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Delhi's three private power distribution companies petitioned the Delhi High Court on Wednesday against the city government’s move to have the Union comptroller and auditor general (CAG) go into their accounts. The move lacked legal sanctity, contend Reliance Infrastructure-own...

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Category : Auditing | Comments : 0 | Hits : 323

Market regulator the Securities and Exchange Board of India (SEBI) today asked depositories to formulate information technology strategy panels at board level with a view to strengthening the IT governance framework of their systems.SEBI issued guidelines to strengthen the IT governance framework of...

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Category : SEBI | Comments : 0 | Hits : 179

A government clarification last year saved IT companies from additional tax demands, but that hasn't deterred the taxman.  At least two IT companies have now moved court seeking to put a stop to income tax reassessment.  The I-T department has initiated reassessment proceedings against I...

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Category : Income Tax | Comments : 0 | Hits : 417

The Reserve Bank of India (RBI) on Tuesday proposed unclaimed bank deposits, estimated at about Rs 3,500 crore, be used for education and awareness among depositors. According to a draft on the Depositor Education and Awareness Fund Scheme, deposits in the banking sector that haven’t bee...

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Category : RBI | Comments : 0 | Hits : 223

Accountancy firm KPMG is facing a probe into how it audited the Co-operative Bank’s books in the years leading up to its near collapse.   The Financial Reporting Council has launched an investigation after the discovery of a £1.5billion hole in the lender’s finances last yea...

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Category : International Business | Comments : 0 | Hits : 680

Sebi has been asked by its Appellate Authority to disclose details through RTI on process related to grant of recognition to MCX Stock Exchange, as all such information may not be confidential any more.   Hearing an appeal against the market regulator's denial of information sought through RT...

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Category : SEBI | Comments : 0 | Hits : 198

The Reserve Bank of India today set up an eight-member panel to review functioning of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure.   The committee, to be headed by former Axis Bank chairman P.J. Nayak, will analyse representation on b...

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Category : RBI | Comments : 0 | Hits : 237

A Chief Financial Officer (CFO) of a Delhi-based aviationcompany has been arrested for allegedly evading service tax of over Rs 1 crore.   The firm, which was providing helicopter chartering services, had not paid its service tax liabilities for 2012-13 and 2013-14. It has ...

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Category : Service Tax | Comments : 0 | Hits : 714

Yoga Guru Ramdev today said he may support Congress in the upcoming Lok Sabha polls provided the party supports his proposal to replace all taxes with single tax on bankingtransactions.  "..If Congress accepts our proposal of single window taxation and single tax we wi...

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Category : ICAI | Comments : 0 | Hits : 675

The prices of rice and cotton that's ginned and baled are likely to rise as their transport and storage have been deemed ineligible for exemption from service tax by the finance ministry. They are not on the negative list of items on which 12.36% service tax doesn't have to be paid, finance min...

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Category : Service Tax | Comments : 0 | Hits : 735

Financial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country. According to norms, an Indian who has been living abroad for over six months can bring in ...

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Category : Income Tax | Comments : 0 | Hits : 260

The Cost Accountants Institute on Saturday slammed the Corporate Affairs Ministry for proposing to abolish the statutory maintenance of cost records and suggesting to do away with — in most cases — the requirement for cost audit.   Such a far-reaching, drastic step without going t...

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Category : ICWAI | Comments : 0 | Hits : 566

The stock exchanges on Friday announced strict penal actions, ranging from monetary fines to trading suspension, for listed companies failing to ensure timely and proper disclosure of details like financial results, annual reports, shareholding data and corporate governance reports. &...

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Category : Corporate Law | Comments : 0 | Hits : 488

Portable permanent provident fund (PF) account number, which will enable over five crore EPFO members to get rid of the process of transferring their accounts on changing jobs, will be a reality in 2014-15. The permanent PF account number would also help provide social security benefits t...

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Category : General | Comments : 1 | Hits : 414

Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier. "The entire merchanting or intermediary trade transactions should be completed within an overall period of nine months and the...

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Category : RBI | Comments : 0 | Hits : 195

A Senior Income Tax Commissioner - Sanjay Srivastava - has made history as the first income tax commissioner to be sentenced to jail for contempt by the Delhi High Court. Mr Srivastava has been sentenced to 15 days in jail by a division bench of the court . He had been accused of sexually harassin...

