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The Institute of Chartered Accountants of India (ICAI) plans to advise companies to show separately the impact of currency fluctuations on their long-term foreign currency transactions from the current fiscal.   The regulator has asked the companies to put this item on the "equity and liabili...

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Category : ICAI | Comments : 0 | Hits : 420

The Reserve Bank has revised capital norms for financial and performance guarantees offered by banks. The applicable credit conversion factor or CCFfor determining the credit equivalent amount with regard to financial guarantees are revised to 100% of the value of the guarantee. While...

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Category : RBI | Comments : 0 | Hits : 357

The Income tax department has slapped anRs 138 crore tax demand, excluding interest, on Chennai-based information technology and telecom products firm Redington (India) Ltd.The demand, based on the directive from transfer pricing officer pertains to "imputed profit...

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Category : Income Tax | Comments : 0 | Hits : 289

The controversial new Gujarat Lokayukta Bill, which curtails the primacy of the Governor and Chief Justice of the High Court in appointment of the anti-corruption ombudsman, was on Tuesday passed by the Assembly amid protests from the opposition Congress.   Congress dubbed the Gujarat Lok...

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Category : General | Comments : 0 | Hits : 181

Billionaire Ambani brothers on Tuesday struck a Rs 1,200-crore deal wherein Mukesh will use his younger sibling's optic fibre network for launch of his telecom venture.Under the pact, Mukesh Ambani-led Reliance Industries' telecom arm will hire nationwide optical fibre network of Reliance Commu...

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Category : Shares & Stock | Comments : 0 | Hits : 370

The Reserve Bank of India has allowed core investment companies or CICs to set up a joint venture company for undertaking insurance business with risk participation, subject to safeguards. Besides a minimum net worth of Rs 500 crore and a satisfactory track record, the ...

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Category : RBI | Comments : 0 | Hits : 226

 Market regulator Sebi today announced rationalisation of debt limits for foreign institutional investors (FIIs) in line with RBI move on the same issue, a move that is expected to attract more overseas investments into the capital market. Earlier in the day, the Reserv...

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Category : International Business | Comments : 0 | Hits : 181

Samsung Electronics India Pvt. Ltd, the local arm of multinational consumer electronics firm Samsung Electronics Co. Ltd, is the latest firm to come under the scanner of the income-tax department. The show-cause notice issued on Saturday claims that the firm did not pay taxes on Rs.1,139...

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Category : Income Tax | Comments : 0 | Hits : 569

The Central Government in consultation with Reserve Bank of India (RBI) and SEBI has been progressively liberalizing/rationalizing the scheme for foreign investment in G-Secs and Corporate bonds keeping in view the evolving macroeconomic scenario and financing needs of the economy. Till now FII...

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Category : Finance | Comments : 0 | Hits : 217

Fuel prices have come down. Petrol price was on Monday cut by 85 paise per litre with effect from midnight tonight. The price cut, which was made possible because of fall in international oil prices, is excluding local sales tax or VAT. Now, petrol will cost Rs. 67. 29 per litre in Delhi, 74. 14 p...

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Category : General | Comments : 0 | Hits : 378

Chitra Ramkrishna is set to become the first female head of the National Stock Exchange (NSE) in its nearly 20-year history of operations as a bourse. On Monday, Ramkrishna will take over the reins of NSE, the country’s largest bourse by daily turnover and number of trades, as its ...

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Category : Shares & Stock | Comments : 0 | Hits : 957

Nurturing the ambition to make it big in the finance arena, a 23-year-old Delhi girl has qualified as chartered accountant, cost accountant, and also company secretary, becoming possibly the youngest person to complete all the three professional accounting courses.   A file picture of Delhi g...

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Category : Students Zone | Comments : 12 | Hits : 3901

The Srikrishna commission's proposal to form a Unified Financial Agency (UFA) for all financial firms has not gone down well with the Reserve Bank of India (RBI). The central bank has vehemently opposed the proposal, citing different reasons, including lack of focus and unconvincing results abroad....

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Category : RBI | Comments : 1 | Hits : 340

Government's stern warning to service tax evaders appears to have yielded results with the realisation rising to Rs 10,453 crore in February, 44 per cent more than collections in the previous month.   The revenue department had collected only Rs 7,255 crore as service tax in January.   ...

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Category : Service Tax | Comments : 0 | Hits : 262

The Finance Ministry has asked public sector banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders.   It has also asked the banks to ensure that the amount written off b...

