ICAI issued notice to Kingfisher Airlines' Auditors
Posted Date : 16-Mar-2016 , 08:29:41 am | Posted By CASANSAAR
Institute of Chartered Accountants of India has set up a financial review board to look into the alleged financial irregularities at United Spirits, UB group and Kingfisher Airlinesin the past few years.
The institute has also issued notices to the auditors of United Spirits, UB gr...
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ICAI |
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1 | Hits : 4702
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Bangladesh Central Bank Governor resigns over $81m Cyber theft
Posted Date : 16-Mar-2016 , 07:54:29 am | Posted By CASANSAAR
In Bangladesh, the Reserve Bank Governor Atiur Rahman has resigned today following a $ 80 million cyber theft from the Bank's Reserve Fund Account at the Federal Reserve Bank of New York. Atiur Rahman who has been the Reserve Bank Governor for the second term resigned during a meeting with the P...
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Banking |
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0 | Hits : 958
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RBI asks banks to pay interest on savings account on quarterly basis
Posted Date : 16-Mar-2016 , 07:47:22 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to pay interest on savings accounts on a quarterly basis or a shorter duration, a move which will benefit crores of savings account holders.
At present, the interest is credited in savings bank accounts on a half-yearly basis. Interest rate on savings ban...
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RBI |
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0 | Hits : 1281
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Tax evaders claiming to be farmers on Govt radar
Posted Date : 16-Mar-2016 , 07:42:52 am | Posted By CASANSAAR
The government on Tuesday indicated that it is going after tax evaders who are masking themselves as farmers.
In a statement in Rajya Sabha, finance minister Arun Jaitley maintained the tax department is probing cases where evaders have passed off their unaccounted income as agricultural income...
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Income Tax |
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0 | Hits : 855
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Parliament passes Real Estate Bill aimed at protecting interests of house buyers
Posted Date : 16-Mar-2016 , 07:34:59 am | Posted By CASANSAAR
Parliament has passed the Real Estate (Regulation and Development) Bill, 2015 with the Lok Sabha approving it today. The bill was passed by the Rajya Sabha last week. The Bill is aimed at protecting the interests of the aspiring house buyers while at the same time enhancing the credibility of real e...
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General |
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0 | Hits : 815
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SEBI proposes two methods to redefine Control in Companies
Posted Date : 15-Mar-2016 , 07:38:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India, or Sebi, on Monday suggested two ways to clear ambiguities in the definition of “control” in a listed firm, a move primarily aimed at making mergers and acquisitions smoother and free of legal hassles.
The market regulator proposed in a di...
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SEBI |
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0 | Hits : 945
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Listed Cos to disclose Audit qualifications impact separately
Posted Date : 14-Mar-2016 , 08:08:41 am | Posted By CASANSAAR
To ensure information is disseminated to investors on time, Sebi will revise the disclosure requirements for companies with respect to impact of "qualifications" made by auditors in their reports.
The Sebi board, which met here today, approved the changes that would further stream...
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Auditing |
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0 | Hits : 1290
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New syllabus likely from Nov. 16 for CA students - ICAI President
Posted Date : 14-Mar-2016 , 08:06:38 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) president M. Devaraja Reddy on Saturday said efforts were being made to implement new syllabus for aspiring chartered accountants from November, 2016.
“The syllabus prepared by us has been approved by the Ministry of Corporate Affairs. Af...
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Students Zone |
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0 | Hits : 2983
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SEBI clampdown busts over Rs 15000 crore worth tax evasion
Posted Date : 14-Mar-2016 , 08:00:24 am | Posted By CASANSAAR
In a major clampdown, the Securities and Exchange Board of India (Sebi) has debarred over 1,000 entities from the capital markets after they were found to be misusing stock exchange platforms for tax evasion to the tune of more than Rs 15,000 crore.
Market regulator Sebi has also suspended tradin...
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SEBI |
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0 | Hits : 940
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Income Tax department probes Crorepati agriculturists for evasion
Posted Date : 14-Mar-2016 , 07:55:45 am | Posted By CASANSAAR
Over 2,700 entities have declared agricultural income of over Rs 1 crore in the last nine assessment years with theIncome Tax department initiating a tax evasion probe in select cases.
IT department Assessing Officers across the country, as part of a recent directive, have been asked to &quo...
