RBI issues master direction on merger of pvt sector banks
Posted Date : 22-Apr-2016 , 08:28:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today came out with master direction for merger of private sector banks and also between NBFCs and banks.
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking i...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1127
|
 |
SEBI working with RBI for common KYC
Posted Date : 22-Apr-2016 , 08:26:31 am | Posted By CASANSAAR
In an effort to ease retail participation in the securities market, regulator SEBI will pitch for a common KYC (Know Your Customer) norm for banking and the capital markets. With this, your bank KYC specification will soon be enough for you to avail of other financial services, offered by securities...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 842
|
|
HC upholds income tax provision on perquisites
Posted Date : 20-Apr-2016 , 09:10:34 am | Posted By CASANSAAR
The Madras High Court has dismissed a writ petition challenging the Constitutional validity of Section 17(2)(viii) of the Income Tax Act, 1961 which empowers the executive authorities to prescribe the value of any fringe benefit or amenity, other than those listed under the provision, under the defi...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1157
|
|
NPA effect: Norms for Chartered Accountants, advocates soon
Posted Date : 19-Apr-2016 , 07:26:55 am | Posted By CASANSAAR
Public sector banks, saddled with a pile of non performing assets—loans that do not fetch returns—could soon frame stringent rules allowing them to take action against service providers such as chartered accountants and advocates if required.
The Central Vigilance Commission (CVC) h...
Continue Reading...
Category :
Income Tax |
Comments :
2 | Hits : 2457
|
|
CBDT issues draft rules on foreign tax credit
Posted Date : 18-Apr-2016 , 10:19:14 pm | Posted By CASANSAAR
The rules, once finalised will allow for tax credit with all countries with which India has a double tax avoidance agreement as well as tax paid by Indian residents in other specified countries.
At present, such a facility is not available in the Income Tax Act, 1961 and the introduction of suc...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1045
|
|
Madras HC upholds Constitutionality of Section 94-A of the Income Tax Act
Posted Date : 18-Apr-2016 , 07:56:41 pm | Posted By CASANSAAR
Madras High Court has upheld the constitutionality of Section 94-A (1) of the Income Tax Act holding that it ‘was the need of the hour’.
The Division Bench comprising of Justices V. Ramasubramanian and T. Mathivanan held that treaties cannot limit the power of Parliament to make Laws ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1619
|
|
SEBI to tighten disclosure norms for rating agencies
Posted Date : 18-Apr-2016 , 07:45:06 pm | Posted By CASANSAAR
Concerned over severe spill-over impact of recent drastic downgrades by rating agencies, market regulator Sebi plans to strengthen its disclosure guidelines for issuance and review of the ratings by such entities.
Besides, Sebi is also considering asking the Credit Rating Agencies (CR...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 848
|
|
RBI for proper monitoring of foreign direct investment
Posted Date : 15-Apr-2016 , 07:59:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1016
|
|
Audit Report of IRCON flags concerns over Rs 422 cr payment to foreign agents
Posted Date : 14-Apr-2016 , 01:25:58 pm | Posted By CASANSAAR
An independent audit report has flagged some serious concerns over payment of Rs 422.43 crore to foreign agents by railway PSU IRCON International in respect of projects in two countries.
Stating that such transactions would have an adverse effect on the functioning of the company, the aud...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1890
|
|
Interest rates for NSSF loan to Centre, states cut to 8.8%
Posted Date : 14-Apr-2016 , 01:23:12 pm | Posted By CASANSAAR
The National Small Savings Fund (NSSF) loan rate to the Centre as well as states has been lowered to 8.8 percent from 9.5 percent following a recent cut in small savings interest rates, an official statement said on Wednesday.
"In line with the revision of interest rates of small savings s...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 987
|
|
Members / Firms to furnish PAN details to ICAI
Posted Date : 14-Apr-2016 , 09:07:46 am | Posted By CASANSAAR
For ICAI MEMBERS
Update your PAN details with ICAI. Otherwise unable to upload TAR & MCA forms online. ICAI had already requested the Members / Firms to submit the PAN details to their concerned Regional office on or before 15th December, 2015, If you have not submitted the ...
