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Finance Ministry Increased Bank Branch Audit Limit to Rs.50 Cr. for Current F.Y.- ICAI President
Posted Date : 12-Jun-2013 , 03:41:31 pm | Posted By CASANSAAR

Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.   He further said, adding ICAI demanded this audit limit be reduced to its original lim...

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Category : Auditing | Comments : 13 | Hits : 5400

IRCTC to launch SMS-based ticketing service from July 1
Posted Date : 12-Jun-2013 , 11:37:41 am | Posted By CASANSAAR

To tide over the limited Internet penetration and make use of high mobile phone user base in the country, IRCTC will launch SMS-based ticketing service from July 1. It will soon announce a dedicated number for the service.   This methodology will allow you to book tickets from anywhere and an...

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Category : General | Comments : 0 | Hits : 726

Bombay HC upholds retro amendment to VAT law
Posted Date : 12-Jun-2013 , 08:03:08 am | Posted By CASANSAAR

The Bombay high court has upheld the constitutional validity of a retrospective amendment to the Maharashtra Value Added Tax Laws, which restricts the VAT incentives available to eligible industrial units, based on prescribed proportionality formula. With thisfavourable orde...

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Category : VAT | Comments : 0 | Hits : 363

RBI hikes cap for online repatriation of export proceeds
Posted Date : 12-Jun-2013 , 08:01:38 am | Posted By CASANSAAR

With an aim to arrest rupee slide by boosting forex inflows, RBI today raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports with...

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Category : RBI | Comments : 0 | Hits : 276

Rupee hits new low at 58.98 against dollar
Posted Date : 11-Jun-2013 , 07:17:46 pm | Posted By CASANSAAR

The Indian rupee fell for the second straight day on Tuesday, slumping to 58.98 against a dollar on continuing worries over current account deficit and increased demand for the US currency from importers. The partially convertible rupee weakened by 80 paise to hit a new low of 5...

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Category : International Business | Comments : 0 | Hits : 409

Man stunned to see Barack Obama's picture on his admit card for engineer's exam, one he did not even apply for
Posted Date : 11-Jun-2013 , 02:13:51 pm | Posted By CASANSAAR

  Lalu Lal Meena of Rambas village of Dausa district was shocked to see the picture of Obama on the admit card on his name. Would US president Barack Obama be interested in a job of junior engineer in India? At least the Staff Selection Commission (SSC) under the Union Ministry of Personn...

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Category : General | Comments : 0 | Hits : 652

ICICI, Axis, HDFC Bank fined over Rs. 10 crore for violating KYC norms
Posted Date : 10-Jun-2013 , 06:53:11 pm | Posted By CASANSAAR

The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules. The central bank investigated the banks following an investigation ...

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Category : Banking | Comments : 0 | Hits : 642

Direct entry into CA Intermediate (Integrated Professional Competence) Course
Posted Date : 10-Jun-2013 , 12:46:09 pm | Posted By CASANSAAR

It was earlier decided by ICAI to exempt Graduates/Post Graduates with specified percentage of marks andIntermediate level Examination passedstudents of The Cost Accountants of India and The Institute of Company Secretaries of India from passing the Common Proficiency Test (CPT)....

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Category : Students Zone | Comments : 3 | Hits : 3391

Having sex with woman on false promise of marriage is rape: HC
Posted Date : 10-Jun-2013 , 08:46:50 am | Posted By CASANSAAR

 Having sexual relations with a woman on false promise of marriage amounts to rape, the Delhi High court has said."Having sexual relations with a woman against her will or without her consent also amounts to rape under the IPC. If the consent was obtained on a fals...

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Category : General | Comments : 0 | Hits : 1156

ICAI to set up 'accountancy museum' in 25 cities
Posted Date : 10-Jun-2013 , 08:39:40 am | Posted By CASANSAAR

For better documentation and archiving in accountancy and audit, the Institute of Chartered Accountancy of India (ICAI) will set up "accountancy museums" in 25 cities across the country.  ICAI, which already has such a museum at Noida on Delhi's outskirts, will now hav...

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Category : ICAI | Comments : 0 | Hits : 729

Fin Min detects tax evasion of over Rs 4,500 cr
Posted Date : 10-Jun-2013 , 08:30:27 am | Posted By CASANSAAR

Increased efforts to check revenue leakage by the Finance Ministry have resulted in detection of over Rs 4,500 crore in service tax, excise and customs duty evasion during last year. Out of the total Rs 4,744.92 crore of indirect tax evasion detected during April and December last year, officials m...