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Category : Banking | Comments : 0 | Hits : 264

The scope of service tax amnesty scheme - Voluntary Compliance Encouragement Scheme (VCES) may be relaxed and  expanded to include current assesses. According to officials, the scheme as announced in the Union Budget 2013 was only for non-filers who are currently out of the service tax net. Bu...

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Category : Service Tax | Comments : 0 | Hits : 636

The auditors of the crisis-ridden Deccan Chronicle Holdings Limited (DCHL) have raised serious doubts over the company's ability to continue as a 'going concern' in light of the various uncertainties hanging over the company. These doubts have been expressed in the audited report...

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Category : Auditing | Comments : 0 | Hits : 565

Names of Audit Firms approved for appointment as Central Statutory Auditors in 25 Public Sector Banks for the year 2012-13 :-   Allahabad Bank, Kolkata 1       M/s N K Bhargava & Co, New Delhi 2       M/s M C Jain &am...

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Category : Auditing | Comments : 1 | Hits : 5799

Canara Bank, ICICI Bank, Axis Bank and 10 other lenders to Deccan Chronicle Holdings (DCH) are likely to soon meet soon to decide on their future course of action. The ailing media group, which publishes Deccan Chronicle, Asian Age, Financial Chronicle and Andhra Bhoomi newspapers, has defaulted on ...

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Category : RBI | Comments : 0 | Hits : 283

The income-tax department is all set to issue a draft order estimating a tax liability of more than Rs 15,000 crore on Shell India due to alleged undervaluation of shares when it raised money from its global parent Shell Gas BV a few years ago. The Transfer Pricing wing of the I-T departme...

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Category : Income Tax | Comments : 0 | Hits : 338

Seeking to encourage Research and Development (R&D) activities in the IT sector, theCBDT today issued circulars to streamline the taxation rules in line with the recommendations of theRangachary Committee. The circulars, issued with relation to the applicabilit...

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Category : Income Tax | Comments : 0 | Hits : 356

The Reserve Bank of India (RBI) on Thursday postponed the implementation of Basel-III regulations for the currency derivatives segment to next January, pending resolution of norms regarding trade settlement, even as it said the new capital adequacy requirements could kick in from Sunday. "In view o...

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Category : RBI | Comments : 0 | Hits : 264

Amid government efforts to track black money stashed abroad, India today signed a Tax Information Exchange Agreement with Liechtenstein. "India and Liechtenstein have signed a Tax Information Exchange Agreement (TIEA) today at Bern, Switzerland," the Finance Ministry sa...

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Category : Income Tax | Comments : 0 | Hits : 179

All Offices under the Central Board of Excise and Customs (CBEC) shall be open on 29th, 30th & 31st March, 2013 observing their normal office hours, as a part of trade facilitation measure. Reserve Bank of India (RBI) has also decided that all designated branches of agency banks and RBI off...

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Category : General | Comments : 0 | Hits : 225

The income tax department has slapped a Rs 2,000 crore tax notice on Finnish mobile firm maker Nokia for alleged tax evasion on royalty payment by the Indian arm to the parent for downloading of software to manufacture mobile devices. Nokia, in turn, has got an interim stay from the Delhi High cour...

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Category : Income Tax | Comments : 0 | Hits : 333

A huge cyber-attack dubbed as “the biggest” of its kind in history slowed the Internet around the world.  Internet spam filter Spamhaus, a site that ‘black-lists’ service providers suspected of offering refuge for spammers, is the target of the unique attack. Spamh...

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Category : General | Comments : 0 | Hits : 611

The BRICS bank, the setting up of which was approved by the group's leaders today, could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said today. "If, in fact, the BRICS bank is announced, this will be the beginning ...

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Category : International Business | Comments : 0 | Hits : 369

Tax authorities will intensify their efforts to crack down on unaccounted-for money stashed overseas by seeking information from their counterparts in other countries. A recent letter issued by the Chairperson, Central Board of Direct Taxes (CBDT) bears testimony to this intention.  To en...

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Category : Income Tax | Comments : 0 | Hits : 250

A number of companies in the real estate sector, hotel industry, security services and recruitment services operating from Bangalore have been found to be evading payment of service tax. The audit and anti-tax evasion teams of the Department of Service Tax have detected these evasions running up to ...

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Category : Service Tax | Comments : 0 | Hits : 289

SEBI Tuesday summoned Sahara group chief Subrata Roy and three other top executives on April 10, to finalise the list of assets to be sold for refund of an estimated Rs 24,000 crore to about three crore investors. Ahead of their personal appearance, Roy and others would need to submit details of al...

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Category : SEBI | Comments : 0 | Hits : 282