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Extension of the Date for Sending Suggestions on 2014 Guidance Note on Audit of Banks
Posted Date : 18-Sep-2013 , 01:57:48 pm | Posted By CASANSAAR

Please note that the last date for sending suggestions on the 2014 Guidance Note on Audit of Banks has been extended from 15th September 2013 to 07th October 2013. The suggestions can be sent at [email protected] ICAI...

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Category : ICAI | Comments : 0 | Hits : 193

Punjab MLA, Chartered Accountant & six others booked in Rs 60-cr scam
Posted Date : 18-Sep-2013 , 08:44:07 am | Posted By CASANSAAR

The Chandigarh Police booked Congress MLA from Talwandi Sabo Jeet Mohinder Singh, Chartered Accountant from Delhi and six others, including Sukhbir Singh Shergill, trustee of the Adesh Foundation which runs a number of education institutes in the state, and Gurdeep Singh, managing director of Fastwa...

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Category : General | Comments : 0 | Hits : 1921

Customs Duty on Articles of Jewellery and of Goldsmiths’ or Silversmiths’ Wares Revised from 10 % to 15%
Posted Date : 18-Sep-2013 , 08:00:34 am | Posted By CASANSAAR

As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th Ja...

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Category : Custom | Comments : 0 | Hits : 1207

Close accounts using cards for online forex trading: RBI to banks
Posted Date : 18-Sep-2013 , 07:56:50 am | Posted By CASANSAAR

RBI today asked banks to close accounts of customers using credit or debit card for online forex trading transactions, which are prohibited.   As and when any bank comes across any prohibited transaction undertaken by its credit card or online banking customer, the bank will immediately close...

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Category : Banking | Comments : 0 | Hits : 253

ICSI Enters into a Tripartite Memorandum of Understanding with Assocham and the Govt. of W. Bengal
Posted Date : 17-Sep-2013 , 09:38:36 pm | Posted By CASANSAAR

The Institute of Company Secretaries of India (ICSI), Department of Micro & Small Scale Enterprises and Textile, Government of West Bengal (MSSET) and Associated Chambers of Commerce and Industry (ASSOCHAM) have entered into a tripartite Memorandum of Understanding (TRI-MOU) for a larger cause o...

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Category : ICSI | Comments : 0 | Hits : 273

I-T dept extends date for applications by Electoral Trusts
Posted Date : 17-Sep-2013 , 09:26:45 pm | Posted By CASANSAAR

 The Income Tax Departmenttoday extended the date to November 30 for filing of applications by Electoral Trusts for getting tax benefits on donations given to political parties. "The Central Board of Direct Taxes (CBDT) has permitted Electoral Trusts to file their applicatio...

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Category : Income Tax | Comments : 0 | Hits : 257

Hackers come up with new tricks to attack bank accounts
Posted Date : 17-Sep-2013 , 08:29:28 am | Posted By CASANSAAR

Delhi police have stumbled upon a new modus operandi of e-banking fraudsters in which they first hack the Internet banking account of the target and then get mobile number blocked to prevent the bank customer from receiving SMS alerts about illegal transactions made by them.   In a recent ca...

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Category : Banking | Comments : 0 | Hits : 857

Govt to enforce companies bill in phases
Posted Date : 17-Sep-2013 , 08:26:20 am | Posted By CASANSAAR

One of the top priorities of the ministry of corporate affairs (MCA) is to facilitate the setting up of the National Company Law Tribunals (NCLTs). In parallel, the draft rules of the new companies bill will be finalized through a process of consultation with all stakeholders.   ...

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Category : Auditing | Comments : 0 | Hits : 308

Updated version of Form 3CA-3CD & Form 3CB-3CD are available in the incometaxindiaefiling.gov.in
Posted Date : 16-Sep-2013 , 03:01:25 pm | Posted By CASANSAAR

Update version of Form 3CA-3CD and Form 3CB-3CD are available in the Income tax efiling website.  https://incometaxindiaefiling.gov.in   Assessee may download and use the same....

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Category : Income Tax | Comments : 0 | Hits : 2561

Sebi inspects brokers on money laundering, terror funding
Posted Date : 16-Sep-2013 , 08:17:31 am | Posted By CASANSAAR

Stepping up its fight againstmoney laundering and terror funding throughcapital markets, Sebi inspected more than 200 stock brokers and sub-brokers during the last fiscal to check any possible non-compliance. This marks a significant jump from total ...

