Key Changes in Companies Amendment Bill 2014 passed by Lok Sabha
Posted Date : 18-Dec-2014 , 08:37:35 am | Posted By CASANSAAR
The Lok Sabha, the lower house of the Parliament, has passed the Companies (Amendment) Bill, 2014, which will make it easier for corporates to do business and to ensure severe punishment for illegal money pooling activities, among other things.
The amendments have been proposed in order to ...
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Corporate Law |
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SEBI asks Sahara investors to submit claims for refund by Jan.15
Posted Date : 18-Dec-2014 , 08:23:40 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi), in a fresh effort to locate Sahara investors eligible for refunds, has asked bond-holders to submit their claims by January 2015 along with necessary proof of their investments.
The latest exercise follows a similar attempt made by Sebi in ...
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SEBI |
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0 | Hits : 1047
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GST Bill gets Cabinet nod; likely in Parliament this Session
Posted Date : 17-Dec-2014 , 10:23:39 pm | Posted By CASANSAAR
The Cabinet today approved the Constitution Amendment Bill on Goods and Services Tax (GST), clearing the way for its introduction in ongoing session of Parliament to bring about long-pending indirect tax reforms.
The Bill was approved by the Cabinet late this evening and it is likely to be ...
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GST |
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0 | Hits : 1229
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RBI Fines ICICI, Bank of Baroda Over Know Your Customer Norms
Posted Date : 17-Dec-2014 , 10:12:07 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) has imposed monetary penalty on two banks (ICICI Bank and Bank of Baroda) and cautioned three banks (State Bank of India, Axis Bank and State Bank of Patiala) for violating Know Your Customer (KYC)/ Anti Money Laundering (AML) instructions.
ICICI Bank and Bank of...
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Banking |
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Lok Sabha passes Companies Act amendment Bill 2014
Posted Date : 17-Dec-2014 , 05:26:03 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the Companies amendment Bill, 2014, which provides for severe punishment for those raising illegal deposits from the public.
The Union Cabinet had approved the amendments earlier this month.
Under the new norms proposed, the paid-up capital criteria has been scrap...
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Corporate Law |
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0 | Hits : 1929
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Govt not to change 20 Companies per Auditor Rule
Posted Date : 17-Dec-2014 , 05:12:33 pm | Posted By CASANSAAR
The corporate affairs ministry has ruled out changing aCompanies Act provision prohibiting an auditor from handling the books of more than 20 companies in a year. This provision would not be changed, said an official.
The new Companies Act says a person shall not be e...
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Corporate Law |
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0 | Hits : 1855
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Illustrative Audit Engagement Letter under Companies Act, 2013 - ICAI
Posted Date : 17-Dec-2014 , 03:08:13 pm | Posted By CASANSAAR
FOR THE ATTENTION OF THE MEMBERSILLUSTRATIVE FORMATS OF THE ENGAGEMENT LETTER FOR AUDIT OF FINANCIAL STATEMENTS UNDER THE COMPANIES ACT, 2013 AND THE RULES THEREUNDER
The Auditing and Assurance Standards Board is issuing the following illustrative formats for engagement letter for audit...
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Corporate Law |
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0 | Hits : 2008
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Lawyers, Law firms must pay service tax to biz clients - Bombay HC
Posted Date : 17-Dec-2014 , 09:17:57 am | Posted By CASANSAAR
The Bombay High Court has upheld the levy of service tax on services provided by lawyers and law firms, to their business clients. Thus, business entities who hire lawyers and law firms will have to continue to pay service tax and also deposit it with the government.&nb...
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Service Tax |
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1 | Hits : 1613
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Public Sector Banks lost Rs 2,417 crore due to fraud in first quarter
Posted Date : 17-Dec-2014 , 09:17:49 am | Posted By CASANSAAR
State-run banks saw a marked rise in incidents of fraud in the first three months of this fiscal, a list compiled by the government shows, adding to concerns over the management of these lenders.The data shows that fraudsters cheated these banks of Rs 2,417 crore of public money between April and Ju...
