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BJP plans uniform banking transaction tax to replace income tax system
Posted Date : 07-Jan-2014 , 08:55:23 am | Posted By CASANSAAR

There’s nothing sexy about death or taxes unless someone promises to abolish it if you vote for them, an American tax lawyer once said.   For the past month or so, top BJP leaders have been thinking aloud about a proposal to abolish income, sales and excise taxes and replace them with...

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Category : Income Tax | Comments : 1 | Hits : 1000

HC upholds laws empowering CAG to conduct Audit of private telcos
Posted Date : 07-Jan-2014 , 08:39:17 am | Posted By CASANSAAR

In a major boost to regulation, the Delhi high court on Monday upheld the contention of the comptroller and auditor general of India (CAG) that he could scrutinize the accounts of private telecom companies. Such an audit would, however, be limited to receipts in order to check wh...

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Category : Auditing | Comments : 0 | Hits : 338

Companies may issue debt to non-residents as bonus, says RBI
Posted Date : 06-Jan-2014 , 08:50:10 pm | Posted By CASANSAAR

The Reserve Bank today allowed Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their reserves as bonus.   "On a review and with a view to rationalising and simplifying the procedures, it has been deci...

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Category : Income Tax | Comments : 0 | Hits : 247

Mumbai Police files chargesheet in Rs 5,600-crore NSEL scam
Posted Date : 06-Jan-2014 , 08:45:35 pm | Posted By CASANSAAR

The Mumbai Police on Monday filed a 9,800-page chargesheet against five accused arrested in connection with the National Spot Exchange Ltd (NSEL) scam, which involves a payment default of Rs 5,600 crore. The voluminous chargesheet included the list of attached properties of the ...

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Category : Shares & Stock | Comments : 0 | Hits : 200

Bank employees to go on 2-day strike from January 20: UFBU
Posted Date : 06-Jan-2014 , 08:51:08 am | Posted By CASANSAAR

Operations at all the public sector banks (PSBs) and regional rural banks are likely to be affected for two days from January 20 as the United Forum of Banks Unions (UFBU) has given a strike call, demanding wage revision as well as the resolution of certain other issues. UFBU national convener M V ...

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Category : Banking | Comments : 1 | Hits : 444

SEBI names 3 qualified clearing houses for securities market
Posted Date : 06-Jan-2014 , 08:46:02 am | Posted By CASANSAAR

The capital market regulator SEBI has said that National Securities Clearing Corporation Ltd (NSCCL), Indian Clearing Corporation Ltd (ICCL) and MCX-SX Clearing Corporation Ltd (MCX-SXCCL) are the only qualified central counterparties (QCCPs) in the Indian securities market.   The three corpo...

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Category : Shares & Stock | Comments : 0 | Hits : 246

Modi’s promise: will review tax system, need for reform
Posted Date : 06-Jan-2014 , 08:39:18 am | Posted By CASANSAAR

Terming the existing taxation structure as a "burden", BJP's prime ministerial candidate Narendra Modi on Sunday promised to review and reform the system if his party is voted to power.   "The present taxation system is a burden on the common man. There is a need to reform it. It is the need ...

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Category : Income Tax | Comments : 0 | Hits : 290

Company Law emphasises on importance of independent Directors
Posted Date : 05-Jan-2014 , 10:00:56 am | Posted By CASANSAAR

The Company Law Act 2013 has a number of provisions on appointment of independent directors and there is a "growing importance" of their role and responsibility, a senior official of city-based cement manufacturer The India Cements Ltd said today. "There is a growing importance of independent d...

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Category : Corporate Law | Comments : 0 | Hits : 322

Congrats to CA.Adish Kumar Jain for being nominated as Director of Corporation Bank
Posted Date : 04-Jan-2014 , 04:05:47 pm | Posted By CASANSAAR

Congrats to CA.Adish Kumar Jain for being nominated as Director of Corporation Bank. Shri Adish Kumar Jain, B.Sc., L.L.B.,FCA, DISA(ICAI) is a fellow member of the Institute of Chartered Accountants of India (M. No. 071255),having rich experience of over 30 years in the fiel...

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Category : General | Comments : 6 | Hits : 1018

MCX-SX board appoints EY for forensic Audit
Posted Date : 04-Jan-2014 , 08:42:59 am | Posted By CASANSAAR

MCX-SX board chaired by former home secretary GK Pillai on Friday appointed Ernst & Young (EY) to carry out forensic audit of the stock exchange since its inception in December 2008 when it began trading in currency futures. The board, which has been taken over by government-appointed representa...

