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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Auditing |
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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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Service Tax |
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0 | Hits : 964
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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 |
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0 | Hits : 2387
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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 |
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0 | Hits : 1050
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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 |
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0 | Hits : 1993
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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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ICAI |
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1 | Hits : 3047
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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 |
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0 | Hits : 1393
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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 |
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0 | Hits : 777
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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 |
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0 | Hits : 675
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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 |
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0 | Hits : 937
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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 |
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0 | Hits : 1634
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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 |
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0 | Hits : 932
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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 |
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0 | Hits : 2137
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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 |
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0 | Hits : 1293
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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 |
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0 | Hits : 1194
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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 |
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0 | Hits : 887
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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 |
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0 | Hits : 798
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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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RBI |
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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 |
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0 | Hits : 1307
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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 |
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0 | Hits : 970
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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 |
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0 | Hits : 1836
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IFRS-compliant accounting standards by December - ICAI
Posted Date : 01-Sep-2014 , 08:25:34 am | Posted By CASANSAAR
New Indian Accounting Standards (Ind-AS), being formulated in alignment with International Financial Reporting Standards (IFRS), are likely to be notified by December this year.
"We have targeted the completion of amendments to Ind-ASby November 30. It is expected that these would be notified ...
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ICAI |
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0 | Hits : 1310
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Get FREE Regular Professional Updates via WhatsApp / email / BBM from CASANSAAR
Posted Date : 30-Aug-2014 , 10:33:57 am | Posted By CASANSAAR
Now receive Regular Professional update via WhatsApp /email / BBM from CASANSAAR.COM. This free subscription will entitle you to faster complete updates. Receive Professional, Tax and Career related updates in your mobile / email inbox and stay ahead in your professional life.Some fea...
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General |
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0 | Hits : 25890
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PM launches Jan Dhan Yojna, 1.5 crore bank accounts opened on Day 1
Posted Date : 29-Aug-2014 , 07:45:21 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Thursday launched his government's mega scheme 'Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
On the inaugural day, a record 1.5 crore bank accounts were opened across the country, ...
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General |
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0 | Hits : 1334
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RBI eases norms, 1 photo ID proof to open bank account
Posted Date : 29-Aug-2014 , 07:43:42 am | Posted By CASANSAAR
Reserve Bank of India has, as part of Prime Minister Narendra Modi's push for financial inclusion, relaxed 'know your customer' (KYC) norms to open new bank accounts.
RBI said there would be no need for applicants to submit separate documents for address and identity proof to open a savings a...
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RBI |
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0 | Hits : 1721
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Two more banks under CBI scanner in loan scam
Posted Date : 29-Aug-2014 , 07:42:32 am | Posted By CASANSAAR
After the suspension of Syndicate Bank CMD S.K. Jain, top functionaries of two more public sector banks have come under the CBI scanner for suspected irregularities in the extension of credit facilities to private companies.
The CBI has instituted two preliminary enquiries to ascertain whet...
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Category :
Banking |
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0 | Hits : 1486
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FMC turns the heat on UCX, orders a Forensic Audit now
Posted Date : 29-Aug-2014 , 07:41:39 am | Posted By CASANSAAR
Commodity futures market regulator Forward Markets Commission (FMC) has directed the board of Universal Commodity Exchange (UCX) to appoint audit firm KPMG for conducting a forensic audit of the bourse, after having found last month that its promoter allegedly siphoned off funds from the exchange, a...
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Category :
Auditing |
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0 | Hits : 993
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Online Updation of details of the Peer Reviewers - ICAI
Posted Date : 28-Aug-2014 , 04:40:39 pm | Posted By CASANSAAR
The Peer Review Board (PRB) with an aim to improving the quality of review has designed a web - format to simplify the system of uploading and updating the details of reviewers online and the same has already been uploaded on the Institute’s website. Data fed in that form will help the Peer Re...
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ICAI |
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0 | Hits : 1124
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CBDT sets up high-level committee to decide retro tax cases
Posted Date : 28-Aug-2014 , 04:38:34 pm | Posted By CASANSAAR
The Central Board of Direct Taxes on Thursday set up a high-level committee to scrutinise all Income Tax cases arising out of the retrospective tax amendment.
The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will deci...
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Category :
Income Tax |
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0 | Hits : 725
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Minimum monthly pension of Rs 1,000 under EPFO; wage ceiling up at Rs 15,000
Posted Date : 28-Aug-2014 , 02:43:53 pm | Posted By CASANSAAR
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
The government's decision to fix pension entitlement of Rs 1,000 under the Employees' Pension Schem...
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General |
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0 | Hits : 1401
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