RBI cancels Bajaj Auto, IDFC Finance, and 24 others' NBFC registration
Posted Date : 23-Feb-2016 , 07:37:46 am | Posted By CASANSAAR
The RBI has cancelled registration of as many as 26 non-banking financial companies (NBFCs) including Bajaj Auto Holdings and IDFC Finance Ltd.
"The Reserve Bank has cancelled the certificate of registration of the 26 non-banking financial companies. Following the cancellation of registrat...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 2735
|
 |
Budget Session of Parliament commences from 23rd Feb.
Posted Date : 22-Feb-2016 , 09:44:05 pm | Posted By CASANSAAR
Budget Session of Parliament will begin from tomorrow. Since it is the first session of the new calendar year, it will begin with the address of President Pranab Mukherjee to the joint sitting of the Lok Sabha and the Rajya Sabha. During the session, the Rail Budget will be presented on 25th and Gen...
Continue Reading...
Category :
Budget |
Comments :
0 | Hits : 924
|
|
Income tax department sends 100 fraud links to cyber sleuths
Posted Date : 22-Feb-2016 , 08:01:48 am | Posted By CASANSAAR
Taking note of the spate of phishing and cheat refund emails landing in inboxes of taxpayers, the income tax department has referred over 100 such instances to the country's premier cyber security agency to block these hackers lurking in the e-world.
The department is particularly worried aft...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1135
|
|
Income-tax sleuths raid cheapest phone maker
Posted Date : 20-Feb-2016 , 08:17:18 am | Posted By CASANSAAR
Two days after hogging global limelight with the “launch” of its ultra cheap phone, Noida-based handset maker Ringing Bells attracted the attention of income-tax department on Friday.
According to some reports, a three-member had grilled Ringing Bells officials as it was alleged tha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3635
|
|
Amit Mitra appointed as chairman of GST committee of State FMs
Posted Date : 20-Feb-2016 , 07:42:25 am | Posted By CASANSAAR
West Bengal Finance Minister Amit Mitra has been appointed as the new chairman of the Empowered Committee of State Finance Ministers on Goods and Services Tax (GST). He will succeed Kerala Finance Minister K M Mani who had to resign in November last year over corruption charges.
Mr Mitra, w...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 867
|
|
Clarification for implementation of FATCA and CRS
Posted Date : 20-Feb-2016 , 07:40:34 am | Posted By CASANSAAR
An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 929
|
|
RBI revises norms for NBFC factor firms
Posted Date : 19-Feb-2016 , 09:00:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday came out with clarifications for NBFC factor companies to remove any possible regulatory arbitrage with banks that provide factoring services.
The RBI said that a receivable acquired by an NBFC- Factor which is not paid within such period of its due d...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 880
|
|
Banks selecting own auditors reason behind rising NPAs - ICAI
Posted Date : 19-Feb-2016 , 08:58:34 am | Posted By CASANSAAR
Amid worsening bad loans scenario at the lenders, Institute of Chartered Accountants of India (ICAI) on Wednesday blamed the current system of banks appointing its own auditors for the rising non performing assets.
The chartered accountants' apex body president M Devaraja Reddy, who assumed...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1939
|
|
17 new ITAT members appointed
Posted Date : 19-Feb-2016 , 08:55:00 am | Posted By CASANSAAR
Seventeen new members have been appointed in the Income Tax Appellate Tribunal (ITAT), a government order today said.
Orders to this effect were issued by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.
These members, incl...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1185
|
|
Frauds - Future approach towards monitoring of frauds in NBFCs
Posted Date : 19-Feb-2016 , 08:44:27 am | Posted By CASANSAAR
RBI/2015-16/327
DNBR (PD) CC.No.075/03.10.001/2015-16
February 18, 2016
All Deposit taking NBFCs (including RNBCs) and
NBFCs- ND-SI
Madam/ Sir,
Frauds - Future approach towards monitoring of frauds in NBFCs
Please refer to circulars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated Aug...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 758
|
|
SEBI bars 22 entities for options manipulation
Posted Date : 17-Feb-2016 , 10:28:43 pm | Posted By CASANSAAR
Capital market regulator Securities and Exchange Board of India (Sebi) on Wednesday restrained 22 entiies, mostly brokers, from the securities market for their allegedly making illicit gains through manipulating illiquid stocks options.
