Check Companies Accounts before giving loan, Government tells banks
Posted Date : 26-Oct-2015 , 08:38:25 am | Posted By CASANSAAR
To put an end to rising cases of non-performing assets (NPAs) in banks and loans to undeserving entities, the government has now made it mandatory for all financial institutions to obtain an affidavit from auditors who sign balance sheets of companies applying for advances.
Banks have ...
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Accounts |
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RBI rejects plan for 100% FDI in banks
Posted Date : 26-Oct-2015 , 08:35:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has turned down a proposal from the government to allow up to 100% foreign direct investment (FDI) in banks, a move that may come as a damper for several private sector lenders such as ICICI Bank and HDFC Bank.
Sources said the RBI has not provided a clear reason t...
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RBI |
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Sebi mulls mandatory Dividend Policy for listed companies
Posted Date : 26-Oct-2015 , 08:27:06 am | Posted By CASANSAAR
As a debate continues about IPO- bound airline IndiGo doling out hefty dividend payouts to its promoters, markets regulator Sebi is mulling making it must for all listed companies to have a stated 'Dividend Policy'. The move is aimed at helping the investors identify stocks with greater retu...
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SEBI |
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Income Tax department to roll out PILOT project for scrutiny assessment
Posted Date : 26-Oct-2015 , 08:24:55 am | Posted By CASANSAAR
The Income Tax department will roll out next week its ‘pilot’ project to conduct scrutiny assessment in an e-environment when they begin sending queries through email to 500 “select” taxpayers without calling them to its offices.
The department had recently said it would...
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Income Tax |
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No service tax on Charitable yoga income - CBEC
Posted Date : 24-Oct-2015 , 08:41:23 am | Posted By CASANSAAR
There's good news on the tax front for yoga gurus who carry on their activities via charitable trusts. Income of such trusts from yoga-related activities will now not be subject to service tax. Thus, attendees of yoga camps or classes conducted by charitable trusts will not have to pay...
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Service Tax |
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CBEC revises limit for arrest and prosecution substantially upwards
Posted Date : 24-Oct-2015 , 08:28:25 am | Posted By CASANSAAR
Persons involved in serious offences of tax evasion are liable for arrest and prosecution under the Central Excise Act, 1994, Finance Act, 1994 dealing with Service Tax and Customs Act, 1962. Central Board of Excise and Customs (CBEC) has issued instructions from time to time prescribing the procedu...
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Custom |
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Black money: Income Tax Department begins final assessment of declarations
Posted Date : 22-Oct-2015 , 09:59:57 pm | Posted By CASANSAAR
The Income Tax department has begun the process of final assessment of those black money declarations that were made to it as part of the one-time compliance window that closed in September.
Sources said while a final reconciliation of the total amount and number o...
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Black Money |
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No revised returns permitted under Proposed GST
Posted Date : 22-Oct-2015 , 09:02:54 am | Posted By CASANSAAR
The proposed Goods and Service Tax (GST) mechanism will not permit any revision of GST returns, which may create some challenges for taxpayers. Currently, both service tax and value added tax (VAT) laws permit revision of the tax returns that have been filed. In other words, taxpayers can file a fre...
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GST |
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Finance Ministry Reviews Progress made after Public Sector Banks’ Reform Plan Indradhanush
Posted Date : 22-Oct-2015 , 08:44:29 am | Posted By CASANSAAR
The Indradhanush package was announced on 14th August, 2015 for transforming Public Sector Banks (PSBs) through a bottoms-up approach. It represents the most comprehensive reform effort undertaken since banking nationalisation in 1970. The framework mainly comprised of appointments, B...
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Finance |
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Writ Petition filed by CA in Bombay HC for equality of opportunity in matters of public employment
Posted Date : 21-Oct-2015 , 07:54:35 am | Posted By CASANSAAR
Twenty-five-year-old Alok Ranjan got a rude shock when he realised that he could not take the Reserve Bank of India’s Grade B (General) Direct Recruitment officer exam. Despite being a qualified Chartered Accountant, Ranjan found himself ineligible to apply for the coveted job due to a new edu...
