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Multiple agencies to start proceedings against NSEL
Posted Date : 24-Sep-2013 , 07:22:43 am | Posted By CASANSAAR

The report on the National Spot Exchange Limited (NSEL) crises has been submitted to Prime Minister via the Finance Minister and the FM is likely to take a decision on the matter.   The report lists that the NSEL crises has likely violated the Prevention of Money Laundering Act (PMLA Act), th...

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Category : General | Comments : 0 | Hits : 270

Aadhaar card must be voluntary, says Supreme Court
Posted Date : 23-Sep-2013 , 09:34:44 pm | Posted By CASANSAAR

In the middle of a working day, SM Rehman, a daily wage earner, is at the ration card office in Delhi's Ambedkar Nagar, trying to get a new ration card made for his family of six. His biggest stumbling block isn't the form but an Aadhaar card. Under the Delhi government's food security scheme, an Aa...

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Category : General | Comments : 0 | Hits : 340

Rs 3,000 Cr lost as tax rebates to NGOs, trusts: CAG
Posted Date : 23-Sep-2013 , 09:56:39 am | Posted By CASANSAAR

The government has given away more than Rs 3,000 crore by way of tax exemptions to some non-deserving big charitable organizations and trusts. The revelations were made in a Comptroller and Auditor General (CAG) report which was submitted to the government for tabling in the monsoon sessi...

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Category : Income Tax | Comments : 1 | Hits : 304

SEBI mulls new norms for CEO pay, whistleblower policy
Posted Date : 22-Sep-2013 , 06:32:53 pm | Posted By CASANSAAR

In a major overhaul of corporate governance norms, SEBI will soon put in place stringent checks against unjustifiable CEO salaries at listed companies and ask them to adopt a whistle-blower policy to protect the employees exposing any wrongdoings by the top management. The capital market regulator ...

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Category : SEBI | Comments : 0 | Hits : 293

Governor approves ordinances to levy Property Tax in Punjab
Posted Date : 22-Sep-2013 , 08:49:03 am | Posted By CASANSAAR

Property tax is all set to be introduced in Punjab after Governor Shivraj V Patil gave his nod to two ordinances clearing the path for its collection in cities with Municipal Councils and Corporations.  The ordinances concern amendments to Punjab Municipal Act, 1911, for areas with C...

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Category : General | Comments : 0 | Hits : 296

8 Delhi engineering students get Rs. 70 lakh/annum Job offer
Posted Date : 21-Sep-2013 , 08:22:35 am | Posted By CASANSAAR

The placement season may have just started but eight students at the Delhi Technological University (DTU) have already bagged packages of Rs. 70 lakh per annum.    The US-based software firm, EPIC, has made the offer of $105,000 per annum to the students who will graduate ...

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Category : Income Tax | Comments : 0 | Hits : 883

Nothing religious about marriage, pay service tax - CESTAT
Posted Date : 21-Sep-2013 , 08:18:12 am | Posted By CASANSAAR

Marriage as a social institution existed much before religions came into being and, therefore, it is futile to argue that the marriage is a religious function— law itself recognizes registered marriages as a legally valid form of marriage and there is no religious sanctity attached to suc...

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Category : Service Tax | Comments : 0 | Hits : 1005

Govt releases second set of draft rules for new Companies Act
Posted Date : 21-Sep-2013 , 08:08:44 am | Posted By CASANSAAR

The government today released the second set of draft rules for the implementation of landmark Companies Act, 2013, that will replace the nearly six-decade old legislation governing corporates in the country.     Draft rules for eight more chapters of the new Companies Act have ...

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Category : Income Tax | Comments : 0 | Hits : 435

School bus, canteen, hostel exempt from service tax: Fin Min
Posted Date : 21-Sep-2013 , 07:33:50 am | Posted By CASANSAAR

The Finance Ministry on Friday clarified that "auxiliary educational services" like hostels, canteen and school buses will not attract 12 percent service tax. "By virtue of the entry in the negative list and by virtue of the portion of the exemption notification, it will be clear that all services ...

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Category : Service Tax | Comments : 0 | Hits : 589

Promulgation of the Securities Laws (Amendment) Second Ordinance 2013
Posted Date : 20-Sep-2013 , 07:48:24 pm | Posted By CASANSAAR

The President was pleased to promulgate the Securities Laws (Amendment) Second Ordinance, 2013 (No. of 2013) under clause (1) of the Article 123 of the Constitution on September 16, 2013. This was consequent to the approval of the Cabinet, which met on September 12, 2013, to keep in force the amendm...