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Category : Service Tax | Comments : 0 | Hits : 389

Claiming benefit under DTAA contingent on income received in Singapore: Tribunal
Posted Date : 09-Jun-2013 , 08:22:32 am | Posted By CASANSAAR

A tax tribunal has ruled that the treaty benefit in the form of concessional tax under the double taxation avoidance agreement (DTAA) between India and Singapore will be available to companies if income is actually received in the southeast Asian country. The ruling came in a hearing of a...

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Category : Income Tax | Comments : 0 | Hits : 239

RBI asks banks to do legal audit in case of loans above Rs 5 crore
Posted Date : 08-Jun-2013 , 08:34:50 am | Posted By CASANSAAR

Reserve Bank of India told banks to do legal audit and re-verification of title deeds of loans above Rs 5 crore to check fraud. Two years back, banks were told to put a system a place wherein the concurrent auditors were required to look into the genuineness of the titl...

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Category : RBI | Comments : 1 | Hits : 1189

Chidambaram unhappy with Pranab’s Direct Taxes Code proposals
Posted Date : 08-Jun-2013 , 08:32:23 am | Posted By CASANSAAR

Finance Minister P. Chidambaram expressed disappointment over the changes in the Direct Taxes Code (DTC) proposals brought in by his predecessor Pranab Mukherjee in the Finance Ministry and subsequently by the Standing Committee on Finance.   Addressing the 32{+n}{+d} Skoch Summit in the city...

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Category : Income Tax | Comments : 1 | Hits : 392

Government relaxes norms for export of imported goods
Posted Date : 07-Jun-2013 , 04:22:39 pm | Posted By CASANSAAR

To encourage shipments, the government has allowed export of imported goods with 15 per cent value addition to countries from where the proceeds are realised in Indian rupee.The Directorate General of Foreign Trade(DGFT) will notify the names of those countries as to which exports und...

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Category : General | Comments : 0 | Hits : 294

Cost Inflation Index for Financial Year 2013-14
Posted Date : 07-Jun-2013 , 01:11:21 pm | Posted By CASANSAAR

Notified Cost Inflation Index for Financial Year 2013-14 / Assessment Year 2014-15 : 939   CLICK HERE FOR NOTIFICATION   Financial Year Cost Inflation Index Financial Year Cost Inflation Index 1981 – 82 : 100 1997 – 98 : 331 1982 – 83 : 109 1998 – 99 : ...

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Category : Income Tax | Comments : 0 | Hits : 2624

Saradha Group Auditors under ICAI scanner
Posted Date : 07-Jun-2013 , 08:33:44 am | Posted By CASANSAAR

The auditors of West Bengal-based Saradha Group, which is alleged to have duped thousands of investors of their savings, are now under the scanner of the Institute of Chartered Accountants of India (ICAI), the apex body of chartered accountants (CAs). The ICAI has also initiated inquiry against the ...

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Category : Income Tax | Comments : 1 | Hits : 771

Rotate customs, central excise officers every 2 years: Finance Ministry
Posted Date : 07-Jun-2013 , 08:28:50 am | Posted By CASANSAAR

The Finance Ministry hasemphasised on rotation of Indian Revenue Service officers working in service tax, excise and customs departments every two years to provide them adequate exposure.In a recent directive, the Ministry has asked Chief Commissioners and Director Generals of Ce...

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Category : Excise | Comments : 0 | Hits : 241

FinMin asks public sector banks to not sell gold coins
Posted Date : 06-Jun-2013 , 09:40:19 pm | Posted By CASANSAAR

In a move to curb the demand for gold, the finance ministry has asked the public sector banks not to sell gold coins to their customers. According to bankers, the view was communicated by the finance minister P Chidambaram and other finance ministry officials at a meeting today in th...

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Category : Banking | Comments : 0 | Hits : 281

Rupee hits key level of 57 vs dollar, nears record low
Posted Date : 06-Jun-2013 , 12:19:35 pm | Posted By CASANSAAR

The rupee touched the key psychological level of 57 to the dollar on Thursday, approaching a record low hit nearly a year earlier as fears of an end to the U.S. Federal Reserve's monetary stimulus sent the dollar higher and hit local shares.   Recent U.S. economic data has been mixed, whi...