Sebi found these entities executing 'reversa...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 812
|
|
Review steps taken by cos to address frauds - ICAI to Auditors
Posted Date : 17-Feb-2016 , 08:32:11 am | Posted By CASANSAAR
Auditors need to review steps taken by companies to deal with suspected frauds worth Rs 1 crore or more that have already been reported and satisfy themselves that the matter has been appropriately addressed, according to chartered accountants' apex body ICAI.
The latest guidance from t...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 2035
|
|
Interest rate on small post office schemes cut by 0.25%; PF rate hiked to 8.8%
Posted Date : 17-Feb-2016 , 07:57:38 am | Posted By CASANSAAR
The Finance Ministry has cut interest rate on post office savings of 1, 2 and 3 year terms, Kisan Vikas Patra (KVP) as well as 5-year Recurring Deposits, but left long-term instruments such as monthly investment scheme (MIS), PPF, senior citizen and girl child plans untouched.
In Chennai, Labou...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1460
|
|
CBDT resolves disputes to the tune of Rs 5000 crore under Mutual Agreement Procedure (MAP) of Tax Treaties
Posted Date : 17-Feb-2016 , 07:40:28 am | Posted By CASANSAAR
Since 1st April, 2014 till date, the Central Board of Direct Taxes (CBDT) has resolved 180 cases through a Mutual Agreement Procedure (MAP). The total amount of income locked- up in dispute in these cases is approximately Rs. 5,000 crore. The resolved cases pertain to various sectors of the economy ...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 846
|
|
Vodafone gets IT reminder to pay up Rs 14,200-crore tax dues
Posted Date : 17-Feb-2016 , 07:38:34 am | Posted By CASANSAAR
The Income Tax Department has issued a reminder to Vodafone over its Rs 14,200-crore tax demand.On 4th of this month, the Department had sent a notice to Vodafone International Holdings BV in this regard.
The tax is due from the acquisition of11 billion dollar Hutchison Whampoa's India ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 969
|
|
Resolve taxpayers' rectification cases in 6 months - CBDT to I-T dept
Posted Date : 16-Feb-2016 , 08:12:11 am | Posted By CASANSAAR
In yet another step aimed at addressing taxpayers' grievances, the Central Board of Direct Taxes (CBDT) has directed the taxman to mandatorily resolve rectification pleas from assessees within the set six-month deadline.
CBDT, the nodal authority for framing policies for the I-T department, h...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1203
|
|
BOB Forex Scam - RBI finds irregularities in Banks' transactions
Posted Date : 16-Feb-2016 , 08:05:52 am | Posted By CASANSAAR
Various irregularities by banks such as non-submission and inordinate delays in filing of Suspicious Transaction Reports (STRs), besides opening of accounts by several entities without fulfilling KYC norms, have been noticed by Reserve Bank of India.
The observation came as part of inspecti...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1957
|
|
CBI arrests deputy commissioner of Income Tax for bribery
Posted Date : 16-Feb-2016 , 07:53:59 am | Posted By CASANSAAR
Central Bureau of Investigation have arrested a deputy commissioner, Income Tax, Sirsa (Haryana) and a man for demanding and accepting a bribe of Rs 2 lakhs from the complainant.
A case was registered under sections 7 of Prevention of Corruption Act, 1988 on a complaint. The Complainant(a proprie...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1184
|
|
RBI asks income tax assesses to pay dues in advance
Posted Date : 16-Feb-2016 , 07:47:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday appealed to income tax assessees to pay dues ahead of the due date as well use alternate channels of authorised banks to avoid the rush during end of March.
"Pay I-T (income tax) dues in advance at RBI or at authorised bank branches. Appeal to income...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 903
|
|
UK Sinha gets one-year extension as SEBI Chairman
Posted Date : 16-Feb-2016 , 07:28:16 am | Posted By CASANSAAR
The government on Monday extended U.K. Sinha’s tenure as the chairman of the Securities and Exchange Board of India (Sebi) for a year, opting for continuity at a time of domestic and global market volatility.