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Category : Income Tax | Comments : 0 | Hits : 998

Nearly 33% out of a total of 13.59 lakh registered companies in India are either closed, dormant or in the process of being liquidated, the latest company data released by the ministry of corporate affairs showed on Wednesday.   As per the data, around 9.20 lakh are active companies as on Nov...

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Category : Corporate Law | Comments : 0 | Hits : 547

Rote learning by students and the Institute of Chartered Accountants in India's decision to have a "stringent grace marks" policy could be the reason behind the shocking dip in the final chartered accountancy (CA) results announced on Wednesday. Only 3.11% of the 32,536 candidates cleared ...

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Category : Students Zone | Comments : 3 | Hits : 2883

The service tax amnesty scheme has yielded around Rs 7,700 crore to the exchequer, a top finance ministry official said.   The Voluntary Compliance Encouragement Scheme (VCES) that was launched on May 10, 2013 to enable service tax defaulters to pay dues without penalty or late payment charge...

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Category : Service Tax | Comments : 0 | Hits : 267

The Department of Service tax has found several banking services taxable on scrutiny following the negative list of services. According to officials close to the development, some of the contentious issues are availing tax credit for payment of premium for insuring deposits...

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Category : Service Tax | Comments : 0 | Hits : 806

To safeguard investors’ interest in IPOs, SEBI may ask companies to make greater disclosures about price discovery and issue certain convertible bonds to retail shareholders to ensure some guaranteed returns.   The new corporate governance norms for listed companies, currently being fin...

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Category : SEBI | Comments : 0 | Hits : 192

ICAI has declared the Result of Chartered Accountancy Final Examination held in November 2013 on Wednesday 15th January 2014. This is (3.11%) the Lowest result in Last 11 Years for both the Groups (as per data available with us). While the pass percentage in Group ...

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Category : Income Tax | Comments : 0 | Hits : 4510

Chartered Accountants Final Examination held in November, 2013. Pass Percentage of  Chartered Accountants Final Examination held in November, 2013 The details of percentage of candidates passed in the above examination is given below: Examinatio...

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Category : Students Zone | Comments : 0 | Hits : 3786

Based on the recommendations of Foreign Investment Promotion Board (FIPB) made in its meeting held on December 30, 2013, the Government of India has approved five (05) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1133.41 crore approximately.    D...

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Category : Finance | Comments : 0 | Hits : 277

No. 13-CA (EXAM)/M/2014: In pursuance of Regulation 22 of the Chartered AccountantsRegulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify thatthe Intermediate (IPC) and Final examinations will be held on the dates given below at the followingplaces pro...

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Category : Students Zone | Comments : 0 | Hits : 3203

The Supreme Court sought the Centre's response on a petition seeking to declare as ultra vires of the Constitution some of the provisions of the new Companies Act that aims to create the National Company Law Tribunal (NCLT) and the Appellate Tribunal.   A bench headed by Justice A K Patnaik i...

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Category : Corporate Law | Comments : 0 | Hits : 479

Tightening norms for issue of participatory notes (P-Notes) by overseas investors, Sebi has barred "unregulated" foreign funds from dealing in offshore derivative instruments even if their investment managers are appropriately regulated by their concerned regulators. The guidelines, which...

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Category : SEBI | Comments : 0 | Hits : 221

No. 13-CA (EXAM)/M/2014: In pursuance of Regulation 22 of the Chartered AccountantsRegulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify thatthe Intermediate (IPC) and Final examinations will be held on the dates given below at the followingplaces pro...

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Category : Students Zone | Comments : 0 | Hits : 7273

Retirement fund body EPFO on Monday raised the PF interest rate from 8.5 percent to 8.75 per cent for 2013-14.   EPFO was widely expected to retain 8.5 per cent interest on PF deposits for its over 5 crore subscribers in 2013-14.   The Employees' Provident Fund Organisation's apex deci...

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Category : General | Comments : 0 | Hits : 400

The power of the Comptroller and Auditor General (CAG) toaudit has now assumed great topical interest because of the recent judgment of the Delhi High Court allowing CAG to audit public-private partnership (PPP) projects and private projects with a clear impact on government revenue. This is mo...

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Category : Auditing | Comments : 0 | Hits : 356