Tax Reform Commission to submit first report in 6 mths: Parthasarathi Shome
Posted Date : 22-Oct-2013 , 08:17:37 am | Posted By CASANSAAR
Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting today and is expected to submit its report in six months. "The Commission held its first meeting today and will submi...
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Income Tax |
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Sebi asks additional disclosures under takeover regulations
Posted Date : 22-Oct-2013 , 08:08:54 am | Posted By CASANSAAR
Market regulator Sebi today asked entities acquiring substantial shares in listed companies to make additional disclosures regarding pledging of scrips, a move that will help investors to make an informed decision."In order to ensure that adequate disclosures are made to help investors in ...
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SEBI |
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UP government withdraws entertainment tax exemption to F1
Posted Date : 22-Oct-2013 , 08:08:04 am | Posted By CASANSAAR
Four days before the third edition of India's F1 race gets rolling at the Buddh International Circuit (BIC), the Uttar Pradesh government on Monday sought the Supreme Court's permission to withdraw its 2011 decision to grant entertainment tax exemption to Indian Grand Prix&n...
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Corporate Law |
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States against petro products, liquor in Goods and Services Tax
Posted Date : 22-Oct-2013 , 07:55:43 am | Posted By CASANSAAR
Several states on Monday opposed inclusion of petroleum products and liquor in the proposed Goods and Services Tax (GST) regime as the move would severely affect their revenues. This came out at the meeting of the Empowered Committee of State Finance Ministers that deliberated th...
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GST |
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Income Tax department puts HRA exemption under scanner
Posted Date : 21-Oct-2013 , 08:30:50 pm | Posted By CASANSAAR
As if the additional information required in tax returns was not enough, there's more bad news for tax evaders. Salaried taxpayers who claim HRAexemption will now have to report their landlord's PAN if the total rent in a year exceeds Rs 1 lakh. "In case the landlord does not have a P...
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Income Tax |
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Despite negative list, service tax coverage yet to increase
Posted Date : 21-Oct-2013 , 08:24:35 am | Posted By CASANSAAR
Introduction of a ‘negative list’ for comprehensive taxation of the services sector was touted as a major tax reform. But, even after a year of its introduction, few new services have been brought in the tax net. Thanks to a manpower shortage, officials of the service taxdepartment ...
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Service Tax |
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Corporate Affairs Ministry, Sebi officials to discuss Companies Act on October 24
Posted Date : 21-Oct-2013 , 08:23:13 am | Posted By CASANSAAR
Officials of the Ministry of Corporate Affairs (MCA) and market watchdog Securities and Exchange Board of India (Sebi) will hold discussions this week on bringing regulations for listed firms in line with provisions of the new Companies Act.
A government official said the ministry is scheduled to h...
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Corporate Law |
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RBI Governor launches new ISO 20022 compliant RTGS System
Posted Date : 20-Oct-2013 , 09:08:22 am | Posted By CASANSAAR
RBI Governor today said the newreal time gross settlement (RTGS) system for fund transfers will improve the efficiency of the country's financial markets."With its advanced liquidity and queue management features, the new RTGSsystem is expected to significantly improve the efficiency ...
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Banking |
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Indian companies likely to shift to IFRS from April 2015
Posted Date : 20-Oct-2013 , 09:06:00 am | Posted By CASANSAAR
After the enactment of the Companies Act, 2013, the ministry of corporate affairs has now shifted its focus on rolling out international reporting standards for Indian companies which were to be implemented beginning April 1, 2011.
According to the draft plan, the ministry wants to implemen...
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Corporate Law |
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Sebi gets 70 applications under Investment Advisors Regulation
Posted Date : 20-Oct-2013 , 09:04:38 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi), which had directed all independent investment advisors to register with the regulator, according to the Investment Advisors Regulation, had received only about 70 applications, said Sebi Executive Director Ananta Barua.
He added from October 21, on...