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Category : Finance | Comments : 0 | Hits : 216

Revised Guidance Note on tax audit to be released on July 1 - ICAI
Posted Date : 06-Jun-2013 , 08:34:23 am | Posted By CASANSAAR

The CA institute has come up with a revised Guidance Note on tax audits, which will be released on July 1 on Chartered Accountants Day.   The revised edition was approved at the central council meeting of the Institute of Chartered Accountants of India (ICAI) that concluded on Monday, Subodh ...

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Category : Income Tax | Comments : 0 | Hits : 1416

Inform investors about restatement of accounts: Sebi to companies
Posted Date : 06-Jun-2013 , 08:31:38 am | Posted By CASANSAAR

Seeking to push the companies to act on issues flagged by their auditors,market regulator Sebi today asked them to immediately inform the investors about any restatement of their books of accounts necessitated by points raised by the audit process. The latest direction follows Sebi's ...

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Category : SEBI | Comments : 0 | Hits : 250

RBI committee suggests changes in accounting of central bank balance sheet
Posted Date : 05-Jun-2013 , 09:30:53 pm | Posted By CASANSAAR

An RBI appointed technicalcommittee has recommended that the central bank's repo transactions be treated as lendings and borrowings and not as investments. This could address the fluctuation in accounts due to change in bond prices. The committee headed by Y H Malegam to review t...

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Category : RBI | Comments : 0 | Hits : 313

File TDS on time or be ready to cough up Rs. 1 lakh
Posted Date : 05-Jun-2013 , 07:28:39 pm | Posted By CASANSAAR

Failure to deposit timely and correct Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) will now attract a penalty ranging from Rs. 200 to Rs. 1,00,000 by the Income Tax department. All the TDS range offices of the department across the country have been asked by the...

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Category : Income Tax | Comments : 0 | Hits : 1501

Sebi acts against promoters, directors of 105 firms
Posted Date : 05-Jun-2013 , 02:42:36 pm | Posted By CASANSAAR

Cracking the whip on the promoters of over 100 private sector companies having failed to attain minimum 25 per cent public holding, Sebi today ordered freezing their voting rights and corporate benefits and barred them from holding any new position on boards of listed firms. The promoters and direc...

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Category : SEBI | Comments : 0 | Hits : 275

ICAI initiates probe against Reebok ex-CFO Vishnu Bhagat
Posted Date : 05-Jun-2013 , 01:51:37 pm | Posted By CASANSAAR

ICAI has launched an enquiry against Reebok India’s former Chief Financial Officer Vishnu Bhagat over his role in the alleged multi-crore fraud in the Indian unit of global sportswear major.   “We have initiated an enquiry on our member… who was a key managerial person (CFO...

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Category : Income Tax | Comments : 0 | Hits : 261

Police rescue CA student confined inside house for more than five years
Posted Date : 05-Jun-2013 , 09:24:54 am | Posted By CASANSAAR

A 35 year old chartered accountancy student, who was confined inside her Malleshwaram residence for more than five years, was on Tuesday rescued by police after health minister UT Khader visited her. Assisted by doctors, Hemavathi Renukappa was shifted to ...

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Category : Students Zone | Comments : 0 | Hits : 2186

ICAI seeks details on Nokia tax issue from income tax department
Posted Date : 05-Jun-2013 , 08:53:35 am | Posted By CASANSAAR

Accounting regulator ICAItoday said it has sought details from the director general income tax (investigation), which is probing the alleged Rs 2,080 crore tax evasion by the finnish mobile maker Nokia. After it received the details on the case, the Institute of Chartered Accountants&...

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Category : Income Tax | Comments : 0 | Hits : 365

ED slaps Rs.8,600-cr penalty notice on Emaar MGF
Posted Date : 05-Jun-2013 , 08:25:20 am | Posted By CASANSAAR

The Enforcement Directorate has issued a show-cause notice to construction major Emaar MGF Land Limited for alleged violation of the Foreign Exchange Management Act (FEMA) worth about Rs.8,600 crore by false representation on utilisation of foreign direct investment (FDI). FOREX RULE VIOLATION &...

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Category : Income Tax | Comments : 0 | Hits : 258

Cabinet approves Vodafone conciliation on tax demand
Posted Date : 04-Jun-2013 , 07:45:19 pm | Posted By CASANSAAR

The Union Cabinet today approved a proposal for conciliation with British telecom company Vodafone on their Rs 14,000-crore tax dispute. Officials said conciliation will pave way for amendments to theIncome Tax Act. This will be needed to have a uniform law for all companie...

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Category : Income Tax | Comments : 0 | Hits : 255

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