Govt seeks information from 70,000 high priority IT assessees
Posted Date : 21-May-2013 , 05:22:09 pm | Posted By CASANSAAR
The government today said it would send letters to 70,000 "high priority" assessees this month asking them to disclose their true income and pay taxes in the current financial year. "... 70,000 letters are being sent in two batches to other high priority cases in this month. Of these, the first...
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Income Tax |
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Defence secretary Shashi Kant Sharma to replace Vinod Rai as new CAG
Posted Date : 21-May-2013 , 12:07:23 pm | Posted By CASANSAAR
Defence secretary Shashi Kant Sharma would be the next Comptroller and Auditor General (CAG) of India.
Officials said President Pranab Mukherjee has approved the appointment of Sharma as the nextCAG to replace Vinod Rai, who retires on Wednesday. Rai steps down a...
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Auditing |
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Finance Ministry appoints auditors without consulting RBI, step aimed at avoiding conflict of interest
Posted Date : 21-May-2013 , 08:50:02 am | Posted By CASANSAAR
The government has appointed auditors for the Reserve Bank of India after consulting with the Comptroller & Auditor General (CAG), reversing the earlier practice of involving the central bank in the selection process. The two auditors appointed by the government are V Sa...
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Auditing |
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Committee probing Walmart case submits report to MCA
Posted Date : 21-May-2013 , 08:39:13 am | Posted By CASANSAAR
The one-man committee, set up by the government to probe whether the world's largest retailer Walmart bribed its way into the Indian retail market, submitted its report to the ministry of corporate affairs on Saturday. Confirming that the report had been submitted, a senior government officialt...
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Corporate Law |
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Competition Commission to play an important role as a regulator of Competition and as a participant in the competitive process - FM
Posted Date : 21-May-2013 , 06:18:50 am | Posted By CASANSAAR
Union Finance Minister Shri P.Chidambaram has stressed on the key role of Competition Commission of India (CCI) in defining the role of the government as a regulator of competition and as a participant in the competitive process. Delivering the Annual day Lecture of Competition Commission of India (...
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Corporate Law |
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Fin Min implements amnesty scheme for service tax defaulters
Posted Date : 19-May-2013 , 04:14:01 pm | Posted By CASANSAAR
Aimed at widening revenue from indirect tax, the Finance Ministry has implemented one-time amnesty scheme for service tax defaulters to pay their due without any penalty or late payment charges.
The ‘Voluntary Compliance Encouragement Scheme’, which came into force after passage...
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Service Tax |
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SEBI to set norms for foreign firms attracting Indian investors
Posted Date : 19-May-2013 , 04:11:55 pm | Posted By CASANSAAR
Amid a growing number of brokerage firms, hedge funds and other market intermediaries from abroad soliciting business from HNIs and other investors in India, SEBI is considering introducing a separate set of rules for such foreign entities.
The new set of rules would ensure that the interme...
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SEBI |
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Govt gets power to arrest service tax defaulters
Posted Date : 19-May-2013 , 03:59:45 pm | Posted By CASANSAAR
Service tax evaders beware! Failing to deposit this tax may attract arrest and imprisonment upto seven years. With the passage of Finance Bill 2013 last week, the revenue department officials can now arrest a person for non-payment of collected service tax.
Ea...
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Service Tax |
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I-T Dept slaps Rs 582 cr tax demand notice on Infosys
Posted Date : 19-May-2013 , 03:51:08 pm | Posted By CASANSAAR
Income Tax department has slapped a fresh USD 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm.
The Bangalore-based software services exporter is already contesting additional income tax demands of USD 214 milli...
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Income Tax |
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CanBank to refer loan recast to RBI, post auditors’ objection
Posted Date : 18-May-2013 , 03:06:33 pm | Posted By CASANSAAR
Auditors of Canara Bank, India's fifth largest state-owned lender by assets, took objection to the management's decision to restructure loans of a particular borrower. The loan amounts to almost 20% of the bank's fresh restructuring of around Rs 18,110 crore in the March quarter. Fresh res...
