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Central Bureau of Investigation, anti-corruption branch, Mumbai registered a case against Satyanarayan Vanam, office superintendent of income tax, 21(2), Pratyaksha Kar Bhavan, Bandra Kurla Complex, Mumbai and Mehboob Shaikh, tax consultant for demanding bribe of Rs 50,000 from a complaina...

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Category : Income Tax | Comments : 0 | Hits : 431

Union Finance Minister P. Chidambaram, on Friday, suggested that the Reserve Bank of India (RBI) should not issue new banking licences to entities that clone the existing banks.   “Most banks are clones to each other. I am inclined to think that there is more cloning than differentiatio...

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Category : Banking | Comments : 0 | Hits : 146

Market regulator Sebi is likely to come out with detailed guidelines on corporate disclosures on Monday, aiming to improve the quality of giving out information by companies.   "Today, there are 1,100 companies which are not compliant with the requirement of clause 35 of shareholding pat...

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Category : SEBI | Comments : 0 | Hits : 139

The ICAI has issued this exposure draft on Investment Entities which includes amendments to Ind AS 110 Consolidated Financial Statements, Ind AS 112 Disclosure of Interests in Other Entities and Ind AS 27 Separate Financial Statements. The exposure draft is open for public commen...

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Category : ICAI | Comments : 0 | Hits : 318

The management and the board of the National Spot Exchange (NSEL) ignored an internal audit report prepared way back in 2011, which noted that the spot exchange was acting as a non-banking finance company (NBFC) without formal approval from the Reserve Bank of India (RBI).   The audit report ...

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Category : Auditing | Comments : 0 | Hits : 375

Securities and Exchange Board of India (Sebi) has laid down the framework for 'search and seizure' operations to conduct investigations more effectively. Before officially notification, the stock market regulator today today issued draft 'Procedure for Search and Seizure Regulations 2013' and ...

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Category : SEBI | Comments : 0 | Hits : 231

The net bad assets of the 40 listed banks have jumped 38 per cent to Rs 1,28,533 crore during the first half of this fiscal, from Rs 93,109 crore at the end of the last fiscal, and is likely to cross Rs 1.5 lakh crore by the end of the fiscal, says a study.   Out of the total 40 lis...

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Category : Banking | Comments : 0 | Hits : 254

  In a time when high inflation is blowing holes in pockets of consumers, if a relaxation is granted on tax deduction, consumers will definitely get a reason to celebrate. Well, Ministry of Law and Justice has approved the proposal to raise annual income tax exemption limit from 2 lakh to 3 la...

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Category : Income Tax | Comments : 0 | Hits : 1181

During the Current Financial Year, a total of 801 Investor Awareness Programmes have been organized by the Ministry of Corporate Affairs in various parts of the country (till the end of October) through its 3 Professional Institutes: Institute of Chartered Accountants of India (ICAI), Institute of C...

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Category : Corporate Law | Comments : 0 | Hits : 214

No. ICAI / HRD(P)/35/2013                                                                           ...

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Category : ICAI | Comments : 0 | Hits : 1004

No. 13-CA (EXAM)/N/2013/ Ann. /6November 11, 2013   Chartered Accountants Examination - 21st November, 2013Subject: Change of Examination Centre in Bareilly (U.P.) on 21.11.2013  Due to unavoidable circumstances, the Final examination scheduled to be held on 21st November 2013 at F....

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Category : Students Zone | Comments : 0 | Hits : 368

Financial Technologies India Ltd (FTIL) founder & Group CEO Jignesh Shah has questioned Grant Thornton’s forensic audit report on the Rs 5,600-crore settlement crisis at the FTIL-owned National Spot Exchange (NSEL).   Shah and FTIL are defending their 'fit & proper’ s...

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Category : Auditing | Comments : 0 | Hits : 565

The Supreme Court on Tuesday said that it is mandatory for the police to register a First Information Report or FIR when a complaint is filed at a police station. So far, it was upto the police to decide whether to formally accept a complaint, though the Criminal Civil Procedure code says police mus...

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Category : General | Comments : 0 | Hits : 571

The Institute of Chartered Accountants of India No.13-CA(Exam)Nov-2013 November 12, 2013 ANNOUNCEMENTNo Change in the date of examination scheduled for 15th November, 2013 Certain enquiries are being received as regard to the holding of examination on 15th November, 2013 ...

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Category : Students Zone | Comments : 0 | Hits : 741

  Final Examination    GROUP I   PAPER - 1 : FINANCIAL REPORTING   PAPER - 2 : STRATEGIC FINANCIAL MANAGEMENT   PAPER – 3 : ADVANCED AUDITING AND PROFESSIONAL ETHICS   PAPER – 4 : CORPORATE AND ALLIED LAWS   I...

