100 billionaires in India; 6th globally: Wealth-X, UBS census
Posted Date : 18-Sep-2014 , 07:48:18 am | Posted By CASANSAAR
India has retained its sixth position in terms of number of billionaires with 100 such people collectively having USD 175 billion in networth, while globally the number of uber-rich has reached a record high of 2,325 persons.
According to the Wealth-X and UBS Billionaire Census 2014, releas...
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International Business |
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Deloitte may sign up 1.4 million sq ft of office space in Hyderabad
Posted Date : 18-Sep-2014 , 07:46:46 am | Posted By CASANSAAR
India's commercial real estate market is seeing big deals being struck once again in the top cities. In one of the largest leasing deals in the country, Deloitte is close to signing up 1.4 million sq ft of office space in Hyderabad for its BPO business. This isn't the only 1 million sq ft plus leasi...
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Category :
Auditing |
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RBI wants segregation of CMD post, Panel to appoint Directors
Posted Date : 17-Sep-2014 , 08:06:46 am | Posted By CASANSAAR
The Reserve Bank of India has proposed segregation of chairman and managing director (CMD) posts and a separate committee for appointment of directors on the board of PSU banks.
On corporate governance reforms in PSU banks, RBI Deputy Governor R Gandhi said the central bank has already reco...
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Banking |
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KPMG to do Forensic Audit of UCX; submit report in 6 weeks: FMC
Posted Date : 17-Sep-2014 , 08:04:36 am | Posted By CASANSAAR
Commodity markets regulator FMC on Tuesday said auditing firm KPMG has been appointed to conduct a forensic audit of the Universal Commodity Exchange after it found that its promoter allegedly siphoned off funds from the exchange.
The auditing firm will submit a detailed report in 4-6 weeks. Meanwh...
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Auditing |
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Sebi Eases Related Party Transaction Norms for Listed PSUs
Posted Date : 17-Sep-2014 , 07:56:16 am | Posted By CASANSAAR
With the Securities and Exchange Board of India (Sebi) relaxing corporate governance norms, listed government companies may now be able to carry out related party transactions, including subsidy payments, without prior nod from minority shareholders.
In the wake of representations and deman...
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SEBI |
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Bypolls: 'Good days' for SP & Congress, BJP suffers a shock defeat
Posted Date : 16-Sep-2014 , 04:52:52 pm | Posted By CASANSAAR
The 33 Assembly and 3 Lok Sabha seats bypoll results have surely come as a big shocker for the ruling BJP at the Centre. After a resounding victory in the Lok Sabha elections in May, the Prime Minister Narendra Modi led BJP has tasted its first major defeat. The biggest shock for the BJP has come fr...
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General |
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CBDT extends due date for filing of return by two months for income-tax assessees in State of J&K
Posted Date : 16-Sep-2014 , 04:05:43 pm | Posted By CASANSAAR
Order under section 119 of the Income-tax Act, 1961.
Considering the large scale devastation in the State of Jammu & Kashmir due to heavy rains and floods, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends th...
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Income Tax |
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High Court defers plea on Tax Audit, leaves Chartered Accountants edgy
Posted Date : 16-Sep-2014 , 08:49:19 am | Posted By CASANSAAR
Chartered accountants (CAs) went into a tizzy on Monday with the Delhi High Court adjourning the writ petition which challenged the Central Board of Direct Taxes (CBDT) directive extending deadline for furnishing tax audit report (TAR) till Thursday. Accounting professi...
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Income Tax |
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SEBI relaxes Corporate Governance norms, extends deadline to induct Woman Director
Posted Date : 16-Sep-2014 , 08:09:40 am | Posted By CASANSAAR
The capital market regulator Securities and Exchange Board of India (SEBI) has relaxed the corporate governance norms for listed companies by making amendments in various provisions, including extending the deadline for appointment of at least one woman director to April 1, 2015 and also exempting s...
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SEBI |
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SBI begins to close several Society savings bank accounts
Posted Date : 16-Sep-2014 , 08:07:33 am | Posted By CASANSAAR
State Bank of India (SBI) has started closing savings accounts of several NGOs, trusts and other registered societies across the country, putting the spotlight on a banking rule that governs savings bank (SB) deposits.Several trusts and societies have confirmed to ET that they have received notices ...
