Companies' Audit Committee Meetings Rules Tweaked
Posted Date : 18-Aug-2014 , 08:26:11 pm | Posted By CASANSAAR
The audit committee meeting of a company for consideration of consolidated financial statement cannot be conducted through video conferencing or other audio visual means, according to new rules.
In this regard, changes have been made to rules under the Companies Act, 2013.
"... for the words 'cons...
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Corporate Law |
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Bhushan Steel lenders to conduct Forensic as well as a Concurrent Audit to protect their interests
Posted Date : 18-Aug-2014 , 04:48:54 pm | Posted By CASANSAAR
Lenders to Bhushan Steel Ltd have decided to conduct a forensic as well as a concurrent audit to monitor the company’s cash flows as they move to protect their interests in the company.
The bankers have also decided to appoint three nominee directors on the board of Bhushan Steel to represent...
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Category :
Auditing |
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Email to CBDT for DEFERMENT of New Tax Audit Report to Assessment Year 2015-16.
Posted Date : 18-Aug-2014 , 01:04:14 pm | Posted By CASANSAAR
We have no news of release of TAR Utility Schema neither to postpone it so far, hampering tax audit work to a stand still all over India. No Tax audit is possible to be executed since 25th of July, due to CBDT unplanned Notification No. 33/2014 dtd 25.7.2014. This is height of our patience and causi...
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ICAI |
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Not just Judges: It
Posted Date : 17-Aug-2014 , 08:25:04 pm | Posted By CASANSAAR
Ever since the Supreme Court gave itself the absolute power to appoint judges by making what was arguably a colourable interpretation of the constitutional mandate in this regard, there has been a clamour for defanging the judiciary, as it were. The result - the Constitution Amendment Bill moved in ...
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Category :
Auditing |
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Airlines Run into Audit Red-flags Over 'Going Concern' Status
Posted Date : 17-Aug-2014 , 07:49:49 pm | Posted By CASANSAAR
Amid continuing difficulties in airline space to generate profits and raise funds, independent auditors of at least two Indian carriers have raised red-flags over their 'going concern' status claims.
Typically, a company is known as a 'going concern' if it has sufficient resources to contin...
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Auditing |
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IDBI Bank to declare Kingfisher Airlines wilful defaulter
Posted Date : 17-Aug-2014 , 07:34:30 pm | Posted By CASANSAAR
IDBI Bank has started the process of declaringKingfisher Airlines a "wilful defaulter". The airline owes the bank Rs 750 crore. IDBI is among a consortium of banks which has lent money to the beleaguered airline. Kingfisher is the country's top loan defaulter with banks having an exposure ...
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Bank |
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Government, Banks tighten noose on top 50 loan defaulters
Posted Date : 16-Aug-2014 , 10:33:50 am | Posted By CASANSAAR
Top 50 non-performing asset (NPAs) cases in the banking sector are being closely monitored by both finance ministry and the banks that have been defaulted by the corporate houses such as Kingfisher Airlines.
The finance ministry has indicated that in case of evidence of fraud, criminal acti...
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Banking |
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54.5% in all semesters for CA Admission - ICAI
Posted Date : 16-Aug-2014 , 10:30:17 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has made it mandatory for BCom graduates from the University of Mumbai to have an overall pass percentage of 54.5 per cent in all the six semesters of their commerce studies to be eligible for direct entry to the CA course. The move has been pro...
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Students Zone |
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RBI reduces the number of free ATM transactions to 3 from 5 per month at metros
Posted Date : 14-Aug-2014 , 07:54:08 pm | Posted By CASANSAAR
The Reserve Bank of India on Thursday said the number of mandated free transactions for savings bank account holders at other bank ATMs located in six metro centres has been reduced from five to three per month.
The six metro centres -- Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyd...
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Bank |
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Parliament passes Judicial Appointments Bill, and Constitutional Amendment Bill
Posted Date : 14-Aug-2014 , 03:53:27 pm | Posted By CASANSAAR
The Rajya Sabha passed the National Judicial Appointments Bill and the Constitution (121st Amendment) Bill, 2014 on Thursday.
