Shri M.J. Joseph Appointed as Controller General of Accounts
Posted Date : 15-May-2015 , 11:07:26 pm | Posted By CASANSAAR
Shri M.J. Joseph (ICAS-1979) has been appointed as the Controller General of Accounts (CGA) in the Ministry of Finance. Prior to this appointment, Shri Joseph was the Director General of the Bureau of Indian Standards (BIS). He succeeds Shri Jawahar Thakur (ICAS-1979) who has been appointed as OSD (...
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Accounts |
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Petrol Price Hiked by Rs 3.13/Litre, Diesel by Rs 2.71/Litre
Posted Date : 15-May-2015 , 07:02:29 pm | Posted By CASANSAAR
Petrol and diesel prices were raised on Friday for the second straight time in a fortnight. While petrol prices were hiked by 3.13 per litre, diesel prices were raised by Rs 2.71 Per litre, tracking global crude prices.
But with state levies, the retail rates at fuel pumps would be more.
The i...
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General |
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ICAI issued Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities
Posted Date : 15-May-2015 , 01:29:27 pm | Posted By CASANSAAR
(The Council of the Institute of Chartered Accountants of India (ICAI) has issued this Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities which comes into effect from the date of its issuance. Pending finalisation of the Guidance Note, as it was under discussio...
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ICAI |
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Again Postponement of CA Exams Scheduled to be held from 25th May - 9th June, 2015 at Kathmandu (Nepal)
Posted Date : 15-May-2015 , 01:21:21 pm | Posted By CASANSAAR
May 15, 2015 IMPORTANT ANNOU...
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CA Exams |
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RBI says bank boards to do detailed scrutiny of financial results
Posted Date : 15-May-2015 , 08:12:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said bank boards should do a detailed scrutiny of their quarterly and annual financial results in their board discussions. According to seven critical themes prescribed by the P J Nayak committee, instituted by RBI that reviewed bank boards’ governance, the ...
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RBI |
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Finance Bill 2015 gets President Assent
Posted Date : 15-May-2015 , 07:50:55 am | Posted By CASANSAAR
Finance Bill 2015 gets President Assent and becomes Fiance Act 2015.
Hon’ble President has given assent to Finance Bill, 2015 and now it became Finance Act (No.20)2015.
Notification for effective date regarding increase in service tax rate from 12.36% to 14% is still awaited.
No...
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Finance Bill |
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Black Money Bill Passed by Rajya Sabha: 10 Facts
Posted Date : 13-May-2015 , 09:58:05 pm | Posted By CASANSAAR
The black money bill was passed by the Rajya Sabha on Wednesday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxati...
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Black Money |
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Main features and relaxations of Companies (Amendment) Bill passed by Rajya Sabha
Posted Date : 13-May-2015 , 04:03:59 pm | Posted By CASANSAAR
Main features and relaxations of Companies (Amendment) Bill are as under:
1. No minimum capital requirement of Rs.1 lakh (in case of private company) or Rs. 5 lakh (in case of public company)
2. Approval of shareholders under Sect...
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Companies Act |
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Companies Amendment Bill approves by Rajya Sabha
Posted Date : 13-May-2015 , 03:56:16 pm | Posted By CASANSAAR
Rajya Sabha today approved a bill to amend the Companies Act with an aim of promoting ease of doing business with as Finance Minister Arun Jaitley saying the law will be reviewed further by an expert committee to be set up shortly to see where the "shoe pinches".
A...
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Companies Act |
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Income Tax department to target tier-II cities to double the count of taxpayers
Posted Date : 13-May-2015 , 08:45:53 am | Posted By CASANSAAR
Desperate to widen the tax base in a country where just about 2 per cent of the population files tax returns, the income-tax authorities now plan to corner tax evaders in smaller cities and towns, and double the number of taxpayers in a year.
Anita Kapur, chairperson of the Central Board of...
