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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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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0 | Hits : 1498
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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 : 1319
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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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Auditing |
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0 | Hits : 1179
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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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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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0 | Hits : 1724
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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 : 2668
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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 : 1054
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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 : 1034
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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 : 1473
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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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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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Category :
Corporate Law |
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0 | Hits : 973
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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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Auditing |
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0 | Hits : 1081
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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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0 | Hits : 5252
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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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Auditing |
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1 | Hits : 1639
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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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0 | Hits : 1147
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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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0 | Hits : 1103
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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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1 | Hits : 2073
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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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0 | Hits : 1637
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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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0 | Hits : 951
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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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0 | Hits : 1969
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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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0 | Hits : 983
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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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Auditing |
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0 | Hits : 1203
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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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0 | Hits : 737
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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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0 | Hits : 1455
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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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0 | Hits : 1366
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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 : 1377
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