Service Tax - Amended norms lower fines on defaulters
Posted Date : 04-May-2015 , 07:37:19 am | Posted By CASANSAAR
Businesses that have intentionally defaulted on service tax payments in the last four years will get partial relief from the hefty 100% penalty, as per the Finance Bill, 2015 approved by the Lok Sabha last week.
The amended provision introduces 50% penalty for intentional defaults from April 20...
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Service Tax |
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Income Tax department collects Rs 6.96 lakh cr revenue during 2014-15
Posted Date : 04-May-2015 , 07:21:43 am | Posted By CASANSAAR
Government collected over Rs 6,96,200 crore revenue under the direct taxes kitty in the just concluded financial year 2014-15, about 14 per cent short of target.
Officials said the I-T Department which collects a variety of taxes like Income Tax and Corporate Tax collected approximately Rs 6,96...
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Income Tax |
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0 | Hits : 360
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SEBI replaces colour codes for mutual fund with Riskometer
Posted Date : 03-May-2015 , 09:45:34 am | Posted By CASANSAAR
To help investors better understand risks involved in mutual fund investments, regulator Sebi replaced the mandatory colour codes with a 'riskometer' containing five levels of risks from low to high.
The mutual funds would need to mention the risk level of a scheme through a speedometer-l...
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SEBI |
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USL - Auditors community needs a greater fear of repercussions for conducting poor quality audits
Posted Date : 02-May-2015 , 08:23:07 am | Posted By CASANSAAR
The failure of Auditors to highlight the financial irregularities earlier is possibly the most egregious in this entire saga. Auditors are supposed to provide an independent oversight to financial statements. In this case, the issues were not raised until the financial statements for the year ended ...
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Auditing |
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0 | Hits : 939
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File INC-29 for Name availability, allotment of DIN, Company incorporation and commencement of business
Posted Date : 02-May-2015 , 08:09:17 am | Posted By CASANSAAR
The corporate affairs ministry will from May 1 have an integrated company incorporation form to make compliance and reporting easier and convenient for corporates.
"Name availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business will n...
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Companies Act |
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0 | Hits : 978
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Auditors Report on Consolidated Financial Statements under the Companies Act, 2013
Posted Date : 01-May-2015 , 07:52:59 pm | Posted By CASANSAAR
ANNOUNCEMENT
AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
UNDER THE COMPANIES ACT, 2013
The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statem...
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Auditing |
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0 | Hits : 745
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Effective Date of Service Tax Rate 12.36% or 14%
Posted Date : 01-May-2015 , 08:49:18 am | Posted By CASANSAAR
Effective Date of Service Tax Rate 12.36% or 14%
Finance Bill 2015 has proposed to increase effective rate of service tax from 12.36% to 14%. Effective date will be only after Finance Bill become the Finance Act or the date notified by the Govt of India.
In this regard relevant portion of D.O....
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Service Tax |
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ICAI to probe Auditors role in United Spirits fund diversion
Posted Date : 01-May-2015 , 08:32:27 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will ask two auditors of United Spirits Ltd (USL) to explain on what basis they certified the financial accounts of the company and failed to detect an alleged fund diversion of Rs 2,100 crore between 2010 and 2013 to various United Breweries (U...
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ICAI |
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Gist of changes made in Finance Bill 2015 as passed by the Lok Sabha
Posted Date : 01-May-2015 , 08:28:04 am | Posted By CASANSAAR
On April 30, 2015, the Lok Sabha passed the Finance Bill. The Bill which was presented originally in the Lok Sabha on February 28, 2015 is not passed in its original shape. Various changes have been made in the Bill. New amendments are proposed, some proposed amendments are removed, so on and so for...
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Finance |
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0 | Hits : 1930
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Govt withdraws PDMA, RBI Bill provisions from Finance Bill
Posted Date : 01-May-2015 , 08:27:28 am | Posted By CASANSAAR
Finance Minister Arun Jaitley on Thursday withdrew the clauses from the Finance Bill pertaining to setting up of a public debt management agency (PDMA) and the amendments to the Reserve Bank of India (RBI) Act that would have taken away Mint Road's powers to regulate government securities. The m...
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Finance Bill |
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Lok Sabha passes Finance Bill 2015 by a voice vote.