177 members voted in favour of the Judicial Appointments Bill with three members voting against it, while 176 members voting in favour of the Constitution Amendment ...
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General |
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Govt closes door on campus hiring for PSU Banks
Posted Date : 14-Aug-2014 , 08:32:13 am | Posted By CASANSAAR
Despite public sector banks facing a manpower crunch, the finance ministry has asked them not to recruit officers through campus placements.
“Recruitment of officers in public sector banks against permanent direct recruitment vacancies by resorting to campus recruitment/interview meth...
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Bank |
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Finance ministry rules out COO appointment in RBI
Posted Date : 14-Aug-2014 , 08:23:11 am | Posted By CASANSAAR
The finance ministry has ruled out the proposal for the appointment of a chief operating officer (COO) of the rank ofdeputy governor in the Reserve Bank of India (RBI), as the government feels no interim arrangements should be made for such high-profile appointments.
There ...
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RBI |
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Auditors red-flag SAIL accounting procedure for Rourkela plant
Posted Date : 14-Aug-2014 , 08:21:27 am | Posted By CASANSAAR
Auditors have red flagged SAIL's accounting procedure relating to its Rourkela plant, alleging that this has led to the state-run steel maker overstating profits by Rs 133.66 crore last fiscal, a charge strongly refuted by the firm.
In a note with first quarter results, SAIL said auditors i...
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Category :
Auditing |
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0 | Hits : 1176
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Petrol price to be cut by Rs 1.89-2.38/litre from August 15
Posted Date : 13-Aug-2014 , 10:51:49 pm | Posted By CASANSAAR
Petrol price will be cut by Rs 1.89-2.38 per litre from August 15, Oil Minister Dharmendra Pradhan announced on Wednesday.
In perhaps for the first instance of a minister announcing the reduction in price of a petrol which was deregulated or freed from government control in June 2...
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General |
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Top 5 richest Indians have half of nation's billionaire wealth
Posted Date : 13-Aug-2014 , 10:48:30 pm | Posted By CASANSAAR
The top five Indian billionaires led by Reliance Industries chairman Mukesh Ambani collectively control USD 85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country's total billionaire wealth, a new study said on Wednesday.
According to th...
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General |
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Result of CA IPCC Exam held in May/June,14 are likely to be declared on 21st Aug.2014
Posted Date : 13-Aug-2014 , 05:16:28 pm | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (IPC) Examination held inMay/June, 2014 are likely to be declared on Thursday, the 21st August, 2014 around4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55%and above marks and upto the maximum of 50th Rank on a...
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Students Zone |
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MCA Announced Company Law Settlement Scheme, 2014
Posted Date : 13-Aug-2014 , 11:04:47 am | Posted By CASANSAAR
One time opportunity to all the defaulting companies and its directors has been given under the said scheme. It covers all the companies who have failed to file their annual reports , financial statements and related documents upto 30th June 2014. Now, these can be filed upto 15th Oct 2...
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Category :
Corporate Law |
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0 | Hits : 1364
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Over 34,000 Companies under RBI scanner for illegal NBFC operations: Government
Posted Date : 13-Aug-2014 , 08:08:03 am | Posted By CASANSAAR
The Reserve Bank is looking into particulars of more than 34,000 firms allegedly running businesses on lines of Non-Banking Financial Companies (NBFC) without authorisation from the banking sector regulator, the government said today.The list of these companies was shared by the Ministry of Corporat...
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Corporate Law |
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Relief for ICAI as HC stays DG investigation into education scheme
Posted Date : 13-Aug-2014 , 08:02:09 am | Posted By CASANSAAR
In a relief for the the Institute of Chartered Accountants of India (ICAI), the Delhi High Court has stayed an order of the competition watchdog directing a probe against the institute.
The Competition Commission of India (CCI) had in February this year passed an order directing its Directo...
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ICAI |
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Parliament passes bill giving more powers to SEBI
Posted Date : 13-Aug-2014 , 07:55:21 am | Posted By CASANSAAR
Rajya Sabha on Tuesday passed the Securities Laws (Amendment) Bill, 2014 which seeks to empower Sebi and facilitate a crackdown on Ponzi schemes which are used to fleece the poor.
