Why do Indian firms pay higher fees to Big Four auditors?
Posted Date : 12-Oct-2015 , 08:13:43 am | Posted By CASANSAAR
Statutory auditors play a key role in corporate governance by ensuring that financial statements reflect the true and fair view of companies. The uncovering of major corporate frauds in India and elsewhere has led to a greater scrutiny of auditors’ role as a watchdog that could prevent such fr...
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Auditing |
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Changes in Income Tax Act soon to simplify procedures - Revenue secretary
Posted Date : 11-Oct-2015 , 09:33:00 pm | Posted By CASANSAAR
The government will soon carry out reforms and changes in the income tax (IT) act to simplify its procedures, a top finance ministry official said on Saturday.
According to Revenue Secretary Hasmukh Adhia, the central government will soon reveal a road map of changes to simp...
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Income Tax |
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Income Tax Dept asks traders to pay advance tax rather than annual returns
Posted Date : 11-Oct-2015 , 09:26:03 pm | Posted By CASANSAAR
As part of its latest drive to widen the tax base, the Income Tax department has asked traders and businessmen to pay advance tax rather than file annual returns at the end of the financial year so they can be added as new assesses promptly.
The department is running...
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Income Tax |
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0 | Hits : 978
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CBI conducts searches, questions suspects in alleged black money transfer probe
Posted Date : 11-Oct-2015 , 09:21:13 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Sunday conducted searches at 50 locations and started questioning of some of the suspects in its probe into alleged black money transfer of Rs.6000 crore to Hong Kong through Bank of Baroda camouflaged as payments for “non-existent imports&rdqu...
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Black Money |
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0 | Hits : 957
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FinMin invites suggestions on tax rates from trade, industry
Posted Date : 11-Oct-2015 , 09:16:15 pm | Posted By CASANSAAR
With preparations for the next Union Budget picking up pace, the Finance Ministry has invited suggestions from trade and industry for changes in tax rates and broadening of base.
The Budget is to be presented at the end of February by the Finance Minister.
"In the context of formulating t...
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Category :
Income Tax |
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0 | Hits : 737
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Banks asked to appoint security guards at all ATMs
Posted Date : 11-Oct-2015 , 09:13:54 pm | Posted By CASANSAAR
In the wake of recent heists from two ATMs here, the district administration today directed bank officials to appoint security guards at their ATMs otherwise branch manager will be held responsible in eventuality of any thefts in the future.
District Magistrate K K Yadav said, "Under s...
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Banking |
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Computation sheet for Income Tax demand raised by AO are available at efiling portal
Posted Date : 10-Oct-2015 , 08:02:47 am | Posted By CASANSAAR
The facility to view tax and computation sheet for demand raised by AO is made available to the assessee in the e-Filing portal. After Login, select e-File ‘ Response to Outstanding Tax Demand, click on download button next to demand amount to download the details pdf.
In case of demand rai...
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Income Tax |
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0 | Hits : 1620
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GST can be implemented any time, once Bill passed: CBEC
Posted Date : 09-Oct-2015 , 10:29:33 pm | Posted By CASANSAAR
The tax department has said that Goods and Services Tax (GST) can be implemented anytime in 2016, once the Bill is passed.
Speaking at the 3rd CII Global Tax Summit organised in Delhi on Thursday, V S Krishnan, Member, Service Tax, CBEC, Ministry of Finance clarified that missing the 1st April 20...
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GST |
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ICAI Election 2015 - Valid Lists of Nominations for election of Central Council & Regional Councils
Posted Date : 09-Oct-2015 , 10:22:46 pm | Posted By CASANSAAR
Re: Valid Lists of Nominations for election to the Twenty Third Council and Twenty Second Regional Councils
In pursuance of sub-rule (1) of rule 13 of the Chartered Accountants (Election to the Council) Rules, 2006 read with sub-regulation (10) of regulation 134 of the Chartered Accountants Regul...
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Category :
ICAI Election |
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0 | Hits : 1635
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Era of tax avoidance to minimise liability over, warns CBDT
Posted Date : 09-Oct-2015 , 07:27:10 am | Posted By CASANSAAR
The large taxpaying entities are part of the tax base but they understate their income, the Central Board of Direct Taxes (CBDT) Chairperson Anita Kapur said, pointing towards the findings of a recent study on Thursday at a tax conference.
