Entire Central Council of Cost Accountants of India Resigns
Posted Date : 21-Jul-2014 , 08:00:36 am | Posted By CASANSAAR
The row over the Cost Audit Rules introduced under the Companies Act has reached a flash point as the entire central council of the Institute of Cost Accountants of India (ICAI) submitted its resignation to Finance Minister Arun Jaitley, who also has the charge of the c...
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ICAI |
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Government sets up expert committee to examine issues related to Cost Audit Rules
Posted Date : 20-Jul-2014 , 08:53:02 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has set up an Expert Committee today under the chairmanship of R S Sharma, ex-CMD of ONGC, to look into the grievances of the Institute of Cost Accountants of India.ET was first to bring out the injury suffered by the Institute in a story dated 2nd July 2014 under t...
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ICWAI |
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CBI exposes scam of Rs 250 crore in Dena Bank
Posted Date : 19-Jul-2014 , 08:44:43 pm | Posted By CASANSAAR
CBI has unearthed a Rs 250 crore scam in public sector Dena Bank wherein the branch manager and a private person allegedly took loan using forged documents on behalf of seven private companies which had deposits in the bank.
CBI alleged that Vimal Barot of Showman Group in Mumbai ...
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Banking |
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RBI asks banks not to charge usurious interest rate on loans
Posted Date : 19-Jul-2014 , 08:04:17 am | Posted By CASANSAAR
RBI has advised boards of banks not to levy usurious interest rate including processing and other charges on loans. "It is not proposed to issue any guidelines to the banks to offer loans to borrowers at uniform rate of interest in view of variation in their costs, business models, margins etc,...
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Banking |
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Average Grievance Disposal by Tax Department Only 59%
Posted Date : 19-Jul-2014 , 07:57:12 am | Posted By CASANSAAR
Stating that the average disposal of grievances by the Income Tax Department within 60 days was only 59 per cent in 2011-12, A CAG report said several flaws in the system is the reason for a large number of pending cases.
"The pendency of grievances ranging from a few days to up to 11 years...
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Income Tax |
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0 | Hits : 1000
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Jaitley presents Delhi's Budget for Rs 36,776 cr, no new taxes proposed
Posted Date : 18-Jul-2014 , 01:46:23 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Friday presented Delhi's Budget for Rs 36,776 crore in the Lok Sabha.
No new taxes have been proposed by the Finance Minister in the budget. Rs 260 crore has been provided for power subsidy in Delhi. Jaitley said that Rs 0.80-1.20 per unit subsidy will be pr...
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Budget |
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RBI relaxes norms to buy immovable property abroad
Posted Date : 18-Jul-2014 , 08:24:59 am | Posted By CASANSAAR
Reserve Bank today said individuals can also use funds under Liberalised Remittances Scheme (LRS) to buy immovable property abroad.
Encouraged by an improvement in the forex market, the Reserve Bank on June 3 had raised annual overseas investment ceiling for individuals to $125,000 from $75,000.
"...
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International Business |
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SEBI issues draft norms for setting up infrastructure investment trusts to gain more investments
Posted Date : 18-Jul-2014 , 08:23:43 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday issued draft rules for setting up infrastructure investment trusts in an attempt to channel more investments into the infrastructure sector. The draft rules come on the heels of the finance minister's announcement in the recent Union...
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SEBI |
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CBDT forms six-member panel to reduce income tax disputes
Posted Date : 18-Jul-2014 , 08:14:00 am | Posted By CASANSAAR
With Rs 4 lakh crore locked up in litigations, the Finance Ministry today set up a committee consisting of officials from Central Board of Direct Taxes to suggest ways to reduce mounting disputes at various tax appellate forums.
The Committee will "examine the assessment orders, appellate orders an...
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Income Tax |
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0 | Hits : 1085
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RBI sets Rs.100 cr floor capital for payments, small banks
Posted Date : 17-Jul-2014 , 08:53:32 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has set a minimum paid-up capital of Rs.100 crore for those who wish to set up payments and small banks.
Releasing the draft guidelines for licensing of these banks, the RBI has said that the promoters will have to have an initial minimum capital of at least ...
