Auditors Found Liable for Over $10 Million in Madoff Losses
Posted Date : 14-Nov-2015 , 07:45:05 am | Posted By CASANSAAR
A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than $20 million lost by a Washington state investment company in the wake of Bernie Madoff's multi-decade investment scam.
Friday's verdict pins responsibility o...
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Auditing |
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Postponement of ISA - AT scheduled for 26th December 2015 to 23rd January 2016
Posted Date : 13-Nov-2015 , 10:49:43 pm | Posted By CASANSAAR
12th November, 2015
IMPORTANT ANNOUNCEMENT
Postponement of Information System Audit (Assessment Test) scheduled for 26th December 2015 to 23rd January 2016 It is hereby informed that due to unavoidable circumstances the Information System Audit (Assessment Test) scheduled for 26th December 2...
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Category :
CA Exams |
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0 | Hits : 1287
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National Investment Infrastructure Fund gets Governing Council
Posted Date : 13-Nov-2015 , 10:04:00 pm | Posted By CASANSAAR
A Governing Council headed by Finance Minister Arun Jaitley will oversee the activities of the National Investment and Infrastructure Fund (NIIF), authorities said on Friday.
The union cabinet had in July approved the creation of the NIIF with a corpus of Rs.20,000 crore for developme...
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Finance |
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CBDT to set up taxpayers lounge at India International Trade Fair 2015
Posted Date : 13-Nov-2015 , 10:00:31 pm | Posted By CASANSAAR
The Income Tax Department will be setting-up a 'Taxpayers' Lounge' at the India International Trade Fair (IITF) - 2015 at Pragati Maidan, in national capital from 14th to 27th November, 2015.
The theme of the Taxpayers' Lounge this year would follow the theme of IITF 2015 i....
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CBDT |
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Swachh Bharat cess to be levied on portion of taxable service
Posted Date : 13-Nov-2015 , 09:15:58 am | Posted By CASANSAAR
The government on Thursday clarified the Swachh Bharat cess of 0.5% would be levied in the same proportion as the overall service tax, clearing the mounting confusion over the levy to be introduced from November 15.
There are many services where full 14 per cent rate does not apply and are subjec...
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Category :
Service Tax |
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0 | Hits : 1818
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NRIs can now bring in FDI through companies, trusts and LLPs
Posted Date : 13-Nov-2015 , 09:12:34 am | Posted By CASANSAAR
The government has extended the benefits enjoyed by individual NRI investors to companies, trusts and other incorporated entities owned by nonresident Indians (NRIs) as part of the liberalised FDI norms announced on Tuesday.
Giving more flexibility to NRIs to decide the ...
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Category :
Income Tax |
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0 | Hits : 899
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Clarifications on Swachh Bharat Cess
Posted Date : 13-Nov-2015 , 08:58:21 am | Posted By CASANSAAR
Swachh Bharat Cess will come into effect from 15th November 2015, at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. The proceeds from this cess will be used for financ...
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Category :
Service Tax |
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RBI staff plans mass leave on Nov 19 to protest against govt interference
Posted Date : 13-Nov-2015 , 08:46:53 am | Posted By CASANSAAR
Reserve Bank of India’s employees have proposed one-day mass leave on November 19 to protest what they termed as the government’s intention to curb the apex bank’s activity and intervening into monetary policies.
The United Forum of Reserve Bank Officers and Employees, the umb...
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RBI |
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1 | Hits : 987
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Companies should get listed within six days of share sale: SEBI
Posted Date : 11-Nov-2015 , 09:40:47 am | Posted By CASANSAAR
Outlining the schedule of various activities after the public issues has closed, securities regulator SEBI said that stock exchanges would allow a bid to be modified only until 1 pm the on the day after the issue has closed (date of issue close is called 'T').
However, modification woul...
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SEBI |
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CBDT orders I-T offices to set up grievance cells
Posted Date : 11-Nov-2015 , 09:36:07 am | Posted By CASANSAAR
In a bid to tackle high-pitched and unreasonable tax assessment orders, which result in heavy income tax (I-T) demands, the Central Board of Direct Taxes (CBDT) issued a notification on Monday requiring setting up of local grievance committees across I-T offices in India.