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SEBI |
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Radia tapes: SC asks CBI to probe corporates, tax officials
Posted Date : 20-Oct-2013 , 09:00:55 am | Posted By CASANSAAR
Favours allegedly shown to top corporate houses like Mukesh Ambani's Reliance Industries Ltd, his brother Anil Ambani's ADAG group, Tatas, working of touts, kickbacks in aviation sector, manipulation of Unitech's stocks and illegal gratification paid to tax officers arising from Niira Radia's t...
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General |
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Coercion not a means to unearth unaccounted money: Income Tax official
Posted Date : 19-Oct-2013 , 08:20:17 am | Posted By CASANSAAR
The income tax department has never looked at coercion as a way to unearth unaccounted money and the idea is not to create nightmares, a senior tax official said today.
“The department is never looking coercion as a way. I would like to assure everybody...our idea is not to create nig...
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Income Tax |
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64th Annual Report and Accounts of the Institute for the year 2012-2013
Posted Date : 18-Oct-2013 , 03:34:22 pm | Posted By CASANSAAR
17th October, 2013
64th Annual Report and Audited Annual Accounts of the Institute for the year 2012 - 2013.
In accordance with the provisions as contained in sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and Audited Accounts of the Institute fo...
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ICAI |
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Congress rejects EC norms for transparent funding for parties
Posted Date : 18-Oct-2013 , 07:53:23 am | Posted By CASANSAAR
Congress has rejected the suggestions made by the Election Commission(EC) to bring transparency and accountability regarding donations received by political parties.The ruling party, in its response to the EC's letter seeking views of all recognized parties on bringing transparency in their fin...
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General |
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Sebi to issue corporate governance guidelines
Posted Date : 18-Oct-2013 , 07:52:29 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) is likely to enact a new regulation to incorporate various provisions in the new Companies Bill. In order to beef up corporate governance practice among companies, the Companies Bill stipulates strict guidelines on appointment of independen...
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SEBI |
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Scamsters drain out PF accounts with fake claims, EPFO swings into damage-control mode
Posted Date : 18-Oct-2013 , 07:50:59 am | Posted By CASANSAAR
Nearly 2.5 crore, or 30 per cent, of all provident fund accounts have a negative balance, some of which may be due to fraudsters who faked withdrawal claims to siphon off money by opening bank accounts using forged identity documents. The PF department, startled by these two separate findings m...
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General |
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Announcement - Candidates of Ratlam for November 2013 CA Examinations
Posted Date : 17-Oct-2013 , 08:32:12 pm | Posted By CASANSAAR
October 15, 2013
Chartered Accountants Examinations - November, 2013Important Announcement for the candidates of Ratlam (Madhya Pradesh)
Due to unavoidable circumstances, the captioned examinations will not be conducted in the Government Girls College, Ratlam. The said examin...
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Students Zone |
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Last Date for Submitting Suggestions for the 2nd Tranche of Draft Rules under the Companies Act 2013 Extended by 4 Days
Posted Date : 17-Oct-2013 , 08:07:54 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has extended by 4 days the last date for submission of suggestions/ comments for the 2nd tranche of Draft Rules being framed under the Companies Act, 2013. Earlier, the last date was fixed as 19th of this month but now it has been extended to 23rd October 2013. Afte...
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Corporate Law |
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Govt approves 6 additional benches of CESTAT
Posted Date : 17-Oct-2013 , 03:49:16 pm | Posted By CASANSAAR
The government today approved setting up of six additional benches of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), including three new ones at Chandigarh, Hyderabad and Allahabad with an aim to increase disposal of cases.The other three additional benches will come up at the exis...
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Excise |
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Government cuts tariff value on imported gold, silver
Posted Date : 17-Oct-2013 , 03:48:00 pm | Posted By CASANSAAR
The government reduced the import tariff value of gold and silver to $418 per 10 gram and $699 per kg, respectively, in line with global rates of the precious metals. The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood a...