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Banking |
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FM plugs loophole in IT Act to check money laundering
Posted Date : 17-Jul-2014 , 07:40:09 am | Posted By CASANSAAR
Finance minister Arun Jaitley has quietly introduced provisions in the Finance Bill, 2014, to plug a loophole in the income tax law that is rampantly used to legitimise unaccounted wealth using bogus real estate sale deeds.
Henceforth, advance received for sale of property, if forfeited by ...
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Income Tax |
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0 | Hits : 1267
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11 common mistakes to avoid while filing your Income Tax Returns
Posted Date : 17-Jul-2014 , 07:34:01 am | Posted By CASANSAAR
With due apologies to accountants, tax is among the most boring subjects you could have to deal with and if you're planning to file your own tax returns this Income Tax Returns (ITR) filing season, there’s a good chance you may make a few mistakes that could cost you dearly later.
Rea...
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Income Tax |
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0 | Hits : 1398
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Govt clears 19 FDI proposals entailing Rs 2,327 cr investment
Posted Date : 17-Jul-2014 , 07:11:54 am | Posted By CASANSAAR
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 11, 2014, Governme...
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Finance |
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CA Exam Date Sheet Nov 2014 Exams by ICAI
Posted Date : 16-Jul-2014 , 09:56:38 pm | Posted By CASANSAAR
ICAI has announced the Date Sheet/ Time Table for CA Final & CA IPCC for upcoming Nov 2014 Exams and the CA Final Exam would be beginning from 7th November and ending on 21st November 2014 and the CA IPCC Exam would be beginning from 8th November and endin...
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Students Zone |
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Pass Percentage & Toppers of CPT June 14 Exams
Posted Date : 16-Jul-2014 , 09:56:07 pm | Posted By CASANSAAR
ICAI announced the CPT Result of CPT Exams held in June 2014 and the CPT Pass Percentage June 2014 Exams is as follows:-
Gender
Cadidates Appeared
Candidates Passed
Pass Percentage
Male
78453
21190
27.01%
Female
51...
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Students Zone |
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Blackmoney: Over Rs 1 Lakh Cr Illegal Income Detected
Posted Date : 16-Jul-2014 , 09:17:43 pm | Posted By CASANSAAR
Government has detected over Rs one lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
According to official data, the I-T department detecte...
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Income Tax |
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Milestone 300
Posted Date : 16-Jul-2014 , 10:57:59 am | Posted By CASANSAAR
CASANSAAR Trhilled to announced the launch 300 Professional Website.
Many thanks to all users for their faith in CASANSAAR. Heartiest thanks to the lucky V.P.Vijh & Co., Chartered Accountants from Jalandhar for getting developed 300th website (www.vpvijhandco.in) by CASA...
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General |
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0 | Hits : 941
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BRICS to set up $100 billion development Bank, first President to be from India
Posted Date : 16-Jul-2014 , 08:18:55 am | Posted By CASANSAAR
In a major victory for India, the agreement on the much anticipated 100 billion dollars BRICS Development Bank has been sealed. The BRICS Summit on Tuesday decided to establish the new development bank with an initial authorised capital of USD 100 billion for which the initial subscribed capital wil...
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International Business |
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Two flats merged into one must get tax exemption: Bombay HC
Posted Date : 16-Jul-2014 , 08:00:52 am | Posted By CASANSAAR
If two adjacent flats are bought from different people through two agreements and then converted into a single unit with a common kitchen, then the owner is exempt from paying capital gains tax, the Bombay high court has said.
The HC upheld the Income Tax Appellate Tribunal (ITAT) order that went i...
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Income Tax |
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0 | Hits : 1229
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Impact of RBI decision: Home loan borrowers, realtors to benefit
Posted Date : 16-Jul-2014 , 07:58:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI)'s move to bring housing loans of up to Rs 50 lakh under priority sector lending, against loans of up to Rs 25 lakh currently, is expected to provide a boost to home loan borrowers and real estatecompanies.
So far, those availing of home loans of up to ...
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RBI |
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Satyam Case: SEBI bans Raju, others for 14 years; Slaps Rs 1,849 Cr Penalty
Posted Date : 15-Jul-2014 , 07:32:02 pm | Posted By CASANSAAR
Passing its final order on the multi-crore accounting Satyam computer scam, market watchdog Sebi on Tuesday barred Satyam founder B Ramalinga Raju, four other executives from capital markets for 14 years.
