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The Reserve Bank of India (RBI) said on Monday in a clarification to queries on new bank licences that the validity of in-principle approval for new banks has been extended to 18 months from one year. RBI issued guidelines in February allowing any type of company to set...

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Category : RBI | Comments : 0 | Hits : 234

With the corporate sector, especially multinational firms, flagging off concerns over an aggressive tax department, Finance Minister P Chidambaram has asked officials to tread cautiously while chasing tax evaders and avoid raids as long as possible.Chidambaram, who has assured fo...

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

Accounting watchdog ICAI has raised concerns over higher threshold limit for bank branches with regard to mandatory audit of their books, asserting that many more of them would be out of the auditing purview. It is seeking the lowering of the limit. "The threshold limit for annual sta...

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Category : ICAI | Comments : 1 | Hits : 1313

In the wake of huge public money being raised through various ponzi schemes, the government has made it mandatory for new companies to give declarations that no funds would be collected without meeting the applicable norms of Sebi, RBI and other authorities.  Such declarations w...

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Category : Corporate Law | Comments : 0 | Hits : 186

The Penamaluru Police booked a case against Superwhizz CA Coaching Institute management in connection with the suspicious death of a student, Y.V. Harshavardhan Reddy (20).   He reportedly died by jumping from the college building on Friday.   The police registered case against Superwh...

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Category : Students Zone | Comments : 0 | Hits : 2594

To ascertain whether there have been any auditing lapses, accounting watchdogInstitute of Chartered Accountants of India (ICAI) has sought information from serious fraud investigation office (SFIO) on more than 50 companies that are being probed for duping investors through fraudulent...

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Category : ICAI | Comments : 0 | Hits : 232

The Reserve Bank has extended the deadline for banks to complete the process of allotting a unique customer identification code to their customers, to March 31, 2014.   Banks, however, will have to allot the unique customer identification code (UCIC) to all customers while entering ...

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Category : Banking | Comments : 0 | Hits : 336

Those selling immovable property without disclosing their permanent account number ( PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions. The new rules that came into effect from Saturday require buyers of immovable property, ...

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

Infosys Ltd. announced on Saturday that its board has appointed founder N.R. Narayana Murthy as Chairman. The decision, taken at a meeting of the board is with immediate effect. The company’s annual general meeting (AGM), scheduled for June 15 is expected to ratify the decision.   The r...

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Category : General | Comments : 0 | Hits : 210

The joy of clearing the IIT entrance exams quickly turned sour for Livleen Kaur when she saw her CBSE results. The 18-year-old was stunned to see that she had failed in three papers - physics, mathematics and biology. What's even more surprising is that two of the subjects - physics a...

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Category : General | Comments : 0 | Hits : 881

The Northern Regional Office of ICAI is arranging Convocation – 2013 on 8th June, 2013 for the Non NCR Members enrolled during the month of March, 2012 to August, 2012.  Scripts of Certificate of Membership and Certificate of Practice will be distributed in the presence of ...

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Category : ICAI | Comments : 0 | Hits : 712

Senior IRS officer Sudha Sharma has been appointed as the new Chairperson of the Central Board of Direct Taxes in the Finance Ministry.   The orders were issued late today by the ministry, official sources said. The board, also the administrative authority of the Income Tax department, is...

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Category : Income Tax | Comments : 0 | Hits : 242

Petrol price was today hiked by 75 paisa per litre and diesel by 50 paisa a litre as rupee hit 11-month low making oil imports costlier. The increase in rates, which are excluding local sales tax or VAT, will be effective from midnight tonight, Indian Oil Corp, the nation's largest o...

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Category : General | Comments : 0 | Hits : 158

Indian authorities have dismissed Nokia's appeals against an income tax bill of Rs. 2,080 crore, the phone company said on Friday, a setback for its efforts to resolve the dispute in a crucial market. Nokia's India unit was served in March with the tax demand for five years starting from ...

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Category : Income Tax | Comments : 0 | Hits : 268

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 12.04.2013                     Following eight (8) proposals&...