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Category : Students Zone | Comments : 0 | Hits : 2096

Addressing judges as My Lordor Your Lordships in courts is a relic of colonial era and a sign of slavery, a petition filed in Supreme Court said today and sought a ban on their use in the country. A PIL was filed today by a 75-year-old lawyer seeking the apex court's di...

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Category : General | Comments : 0 | Hits : 525

The Reserve Bank today waived the requirement of No Objection Certificate(NoC) with regard to share transfer from residents to non-residents where the investee company is in the financial servicesdomain. On a review, it has now been decided that the requirement of NoC(s) will be waive...

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Category : Banking | Comments : 0 | Hits : 257

Election Commission has issued instructions asking candidates to open a separate bank account exclusively for the purpose of election expenditure. The account should be opened not later than one day before the date on which the candidate files his nomination papers, a spokesman of Har...

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Category : General | Comments : 0 | Hits : 248

In a bid to attract capital inflows, the RBI today allowed SEBI-registered foreign institutional investors (FIIs) and qualified foreign investors (QFIs) to invest in the credit enhanced bonds up to a limit of $ 5 billion. These investments would be within the overall limit o...

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Category : RBI | Comments : 0 | Hits : 183

RBI has cautioned the public against fictitious e-mails sent in the names of the central bank and Governor Raghuram Rajan promising windfall gains, saying it does not send out such communications. The bank has run awareness campaigns about fake e-mails on a regular basis through its website and oth...

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Category : RBI | Comments : 0 | Hits : 272

As RBI gears up to issue new bank licences, capital markets regulatorSebi has also a job at hand that is of scrutinising all applicants coming under its jurisdiction directly or through group entities.Sebi's scrutiny follows detailed queries shot off by RBI to various regulators in India and ab...

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Category : Banking | Comments : 0 | Hits : 365

The Mumbai Income-Tax Appellate Tribunal (ITAT) has held that Passenger Service Fees (PSF) paid by Jet Airways (India) to the Airport Authority of India (AAI) is not liable to TDS. The tribunal also dismissed the revenue department's appeal claiming a TDS liability of R34.40 crore and another penal ...

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Category : Income Tax | Comments : 0 | Hits : 263

Sending a stern message to tax offenders, Union Finance Minister P Chidambaram today said government was having enough information on economic wrongdoers and warned them of tough action, including arrest."Government has to send a message, a stern message, that such violation...

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Category : Income Tax | Comments : 0 | Hits : 288

The Institute of Company Secretaries of India may get re-christened as Institute of Governance Professionals of India (IGPI).   Any such move would be in line with the institute’s recent aspiration to elevate its members from being compliance officers to governance professionals.  ...

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Category : ICSI | Comments : 0 | Hits : 1641

Easing procedures, the Reserve Bank on Friday allowed third-party payment for export and import transactions. With a view to further liberalise the procedure relating to payments for exports/imports, banks are allowed payments for export of goods/software to be received from a third-party, the RBI ...

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Category : RBI | Comments : 0 | Hits : 283

The Direct Taxes Committee, Indirect Taxes Committee & Committee on International Taxation of ICAI are in the process of identifying issues for inclusion in the Pre-Budget Memoranda- 2014 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes...

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Category : ICAI | Comments : 0 | Hits : 213

The Centre is preparing to challenge an unprecedented court order that says that the Central Bureau of Investigation or CBI is 'unconstitutional' and does not have powers to investigate crimes. The government's main investigating agency stands to lose its powers to probe, file FIRs or First Informa...

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Category : General | Comments : 0 | Hits : 164

The Economic Offences Wing (EOW) of the Mumbai Police on Thursday issued orders to attach around 25 properties belonging to defaulters in the matter related to the settlement crisis at the National Spot Exchange (NSEL).   According to a senior EOW official, the police have identified a total ...

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Category : Shares & Stock | Comments : 0 | Hits : 157

Excessive chief executive salaries may get reined in soon, with India's capitalmarket regulator planning to rewrite the rules on compensation.The Securities and Exchange Board of India, or Sebi, is considering a proposal to make it mandatory for companies to get remuneration packages of promote...

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Category : Corporate Law | Comments : 0 | Hits : 172

The Reserve Bank permitted wholly-owned subsidiary (WOS) of foreign banks to acquire domestic private sector banks as well as set up branches anywhere in the country. It also allowed foreign bank subsidiary to list on local stock exchanges. However, foreign bank subsidiary will not be allo...

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Category : Banking | Comments : 0 | Hits : 351