CBI arrests Registrar of Companies
Posted Date : 27-Aug-2014 , 08:46:34 am | Posted By CASANSAAR
The CBI arrested M. Manu Neethi Cholan, Registrar of Companies, in Chennai on Tuesday on bribery charge. He allegedly took Rs. 10 lakh from M.A.M. Ramaswamy, chairman of the Chettinad Group, to stall a takeover of the group.
Registrar took bribe to stall Chettinad Group takeover: CBI
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Corporate Law |
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FinMin orders forensic Audit of UCO Bank
Posted Date : 27-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The government has ordered limited forensic audit into some non-performing accounts of Kolkata-based UCO Bank to find out any irregularities, if any, in sanction of loans.
"We have ordered a limited forensic audit after complaints were filed with regards to some accounts. Those ...
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Banking |
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0 | Hits : 1052
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Anandiben asks CAs to help strengthen fiscal health of Country
Posted Date : 26-Aug-2014 , 08:22:34 am | Posted By CASANSAAR
Asking the Chartered Accountants to keep a watch on fiscal transactions to check scams and financial irregularities in the country, Chief Minister Anandiben Patel on Monday said that people have got a wrong perception about chartered accountants helping convert “black money” into “...
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ICAI |
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Finance Ministry mulls splitting CMD post for PSU Banks
Posted Date : 25-Aug-2014 , 07:24:43 pm | Posted By CASANSAAR
Finance Ministry today said it is considering bifurcation of the post of Chairman and Managing Director in public sector banks to strengthen corporate governance in the light of recent cases of corruption.
“We are considering the proposal (to split CMD’s post),” Financial Se...
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Banking |
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MCA not to define 'Ordinary Course of Business'
Posted Date : 25-Aug-2014 , 07:23:24 pm | Posted By CASANSAAR
The corporate affairs ministry has ruled out defining the term 'ordinary course of business', used several times in the Companies Act, 2013. This, experts say, might lead to confusion and litigation.
"We are not going to define the 'ordinary course of business'. Companies will have to do it themsel...
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Corporate Law |
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0 | Hits : 1327
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RBI says 36% of total Bad Loans from six Key Sectors
Posted Date : 24-Aug-2014 , 06:49:26 pm | Posted By CASANSAAR
The Reserve Bank has said about 36 per cent of the overall 4.1 per cent bad assets in the system have been created by six sectors of the economy - infrastructure, metals, textiles, chemicals, engineering and mining.
These sectors, though, have only 30 per cent of the credit share.
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RBI |
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Chartered Accountants are
Posted Date : 23-Aug-2014 , 04:38:56 pm | Posted By CASANSAAR
Recalling the words of the Prime Minister Narendra Modi that his government does not believe in a high taxation regime, Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan today said this was possible by maintaining extraordinary integrity, fairness and putting heart and mind in...
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ICAI |
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0 | Hits : 1576
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RBI shuts overseas payment gateway for credit card transactions within India
Posted Date : 23-Aug-2014 , 10:00:37 am | Posted By CASANSAAR
The Reserve Bank of India moved to close a loophole on Friday, saying that the rules need to be followed with respect to e-commerce credit card transactions "essentially taking place between two residents in India". This means that companies such as Uber will need to fo...
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RBI |
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Bombay HC grants bail to Jignesh Shah in NSEL case
Posted Date : 23-Aug-2014 , 09:42:26 am | Posted By CASANSAAR
The Bombay high court on Friday granted bail of Rs 5 lakh to MCX promoter Jignesh Shah arrested on May 7 in the Rs 5,000 crore National Spot Exchange Ltd, a commodities exchange scam. Justice Abhay Thipsay who released Shah on bail held that his custody was not essential for further i...
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Income Tax |
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Advance ruling facility to resident tax payers: CBDT Chairman
Posted Date : 22-Aug-2014 , 05:59:44 pm | Posted By CASANSAAR
The income tax department will extend the advance ruling facility to the resident tax payers from the current year, K V Chowdary, chairman of the Central Board of Direct Taxes(CBDT) said here on Friday.
Till now this facility was only available to the non-resident tax payers. The ...
