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Final norms for private cos by July first week: MCA
Posted Date : 27-Jun-2014 , 08:46:13 am | Posted By CASANSAAR

The government is expected to finalise soon the norms that may relax certain provisions of the new Companies Act for private firms. "The Ministry has taken out a draft notification on exemptions which can be granted to private companies and has sought feedback from everyone," said a statement by in...

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Category : Corporate Law | Comments : 1 | Hits : 937

RBI revises asset classification norms for infrastructure firms
Posted Date : 27-Jun-2014 , 08:43:29 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has provided a breather to infrastructure firms, allowing banks to treat loans to these entities as standard even if the date of commencement of a project is delayed by up to two years. “It is clarified multiple revisions of the DCCO (date of commencement of co...

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Category : RBI | Comments : 0 | Hits : 395

FTIL appoints Sharp and Tannan Associates as Auditors
Posted Date : 27-Jun-2014 , 08:36:26 am | Posted By CASANSAAR

Following the exit of Deloitte as auditors in the aftermath of the National Spot Exchange crisis, Financial Technologies India Ltd (FTIL) on Wednesday said it has appointed Sharp & Tannan Associates as its auditors with immediate effect. The company's board has also appointed V P Mehta & Co...

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Category : Auditing | Comments : 0 | Hits : 290

Vodafone Tax Row: PIL Filed in Supreme Court Against Arbitration
Posted Date : 27-Jun-2014 , 08:31:17 am | Posted By CASANSAAR

A public interest litigation (PIL) has been filed in the Supreme Court to restrain the government from going ahead with arbitration proceedings with UK-based mobile major Vodafone. Vodafone Group has already begun an international arbitration against the Indian government in the more than Rs.&...

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Category : Income Tax | Comments : 0 | Hits : 423

Companies with 10 employees to come under EPFO; 50 lakh to gain
Posted Date : 26-Jun-2014 , 09:05:40 am | Posted By CASANSAAR

The government is considering a reduction in the ceiling on the number of employees in an establishment eligible to be covered under the Employees' Provident Fund Organisation (EPFO) from 20 to 10, a move that is expected to bring another 50 lakh employees under the EPF net. In a letter to the ...

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Category : General | Comments : 0 | Hits : 1006

E-filing of wealth tax returns made must for Cos
Posted Date : 26-Jun-2014 , 08:46:55 am | Posted By CASANSAAR

The I-T department on Tuesday amended wealth tax rules to make it compulsory for companies as well as individuals and Hindu Undivided Families with income above Rs 1 crore a year to file their wealth tax returns in electronic form with digital signature in an attempt to have tax payer information re...

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Category : Income Tax | Comments : 0 | Hits : 934

Analysts Will Need Professional Degree, Certification: SEBI
Posted Date : 26-Jun-2014 , 08:39:17 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) new norms for research analysts would require them to have a professional degree as also an NISM or equivalent certification to ensure that investors get the right financial advice.   The National Institute of Securities Markets (NISM) has bee...

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Category : SEBI | Comments : 0 | Hits : 593

CBDT asks Income Tax department to redress taxpayers grievances fast
Posted Date : 26-Jun-2014 , 08:32:34 am | Posted By CASANSAAR

Cracking its whip, the Central Board of Direct Taxes (CBDT) has asked the Income Tax Department to ensure prompt action in timely redressal of taxpayers' grievances pending for a long time.  The CBDT, which supervises the functioning of the I-T department, has asked all Chief Commissioners of ...

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Category : Income Tax | Comments : 0 | Hits : 397

Create Professional Email IDs for your Clients / Staff / Partners @ 79/- only
Posted Date : 25-Jun-2014 , 01:18:14 pm | Posted By CASANSAAR

CASANSAAR is glad to invite its Members to create Professional email IDs @their own Domain on very nominal charges of Rs 79/- per ID per annum. Therefore Professionals can create email IDs of their Clients / Staff / Partners. like client name@yourfirm name.com or staff name @your name.com etc. etc. ...

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Category : General | Comments : 0 | Hits : 983

RBI allows NBFCs to work as business correspondents for Banks
Posted Date : 24-Jun-2014 , 08:18:53 pm | Posted By CASANSAAR

Reserve Bank of India has allowed commercial banks to appoint non-banking finance companies (NBFCs) as Business Correspondents (BCs) to accelerate work on financial inclusion program.   Only non-deposit taking NBFCs will be eligible to act as BCs of banks for financial inc...

