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Income Tax department to send letters to non-filers
Posted Date : 25-Mar-2013 , 04:46:38 pm | Posted By CASANSAAR

Encouraged by the earlier results the Finance Ministry on Monday said it will continue to send letters to assessees who do not file income tax return. “We have been sending letters. We are getting results. The number of returns filed has been showing an increase. We intend to continue with th...

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Category : Income Tax | Comments : 0 | Hits : 505

Announcement regarding Expert Panel for Addressing Bank Branch Audit Related Queries for the Financial Year 2012-13
Posted Date : 25-Mar-2013 , 02:52:37 pm | Posted By CASANSAAR

The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a ...

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Category : Auditing | Comments : 0 | Hits : 414

Government cuts Rates on Public Provident Fund, National Savings Certificate
Posted Date : 25-Mar-2013 , 12:27:28 pm | Posted By CASANSAAR

The government has cut the interest rates on Public Provident Fund (PPF) and National Savings Certificates (NSC), but has left the rates on savings deposits and one-year time deposits unchanged, the Finance Ministry said. While the rate on PPF has been cut to 8.7 per cent from 8.8 per cent, the 10-...

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

Realtors under Sebi scanner for fraudulent investment schemes
Posted Date : 25-Mar-2013 , 08:07:51 am | Posted By CASANSAAR

Suspecting investor frauds in the projects being launched by numerous real estate developers, capital markets regulator Securities and Exchange Board of India (Sebi) is probing them for possible violations of collective investment scheme (CIS) regulations. A CIS entity typically raises funds from t...

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Category : SEBI | Comments : 0 | Hits : 282

HC order has simplified getting tax refunds
Posted Date : 25-Mar-2013 , 08:01:19 am | Posted By CASANSAAR

Worried about a demand notice from the Income Tax (I-T) department under section 245 of the I-T Act, even after tax has been deducted at source from your salary? Relax. It is no longer tough to sort out the matter, thanks to a recent order of the Delhi High Court.   It is not unusal for a per...

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Category : Income Tax | Comments : 0 | Hits : 487

Two Ambani groups lose Rs 20,000 cr market value in a week
Posted Date : 24-Mar-2013 , 05:17:13 pm | Posted By CASANSAAR

Amid an intense selling pressure in the stock market, the two Reliance groups headed by Mukesh and Anil Ambani have seen their respective market values skid by about Rs 10,000 crore each in a week's time.   With two listed companies, the Mukesh Ambani-led Reliance Industries group saw its mar...

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Category : Shares & Stock | Comments : 0 | Hits : 364

Corporate misdoings due to multiple regulators: Sachin Pilot
Posted Date : 24-Mar-2013 , 08:11:09 am | Posted By CASANSAAR

Corporate and financial misdoings are mainly the consequences of multiple regulators that do not have their work defined, Corporate Affairs Minister Sachin Pilot said on Saturday. "There are multiple regulators. Their scope of work is not clearly defined. People misuse the unregulated areas," Pilot...

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Category : Corporate Law | Comments : 0 | Hits : 326

Govt eases norms to attract foreign investors
Posted Date : 24-Mar-2013 , 08:04:46 am | Posted By CASANSAAR

The government on Saturday announced simplification of removal of norms for foreign institutional investors (FIIs) to invest in government and corporate bonds, in its latest attempt to woo overseas investors to finance the widening current account deficit.   The move, which will be applic...

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Category : International Business | Comments : 0 | Hits : 184

Securities Appellate Tribunal will hear the Sahara-Sebi case in Delhi
Posted Date : 23-Mar-2013 , 08:12:43 pm | Posted By CASANSAAR

The Securities Appellate Tribunal ( SAT) on Saturday adjourned the hearing of billionaire Subrata Roy Sahara's appeal against capital market regulatorSecurities and Exchange Board of India (Sebi) regarding freezing his personal accounts to 26 March. The tribunal will hear the case at Sasht...

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Category : SEBI | Comments : 0 | Hits : 165

Super-regulator for financial sector mooted
Posted Date : 23-Mar-2013 , 05:26:20 pm | Posted By CASANSAAR

A government-appointed panel on Friday proposed a unified regulator for markets, insurance, commodities and pensions. It proposed to keep banking out of its purview, but only temporarily. The panel, whose proposals could change the financial landscape of India, also suggested five additio...