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Category : Auditing | Comments : 0 | Hits : 420

Financial benchmark calculation may be based on observable transactions
Posted Date : 04-Jan-2014 , 08:39:50 am | Posted By CASANSAAR

The Reserve Bank of India (RBI)’s panel on financial benchmarks has made several recommendations to bring in more transparency and improve the functioning of financial benchmarks. The panel said in its draft report the methodology used to calculate these benchmarks should be based o...

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Category : RBI | Comments : 0 | Hits : 225

Petrol price hiked 75p/ltr, diesel 50p with effect from midnight tonight
Posted Date : 03-Jan-2014 , 07:50:01 pm | Posted By CASANSAAR

Petrol price has been hiked yet again, this time by a massive 75 paise a litre, while diesel price has been raised by the regulation 50 paise today after jump in global oil rates and fall in Indian rupee value increased the cost of production.   The hikes, effective midnight tonight, are excl...

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Category : General | Comments : 0 | Hits : 232

Maharashtra govt waives off 5% cane purchase tax
Posted Date : 03-Jan-2014 , 08:53:38 am | Posted By CASANSAAR

The state cabinet on Thursday decided to waive the 5% sugarcane purchase tax for a year. The decision was taken as a relief measure for sugar factories that had claimed financial crisis before the beginning of the crushing season 2013-14. The waiver of sugarcane purchase tax was a crucial demand ma...

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Category : General | Comments : 0 | Hits : 331

Demat allotment of preferential shares must for foreign investors: SEBI
Posted Date : 03-Jan-2014 , 08:22:00 am | Posted By CASANSAAR

To ensure more transparency in capital market, Sebi said that mandatory allotment of preferential shares through demat accounts will also be applicable to overseas investors.   The move is part of Sebi's effort to check the flow of illicit funds in the issuance of shares to investors on prefe...

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Category : SEBI | Comments : 0 | Hits : 203

Banks free to charge 'reasonable ATM fees': RBI
Posted Date : 03-Jan-2014 , 08:13:29 am | Posted By CASANSAAR

Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services. "If banks charge a reasonable fee on ATM tran...

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Category : RBI | Comments : 0 | Hits : 611

FinMin initiates exercise for interim budget
Posted Date : 02-Jan-2014 , 07:32:08 pm | Posted By CASANSAAR

Gearing up for the presentation of interim budget, Finance Ministry has asked different central government departments to come up with their demands by January 10.  The third and final batch of Supplementary Demands for Grants for 2013-2014 (excluding Railways) is proposed to be pres...

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Category : Budget | Comments : 0 | Hits : 290

Facility to upload Form 15CA is now available as offline utility
Posted Date : 02-Jan-2014 , 11:10:26 am | Posted By CASANSAAR

  CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced  the Facility to upload Form 15CA is now available as offline utility. The Remitter may use either online or offline utility to upload Form 15CA. This facil...

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Category : Income Tax | Comments : 0 | Hits : 5487

Convocation for newly qualified Chartered Accountants at New Delhi by NIRC
Posted Date : 02-Jan-2014 , 10:04:07 am | Posted By CASANSAAR

We are pleased to inform you that the Institute of Chartered Accountants of India is organizing Convocation 2013 at Delhi to distribute Certificates of Membership to the newly enrolled members of the Institute from membership number 526761 to 533317, with a view to promote professional camaraderie a...

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Category : ICAI | Comments : 1 | Hits : 6681

NBFCs not to make provision for guaranteed portion of loan: RBI
Posted Date : 02-Jan-2014 , 09:40:12 am | Posted By CASANSAAR

The Reserve Bank said non-bank financial companies ( NBFCs) do not have to make provision for guaranteed portion of loans for low income housing. In case of NBFC-MFIs, if the advance covered by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) guarantee becomes non-performing, ...

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Category : Banking | Comments : 0 | Hits : 371

RBI seeks taxman’s feedback on bank licence aspirants
Posted Date : 02-Jan-2014 , 09:33:41 am | Posted By CASANSAAR

The Reserve Bank of India has asked the income-tax authorities information on six issues related to tax compliance of the 25 groups that have thrown their hat in the ring for starting a bank.   Faced with the Herculean task of generating tax compliance reports on more than 1,500 entities asso...

