CAG empowered to examine accounts of private telecom companies: SC
Posted Date : 17-Apr-2014 , 01:03:32 pm | Posted By CASANSAAR
In a judgement with far-reaching consequences across various business sectors, the Supreme Court on Thursday ruled that the Comptroller and Auditor General (CAG) was empowered to examine the accounts of private telecom companies.
The court held that such a scrutiny was imperative ...
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Auditing |
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Eligibility Test for ISA is scheduled to be held on Saturday the 10th May, 2014
Posted Date : 16-Apr-2014 , 09:26:33 pm | Posted By CASANSAAR
1. The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 10th May, 2014 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2014.
2. Attendance of members, wh...
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ICAI |
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0 | Hits : 1123
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Cancel tax benefits to defaulting political parties: EC to CBDT
Posted Date : 16-Apr-2014 , 09:13:39 pm | Posted By CASANSAAR
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
The Central Board of Direct Taxes, sources said, h...
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Income Tax |
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0 | Hits : 815
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SC grants recognition to transgender as third Gender
Posted Date : 16-Apr-2014 , 09:20:27 am | Posted By CASANSAAR
In a landmark verdict, the Supreme Court granted legal recognition to transgenders or eunuchs as third category of gender and directed the Centre and all states to treat them as socially and educationally backward classes to extend reservation in admission in educational institutions and f...
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General |
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I-T Dept can now raise objections to merger schemes
Posted Date : 16-Apr-2014 , 09:13:27 am | Posted By CASANSAAR
The Income-Tax Department will now get an opportunity to protect the interests of the Revenue in reconstruction or amalgamation schemes filed for approval before various High Courts.
The Central Board of Direct Taxes (CBDT) has directed the Chief Commissioners of Income-Tax (CCITs) to ensur...
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Income Tax |
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Public sector bank management should be held accountable for bad loans: Jalan
Posted Date : 15-Apr-2014 , 10:10:04 pm | Posted By CASANSAAR
Former RBI governor Bimal Jalan on Monday said the managements of public sector banks, and not the finance ministry, should be held accountable for the wrong assessment of credit worthiness to check the rising number of bad loans.
“If you put public sector banks in one bracket and oth...
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RBI |
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0 | Hits : 901
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No TDS on deposits doesn't mean these are tax-free
Posted Date : 15-Apr-2014 , 08:24:23 am | Posted By CASANSAAR
Are you receiving emails or telephone calls from banksadvising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.
No TDS merely means the bank will pay you the entireinterest&n...
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Income Tax |
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0 | Hits : 1510
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SEBI pitches for teaching capital markets to school students
Posted Date : 15-Apr-2014 , 08:10:15 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has made a pitch for including additional financial concepts related to capital markets in school syllabus.
The market regulator said it has followed up with Central Board of Secondary Education (CBSE) and HRD Ministry on the proposal and ha...
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SEBI |
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0 | Hits : 869
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Murder of CA Anand Agarwal - Will ICAI take appropriate Action?
Posted Date : 14-Apr-2014 , 08:45:58 am | Posted By CASANSAAR
CA Anand Agarwal, Age 26 ,who was posted in Assam for in service with Eastern Coal field ltd.
He was found dead in his room on 04.04.2014. He was poisoned through Dinner. A news paper circulated this sad news.
Police is not taking any substantial action due to possible involvement of Coal mafi...
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ICAI |
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3 | Hits : 4890
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RBI not to allow Promoters to become CEOs of Private Banks
Posted Date : 14-Apr-2014 , 07:26:52 am | Posted By CASANSAAR
The firm that promotes the bank should be wholly owned by the promoter group and 50% of the directors of the NOFHC should be independent directors
The Reserve Bank of India is unlikely to allow the promoters of private banks to become CEOs when it allows new banks to come up.
...
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RBI |
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0 | Hits : 958
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CBDT ask officials to ensure M&As do not defraud revenue
Posted Date : 14-Apr-2014 , 07:21:43 am | Posted By CASANSAAR
Worried over corporates defrauding revenue by mergers and acquisitions, the Finance Ministry has asked its officials to ensure that such deals do not result in loss to the exchequer.
The revenue officials, CBDT said in a communication to Chief Commissioners, should raise concern...
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Category :
Income Tax |
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0 | Hits : 838
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Interest on floating rate loans may not rise with change in base rate
Posted Date : 13-Apr-2014 , 07:49:35 am | Posted By CASANSAAR
A working group set up by the Reserve Bank of India (RBI) on pricing of credit has said that floating interest rates on existing loans charged by banks need not change with every change in the Base Rate of banks. Instead, it has said the covenant of floating rate loans may have mandatory r...
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RBI |
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0 | Hits : 1022
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Justice RM Lodha to be sworn-in as next Chief Justice of India
Posted Date : 12-Apr-2014 , 11:46:17 am | Posted By CASANSAAR
Justice RM Lodha, the senior most judge of the Supreme Court, has been recommended as the next Chief Justice of India, the Law Ministry said on Friday.
"In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President is pleased to appoint Shr...
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Category :
Corporate Law |
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0 | Hits : 827
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NSE releases new guidelines for futures and options
Posted Date : 12-Apr-2014 , 11:34:13 am | Posted By CASANSAAR
The National Stock Exchange on Friday came out with new guidelines for the futures and options segment as part of strengthening risk management measures to ensure orderly trading on the bourse.
The new framework would come into effect from May 5 and would initially be applicable "...