Sebi has asked them to return unlawful gains of Rs 1,849 crore with interest. The regulator ha...
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Shares & Stock |
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12 changes in Income Tax Return forms you must know about
Posted Date : 15-Jul-2014 , 05:21:39 pm | Posted By CASANSAAR
It’s that time of the year, when the entire country starts talking about filing income tax returns. The deadline for filing returns is 31 July and there’s a good possibility, you haven’t filed your returns yet.
But before you begin, it's important to know the changes the I...
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Income Tax |
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Now Get 100 Professional email id's with Website Developed by CASANSAAR
Posted Date : 15-Jul-2014 , 04:54:39 pm | Posted By CASANSAAR
Now get 100 Professional email id's having space of 2GB each with website designed & developed by CASANSAAR.
So create your own Professional Website & email ids with the name of your Firm or your own. Like ca@cafirm.com or ca@cafirm.in
Some Unique Features of Your EMAIL ID'...
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General |
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RBI stops NBFCs from charging penalties on loan pre-payment
Posted Date : 15-Jul-2014 , 08:34:04 am | Posted By CASANSAAR
The Reserve Bank of India has asked non-banking finance companies to not charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect.
In May, the central bank had issued a similar directive to banks as a measure...
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RBI |
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0 | Hits : 1056
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Beware of phishing emails, cautions Income Tax department
Posted Date : 15-Jul-2014 , 08:29:00 am | Posted By CASANSAAR
The I-T department today cautioned the public against responding to emails originating from private addresses as tax personnel send communication only through official email addresses. "Information has been received from several quarters that emails are being received by taxpayers claiming to b...
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Income Tax |
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0 | Hits : 1009
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Ministry of Corporate Affairs to hold discussions with representatives of ICAI on new Accounting Standards
Posted Date : 15-Jul-2014 , 08:27:28 am | Posted By CASANSAAR
To push forward implementation of the new accounting standards, the Ministry of Corporate Affairs is likely to hold discussions with representatives of ICAI, the apex body of chartered accountants, tomorrow.The government has proposed implementing the Indian Accounting Standards (Ind AS) that is con...
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Corporate Law |
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0 | Hits : 1072
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RBI eases overseas investment rules in local companies
Posted Date : 15-Jul-2014 , 08:24:46 am | Posted By CASANSAAR
Easing rules, the Reserve Bank of India (RBI) on Monday allowed foreign investors to invest in partly paid shares and warrants of Indian companies.
Until now, such investors were only allowed to invest in equity shares and compulsorily and mandatorily convertible preference shares or debent...
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RBI |
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0 | Hits : 990
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FMC asks NSEL to File Recovery Suits against all Defaulters
Posted Date : 14-Jul-2014 , 02:33:30 pm | Posted By CASANSAAR
Concerned over slow pace of recovery of money from NSEL defaulters, regulator Forward Markets Commision (FMC) has asked the crisis-hit commodity spot exchange to strengthen its recovery team and file suits in this regard against all defaulting members.
National Spot Exchange Ltd (NSEL), a s...
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Shares & Stock |
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0 | Hits : 806
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Ready with updated Indian accounting standards: ICAI
Posted Date : 14-Jul-2014 , 08:21:00 am | Posted By CASANSAAR
With the country gearing up for new accounting regime, apex body of chartered accountants ICAI has said it is ready with updated accounting standards that are converged with global norms.
The Institute of Chartered Accountants of India (ICAI) has been working on the new Indian Accoun...
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ICAI |
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0 | Hits : 1144
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ITR filing: CBDT launches new tax calculator for taxpayers
Posted Date : 13-Jul-2014 , 01:37:48 pm | Posted By CASANSAAR
CBDT has launched a new online 'tax calculator' for computing annual I-T liability which can now be emailed to personal inboxes of taxpayers before returns are filed by the end of this month. The 'tax calculator' is a computer based programme hosted on the web-based platform of the I-T departme...
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Income Tax |
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0 | Hits : 1185
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