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Ensure that your TDS reaches the Income-Tax Department
Posted Date : 09-Sep-2014 , 07:52:45 am | Posted By CASANSAAR

Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for late payment of tax. She was surprised, as her bank had deducted the tax at source (TDS). What had happe...

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Category : Income Tax | Comments : 0 | Hits : 1414

Raju, other Ex-Satyam execs get breather on Rs 3K-Cr SEBI Penalty
Posted Date : 09-Sep-2014 , 07:51:17 am | Posted By CASANSAAR

The Securities Appellate Tribunal (SAT) on Monday stayed a July order of the securities market regulator directing Satyam Computer Services founder Ramalinga Raju and four other executives to disgorge alleged unlawful gains. The Securities and Exchange Board of India (Sebi) in July had as...

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Category : Corporate Law | Comments : 0 | Hits : 992

Jan Dhan Yojana: KPMG to validate number of accounts opened by Banks
Posted Date : 09-Sep-2014 , 07:49:22 am | Posted By CASANSAAR

The Finance Ministry has roped in professional services firm KPMG to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY).   KPMG’s confirmation of the number of accounts opened will help the Centre pit...

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Category : Banking | Comments : 0 | Hits : 1616

CBI Director must come out in black and white on allegations: SC
Posted Date : 08-Sep-2014 , 10:20:23 pm | Posted By CASANSAAR

CBI Director Ranjit Sinha was on Monday directed by the Supreme Court to come out in "black and white" on averments made against him for allegedly entertaining scam-tainted visitors at his official residence here, saying that it is a "serious" issue.   Taking serious objection to Sinha'...

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Category : General | Comments : 0 | Hits : 799

Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR
Posted Date : 08-Sep-2014 , 12:59:36 pm | Posted By CASANSAAR

Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR. Delhi High Court on Friday 5th Sep, listed for 8th September Monday Diary no. 162371/2014. W.P.(C) 5990/2014.  Mahesh Kumar & Co. vs. UOI and Others in Court no 2 of Hon'ble Mr. Justice B...

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Category : Income Tax | Comments : 0 | Hits : 3198

Golden Opportunity for Professionals (CA, CS, CMA) by CASANSAAR - Domain + Website + Hosting + 2 email id @ Just Rs.3100
Posted Date : 08-Sep-2014 , 08:41:12 am | Posted By CASANSAAR

CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose.  It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. By payin...

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Category : General | Comments : 0 | Hits : 1363

CA Entrance Test may get tougher
Posted Date : 08-Sep-2014 , 08:16:52 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI), the governing body for country's premier accounting profession, is once again planning a revamp in its education pattern. This may also make entry into the course tougher. At present, students can start the course from Std 12 after appearing fo...

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Category : Students Zone | Comments : 0 | Hits : 2433

Government plans new return to plug Excise, Service tax evasion
Posted Date : 08-Sep-2014 , 08:14:45 am | Posted By CASANSAAR

The government plans to introduce a new annual tax return that will include information from income tax audit report, including TDS and income tax returns, and cost audit report as it looks to draw information from multiple sources to clamp down on evasion of excise and service tax.Several services ...

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Category : Excise | Comments : 0 | Hits : 1376

New 2-month scheme exempts defaulting Companies from prosecution:MCA
Posted Date : 08-Sep-2014 , 08:07:14 am | Posted By CASANSAAR

With stricter legal regime in place for corporates, the government has said the ongoing company law settlement scheme provides an opportunity for defaulting entities to "make good of their default" by granting them immunity from prosecution.  The Ministry of Corporate Affairs (MCA), ...

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Category : Corporate Law | Comments : 0 | Hits : 904

Govt provides clarity on CAG Audit provision in new Companies Act
Posted Date : 07-Sep-2014 , 09:21:48 pm | Posted By CASANSAAR

To remove difficulties faced by stakeholders, the Corporate Affairs Ministry has made changes to provisions regarding appointment of auditors by CAG for 'deemed government companies' under the new companies law.The Ministry is implementing the Companies Act, 2013, whose many provisions have come int...

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Category : Auditing | Comments : 0 | Hits : 942

Kerala High Court upholds service tax on overseas remittances
Posted Date : 07-Sep-2014 , 10:11:37 am | Posted By CASANSAAR

The Kerala High Court has held that service tax can be levied on the fees and commissions charged by banks for converting overseas remittances into rupees, a ruling that is seen as a setback for exporters. While dismissing a writ petition filed by Palm Fiber, a Kerala-based manufacturer and exp...

