Finance Ministry may raise wage cap for provident fund to Rs 15,000 per month
Posted Date : 07-Oct-2013 , 03:01:49 pm | Posted By CASANSAAR
The finance ministry is considering a proposal that can sharply reduce the government's borrowing costs, bring longterm savings into the cashstrapped infrastructure sectors, deepen the corporate bond market and, possibly, even make Indian stocks less vulnerable to the w...
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Income Tax |
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Some NSEL brokers may face criminal charges, says Economic Offence Wing
Posted Date : 07-Oct-2013 , 08:37:13 am | Posted By CASANSAAR
The arm of the Mumbai police that is investigating the NSEL fraud has kept the option of framing criminal charges against brokers open after ascertaining whether they have connived with entities which have defaulted in settling investor dues worth Rs 5,500 crore."We have included...
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Shares & Stock |
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0 | Hits : 298
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Punjab traders’ body opposes advance tax levy on commodities
Posted Date : 07-Oct-2013 , 08:36:14 am | Posted By CASANSAAR
A traders’ body here has said that the Punjab government’s decision to replace ‘entry tax’ leviable on certain commodities with ‘advance tax’ is “unviable” as it would make the state “in-conducive” for doing business and result into revenue...
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VAT |
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0 | Hits : 338
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RBI to speed up working of asset reconstruction companies to improve efficiency of debt recovery system
Posted Date : 07-Oct-2013 , 08:35:17 am | Posted By CASANSAAR
India's first asset reconstruction companies (ARCs) were set up a decade or so ago, but it's only now that they may actually get to play the role they were supposed to in the country's economic system.Reserve Bank of India governor Raghuram Rajan is seemingly determined to push b...
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RBI |
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0 | Hits : 177
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7 new bank licences coming, says FM
Posted Date : 06-Oct-2013 , 07:09:34 pm | Posted By CASANSAAR
The suspense over the number of new banking licences to be issued by the Reserve Bank of India (RBI) has ended. Finance Minister P Chidambaram said in Bangalore on Saturday that the RBI would shortly issue seven licences.
The announcement comes a day after RBI Governor Raghuram Raj...
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Banking |
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0 | Hits : 605
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Sebi approves new regulations for overseas investors
Posted Date : 05-Oct-2013 , 09:20:20 pm | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) today cleared the decks to move to a new and simpler investment regime for foreign portfolio investment in the country.
Sebi's board, which met today here, approved the draft Sebi Foreign Portfolio Investors (FPI) Regulations, 2013, to ...
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SEBI |
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0 | Hits : 213
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RBI nominates three members to bank licence panel
Posted Date : 05-Oct-2013 , 08:52:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) nominated three members to the high level advisory committee formed to recommend granting new licenses to the private banks.
The committee is headed by the former RBI Governor Bimal Jalan. The RBI today finalised the names of the other members in the exte...
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RBI |
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0 | Hits : 507
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Sebi to amend norms in line with new companies law
Posted Date : 04-Oct-2013 , 06:11:23 pm | Posted By CASANSAAR
The board of capital market watchdog Sebi is expected to discuss changes in certain norms for listed firms to make them in line with the rules in the new Companies Act, during its meeting tomorrow.
Securities and Exchange Board of India (Sebi) would seek board approval for revision in illu...
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Category :
Income Tax |
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0 | Hits : 296
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Income tax department to slap fresh Rs 1000 crore tax notices on Nokia
Posted Date : 04-Oct-2013 , 06:06:48 pm | Posted By CASANSAAR
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore.The department, according to sources, has also "pri...
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Income Tax |
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0 | Hits : 493
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Appeal to all Members to Support the Writ filed in the Delhi High Court regarding TAR / ITR
Posted Date : 04-Oct-2013 , 09:10:30 am | Posted By CASANSAAR
In a very favourable development, Hon’ble Delhi High Court has accepted the Writ petitions filled against the CBDT in the matter if extension of tax audit report for A Y 2013-14. Allthough everybody is getting mails and SMS from separate individuals who are claiming it that this is their ...
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Category :
Income Tax |
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15 | Hits : 2637
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RBI tightens criteria for co-operative bank expansion
Posted Date : 04-Oct-2013 , 08:42:15 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has tightened the criteria under which it processes applications from urban co-operative banks for branch authorizations and opening of automated teller machines.