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Banking |
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RBI auctions 10-year bond worth Rs 7,000 cr
Posted Date : 18-May-2013 , 08:21:04 am | Posted By CASANSAAR
The Reserve Bank of India on Friday auctioned a new 10-year benchmark government bond worth Rs 7,000 crore at a cut-off yield of 7.16 per cent.
The bond, which will matures in 2023 and carries a coupon rate of 7.16 per cent, will be the new benchmark paper in place of the existing 8.15 per ...
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RBI |
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Govt cracksdown on chit funds; proposes ban for MLM cos
Posted Date : 18-May-2013 , 08:16:49 am | Posted By CASANSAAR
The government is moving to ban multi-level marketing (MLM companies through an amendment to The Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The proposal has been mooted by the department of financial services and is likely to be fast tracked considering the seriousness of the chi...
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Finance |
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IPL spot-fixing: ED, DRI, Income Tax looking into money trail
Posted Date : 17-May-2013 , 09:23:45 pm | Posted By CASANSAAR
A day after the Delhi Police unearthed an alleged spot-fixing racket in IPL matches, a host of other probe agencies have begun sniffing for any clandestine ‘hawala’ transactions linked to it.
The Enforcement Directorate (ED), which is tasked to check illegal payment gateways lik...
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Income Tax |
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Request to Share Contact Details of ICAI Members in Entrepreneurship & Public Services
Posted Date : 17-May-2013 , 05:13:30 pm | Posted By CASANSAAR
The ICAI proudly acknowledges professional achievements of its members in Entrepreneurship and Public Service. ICAI has constituted a special committee, the“Committee for Members in Entrepreneurship & Public Services” to recognize their contribution to the economy as a w...
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ICAI |
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CA IPCC & Final Question Papers - May 2013
Posted Date : 17-May-2013 , 05:13:13 pm | Posted By CASANSAAR
Final Examination
GROUP I
PAPER - 1 : FINANCIAL REPORTING
PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT
PAPER – 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS
PAPER – 4 : CORPORATE AND ALLIED LA...
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Students Zone |
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Home loan prepayment fee eligible for tax benefit
Posted Date : 17-May-2013 , 08:46:01 am | Posted By CASANSAAR
A ruling by the Mumbai bench of the Income Tax Appellate Tribunal spells welcome relief for taxpayers who have paid huge sums as prepayment or foreclosure charges on early repayment of their housing loans.
Such taxpayers can claim prepayment charges as deductible under the head incom...
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Income Tax |
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ICAI Changes Centres for some Candidates in Kolkata, Udaipur, Vijayawada for 24 May 2013 Exam
Posted Date : 17-May-2013 , 08:21:35 am | Posted By CASANSAAR
Announcement
16th May 2013.
Change in venue for Paper 7-Information Technology andStrategic Management, ofIntermediate (IPC) Examination May 2013, to be held on 24th May 2013, in some candidates in Kolkata, Udaipur and Vijayawada
Due t...
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Students Zone |
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Mahindra Satyam gives first dividend after scam
Posted Date : 17-May-2013 , 08:09:30 am | Posted By CASANSAAR
Signalling that it had finally hit turnaround street, the scam-hitMahindraSatyam on Thursday declared a dividend of 30% for the first time after it was rocked by the worst corporate scandal in India's history.
The dividend declared for fiscal 2012-13 despite an 11% drop in...
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Shares & Stock |
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Request for Information: Rate Regulation - (Last date for sending comments: May 28, 2013) - ICAI
Posted Date : 16-May-2013 , 05:33:58 pm | Posted By CASANSAAR
The International Accounting Standards Board (IASB) has issued this Request for Information document with an objective of to identify a range of rate regulatory schemes to help determine the scope of the Rate-regulated Activities research project. Invitation to commentASB invites comments on th...
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ICAI |
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ITR- 4S Sugam (online/offline) for AY 2013-14 is avaiable for E-filing
Posted Date : 16-May-2013 , 03:40:13 pm | Posted By CASANSAAR
We have uploaded ITR-4S Sugam as applicable for AY 2013-14 / FY 2012-13 for online filing of Income Tax Returns for Presumptive Income Tax Return. ThisReturn Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year&...