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Banking |
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0 | Hits : 1061
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GET free of cost 10 unstructured CPE hours on a Self declaration for 2014
Posted Date : 17-Dec-2014 , 09:17:39 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2014. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2014, can file the same now.
...
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ICAI |
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0 | Hits : 8112
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Cabinet likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on Wednesday
Posted Date : 16-Dec-2014 , 10:17:36 pm | Posted By CASANSAAR
The Union Cabinet is likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on Wednesday. The Government aims to introduce the Bill in the ongoing session of Parliament.
The Bill, once, approved by Parliament, will need the nod from at least 50 per cent State As...
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GST |
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0 | Hits : 803
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FM to begin Pre-Budget consultations from Jan 6
Posted Date : 16-Dec-2014 , 10:07:24 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley will hold pre-budget consultations with different stakeholders including trade unions, financial institutions and economists beginning January 6.
Jaitley, who would be presenting his second Budget in February end, will hold pre-budget discussions with industry ...
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Budget |
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17 Crore PAN holders in India & only 3.5 crore files Income Tax Return
Posted Date : 16-Dec-2014 , 05:14:07 pm | Posted By CASANSAAR
Further, PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent during FY2005-06 to FY20 10-11, the n...
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Category :
Income Tax |
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0 | Hits : 2140
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Business hours extended for RTGS Transfers
Posted Date : 16-Dec-2014 , 08:51:28 am | Posted By CASANSAAR
To promote electronic payments, the Reserve Bank increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29.
On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circul...
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Banking |
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0 | Hits : 2540
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ICAI to help EPFO with accrual accounting system
Posted Date : 15-Dec-2014 , 05:41:46 pm | Posted By CASANSAAR
ICAI, the apex body of chartered accountants, will help Employees' Provident Fund Organisation(EPFO) to migrate to accrual accountingsystem. In this regard, the Institute of Chartered Accountants of India (ICAI) would take up a pilot project for EPFO. A Memorandum of Understandin...
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ICAI |
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Admit Cards for the Information Systems Audit Assessment Test(ISA-AT) - December, 2014 - ICAI
Posted Date : 15-Dec-2014 , 04:10:42 pm | Posted By CASANSAAR
Admit Cards for the Information Systems Audit Assessment Test (ISA-AT) scheduled to be held on 27th December, 2014 have been released. Kindly visit http://isaat.icaiexam.icai.org to download the same....
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ICAI |
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CBDT chief to keep exclusive charge of Income Tax investigations
Posted Date : 15-Dec-2014 , 06:49:48 am | Posted By CASANSAAR
A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney. The charge of I-T investigations, usual...
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Income Tax |
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0 | Hits : 947
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RBI releases charter giving more rights to bank customers
Posted Date : 15-Dec-2014 , 06:37:49 am | Posted By CASANSAAR
The RBI has released a charter of customer rights that lays down five basic rights that bank customers enjoy. Though a framework laying down service standards already exists, industry-watchers feel a direct intervention from the RBI could make the process more robust. "This will also simplify the pr...
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Banking |
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0 | Hits : 1274
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PAC raps I-T dept for surge in uncollected taxes, laxity
Posted Date : 15-Dec-2014 , 06:29:59 am | Posted By CASANSAAR
A Parliamentary committee has rapped the income tax department for the rising uncollected tax demand and “lack of sustained efforts” on its part to recover the pending amount, which rose to Rs 4.86 lakh crore in 2012-13 from Rs 4.08 lakh crore in 2011-12.
According to the figure...
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Category :
Income Tax |
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0 | Hits : 797
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Delhi HC refuses to ban astrology-based TV shows
Posted Date : 14-Dec-2014 , 08:46:18 pm | Posted By CASANSAAR
The Delhi high court has refused to prohibit astrology-based shows on television while saying it was not in its domain to prescribe what the programming code should be.