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CA |
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RBI invites applications for Bharat Bill payment units
Posted Date : 21-Oct-2015 , 07:46:25 am | Posted By CASANSAAR
The Reserve Bank on Tuesday invited applications from entities engaged in bill payments and desirous to operate as Bharat Bill Payment System Operating Units.
The Bharat Bill Payment System (BBPS) will be an authorised payment system operated by National Payment Corporation of India (NPCI), RBI s...
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RBI |
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CBDT plans paperless I-T assessment over emails
Posted Date : 21-Oct-2015 , 07:39:16 am | Posted By CASANSAAR
Scared of facing income tax officer? In a major initiative to address tax harassment, the authorities plan to do paperless income tax assessment over emails.
The Central Board of Direct Taxes (CBDT) has rolled out a pilot project whereby e-hearing would be conducted in 100 cases.
&...
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CBDT |
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New transfer pricing norms to reduce tax litigation
Posted Date : 20-Oct-2015 , 07:40:59 am | Posted By CASANSAAR
In a bid to promote business-friendly taxation regime, the Centre has issued guidelines for transfer pricing (TP) provisions that are expected to reduce the rising volume of tax litigation.
According to the guidance note on international transactions issued by the Central Board of Direct Taxes (C...
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Income Tax |
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FM kicks off preparations for Union Budget 2016-17; consults with economists
Posted Date : 19-Oct-2015 , 09:25:49 pm | Posted By CASANSAAR
Finance minister Arun Jaitley today kicked off preparations for the Union Budget 2016-17 by holding consultation with leading economists from within and outside the government at the National Institution for Transforming India (NITI) Aayog meeting.
AIR correspondent reports that the meeting with ...
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Budget |
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Government of India makes changes in indirect tax rates, effective from today
Posted Date : 19-Oct-2015 , 08:53:45 pm | Posted By CASANSAAR
Government has made the following changes in indirect tax rates, effective from today, that is 19th October, 2015:
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic cu...
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Custom |
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Filmmakers with abandoned movie projects get tax relief
Posted Date : 19-Oct-2015 , 08:35:11 pm | Posted By CASANSAAR
Filmmakers, who could not complete their movies or had to abandon them mid-way, can now have some relief as the Income Tax department has decided to do away with a provision of claiming tax on such projects.
The Central Board of Direct Taxes earlier this month brought out a directive statin...
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Income Tax |
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IRCTC e-catering: Now order pizza, burger to your train berth
Posted Date : 19-Oct-2015 , 08:26:18 pm | Posted By CASANSAAR
The Indian Railways Catering and Tourism Corporation (IRCTC) has launched a pilot project of a ‘station-based e-catering’ service allowing passengers to order meals as per their choice, which will be delivered at stations from popular private caterers.
In the first phase of the proj...
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Category :
General |
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Banks face SEBI scrutiny for disclosure lapses in forex scam
Posted Date : 19-Oct-2015 , 08:21:25 pm | Posted By CASANSAAR
As a multi-agency probe continues in the alleged forex-based black money case involving thousands of crores of rupees, capital markets regulator Sebi and stock exchanges have now begun a scrutiny of several banks for any violation of the disclosure norms for listed firms.
State-run Bank of...
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SEBI |
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Black money SIT meets; asks agencies to check BoB like cases
Posted Date : 17-Oct-2015 , 08:40:11 pm | Posted By CASANSAAR
The SIT on black money today held a review meeting here and instructed probe agencies to step up their action against those fake firms and entities which are using banking channels to launder huge illegal funds like the recent case at a Bank of Baroda (BoB) branch in Delhi.
The meeting of the Spe...
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Income Tax |
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Submission of fictitious/forged documents by students and candidates for Institute’s examinations – attestation by members thereof
Posted Date : 16-Oct-2015 , 10:32:26 pm | Posted By CASANSAAR
ANNOUNCEMENT
For attention of Members
Submission of fictitious/forged documents by students and candidates for Institute’s examinations - attestation by members thereof
The Institute has observed certain instances where students and candidates for Institute’s exami...
