DRI unearths Rs 2700 crore scam of fradulent exports to convert black money into white
Posted Date : 30-Jan-2015 , 05:38:52 pm | Posted By CASANSAAR
As government focuses on bringing back black money parked abroad, those having illegal wealth on foreign shores seem to be already working to bring it back, albeit unscrupulously. Directorate of Revenue Intelligence (DRI) has unearthed what looks like a Rs 2,700 crore racket to turn black money park...
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Income Tax |
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CAs can give India a global edge - Railway Minister
Posted Date : 30-Jan-2015 , 08:28:50 am | Posted By CASANSAAR
Chartered accountants meeting here for an international conference were urged to help build the country’s global competitiveness with modern and ethical auditing practices.
Minister for Railways Suresh Prabhu, a chartered accountant himself, addressed the inaugural event of the Instit...
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ICAI |
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SC upholds changes in Sarfaesi Act; Banks free to decide NPAs
Posted Date : 30-Jan-2015 , 08:10:42 am | Posted By CASANSAAR
Dismissing appeals filed by around 60 companies, the Supreme Court on Wednesday upheld the amendment to the Securitisation Act that gave power to every financial institution to decide a period after which a bad loan can be declared as a non-performing asset (NPA).
Before the 2004 amendment ...
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Banking |
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Swachh Bharat Cess may be imposed by way of a Service Tax amendment
Posted Date : 30-Jan-2015 , 08:01:50 am | Posted By CASANSAAR
A Swachh Bharat cess is likely to be imposed by way of a Service Tax amendment in the forthcoming Annual Budget.
According to sources, The Finance Ministry proposes Swachh Bharat cess seeking Rs 1 lakh crore for Swachh Bharat Mission.
The government hopes to mop up Rs 1 lakh crore ...
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Service Tax |
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ICAI supports changes to Companies Act
Posted Date : 29-Jan-2015 , 08:45:18 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has said that it supports the NDA government’s decision to amend the Companies Act, 2013, by making it easier to get approvals for related party transactions by non-related shareholders through a simple resolution, instead of special resol...
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Corporate Law |
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Reserve Bank of India asks banks to ease norms for individual borrowers
Posted Date : 28-Jan-2015 , 08:23:39 pm | Posted By CASANSAAR
To ensure hassle free credit to small borrowers, the RBI today directed banks to do away with the practice of obtaining ‘No Due Certificate’ from individual loan takers.
The RBI said it received complaints from borrowers as banks were refusing to grant loans without ‘No Du...
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RBI |
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Centre not to appeal Bombay High Court order in Vodafone tax case
Posted Date : 28-Jan-2015 , 08:16:15 pm | Posted By CASANSAAR
In a decision aimed at improving the investment sentiment, the Cabinet Committee on Economic Affairs (CCEA) on Wednesday took a decision to not challenge against a Bombay High Court ruling that said Vodafone was not liable to pay a tax demand of Rs. 3,200 crore in a transfer pricing case.
T...
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Income Tax |
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CA IPCC Nov.2014 Exam Result will be declared on 4th Feb.2015
Posted Date : 28-Jan-2015 , 08:46:22 am | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (Integrated ProfessionalCompetence) Examination held in November, 2014 is likely to be declared on Wednesday,the 4th February, 2015 around 4.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55% and above marks and up...
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Students Zone |
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FM for tax reforms and quick decisions to ensure stability
Posted Date : 28-Jan-2015 , 08:13:36 am | Posted By CASANSAAR
Ahead of the Budget, Finance Minister Arun Jaitley(pictured) on Tuesday underlined the need for tax reforms and quick decision-making to ensure stability in policy regime.
The minister also asked the Central Board of Excise and Customs (CBEC) officials to maintain a certain level of ...
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Budget |
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CBEC forms teams to hunt for companies evading taxes
Posted Date : 28-Jan-2015 , 08:08:52 am | Posted By CASANSAAR
On the lines of income tax surveys of entities suspected of evading taxes, the Central Board of Excise and Customs (CBEC) has set up as many as 40 audit commissionerates across the country tasked to audit accounts of companies and survey their other operations to detect any tax evasion.
The r...