The CBDT, in its n...
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Category :
Income Tax |
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Government sets 5-day timeline for 80% service tax refund
Posted Date : 11-Nov-2015 , 09:32:43 am | Posted By CASANSAAR
Seeking to fast-track service tax refund to exporters, the Central Board of Excise and Customs (CBEC) on Tuesday fixed a timeline for 80% payment of the total amount claimed.
"On the receipt of the document... in respect of the pending case, the jurisdictional deputy/assistant co...
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Category :
Service Tax |
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0 | Hits : 1103
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Now book tickets 30 minutes prior to departure of train
Posted Date : 11-Nov-2015 , 09:25:10 am | Posted By CASANSAAR
Come November 12, you can book a railway ticket online 30 minutes prior to the departure of a train.
In a passenger-friendly move, Railways has also made changes in its system of preparation of chart, which would now be prepared twice.
First reservation chart would be prepared four hours...
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Category :
General |
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Centre eases FDI norms in 15 major sectors
Posted Date : 11-Nov-2015 , 09:19:41 am | Posted By CASANSAAR
The Government has liberalised Foreign Direct Investment, FDI norms in 15 major sectors of the economy to further boost the investment environment and to bring in more foreign investment in the country.
These sectors include mining, civil aviation, defence, broadcasting, construction, manufacturi...
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Category :
International Business |
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0 | Hits : 780
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DoT seeks bids from CA Firms to conduct Special Audit
Posted Date : 10-Nov-2015 , 11:06:59 am | Posted By CASANSAAR
The Department of Telecom (DoT) has come out with a tender to select CA firms to conduct special audit of mobile operators from 2008 onwards.
According to an official, the last date to apply is November 24 and the selection of the firm is likely to be completed in two months.
"It will tak...
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CA Firms |
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0 | Hits : 2086
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Compulsory report on annual general meetings within 48 hours: SEBI
Posted Date : 10-Nov-2015 , 09:09:48 am | Posted By CASANSAAR
Market regulator SEBI on Wednesday said companies need to make disclosures to stock exchanges within 48 hours about the number of shareholders attending its annual general or special meeting as well as the mode of voting in the prescribed format.
Effective from December 1 this year, the...
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SEBI |
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Indirect tax collection up 36% in first seven months
Posted Date : 10-Nov-2015 , 09:02:37 am | Posted By CASANSAAR
Excise duty rises on oil, along with a couple of other measures, pushed up indirect tax collection by 36.8 per cent to Rs 58,691 crore in October and 35.9 per cent to Rs 3.82 lakh crore in the first seven months (April to October) of the current financial year, official data showed on Monday.
How...
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Category :
General |
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Govt Approves Four (4) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 384.45 Crore Approx
Posted Date : 10-Nov-2015 , 08:20:00 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board(FIPB) in its Meeting held on 19.10.2015, the Government of India has approved four (04) proposals of Foreign Direct Investment (FDI) amounting to Rs. 384.45 crore.
...
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Category :
Income Tax |
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0 | Hits : 753
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RBI allows Internet Banking Facility for co-op banks
Posted Date : 08-Nov-2015 , 11:16:48 pm | Posted By CASANSAAR
As some of the State Cooperative Banks and DCCBs have requested for permission to offer Internet Banking facility, RBI has decided to allow StCBs and DCCBs to extend the facility of internet banking to their customers. So far these were not allowed to provide internet banking facilities to their cus...
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RBI |
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Income-Tax Dept launches official Twitter handle
Posted Date : 08-Nov-2015 , 11:10:53 pm | Posted By CASANSAAR
The Income Tax Department has launched its official account on micro-blogging site Twitter with the handle "incometaxindia". CASANSAAR already on Twitter with the handle "casansaar"
The first tweet of the income tax department read: "Follow us to stay updated on the lat...
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Category :
Income Tax |
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0 | Hits : 903
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Bihar election results: SEBI, Stock exchanges beef up risk management systems
Posted Date : 08-Nov-2015 , 11:03:57 pm | Posted By CASANSAAR
To ring-fence the capital markets from any possible systemic issues and manipulations, regulator Sebi and the stock exchanges have beefed up their surveillance and risk management systems to tackle expected volatility in markets due to trouncing of BJP-led alliance in Bihar polls.