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Category : Service Tax | Comments : 0 | Hits : 959

Chartered Accountant arrested for faking his Death
Posted Date : 06-Sep-2014 , 09:23:56 am | Posted By CASANSAAR

A Chartered Accountant from Vijayawada allegedly cheated the special court for economic offences here by producing a fake death certificate though he was alive. The court issued a non bailable warrant against him and he was arrested.    The CA, Nadella Srinivas Rao had many high flyi...

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Category : ICAI | Comments : 0 | Hits : 2379

Achhe din: Merger and Acquisitions are picking up
Posted Date : 06-Sep-2014 , 09:21:46 am | Posted By CASANSAAR

Call it the Modi impact. After years of suppressed investment environment, India Inc is showing signs of revival with a spurt in merger and acquisitions (M&A) cases.   Fair play regulator Competition Commission of India (CCI) used to hardly get four to five cases o...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 1044

Government Approves Twenty Two (22) Proposals of Foreign Direct Investment (FDI) Amounting to About Rs. 3951.61 Crore
Posted Date : 06-Sep-2014 , 09:08:01 am | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 1, 2014, the Government has approved 22 proposals of Foreign Direct Investment (FDI) amounting to Rs. 3951.61 crore approximately.    Details of 22 proposals considered in the Foreign ...

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Category : International Business | Comments : 0 | Hits : 1988

Raises alarm over CA's Reckless Advice, Calls ICAI to stem Deteriorating Standards - ITAT
Posted Date : 05-Sep-2014 , 09:11:11 am | Posted By CASANSAAR

ITAT dismisses Assessee's plea to condone 2984 days delay in filing of appeal, rejects 'Improper Advice' given by CA Firm as ground for Condonation / "Sufficient Delay";   Tribunal taken aback by CA Firm's Affidavit, stating that it had advised Assessee not to file an appeal with ITAT on same...

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Category : ICAI | Comments : 1 | Hits : 3039

CBDT rationalises norms of scrutiny of Tax Returns
Posted Date : 05-Sep-2014 , 08:22:46 am | Posted By CASANSAAR

The Income Tax Department has rationalised the norms for manual selection for scrutiny of tax returns to bring it in line with global best practices.   As per the norms released by the Central Board of Direct Taxes (CBDT), all cases where income exceeds Rs. 10 lakh over the previous...

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Category : Income Tax | Comments : 0 | Hits : 1388

Insurance cos under service tax net for flouting rules
Posted Date : 05-Sep-2014 , 08:04:18 am | Posted By CASANSAAR

The insurance sector may soon come under the purview of service tax, after a FY12-13 CAG report pointed towards irregularities, wherein many insurance companies are said to have flouted tax rules.   The audit conducted had raised questions on a possible case of tax evasion, which is now bein...

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Category : Income Tax | Comments : 0 | Hits : 774

CCI Invites Comments from Public in Respect of Proposed Merger Between Sun Pharma and Ranbaxy
Posted Date : 04-Sep-2014 , 10:02:15 pm | Posted By CASANSAAR

On 06.05.2014, the Competition Commission of India received a notice from Sun Pharmaceuticals Industries Limited (Sun Pharma) and Ranbaxy Laboratories Limited (Ranbaxy) in relation to the merger of Ranbaxy into Sun Pharma. In terms of Section 29(2) of the Competition Act, 2002 (Act), the Commis...

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Category : Corporate Law | Comments : 0 | Hits : 672

Govt sets up panel on unclaimed PPF, small savings deposits
Posted Date : 04-Sep-2014 , 03:45:33 pm | Posted By CASANSAAR

The government has set-up a Committee to examine the un-claimed amount in PPF, Post Office and Savings Schemes. The committee will examine and recommend how this amount can be used to protect and further financial interest of the senior citizens.The seven member committee is being headed by the Depu...

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Category : General | Comments : 0 | Hits : 928

Whether all Returns filed before filing Tax Audit Report are Defective?
Posted Date : 04-Sep-2014 , 02:14:45 pm | Posted By CASANSAAR

As per the clause (bb) of Explanation to sub-section 9 of Section 139 of the Act, a return of income shall be regarded as ‘defective’ unless among inter-alia the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to...