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Income Tax |
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CBDT: Rs 90,000 Cr of undisclosed income detected in 2013-14
Posted Date : 22-Aug-2014 , 05:43:12 pm | Posted By CASANSAAR
Undisclosed income of Rs 90,000 crore was detected during 2013-14, according to KV Chowdary, Chairman, Central Board of Direct Taxes.
Addressing a press conference here on Friday, the official said the IT department had conducted surveys in 5,327 cases.
The main sectors in which un...
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Income Tax |
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RBI to restrict Bank's group exposure limit at 25%, down from current 40%
Posted Date : 22-Aug-2014 , 08:41:59 am | Posted By CASANSAAR
The Reserve Bank of India proposes to cut banks' group exposure limit by as much as 15 percentage points to reduce the systemic risk posed by lending too much to any single business house. This means that credit to any particular group will have to be restricted to 25% of a bank's capital, down from...
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RBI |
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SC Judge, ex-SEBI Chief rap new Companies Act
Posted Date : 22-Aug-2014 , 08:36:11 am | Posted By CASANSAAR
The Companies Act, 2013, was made in undue haste and exposes Parliament’s lack of expertise in law making, said Supreme Court Judge A K Sikri on Thursday.
He wasn’t the only eminent person who criticised the new law, at a book release function. M Damodara...
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Corporate Law |
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0 | Hits : 1141
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Bank of America in record $US16.65b settlement with US Government
Posted Date : 22-Aug-2014 , 08:31:12 am | Posted By CASANSAAR
Bank of America reached a record $US16.65 billion ($17.9 billion) settlement with the US government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.
The se...
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International Business |
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Govt taking steps to Professionalise PSU bank management: FM
Posted Date : 21-Aug-2014 , 04:28:15 pm | Posted By CASANSAAR
Concerned over instances of corruption in the PSU banks, Finance Minister Arun Jaitley today said that government is taking steps to professionalise the management and help them strengthen their risk management system.
"Professionalising the management of the banks, we have taken so...
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Banking |
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RBI tightens rules for lending against shares by NBFCs
Posted Date : 21-Aug-2014 , 04:24:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has tightened the norms for giving loans against shares by non-banking finance companies (NBFCs).
NBFCs lending against collateral of shares have been told to maintain an LTV (loan-to-valve). They can accept only specified Group 1 securities as collateral for...
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RBI |
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Pass Percentage & Toppers of of CA IPCC May / June 2014 Exams
Posted Date : 21-Aug-2014 , 03:54:49 pm | Posted By CASANSAAR
Pass Percentage & Toppers of of CA IPCC May / June 2014 Exams.
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Students Zone |
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0 | Hits : 2396
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Extension of Tax Audit Report Date by CBDT or Punishment by CBDT?
Posted Date : 21-Aug-2014 , 09:25:55 am | Posted By CASANSAAR
The Income Tax Act provides Auditors a time frame of 180 days, from April 1 to Sept 30, to plan our schedule and utilization of resources to perform our duties as Tax Auditors accordingly. Then why and how the CBDT may deprive us from the time slot allowed under the Act, by making some amendmen...
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Income Tax |
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3 | Hits : 3308
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Revised Form 3CA-3CD & Form 3CB-3CD along with updated schema is now available for e-Filing
Posted Date : 21-Aug-2014 , 09:25:41 am | Posted By CASANSAAR
Revised Form 3CA-3CD & Form 3CB-3CD along with updated schema is now available for e-Filing. Revised Utility is is now available for e-Filing. (www.incometaxindiaefiling.gov.in)
CBDT extended due date for furnishing Tax Audit report u/s 44AB of the Income Tax Act, 1961 for AY 2014-...
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Income Tax |
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CA IPCC 2014 May/ June 2014 Exam results will be out today - Good Luck
Posted Date : 21-Aug-2014 , 08:48:24 am | Posted By CASANSAAR
ICAI IPCC 2014 May/ June 2014 Examination results will be out today at the official website of ICAI. All the candidates who had written Chartered Accountant Intermediate / IPC or Integrated Professional Competence Course May / June 2014 examination can check the results today at 4.00 PM at the offic...
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Students Zone |
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0 | Hits : 1308
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FinMin orders forensic audit of Dena Bank, OBC after reports of scam
Posted Date : 21-Aug-2014 , 08:44:06 am | Posted By CASANSAAR
The Finance Ministry has ordered a forensic audit after reports of misappropriation of funds worth Rs. 436 crore at the branches of Dena Bank and Oriental Bank of Commerce.