The Biha...
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SEBI |
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Polling Booth Detail for ICAI Election - Northern Region
Posted Date : 08-Nov-2015 , 02:35:06 pm | Posted By CASANSAAR
Check your Polling Booth Detail for ICAI Election - Northern Region.
Click on the link & Enter your Membership No. (MRN) without useing zero before that. i.e. if your
Membership no. is 2134 then dont use 002134, only enter 2134
or if your
Membership no. is 98765 the...
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Category :
ICAI Election |
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Draft Interpretation on Foreign Currency Transactions and Advance Consideration - ICAI
Posted Date : 07-Nov-2015 , 09:01:37 am | Posted By CASANSAAR
Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015.
The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’)...
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ICAI |
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Draft Interpretation on Uncertainty over Income Tax Treatments - ICAI
Posted Date : 07-Nov-2015 , 08:58:46 am | Posted By CASANSAAR
Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015.
The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’)...
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Category :
Income Tax |
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0 | Hits : 822
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Govt decides to impose a Swachh Brarat Cess @ 0.5% on all services presently liable to service tax, wef 15/11/2015
Posted Date : 07-Nov-2015 , 08:55:02 am | Posted By CASANSAAR
Swachh Bharat Cess is not another tax but a step towards involving each and every citizen in making contribution to Swachh Bharat. In this direction, the Government has decided to impose, with effect from 15th November 2015, a Swachh Brarat Cess at the rate of 0.5% on all services, which are present...
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Category :
Service Tax |
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Now Income Tax Officials Will Be Assessed in a New Way
Posted Date : 07-Nov-2015 , 08:48:57 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Friday said the Income Tax Department will introduce a system of online scrutiny of returns and modify the performance appraisal pro forma of officials with a view to motivating them to pass correct orders and also check corruption.
Stating that the government is t...
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Category :
Income Tax |
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0 | Hits : 1234
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Prime Minister launches three gold related scheme
Posted Date : 06-Nov-2015 , 08:52:50 am | Posted By CASANSAAR
The Prime Minister, Shri Narendra Modi, launched three gold related schemes at a function here today.
The schemes are – Gold Monetization Scheme, Sovereign Gold Bond Scheme, and India Gold Coins.
On the occasion, the Prime Minister Shri Narendra Modi described the schemes as ...
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Category :
General |
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0 | Hits : 1189
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RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank
Posted Date : 06-Nov-2015 , 08:50:28 am | Posted By CASANSAAR
The Reserve Bank has imposed Rs 1 crore penalty on Dhanlaxmi Bank for violation of Know Your Customer (KYC) and Anti Money Laundering (AML) norms.
It had issued a Show Cause Notice to the bank for not complying with KYC and AML guidelines “in respect of a current account under investigati...
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RBI |
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RBI issues operational guidelines for Sovereign Gold Bonds
Posted Date : 05-Nov-2015 , 08:34:26 am | Posted By CASANSAAR
Reserve Bank of India on Wednesday said multiple joint holders and nominees (of first holder) are permitted under the Sovereign Gold Bonds, 2015-16, scheme.
In its operational guidelines for the Bonds, the RBI said necessary details in this regard should be obtained by sched...
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RBI |
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0 | Hits : 1319
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New stringent corporate laws make CFOs, auditors quit companies
Posted Date : 05-Nov-2015 , 08:33:16 am | Posted By CASANSAAR
The chief financial officer of a BSE-listed infrastructure company recently quit his job within months of joining, fearing he could be prosecuted because his employer — part of a group that has half a dozen other listed firms —was fabricating its accounts.
"They literally m...
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Category :
Corporate Law |
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25% reduction in corporate tax to begin from next Budget: FM
Posted Date : 05-Nov-2015 , 08:28:05 am | Posted By CASANSAAR
The government in the next few days will come out with a list of exemptions that would go as part of the plan to gradually reduce corporate tax to 25%, the first tranche of which will be announced in the Budget in February, Finance Minister Arun Jaitley said on Wednesday.
Th...
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Category :
Income Tax |
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