The appointments committee of the cabinet approved extension for Sinha from 18 F...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 729
|
|
New ICAI President wants panel for Bank Audit appointments
Posted Date : 15-Feb-2016 , 08:02:27 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is recommending a revamp of the auditor appointment system for banks, both for central statutory and branch-level audits, its new President, M Devaraja Reddy, said.
Reddy, who assumed office on Friday after emerging victorious in the institut...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 3318
|
|
Guidance Note on Audit of Banks released by Auditing and Assurance Standards Board - ICAI
Posted Date : 15-Feb-2016 , 08:00:27 am | Posted By CASANSAAR
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has today issued the Guidance Note on Audit of Banks 2016 edition. For the benefit of members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at:
...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1271
|
|
FTIL- NSEL merger: MCA says 96% objections Orchestrated
Posted Date : 15-Feb-2016 , 07:46:43 am | Posted By CASANSAAR
As a face-off continues between Jignesh Shah-led FTIL and Corporate Affairs Ministry over NSEL merger, the government in its final order has said that over 96 per cent of the objections received on the proposed amalgamation prima-facie were “orchestrated and concerted”.
In a first-e...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 885
|
|
Taxman gets more teeth to track non-filers of ITRs
Posted Date : 15-Feb-2016 , 07:41:45 am | Posted By CASANSAAR
Aimed at further arming the taxman to go after those who do not file their Income Tax Returns (ITRs), a new database of multiple addresses of such erring assessees has been set up by the department.
Under the special drive called the ‘Non Filers Management System’ (NMS), the departm...
Continue Reading...
Category :
ITR |
Comments :
0 | Hits : 1452
|
|
CA Devraja Reddy & CA Nilesh Vikamsey elected as President & Vice President of ICAI
Posted Date : 12-Feb-2016 , 04:05:26 pm | Posted By CASANSAAR
CASANSAAR Congratulate CA M. Devaraja Reddy & CA Nilesh Vikamsey for being elected as President & Vice President of ICAI.
...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1236
|
|
CS Dipti Sarna, Missing Since Wednesday, Found
Posted Date : 12-Feb-2016 , 09:16:13 am | Posted By CASANSAAR
CS Dipti Sarna, who went missing near Delhi on her way home from work on Wednesday, has been found and is back with her family.
The police said Dipti called this morning to say she is safe and was on a train from Haryana's Panipat to Delhi. Her father and brother, who went to the railway stat...
Continue Reading...
Category :
ICSI |
Comments :
0 | Hits : 2750
|
|
Jayant Sinha urged CAs to help the Govt in collecting more Taxes
Posted Date : 12-Feb-2016 , 08:11:17 am | Posted By CASANSAAR
India is a “lightly taxed” nation, Minister of State for Finance Jayant Sinha said today, urging CAs to help the government collect due taxes and raise the tax-GDP ratio to 20 per cent.
Along with tax officers, chartered accountants too have a responsibility to ensure that due taxes...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1309
|
|
RBI invites applications for regularisation of declared wealth
Posted Date : 12-Feb-2016 , 08:03:24 am | Posted By CASANSAAR
Reserve Bank has said that those who have declared unaccounted overseas assets under the black money law should file application with its central office for regularisation of declared wealth. RBI, in a statement issued in Mumbai, said a person resident in India who has declared any asset under the B...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 955
|
|
Auditors to disclose specific info on corporate loan defaults
Posted Date : 11-Feb-2016 , 07:32:54 am | Posted By CASANSAAR
Auditors might soon have to mention specific details about loan defaults by a company, including the amount and period, in their reports amid larger efforts being made to curb corporate misdoings.
The proposal from the Corporate Affairs Ministry, which is implementing the Companies Act, als...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1470
|
|
CBDT gets 11th Chairman in just 5 years
Posted Date : 09-Feb-2016 , 07:56:43 am | Posted By CASANSAAR
Right in the midst of budget preparations, Atulesh Jindal took over as the chairman of the Central Board of Direct Taxes or CBDT last week after his predecessor A.K. Jain retired on 31 January.
Jindal became the 11th chairperson to be appointed to helm the tax department in just over five years...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 1315
|
|
|
