Parliament clears long-pending Insurance Bill
Posted Date : 12-Mar-2015 , 10:40:53 pm | Posted By CASANSAAR
Parliament on Thursday approved the NDA government's first major economic reform measure as the long-pending bill providing for raising foreign investment cap to 49 per cent in insurance was passed by Rajya Sabha after main opposition Congress and some other parties came on board.
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Finance |
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Draft Guidelines for Issuing Secretarial Audit Report, Signing and Certification of Annual Return - ICSI
Posted Date : 12-Mar-2015 , 12:05:49 pm | Posted By CASANSAAR
Draft Guidelines for Issuing Secretarial Audit Report, Signing and Certification of Annual Return - ICSI.
In exercise of the powers conferred by Clause (1) of Part II of the Second Schedule to the Company Secretaries Act, 1980 (56 of 1980), as amended by the Company Secretaries (Amendment) Act, 2...
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ICSI |
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ICAI to host two-day Asian Summit on healthcare cost management
Posted Date : 12-Mar-2015 , 08:53:07 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) will be organizing an Asian Summit on Health Care Cost Management on the theme "Touching Lives through Cost Management in Health Care" on March 12 and 13 in New Delhi.
One of the important objectives of Govern...
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ICAI |
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RBI issues new norms for sale of bad loans (NPA)
Posted Date : 12-Mar-2015 , 08:48:30 am | Posted By CASANSAAR
In a boost to banks, which are facing rising asset quality issues, the Reserve Bank of India, on Wednesday, allowed such lenders to reverse the excess provision on sale of bad loans to their profit and loss account, provided the transaction took place before February 26, 2014.
The central bank ...
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NPA |
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TDS by co-operative banks will HASSLE small depositors
Posted Date : 12-Mar-2015 , 08:39:34 am | Posted By CASANSAAR
Co-operative banks will be required to deduct TDS if the interest they pay to a depositor, who is also a member (shareholder) of these banks, exceeds ₹10,000 in a financial year.
In this regard, the Finance Bill 2015-16 has proposed an amendment to Section 194A of the Income Tax Act (rela...
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TDS |
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Stop collecting service tax from pilgrims in Bodh Gaya: HC
Posted Date : 12-Mar-2015 , 08:28:42 am | Posted By CASANSAAR
The Patna high court on Wednesday directed the government to stop collecting service tax from pilgrims at Bodh Gaya.
A division bench of Chief Justice L Narasimha Reddy and Justice Vikas Jain, while hearing a PIL, also ordered constitution of a committee under the supervision of Bihar State...
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Service Tax |
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Banks Can Raise Funds From Market to Meet Capital Needs - FinMin
Posted Date : 11-Mar-2015 , 06:51:19 pm | Posted By CASANSAAR
The government today said it has limited fiscal space to recapitalise PSU banks and they can raise funds from the market to meet their capital needs.
"The government doesn't have space to give Rs. 20,000 crore or 25,000 crore (for capital infusion) ... If banks require fu...
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Banking |
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Pay TDS by March 31, Income Tax department requests companies
Posted Date : 11-Mar-2015 , 08:26:56 am | Posted By CASANSAAR
The tax office is exploring all avenues to mop up revenue collection before March 31. In an unusual development, hundreds of companies have received letters from the income-tax department, "requesting" them to deposit the amount from tax deductions before the financial year closes — ...
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TDS |
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Top 10 borrowers account for Rs 28K cr of PSU banks' NPA
Posted Date : 11-Mar-2015 , 08:20:35 am | Posted By CASANSAAR
The top 10 borrowers account for Rs 28,152 crore of non performing assets (NPAs) of the state-owned banks,Parliament was informed today.
As many as 433 borrowers have taken loans of over Rs 1,000 crore and above amounting to Rs 16.31 lakh crore, Minister of State for Finance Jayant Sin...
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NPA |
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Audit of social sector schemes a must: CAG
Posted Date : 11-Mar-2015 , 08:07:35 am | Posted By CASANSAAR
Comptroller and Auditor General Shashi Kant Sharma on Tuesday emphasized on the need for mandatory social audit of social sector schemes as they lacked transparency and accountability.
