Govt transfers Financial Services Secretary G S Sandhu; Appoints Gujarat IAS officer Hasmukh Adhia in his place.
Posted Date : 03-Nov-2014 , 10:58:11 pm | Posted By CASANSAAR
In yet another secretary-level change, government today appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu. Sandhu, a 1980 Rajasthan cadre IAS officer, has been made Chairman of the National Authority for Chemical We...
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Finance |
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Shri V. Sagar is New Acting Secretary of ICAI
Posted Date : 03-Nov-2014 , 10:27:35 pm | Posted By CASANSAAR
in terms of decision taken by the council at its 337 meeting held during 29th to 31st october, Shri V. Sagar, Joint Secretary is hereby designated as ‘Acting Secretary’ of the Institute w.e.f. 31st October, 2014. subsequent to Shri T.Karthikeyan, Secretary, having been releived...
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ICAI |
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HC stays penal interest on I-T returns filed till extended November 30 deadline
Posted Date : 03-Nov-2014 , 08:46:23 am | Posted By CASANSAAR
The Madras high court has granted an interim stay on imposing penal interest on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30.
The CBDT had issued the notification extending the due date to comply with the judgments of various high...
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Income Tax |
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Two CAs under lens for cooking books of Company
Posted Date : 02-Nov-2014 , 09:26:43 pm | Posted By CASANSAAR
The Institute of Chartered Accounts of India is investigating allegations that a chartered account, who figures on the CBI's list of undesirable contact men (UCM), allegedly doctored balance sheets of a company.
Sources said it wasn't an isolated instance, but they have been n...
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ICAI |
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Banks to have a say in selecting auditors from next year
Posted Date : 02-Nov-2014 , 09:07:44 pm | Posted By CASANSAAR
In order to give greater autonomy to public sector banks, the Finance Ministry is working on a framework which will give lenders the authority to select statutory auditors, a pattern that would come into effect from next fiscal. "We are now thinking of a framework were banks could be involved. ...
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Auditing |
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RBI Asks Rural Banks to Partially Freeze KYC Non-Compliant Accounts
Posted Date : 02-Nov-2014 , 09:06:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed regional rural and central cooperative banks to partially freeze accounts of those customers who have not complied with the Know Your Customer (KYC) norms.
Similar instructions were issued to commercial banks by the apex bank last month.
"Banks may impo...
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RBI |
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Cyber Crimes Cell detects Nation-wide tax returns Fraud
Posted Date : 02-Nov-2014 , 08:39:03 pm | Posted By CASANSAAR
A nation-wide fraud involving fake Income Tax Department websites, fraudulent emails and phising websites cheating tax-payers by promising IT refunds has been detected by the Cyberabad’s Cyber Crimes Cell.
Using proxy servers, the culprits are sending emails that appear to have been s...
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Income Tax |
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Free ATM transactions to be curtailed from tomorrow
Posted Date : 31-Oct-2014 , 10:17:42 pm | Posted By CASANSAAR
From Saturday (November 1), frequent withdrawal of money from ATMs will be costlier with the Reserve Bank of India (RBI) having imposed a limit of 3 cross-bank transaction per month from other banks and 5 from same bank.
As per the new RBI guidelines passed earlier in August, a customer will have t...
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Banking |
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CBDT asks I-T to tap over 5L taxpayers who didn't file returns
Posted Date : 31-Oct-2014 , 09:48:39 pm | Posted By CASANSAAR
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The electronic database and systems unit of the Central Board of Direct Taxes has issued an official communication in th...
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Income Tax |
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Finance Ministry takes steps to cut fiscal deficit
Posted Date : 31-Oct-2014 , 10:18:29 am | Posted By CASANSAAR
The Narendra Modi government launched an austerity drive on Thursday to trim the fiscal deficit to 4.1 per cent of gross domestic product (GDP) in 2014-15 with a 10 per cent across-the-board cut in non-plan expenditure and barred senior officials from first-class air travel, foreign jaunts, holding ...
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Finance |
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Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money
Posted Date : 30-Oct-2014 , 09:11:55 pm | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its much higher magnitude. He asked the senior officers of the Income Tax Department to make their best efforts to chase those ...
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Income Tax |
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Government Committed to Increase Savings Rate in the Country: Secretary, Financial Services
Posted Date : 30-Oct-2014 , 09:11:07 pm | Posted By CASANSAAR
National Savings Institute (NSI), Ministry of Finance, Government of India jointly celebrated here today the World Thrift Day, in collaboration with World Savings & Retail Banking Institute (WSBI), Brussels. In his message on this occasion, the Prime Minister Shri Narendra Modi said that “...
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Finance |
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Petrol, diesel prices likely to be cut by Rs 2.50/ltr from Friday midnight
Posted Date : 30-Oct-2014 , 09:06:36 pm | Posted By CASANSAAR
Prices of petrol and diesel are likely to be cut by upto Rs 2.50 per litre from Friday midnight due to fall in international brent crude oil prices.ources said, with the fall in crude oil price to about USD 85 a barrel, oil companies in India are likely to slash the prices of petrol and diesel.
If ...
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General |
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RBI Allows Urban Cooperative Banks to Act as PAN Service Agents
Posted Date : 30-Oct-2014 , 09:06:11 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has allowed all urban cooperative banks (UCBs) to act as PAN service agents.
Earlier, only financially sound and well-managed UCBs were allowed to act as PAN service agents. They were allowed to do so only after entering a tie-up with UTI Infrastructure and T...
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Banking |
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Govt denies extension to CMD of Punjab National Bank
Posted Date : 30-Oct-2014 , 09:05:48 pm | Posted By CASANSAAR
The government has not given extension to Punjab National Bank Chairman and Managing Director K R Kamath after he completed his 5-year term in the PSU bank yesterday.