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Category : RBI | Comments : 0 | Hits : 291

President of the ICAI to Head the South Asian Federation of Accountants (SAFA)
Posted Date : 01-Jan-2014 , 08:39:56 pm | Posted By CASANSAAR

Shri Subodh Kumar Agrawal, President, The Institute of Chartered Accountants of India (ICAI) has been appointed as the President of the South Asian Federation of Accountants (SAFA) for the year 2014 w.e.f. today. He was the Vice-President of SAFA for the year 2013. Having passionately represent...

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Category : ICAI | Comments : 0 | Hits : 311

Lawyers wants Authorisation to Sign and furnish Tax Audit Certificates / Reports
Posted Date : 01-Jan-2014 , 08:40:57 am | Posted By CASANSAAR

Opening up a money-spinning career proposition for lawyers in the country, the Bar Council of India (BCI) has written to the Union ministry of finance and tax authorities such as Central Board of Direct Taxes (CBDT) that lawyers must be authorised to sign and furnish tax audit certificates/reports, ...

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Category : ICAI | Comments : 6 | Hits : 2758

Fighting big and bountiful, SEBI gets new anti-fraud powers
Posted Date : 01-Jan-2014 , 08:32:40 am | Posted By CASANSAAR

From large corporates like Sahara to unknown individuals perpetrating SMS investment scams, it was a year marked by lot many penal actions and even more policy measures by Sebi to safeguard the investors interest.  To help it bring to book fraudsters and other market manipu...

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Category : SEBI | Comments : 0 | Hits : 205

Law making, fraud fighting marks 2013 as a watershed year for MCA
Posted Date : 01-Jan-2014 , 08:27:21 am | Posted By CASANSAAR

After fighting numerous frauds in 2013 and changing the way lakhs of corporates function and are regulated, the Corporate Affairs Ministry is looking at the new year to ensure right execution of new companies law and initiatives aimed at safeguarding interest of investors. "The real challenge...

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Category : Service Tax | Comments : 0 | Hits : 213

Extension of last date for compliance of CPE hours requirement is extended upto 31.3.2014
Posted Date : 31-Dec-2013 , 07:00:37 pm | Posted By CASANSAAR

The last date for compliance of CPE HOURS requirements for the block period 2011-2013 is extended upto 31.3.2014.   Secretary, CPE Committee. ICAI...

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Category : ICAI | Comments : 0 | Hits : 633

RBI clarifies on ‘scribbled notes’ rumour
Posted Date : 31-Dec-2013 , 05:25:05 pm | Posted By CASANSAAR

The Reserve Bank of India has said that banks will honour all currency notes, scribbled and unscribbled, after rumours spread through some local media that the central bank has advised banks not to accept notes that were scribbled upon.   Scribbling on the top of the note is a widespread prac...

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Category : RBI | Comments : 0 | Hits : 575

Banks allowed to lend up to Rs 1 lakh against gold jewellery
Posted Date : 31-Dec-2013 , 08:35:47 am | Posted By CASANSAAR

Reserve Bank of India (RBI) has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.   "In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet...

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Category : Banking | Comments : 0 | Hits : 548

Govt okays multi-brand FDI, Tesco and Vodafone’s Rs 11k cr investment proposal
Posted Date : 31-Dec-2013 , 08:34:46 am | Posted By CASANSAAR

The government on Monday cleared proposals by UK-based retail giant Tesco and telecom company Vodafone to together invest close to Rs 11,000 crore in India, signalling the government's determination to press ahead with FDI even in contentious areas such as multi-brand retail. With clearance from the...

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Category : International Business | Comments : 0 | Hits : 287

FMC gives more time for auditing NSEL's e-series contracts
Posted Date : 30-Dec-2013 , 08:06:49 pm | Posted By CASANSAAR

Commodity market regulator FMC has given more time till January 17 to Mumbai-based chartered accountants Chokshi and Chokshi for completing the forensic audit of the crisis-hit National Spot Exchange Ltd's (NSEL) e-series contracts. Chokshi and Chokshi, which was given December-end deadline to comp...

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Category : Auditing | Comments : 0 | Hits : 192

RBI extends date of issue of inflation-indexed bonds to March 31
Posted Date : 30-Dec-2013 , 08:04:01 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday extended the time for issuance of inflation indexed bonds to March 31, 2014 from the earlier December 31, 2013.  The RBI in consultation with government earlier this month launched Inflation-Indexed National Saving Securities-Cumulative (IINSS-C), whic...

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Category : RBI | Comments : 0 | Hits : 94

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