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...
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Income Tax |
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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...
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RBI |
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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...
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SEBI |
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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...
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ICAI |
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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...
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General |
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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 ...
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CBDT |
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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 ...
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Income Tax |
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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...
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CBDT |
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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...
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Income Tax |
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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...
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Income Tax |
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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...
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RBI |
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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...
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SEBI |
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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...
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ICAI |
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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:
...
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ICAI |
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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...
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MCA |
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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...
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ITR |
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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.
...
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ICAI |
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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...
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ICSI |
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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...
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Income Tax |
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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...
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RBI |
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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...
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Auditing |
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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...
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CBDT |
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27 PSU banks write off 1.14 lakh cr bad debts during 2012-15
Posted Date : 08-Feb-2016 , 09:42:11 pm | Posted By CASANSAAR
A whopping Rs 1.14 lakh crore of bad loans have been written off by 27 public sector banks (PSBs) during FY 2012-15, with the last fiscal alone witnessing a steep 53% rise in write-offs as part of the balance sheet clean-up.
For the fiscal ended March 2015, public sector banks have writ...
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Banking |
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SEBI scans Facebook accounts in insider trading case
Posted Date : 08-Feb-2016 , 08:15:15 am | Posted By CASANSAAR
To catch manipulators, markets regulator Securities and Exchange Board of India (Sebi) has begun looking into social media accounts of suspected persons, with ‘mutual friends on Facebook’ being cited as evidence for the first time in an insider tr...
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SEBI |
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India has more than 15 lakh registered companies but only 10.7 lakh of them were Active - MCA
Posted Date : 08-Feb-2016 , 08:12:50 am | Posted By CASANSAAR
The country has more than 15 lakh registered companies but only 10.7 lakh of them were active at the end of 2015, according to official data.
Against the backdrop of the government working on ways to improve the ease of doing business, the total number of companies registered in the country...
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MCA |
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0 | Hits : 1081
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CBDT asked Income Tax Dept to Redress taxpayers' grievances in 2 months
Posted Date : 08-Feb-2016 , 08:06:47 am | Posted By CASANSAAR
Terming as “unsatisfactory” the current pace of taxpayers’ grievance redressal process, the Central Board of Direct Taxes (CBDT) has asked the Income Tax (I-T) department to resolve these complaints within two months.
In a urgent missive to all regional heads...
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CBDT |
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Income tax deputy commissioner held for bribery
Posted Date : 08-Feb-2016 , 08:02:52 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Sunday arrested Deputy Commissioner of Income Tax Nitin Garg and one other in a bribery case of Rs. two lakh from Sirsa.
A case was registered on a complaint. The Complainant (a proprietor of a private firm based at Sirsa) alleged...
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Income Tax |
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Forensic audit must for all bad loans, Parliament Panel to RBI
Posted Date : 07-Feb-2016 , 09:45:39 am | Posted By CASANSAAR
Cautioning that the rising trend of non performing assets (NPAs) with banks has “the potential to damage the growth story”, the Finance Standing Committee of Parliament has called for immediate forensic audit of all restructured loans that had turned into bad debts.
Forensic audit i...
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RBI |
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Manner of Signing of Certificates by Chartered Accountants - ICAI
Posted Date : 06-Feb-2016 , 07:34:03 am | Posted By CASANSAAR
The Council of the Institute of Chartered Accountants of India (ICAI), at its 349th meeting held on 17th and 18th January, 2016 considered an issue relating to manner of signing of certificates by Chartered Accountants. The Council noted that presently different practices were in vogue in respect of...
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ICAI |
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RBI gets award for innovation in XBRL reporting
Posted Date : 05-Feb-2016 , 09:36:35 pm | Posted By CASANSAAR
RBI today said it has got recognition for its efforts to improve regulatory reporting and has been given the XBRL International Award for Excellence.
"The XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL) standard awarded the 'XBRL Intern...
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RBI |
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