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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Income Tax |
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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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Service Tax |
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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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Corporate Law |
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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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RBI |
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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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Banking |
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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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Income Tax |
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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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Corporate Law |
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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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Income Tax |
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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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Auditing |
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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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Income Tax |
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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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General |
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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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ICAI |
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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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General |
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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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Custom |
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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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Banking |
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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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ICSI |
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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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Income Tax |
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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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Banking |
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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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Auditing |
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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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Income Tax |
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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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SEBI |
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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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General |
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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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Service Tax |
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ICAI to hold inquiry after CA student hacks Anil Ambani's I-T details
Posted Date : 14-Sep-2013 , 07:00:24 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India on Saturday said it will conduct inquiry in the matter of the 21-year-old CA student allegedly hacking the Income Tax account of industrialist Anil Ambani.
Subodh Kumar Agrawal, president of ICAI, said the Hyderabad-based girl, who is pursuing...
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ICAI |
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FIIS allowed to invest 90% directly in Govt Debt
Posted Date : 14-Sep-2013 , 06:59:13 pm | Posted By CASANSAAR
Market regulator SEBI today allowed foreign investors to invest directly in the debt market, by doing way with the auction process.In a circular Securities and Exchange Board of India said that “it has been decided that FIIs/QFIs can now invest in government debt without purchasing debt limits...
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Finance |
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ICAI to give suggestions on fiscal reforms to FM
Posted Date : 14-Sep-2013 , 06:47:52 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today said a list of suggestions were being prepared by it to be given to the Union Finance ministry for helping the government tide over the current economic crisis.
ICAI president Subodh Kumar Agarwal said that a seven-member group has be...
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Income Tax |
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I-T dept sends another 35,000 more letters to non-filers
Posted Date : 14-Sep-2013 , 09:34:12 am | Posted By CASANSAAR
The Income Tax Department on Friday said it had written to 35,000non-filers. This raises the number of such letters sent by the department this year to 245,000. The department is also planning to write to those who carried out high-value transactions in 2010-11 and 2011-12.
By m...
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Income Tax |
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RBI to issue unique identification codes for financial market participants
Posted Date : 14-Sep-2013 , 09:32:51 am | Posted By CASANSAAR
In a bid to get a better handle on financial transactions, such as equity and currency derivatives, the Reserve Bank of India has invited limited bids from about six entities, including depositories, depository participants and custodians, to issue unique identification codes to market participants....
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RBI |
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Petrol price hiked by Rs 1.63 a litre; 7th increase since June
Posted Date : 14-Sep-2013 , 09:14:57 am | Posted By CASANSAAR
Petrol prices were on Friday hiked by Rs 1.63 per litre — the seventh increase since June — on the back of rising oil rates and the falling rupee.
The increase excludes local sales tax or VAT and will come into effect from midnight on Saturday, oil firms said. The petrol price i...
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General |
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Send e-return copies to Bangalore centre: Income Tax department to taxpayers
Posted Date : 13-Sep-2013 , 03:14:27 pm | Posted By CASANSAAR
Income Tax department has asked electronic filing taxpayers not having sent their returns copy for the two previous assessment years by post to its centre in Bangalore, to do so early.It also said that those tax payers who have already posted the corresponding ITR-V to its centre and have not r...
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Income Tax |
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