Continue Reading...
Category :
ICAI |
Comments :
1 | Hits : 12436
|
|
HC upholds stricter tax rule on inflow from abroad
Posted Date : 13-Apr-2016 , 07:46:55 am | Posted By CASANSAAR
The high court here has agreed with the Indian government’s 2013 plan to tax investments from Cyprus, which was used by several foreign investors to avoid taxes in India. The order would impact several foreign institutional investors (FIIs) and private equity investors whic...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1129
|
|
Supreme Court seeks total NPAs, RBI says No
Posted Date : 13-Apr-2016 , 07:43:49 am | Posted By CASANSAAR
Even as the Supreme Court on Tuesday decided to examine whether the Reserve Bank of India can disclose names of big defaulters in view of its confidentiality claims, the banking regulator said any revelation about outstanding dues to banks will “impact the economy of the country”.
A...
Continue Reading...
Category :
NPA |
Comments :
0 | Hits : 1587
|
|
Simplification of procedure to deal with audit objections raised in indirect taxes by the office of by CAG
Posted Date : 12-Apr-2016 , 10:20:11 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC) has issued a circular to simplify the procedure of dealing with audit objections raised in indirect taxes by the office of CAG. The Circular rescinds all the past circulars and instructions and prescribes a new simplified and consolidated procedure. The Cir...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1001
|
|
Gurgaon is now to be known as Gurugram
Posted Date : 12-Apr-2016 , 10:17:37 pm | Posted By CASANSAAR
Gurgaon, the corporate hub of Haryana on the outskirts of Delhi, will now be known as 'Gurugram'.
The decision was taken by the BJP government claiming that people of the area have been making a demand in this regard.
An official spokesman said the decision to change the name was taken...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1822
|
|
No Clean Chit given to Auditors related to Mallya’s case - ICAI president
Posted Date : 12-Apr-2016 , 07:14:40 am | Posted By CASANSAAR
President of the Institute of Chartered Accountants of India (ICAI) M Devraj Reddy today categorically said that so far no ‘clean chit’ has been given to the auditors related to the industrialist Vijay Mallya’s default case. Addressing a press conference here, Mr Reddy said though ...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1584
|
|
Govt to move SC on Service Tax levy on lawyers
Posted Date : 12-Apr-2016 , 07:11:09 am | Posted By CASANSAAR
The revenue department has decided to move the Supreme Court for transfer of petitions filed in three High Courts, which had stayed levy of service tax on legal services provided by senior advocates.
It has also decided to rope in Attorney General in the case and get the stay orders vacated. Th...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 1262
|
|
Publication on Central Excise Law and Procedure for Jewellery Industry - ICAI
Posted Date : 12-Apr-2016 , 06:58:40 am | Posted By CASANSAAR
The publication “Central Excise Law and Procedure for Jewellery Industry” has been brought out by Indirect Taxes Committee of ICAI to familiarize the members and the industry with the various provisions of excise law and procedures pertaining to the levy of excise duty on jewellery. The ...
Continue Reading...
Category :
Excise |
Comments :
0 | Hits : 1420
|
|
RBI declines to share details banks inspection report
Posted Date : 11-Apr-2016 , 10:18:00 pm | Posted By CASANSAAR
The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country.
Replyi...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 982
|
|
Aadhaar, net banking-based IT e-filing appeal system activated
Posted Date : 11-Apr-2016 , 10:14:24 pm | Posted By CASANSAAR
Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing.
In order to reduce the interface between taxman and the taxpayer, the department has recently op...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 962
|
|
RBI Grants First Payments Bank License To Airtel
Posted Date : 11-Apr-2016 , 10:07:42 pm | Posted By CASANSAAR
Airtel M Commerce Services (AMSL), a subsidiary of Bharti Airtel has been granted the first payments bank license from Reserve Bank of India (RBI) today.