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General |
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Government makes changes to CSR spending norms under the new companies law
Posted Date : 15-Sep-2014 , 08:21:57 pm | Posted By CASANSAAR
The government has made changes to the norms governing expenses on Corporate Social Responsibility (CSR) activities under the new companies law.Certain class of profitable companies are required to shell out at least two per cent of their three-year annual average net profit towards CSR works. The r...
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Corporate Law |
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Money laundering: RBI takes action against erring Urban Cooperative Banks
Posted Date : 15-Sep-2014 , 08:07:43 am | Posted By CASANSAAR
Cracking down on money laundering, the Reserve Bank of India (RBI) has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal money. The central bank has also asked state governments to take stern action against any other erring UCBs after reports eme...
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RBI |
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Extension of last date for submission of application forms for Final/Intermediate(IPC) Nov.2014 for residents of the state of J&K
Posted Date : 14-Sep-2014 , 08:33:46 pm | Posted By CASANSAAR
11th September 2014
The Examination Committee, after considering the representation received from the branch of Northern India Regional Council at Jammu and Kashmir, relating to the hardships faced by the students due to the recent floods in the state of Jammu and Kashmir, decided that students res...
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Students Zone |
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Many Corporates rejecting Job applicants due to social media posts
Posted Date : 14-Sep-2014 , 03:12:06 pm | Posted By CASANSAAR
Social media has emerged as a major background-check tool for employers and nearly 68 per cent of them decide against hiring a person after finding negative details about the candidates, a survey has found.
According to a survey by job site CareerBuilder India, as many as 59 per cent employ...
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General |
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DUSU polls witness Modi wave, BJP-affiliated ABVP wins all 4 Seats
Posted Date : 13-Sep-2014 , 12:21:46 pm | Posted By CASANSAAR
The Narendra Modi wave was witnessed in the Delhi University Student Union polls as the Bharatiya Janata Party affiliated Akhil Bharatiya Vidhyarti Parishad (ABVP) won all four seats on Saturday.
Mohit Nagar won the president post, Pravesh Malik - vice president, Ameet Sidhu - secretary and...
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Students Zone |
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Indirect tax collection reaches 31.2% of Budget Estimate
Posted Date : 13-Sep-2014 , 08:39:09 am | Posted By CASANSAAR
Revenue authorities have managed to collect over 31 per cent of target for indirect taxes in first five months (April-August) of the current fiscal that is, 2014-15. Indirect taxes include Customs duty, excise duty and service tax.
However, collection of Customs duty and excise duty are sti...
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General |
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Postponement of Date of Applicability of Advanced ITT course - ICAI
Posted Date : 13-Sep-2014 , 08:27:37 am | Posted By CASANSAAR
As per Regulation 29(c)(iv) of The Chartered Accountants Regulation 1988, students who have registered for Practical Training on or after August 1st, 2012 were required to complete Advanced IT Training before admission to the Final Examination. Having regard to infrastructure and other facil...
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Students Zone |
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ICAI proposes Change in Eligibility period for IPC Exams & in Rules related to supply of answer book, Fees , stipend etc.
Posted Date : 12-Sep-2014 , 09:22:48 am | Posted By CASANSAAR
ICAI has vide its press release dated 10th September 2014 proposed amendments to The Chartered Accountants Regulations, 1988 vide Draft Chartered Accountants (Amendment) Regulations, 2014. Vide this it has proposed the Amendments in Regulations 28E, 39, 48 and 204 of the Chartered Accountants ...
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Students Zone |
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Whether only Extension u/s 139(1) will end all the TAR/ITRs related problems year after year
Posted Date : 12-Sep-2014 , 08:03:15 am | Posted By CASANSAAR
Respected Members,Last month, the CBDT gave us extension of TAR date to hide their unplanned & incompetent decision of mid-year TAR revamp as well as for their inability to provide its schema for almost a month, just to make us fool, when the deferment was well justified.And why..., because they...
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Category :
Income Tax |
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Goods and Services Tax implementation likely by mid-2015
Posted Date : 12-Sep-2014 , 07:54:09 am | Posted By CASANSAAR
The government is eyeing a mid-2015 rollout of its most comprehensive reform of indirect taxes aimed at replacing a plethora of state and central levies with a single goods and services tax, or GST. "We are working on tying up all the loose ends...The new government has identified it as a key p...