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Category : Income Tax | Comments : 0 | Hits : 1626

Foreign banks allowed to lend in Indian rupees
Posted Date : 04-Sep-2014 , 08:20:07 am | Posted By CASANSAAR

The Reserve Bank of India on Wednesday said all recognised non-resident External Commercial Borrowing (ECB) lenders can extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with a bank authorised to deal in foreign exchange in India.   This relaxation is with a v...

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Category : Banking | Comments : 0 | Hits : 925

Raising of number of partners in CA Firm with reference to the provisions of Companies Act, 2013. - ICAI
Posted Date : 03-Sep-2014 , 08:15:45 am | Posted By CASANSAAR

The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein sub-section (1) ...

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Category : ICAI | Comments : 0 | Hits : 2133

No retrospective effect of new Capital Gains tax Rules
Posted Date : 03-Sep-2014 , 08:13:34 am | Posted By CASANSAAR

The Madras high court, in a recent order, has held that the restrictive provisions introduced in the Income Tax (I-T) Act, which call for reinvestment in only 'one' residential house in India for claiming capital gains tax exemption, apply from fiscal April 1, 2014.   The explanatory memo...

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Category : Income Tax | Comments : 0 | Hits : 1283

More Than 50% NSE-listed Companies yet to Hire Women Directors: Report
Posted Date : 03-Sep-2014 , 08:11:10 am | Posted By CASANSAAR

With just one month left to comply with Sebi's corporate governance guidelines, more than half of the 1,469 companies listed on top stock exchange NSE are yet to appoint a woman director on their boards.   Corporate governance norms, issued by Sebi in February this year, mandate all l...

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Category : Corporate Law | Comments : 0 | Hits : 1191

Panel set up to conduct forensic Audit of NSEL
Posted Date : 03-Sep-2014 , 08:01:17 am | Posted By CASANSAAR

On a plea made by investors, the Bombay High Court, on Tuesday, formed a committee headed by a retired high court judge to conduct a forensic audit of the troubled NSEL and liquidate the assets of its defaulting borrowers in the over Rs.5,500 crore payments scam. The three-member committee, headed ...

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Category : Auditing | Comments : 0 | Hits : 882

Market update: Nifty ends above 8,000 for 1st time, Sensex at new peak
Posted Date : 02-Sep-2014 , 07:44:35 am | Posted By CASANSAAR

Stocks markets continued their winning streak for the seventh straight session with the NSE Nifty breaching the 8,000-mark for the first time and the Sensex closing at new life-time high of 26,867.55 on Monday boosted by positive economic growth data for the April-June quarter.   The Nat...

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Category : Shares & Stock | Comments : 0 | Hits : 797

Bank Accounts Not Inoperative if Dividend Cheque Credited in 2 Years: RBI
Posted Date : 02-Sep-2014 , 07:38:49 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday said a bank account will not become inoperative if a dividend cheque has been credited in it in the previous two years. "Since dividend on shares is credited to Savings Bank accounts as per the mandate of the customer, the same should be treated as a custom...

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Category : RBI | Comments : 0 | Hits : 1127

Threshold limit for goods, services tax proposed by States too low: FinMin
Posted Date : 02-Sep-2014 , 07:33:58 am | Posted By CASANSAAR

The ₹10-lakh threshold limit for imposition of Goods & Services Tax (GST) proposed by States is ‘too low’ for creating a business-friendly tax administration, according to the Finance Ministry.   The Empowered Committee on State Finance Ministers, in its meeting on Augus...

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Category : GST | Comments : 0 | Hits : 1294

RBI amends Basel III guidelines for banks
Posted Date : 01-Sep-2014 , 09:08:13 pm | Posted By CASANSAAR

Indian banks can now issue Tier 2 capital with a minimum original maturity of 5 years as against 10 years previously, the Reserve Bank of India (RBI) said in a notification on Monday, amending some guidelines on Basel III implementation in India.   The RBI said banks can now issue additio...

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Category : Banking | Comments : 0 | Hits : 964

CBDT order has created a lot of confusion by not specifying the due date for filing ITRs
Posted Date : 01-Sep-2014 , 08:31:59 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has vide its above order extended the due date for e-filing of Tax Audit Report to 30 November 2014 for AY2014-15 from 30 September 2014. The order has not mentioned anything about the due date for e-filing of Income tax Return (ITR). It seems the due date fo...

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Category : Income Tax | Comments : 0 | Hits : 1832

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