Dena Bank was trading down 4 per cent at Rs. 60.70 on the BSE at 2.20 pm. Similarly...
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Category :
Auditing |
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Digital India
Posted Date : 21-Aug-2014 , 08:11:24 am | Posted By CASANSAAR
The Cabinet today at the meeting chaired by the Prime Minister, Shri Narendra Modi gave its approval for Digital India – A programme to transform India into digital empowered society and knowledge economy. This is a follow up to the key decisions taken on the design of the programme...
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General |
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Public Comments sought on Draft of Forward Contracts (Regulation) (Intermediaries) Rules, 2014
Posted Date : 21-Aug-2014 , 08:10:35 am | Posted By CASANSAAR
The Ministry of Finance is in the process of strengthening the regulatory framework of the commodity derivative markets for some time. As part of this process, greater empowerment of Forward Markets Commission (FMC), the market regulator is also being done. Accordingly, a need was felt to stren...
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Category :
Shares & Stock |
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Due date for e-furnishing of tax audit report under Section 44AB for AY 2014-15 extended to 30-11-2014
Posted Date : 20-Aug-2014 , 07:30:30 pm | Posted By CASANSAAR
F.No.133/24/2014-TPL
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)
Room No. 147 B-II, North Block
New Delhi, the 20th August, 2014
Order Under Section 119 of the Income-tax Act, 1961
In exercise of power conferred by section 119 of ...
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Income Tax |
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How this new CBDT rule will create problems for your Tax Audit
Posted Date : 20-Aug-2014 , 08:33:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) issued a notification (33/2014) on 25 July 2014 for amending forms 3CA, 3CB and 3CD. For chartered accountants (CAs), who have already finalised their audits and filed report online and had the same confirmed online by the auditee before 25 July 2014, there...
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Auditing |
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2 | Hits : 2636
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Corporate tax collection trails Personal I-T
Posted Date : 20-Aug-2014 , 08:09:03 am | Posted By CASANSAAR
The rate of growth of personal income tax collections during 2013-14 was nearly double that of the corporate tax mop-up. The growth in corporate tax collection was so low that it lagged behind even the Gross Domestic Product (GDP).
Finance Ministry data shows that individuals paid 20.51 per...
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Income Tax |
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0 | Hits : 1039
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Disclose company board decisions within 15 minutes: SEBI
Posted Date : 20-Aug-2014 , 07:52:03 am | Posted By CASANSAAR
Market regulator Sebi has proposed that all listed companies should intimate within 15 minutes of closure of the board meetings about decisions on dividends, bonus, fund raising and buyback, among others.The move is part of Sebi's effort to ensure 'timely and adequate' disclosures by listed companie...
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SEBI |
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Companies Act: MCA officials to brief Jaitley tomorrow
Posted Date : 19-Aug-2014 , 08:00:06 pm | Posted By CASANSAAR
Corporate Affairs Ministry officials are likely to brief Arun Jaitley tomorrow about the implementation of the New Companies law.
Jaitley holds the portfolios of Corporate Affairs, Finance and Defence.
In the recent weeks, many changes have been made to various rules of the Companies Act...
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Corporate Law |
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0 | Hits : 1023
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Auditors under increased scrutiny as PwC fined US$25M for
Posted Date : 19-Aug-2014 , 08:41:25 am | Posted By CASANSAAR
Auditors have once again been thrust into the spotlight, with fresh penalties meted out Monday against one firm as such “gatekeepers” come under increased scrutiny in the United States and Canada.
New York’s Department of Financial Services took aim at PriceWaterhouseCoope...
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Auditing |
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0 | Hits : 1461
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CBEC to use third-party information to nab tax evaders
Posted Date : 19-Aug-2014 , 08:36:58 am | Posted By CASANSAAR
India's indirect taxes body, the Central Board of Excise and Customs (CBEC) could start monitoring power consumption and payments towards valueadded tax in states as it proposes to use information from third-party sources to nab tax evaders. The plan draws heavily from income tax authorities an...
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Excise |
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0 | Hits : 1266
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