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Category : Corporate Law | Comments : 0 | Hits : 227

RBI hikes repo rate to 7.5%, reduces MSF rate to 9.5%
Posted Date : 20-Sep-2013 , 11:18:40 am | Posted By CASANSAAR

In his first monetary policy review after taking over as the Reserve Bank of India (RBI) governor, Raghuram Rajan on Friday reduced the MSF rate by 75 basis points to 9.5%. While reducing MSF, Rajan hiked repo rate to 7.5%. The central bank kept the Cash Reserve Ra...

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Category : RBI | Comments : 0 | Hits : 300

RBI permits banks to open branches without its nod
Posted Date : 20-Sep-2013 , 08:40:44 am | Posted By CASANSAAR

Within days of new RBI Governor Raghuram Rajan making comments to this effect, the central bank today allowed lenders to open branches, including in big cities, without its permission provided they fulfil certain conditions.   With the objective of further liberalising and rationalising the b...

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Category : Banking | Comments : 0 | Hits : 491

Tax officers would need intensive training on transfer pricing
Posted Date : 20-Sep-2013 , 08:38:39 am | Posted By CASANSAAR

The government has done well to firm up simple rules that software and other MNCs can follow in pricing services when they do business with their parent outfits or subsidiaries. It has fixed a mark-up on costs, known as safe harbour, for six sectors, including information technology (IT), IT-enabled...

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Category : Income Tax | Comments : 0 | Hits : 319

Govt to release next set of Companies Act draft rules tomorrow
Posted Date : 19-Sep-2013 , 05:50:32 pm | Posted By CASANSAAR

The government is expected to come out tomorrow with the second set of draft rules for implementation of the new Companies Act, that replaces nearly six-decades old legislation governing corporates. The Corporate Affairs Ministry, on September 9, came out with the first tranche of draft r...

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Category : Corporate Law | Comments : 0 | Hits : 383

FinMin asks CBDT to clarify taxes on offshore fund managers
Posted Date : 19-Sep-2013 , 08:17:15 am | Posted By CASANSAAR

In what could result in a huge relief for the Indian fund industry, the finance ministry has nudged the CBDT (Central Board of Direct Taxes) to issue a clarification on the taxation of fund managers of an offshore fund. The ministry believes that fund managers managing offshore funds are being drive...

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Category : Income Tax | Comments : 0 | Hits : 238

NSEL Auditor related to Jignesh Shah, allege investors
Posted Date : 19-Sep-2013 , 08:14:14 am | Posted By CASANSAAR

Investors of the crisis-hit National Spot Exchange (NSEL), in their complaint to the Economic Offences Wing (EOW), have alleged that the bourse appointed a little-know audit firm, Mukesh P Shah & Co, as its statutory auditors since the proprietor of the firm was related to Jignesh Shah.   ...

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Category : Auditing | Comments : 0 | Hits : 518

Govt Releases Safe Harbour Rules for 5 Assessment Years Beginning from AY. 2013-14
Posted Date : 19-Sep-2013 , 07:47:00 am | Posted By CASANSAAR

Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these safe harbour rules. The definition of safe harbour rule provided in section 92CB means circumstances in which the Income-tax Authority ...

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Category : Income Tax | Comments : 0 | Hits : 396

Bhartiya Mahila Bank to recruit 115 probationary officers
Posted Date : 18-Sep-2013 , 07:34:23 pm | Posted By CASANSAAR

Bhartiya Mahila Bank, the first nationalised bank for women expected to be operational from November, intends to recruit 115 officers initially.The bank has invited applications through online mode from female candidates for 115 posts. Candidates may apply online till September 30.Female a...

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Category : General | Comments : 0 | Hits : 1007

Extension of the Date for Sending Suggestions on 2014 Guidance Note on Audit of Banks
Posted Date : 18-Sep-2013 , 01:57:48 pm | Posted By CASANSAAR

Please note that the last date for sending suggestions on the 2014 Guidance Note on Audit of Banks has been extended from 15th September 2013 to 07th October 2013. The suggestions can be sent at aasbsecretariat@icai.in ICAI...

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Category : ICAI | Comments : 0 | Hits : 250

Punjab MLA, Chartered Accountant & six others booked in Rs 60-cr scam
Posted Date : 18-Sep-2013 , 08:44:07 am | Posted By CASANSAAR

The Chandigarh Police booked Congress MLA from Talwandi Sabo Jeet Mohinder Singh, Chartered Accountant from Delhi and six others, including Sukhbir Singh Shergill, trustee of the Adesh Foundation which runs a number of education institutes in the state, and Gurdeep Singh, managing director of Fastwa...