"National Institute of Public Finance and Policy (NI...
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Category :
Income Tax |
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Government Approves Eleven (11) Proposals of Foreign Direct Investment (FDI) Amounting to Rs. 1,567.91 Crore Approximately
Posted Date : 09-Oct-2015 , 07:26:08 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 11th September 2015, Government has approved 11 (eleven) proposals of Foreign Direct Investment amounting to Rs. 1,567.91 crore.
In addition, two proposals viz., M/s Sistema Shyam Tel...
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International Business |
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BSE fines 370 firms for non-compliance with Sebi norms on woman director
Posted Date : 08-Oct-2015 , 08:58:29 pm | Posted By CASANSAAR
Leading stock exchange Bombay Stock Exchange (BSE) on Thursday said it has imposed a fine on 370 companies for not complying with Sebi norms to appoint at least one woman director on their respective boards within the prescribed timelines.
The exchange had earlier issued notices to 530 companie...
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SEBI |
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RBI allows 90% loan to value ratio for home loans up to Rs.30 lakh
Posted Date : 08-Oct-2015 , 08:49:49 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday increased the amount of loan banks can give against a property purchase and also reduced the so-called risk weights attached to home loans.
The decision is line with RBI’s statement on 29 September, when it reduced its key interest rate by half ...
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RBI |
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Bombay HC rules in favour of Vodafone in Rs 8500 crore transfer pricing case
Posted Date : 08-Oct-2015 , 08:46:47 pm | Posted By CASANSAAR
The Bombay High Court on Thursday ruled in favour of the Indian arm of Vodafone Group Plc in tax dispute over a Rs 8,500 crore transaction involving a local subsidiary in 2007-08.
The ruling is likely to soothe nerves of foreign investors who are caught in similar “transfer pricing”...
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Category :
Income Tax |
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0 | Hits : 882
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Doctors, Engineers lead the list of black money declarants during compliance period
Posted Date : 08-Oct-2015 , 08:11:07 am | Posted By CASANSAAR
A total of Rs 4,147 crore were declared in the 628 disclosures made during the 90-day black money compliance window that ended on September 30.
Surprisingly, against the popular perception, professionals including Doctors, engineers and former senior managers who used to work overseas outnumber...
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Category :
Black Money |
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RBI can act as GST payment aggregator - Govt
Posted Date : 08-Oct-2015 , 07:44:57 am | Posted By CASANSAAR
A day after Prime Minister Narendra Modi expressed the hope on a national roll-out of goods and services tax (GST) from 2016-17, the finance ministry on Wednesday released three reports on the processes for the new indirect tax regime. These suggested that the Reserve Bank of India (RBI) c...
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RBI |
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0 | Hits : 916
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Income Tax dept employees to hold strike today
Posted Date : 08-Oct-2015 , 07:30:43 am | Posted By CASANSAAR
The employees of the income tax department are going on a nationwide strike on Thursday to protest the delay in promotions and appointments of tax officers in the Central Board of Direct Taxes (CBDT).
The strike organised by two prominent associations — Income Tax Employees Federation (IT...
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Category :
Income Tax |
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0 | Hits : 1065
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Government appointed panel calls for uniform tax in CSR activities
Posted Date : 07-Oct-2015 , 08:13:22 am | Posted By CASANSAAR
A high-level committee appointed by the government has recommended a uniform tax for all corporate social responsibility (CSR) activities carried out under the new Companies Act and also suggested lenient treatment of non-compliant firms during the first two to three months as companies have to stil...
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Category :
Companies Act |
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0 | Hits : 926
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SEBI issues norms to hike FPI investment limit
Posted Date : 07-Oct-2015 , 08:02:43 am | Posted By CASANSAAR
With the Reserve Bank of India (RBI) easing foreign ownership in government debt, markets regulator Securities and Exchange Board of India (Sebi) on Tuesday issued detailed guidelines for hiking the overseas investment limits in such securities to Rs 1,86,500 crore by January 1, 2016.
Sebi has sa...
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SEBI |
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0 | Hits : 798
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Rational personal taxes, flat 25% corporate tax in 4 years: FM
Posted Date : 06-Oct-2015 , 11:13:40 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has promised a rational tax rate for individuals and bringing down of corporate tax to 25 per cent flat in four years beginning next fiscal along with removal of exemptions except those that encourage individual savings.
