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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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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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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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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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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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 : 812
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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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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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Category :
Income Tax |
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RBI receives over 76,000 complaints against Banks
Posted Date : 13-Jul-2014 , 09:40:11 am | Posted By CASANSAAR
The service sector is fast growing in the country, especially with the growth of banking, which underwent a major revolution with the advent of ATMs and online services. On the flip side, complaints from customers regarding deficiencies in services being provided by the banks are also rising. An RTI...
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RBI |
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Finance Ministry examining issues concerning merger of PSU Banks
Posted Date : 12-Jul-2014 , 09:25:11 pm | Posted By CASANSAAR
Finance Ministry today said it is examining various issues pertaining to mergers of public sector banks and that there will be some forward movement in the current year itself."This year, we will start something (consolidation) and next year something. This is very much doable and which will further...
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Banking |
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Government to take on GAAR implementation soon: Revenue Secretary
Posted Date : 12-Jul-2014 , 05:26:40 pm | Posted By CASANSAAR
Amid industry apprehensions, Revenue Secretary Shaktikanta Das on Saturday said the government would shortly take a view on whether controversial tax law GAAR should be implemented from the scheduled date of April, 2015.
“It should not be interpreted that General Anti-Avoidance Rules ...
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Category :
Income Tax |
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SEBI gears up to notify final guidelines for REITs
Posted Date : 12-Jul-2014 , 12:57:57 pm | Posted By CASANSAAR
A long standing demand of the real estate industry and a third attempt by the market regulator SEBI to revive the Real Estate Investment Trust regime in India finally received a shot in the arm with the Government providing for a tax pass through status for REITs in the Budget proposals announced on...
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SEBI |
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Result of the Information Systems Audit [ISA] Assessment Test held on 28th June, 2014 is likely to be declared on 16th July, 2014
Posted Date : 12-Jul-2014 , 12:49:01 pm | Posted By CASANSAAR
The result of the Information Systems Audit [ISA] AssessmentTest held on 28th June, 2014 is likely to be declared on 16th July, 2014 around 4.00 PM at the Institute’s office at New Delhi.
The result of the above Assessment Test will be available on the Institute’s website www.ic...
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ICAI |
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Result of the Common Proficiency Test (CPT) held in June, 2014 is likely to be declared on Wednesday, the 16th July, 2014
Posted Date : 12-Jul-2014 , 12:45:43 pm | Posted By CASANSAAR
The result of the Common Proficiency Test (CPT) held in June, 2014 is likely to bedeclared on Wednesday, the 16thJuly, 2014 around 4.00 P.M. and the same as well asthe merit list (candidates securing a minimum of 60% and above marks and upto themaximum of 10th Rank in the case of Common Proficiency ...
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Students Zone |
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NSEL to bring Defaulters' Auditors under Scanner
Posted Date : 11-Jul-2014 , 09:49:00 am | Posted By CASANSAAR
The crisis-hit National Spot Exchange has decided to bring to book the statutory auditors of its defaulter borrowers.
According to the Financial Technologies-promoted spot exchange, borrowers raised money through the exchange’s platform using non-existent commodities as a pledge and...
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Auditing |
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File appeal in court based on merit of case: CBDT to I-T dept
Posted Date : 11-Jul-2014 , 09:41:26 am | Posted By CASANSAAR
In order to reduce litigation and fine-tune the legal machinery in the Income Tax department, the CBDT today issued fresh directions asking the taxman to go into appeal strictly based on merits of a case even as it fixed a new monetary limit for these cases.
Under the new instructio...
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Income Tax |
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Companies to mandatorily adopt new accounting standards by 2016-17
Posted Date : 10-Jul-2014 , 08:32:54 pm | Posted By CASANSAAR
Companies should mandatorily follow the new accounting standards that are converged with international norms from FY'17 while timelines for financial services sector entities would be announced later, the government said today.
"There is an urgent need to converge the current Indian accounting stan...
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Category :
Corporate Law |
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Highlights of Union Budget 2014-15
Posted Date : 10-Jul-2014 , 03:01:50 pm | Posted By CASANSAAR
The new exemption limit was fixed at Rs. 2.5 lakh — from the existing Rs. 2 lakh. For senior citizens, the exemption limit was raised from Rs. 2.5 lakh to Rs. 3 lakh. Besides, the government raised the tax exemption on home loans from Rs. 1.5 l...
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Budget |
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Budget 2014-15: Personal Tax Exemption Limit Raised by Rs. 50,000/- ; No Change in the Rate of Surcharge
Posted Date : 10-Jul-2014 , 02:53:11 pm | Posted By CASANSAAR
The General Budget 2014-15 presented by the Union Finance Minister Shri Arun Jaitley has raised the personal income-tax exemption limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years. Exemption limit raised from Rs. 2.5 lakh to...
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Budget |
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Budget 2014-15: More Services Bought in the Service Tax Net, Indirect Taxes to Yield Rs.7525 Crore
Posted Date : 10-Jul-2014 , 02:49:14 pm | Posted By CASANSAAR
To broaden the tax base in Service Tax, sale of space or time for advertisements in broadcast media has been extended to cover such sales on other segments like online and mobile advertising. Announcing the tax proposals, the Finance Minister Shri Arun Jaitley said during his maiden budget speech th...
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Budget |
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Budget 2014-15: Basic Custom Duties Reduced on Certain Items to Encourage Investment and Domestic Production
Posted Date : 10-Jul-2014 , 02:48:12 pm | Posted By CASANSAAR
To boost domestic manufacture and to address the issue of inverted duties, the General budget 2014-15 has reduced basic customs duty (BCD) on certain items. To encourage new investment and capacity addition in the chemicals and petrochemicals sector, basic customs duty has been reduced. This was ann...
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Budget |
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Budget 2014-15: E-Visa to be Introduced at Nine Airports
Posted Date : 10-Jul-2014 , 02:05:49 pm | Posted By CASANSAAR
The facility of Electronic Travel Authorisation (e-Visa) shall be introduced in a phased manner at nine airports in India. Announcing this during his maiden Budget Speech in the Lok Sabha today, the Finance Minister Shri Arun Jaitley said that the necessary infrastructure would be put in place withi...
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Budget |
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Budget 2014-15: Several Steps Announced to Promote Foreign Direct Investment (FDI) in Select Sectors
Posted Date : 10-Jul-2014 , 02:04:01 pm | Posted By CASANSAAR
Government has announced several steps to promote Foreign Direct Investment(FDI) selectively in sectors where it helps the larger interest of the Indian economy. Announcing this during his maiden Budget Speech in the Lok Sabha today, the Finance Minister Shri Arun Jaitley said that composite cap of ...
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Budget |
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Budget 2014-15: Enactment of Indian Financial Code Necessary for Better Governance and Accountability
Posted Date : 10-Jul-2014 , 01:53:17 pm | Posted By CASANSAAR
The Finance Minister Shri Arun Jaitley in his maiden Budget Speech advised financial sector regulators to take early steps for a vibrant, deep and liquid market. Shri Jaitley also proposed to extend a liberalized facility of 5% withholding tax to all bonds issued by Indian corporate abroad, extendin...
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Budget |
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Budget 2014-15: Legislative and Administrative Changes Proposed to Reduce Litigation in Direct Taxes
Posted Date : 10-Jul-2014 , 01:50:06 pm | Posted By CASANSAAR
Government has proposed certain legislative and administrative changes with a view to reduce litigation in direct taxes. Announcing this in his maiden Budget Speech in the Parliament today, the Union Finance Minister Shri Arun Jaitley said that resident tax payers can now obtain an advance ruling in...
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Budget |
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