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...
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Auditing |
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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...
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Bank |
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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...
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Income Tax |
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0 | Hits : 1885
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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 ...
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Corporate Law |
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0 | Hits : 1884
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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...
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Corporate Law |
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0 | Hits : 1123
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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...
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RBI |
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0 | Hits : 891
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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...
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ICAI |
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0 | Hits : 913
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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...
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ICAI |
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0 | Hits : 922
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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...
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General |
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0 | Hits : 1019
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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...
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SEBI |
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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...
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Category :
Income Tax |
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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,...
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Category :
Auditing |
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0 | Hits : 1359
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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 ...
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RBI |
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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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Category :
ICWAI |
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0 | Hits : 1831
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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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0 | Hits : 1189
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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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Category :
Income Tax |
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0 | Hits : 1014
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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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Category :
Budget |
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0 | Hits : 1151
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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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0 | Hits : 1294
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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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0 | Hits : 1026
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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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Category :
Income Tax |
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0 | Hits : 1100
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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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Category :
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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Category :
Income Tax |
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0 | Hits : 1300
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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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Category :
Income Tax |
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0 | Hits : 1416
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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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0 | Hits : 982
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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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0 | Hits : 3271
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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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Category :
Income Tax |
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0 | Hits : 1328
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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 : 950
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