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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Finance |
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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 |
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0 | Hits : 745
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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 |
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0 | Hits : 150
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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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ICWAI |
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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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RBI |
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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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Income Tax |
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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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SEBI |
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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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Banking |
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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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Corporate Law |
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0 | Hits : 450
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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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Corporate Law |
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0 | Hits : 902
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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 |
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0 | Hits : 176
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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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Banking |
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0 | Hits : 903
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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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Shares & Stock |
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0 | Hits : 326
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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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RBI |
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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 |
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Get Free of cost 10 unstructured CPE hours on a Self declaration
Posted Date : 27-Nov-2013 , 08:27:52 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI after the end of every calendar year. Current Block for Compliance of CPE Hour is from 01.01.20111 to 31.12.2013. Members who have not filed self deceleration for Calendar Year 2011 & 2012 can al...
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ICAI |
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5 | Hits : 11744
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New tax regime soon for foreign portfolio investors
Posted Date : 27-Nov-2013 , 08:15:20 am | Posted By CASANSAAR
To boost dollar inflows, the Finance Ministry plans to address the complicated taxation issues for Foreign Portfolio Investors (FPI) without waiting for the next Budget.
FPIs are a new category of investors created by merging existing Foreign Institutional Investors (FIIs), sub-accounts and...
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Category :
Income Tax |
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0 | Hits : 278
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Finance Minister says no escape route for service tax evaders
Posted Date : 26-Nov-2013 , 09:52:56 pm | Posted By CASANSAAR
Finance Minister P Chidambaram on Tuesday said service tax evaders would not get any escape route and warned that stern action, including arrest and prosecution, would be taken against them.
"The services sector constituted 55 percent of the GDP of the country. There is no reason why this sect...
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Category :
Service Tax |
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0 | Hits : 361
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WoS of foreign banks to be exempt from capital gains tax: RBI
Posted Date : 26-Nov-2013 , 06:00:07 pm | Posted By CASANSAAR
The Reserve Bank today said that conversion of existing foreign bank branches into wholly owned subsidiaries in India will neither attract any capital gains tax nor stamp duty.
"In this context...'Special Provisions relating to Conversion of Indian Branch of a Foreign Bank into a Subsidiary...
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RBI |
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Service tax arrears paid before May 10 unlikely to attract penalty
Posted Date : 26-Nov-2013 , 03:13:57 pm | Posted By CASANSAAR
People paying service tax arrears before May 10 can get relief from penalty, the Finance Ministry has indicated.
In a statement issued here on Monday, the Ministry clarified that in cases where service tax dues have been paid in between the date of announcement and actual implementation of ...
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Category :
Service Tax |
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0 | Hits : 438
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Sebi revamps expert panel on disclosures, accounting standards
Posted Date : 26-Nov-2013 , 08:12:04 am | Posted By CASANSAAR
Sebi has reorganised its committee on disclosures and accounting standards that advises the market regulator on matters related to disclosure requirements and accounting practices for various market participants.
The Securities and Exchange Board of India (Sebi) had formed the 'Committee on Disclos...
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SEBI |
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Soon, lodge telecom grievances via toll free no. 1037
Posted Date : 25-Nov-2013 , 08:06:42 pm | Posted By CASANSAAR
Telecom subscribers across the country can soon register their complaints by dialling a special toll free number '1037'.
A subscriber, currently, needs to call customer care centre of the service provider to register a complaint.
Customers can go to nodal officers and finally to the appellate auth...
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Category :
General |
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0 | Hits : 302
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Clarifications Regarding the Service Tax Voluntary Compliance Encouragement Scheme (VCES)
Posted Date : 25-Nov-2013 , 05:32:22 pm | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram recently held interactive sessions at Chennai, Delhi and Mumbai to ascertain and address the concerns of trade on any aspect of the Service Tax Voluntary Compliance Encouragement Scheme (VCES). During these interactive sessions,...
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Category :
Service Tax |
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0 | Hits : 675
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No relaxation: Companies have to spend on CSR initiatives, rotate Auditors
Posted Date : 25-Nov-2013 , 08:36:27 am | Posted By CASANSAAR
The corporate affairs ministry has rejected the industry's demand for a relaxation in the norms on mandatory CSR spending and rotation of auditors outlined in the new Companies Act. A senior official told ET that the ministry has decided to stick to the original draft of rules despite intense lobbyi...
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Category :
Corporate Law |
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0 | Hits : 738
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Arvind Kejriwal never worked as Income Tax Commissioner - IRS Association
Posted Date : 25-Nov-2013 , 08:24:57 am | Posted By CASANSAAR
Taking umbrage at recent remarks by Aam Aadmi Party (AAP) leader Arvind Kejriwal that he had chosen public service over being an Income Tax Commissioner and "earning crores", an association of revenue department officers on Friday shot off a letter to him saying such utterances were "unnecessarily d...
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Category :
Income Tax |
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0 | Hits : 1125
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Cost accountants raise concerns over cost audit draft rules
Posted Date : 25-Nov-2013 , 08:22:50 am | Posted By CASANSAAR
Raising concerns over proposal to relax eligibility norms for cost audit of companies, the umbrella organisation of cost accountants today urged the government to modify the draft rules, especially since the planned criteria excludes small and medium enterprises.
The Institute of Cost A...
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Category :
Auditing |
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0 | Hits : 533
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Tax reforms panel keen to improve dispute resolution mechanism
Posted Date : 23-Nov-2013 , 08:13:39 am | Posted By CASANSAAR
The Tax Administration Reforms Commission (TARC) will set up focused groups to identify quicker solutions for long-term issues the Income-Tax Department and taxpayers are grappling with.
These groups will involve private sector representatives as well as revenue officials, TARC Chairman Par...
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Category :
Income Tax |
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0 | Hits : 205
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Magnus Carlsen wins maiden World Chess Championship title, dethrones Vishy Anand
Posted Date : 22-Nov-2013 , 09:27:18 pm | Posted By CASANSAAR
Magnus Carlsen is the new world chess champion. After game No. 10 of the world championship ended in a draw in Chennai on Friday, the 22-year-old Norwegian got the required half-a-point needed to reach 6.5 points and dethrone India's super Grandmaster Viswanathan Anand. The world championship i...
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General |
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Price Waterhouse to convert audit firms into LLPs by April
Posted Date : 22-Nov-2013 , 06:10:24 pm | Posted By CASANSAAR
Professional services firm Price Waterhouse is looking to convert all the nine audit firms under its Indian network into limited liability partnerships (LLPs) by April.
“We are in the process of conversion (from partnership firms to LLPs). By April 1, 2014, all the nine audit firms un...
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Category :
Auditing |
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0 | Hits : 701
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Nokia offers to pay part of Rs 3,000-cr tax payment demand to unfreeze its Chennai factory
Posted Date : 22-Nov-2013 , 06:00:24 pm | Posted By CASANSAAR
Finnish mobile maker Nokia has moved the Delhi High Court, seeking lifting of stay on transfer of its assets here in an alleged tax evasion case, contending that the injunction will jeopardise the sale of its Indian arm to Microsoft under the $7.2-billion global deal.
The company submitted ...
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Category :
Income Tax |
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0 | Hits : 357
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