Mumbai professor sought to open a basic bank account in 19 banks without address or identity proof. In all the 19 branches, the p...

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Category : Banking | Comments : 0 | Hits : 901

Sebi allows LLPs to get stock exchange membership
Posted Date : 28-Nov-2013 , 07:54:21 am | Posted By CASANSAAR

Market regulator Securities and Exchange Board of India (SEBI), on Wednesday, allowed Limited Liability Partnerships (LLPs), a hybrid between a partnership firm and company, to get membership of stock exchanges in the country.   LLP is a corporate business vehicle that provides benefits of li...

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Category : Shares & Stock | Comments : 0 | Hits : 325

Tata Sons withdraws application for bank licence - RBI
Posted Date : 27-Nov-2013 , 07:18:06 pm | Posted By CASANSAAR

Tata Sons has withdrawn its application for setting up a bank, saying its current financial services model best supports the needs of the group's domestic and overseas businesses.   The withdrawal by Tata Sons leaves over two dozen applicants, including Anil Ambani Group and Aditya Birla Grou...

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Category : RBI | Comments : 0 | Hits : 459

Reduction in Threshold Limit for Mandatory E-Payment of Central Excise Duty and Service Tax
Posted Date : 27-Nov-2013 , 07:08:09 pm | Posted By CASANSAAR

It has now been decided to reduce the threshold limit of mandatory e- payment from rupees ten lakhs to rupees one lakhfor both Central Excise and Service Tax payment with effect from 1st of January, 2014. Notification no. 15/2013-C.E. ( N.T.)dtd 22.11.13 and 16/2013- Se...

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Category : Service Tax | Comments : 0 | Hits : 768

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