Addressing students and faculty at the C...
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Category :
Income Tax |
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Download Online Admit Cards for November 2015 CA Exams
Posted Date : 06-Oct-2015 , 11:07:33 pm | Posted By CASANSAAR
Admit cards
6th October 2015
Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2015 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in.
Candidates may print their admit cards from the sa...
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Category :
CA Exams |
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Valuation goof costs many CA qualification
Posted Date : 06-Oct-2015 , 07:47:55 am | Posted By CASANSAAR
Errors in evaluation of exam papers may have cost many aspiring to become chartered accountants the coveted professional qualification. Several CA aspirants, who wrote the final examination in May this year but failed to make the grade, have alleged that the evaluators have goofed up, with many of t...
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Category :
CA |
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1 | Hits : 2245
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RBI initiates corrective action on Indian Overseas Bank
Posted Date : 06-Oct-2015 , 07:36:31 am | Posted By CASANSAAR
Indian Overseas Bank (IOB) on Monday informed stock exchanges that the Reserve Bank of India (RBI) had initiated a “Prompt Corrective Action” on the lender to improve internal controls and consolidate its business activities.
“The directions given by RBI are for improv...
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RBI |
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Govt stares at tax shortfall, but confident of meeting fiscal deficit target
Posted Date : 06-Oct-2015 , 07:34:45 am | Posted By CASANSAAR
The government is staring at a revenue shortfall of around 5% in the current financial year but is confident of meeting the fiscal deficit target through better management of expenditure, senior officials in the finance ministry said on Monday.
Top secretaries of the finance minis...
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Category :
Income Tax |
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0 | Hits : 747
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Tax department's cash detection ability being strengthened - FM
Posted Date : 05-Oct-2015 , 07:55:46 am | Posted By CASANSAAR
Tax department's ability to detect large cash transactions is being strengthened to check the menace of black money as bulk of it remains within India, Finance Minister Arun Jaitley said on Sunday.
"The monitoring regime of the income tax has been strengthene...
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Category :
Income Tax |
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0 | Hits : 979
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ICAI Election 2015 - Change in the composition of Panel for Scrutiny of Nomination Papers
Posted Date : 05-Oct-2015 , 07:49:49 am | Posted By CASANSAAR
ICAI Election 2015
Appointment of Panel for Scrutiny of nomination papers for election to the Twenty Third Council and Twenty Second Regional Councils – Change in composition thereof
In accordance with the provisions contained in Rule 12 of the Chartered Accountants (Election to ...
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Category :
ICAI Election |
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0 | Hits : 981
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Govt to soon make PAN must for cash spending beyond a limit
Posted Date : 04-Oct-2015 , 08:40:42 pm | Posted By CASANSAAR
To check generation of domestic black money, the government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said today.
“The government is at an advanced stage in considering the require...
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PAN |
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MCA asks companies to submit annual filings on time
Posted Date : 03-Oct-2015 , 08:21:29 am | Posted By CASANSAAR
To ensure that there is no last-minute congestion on its e-filing portal, the Ministry of Corporate Affairs (MCA) has asked companies to submit their financial statements and annual returns at the earliest.
The Ministry's message assumes significance as this would also be the first year...
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MCA |
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0 | Hits : 1189
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HC directive over plea for service tax exemption
Posted Date : 03-Oct-2015 , 08:16:19 am | Posted By CASANSAAR
The Madras High Court Bench here has directed the Union Finance Ministry to consider a representation made by a lawyer based here to exempt all kinds of private educational coaching institutes and life insurance companies from payment of service tax.
The court passed the order on a public inter...
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Category :
Service Tax |
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0 | Hits : 1206
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US SEC charges Grant Thornton India for auditor independence violation
Posted Date : 02-Oct-2015 , 10:13:09 am | Posted By CASANSAAR
US markets regulator Securities and Exchange Commission (SEC) on Thursday charged Grant Thornton India LLP and Australia-based group firm Grant Thornton Audit Pty Ltd with auditor independence violations that occurred when two partners served on the boards of Mauritius-based subsidiaries of their cl...
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Category :
Auditing |
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0 | Hits : 1156
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