Speaking at a conference on social audit here,the CAG said expenditure of central and state governments th...
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Auditing |
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Income Tax Dept slaps $1.6 bn tax demand on Cairn Energy
Posted Date : 11-Mar-2015 , 08:03:08 am | Posted By CASANSAAR
Income Tax Department has slapped a Rs 10,247 crore (USD 1.6 billion) tax demand on Cairn Energy Plc, which termed the action as “very disappointing” and said it would contest the order.
The tax demand relates to an alleged Rs 24,500 crore worth capital gains it made in 2006 while t...
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Income Tax |
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Income tax refunds of Rs 1.19 lakh crore pending in last 3 years
Posted Date : 10-Mar-2015 , 09:16:36 pm | Posted By CASANSAAR
Income tax refunds to the tune of over Rs 1.19 lakh crore is pending for the last three fiscals, starting 2012-13, Parliament was informed on Tuesday.
"Income-tax refunds amounting to Rs 1,19,964.13 crore relating to last three assessment years are pending as on March 5, 2015,&quo...
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Income Tax Refund |
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Name of top ten companies in india by value of assets
Posted Date : 10-Mar-2015 , 08:42:09 pm | Posted By CASANSAAR
The names of top ten companies in descending order, in terms of their assets as on 31.03.2014, from among the 4,15,886 companies that filed their Balance Sheets for the year 2013-14 till 30.11.2014 is given in the Table. The total reported value of the assets of all the 4,15,886 companies was R...
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MCA |
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Over 480 banks under RBI lens in Money laundering
Posted Date : 10-Mar-2015 , 08:16:41 am | Posted By CASANSAAR
Over 480 urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) for alleged violation of anti-money laundering laws.The central bank has been taking strict action like imposition of penalty and denial of branch expansion against the erring...
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Money laundering |
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ITR - File by March end to avoid penalty
Posted Date : 10-Mar-2015 , 08:11:34 am | Posted By CASANSAAR
Did busy office hours leave you with no time to file your tax returns(ITR) by the July 2014 deadline? Did the heavy July rains stopped you from meeting your chartered accountant? Festivals and weekends travels disrupted your plans to file it on the last weekend too? You still have a breath...
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ITR |
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Rs 2 lakh crore so far from coal auction, Rs 1 lakh crore from spectrum
Posted Date : 10-Mar-2015 , 08:00:54 am | Posted By CASANSAAR
The government on Monday said it has raised Rs 2 lakh crore through auction of mining rights and royalty from 30 blocks that have been bid out so far, breaching the Comptroller & Auditor General's estimated "notional loss" of Rs 1.86 lakh crore.
Excluding the royalty, the government...
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CAG |
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WhatsApp: The calling feature invite is a scam
Posted Date : 09-Mar-2015 , 02:54:21 pm | Posted By CASANSAAR
WhatsApp users across the world are being targeted by cyberscammers who are circulating fake messages inviting users to test the new calling feature that fills the phone with dangerous malware.
According to the Daily Star, if users click on the link, they are taken to another website where they are...
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General |
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Tax Audits - Centre raises the bar on CAs
Posted Date : 09-Mar-2015 , 07:58:39 am | Posted By CASANSAAR
The Centre has once again put chartered accountants’ (CAs) fraternity on notice - this time on their attest functions on the income tax front.
Several changes are now being proposed – to be effective from June 1 -- on the eligibility criteria for CAs to undertake attestation (au...
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Tax Audit |
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DVAT - Traders can carry forward input tax credit to next fiscal
Posted Date : 09-Mar-2015 , 07:50:21 am | Posted By CASANSAAR
The Delhi government provided a big relief to the city traders by allowing them to carry forward input tax credit to next financial year and extending the last date of submission of R-9 forms for last three years, up to June 30. The government's move comes with an aim to simplify business for t...
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VAT |
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All services will not attract Swachh Bharat cess
Posted Date : 08-Mar-2015 , 08:54:57 pm | Posted By CASANSAAR
The Swachh Bharat cess will be levied on select services at the rate of up to 2 per cent, depending upon the need for funds to take forward the Prime Minister's national cleanliness drive. This was explained to a group of tax experts by Finance Ministry officials during a post-budget meeting.&n...