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CA Exams |
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SC allows voluntary use of Aadhaar for four schemes
Posted Date : 16-Oct-2015 , 07:52:23 am | Posted By CASANSAAR
The Supreme Court on Thursday permitted citizens to voluntarily use Aadhaar cards to avail benefits under the Mahatma Gandhi National Rural Employment Guarantee Scheme, along with Pradhan Mantri Jan Dhan Yojana and schemes related to pension and PF after the government promised that absence of...
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General |
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E-biz launches composite application form for PAN, TAN, DIN and incorporation of company
Posted Date : 16-Oct-2015 , 07:27:20 am | Posted By CASANSAAR
This joined up service enables the applicant to fill a common form for 'MCA-Name, DIN and COI', 'CBDT-PAN, TAN', 'MoLE- ESIC and EPFO' services and the same is then routed sequentially to the respective department for processing. While applying for these services, eBiz refere...
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Corporate Law |
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Money laundering scam: ICICI, OBC, Axis Bank in ED's net
Posted Date : 15-Oct-2015 , 10:28:01 pm | Posted By CASANSAAR
The Enforcement Directorate has unearthed one more forex scam. This time it involves a total of 7 banks including Oriental Bank of Commerce , Axis Bank , ICICI , IndusInd , Kotak Mahindra , DCB , Dhanalaxmi Bank and YES Bank .
The ED has arrested one Manish Jain under the P...
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Money laundering |
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0 | Hits : 1699
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Arun Jaitley chosen 'Finance Minister of the Year, Asia' by Emerging Markets
Posted Date : 15-Oct-2015 , 07:55:14 am | Posted By CASANSAAR
Finance Minister Arun Jaitley has been chosen as Finance Minister of the Year, Asia by London-based publication Emerging Markets.
In an article the magazine said that Mr Jaitley too deserves some recognition for India's relative economic success over the last 18 months.
The Mag...
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Finance |
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0 | Hits : 941
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CA P S Jayakumar takes over as MD & CEO of Bank of Baroda
Posted Date : 14-Oct-2015 , 08:31:58 am | Posted By CASANSAAR
CA P S Jayakumar, the former chief executive of VBHC Value Homes, took charge as the new MD and CEO of the state-owned Bank of Baroda for three years.
"Bank of Baroda has said P S Jayakumar has assumed the charge of the office of Managing Director and CEO, Bank of Baroda, on October 13...
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CA |
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0 | Hits : 1430
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SEBI issues format of uniform Listing Agreement
Posted Date : 14-Oct-2015 , 08:12:31 am | Posted By CASANSAAR
Markets regulator Sebi issued uniform listing agreement format incorporating the revised disclosure and regulatory requirements applicable for all listed entities.
The format would be applicable for non-convertible debt securities, non-convertible redeemable preference shares, securitised debt in...
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SEBI |
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BoB to appoint Accounting Firm to review compliance, says new MD
Posted Date : 14-Oct-2015 , 08:08:15 am | Posted By CASANSAAR
Bank of Baroda, which is in the spotlight for alleged illegal remittances of Rs 6,000 crore, has decided to appoint an external accounting firm for full review of its know your customer (KYC) compliance and its effectiveness across all branches.
The bank said it is undertaking a “comprehens...
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Auditing |
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Govt to unveil new I-T tool to check PAN transactions history
Posted Date : 14-Oct-2015 , 08:00:00 am | Posted By CASANSAAR
The government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail.
The digital and smart platform is called the I...
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PAN |
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Infosys to roll out GST collection network for government in Rs 13,130 Cr deal
Posted Date : 13-Oct-2015 , 10:57:40 am | Posted By CASANSAAR
Software major Infosys will soon implement the central government’s ambitious project to network the country for its Goods and Services Tax (GST) collection, a senior official said on Monday. ”As the sole vendor for the five-year project, we will set up the network ac...
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GST |
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0 | Hits : 972
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Banks need Rs 5 lakh crore capital for Basel III norms: Study
Posted Date : 13-Oct-2015 , 09:03:02 am | Posted By CASANSAAR
Indian banks' capital requirement would cross the Rs 5 lakh-crore mark while meeting the global Basel III banking norms by March 2019, a study report said on Monday.
"Given the credit growth expected in the short-to-medium term, the capital requirement of Indian banks would cross a huge ...
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Banking |
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