On August 19, 2015 Reserve Bank of India (RBI) had issued “in-principle” approval to 11 applicants to set up payments banks. The ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 982
|
|
Govt exempts housing finance cos from XBRL filings
Posted Date : 11-Apr-2016 , 07:43:31 am | Posted By CASANSAAR
Providing relaxation for housing finance companies, the Corporate Affair Ministry has exempted such entities from filing financial statements in XBRL format.
XBRL, or Extensible Business Reporting Language, provides a common, electronic format for business reporting.
In a recen...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 872
|
|
CA curriculum to be revised in 2017 - ICAI president
Posted Date : 10-Apr-2016 , 07:14:24 am | Posted By CASANSAAR
Devraja Reddy, the president of Institute of Chartered Accountants of India (ICAI), said here on Saturday that the curriculum and exam pattern of CA courses will be revised from the next academic year of 2017.
Reddy, who was in the city to discuss about the proposed changes in CA courses, said th...
Continue Reading...
Category :
CA |
Comments :
0 | Hits : 1532
|
|
SEBI mulls reforms in commodity market
Posted Date : 10-Apr-2016 , 07:05:09 am | Posted By CASANSAAR
An experts panel of the Securities and Exchange Board of India (Sebi) will meet on Monday to mull introduction of new products for the commodity derivatives market.
The commodity advisory committee will also discuss a price pooling mechanism for the spot market.
At present, prices are collated...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 740
|
|
Income Tax dept activates e-filing for three more ITRs
Posted Date : 08-Apr-2016 , 08:24:14 am | Posted By CASANSAAR
The Income Tax department on Thursday launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-17 after it operationalised some of them early this week.
The latest enabled Income Tax Returns (ITRs) include ITR-2 for individuals and Hindu Undivid...
Continue Reading...
Category :
ITR |
Comments :
0 | Hits : 1213
|
|
Announcement for conducting ISA-Eligibility & Assessment Test under both Old & New Syllabus for two more attempts - ICAI
Posted Date : 08-Apr-2016 , 08:01:17 am | Posted By CASANSAAR
The Committee on Information Technology at its 73rd Meeting held on 9th March, 2016 decided to continue to hold the ISA Eligibility Test under old Syllabus for two more attempts i.e. May, 2016 and November, 2016. Hence the ISA Eligibility Test will be held under both old and New Syllabus in May, 201...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1310
|
|
Download online ICAI Admit Card for May 2016 examination
Posted Date : 07-Apr-2016 , 04:13:12 pm | Posted By CASANSAAR
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final May 2016 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in.
Candidates may print their admit cards from the said website.
For downloading/printing of the admi...
Continue Reading...
Category :
CA Exams |
Comments :
0 | Hits : 1217
|
|
Zone-shifting of candidates for MAY - 2016 CA Exams - ICAI
Posted Date : 07-Apr-2016 , 12:40:37 pm | Posted By CASANSAAR
April 7th, 2016
Subject: Zone-shifting of candidates for MAY - 2016 CA Exams
Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi, Hyderabad, and Mumbai, some of the candidates have been allotted examinations centres in the zone other than th...
Continue Reading...
Category :
CA Exams |
Comments :
0 | Hits : 1036
|
|
Tax receipts at Rs.14.6 lakh cr, exceeds estimates
Posted Date : 07-Apr-2016 , 08:25:54 am | Posted By CASANSAAR
The government collected Rs.14.6 lakh crore in taxes in financial year 2015-16, which is higher than the Budget Estimates and Revised Estimates for the year.
The government data shows that the bulk of the growth in total tax revenues was due to the increase in indirect tax collections. Indirect...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1109
|
|
Company Secretaries pocket avg annual pay of Rs 50 lakh
Posted Date : 07-Apr-2016 , 08:05:12 am | Posted By CASANSAAR
The average annual compensation of Company Secretaries at the top 500 firms listed on the BSE stood at Rs 50 lakh even though many of them got less than Rs 25 lakh, says a report. The findings are based on an analysis of the secretarial audit reports of S&P BSE 500 companies by CimplyFive Corpor...
Continue Reading...
Category :
ICSI |
Comments :
0 | Hits : 1996
|
|
|