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Service Tax |
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MCA eases Director appointment filing requirements
Posted Date : 08-Mar-2015 , 08:29:08 pm | Posted By CASANSAAR
In case of the entire board resigning from a company, the statutory filing about details of new directors' appointment can be made by one of the directors who has quit, according to the Ministry of Corporate Affairs.
The relaxation would help address difficulties faced by stakeholders, especially w...
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Companies Act |
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Demand for company secretaries likely to grow with new laws: ICSI
Posted Date : 07-Mar-2015 , 08:16:46 am | Posted By CASANSAAR
The Institute of Company Secretaries of India feels that once the Companies Act 2013 and the Secretarial Audit provisions are fully implemented, there would be a sharp rise in demand for company secretaries.
Future demand
“Currently, around 3,500 fresh company secretaries pas...
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ICSI |
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Govt plans to curb RBI role in financial markets
Posted Date : 07-Mar-2015 , 08:11:50 am | Posted By CASANSAAR
The Union Budget proposes to take away regulatory power of the Reserve Bank of India (RBI) over secondary market trading in government securities and move it to the Securities and Exchange Board of India (Sebi). This is in addition to ending RBI's role as the government's merchant banker by creating...
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RBI |
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Bring NGOs under single, independent regulator: ICAI to Govt
Posted Date : 06-Mar-2015 , 08:14:19 am | Posted By CASANSAAR
With a number of non-governmental organisations (NGOs) coming under income tax scanner for not filing returns, the Institute of Chartered Accountants of India (ICAI) has told the government to bring them under a single and independent regulatory body.
The apex body, in a recent note to the ...
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ICAI |
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RBI eases norms for home loans for up to Rs 10 lakh
Posted Date : 06-Mar-2015 , 08:05:38 am | Posted By CASANSAAR
Giving a boost to affordable housing, the RBI on Thursday eased the norms for home loans for up to Rs 10 lakh by allowing banks to include stamp duty and registration charges to the cost of a unit.
These charges form around 15 per cent of the cost of the house and place a burden on ...
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RBI |
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Dilip Shanghvi ends Mukesh Ambani's eight-year run as India's richest billionaire
Posted Date : 05-Mar-2015 , 08:15:07 pm | Posted By CASANSAAR
Dilip Shanghvi, the billionaire founder of drug maker Sun Pharma has ended Reliance Industries promoter Mukesh Ambani's eight-year run as India's richest billionaire on Wednesday.
For the first time ever, Forbes and the Bloomberg Billionaires Index have also ranked Shanghvi ahea...
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Finance |
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Madras High Court rejected PIL seeking service tax exemption for film actors
Posted Date : 05-Mar-2015 , 08:57:40 am | Posted By CASANSAAR
Is a film actor equal to a folk or a theatre artiste so as to demand Service tax exemptions for his earnings? No, ruled the Madras high court on Wednesday, refusing to grant exemptions for film actor Siddharth Suryanarayan who wanted to be treated on a par with theatre artistes and given tax cuts.&n...
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Service Tax |
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Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 released by ICAI
Posted Date : 05-Mar-2015 , 08:50:53 am | Posted By CASANSAAR
Auditing and Assurance Standards Board
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 1...
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Auditing |
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Sebi eases account opening norms for individual investors
Posted Date : 05-Mar-2015 , 08:44:33 am | Posted By CASANSAAR
To make it easier for new individual investors, market regulator Sebi announced a 'Saral' or simplified account opening form for such persons and eased the process for submitting address proof documents.The move comes in the backdrop of the government and the regulator making efforts to attract...
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SEBI |
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RBI cuts repo rate by 25 bps to 7.5%; keeps CRR unchanged
Posted Date : 04-Mar-2015 , 09:20:21 am | Posted By CASANSAAR
In a surprise move, Reserve Bank of India (RBI) on Wednesday slashed repo rate by 25 bps to 7.5 per cent from 7.75 per cent earlier. Consequently, the reverse repo rate under the LAF stands adjusted to 6.5 per cent. The central bank kept the cash reserve ratio ( CRR) of scheduled banks unchange...
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RBI |
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