Several riders in MCA move to protect resolutions
Posted Date : 28-Jul-2014 , 08:39:15 am | Posted By CASANSAAR
The Corporate Affairs Ministry (MCA) has issued a circular that seeks to protect the validity of the resolutions passed under the erstwhile Company Law.
But the circular comes loaded with several riders to the result that it may be prone to challenge in courts, say legal experts. It says re...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1290
|
 |
K V Chowdary tipped to be new CBDT chief
Posted Date : 27-Jul-2014 , 11:01:06 pm | Posted By CASANSAAR
Senior IRS officer K V Chowdary is tipped to be the new Chairman of the Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.
The 1978-batch Indian Revenue Service officer is presently working as the Member (Investigations) in the CBDT and is expected to take over t...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1163
|
|
RBI takes steps to prevent frauds in non- banking orgs against small investors
Posted Date : 26-Jul-2014 , 06:14:07 pm | Posted By CASANSAAR
RBI has started taking steps to prevent frauds in non- banking organisations against the small investors, and mechanism are being put so that those organisations, which do not abide by the RBI guidelines, could be prosecuted. Speaking to media in Ranchi, the Regional Director of Bihar - Jharkha...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1288
|
|
Relief for late I-T return filing - Per day Penalty clause relaxed
Posted Date : 26-Jul-2014 , 09:17:02 am | Posted By CASANSAAR
Late filing of I-T returns will no longer attract the stringent penalties as it currently does under the law. In a big relief to people who file their returns late, Finance Minister Arun Jaitley effected an amendment to the income tax law which imposes exorbitant per day penalties on late filers.
&...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3873
|
|
RBI penalises 12 banks including ICICI Bank for violating rules
Posted Date : 26-Jul-2014 , 08:49:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined 12 banks, includingICICI Bank, Axis Bank, Canara Bank and Corporation Bank, a total of Rs 1.5 crore in relation to the Deccan Chronicle Holdings Ltd (DCHL) loan default case. This fine has been levied as a result of not fol...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2033
|
|
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Posted Date : 25-Jul-2014 , 03:33:55 pm | Posted By CASANSAAR
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
1. Unlisted securities and units of MF transferred between 1-4-2014 and 10-7-2014 shall be deemed to be long-term capital assets, if held for more than 12 months:
It is proposed that unlisted shares and units o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2145
|
|
Finance Bill 2014 passed by Lok Sabha
Posted Date : 25-Jul-2014 , 03:23:16 pm | Posted By CASANSAAR
The Lok Sabha on Friday passed the Finance Bill, 2014 by a voice vote with which the legislative proposals notably on direct and indirect taxes proposed in the national budget for this fiscal can now become effective formally.
The bill was passed after Finance Minister Arun Jaitley gave his...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1425
|
|
A S Durga Prasad & P V Bhattad elected as new ICAI President & Vice President
Posted Date : 25-Jul-2014 , 08:41:17 am | Posted By CASANSAAR
A S Durga Prasad has been elected as the new President of the Institute of Cost Accountants of India (ICAI).
The members elected P V Bhattad as Vice President of the apex body of cost accountants. Both have been elected for 2014-15 year.
Prasad has more than 37 years of exper...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1829
|
|
Tax Tribunal accepts LinkedIn info as proof
Posted Date : 25-Jul-2014 , 08:38:05 am | Posted By CASANSAAR
A tax tribunal has accepted information on social networking site LinkedIn as additional evidence to determine whether the liaison office of a foreign entity generated taxable income in India.
GE Group had set up a liaison office in India to act as a communication channel b...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1392
|
|
Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 2326.72 Crore
Posted Date : 24-Jul-2014 , 08:01:53 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 11th June, 2014, the Government has approved Nineteen (19) proposals of Foreign Direct Investment (FDI) amounting to Rs. 2326.72crore approximately.