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Category : RBI | Comments : 0 | Hits : 473

Notice inviting comments for the Draft notification under section 462 of the Companies Act, 2013 for Private Companies
Posted Date : 24-Jun-2014 , 07:57:25 pm | Posted By CASANSAAR

Ministry of Corporate Affairs  Dated: 24th June, 2014   Section 462(1) of the Companies Act, 2013 (Act) empowers the Central Government to direct, by notification, in the public interest, that any of the provisions of this Act shall not apply to such class or classes of compan...

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Category : Corporate Law | Comments : 0 | Hits : 493

RBI directs all banks, finance companies to provide data to anti-black money SIT
Posted Date : 24-Jun-2014 , 08:59:47 am | Posted By CASANSAAR

The Reserve Bank of India has directed all banks and finance companies to provide all information or documents requested by the special investigation team (SIT) looking into unearthing black money. RBI's directive pre-empts any bank from using customer confidentiality f...

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Category : RBI | Comments : 0 | Hits : 450

Income Tax refunds should be made after assessment: Ombudsman
Posted Date : 24-Jun-2014 , 08:54:37 am | Posted By CASANSAAR

Income Tax (I-T) refunds should be paid immediately after assessment of the taxpayer is over and without delay, I-T Ombudsman for Kolkata K K Mahapatra today said. "Refunds should be given soon once the assessment is over and should happen in normal course," Mahapatra said at an interaction at ...

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Category : Income Tax | Comments : 0 | Hits : 838

SEBI steps on MCA turf with employee benefit schemes directives
Posted Date : 24-Jun-2014 , 08:52:57 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) in its last Board meeting held on June 19, 2014, approved framing of regulations for employee benefit schemes involving shares of the company. These regulations would cover employee benefit schemes which deal in shares of the company, in addition to ...

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Category : SEBI | Comments : 0 | Hits : 420

Govt to present its first Union Budget on July 10, Railway Budget on July 8
Posted Date : 23-Jun-2014 , 03:57:56 pm | Posted By CASANSAAR

The Rail Budget will be presented on July 8, while the Economic Survey will be released on July 9, the Cabinet Committee on Parliamentary Affairs (CCPA) decided on Monday at a meeting held in parliamentary affairs minister M Venkaiah Naidu's chamber in Parliament House.   The CCPA, headed by ...

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Category : Budget | Comments : 0 | Hits : 531

Govt says no to CAs on both Audit, Management panels of Banks
Posted Date : 23-Jun-2014 , 08:53:00 am | Posted By CASANSAAR

In a bid to strengthen corporate governance in banks, the government has decided that chartered accountants who are a part of the management committee of banks will not sit on the bank’s audit committee.   The June 10 order, received mixed reactions from the CA community. While some hav...

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Category : Auditing | Comments : 0 | Hits : 2536

New Income tax return forms seek more disclosures
Posted Date : 23-Jun-2014 , 08:30:13 am | Posted By CASANSAAR

Come tax filing season and you can always trust the income tax department to come up with something new! Revamped return forms, a widening of the compulsory e-filing net and exemptions from filing returns for certain categories of assesses were the salient changes in the last few seasons. This year,...

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Category : Income Tax | Comments : 0 | Hits : 1414

Govt to modify CSR norms for PSUs
Posted Date : 23-Jun-2014 , 08:19:01 am | Posted By CASANSAAR

Public sector companies will soon have to follow the social welfare spending norms as prescribed under the new companies law that will replace existing guidelines in this regard.   At present, Corporate Social Responsibility (CSR) spending by central public sector undertakings is based on gui...

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Category : Corporate Law | Comments : 0 | Hits : 434

Mandatory e-voting: SEBI norm to prevail for listed companies
Posted Date : 23-Jun-2014 , 08:17:57 am | Posted By CASANSAAR

Listed companies will have to conform to SEBI diktat of providing mandatory e-voting facility to all shareholder resolutions passed in general meetings.   This is even as the Corporate Affairs Ministry had recently clarified that e-voting would not be mandatory till December 31 this year. &n...

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Category : SEBI | Comments : 0 | Hits : 395

MCA officials meet stakeholders on Cos Act review meeting, note industry concerns
Posted Date : 22-Jun-2014 , 09:22:10 am | Posted By CASANSAAR

From deferring the new Companies Act, 2013 by one year to bringing in a fresh law; from creating an ombudsman to bringing out comprehensive clarifications, were among the views expressed by a large number of stakeholders from India Inc, industry bodies and company law experts when they met the top o...

