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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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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0 | Hits : 1271
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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 : 958
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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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0 | Hits : 1137
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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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Income Tax |
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0 | Hits : 1932
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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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2 Auditors under pressure to change MoC of Rs 400 cr NPA
Posted Date : 09-Aug-2014 , 09:35:07 pm | Posted By CASANSAAR
Two well known Auditors of the Jammu and Kashmir Bank under considerable influence and pressure to change the Memorandum of Change (MoC) of a Mumbai based real estate company who have defaulted on payments worth Rs 400 crores to J&K Bank.
Sources told Kashmir Monitor that these two auditors dur...
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Auditing |
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0 | Hits : 3469
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CBI probe into IDBI Bank loan to Kingfisher Airlines
Posted Date : 09-Aug-2014 , 09:22:51 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has served an inquiry notice on IDBI Bank over a loan of Rs 950 crore it extended to Vijay Mallya-led troubled airline Kingfisher Airlines, saying this extent of exposure was not bona fide.
The probe agency`s notice to IDBI comes days after it arrested the ...
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Banking |
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Only Advocates can appear before VAT Authority - HC
Posted Date : 09-Aug-2014 , 01:43:35 pm | Posted By CASANSAAR
Honorable High Court Lucknow pass an interim orger against all Professionals except Advocates that only Advocate can appear before VAT Authority.
No person whosoever, may be permitted to advertise in the Newspaper or any leaflet, inviting assesses for the purpose of filing of return or arguing befo...
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VAT |
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Under 3 Per Cent of Indians Pay Income Tax
Posted Date : 09-Aug-2014 , 08:58:29 am | Posted By CASANSAAR
Out of a total population of 127 crore there were slightly over 3.46 crore effective tax payers during 2012-13 financial year, the government told Parliament.
In a written reply to Lok Sabha on Friday, Minister of State for Finance Nirmala Sitharaman said while there were 3,46,04,064 indivi...
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Income Tax |
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1 | Hits : 1322
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RBI revises guidelines on mortgage guarantee companies
Posted Date : 09-Aug-2014 , 08:57:16 am | Posted By CASANSAAR
The Reserve Bank on Friday revised guidelines for mortgage guarantee companies and said that guarantees provided by them may be treated as contingent liabilities, for which credit conversion factor would be 50 per cent.
"While calculating capital adequacy of MGCs, mortgage guarantees provid...
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RBI |
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0 | Hits : 1011
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Banks
Posted Date : 08-Aug-2014 , 08:08:11 pm | Posted By CASANSAAR
State bank of India (SBI) and other commercial banks have a combined exposure of Rs 40,000 crore to scam-ridden Bhushan Steel and are in talks to appoint a management agency to monitor the operations of the company, said Arundhati Bhattacharya, chairman of the country’s largest lender.
...
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Banking |
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Financial Inclusion Mission to be Launched on 15th August 2014 to Provide all Households in the Country with Banking Facilities
Posted Date : 08-Aug-2014 , 08:02:11 pm | Posted By CASANSAAR
As per Census 2011, 58.7% household are availing banking services in the country. Under the Swabhimaan campaign, the Banks were advised to provide appropriate banking facilities to habitations having a population in excess of 2000 (as per 2001 census) by March 2012. The banks identified approxi...
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Banking |
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0 | Hits : 911
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SEBI imposes Rs 13 crore fine on RIL for non-disclosure of earnings ratio
Posted Date : 08-Aug-2014 , 07:59:17 pm | Posted By CASANSAAR
In one of its biggest penalties for non-disclosure of a key earnings ratio, the Securities and Exchange Board of India, SEBI today imposed a penalty of Rs. 13 crore on Reliance Industries Limited. The case dates back to April 2007 when alleged irregularities were reported in issuance of 12 cror...
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SEBI |
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Pass Percentage of CA Final May / June 2014 Exam
Posted Date : 08-Aug-2014 , 02:09:18 pm | Posted By CASANSAAR
Pass Percentage of CA Final May / June 2014 Exam
...
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Students Zone |
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CA Final Result for May / June 14 Exams is likely to be declared today - GOOD LUCK
Posted Date : 08-Aug-2014 , 08:24:57 am | Posted By CASANSAAR
he result of the Chartered Accountants Final Examination held in May/June, 2014 is likely to be declared today on Friday, the 8th August, 2014 around 2.00 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 and in accord...
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Students Zone |
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RBI issues guidelines on unified bill payment system
Posted Date : 08-Aug-2014 , 08:18:17 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday said the proposed Bharat Bill Payment System (BBPS) will function as a tiered structure for operating the country’s bill payment system. It will have a single brand image providing convenience of ‘anytime anywhere’ payment to customers.
...
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RBI |
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Finance (No.2) Bill - 2014 is enacted as Finance (No.2) Act, 2014
Posted Date : 08-Aug-2014 , 08:07:48 am | Posted By CASANSAAR
Honorable President of India has assented to the Finance (No.2) Bill, 2014 on 6th August, 2014, with this the Finance (No.2) Act, 2014 No.25 of 2014 has come into effect.
So now all the provision of Budget 2014 presented by Finance Minister Arun Jaitley vide his Budget pr...
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Income Tax |
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0 | Hits : 1467
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CBI arrests Bhushan Steel Vice Chairman in Syndicate Bank graft case
Posted Date : 07-Aug-2014 , 10:07:54 pm | Posted By CASANSAAR
Bhushan Steel vice chairman Neeraj Singhal was arrested by the Central Bureau of Investigation (CBI) in the Syndicate Bank bribery case soon after a city court issued a non-bailable warrant against him on Thursday.
The agency has accused Mr. Singhal of being part of the conspiracy to bribe ...
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General |
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Sebi files complaints against Satyam Founder Raju and others
Posted Date : 07-Aug-2014 , 10:04:24 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has filed two complaints against the founder of erstwhile Satyam Computer Services Ramalingam Raju, his brother Rama Raju and others in connection with the account fraud which sounded the death-knell of the IT firm.
Sebi had earlier slapped a penalt...
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SEBI |
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ICAI should clarify about the email received by the Members
Posted Date : 07-Aug-2014 , 10:27:46 am | Posted By CASANSAAR
A Lot of Professional Colleagues are getting email from ICAI (email@icai.ind.in) to fill the details & send it to jorapur@icai.in. Every one are confused about such emails. ICAI should clarify about such kind of emails
Some Questions arises in the Mind...
1. ICAI have all the D...
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ICAI |
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0 | Hits : 3946
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RBI asks asset reconstruction companies to invest 15% in securities receipts
Posted Date : 07-Aug-2014 , 08:32:05 am | Posted By CASANSAAR
In a bid to improve the sale of bad loans in the banking system, the Reserve Bank of India has tightened the regulatory framework for asset reconstruction companies.
The RBI said ARCs will henceforth have to mandatorily invest and hold minimum 15 per cent (against 5 per cent earlier) of the...
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RBI |
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Tax agencies unearth Rs 10,000cr bogus bill scam
Posted Date : 07-Aug-2014 , 08:25:13 am | Posted By CASANSAAR
In a major crackdown on illegal transactions, Indian tax agencies have unearthed more than Rs 10,000 crore of tax evasion due to issuance of fake bills as a part of its ongoing investigations. The department which was investigating for the last two years is expected to submit its report by September...
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Income Tax |
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