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Category : Finance | Comments : 0 | Hits : 299

Basel III norms for Indian banks from April 1: RBI
Posted Date : 23-Mar-2013 , 12:55:29 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) will soon issue a notification for the implementation of the Basel III capita l regulations by Indian banks from April 1, central bank governor D. Subbarao said on Friday. "We are going to issue a notification next week for banks to implement the Basel III ...

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Category : Banking | Comments : 0 | Hits : 428

Off-balance-sheet exposure not part of priority sector lending: RBI
Posted Date : 23-Mar-2013 , 08:40:11 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday asked banks not to include their contingent liabilities and off-balance-sheet items while calculating the so-called priority sector target. Banks are required to make 40% of their loans to the so-called priority sector. This includes agriculture, expo...

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Category : RBI | Comments : 0 | Hits : 303

BCCI chief N Srinivasan in CBI net for alleged tax evasion on imported cars
Posted Date : 23-Mar-2013 , 08:37:05 am | Posted By CASANSAAR

The CBI on Friday seized 11 cars belonging to BCCI chief and India Cements promoter N Srinivasan as part of its ongoing raids in Chennai, sources said. The sources added that Srinivasan had evaded paying tax on the imported cars.   Apart from Srinivasan, the CBI also raided the residences of ...

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Category : Custom | Comments : 0 | Hits : 264

Diesel price hiked again by 45 paisa with effect from midnight tonight
Posted Date : 22-Mar-2013 , 08:44:35 pm | Posted By CASANSAAR

Diesel price was on Friday hiked by 45 paisa per litre, the third increase in the rate of nation's most consumed fuel since January.   Diesel price will be hiked by 45 paisa, excluding VAT, from midnight tonight, Indian Oil Corp (IOC), the nation's largest oil firm, announced.   In D...

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Category : General | Comments : 0 | Hits : 157

Tax authorities going slow in releasing refund and Cenvat credit
Posted Date : 22-Mar-2013 , 06:36:51 pm | Posted By CASANSAAR

In a major revenue drive, the tax authorities across the board are going slow on releasing tax refund and in granting utilisation of Cenvat credit. According to official sources, tax revenue boards - Central Board off Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) have directed ...

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Category : Excise | Comments : 0 | Hits : 190

Govt approves 12 FDI proposals worth over Rs 2,609 crore
Posted Date : 22-Mar-2013 , 05:31:45 pm | Posted By CASANSAAR

The government on Friday said it has approved 12 FDI proposals, including that of pharma firm Claris Otsuka, totalling over Rs 2,609 crore.  The foreign investment promotion board (FIPB) headed by economic affairs secretary Arvind Mayaram, also cleared the proposal of Decat...

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Category : Finance | Comments : 0 | Hits : 262

Government to regulate foreign companies having online operations in India
Posted Date : 22-Mar-2013 , 08:31:36 am | Posted By CASANSAAR

The government has brought under theCompanies Act foreign companies that operate in the electronic mode but are not registered in India so as to safeguard consumer interest. The move comes against the backdrop of certain foreign entities conducting online activities in India without gettin...

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Category : Corporate Law | Comments : 0 | Hits : 261

Income Tax e-Filing Call Center will function 24/7 on all days during March 2013
Posted Date : 22-Mar-2013 , 08:30:43 am | Posted By CASANSAAR

The e-Filing Call Center (Toll Free – 1800 4250 0025) will be functioning 24/7(Including Saturday and Sunday), during the month of March 2013....

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Category : Income Tax | Comments : 0 | Hits : 354

Sebi asks companies to use electronic mode for making cash payments
Posted Date : 22-Mar-2013 , 08:25:21 am | Posted By CASANSAAR

Market regulator Securities and Exchange Board of India (Sebi) has asked all listed companies to use electronic mode for making cash payments to investors, a move that would help check misuse of funds. The Sebi in a circular said that listed companies can utilise electronic payment modes approved b...

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Category : SEBI | Comments : 0 | Hits : 251

Penal action against 578 companies in 3 yrs for accounting errors
Posted Date : 22-Mar-2013 , 08:23:47 am | Posted By CASANSAAR

Penal action has been taken against 578 companies in the last three years for irregularities in their balance sheets, government said today. Prosecutions were filed against 54 companies and their officers in the year 2011-12, Minister of Corporate Affairs Sachin Pilot informed th...

