ICAI reviews financial statements of Vijay Mallya group firms
Posted Date : 05-May-2016 , 08:46:37 pm | Posted By CASANSAAR
Chartered accountants' apex body ICAI is reviewing financial statements of certain Vijay Mallya group firms to assess the role of auditors and has warned of strict disciplinary action in case of violations.
The move also comes against the backdrop of the embattled Mallya facing a case of loan...
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ICAI |
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Lok Sabha passes Finance Bill 2016
Posted Date : 05-May-2016 , 08:39:12 pm | Posted By CASANSAAR
The Lok Sabha on Thursday passed the finance bill, retaining the excise duty on jewellers despite opposition from some political parties.
In his reply to the finance bill, Arun Jaitley defended the government’s decision and said the tax was much lower than what was levied by som...
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Budget |
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Centre may appoint independent regulators for professional services
Posted Date : 05-May-2016 , 08:38:35 am | Posted By CASANSAAR
The government is planning to appoint independent regulators for services such as medicine, law, chartered accountancy, cost accountancy and company secretaryship.
According to sources in the commerce ministry, the existing structure of a regulator-cum-professional body for these serv...
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Finance |
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Govt mulls reducing numbers of tax, administrative tribunals
Posted Date : 05-May-2016 , 08:35:18 am | Posted By CASANSAAR
An Inter-Ministerial Group (IMG) has been constituted to look into the possibility of reduction in the number of tax and administrative tribunals, Union Minister Jitendra Singh said today.
There are at least 36 tribunals for settling various administrative and tax-related disputes, including Cent...
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Income Tax |
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Auditors have access to only one set of account - SIRC
Posted Date : 05-May-2016 , 08:32:15 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) - SIRC has said that they maintain only one set of books of accounts. It has stated that the accounts of the SIRC are still in draft form and become final only upon approval and adoption by the Regional Council. The accounts have neither been fi...
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Auditing |
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Ultra-rich must declare cost price of expensive assets: CBDT
Posted Date : 05-May-2016 , 08:21:51 am | Posted By CASANSAAR
The tax department on Wednesday said that people with annual income of over Rs 50 lakh will have to disclose the acquisition cost of each asset such as land, building and jewellery in the annual return.
The Central Board of Direct Taxes (CBDT) added that the luxury items to be disclos...
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CBDT |
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Observations of the candidates on the question papers of CA examinations-May, 2016 - ICAI
Posted Date : 04-May-2016 , 10:54:43 pm | Posted By CASANSAAR
4th May, 2016
It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to CA Examinations being held in May 2016, by e-mail at examfeedback@icai.in or by way of a letter, sent by Speed Post, at the f...
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CA Exams |
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Submit proof of travel for claiming tax deduction on LTA: CBDT
Posted Date : 04-May-2016 , 07:09:13 am | Posted By CASANSAAR
The Income Tax Department has brought out a new form making it mandatory for salaried taxpayers to furnish proof of travel for claiming tax deduction on LTA or LTC.
The Central Board of Direct Taxes (CBDT) has brought in a Form 12BB form requiring employees to furnish to their employe...
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CBDT |
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Government moves to recover Rs 3,348 crore from service tax collectors
Posted Date : 04-May-2016 , 07:07:10 am | Posted By CASANSAAR
In order to recover Rs 3,348 crore dues, the service tax department has issued 834 show cause notices to service providers who collected the tax from customers but did not deposit it in government accounts in 2015-16.
"There have been cases of service providers who have collected servi...
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Service Tax |
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0 | Hits : 938
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Income from sale of unlisted equities to be treated as capital gains: CBDT
Posted Date : 03-May-2016 , 08:55:26 am | Posted By CASANSAAR
India's apex direct taxes body has said income from sale of unlisted equities would be treated as capital gains in a move that gives significant relief to private equity, offshore and alternative investment funds.
The directive puts to rest the debate over treatment of income from sale ...
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Income Tax |
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0 | Hits : 1082
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SIRC's Auditor resigns over dubious accounts
Posted Date : 03-May-2016 , 08:52:35 am | Posted By CASANSAAR
In an odd turn of events, the auditors of the Southern Indian Regional Council (SIRC) of the CA Institute resigned saying the accounts of the body that certifies and regulates auditing appeared dubious. Sundararajan Associates, the statutory auditors of the SIRC and Southern India Chartered Accounta...
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Auditing |
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5 | Hits : 3443
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RBI clamps down on long term working capital loans
Posted Date : 03-May-2016 , 08:46:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked banks to avoid approving long-term credit for periods up to 10 years under the garb of working capital loans to stressed companies, two bankers in the know said.
As the name suggests, working capital loans are typically given for short periods to cater ...
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RBI |
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Only 1% of India's population pays taxes: Govt data
Posted Date : 02-May-2016 , 08:29:11 am | Posted By CASANSAAR
Only about one per cent of India’s population pays income tax but the number of effective I-T assessees has risen to ~5.17 crore in 2014-15, from 4.72 crore in 2012-13, according to government data.
A total of 2.87 crore individuals filed I-T returns for assessment year 2012-13,...
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Income Tax |
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MCA acts against 169 Cos for not having women directors
Posted Date : 30-Apr-2016 , 07:58:37 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has initiated prosecutions against 169 companies for failure to appoint at least one woman director on their boards.
Certain class of listed and unlisted firms are required to have at least one woman director on their boards under the Companies Act, 2013 --...
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MCA |
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Government to conduct special audit of telcos like Airtel, Vodafone and Idea
Posted Date : 30-Apr-2016 , 07:56:55 am | Posted By CASANSAAR
Government will conduct special audit of telecom companies, including Bharti Airtel, Vodafone, Reliance Communications and Idea Cellular for three years to 2010-11, Telecom Minister Ravi Shankar Prasad said today.