Posted Date : 01-May-2015 , 08:26:24 am | Posted By CASANSAAR
The Lok Sabha has passed the Finance Bill 2015, by a voice vote. The Bill seeks to give effect to the financial proposals of the central government for the year 2015-16. Replying to a debate on the Bill, Finance Minister Arun Jaitley announced a number of measures for common man, rubber growers and ...
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Finance Bill |
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Extremely simplified ITR Forms Soon: FM
Posted Date : 01-May-2015 , 08:09:03 am | Posted By CASANSAAR
An "extremely simplified" income tax return form will soon replace the controversial 14-page ITR (income tax return) that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday.
"I am having the entir...
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ITR |
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0 | Hits : 541
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Petrol price hiked by Rs 3.96/ ltr; diesel Rs 2.37
Posted Date : 30-Apr-2015 , 10:17:34 pm | Posted By CASANSAAR
In one of the steepest hike of fuel prices, oil companies on Thursday hiked the price of petrol by Rs 3.96 a litre and that of diesel by Rs 2.37 a litre, to be effective Friday.
In mid April, the oil companies had cut the prices by 80 paise for petrol while the price of diesel was cut by Rs 1.30 ...
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General |
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Foreign investors get exemptions from MAT
Posted Date : 30-Apr-2015 , 09:57:00 pm | Posted By CASANSAAR
The government on Thursday announced tax relief to foreign investors, exempting income from securities transactions, royalties and technical service from the contentious minimum alternative tax (MAT).
The tax, which continues to be effective retrospectively on foreign institutional investors (F...
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Income Tax |
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Small Public Sector Banks should be merged with large Public Sector Banks : Finance Ministry Panel
Posted Date : 30-Apr-2015 , 08:30:22 am | Posted By CASANSAAR
Small public sector banks, with assets of less than ₹2-lakh crore, should be readied for merger with five large PSBs, a Finance Ministry-appointed panel has recommended.
PSBs with less than ₹2 lakh crore assets (loans plus investments) include Andhra Bank, Bank of Maharashtra, Dena ...
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Banking |
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RBI slaps Rs 4.5 crore penalty on Dena Bank, OBC, Bank of Maharashtra
Posted Date : 30-Apr-2015 , 08:12:57 am | Posted By CASANSAAR
Three public sector banks -- Bank of Maharashtra, Dena Bank and Oriental Bank of Commerce -- have been imposed with a monetary penalty of Rs 1.5 crore each by the Reserve Bank of India (RBI) for violation of know your customer (KYC) and anti money laundering (AML) norms.
Dna...
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Banking |
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0 | Hits : 1137
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Proposal to move Official Amendments to the Prevention of Corruption (Amendment) Bill, 2013
Posted Date : 30-Apr-2015 , 07:58:40 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to amend the Prevention of Corruption Act, 1988 by pursuing the Prevention of Corruption (Amendment) Bill, 2013, pending before the Rajya Sabha by moving official amendments.
The proposed amendments...
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Money laundering |
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Amendments in Companies (Amendment) Bill, 2014 approved by Union Cabinet
Posted Date : 30-Apr-2015 , 07:56:33 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for moving of the following Official Amendments in the Companies (Amendment) Bill, 2014 :-
i. Doing away with the requirement for filing a declaration by a company before commencement of business or...
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Companies Act |
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0 | Hits : 1099
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ICAI provides option to Nepalese CA students for change of centre from India to Kathmandu
Posted Date : 29-Apr-2015 , 11:51:12 am | Posted By CASANSAAR
In view of the natural calamity in Nepal, CA examinations scheduled to be held from 2nd to 17th May, 2015 at Kathmandu centres only have been postponed. Revised schedule for the exams at Kathmandu centres will be announced shortly and will be hosted on www.icai.org.
Pursuant to representatio...
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Category :
CA Exams |
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Rajya Sabha passes Regional Rural Banks Amendment Bill
Posted Date : 29-Apr-2015 , 11:35:26 am | Posted By CASANSAAR
The Rajya Sabha yesterday passed the Regional Rural Banks ( Amendment) Bill, 2014. The bill seeks to raise the authorised capital of Regional Rural Banks from five crore to 2,000 crore rupees and enable them to mop up funds from the capital market. Replying to a debate on the bill in the House, Mini...