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Income Tax |
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0 | Hits : 1136
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All willful loan defaulters would stand disqualified from board positions at listed companies - SEBI
Posted Date : 12-Mar-2016 , 10:20:13 pm | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) Chairman U K Sinha today said that all willful loan defaulters would stand disqualified from board positions at listed companies under new rules
Addressing media in New Delhi, Mr Sinha said, willful loan defaulters barred from fund raising, taking pos...
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SEBI |
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0 | Hits : 810
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Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor
Posted Date : 12-Mar-2016 , 10:19:15 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) had issued directions to the field offices that taxpayers whose tax has been deducted at source but not deposited to the Government’s account by the deductor, will not be asked to pay the demand to the extent tax has been deducted from his income. A let...
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Income Tax |
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0 | Hits : 907
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Bank Branch Statutory Audit Updates
Posted Date : 11-Mar-2016 , 02:48:17 pm | Posted By CASANSAAR
Bank Branch Statutory Audit Updates
Banks have received the list from RBI and start sending emails for Bank Branch Statutory Audits.
Mails Received from following Banks as confirmed by Members:-
State Bank of Patiala (SBoP)
Canara Bank
State Bank of India (SBI)
Bank of Baroda...
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Bank Branch Audit |
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37 | Hits : 46013
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CVC suggests e-verification of bank guarantees to check frauds
Posted Date : 10-Mar-2016 , 07:52:39 pm | Posted By CASANSAAR
To check fraudulent bank guarantees, the Central Vigilance Commission has suggested electronic verification of such documents directly with the concerned lending institutions.
The move will help curb the menace of banking frauds. A bank guarantee acts as a proof of financial stability and credi...
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Banking |
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0 | Hits : 1069
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Haryana based CA firms who could not apply for Empanelment with O/o C&AG may submit their details latest by 15th March, 2016
Posted Date : 10-Mar-2016 , 07:43:44 pm | Posted By CASANSAAR
Pursuant to our request made to O/o C&AG, their good offices has informed that Chartered Accountant firms based in Haryana who could not apply for Empanelment with O/o C&AG due to local rampant disturbances may give the required details regarding the firms/partners in hard copy by last date ...
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General |
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0 | Hits : 820
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Rajya Sabha passes Real Estate Regulatory Bill
Posted Date : 10-Mar-2016 , 07:40:42 pm | Posted By CASANSAAR
The Rajya Sabha today passed the Real Estate (Regulation and Development) Bill, 2015, paving way for regulation in the real estate sector.
The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector.
...
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General |
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0 | Hits : 794
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Coaching Centres must shift out from Residential areas - SC
Posted Date : 10-Mar-2016 , 08:30:08 am | Posted By CASANSAAR
The Supreme Court on March 8 directed that that coaching centres in residential areas must shift to commercial premises or institutional areas as they were troubling women and the elderly people.
The petitioner All Rajasthan Coaching Institutes Association challenged the eviction orders served ...
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General |
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0 | Hits : 1518
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Interest on FDs earned by a club is not taxable - ITAT
Posted Date : 10-Mar-2016 , 07:34:00 am | Posted By CASANSAAR
Interest on fixed deposits (FDs) earned by the Chembur-based Bombay Presidency Golf Club was held as non-taxable by the income-tax appellate tribunal (ITAT) in its recent judgement. The club is registered as a charitable trust.
During financial year 2008-09, it earned Rs 2.17 crore as bank intere...
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Category :
Income Tax |
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0 | Hits : 943
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RBI Cancels Registration Certificate of BNP Paribas, 3 Others
Posted Date : 10-Mar-2016 , 07:31:29 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said it has cancelled registration certificates of four non-banking financial companies (NBFCs) including BNP Paribas India Holding Pvt Ltd.
The three other firms are Mumbai-based Financial Services Private Limited Bhageriya Financial, Capital Services Limit...
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RBI |
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0 | Hits : 1043
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Media Cos' advertisement payment not liable for TDS - CBDT
Posted Date : 09-Mar-2016 , 08:39:49 am | Posted By CASANSAAR
With a view to bring about clarity in the interpretation of certain contentious issues relating to Tax Deduction at Source (TDS) on payments made by television channels, broadcasters and newspapers, Central Board of Direct Taxes has issued two Circulars.
Circular No.4/2016 dated 29.02.2016 ...