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Category : Corporate Law | Comments : 0 | Hits : 475

One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact in Income Tax E-Filing Portal
Posted Date : 21-Jun-2014 , 11:35:27 am | Posted By CASANSAAR

Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal.   It is noticed that many registered users are not having ...

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Category : Income Tax | Comments : 0 | Hits : 1507

Announcement for Tax payers for updating Contact Details (Mobile No. & email id) in E-Filing Portal
Posted Date : 21-Jun-2014 , 08:55:16 am | Posted By CASANSAAR

Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal. It is noticed that many registered users are not having au...

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Category : Income Tax | Comments : 0 | Hits : 1471

RBI allows Foreigners to access forex futures, eases norms for Banks
Posted Date : 21-Jun-2014 , 08:16:53 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has set a limit of $10 million on banks' proprietary positions in exchange-traded currency futures and also allowed foreign portfolio investors to hedge their currency risk without any underlying up to the same limit, the apex bank said in separate releases on Friday....

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Category : RBI | Comments : 0 | Hits : 216

Rail passenger fares hiked by 14.2%, freight by 6.5%
Posted Date : 20-Jun-2014 , 08:27:52 pm | Posted By CASANSAAR

In an unpopular decision, railway passenger fare was today increased by 14.2% in all classes while freight charge was hiked by 6.5% with effect from June  25.   The decision of the Railways today restores an announcement of May 16, the day Lok Sabha electi...

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Category : Budget | Comments : 0 | Hits : 571

Announcement on Applicability of the Provisions of Section 143(12) of the Companies Act 2013 and the Related Rules to Periods beginning on or before 31st March 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:40:02 pm | Posted By CASANSAAR

ANNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(12) OF THE COMPANIES ACT 2013AND THE RELATED RULES TO PERIODS BEGINNING ON OR BEFORE 31ST MARCH 2014  Section 143(12) of the Companies Act 2013 requires the auditors of the companies to report to the Central Government on ...

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Category : Auditing | Comments : 0 | Hits : 769

Announcement on Applicability of Section 143(12) to Financial Years beginning on or after 1st April 2014. - ICAI
Posted Date : 20-Jun-2014 , 04:39:11 pm | Posted By CASANSAAR

ANNOUNCEMENT1APPLICABILITY OF SECTION 143(12) TO FINANCIAL YEARS BEGINNING ON OR AFTER 1ST APRIL 2014  The Council of the Institute of Chartered Accountants of India, at its adjourned 333rd meeting held on 18th June 2014, considered the issue of applicability of the provisions of s...

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Category : Auditing | Comments : 0 | Hits : 603

Announcement on Applicability of the Provisions of Section 143(3)(i) of the Companies Act 2013 and the Related Rules. - ICAI
Posted Date : 20-Jun-2014 , 04:38:29 pm | Posted By CASANSAAR

NNOUNCEMENT1APPLICABILITY OF THE PROVISIONS OF SECTION 143(3)(i) OF THE COMPANIES ACT 2013 AND THE RELATED RULES  Section 143(3)(i) of the Companies Act 2013 requires the auditors of the companies to report as whether the company has adequate internal financial controls system...

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Category : Auditing | Comments : 0 | Hits : 523

Residents, non-residents allowed to carry up to Rs 25,000 abroad: RBI
Posted Date : 20-Jun-2014 , 08:45:07 am | Posted By CASANSAAR

The Reserve Bank permitted residents and non-residents, except Pakistanis and Bangladeshis, to carry up to Rs 25,000 in Indian currency notes while leaving the country. Earlier, Indians travelling abroad were permitted to carry only up to Rs 10,000, while foreigners were not allowed to carry Indian ...

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Category : RBI | Comments : 0 | Hits : 617

MHA asks NGOs to inform RBI on foreign funds
Posted Date : 20-Jun-2014 , 08:41:11 am | Posted By CASANSAAR

Acting on Intelligence Bureau's recommendation, the Ministry of Home Affairs on Thursday put on hold direct funding of NGOs from abroad.  The MHA has directed the Reserve Bank of India of Indian to put on hold foreign funding to NGOs. Also, NGOs will have to inform the RBI prior about any ...

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Category : General | Comments : 0 | Hits : 448

PSUs must have 25% minimum public shareholding in 3 years: SEBI
Posted Date : 20-Jun-2014 , 08:33:32 am | Posted By CASANSAAR

In a bid to streamline existing regulations and boost retail participation in the markets, the board of the Securities and Exchange Board of India on Thursday cleared a series of reform measures relating to primary markets, offer for sale, employee benefit schemes along with regulation for research ...

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Category : SEBI | Comments : 0 | Hits : 360

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