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Banking |
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0 | Hits : 564
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USL forensic report puts spotlight on statutory auditors
Posted Date : 29-Apr-2015 , 07:56:01 am | Posted By CASANSAAR
A PricewaterhouseCoopers forensic report, which pointed out that UB Group's Vijay Mallya had diverted cash from United Spirits and its subsidiaries to other group companies between 2010 and 2012, has put the spotlight on the role of statutory auditors.
United Spirits had three statutory...
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Auditing |
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Income Tax nod in 2 days for charity firms for relief work in Nepal
Posted Date : 29-Apr-2015 , 07:49:50 am | Posted By CASANSAAR
The Income Tax Department will provide the mandatory permission within two days to charitable organisations seeking to undertake relief and rehabilitation activities in earthquake-hit Nepal.
"Charitable organisations under IT Act can render help to earthquake victims in Nepal. Applicat...
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Income Tax |
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CA CONVOCATION - 2015
Posted Date : 28-Apr-2015 , 10:45:44 pm | Posted By CASANSAAR
As you are aware, for promoting a sense of bonhomie among members, and also for bringing them closer to the Institute, the Institute of Chartered Accountants of India organize CA Convocations for distribution of Certificates. This is an occasion to mark the entry of new members into the fraternity.
...
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CA Convocation |
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Outstanding Tax Due from Corporates are Rs. 4.85 Lakh Crore
Posted Date : 28-Apr-2015 , 09:52:28 pm | Posted By CASANSAAR
Corporates owed over Rs.4.85 lakh crore to the government as outstanding dues under direct and indirect taxes towards the end of the last fiscal, parliament was told on Tuesday.
"The total outstanding tax demand pending collection under the head corporate tax under the Direct Tax laws as o...
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Category :
Income Tax |
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0 | Hits : 452
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FinMin discusses 85 large proj, NPAs with RBI, banks
Posted Date : 28-Apr-2015 , 08:51:12 pm | Posted By CASANSAAR
In an effort to help banks facing asset quality woes and to revive investments in the critical infra sector, the government today discussed 85 large projects entailing Rs 3.51 lakh crore in outstanding bank credit.
After a specially-convened meeting at the RBI headquarters, Financial Services Sec...
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NPA |
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Postponement of CA Exams at Kathmandu Centres only - ICAI
Posted Date : 28-Apr-2015 , 10:40:28 am | Posted By CASANSAAR
POSTPONEMENT OF CA EXAMS SCHEDULED TO BE HELD FROM 2ND - 17TH, MAY, 2015 AT KATHMANDU (NEPAL)
In view of the earthquake and consequent disruption of normal life in Nepal, the Intermediate (IPC) and Final Examinations scheduled to be held from 2nd May, 2015 to 17th May, 2015 at Kathmandu Cent...
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CA Exams |
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0 | Hits : 1487
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RBI tightens wilful defaulter norms to bring promoter directors under its ambit
Posted Date : 28-Apr-2015 , 08:38:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified that only nominee and independent directors who are not whole-time board members of a firm deemed as a 'wilful defaulter' would be excluded from being labelled as a party to the default. It has, however, said that promoters who are not whole-time...
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RBI |
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Advisory firms call into question Auditors role in USL fallout
Posted Date : 28-Apr-2015 , 08:30:17 am | Posted By CASANSAAR
After the Satyam Computer Services accounting scandal, the spotlight has been turned on auditors again as at least three investor advisory services have called for an examination of the auditors’ role in the ongoing fight between United Spirits Ltd board and its chairman Vijay Mallya...
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Category :
Auditing |
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0 | Hits : 748
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New ITR Forms - Special team to re-draft format after criticism
Posted Date : 28-Apr-2015 , 08:15:10 am | Posted By CASANSAAR
The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler.
"The new ITR format has been put into revision and it is on the drawing boa...
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ITR |
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0 | Hits : 938
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Joint I-T commissioner arrested for molesting woman Chartered Accountant
Posted Date : 27-Apr-2015 , 08:56:59 am | Posted By CASANSAAR
A 35-year-old joint commissioner of income-tax from Gujarat was arrested by Borivli-based Kasturba Marg police on Saturday, for allegedly molesting and abusing a woman Chartered Accountant in Borivli East. the Azad Maidan police had booked him in January, for allegedly molesting and sending lewd mes...
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Chartered Accountant |
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