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GST |
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Registrations drop sharply after new Companies Act comes into force
Posted Date : 12-Sep-2014 , 07:51:27 am | Posted By CASANSAAR
The number of new companies registered in India between April and August has more than halved from the same period last year following the passage of the Companies Act, 2013, which was aimed at overhauling a 57-year-old law to make it more relevant and contemporary. During the first five months...
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Category :
Corporate Law |
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Accounting Professionals move Court for clarity on CBDT's Tax filing Deadline
Posted Date : 11-Sep-2014 , 05:24:51 pm | Posted By CASANSAAR
Some accounting professionals in the country have sought legal intervention to bring clarity into a recent directive from the Central Board of Direct Taxes (CBDT) extending deadline for furnishing the tax audit report without making any change in the deadline for filing the income-tax return.
...
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Category :
Income Tax |
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Download Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 - Edition 2014
Posted Date : 11-Sep-2014 , 08:58:39 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) has Finally released much awaited Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 – Edition 2014 on its website http://icai.org/ .
The Guidance Note Covers recent amendments in Format of Tax Audit Report...
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Category :
Income Tax |
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5 million Google accounts and passwords may have been leaked
Posted Date : 11-Sep-2014 , 08:36:37 am | Posted By CASANSAAR
According to a report which surfaced today, roughly 5 million passwords associated with Gmail accounts, or at least passwords that were once tied to Gmail accounts, have been leaked online.
This piece of news might not hit you well at first, but listen up: a fairly large...
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General |
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ICAI Clarification regarding Declration of Rank Holder Candidate for CA CPT, IPC & Final Exams
Posted Date : 10-Sep-2014 , 05:09:34 pm | Posted By CASANSAAR
9th September, 2014
ICAI recognizes meritorious candidates in CPT, by ranking them on the basis of the aggregate marks obtained by them in CPT up to 10th rank, on an all India basis, subject to his/her having secured a minimum of 60 percent marks. There is no practice of declaring any candidat...
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Students Zone |
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KPMG India's Deputy CEO Dinesh Kanabar quitting to start own venture
Posted Date : 10-Sep-2014 , 03:31:02 pm | Posted By CASANSAAR
KPMG India Pvt Ltd, the local unit of global auditing and advisory giant KPMG, said on Wednesday that its deputy CEO Dinesh Kanabar, who has been serving this role for over four years, will be leaving the firm at the end of next month.
Kanabar has more than two and half decades of experienc...
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Income Tax |
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Guarantors may get wilful defaulter tag too, says Reserve Bank of India
Posted Date : 10-Sep-2014 , 08:09:00 am | Posted By CASANSAAR
Companies and individuals who have furnished guarantees for wilful defaulters can also be accused as wilful defaulters, as per the new norms issued by the Reserve Bank of India (RBI). In a letter issued on Tuesday, RBI has said that if a guarantor refuses to pay lenders desp...
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RBI |
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ICICI Bank announces a stock split for the first time
Posted Date : 09-Sep-2014 , 08:24:52 pm | Posted By CASANSAAR
ICICI Bank, the country's largest private sector lender, has announced the sub division of its share for the first time in history. The bank board has approved the splitting of one equity share into five.
"The Board of Directors of ICICI Bank has considered and approved the sub-di...
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Shares & Stock |
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RBI sets 70 years as upper age limit for MD, CEO of Pvt Banks
Posted Date : 09-Sep-2014 , 05:12:19 pm | Posted By CASANSAAR
The Reserve Bank today fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act.
"It has been decided that the upper age limit for Managing Director & Chief Executive Office...
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Banking |
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Recognition of Deferred Tax Assets for Unrealised Losses Proposed amendments to IAS 12 (Last date for sending comments: October 9, 2014) - ICAI
Posted Date : 09-Sep-2014 , 05:07:24 pm | Posted By CASANSAAR
This Exposure Draft, published by the International Accounting Standards Board (IASB), contains proposed amendments to IAS 12, Income Taxes. The proposed amendments are in response to a request to the IFRS Interpretations Committee (the ‘Interpretations Committee’) to clarif...
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ICAI |
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