Details of Proposals...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 1897
|
|
I.Tax Offices to Remain Open on 26th & 27th July, 2014 (Saturday & Sunday) for Accepting the Returns
Posted Date : 24-Jul-2014 , 07:30:02 pm | Posted By CASANSAAR
For the convenience of the taxpayers, the Income Tax Department has decided to keep the offices open for accepting the returns of income during normal office hours on 26th July and 27th July, 2014, being Saturday and Sunday. This direction has been issued by the Central Board of Direc...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1084
|
|
Cabinet clears insurance FDI to 49%; to fetch Rs 25k Cr funds
Posted Date : 24-Jul-2014 , 04:34:42 pm | Posted By CASANSAAR
The Cabinet today gave go-ahead to FDI cap hike in insurance to 49 per cent with a rider that management control will remain in the hands of Indian promoters, thus paving way for inflow of as much as Rs 25,000 crore foreign funds in the sector.
The approval to hike the FDI limit from the cu...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 1021
|
|
How can a CA or CS help determine the Question of Law involved in a Taxation Dispute - SC
Posted Date : 24-Jul-2014 , 09:18:27 am | Posted By CASANSAAR
The Supreme Court on Wednesday reacted sharply to the Centre's stand that the purpose behind creation of National Tax Tribunal (NTT) was to associate domain experts in deciding taxation disputes as it was often felt that judges lacked expertise in specialized fields.
A five-judge constitution...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 3377
|
|
New Curriculum for Chartered Accountants to be Modern, Global - ICAI
Posted Date : 24-Jul-2014 , 08:09:56 am | Posted By CASANSAAR
The new curriculum for chartered accountants will be modern and globally accepted as per the expectations of the industry and regulators, President of the Institute of Chartered Accountants of India, K Raghu said. A committee set up to discuss and prepare the new curriculum was holding discussi...
Continue Reading...
Category :
Students Zone |
Comments :
1 | Hits : 1778
|
|
Income Tax department's bid to simplify TDS process
Posted Date : 24-Jul-2014 , 08:01:10 am | Posted By CASANSAAR
The TDS wing of Mumbai Income Tax Department has decided to submit a detailed report to Central Board of Direct Taxes (CBDT) with its recommendations on various issues dealt with taxpayers.
On Wednesday, the department held a proactive meeting with the Standing Committee on Tax Deducted at ...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 1572
|
|
Holes and gaps in National Tax Tribunal Act: Supreme Court
Posted Date : 24-Jul-2014 , 08:00:01 am | Posted By CASANSAAR
The Supreme Court today said there are "holes and gaps" in the legislation meant for setting up the National Tax Tribunal (NTT) which also lacks autonomy in its function. "Once the NTT comes into existence, the prerogative of constituting the bench is with the central government, i.e. executive...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1141
|
|
Firms with 10 or more employees may come under EPF Act
Posted Date : 23-Jul-2014 , 06:22:49 pm | Posted By CASANSAAR
The government is considering a proposal to reduce threshold limit for coverage of firms under the EPF Act to 10 persons.
At present, all those firms employing 20 or more workers are covered by the retirement fund body Employees' Provident Fund Organisation (EPFO) for providing social security net....
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1271
|
|
Government looking at criteria for fraud reporting by Auditors
Posted Date : 23-Jul-2014 , 09:26:43 am | Posted By CASANSAAR
The Corporate Affairs Ministry is looking at the possibility of having thresholds of the quantum of frauds at companies that need to be mandatorily reported by concerned auditors to the government. In this regard, the government has sought suggestions from ICAI, the apex body for chartered acco...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1281
|
|
RBI announces new regulatory framework for big Banks
Posted Date : 23-Jul-2014 , 08:00:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced a new framework on Tuesday for identifying and dealing with large banks in the country, termed domestic systemically important banks (D-SIB).
Due to their size, cross-jurisdictional activities, complexity, lack of substitutability and interconnectedness, su...
Continue Reading...