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Income Tax |
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Tax Department Paid Rs 42,903 Crore Interest on Tax Refunds
Posted Date : 13-May-2015 , 08:18:33 am | Posted By CASANSAAR
The tax department has incurred an expenditure of Rs 42,903 crore on interest payments on income tax refunds during the 6-year period ended 2013-14 without approval of Parliament, official auditor CAG said.
The Comptroller and Auditor General (CAG), in its report, said as in the past, the Budge...
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Income Tax Refund |
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Cricket betting a key source of black money: SIT to SC
Posted Date : 13-May-2015 , 08:09:09 am | Posted By CASANSAAR
A day after the Lok Sabha passed the Bill to deal with black money stashed abroad, the court-appointed Special Investigating Team (SIT) has raised concern over transaction of black money in cricket betting and also over the UP government's failure to conduct proper inves...
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Black Money |
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Govt to refer Land Bill, GST Bill to special panels for further review
Posted Date : 12-May-2015 , 09:48:10 pm | Posted By CASANSAAR
The government on Monday appeared to have blinked in its ongoing stand-off with the Congress in Parliament by agreeing to refer two key Bills related to land acquisition and Goods and Services Tax to special panels for further review. Both the Bills are flagship economic reform legislations.
Ac...
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GST |
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Foreign travel details in ITR at suggestion of SIT - FM
Posted Date : 12-May-2015 , 09:46:17 pm | Posted By CASANSAAR
Foreign travel details sought in the new income tax return (ITR) forms was done so that risk profiling for detection of tax evasions could be done but the form is being modified in view of the opposition to it.
Finance Minister Arun Jaitley in a written reply to a question in the Rajya Sabh...
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ITR |
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Income Tax Related Public Grievances
Posted Date : 12-May-2015 , 09:41:26 pm | Posted By CASANSAAR
The Citizen’s Charter 2014 of Income Tax Department includes ‘Redressal of grievances’ within the specified timeline of 60 days, as one of the key taxpayer services provided by the Department. Redressal of grievances has been included as a key result area in the Interim Action Plan...
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Income Tax |
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SIT Recommends making Tax Evasion a Crime
Posted Date : 12-May-2015 , 09:38:56 pm | Posted By CASANSAAR
In Chapter III of Second SIT report, the SIT has recommended as under:
“Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more ...
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Income Tax |
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Guidance Note on Accounting for Derivative Contracts by ICAI
Posted Date : 12-May-2015 , 09:36:07 pm | Posted By CASANSAAR
In the year 2007, the Institute of Chartered Accountants of India (ICAI), issued Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement and Accounting Standard (AS) 31, Financial Instruments: Presentation. Both of these Accounting Standards were to come into effect in respec...
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ICAI |
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Quake measuring 7.1 hits Nepal, many parts of India
Posted Date : 12-May-2015 , 01:21:06 pm | Posted By CASANSAAR
An earthquake measuring 7.1 on the Richter scale had hit Nepal and many parts of North India with the impact being felt up in Delhi, West Bengal and Assam. The USGS has also reported about another quake with its epicentre in Afghanistan measuring 4.7 on the Richter scale.
On 26 April, a massive 7.9...
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General |
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RBI instructs banks to appoint internal ombudsman
Posted Date : 12-May-2015 , 08:04:46 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public sector banks, some private sector and foreign banks to appoint an internal ombudsman.
The internal ombudsman who would be designated Chief Customer Service Officer (CCSO) should not have worked in the bank in which he/she is appointed as CCSO, the ...
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RBI |
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Disclose securities held by Promoters, Directors : SEBI to companies
Posted Date : 12-May-2015 , 08:00:31 am | Posted By CASANSAAR
To check insider trading menace, market regulator Sebi asked listed companies to disclose details of securities held by promoters, directors, key management personnel and their relatives and other connected persons, before and after assuming such roles.
Besides, the companies will have...