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Custom |
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Non-recovery of refunds: Income Tax dept may begin probe
Posted Date : 17-Oct-2013 , 08:14:02 am | Posted By CASANSAAR
The Income Tax department may start an inquiry into alleged discrepancies in filing of tax returns of some of Madhya Pradesh ministers pointed out by an audit report. The Income Tax department has got some documents pertaining to the alleged lapses and is in the process of a...
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Income Tax |
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Clarify NCD norms in new companies law: Sebi asks corporate affairs ministry
Posted Date : 17-Oct-2013 , 08:13:07 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (SEBI) has asked the corporate affairs ministry to clarify the applicability of the new companies law on firms with listed non-convertible debt securities or NCDs. Companies like HDFC, Power FinanceCorporation, Sundaram Finance a...
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SEBI |
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IT returns: Here’s how you can tackle a delay in tax refunds
Posted Date : 16-Oct-2013 , 05:00:45 pm | Posted By CASANSAAR
Many taxpayers, who have filed their returnsand sent across their verification form in June or July, usually get the acknowledgement and refunds around this time of the year. However, quite often, many taxpayers complain that they did not get the intimation of the receipt of their ITR-V(ve...
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Income Tax |
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CBEC to plead SC for relook at verdict on bailable offences
Posted Date : 16-Oct-2013 , 08:28:49 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) will make a last-ditch effort to convince the Supreme Court to reconsider its judgement which held that offences under the Customs Act arebailable and an accused cannot be arrested without a warrant.
A review petition filed by ...
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Custom |
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SEBI panel bats for woman directors in companies
Posted Date : 16-Oct-2013 , 08:25:14 am | Posted By CASANSAAR
Companies will now have to explain why they do not have a woman director on their boards.
Companies should at least have one director, preferably independent, on board, according to SEBI’s Primary Market Advisory Committee (PMAC).
The move is to enrich the diversity of compan...
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SEBI |
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BDO International World's Fifth largest Auditing and Accounting Firm re-enters India for 3rd time
Posted Date : 15-Oct-2013 , 08:22:36 am | Posted By CASANSAAR
The world's fifth largest auditing and accounting firm BDOInternational, which has just re-entered the country for the third time by roping in MZSK & Associates as its new partner, is bullish about the market and plans to nearly treble head-count to around 1,200 over the next six month...
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Income Tax |
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RIL first private company to earn over Rs 1 lakh crore in a quarter
Posted Date : 15-Oct-2013 , 08:17:16 am | Posted By CASANSAAR
The Mukesh Ambani-led Reliance Industries (RIL) on Monday became the first private sector firm to report revenues exceeding Rs 1 lakh crore in a quarter, joining its public sector peer Indian Oil Corporation ( IOC) which is the only other Indian company with the distinction ...
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Finance |
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Sebi proposes tougher norms on insider trading, illegal money raising
Posted Date : 15-Oct-2013 , 08:06:01 am | Posted By CASANSAAR
Sebi proposed new norms for settlement of administrative and civil proceedings against suspected market defaulters, except in cases of serious violations like illicit pooling of funds from investors, insider trading and fraudulent and unfair trades. The list of violations that can't b...
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SEBI |
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Details of Roll Nos. and Examination Centres pertaining to PQC November, 2013 Examinations - ICAI
Posted Date : 14-Oct-2013 , 08:56:01 pm | Posted By CASANSAAR
MAC (Part-I)
CMC (Part-I)
TMC (Part-I)
DIRM
ITL&WTO (Part-I)
Source :- ICAI...
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ICAI |
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NSEL fiasco: Forward Markets Commission to order special audit of Multi Commodity Exchange
Posted Date : 14-Oct-2013 , 08:57:16 am | Posted By CASANSAAR
Amid arrests of National Spot Exchange Ltd (NSEL) officials and unraveling of the fraud, the commoditymarket regulator is preparing to widen its probe. Forward Markets Commission (FMC), the regulatory authority, has decided to order a special audit of Multi Commodity Exchange(MCX...
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Auditing |
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