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TDS |
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0 | Hits : 1632
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CBI books five senior officials of Syndicate Bank in alleged Rs 1,000 cr scam
Posted Date : 08-Mar-2016 , 08:18:30 pm | Posted By CASANSAAR
There is trouble in store for some senior officials of the state-run Syndicate Bank with the Central Bureau of Investigation (CBI) booking them on charges of fraud and cheating as part of their investigations into an alleged fraud to the tune of Rs 1,000 core.
Five senior bank of...
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Banking |
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0 | Hits : 2739
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PSU Banks Bad Loans Rise By Rs. 1 Lakh Crore in 9 Months of FY 16 - FM
Posted Date : 08-Mar-2016 , 08:15:22 pm | Posted By CASANSAAR
Bad loans of public sector banks (PSBs) have increased by nearly Rs 1 lakh crore during the first nine months of the current fiscal year, Finance Minister Arun Jaitley said on Tuesday.
"The gross Non Performing Assets (NPAs) of the PSBs (PSU banks) increased from 5.43 per cent as on March 20...
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Category :
Banking |
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0 | Hits : 919
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Government Considering Amendments to Companies Act - FM
Posted Date : 08-Mar-2016 , 08:07:15 pm | Posted By CASANSAAR
To further improve ease of doing business, the government is considering amendments to the Companies Act, Corporate Affairs Minister Arun Jaitley on Tuesday said.
The Companies Law Committee, which submitted its report to the government on February 1, has suggested amendments to 78 sections of th...
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Companies Act |
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0 | Hits : 958
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Budget 2016: FM Arun Jaitley rolls back proposal to tax EPF
Posted Date : 08-Mar-2016 , 12:40:09 pm | Posted By CASANSAAR
Facing a strong backlash from salaried tax payers over its proposal to tax withdrawal from retirement funds, the government has decided to withdraw the budget proposal that sought to create a pensioned society by discouraging full withdrawal.
There is at present no tax on withdrawal from em...
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Category :
Income Tax |
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0 | Hits : 1024
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CBDT halves I.Tax refunds issue timeline to 15 days this fiscal
Posted Date : 08-Mar-2016 , 07:54:24 am | Posted By CASANSAAR
Concerned over the rising cases of refund-related grievances of the tax-paying public, CBDT on Monday issued fresh directions to the Income Tax Department asking it to process all such cases, pending this fiscal, within 15 days instead of the stipulated 30 days.
In view of the large volume of p...
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CBDT |
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0 | Hits : 1601
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Developers in a consortium to be treated as separate tax units
Posted Date : 08-Mar-2016 , 07:52:25 am | Posted By CASANSAAR
In a major relief to infrastructure developers, the income tax department has clarified that companies which are part of a consortium in large infrastructure projects will be treated as separate taxable units.
This will enable these companies to set off losses from other projects and not attrac...
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Category :
Income Tax |
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0 | Hits : 923
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BSE tightens noose on auditors in Preferential manipulations
Posted Date : 08-Mar-2016 , 07:50:31 am | Posted By CASANSAAR
Tightening its surveillance mechanism to check share price manipulations, top stock exchange BSE has decided to follow a stricter process to scrutinise the auditorcertificates provided by listed firms regarding their preferential allotment of shares.
In case of any discre...
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Category :
Auditing |
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0 | Hits : 939
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CBDT sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department
Posted Date : 08-Mar-2016 , 07:39:37 am | Posted By CASANSAAR
Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including Centralised Public Grievance Redress...
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Category :
Income Tax |
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0 | Hits : 800
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Centre considering ESOPs for bank employees: FM
Posted Date : 06-Mar-2016 , 07:33:49 am | Posted By CASANSAAR
State-run bank chiefs have strongly backed the idea of consolidation while the government is actively considering employee stock options (ESOPS) for bank employees, finance minister Arun Jaitley said on Saturday.
Heads of state-run banks, who gathered for a two-day retreat with senior government ...
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Category :
Banking |
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0 | Hits : 802
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Clarifications on levy imposed on jewellery
Posted Date : 04-Mar-2016 , 10:09:24 pm | Posted By CASANSAAR
In this year’s Budget, a nominal excise duty of 1% [without input tax credit] and 12.5% [with input tax credit] has been imposed on articles of jewellery. Even for this nominal 1% excise duty, manufacturers are allowed to take credit of input services, which can be utilised for payment of...
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Category :
Budget |
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0 | Hits : 1691
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