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SEBI |
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Government easing registration norms, cutting penalty for one-person companies
Posted Date : 12-May-2015 , 07:55:55 am | Posted By CASANSAAR
With the one-person-company (OPC) concept not finding enough takers, the government is simplifying the registration procedure and reducing penalties to encourage small entrepreneurs to corporatise their businesses.
Introduced in April 2014 under the new Companies Act, the OPC concept was se...
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Companies Act |
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Black Money Bill : 10 Points You Need to Know
Posted Date : 11-May-2015 , 10:29:01 pm | Posted By CASANSAAR
The black money Bill was passed by the Lok Sabha on Monday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxation of...
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Black Money |
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0 | Hits : 1688
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Income Tax Department Puts on Hold MAT Demand on Foreign Investors
Posted Date : 11-May-2015 , 10:24:45 pm | Posted By CASANSAAR
In a move to pacify investors, the income tax department has said in a statement that it will hold off from issuing new demands to foreign investors for payment of the controversial minimum alternate tax or MAT, and will take no coercive action to pursue claims that have already been filed.
1) Th...
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Income Tax |
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Lok Sabha passes foreign Black Money Bill
Posted Date : 11-May-2015 , 10:07:08 pm | Posted By CASANSAAR
Lok Sabha on Monday passed a bill to deal with black money stashed abroad through high monetary penalty and criminal prosecution with the government allaying fears that innocent people could be harassed under the proposed “deterrent” law.
Piloting the Undisclosed Foreign Income and ...
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Black Money |
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Chartered accountants with close ties to I-T official under CBI lens
Posted Date : 11-May-2015 , 08:44:58 am | Posted By CASANSAAR
The CBI has launched a preliminary enquiry against DGIT-Investigation (Mumbai) Suresh Jandhyala. In January, the CBI had busted a bribery scandal in the I-T department's investigation wing in Chennai and had arrested a joint commissioner along with two Chartered Accountants and a few others. The...
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Chartered Accountant |
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ICAI looks to complete over 120 disciplinary cases this year
Posted Date : 11-May-2015 , 08:33:42 am | Posted By CASANSAAR
To speed up disciplinary action against erring members, the apex body of chartered accountants ICAI is looking to complete most of the 120-odd pending cases this year.
There have been some instances such as the Satyam case where the institute took stern action against some of its members fo...
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ICAI |
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Simplified ITR Forms Likely by Month End
Posted Date : 11-May-2015 , 08:23:16 am | Posted By CASANSAAR
The Finance Ministry is likely to come out with simplified Income Tax Return (ITR) forms by the end of this month which may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance.
The simplified form, which is being brought after the earlier versio...
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ITR |
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Govt set to bring GST Bill in Rajya Sabha today
Posted Date : 11-May-2015 , 08:20:42 am | Posted By CASANSAAR
The government is set to bring the Goods and Services Tax, GST bill, before the Rajya Sabha today which aimed at reforming of India's indirect tax regime. The bill was last week passed by the Lok Sabha with a two-thirds majority of the members present and voting as required for a constitutional ...
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GST |
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Income Tax Deptt files complaints against Chartered Accountant & others for tax evasion
Posted Date : 09-May-2015 , 08:48:50 am | Posted By CASANSAAR
The Income Tax department filed 12 complaint petitions before Chief Judicial Magistrate, N. Muralidharan, in Coimbatore on Friday, seeking action against three persons for alleged evasion of Income tax to the tune of more than Rs. 22 crore, over a period of two to seven years.
The complaint pet...
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Chartered Accountant |
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Request for Contribution to the bereaved family of Late CA Naresh Kumar Sehra
Posted Date : 09-May-2015 , 08:42:13 am | Posted By CASANSAAR
Dear Professional Colleague
We, on behalf of the grief stricken and financially troubled family of our professional colleague, Late CA Naresh Kumar Sehra, M.No. 091959 would humbly request you all for a contribution on humanitarian grounds. The details of the case are given in...
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CA |
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