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Category : SEBI | Comments : 0 | Hits : 228

Narendra Modi pips Obama to become most searched person on Google
Posted Date : 15-Sep-2013 , 08:09:06 pm | Posted By CASANSAAR

Gujarat Chief Minister Narendra Modi, Who is elevated to BJP PM Candidate for Lok Sabha elections, has broken record of most searched person on Google. Modi, who has emerged as most popular political icon in India, entered the record book after his name received maximum number of search on Google...

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Category : General | Comments : 0 | Hits : 474

Fin Min may form new anti-evasion, intel unit for Service tax
Posted Date : 15-Sep-2013 , 07:49:19 pm | Posted By CASANSAAR

Expecting an increase in revenue from service tax, the Finance Ministry may set-up a new anti-evasion and intelligence unit to check leakage of any indirect tax. The issue of creating such a separate unit had come up for discussion during a recent meeting of Chief Commissioners and D...

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Category : Service Tax | Comments : 0 | Hits : 273

ICAI to hold inquiry after CA student hacks Anil Ambani's I-T details
Posted Date : 14-Sep-2013 , 07:00:24 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of India on Saturday said it will conduct inquiry in the matter of the 21-year-old CA student allegedly hacking the Income Tax account of industrialist Anil Ambani.   Subodh Kumar Agrawal, president of ICAI, said the Hyderabad-based girl, who is pursuing...

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Category : ICAI | Comments : 0 | Hits : 1652

FIIS allowed to invest 90% directly in Govt Debt
Posted Date : 14-Sep-2013 , 06:59:13 pm | Posted By CASANSAAR

Market regulator SEBI today allowed foreign investors to invest directly in the debt market, by doing way with the auction process.In a circular Securities and Exchange Board of India said that “it has been decided that FIIs/QFIs can now invest in government debt without purchasing debt limits...

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Category : Finance | Comments : 0 | Hits : 194

ICAI to give suggestions on fiscal reforms to FM
Posted Date : 14-Sep-2013 , 06:47:52 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) today said a list of suggestions were being prepared by it to be given to the Union Finance ministry for helping the government tide over the current economic crisis. ICAI president Subodh Kumar Agarwal said that a seven-member group has be...

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Category : Income Tax | Comments : 0 | Hits : 248

I-T dept sends another 35,000 more letters to non-filers
Posted Date : 14-Sep-2013 , 09:34:12 am | Posted By CASANSAAR

The Income Tax Department on Friday said it had written to 35,000non-filers. This raises the number of such letters sent by the department this year to 245,000. The department is also planning to write to those who carried out high-value transactions in 2010-11 and 2011-12. By m...

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Category : Income Tax | Comments : 0 | Hits : 519

RBI to issue unique identification codes for financial market participants
Posted Date : 14-Sep-2013 , 09:32:51 am | Posted By CASANSAAR

In a bid to get a better handle on financial transactions, such as equity and currency derivatives, the Reserve Bank of India has invited limited bids from about six entities, including depositories, depository participants and custodians, to issue unique identification codes to market participants....

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Category : RBI | Comments : 0 | Hits : 196

Petrol price hiked by Rs 1.63 a litre; 7th increase since June
Posted Date : 14-Sep-2013 , 09:14:57 am | Posted By CASANSAAR

Petrol prices were on Friday hiked by Rs 1.63 per litre — the seventh increase since June — on the back of rising oil rates and the falling rupee.   The increase excludes local sales tax or VAT and will come into effect from midnight on Saturday, oil firms said. The petrol price i...

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Category : General | Comments : 0 | Hits : 245

Send e-return copies to Bangalore centre: Income Tax department to taxpayers
Posted Date : 13-Sep-2013 , 03:14:27 pm | Posted By CASANSAAR

Income Tax department has asked electronic filing taxpayers not having sent their returns copy for the two previous assessment years by post to its centre in Bangalore, to do so early.It also said that those tax payers who have already posted the corresponding ITR-V to its centre and have not r...

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Category : Income Tax | Comments : 0 | Hits : 719

Delhi gang-rape case: All four convicts sentenced to death, rarest of rare cases says judge
Posted Date : 13-Sep-2013 , 03:01:48 pm | Posted By CASANSAAR

 Four men have been given the death sentence for the fatal gang-rape of a young medical student on a moving Delhi bus, an attack that shocked India and ignited weeks of protests demanding better safety for women and swift justice for the 23-year-old who was killed.  One of the men, Vinay ...