Co-operative banks will need to have net non-performing assets (NPAs) of not more than 3%, which is ...
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RBI |
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0 | Hits : 332
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In a fillip to M&As, Sebi allows put & call options in shareholder deals
Posted Date : 04-Oct-2013 , 08:37:49 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has provided companies the flexibility of buying and selling of shares to private equity investors and strategic partners by changing rules on forward contracts.Sebi on Thursday removed restrictions that were more than a decade old and...
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SEBI |
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0 | Hits : 236
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Diamond merchants face income tax raid after hosting Narendra Modi
Posted Date : 04-Oct-2013 , 08:37:04 am | Posted By CASANSAAR
Three days after BJP's Prime Ministerial candidate Narendra Modi tolddiamond merchants in Mumbai that they run the risk of receiving notices from the I-T department for hosting him, the tax officials did just that: they carried out search operations at offices of several diamond merch...
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Category :
Income Tax |
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0 | Hits : 562
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Lalu Prasad Yadav gets 5 years in jail for fodder scam, fined Rs 25 lakh
Posted Date : 03-Oct-2013 , 03:53:06 pm | Posted By CASANSAAR
RJD leader Lalu Prasad was today sentenced to five years imprisonment in a 17-year-old fodder scam case by a specialCBI court after he was convicted on corruption and other charges four days back.The sentencing by special CBI judge Pravas Kumar Singh disqualifies Prasad from ...
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Category :
General |
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0 | Hits : 299
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Gujarat NRE Coke’s 91% assets Unaudited! Will the ICAI president answer?
Posted Date : 03-Oct-2013 , 08:42:31 am | Posted By CASANSAAR
How did ICAI president Subodh Agrawal, who is also chairman of the audit committee of Gujarat NRE Coke, recommend unaudited financials of the company’s Australian subsidiaries to the Board of Directors, knowing fully well that they are highly material amounts?
When I first read an a...
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Category :
Auditing |
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0 | Hits : 1295
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MCA orders inspection of NSEL, FTIL books amid crisis
Posted Date : 03-Oct-2013 , 08:23:28 am | Posted By CASANSAAR
Amid the Rs 5,600 crore payment crisis at the National Spot Exchange, the Ministry of Corporate Affairs has ordered the inspection of account books of the bourse and its promoter Financial Technologies India.
In the wake of the crisis, which also raised concerns about the violation of vario...
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Category :
Auditing |
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0 | Hits : 261
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Sebi study suggests stricter auditing of cos fin reporting
Posted Date : 02-Oct-2013 , 08:31:02 pm | Posted By CASANSAAR
Sebi commissioned study has called for stricter auditing of companies' financial reporting to ensure that management discretion is minimised and corporate earnings are not manipulated.
The study, conducted by independent experts for Sebi's Development Research Group, found that executives m...
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SEBI |
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0 | Hits : 311
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Ernst & Young associate escapes ICAI scrutiny
Posted Date : 02-Oct-2013 , 08:41:05 am | Posted By CASANSAAR
An associate of global accounting firm Ernst & Young in India, SV Ghatalia & Associates, auditors of the beleaguered National Spot Exchange (NSEL) for 2011-12, has been kept outside the purview of scrutiny by the Institute of Chartered Accountants in India (ICAI) into the factors t...
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Category :
ICAI |
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0 | Hits : 1566
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US shutdown starts, 1 million workers on unpaid leave
Posted Date : 01-Oct-2013 , 07:51:13 pm | Posted By CASANSAAR
The US government began a partial shutdown on Tuesday for the first time in 17 years, potentially putting up to 1 million workers on unpaid leave, closing national parks and stalling medical research projects.
Federal agencies were directed to cut back services after lawmakers could not b...
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Category :
Income Tax |
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0 | Hits : 498
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Service Tax Return (ST-3) for the period April-September' 13 is now available for e-filing by the assesses in both offline and online version
Posted Date : 01-Oct-2013 , 05:48:37 pm | Posted By CASANSAAR
Service Tax Return (ST-3) for the period April -September' 13 is now available in ACES for e-filing by the assesses in both offline and online version. The last date of filing the ST-3 return for the said period is 25th October, 2013.
The assesses can file return either online or use the o...
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Category :
Service Tax |
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0 | Hits : 620
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Why ICAI require a Council or Committees to run the Show?