A division bench of Chief Justice G Rohini and Justice R S Endlaw, which was hearing a petition filed by NGO Sai Lok Kalyan ...
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Income Tax |
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0 | Hits : 811
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Produce more CAs, Minister tells Institute of Chartered Accountants of India
Posted Date : 14-Dec-2014 , 07:58:43 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), which was zealously maintaining its quality by limiting the number of chartered accountants should try to increased its members as the nation needed them, said Nirmala Sitharaman, union minister of state for commerce and industry, on Saturday.&...
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ICAI |
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Ministry tweaks norms for fraud reporting by Auditors
Posted Date : 13-Dec-2014 , 07:21:19 am | Posted By CASANSAAR
The Government will not fritter away its energies on small corporate frauds, but will concentrate on those which are material or serious in nature. The Companies (amendment) Bill introduced by Arun Jaitley, Minister for Finance, Corporate Affairs, and Information & Broadcasting, in the Lok Sabha...
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Auditing |
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0 | Hits : 1327
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Shah Rukh Khan's loan to wife not sham deal to avoid tax, says ITAT
Posted Date : 13-Dec-2014 , 07:12:33 am | Posted By CASANSAAR
Shah Rukh Khan has obtained a clean chit from the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which in its recent order has held that tax avoidance was not the motive %behind the actor giving a substantial interest-free loan to wife. The ITAT also held that residenti...
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Income Tax |
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0 | Hits : 1826
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Government to Not Implement Banking Transaction Tax
Posted Date : 12-Dec-2014 , 10:24:11 pm | Posted By CASANSAAR
The government is not considering implementing Banking Transaction Tax to replace all taxes in the country, Parliament was informed on Friday.
Banking Cash Transaction Tax (BCTT) was introduced in June 2005 to track unaccounted money and trace its source and destination, but was withdrawn i...
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Category :
Income Tax |
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0 | Hits : 910
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Online facility to provide Grievance relating to Income Tax CPC
Posted Date : 12-Dec-2014 , 10:21:19 pm | Posted By CASANSAAR
The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance.
www.incometax...
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Category :
Income Tax |
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0 | Hits : 894
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Online facility to provide response against outstanding income Tax demand
Posted Date : 12-Dec-2014 , 10:20:26 pm | Posted By CASANSAAR
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide...
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Category :
Income Tax |
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0 | Hits : 1209
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New Facility to get direct access to your Income Tax Department e-Filing account
Posted Date : 12-Dec-2014 , 10:17:33 pm | Posted By CASANSAAR
If you have forgotten your e-Filing login password and you are unsuccessfull with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank...
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Category :
Income Tax |
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0 | Hits : 1775
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Companies law amendment bill introduced in Lok Sabha
Posted Date : 12-Dec-2014 , 09:08:33 pm | Posted By CASANSAAR
The government Friday introduced a bill in the Lok Sabha to amend the companies law.
The Companies (Amendment) Bill 2014 was introduced by Finance Minister Arun Jaitley.
There are as many as 14 changes proposed in various provisions of the companies law passed b...
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Category :
Corporate Law |
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0 | Hits : 1033
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States reject proposed Goods and Services Tax (GST) Bill
Posted Date : 12-Dec-2014 , 08:38:47 am | Posted By CASANSAAR
In a setback to the Centre, states Thursday rejected the draft Goods and Services Tax (GST) Bill saying it does not address their concerns, particularly on entry tax and taxation of petroleum products.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring pe...
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GST |
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0 | Hits : 1368
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RBI asks FinMin to review priority lending norms
Posted Date : 12-Dec-2014 , 08:34:34 am | Posted By CASANSAAR
Reserve Bank has asked the Finance Ministry for a review of priority sector lending norms which the foreign banks find difficult to follow under the wholly-owned subsidiary model.
Under the wholly-owned subsidiary model, a framework for which has been put in place by RBI last year, ...
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RBI |
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