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Category : General | Comments : 0 | Hits : 2040

Customs Duty on Articles of Jewellery and of Goldsmiths’ or Silversmiths’ Wares Revised from 10 % to 15%
Posted Date : 18-Sep-2013 , 08:00:34 am | Posted By CASANSAAR

As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th Ja...

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Category : Custom | Comments : 0 | Hits : 1283

Close accounts using cards for online forex trading: RBI to banks
Posted Date : 18-Sep-2013 , 07:56:50 am | Posted By CASANSAAR

RBI today asked banks to close accounts of customers using credit or debit card for online forex trading transactions, which are prohibited.   As and when any bank comes across any prohibited transaction undertaken by its credit card or online banking customer, the bank will immediately close...

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Category : Banking | Comments : 0 | Hits : 309

ICSI Enters into a Tripartite Memorandum of Understanding with Assocham and the Govt. of W. Bengal
Posted Date : 17-Sep-2013 , 09:38:36 pm | Posted By CASANSAAR

The Institute of Company Secretaries of India (ICSI), Department of Micro & Small Scale Enterprises and Textile, Government of West Bengal (MSSET) and Associated Chambers of Commerce and Industry (ASSOCHAM) have entered into a tripartite Memorandum of Understanding (TRI-MOU) for a larger cause o...

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Category : ICSI | Comments : 0 | Hits : 347

I-T dept extends date for applications by Electoral Trusts
Posted Date : 17-Sep-2013 , 09:26:45 pm | Posted By CASANSAAR

 The Income Tax Departmenttoday extended the date to November 30 for filing of applications by Electoral Trusts for getting tax benefits on donations given to political parties. "The Central Board of Direct Taxes (CBDT) has permitted Electoral Trusts to file their applicatio...

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Category : Income Tax | Comments : 0 | Hits : 309

Hackers come up with new tricks to attack bank accounts
Posted Date : 17-Sep-2013 , 08:29:28 am | Posted By CASANSAAR

Delhi police have stumbled upon a new modus operandi of e-banking fraudsters in which they first hack the Internet banking account of the target and then get mobile number blocked to prevent the bank customer from receiving SMS alerts about illegal transactions made by them.   In a recent ca...

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Category : Banking | Comments : 0 | Hits : 906

Govt to enforce companies bill in phases
Posted Date : 17-Sep-2013 , 08:26:20 am | Posted By CASANSAAR

One of the top priorities of the ministry of corporate affairs (MCA) is to facilitate the setting up of the National Company Law Tribunals (NCLTs). In parallel, the draft rules of the new companies bill will be finalized through a process of consultation with all stakeholders.   ...

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Category : Auditing | Comments : 0 | Hits : 347

Updated version of Form 3CA-3CD & Form 3CB-3CD are available in the incometaxindiaefiling.gov.in
Posted Date : 16-Sep-2013 , 03:01:25 pm | Posted By CASANSAAR

Update version of Form 3CA-3CD and Form 3CB-3CD are available in the Income tax efiling website.  https://incometaxindiaefiling.gov.in   Assessee may download and use the same....

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Category : Income Tax | Comments : 0 | Hits : 2626

Sebi inspects brokers on money laundering, terror funding
Posted Date : 16-Sep-2013 , 08:17:31 am | Posted By CASANSAAR

Stepping up its fight againstmoney laundering and terror funding throughcapital markets, Sebi inspected more than 200 stock brokers and sub-brokers during the last fiscal to check any possible non-compliance. This marks a significant jump from total ...

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Category : SEBI | Comments : 0 | Hits : 288

Narendra Modi pips Obama to become most searched person on Google
Posted Date : 15-Sep-2013 , 08:09:06 pm | Posted By CASANSAAR

Gujarat Chief Minister Narendra Modi, Who is elevated to BJP PM Candidate for Lok Sabha elections, has broken record of most searched person on Google. Modi, who has emerged as most popular political icon in India, entered the record book after his name received maximum number of search on Google...

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Category : General | Comments : 0 | Hits : 528

Fin Min may form new anti-evasion, intel unit for Service tax
Posted Date : 15-Sep-2013 , 07:49:19 pm | Posted By CASANSAAR

Expecting an increase in revenue from service tax, the Finance Ministry may set-up a new anti-evasion and intelligence unit to check leakage of any indirect tax. The issue of creating such a separate unit had come up for discussion during a recent meeting of Chief Commissioners and D...

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Category : Service Tax | Comments : 0 | Hits : 343

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