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Category : Corporate Law | Comments : 0 | Hits : 406

RBI to banks: Keep tax collecting branches open in Mar 29-31
Posted Date : 22-Mar-2013 , 08:21:15 am | Posted By CASANSAAR

The Reserve Bank today asked banks to keep open their designated tax collecting branches on March 29, 30, 31 to facilitate tax collection. March 29 is a holiday on account of Good Friday while March 31 is Sunday. "We have been requested by the Government of India and so...

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Category : Income Tax | Comments : 0 | Hits : 275

Systems to prevent money laundering in India perfect, says RBI
Posted Date : 21-Mar-2013 , 05:06:43 pm | Posted By CASANSAAR

The Reserve Bank today sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation. The country's three largest private banks -- IC...

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Category : Banking | Comments : 0 | Hits : 341

Jaya govt presents tax-free budget in Tamil Nadu
Posted Date : 21-Mar-2013 , 02:08:03 pm | Posted By CASANSAAR

Tamil Nadu Government today presented a tax-free budget for 2013-14, proposing 'prudent fiscal management". The state government came heavily on the Union Government for not taking any steps to control fiscal deficit and to boost the growth. Finance Minister O Panneerselvam, who presented the budge...

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Category : Budget | Comments : 0 | Hits : 349

SC upholds Sanjay Dutt's conviction, sentences him to five years in jail
Posted Date : 21-Mar-2013 , 12:10:14 pm | Posted By CASANSAAR

The Supreme Court awarded five years jail sentence to the actor Sanjay Dutt in the 1993 Mumbai blasts case.   Dutt had been given six years jail term by the TADA court. The SC reduced his sentence to five years. As Dutt has already spent 18 months in jail, he will have to spend three year...

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Category : General | Comments : 0 | Hits : 387

Bank Branch Audit Report Format & Guidance on Reporting on MoCs
Posted Date : 21-Mar-2013 , 09:54:26 am | Posted By CASANSAAR

This is to inform you all regarding 2013 Guidance Note on Audit of Banks as also reporting in respect of total numberand amounts of debits/ credits pursuant to Memorandum of Changes issued by the bank branch auditors and reporting thereof under the “Other Matters”&nbs...

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Category : Auditing | Comments : 0 | Hits : 1375

Delhi budget: Threshold raised for registration under VAT
Posted Date : 21-Mar-2013 , 09:01:48 am | Posted By CASANSAAR

Extending relief to small traders in the budget presented on Wednesday, Delhi Chief Minister Sheila Dikshit announced proposal to raise the threshold limit for registration under VAT from Rs 10 lakh to 20 lakh. While announcing the sop, Sheila claimed that Delhi is the first state in the country to...

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Category : Budget | Comments : 1 | Hits : 688

Tax-free Delhi budget in an election year
Posted Date : 21-Mar-2013 , 09:00:52 am | Posted By CASANSAAR

No new tax was levied and chilly spray, desi ghee and LED lights will be cheaper with Delhi government today proposing to reduce or eliminate VAT on them in its budget which focussed on social sector in an election year as Congress seeks a record 4th term in power.   Prese...

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Category : Budget | Comments : 0 | Hits : 317

The A, B, C … of Punjab budget 2013
Posted Date : 21-Mar-2013 , 08:58:29 am | Posted By CASANSAAR

Hindustan Times cuts through the jargon and jugglery of the statistics-loaded budget and brings out the key phrases, personalities and political expedients that shaped finance minister Parminder Singh Dhindsa's budget, laying out the SAD-BJP government's growth roadmap for the year ahead. ...

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Category : Budget | Comments : 0 | Hits : 429

30% rise in students vying for company secretary jobs
Posted Date : 21-Mar-2013 , 08:55:53 am | Posted By CASANSAAR

There is a 30 per cent rise in students vying to pursue a career in company secretaryship in the last three years, according to president of Council of Institute of Company Secretaries of India CS S N Ananthasubramanian.   Addressing reporters here on Monday, he said in the last three years, ...

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Category : ICSI | Comments : 0 | Hits : 398

Sebi allows FIIs to use government, corporate bonds as collateral
Posted Date : 21-Mar-2013 , 08:49:30 am | Posted By CASANSAAR

In a move that would help boost flow of overseas funds into Indian capital markets, regulatorSebi today allowed FIIs to offer government securitiesand corporate bonds as collaterals for their cash and derivative transactions on the stock exchanges. FIIs were so far permitted...

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Category : SEBI | Comments : 0 | Hits : 194

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