Extra Questions attempted in CA Examinations - ICAI
Posted Date : 21-Mar-2016 , 09:23:50 pm | Posted By CASANSAAR
15th March 2016.
It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are required in terms of the instructions given in the question paper.
In this connection, it is hereby informed that candidates are required to answer the requis...
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CA Exams |
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Report of the Committee on Taxation to Examine the Business Models for E-Commerce
Posted Date : 21-Mar-2016 , 09:21:26 pm | Posted By CASANSAAR
A Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce, identify the direct tax issues in relation to e-commerce transactions and suggest an approach to deal with these issues. The Committee included officers of the Ce...
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Income Tax |
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Bank Consolidation: No major decision likely until late FY17
Posted Date : 21-Mar-2016 , 08:09:27 am | Posted By CASANSAAR
The Centre will tread cautiously on the issue of merger and consolidation of public sector banks (PSBs) as there is no clear-cut mechanism in place for human resource management.
Sources involved with the process said the Finance Ministry is keen on reducing the number of PSBs to about 10 or le...
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Banking |
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Excise department issues tax notices to jewellers
Posted Date : 21-Mar-2016 , 08:00:24 am | Posted By CASANSAAR
Jewellers have started getting tax notices over the one per cent excise duty imposed by the Budget for 2016-17, even as they called off their 18-day strike on the issue from Saturday evening, after assurances from Finance MinisterArun Jaitley against harassment. The notices ask j...
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Excise |
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1 | Hits : 1752
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World's top Auditing firms are under scrutiny for over valuation, Auditing and due diligence of UB Group Companies
Posted Date : 20-Mar-2016 , 08:06:34 pm | Posted By CASANSAAR
Some of world's top auditing firms, including Price Waterhouse, Grant Thornton, Deloitte LLP and Walker Chandiok & Co, are under scrutiny with a slew of regulators seeking answers on their valuation, auditing and due diligence of UB Group companies over the last few years.
Deloitte LLP co...
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Auditing |
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Retro tax settlement scheme to open from June 1
Posted Date : 20-Mar-2016 , 07:56:57 pm | Posted By CASANSAAR
Government will open from June 1 its one-time offer to settle retrospective tax disputes involving firms like Vodafone and Cairn Energy after rules are framed for them to pay principal tax and get waiver from interest and penalty.
The rules framed for implementation of the scheme shall be notifie...
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Income Tax |
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RBI asks banks to remain open full day on Mar 30 and Mar 31
Posted Date : 19-Mar-2016 , 09:57:39 pm | Posted By CASANSAAR
Reserve Bank has asked banks to keep their branches, which conduct government business, open for full day on March 30 and till 8 pm on March 31 to facilitate the transactions before annual closing of government accounts.
In a notification issued in Mumbai, RBI said that the government has d...
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RBI |
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PSU banks write off 38 accounts worth Rs 8033 Cr
Posted Date : 18-Mar-2016 , 07:28:36 am | Posted By CASANSAAR
Public sector banks have written off 38 accounts of Rs 100 crore and above amounting to about Rs 8,000 crore during the nine months of the current fiscal.
As against Rs 8,033 crore for 2015-16, banks had written off 47 accounts of Rs 100 crore and above totalling Rs 13,018 crore in 2014-15,...
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Banking |
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Circular for Modification of Instruction with Fresh Guidelines and Procedures for dealing with Revenue Audit objections issued
Posted Date : 18-Mar-2016 , 07:22:36 am | Posted By CASANSAAR
The guidelines and procedure for attending to objections raised in the course of audit of assessment work by the Comptroller and Auditor General of India (Revenue Audit) are laid down in the Instruction No of 2006 issued by the Central Board of Direct Taxes (CBDT). The Instruction inter-alia m...
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Income Tax |
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Govt introduces bill to further amend Companies Act in Lok Sabha
Posted Date : 17-Mar-2016 , 08:07:46 am | Posted By CASANSAAR
The government on Wednesday introduced in the Lok Sabha a bill to further amend the Companies Act as part of efforts to address difficulties faced by stakeholders and improve the ease of doing business in the country.
Corporate Affairs Minister Arun Jaitley introduced the Companies (Amendment) ...
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Companies Act |
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Rules in respect of Fund Manager Regime under Section 9A of the Income-tax Act, 1961
Posted Date : 17-Mar-2016 , 08:04:14 am | Posted By CASANSAAR
Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of off shore funds in India. Under this regime, the fund management activity carried-out through an eligible fund manager in India by an eligible ...
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Income Tax |
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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 : 4715
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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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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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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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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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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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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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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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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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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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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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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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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 : 46037
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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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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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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 : 801
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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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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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Income Tax |
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0 | Hits : 970
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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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