The bill -- which gives the Securities and Exchange Board of India (Sebi) the powe...
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SEBI |
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Service tax dept may spoil your grand Party
Posted Date : 13-Aug-2014 , 07:48:54 am | Posted By CASANSAAR
The next time you organise a grand function, be ready to face the taxman. The Central Board of Excise & Customs (CBEC) has directed its officers to check for tax evasion by keeping an eye on events which receive wide media coverage, such as an ostentatious wedding or other such functions.
Usual...
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Category :
Service Tax |
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Companies have to comply with CSR Norms: Government
Posted Date : 12-Aug-2014 , 04:07:50 pm | Posted By CASANSAAR
Government will keep close watch on social welfare spending by corporates to check whether they are complying with Corporate Social Responsibility (CSR) norms under the new companies law.
Certain class of profitable companies are required to spend at least two per cent of their three-year a...
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Corporate Law |
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Repository of Independent Directors Operationalised: ICAI
Posted Date : 12-Aug-2014 , 09:08:18 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) said an online repository of independent directors to help individuals seeking such directorship as well as companies looking to appoint one for the position, has become operational. The repository is a joint initiative of ICAI, the Institu...
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Corporate Law |
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Gmail, Yahoo Make Phone Number Mandatory for New Email Accounts
Posted Date : 12-Aug-2014 , 08:29:05 am | Posted By CASANSAAR
World's most popular free email providers Gmail and Yahoo have made telephone number mandatory for creation of new email addresses in a bid to check spam.
Any person wishing to create a new email id needs to provide a telephone number which Gmail and Yahoo use for verification.
Goo...
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General |
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MCA cautious on proposal for more readable corporate data
Posted Date : 12-Aug-2014 , 08:27:31 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) plans to proceed only gradually on its ambitious scheme, proposed late last month, to convert statutory information of 1.39 million registered companies into readable statistical information.
The proposed 'corporate data management' scheme was aimed a...
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Corporate Law |
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0 | Hits : 948
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Tax Department Creates New Posts to Speed Up Cases
Posted Date : 11-Aug-2014 , 09:17:58 pm | Posted By CASANSAAR
With an estimated Rs. 4 lakh crore of tax revenue locked up in litigation, the Central Board of Direct Taxes (CBDT) has created over 240 new posts of Commissioners (Appeals) to speed up legal disposal system in the Income Tax Department.
"A total of 243 posts of Commissioner of I-...
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Income Tax |
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Black money: India gets 24000 pieces of secret foreign data
Posted Date : 11-Aug-2014 , 09:10:45 pm | Posted By CASANSAAR
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
These cases are now under investigation by the taxman...
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Income Tax |
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Revenue Targets in the Case of Indirect Taxes for the Current Financial Year 2014-15 are Challenging one but are Very Much Achievable: FM
Posted Date : 11-Aug-2014 , 06:28:37 pm | Posted By CASANSAAR
The Union Finance Minister, Shri Arun Jaitley said that the revenue targets in the case of indirect taxes for the current financial year 2014-15 are challenging one but are very much achievable. The revenue targets for indirect taxes for the current financial year is fixed at Rs.6,23,244 crores, wit...
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General |
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Request Every Member to send email to CBDT to Extend applicability of revised Tax Audit Report
Posted Date : 11-Aug-2014 , 01:29:58 pm | Posted By CASANSAAR
LETTER TO CBDT – NEW TAX AUDIT REPORT(Mailed to chairman@incometaxindia.gov.in)
To,
The Chairman,Central Board of Direct TaxesNew Delhi
Dear Sir,
Re: - New Formats of Tax Audit Report in the Form 3CA, Form 3CB and Form 3CD. ...
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Category :
Income Tax |
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0 | Hits : 1924
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RBI to Transfer Surplus Profit of $8.62 Billion to Government
Posted Date : 11-Aug-2014 , 08:52:12 am | Posted By CASANSAAR
The Reserve Bank of India said on Sunday its board has approved the transfer of a surplus profit of Rs. 52,679 crore ($8.62 billion) to the government for the year ended June 2014.
This compares with a surplus transfer of Rs. 33,010 crore last year. The central bank said...
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RBI |
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