"Government has decided to conduct special audit for three subsequent fi...
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Auditing |
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Guidelines for Grant of Rewards to Informers of Tax Evasion
Posted Date : 30-Apr-2016 , 07:49:02 am | Posted By CASANSAAR
The details with regard to guidelines in respect of rewards to informers of tax evasion are:
Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed c...
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Income Tax |
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Merger of National Stock Exchange Limited (NSEL) and Financial Technologies India Limited (FTIL)
Posted Date : 30-Apr-2016 , 07:47:28 am | Posted By CASANSAAR
The Ministry has issued the Final Order on 12.02.2016 for amalgamation of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Ltd. (FTIL) under Section 396 of the Companies Act, 1956. However, the same has been kept in abeyance pursuant to Orders of the Hon’ble High...
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General |
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Govt rolls back decision to lower EPF rate; fixes it at 8.8%
Posted Date : 30-Apr-2016 , 07:45:57 am | Posted By CASANSAAR
Bowing to employee protests for the third time in two months, the Indian government on Friday rolled back its decision of lower interest rate on provident fund deposits to 8.7 per cent for 2015-16 and agreed to fix it at 8.8 per cent as decided by retirement fund body EPFO.
The roll back comes on...
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General |
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0 | Hits : 926
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CBDT publishes direct taxes related data for first time
Posted Date : 29-Apr-2016 , 07:52:18 am | Posted By CASANSAAR
In a first, CBDT has made public a host of hard data on the total number of taxpayers in the country, income disclosed in income tax returns by various category of taxpayers and number of PAN holders in the country for a chosen period of time.
The department said the objective of publishing the...
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CBDT |
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No income tax penalty if you have concealed your income by mistake
Posted Date : 29-Apr-2016 , 07:50:51 am | Posted By CASANSAAR
In a recent order, Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench dismissed the penalty, income tax officials had levied on salaried employees for ‘concealment of income’, reports a leading daily.
This comes into light when an online tax-return filing portal had underrepo...
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Income Tax |
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0 | Hits : 1341
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Multi-Disciplinary Team for Probing the Panama Papers Leaks
Posted Date : 28-Apr-2016 , 07:21:53 am | Posted By CASANSAAR
Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. The International Consortium of Investigative Journalists (ICIJ), a Washington based organization which has repo...
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Income Tax |
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0 | Hits : 781
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Income tax department to pay interest on TDS refund
Posted Date : 27-Apr-2016 , 09:33:10 am | Posted By CASANSAAR
The income tax department will now add interest amount to a delayed refund made on excess TDS deductions and will also not litigate with the deductor on this issue in the future, a latest directive has said.
The Central Board of Direct Taxes has issued a directive in this rega...
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Income Tax |
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0 | Hits : 1808
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701 bad loan accounts owe PSU banks Rs 1.63 lakh cr
Posted Date : 27-Apr-2016 , 09:10:09 am | Posted By CASANSAAR
As many as 701 accounts with bad loans exceeding Rs 100 crore owed public sector banks (PSBs) Rs 1.63 lakh crore at the end of December, with State Bank of India accounting for the biggest chunk.
SBI had 85 such accounts with aggregate non-performing assets (NPAs) of Rs 23,726 crore, followed b...
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Banking |
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MCA filed prosecution against 107 listed companies
Posted Date : 27-Apr-2016 , 09:07:44 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has filed prosecution against 107 listed companies under various sections of the Companies Act.
The prosecution has been filed under the Companies Act 1956 and Companies Act 2013, Corporate Affairs Minister Arun Jaitley said.
In a written r...
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MCA |
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1 | Hits : 1968
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SC asks FinMin to explain NPAs recovery mechanism
Posted Date : 27-Apr-2016 , 09:06:30 am | Posted By CASANSAAR
Supreme Court has asked Union Finance Ministry to inform it about the mechanism in place for recovery of huge Non-Performing Assets (NPAs). The apex court asked the ministry to inform as to what safeguards it is bringing in to curb bad debt. Supreme Court also observed that if the present system wou...
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NPA |
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MCA might deduct payments to Infosys for poor management of MCA21 portal
Posted Date : 27-Apr-2016 , 08:57:33 am | Posted By CASANSAAR
With problems continuing in using the MCA21 portal, the Corporate Affairs Ministry might deduct payments to IT major Infosys, which expects the situation to be normal in the next few weeks.
Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to ...
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MCA |
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Income tax dept to consider information on non-filers from 3rd party sources like banks
Posted Date : 27-Apr-2016 , 08:34:01 am | Posted By CASANSAAR
Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax.
The Central Board of Direct Taxes (CBDT) had set up a committee to recommend standard definitions of certa...
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Income Tax |
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Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016
Posted Date : 26-Apr-2016 , 05:32:51 pm | Posted By CASANSAAR
1. The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come into force on ...
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Accounts |
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RBI takes various steps for recovery of NPA: Jayant Sinha
Posted Date : 26-Apr-2016 , 05:29:28 pm | Posted By CASANSAAR
The total outstanding of top one hundred of Non-Performing Accounts (NPA), borrowers of public sector banks stood at 1.73 lakh crore rupees as on 31st December 2015. The Reserve Bank of India has taken various steps for recovery of NPA.
These include formation of joint lenders’ forum for re...
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RBI |
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0 | Hits : 1012
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RBI to ease registration process for NBFCs
Posted Date : 26-Apr-2016 , 07:55:03 am | Posted By CASANSAAR
Reserve Bank of India (RBI) will simplify the registration process for non-banking finance companies (NBFCs), Deputy Governor R. Gandhi said.
“The new application forms will be simpler and the number of documents required to be submitted will be reduced. The entire process could be made o...
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RBI |
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