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Service Tax |
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With 150 retirements a month, DDA hiring law, CA graduates
Posted Date : 27-Jan-2015 , 08:30:20 am | Posted By CASANSAAR
With many employees retiring from Delhi’s premier land-owning agency, the Delhi Development Authority (DDA) is in for a paradigm shift as it has begun hiring young professionals on a contractual basis. Officials said while 50 vacancies in two departments have already been filled up by this new...
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General |
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ICAI Constitute a Group Pursuant to C&AG
Posted Date : 26-Jan-2015 , 08:30:03 pm | Posted By CASANSAAR
Council Affairs/M-626/2015
24th January,2015
ALL MEMBERS OF THE COUNCIL
Dear Sir,
Pursuant to C&AG’s Report `Performance Audit on Appreciation of Third Party (Chartered Accountants) - Reporting in Assessment Proceedings’ for th...
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ICAI |
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Obama announces $4 billion in India investment and lending deals
Posted Date : 26-Jan-2015 , 08:19:47 pm | Posted By CASANSAAR
U.S. President Barack Obama on Monday announced $4 billion in government-backed investments and lending to India, as he sought to scale up a trade relationship he said was "defined by so much untapped potential".
At a CEO summit hosted by Prime Minister Narendra Modi in New Delhi, Obama...
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International Business |
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Padma Awards 2015
Posted Date : 26-Jan-2015 , 10:02:34 am | Posted By CASANSAAR
Padma Vibhushan:
1 LK Advani- Public Affairs- Gujarat
2 Amitabh Bachchan- Art- Maharashtra
3 Prakash Singh Badal- Public Affairs- Punjab
4 Dr D Veerendra Heggade- Social Work- Karnataka
5 Mohammad Yusuf Khan alias Dilip Kumar- Art- Maharashtra
6 Jagadguru Ramanandacharya Swami Rambha...
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General |
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ICAI with the approval of the CG, Doubles the Stipend Payable to Article Assistants
Posted Date : 24-Jan-2015 , 08:44:33 am | Posted By CASANSAAR
No. 1-CA(7)/167/2014.- Whereas certain draft regulations further to amend the CharteredAccountants Regulations, 1988, were published as required by sub-section (3) of section 30of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary,Part III, Section 4, dated the ...
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Students Zone |
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File affidavits of assets, income during divorce proceedings, directs HC
Posted Date : 24-Jan-2015 , 08:31:31 am | Posted By CASANSAAR
Hiding your assets and income from the court during divorce or maintenance proceedings will now be difficult with the Delhi High Court issuing directions that both the husband and the wife have to file detailed affidavits of income, assets and expenditure at the time of filing for divorce or mainten...
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General |
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RBI eases norms for revamping ECBs
Posted Date : 24-Jan-2015 , 08:14:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has simplified the existing procedure for rescheduling/restructuring of external commercial borrowings (ECBs). It also delegated more powers to banks to deal with cases related to change in draw-down and repayment schedules.
Under the simplified procedure, th...
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RBI |
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Non-payment of TAX may land you in Jail
Posted Date : 24-Jan-2015 , 08:07:16 am | Posted By CASANSAAR
The government may prosecute those accused of evading taxes under the Prevention of Money Laundering Act (PMLA) as part of a wide ranging crackdown on black money. Further, non-declaration of foreign bank accounts and assets may also be made a criminal offence, according to people who have been brie...
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Income Tax |
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Govt may allow tax exemption for 3-year bank FDs
Posted Date : 23-Jan-2015 , 08:16:33 am | Posted By CASANSAAR
The government may consider the demand of banks to make fixed deposits for three years and more tax-free instead of the five-year lock-in period at present, providing these lenders a level-playing field with mutual funds and tax-free bonds that have been weaning away a large chunk of investors.Indic...
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Income Tax |
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Blind youth clears CA, wants to teach & hopes to inspire others
Posted Date : 22-Jan-2015 , 10:17:37 pm | Posted By CASANSAAR
While clearing the Chartered Accountancy (CA) exam is never a cakewalk for aspirants, for Thane's Rushabh Kapasi, the task was even more daunting. Kapasi (24) suffers from almost 100% vision loss due to a birth defect. He was born with corneal opacity in both eyes. But determined as he was, Kapasi m...