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Category : General | Comments : 0 | Hits : 458

CA Student Hacks Ambani’s IT account
Posted Date : 13-Sep-2013 , 08:50:19 am | Posted By CASANSAAR

Driven by curiosity, a 21-year old Woman from Hyderabad hacked into Anil Ambani's efiling of Income-Tax returns account. She not only accessed details such as the amount of tax he paid, returns from previous years, and his PAN card number, but also changed the password of his e-account on the I-T we...

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Category : Students Zone | Comments : 0 | Hits : 5012

Rotation of Auditors: Inconsistency between new Companies Act and Draft Rules
Posted Date : 13-Sep-2013 , 08:42:54 am | Posted By CASANSAAR

The new Companies Act has enhanced scope of auditors by mandatinginternal audit for such class of companies as may be specified, while by imposing civil liability on the auditors, the Act requires auditors to be more cautious and careful while auditing  Following the trend in th...

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Category : Corporate Law | Comments : 0 | Hits : 746

SEBI finalises easier rules for foreign investors
Posted Date : 13-Sep-2013 , 08:38:56 am | Posted By CASANSAAR

Market regulator SEBI will soon notify new rules to make it easier for foreign entities to invest in Indian markets following finalisation of the necessary regulatory changes by the government for a major overhaul of the existing regulations for overseas investments.   Under the new rules, wh...

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Category : SEBI | Comments : 0 | Hits : 186

Power finance corporation chief signs accounts after term ended
Posted Date : 13-Sep-2013 , 08:35:49 am | Posted By CASANSAAR

Power Finance Corporation and the power ministry have allowed Satnam Singh to sign the public sector firm's accounts on August 2 - two days after his five-year term came to an end.Sources told TOI that the power ministry has neither issued an order extending his tenure, nor re-appoint...

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Category : Accounts | Comments : 0 | Hits : 411

Ministry of Corporate Affairs issues Notification for Commencement of 98 Sections of the New Act
Posted Date : 12-Sep-2013 , 08:41:48 pm | Posted By CASANSAAR

The Companies Act, 2013 as passed by the Parliament and assented to by the President of India is available on the Ministry of Corporate Affairs’ website at www.mca.gov.in. The Ministry has initiated the process to implement the new Act in consultation with concerned regulatory authoritie...

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Category : Corporate Law | Comments : 0 | Hits : 598

Foreign banks can open zero-balance accounts
Posted Date : 12-Sep-2013 , 08:44:35 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday said foreign bankswith branches in India could open zero-balance accounts. In a list of frequently asked questions issued by the central bank, it said basicsavings bank deposit account (BSBDA) guidelines were applicable to “all schedu...

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Category : Banking | Comments : 1 | Hits : 395

Income tax returns: Disclosure of yachts and more aimed at plugging wealth tax evasion
Posted Date : 12-Sep-2013 , 08:41:23 am | Posted By CASANSAAR

Rich business persons gearing up to file their income tax returns for fiscal 2013 by the due date of September 30 find themselves saddled with additional disclosure requirements.They are required to disclose assets — both immovable and movable — held in India in personal capacity as of M...

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Category : Income Tax | Comments : 0 | Hits : 277

RBI to crack down on unauthorised NBFCs
Posted Date : 12-Sep-2013 , 08:32:43 am | Posted By CASANSAAR

The Reserve Bank of India will get tough with companies which are accepting deposits from the public though they do not have the mandate to do so, a senior central bank official said.   A RBI survey has found that there are 96 companies that are accepting deposits without registering with the...

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Category : RBI | Comments : 0 | Hits : 288

No car loan if annual income less than Rs. 6 lakh, says SBI
Posted Date : 11-Sep-2013 , 09:06:13 pm | Posted By CASANSAAR

Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults. The eligibility limit for loan issuance to salaried ...

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Category : Banking | Comments : 1 | Hits : 670

Don't use currency notes for making garlands: RBI
Posted Date : 11-Sep-2013 , 08:18:21 pm | Posted By CASANSAAR

Making garlands of currency notes, a common practice in Indian marriages and political rallies, has been sought to be discouraged by the Reserve Bank of India (RBI). "The Reserve Bank of India has appealed to members of public not to use banknotes for making garlands, decorating pandals and places ...

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Category : RBI | Comments : 0 | Hits : 374

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