Category :
Bank |
Comments :
0 | Hits : 1298
|
|
Income Tax Returns: PAN
Posted Date : 23-Jul-2014 , 07:53:06 am | Posted By CASANSAAR
Many taxpayers must have filed their annual income tax returns and some are counting on the refunds. The tax department has made the process of checking the status of refund online very simple by using the permanent account number (PAN). One must make sure to give correct bank account number, MICR/I...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1856
|
|
Changes in Companies Act, 2013
Posted Date : 22-Jul-2014 , 09:57:04 pm | Posted By CASANSAAR
A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014. Following this, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing ...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1846
|
|
Provision Regarding Contribution to Political Parties by the Companies
Posted Date : 22-Jul-2014 , 09:50:39 pm | Posted By CASANSAAR
Contributions to political parties are governed by Section 182 of the Companies Act, 2013. A company that is not a Government company and which is in existence for at least last three financial years may contribute up to 7.5% of its average net profits during the last three years to a political part...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 1085
|
|
RBI relaxes norms for loans against gold ornaments
Posted Date : 22-Jul-2014 , 08:27:21 pm | Posted By CASANSAAR
The Reserve Bank today relaxed the limit of loan that banks can sanction against the pledging of gold ornaments and jewellery.
On December 30, banks had restricted the loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.
"Banks, as per their Board approved policy, may decide up...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 880
|
|
Recognition of Seniority of A CA Firm on its Conversion To LLP - Policy of O/o C&AG
Posted Date : 22-Jul-2014 , 07:08:23 pm | Posted By CASANSAAR
In respect of “Recognition of seniority of a CA Firm on its conversion to LLP”, the O/o C&AG has informed as under:(a) The LLP firms registered with ICAI only will be considered for empanelment.(b) The seniority of such firms will be maintained as per policy in-vogue based on the poi...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 895
|
|
Institute of Cost Accountants of India land deals under lens
Posted Date : 22-Jul-2014 , 05:08:17 pm | Posted By CASANSAAR
The statutory authority that sets auditing standards to keep an eye on India Inc's cost records is now accused of gold-plating its own costs. A magistrate's court in Pune on July 19 directed Maharashtra police to register a formal complaint against executive members of the Institute of Cost Accounta...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 912
|
|
Central govt employees will have to declare family assets
Posted Date : 22-Jul-2014 , 08:19:54 am | Posted By CASANSAAR
All central government employees will now have to declare their immovable/movable assets and liabilities as well as those of their spouses and dependents by July 31 every year.
The Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limited for Exemp...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1013
|
|
Law Ministry okays to search & seizure power for SEBI
Posted Date : 22-Jul-2014 , 08:16:25 am | Posted By CASANSAAR
The capital market regulator, SEBI, is set to retain its search and seizure power with the Law Ministry endorsing what has been prescribed in this regard in an Ordinance.
“The Law Ministry has given its nod on the draft Cabinet note on the Securities Laws (Amendment) Bill that propose...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 1031
|
|
Revenue Targets Fixed for Direct Taxes for the Current Financial Year 2014-15 would not only be Achieved but would be Surpassed:FM
Posted Date : 22-Jul-2014 , 08:08:30 am | Posted By CASANSAAR
The Union Finance Minister Shri Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed. The current year target for Direct Tax collections is Rs. 7,36,221/- crore. The Finance Minister said that...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 824
|
|
Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation : CAG
Posted Date : 21-Jul-2014 , 08:12:15 am | Posted By CASANSAAR
Over Rs. 1 lakh crore of taxes were locked up in various stages of litigation in service tax and central excise at the end of March 2013, the Comptroller and Auditor General of India (CAG) has said.
"As no action can be initiated for recovery of revenue till the appeal is pending,...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 1350
|
|
RBI starts scrutiny of companies suspected of illegal money raising
Posted Date : 21-Jul-2014 , 08:08:05 am | Posted By CASANSAAR
As part of its efforts to protect gullible investors from fraudulent investment schemes, the Reserve Bank has started scrutinising credentials of companies suspected of illegally raising money from public as NBFCs. The central bank's action follows the Corporate Affairs Ministry sending a list ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1274
|
|
|