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Category : International Business | Comments : 0 | Hits : 210

The Accounting Standards Board of the Institute of Chartered Accountants of India undertakes projects involving formulation of specific Accounting Standards/Indian Accounting Standards, Study of the impact of the Accounting Standards/Indian Accounting Standards and alli...

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Category : ICAI | Comments : 0 | Hits : 357

 Worried over rising NPA, the Reserve Bank today tightened rules forrestructuring of most types of loans in line with global practices. As per the latest RBI notification, provisioning on the newly restructured account has been raised to 5 per cent from June 1 from 2 per cen...

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Category : RBI | Comments : 1 | Hits : 413

With few days left to lower promoter holding to 75 per cent in listed private sector firms, Sebi today allowed them to make an announcement for such sale of shares through OFS route just one day in advance. So far the companies had to announced sale of promoters share to meet the guid...

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Category : SEBI | Comments : 0 | Hits : 179

EXPOSURE DRAFT OF EXCEL TEMPLATE OF TAXONOMY FOR LIFE INSURANCE COMPANIES AND GENERAL INSURANCE COMPANIES While the filing of the financial statements in XBRL format had begun for certain categories of companies, Insurance Companies were kept outside the purview of XBRL mandate owing to...

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Category : ICAI | Comments : 0 | Hits : 246

Tightening its noose on those who do not pay taxes, the Income Tax Department is likely to issue notices soon to over 10 lakh non-filers.   According to sources, the tax department has prepared a list of non-filers based on their information records.   “Our data analysis shows th...

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Category : Income Tax | Comments : 0 | Hits : 527

The Government of India have announced the sale of “New Inflation Indexed Government Stock-2023” for a notified amount of Rs.1,000 crore (nominal) through yield based auction. The auctions will be conducted using uniform price method. The auctions will ...

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Category : RBI | Comments : 0 | Hits : 200

With an aim to weed out unauthorised entities giving advice to investors, market regulator Sebi today said anyone seeking to act as an investment adviser would need to first obtain a certificate of registration for the same. As a part of its efforts to make it convenient for...

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Category : SEBI | Comments : 0 | Hits : 337

The government is examining the possibility of putting in place a formal framework for resolving tax disputes, notably the one with Vodafone, similar to the advance pricing agreements used to resolve transfer pricing cases.While no final decision has been taken, one option is to amend the ...

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Category : Income Tax | Comments : 0 | Hits : 520

Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointmentof statutory auditors in public secto...

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Category : Auditing | Comments : 2 | Hits : 3552

Income Tax department has issued notices to three top private lenders in the country - ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost.   The department has asked these banks to produce documents for verification as...

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Category : Income Tax | Comments : 0 | Hits : 459

Ruling out ban on sale of gold coinsby banks, the Reserve Bank today asked lenders to refrain from aggressively selling the precious metal. "We do not want banks to aggressively market gold. We do not want that to become a business," RBI Governor D Subbarao told reporters on the ...

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Category : RBI | Comments : 0 | Hits : 226

Finance minister P Chidambaram has told top income tax officials to keep a close tab on those not filing tax returns and ensure that the tax collection target for the current financial year is met.Inaugurating the annual conference of chief commissioners and director generals of income tax...

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Category : Income Tax | Comments : 0 | Hits : 303

Prime Minister Manmohan Singh said on Tuesday that the much-awaited goods and services tax (GST) will become a reality by 2014 regardless of who forms the government after the next Lok Sabha elections, even as he counseled the foreign investors to come to terms with pro...

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Category : GST | Comments : 0 | Hits : 397

You may end up saving more in the months ahead with the Employees Provident Fund Organization(EPFO) readying to re-notify a new definition of "compensation" that will include all your allowances, amid intense lobbying against the move by industry bodies.   Currently, employ...

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Category : General | Comments : 0 | Hits : 773

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002. Advt. No. ICAI/Rectt./06/2013 ICAI invites applications from highly competent candidates for the positions of...

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Category : ICAI | Comments : 0 | Hits : 977