As per the government rules, the CMD and Directors are appointed in public sector entities for a period of five years or u...
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Banking |
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Sebi Notifies New Norms For Employee Stock Options (ESOP)
Posted Date : 30-Oct-2014 , 09:05:31 pm | Posted By CASANSAAR
Market regulator Sebi or Securities and Exchange Board of India has notified new ESOP or employee stock options regulations, including for purchase of shares by employee welfare trusts from the secondary market with adequate safeguards.Sebi has allowed companies to have employee stock option program...
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SEBI |
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CA booked for hacking I-T returns account in Gurgaon
Posted Date : 30-Oct-2014 , 09:05:16 pm | Posted By CASANSAAR
The Gurgaon police on Monday booked a man for allegedly hacking an income tax returns account of an employee in March this year.The police said Deepak Rao, a resident of Sector 17A, had filed a complaint at the Sector 18 police station, alleging that his password had been changed by an unknown perso...
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ICAI |
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Black money: Govt submits before SC names of 627 Indians holding foreign bank accounts
Posted Date : 29-Oct-2014 , 04:05:37 pm | Posted By CASANSAAR
In a major step forward in the black money case, the Central government on Wednesday submitted before the Supreme Court a list of names of Indians having accounts in foreign banks.
In total, the Centre has placed before the apex court in a sealed envelope names of 627 Indians who have account...
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Income Tax |
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Audit on Goa mining firms: CM says cooperate or face action
Posted Date : 29-Oct-2014 , 08:52:55 am | Posted By CASANSAAR
The Goa government has said it will launch a criminal investigation against those mining firms that are not cooperating with a state-appointed panel of chartered accountants looking into the financial transactions related to iron ore extraction and export between 2005-2012. The findings of th...
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Auditing |
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Anita Kapur likely to be new CBDT Chairperson
Posted Date : 29-Oct-2014 , 07:53:58 am | Posted By CASANSAAR
Senior IRS officer Anita Kapur is tipped to be the new chairperson of Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.
Kapur, a 1978-batch officer of the Income Tax cadre, is currently serving as Member of Legislation and Computerisation and Income Ta...
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Income Tax |
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Black money: SC orders Centre to reveal all names by tomorrow
Posted Date : 28-Oct-2014 , 05:22:29 pm | Posted By CASANSAAR
In a major development, the Supreme Court on Tuesday ordered the central government to reveal by Wednesday the names of all Indian account holders in foreign banks.
Resuming its hearing in the black money case, the SC pulled up government for seeking modification of its order on disclosing names of...
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Income Tax |
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Devendra Fadnavis selected new Maharashtra CM
Posted Date : 28-Oct-2014 , 05:19:42 pm | Posted By CASANSAAR
State Bharatiya Janata Party (BJP) chief Devendra Fadnavis was on Tuesday elected the new chief minister of Maharashtra.
BJP workers celebrate the party's victory in Maharashtra assembly polls, wearing masks of state president Devendra Fadnavis. (PTI photo)
Fadnavis, 44, wa...
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General |
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:28:06 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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Auditing |
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Audit institutions play an enabling role in ushering in good governance: President
Posted Date : 28-Oct-2014 , 08:26:24 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning.
"Good governance is the exercise of power, within the framework of the Constitu...
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Auditing |
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Round-tripping of funds: SEBI writes to ED seeking probe into big firms
Posted Date : 28-Oct-2014 , 08:16:53 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India has approached the Enforcement Directorate (ED) to look into alleged round-tripping of funds by large corporate houses. SEBI is also awaiting more data from the UK’s Financial Services Authority before taking any decision.
FEMA v...
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SEBI |
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Kaushal Srivastava is the new CBEC Chairman
Posted Date : 28-Oct-2014 , 08:13:09 am | Posted By CASANSAAR
Kaushal Srivastava is set to become the new Chairman of the Central Board of Excise and Custom (CBEC), the apex policy making body of indirect taxes.
Srivastava, a 1978 batch Indian Revenue Service officer and senior-most in the board after the present chairperson, is at present Member (bud...
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Excise |
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Government cancels appointment of 8 state-run bank CMDs, 14 EDs
Posted Date : 28-Oct-2014 , 08:09:34 am | Posted By CASANSAAR
The government on Monday cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government.In a statement released late on Monday, the finance ministry said the decision was taken after a committee set up to exam...
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Banking |
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Black money list: Centre discloses 3 account holders, says no intention to hold back any name
Posted Date : 27-Oct-2014 , 04:46:19 pm | Posted By CASANSAAR
In an important revelation, the central government on Monday released names of three persons holding accounts in foreign banks currently under the scrutiny of the income tax authority.
Pradip Burman (former director, Dabur India Limited), Pankaj Chimanlal Lodhiya (chief promoter of Rajkot-bas...
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Income Tax |
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25 European banks fail stress test, 12 have fixed holes already
Posted Date : 27-Oct-2014 , 08:10:27 am | Posted By CASANSAAR
Twenty-five banks including Italy's Banca Monte dei Paschi di Siena SpA failed a stress test led by the European Central Bank, which said almost half of them must act to raise more capital. The central bank in Frankfurt identified a 25 billion-euro shortfall ($32 billion) for the region's lenders, a...
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Banking |
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New Curriculum for ICAI by 2016
Posted Date : 27-Oct-2014 , 08:02:42 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today said it plans to launch its new curriculum by 2016, which would be a global one in future.
"The Committee on Review of Education and Training is in the process of finalising the curriculum and suggestions and feedback have...
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Students Zone |
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