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Students Zone |
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SEBI allows re-issuance of corporate debt
Posted Date : 22-Jan-2015 , 10:09:16 pm | Posted By CASANSAAR
Capital market regulator said on Thursday it will allow companies to re-issue existing corporate bonds, in a move that is expected to avoid the fragmentation of liquidity in debt markets with multiple issuances. Securities and Exchange Board of India ( SEBI) had been widely expected to allow re...
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SEBI |
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Banks to pay fine if they exceed required remit period: RBI
Posted Date : 22-Jan-2015 , 09:09:41 am | Posted By CASANSAAR
Banks will be liable to pay penalty for failing to remit government fund within the required time frame, the Reserve Bank said today. As per the instructions of the Controller General of Accounts, the Ministry of Finance, banks are required to adhere to norms for payment of government revenue t...
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RBI |
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High Court dismisses bail plea of Chartered Accontants, two others
Posted Date : 22-Jan-2015 , 08:46:39 am | Posted By CASANSAAR
A court in Chennai on Wednesday dismissed the bail plea of four people, including joint commissioner of income tax Salong Yaden.
Last week, the CBI arrested Yaden along with two chartered accountants -the father-son duo of Sanjay Bhandari and Shreyans Bhandari -- and the managing director of ...
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General |
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I-T department moves Supreme Court on Vodafone income for FY 08
Posted Date : 22-Jan-2015 , 08:40:43 am | Posted By CASANSAAR
The income tax department has moved the Supreme Court seeking directions to a tax tribunal to consider certain facts relating to the taxable income of Vodafone India Services for the 2007-08 fiscal. This relates to the sale of its calls centre business and an alleged exercise of call options in a co...
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Income Tax |
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Govt will Present Union Budget on 28th February and Rail Budget on 26th February
Posted Date : 21-Jan-2015 , 03:25:45 pm | Posted By CASANSAAR
The Budget session of Parliament will begin on February 23 and the Narendra Modi government will present its first full-year Budget on Saturday, February 28.
The Budget session is held in two parts - Parliament will close for a recess on March 20 and will reconvene on April 20. The session ...
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Budget |
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Government Amends Rules Under Companies Law
Posted Date : 21-Jan-2015 , 08:48:58 am | Posted By CASANSAAR
Amending rules under the companies law, government has exempted unlisted firms having overseas subsidiaries from preparing consolidated financial statement for the current financial year.
Besides, the Corporate Affairs Ministry has amended rules pertaining to Corporate Social Responsibility...
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Corporate Law |
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0 | Hits : 1410
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Tax evasion could soon become a prosecutable offence inviting jail term for offenders
Posted Date : 21-Jan-2015 , 08:36:18 am | Posted By CASANSAAR
Tax evasion could soon become a prosecutable offence inviting jail term for offenders as the Supreme Court appointed special investigation team (SIT) on black money has suggested this to the government and sought a decision by March 31.
"The Central Board of Direct Taxes (CBDT) is examining w...
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Income Tax |
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Jan Dhan Yojna in Guinness World Records-11.5 crore accounts opened
Posted Date : 20-Jan-2015 , 10:47:06 pm | Posted By CASANSAAR
As many as 11.5 crore bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana, exceeding the enhanced target of 10 crore and covering 99.74 per cent of households, Finance Minister Arun Jaitley said today.
“Most of India today is included in the banking system,” ...
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Banking |
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Bank Unions defer proposed 4-day Strike
Posted Date : 20-Jan-2015 , 08:36:50 am | Posted By CASANSAAR
PSU bank employees' unions have deferred the proposed four-day strike from January 21 after the management of banks (IBA) assured that wage related issues will be resolved by early February. "Four-day strike has been put on hold as Indian Banks' Association (IBA) assured that wage issue will be...
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Income Tax |
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Bank a/c opening target may result in many dormant accounts
Posted Date : 20-Jan-2015 , 08:28:51 am | Posted By CASANSAAR
Right incentives are needed to encourage financial inclusion rather than just providing banks with account-opening targets which could result in large number of dormant accounts, CCI chief Ashok Chawla said today.
Chawla, who had earlier served as Finance Secretary, said there are challenges ...
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Banking |
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