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Income Tax |
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No arrests for 'offensive' posts on websites without permission of top police officers: Supreme Court
Posted Date : 16-May-2013 , 12:49:11 pm | Posted By CASANSAAR
The Supreme Court on Thursday said that no arrests could be made for objectionable comments on social networking websites without prior permission of senior police officers.
The apex court also directed all the states and Union Territories to comply with the Centre's advisory on arresting p...
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General |
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S.Sreesanth, two other Rajasthan Royals players arrested for spot-fixing
Posted Date : 16-May-2013 , 10:33:09 am | Posted By CASANSAAR
Rajasthan Royals pace spearhead S Sreesanth and two other players - Ankeet Chavan and Ajit Chandila - have been arrested on charges of spot-fixing.
The police have also arrested seven bookies in Mumbai and three bookies in Delhi in connection with the case. They are looking for two more bookies in ...
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General |
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Convocation for Chartered Accountants
Posted Date : 16-May-2013 , 08:34:11 am | Posted By CASANSAAR
CASANSAAR Team has received a lot of request and representation on the ongoing drama on the Convocation being organised by the ICAI through its various Regional Councils.
It not hidden fact that younger member of the ICAI are not happy with the mother body of the profession. Again the half ...
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Income Tax |
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LTA to be tax exempt only for domestic travel
Posted Date : 16-May-2013 , 08:31:02 am | Posted By CASANSAAR
Tax exemption on leave travel allowance or LTA can be claimed only on domestic travel and cannot be clubbed with an overseas journey. If an air ticket comprises Indian and overseas components, no exemption will be provided either on the entire cost or on partial Indian travel.
This was clarif...
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Income Tax |
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Law Minister Kapil Sibal clears put and call options in M&A deals
Posted Date : 16-May-2013 , 08:27:54 am | Posted By CASANSAAR
In the second successive signal in as many days to foreign investors about India's willingness to clear hurdles in the way of investment, law minister Kapil Sibal on Wednesday cleared a Sebiregulation which permits put and call options in mergers and acquisitions. "Yes, I h...
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Merger & Acquisitions |
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Cobrapost impact: Bank Audits set to get tougher
Posted Date : 16-May-2013 , 08:20:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) and the government could look at reinstating audit system even in “smaller” branches with advances below Rs. 20 crore following rampant violation of know your customer (KYC) norms by banks revealed by investigative website Cobrapost.
Large num...
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ICAI |
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Application form for the ISA-AT scheduled on 22nd June, 2013
Posted Date : 16-May-2013 , 08:20:34 am | Posted By CASANSAAR
Download the Application Form
Apply Online for ISA-AT, June 2013
Please visit the site http://isaat.icaiexam.icai.org to apply for Information Systems Audit (Isa) Course Assessment Test - June 2013
Source :- ICAI.ORG....
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ICAI |
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Newspaper vendor bells the CAT; gets entry into IIM Calcutta
Posted Date : 15-May-2013 , 09:31:05 pm | Posted By CASANSAAR
As the alarm goes off at 4am, N Shiva Kumar is up on his feet, stacking his bicycle with newspapers. He has to deliver them before the sun appears on the horizon. A habit since Class 6, Shiva's life is set to change now. Come June 16, this newspaper-boy-turned-vendor will walk do...
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General |
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RBI inflation bonds for attracting household savings on June 4
Posted Date : 15-May-2013 , 08:47:18 pm | Posted By CASANSAAR
The Reserve Bank today announced it will launch inflation-linked bonds every month, starting June 4, to attract household savings of up to Rs 15,000 crore this fiscal so as to discourage investments in gold.
"RBI, in consultation with Government of India, has decided to laun...
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RBI |
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Double Digit Returns on National Pension System (NPS) Schemes for Financial Year 2012-13
Posted Date : 15-May-2013 , 06:47:55 pm | Posted By CASANSAAR
The National Pension System (NPS) regulated by Pension Fund Regulatory and Development Authority (PFRDA) has delivered double digit returns for the financial year 2012-13 and has evidenced itself as not just being the cheapest retirement product but also as the highest returns generating scheme.
&n...
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Finance |
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