Posted Date : 01-Oct-2013 , 01:53:44 pm | Posted By CASANSAAR
Since last couple of years this question has been become a Frequently Asked Question (FAQ) of each episode like what happened in last week in the wake of CBDT and Ministry of Finance virtually ignored and rejected the ICAI positions and written requests, representations made by the ICAI as...
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Category :
ICAI |
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13 | Hits : 2624
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Government faces yet another blow to retrospective tax laws
Posted Date : 01-Oct-2013 , 08:34:11 am | Posted By CASANSAAR
At a time when the government has made little progress over the settlement of its multi-billion dollar tax dispute with British telecomgiant Vodafone and uncertainty persists over the taxation of cross-border deals, it has been stung with yet another challenge to its controv...
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Category :
Income Tax |
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0 | Hits : 541
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UCBs asked to provide audit certificates of farm debt waiver
Posted Date : 01-Oct-2013 , 08:32:44 am | Posted By CASANSAAR
The Reserve Bank today asked urban co-operative banks to submit their auditors' certificates related to 2008 farm loan debt waiver scheme by October 15. "Considering that there is a wide divergence between the percentage of errors found in the sample audit carried out by CAG and the p...
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RBI |
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0 | Hits : 276
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ICSI National Seminar on ‘Indian Financial Code’ at Chennai
Posted Date : 01-Oct-2013 , 08:22:31 am | Posted By CASANSAAR
In order to facilitate healthy debate on the recommendations of the FSLRC (Financial Sector Legislative Reforms Commission), including the Indian Financial Code, among the people who matter in the financial markets and to sensitize various categories of professionals about the likely reforms path in...
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ICSI |
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0 | Hits : 274
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Thousands give test for Sebi's job call, but few shortlisted
Posted Date : 30-Sep-2013 , 07:38:19 am | Posted By CASANSAAR
In a massive response to Sebi's recruitment call to hire 75 officers, several thousands of the applicants appeared for a written test, but only 247 of them have managed to get shortlisted for personal interviews. Sebi has embarked upon a major recruitment drive to carry out its n...
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SEBI |
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0 | Hits : 483
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CAs to manually file 2 Million Audit Reports in 5 days
Posted Date : 29-Sep-2013 , 08:48:11 am | Posted By CASANSAAR
Unable to solve software glitches in its e-filing system, the Central Board of Direct Taxes has asked assessees to manually file tax audit reports by September 30. The new requirement of manual filing of tax audit reports came through a CBDT notification on September 26.
This means chartere...
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Category :
Income Tax |
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0 | Hits : 1418
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Sebi streamlines norms for Stock Brokers
Posted Date : 28-Sep-2013 , 06:23:43 pm | Posted By CASANSAAR
Capital market regulator Sebi on Friday streamlined its norms for stock brokers including for their registration and payment of fees.The Securities and Exchange Board of India (Sebi) said any person seeking to act as a stock broker is required to be registered with the regulator ...
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SEBI |
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0 | Hits : 162
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How to Reset Income Tax e-filing Password using Digital Signature
Posted Date : 28-Sep-2013 , 08:40:53 am | Posted By CASANSAAR
Assessee can Reset the Password of his Online e-filing account by taking the following steps:-
1. Go To Following link on e-filing website of Income Tax Department :-
https://incometaxindiaefiling.gov.in/e-Filing/Services/ForgotPassword.html
2. Enter the PAN and Captcha ...
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Category :
Income Tax |
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0 | Hits : 1576
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Banks to bear credit card fraud cost, to compensate card holders: RBI
Posted Date : 28-Sep-2013 , 08:09:21 am | Posted By CASANSAAR
Refusing to give further extension to banks for complying with security norms, the Reserve Bank of India (RBI) today said that banks will have to bear the cost of fraudulent credit card transaction through point of sales that do not have prescribed security features.
"It has been decided no...
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RBI |
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1 | Hits : 378
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Unlisted companies can now directly list abroad
Posted Date : 28-Sep-2013 , 08:06:15 am | Posted By CASANSAAR
In a conscious bid to shore up dollar inflows in the wake of a widening current account deficit (CAD), the government on Friday permitted unlisted companies to directly list on stock exchanges abroad without prior or simultaneous listing on Indian bourses.
Hitherto, unlisted companies incor...
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SEBI |
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0 | Hits : 345
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