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Category :
Shares & Stock |
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0 | Hits : 907
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New rule for Company Secretaries: Ministry trying to find a way out
Posted Date : 11-Apr-2014 , 05:22:47 pm | Posted By CASANSAAR
The Corporate Affairs Ministry is hoping to find a solution to the structural problem that company secretaries are facing, after the notification of rules under the new company law.
The rules had completely exempted a private limited company (irrespective of its paid-up capital) from the re...
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Corporate Law |
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0 | Hits : 1741
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RBI extends overseas borrowing interest rate norms till June
Posted Date : 11-Apr-2014 , 08:48:27 am | Posted By CASANSAAR
The Reserve Bank today said existing guidelines on interest rates for overseas borrowings will continue for another three months. "On a review, it has been decided that the all-in-cost ceiling...will continue to be applicable till June 30, 2014, and is subject to review thereafter. All other as...
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RBI |
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0 | Hits : 943
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IT department directs DCHL to re-audit accounts
Posted Date : 11-Apr-2014 , 08:47:01 am | Posted By CASANSAAR
The income tax department has directed the management of the Deccan Chronicle Holdings Ltd (DCHL) to get the accounts of the company audited by an authorized auditor after receiving information about procedural irregularities in the company.
Since the cloud of doubts is centered...
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Category :
Income Tax |
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0 | Hits : 972
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SEBI clamping down on illegal money pooling schemes
Posted Date : 10-Apr-2014 , 07:19:41 pm | Posted By CASANSAAR
Capital markets watchdog Sebi is in process of cracking its whip soon on various illicit money-pooling schemes in West Bengal, which has already seen regulatory actions against some entities linked to Saradha and Rose Valley groups.
According to sources, those currently under scanne...
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SEBI |
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0 | Hits : 816
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RBI panel submits report on pricing of credit by banks
Posted Date : 10-Apr-2014 , 07:11:37 pm | Posted By CASANSAAR
A panel set up by the Reserve Bank of India (RBI) has recommended that banks' base lending rate should be based on the marginal cost of funds if their average deposit tenure is on the lower side.
The panel, which was headed by RBI Deputy Governor Anand Sinha, had been set up to bring in tra...
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RBI |
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0 | Hits : 879
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After NPA firefight, United Bank to approach RBI for lifting of loan cap
Posted Date : 10-Apr-2014 , 08:38:35 am | Posted By CASANSAAR
United Bank of India — which brought down its gross non-performing assets (NPAs) by over R2,000 crore in the January-March quarter last fiscal — will soon approach the RBI for the removal of a R10-crore single-borrower threshold for advancing fresh loans.
Pointing out its succes...
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Category :
Banking |
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0 | Hits : 1043
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Proposed New Roadmap for Implementation of Ind AS converged with IFRS - ICAI
Posted Date : 10-Apr-2014 , 08:14:05 am | Posted By CASANSAAR
For convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of converged Indian Accounting Standards (Ind AS) by companies (other than Banking companies, Insuran...
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Income Tax |
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0 | Hits : 1069
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A Golden Opportunity for Professionals (CA, CS, CMA) by CASANSAAR
Posted Date : 10-Apr-2014 , 07:59:03 am | Posted By CASANSAAR
CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish.
By paying just ...
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ICAI |
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0 | Hits : 9774
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Frequently Asked Questions (FAQ) on Web Designing by CASANSAAR
Posted Date : 09-Apr-2014 , 12:30:56 pm | Posted By CASANSAAR
We are getting Lots of Call for CASANSAAR New Initiative - Web site for Professsionals.
On the Basis of Such Calls We have Prepared some Frequently Asked Questions. (FaQ).
Q. How Much Charges for a Website?
Just Rs. 2100/- PA. (It Includes Domain Charges, Hosting Charges, Designing ...
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General |
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0 | Hits : 1536
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Deloitte, BSR & Co can
Posted Date : 09-Apr-2014 , 08:32:48 am | Posted By CASANSAAR
Top-notch audit firms Deloitte and BSR and Co, a preferred partner of KPMG, will be barred from auditing the books of India's largest commodity bourse, MCX, whose dealings with group entities have come under regulatory glare. Commodity market regulator Forward Markets Commission (FMC) has direc...
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Category :
Auditing |
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0 | Hits : 1494
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RBI steps in to end 'unfair' scrutiny of PSU Bankers
Posted Date : 09-Apr-2014 , 08:30:14 am | Posted By CASANSAAR
The constant fear of being haunted by the Central Vigilance Commission (CVC) for taking an incorrect decision may be a thing of the past for the government-owned banks if the Reserve Bank of India (RBI) has its way. The CVC, an authority set up to weed out corruption among government-owned unit...
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RBI |
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0 | Hits : 1057
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MNCs line up for transfer pricing pacts with tax authorities
Posted Date : 09-Apr-2014 , 08:27:45 am | Posted By CASANSAAR
The tax department received 232 applications from MNCs in 2013-14, up 60 per cent year-on- year, to obtain advance ruling over pricing arrangement for transactions within group firms and the ensuing tax liability. In 2012-13, 146 companies had applied for Advance Pricing Agreement, a mechanism ...
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Category :
International Business |
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0 | Hits : 870
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Clarification on Applicability of the Companies Act, 2013 to Auditor's Report to FY 2014-15 and Onwards - ICAI
Posted Date : 08-Apr-2014 , 09:19:15 pm | Posted By CASANSAAR
CLARIFICATION Applicability of the Companies Act, 2013 to Auditor’s Report to FY 2014-15 and Onwards
The Ministry of Corporate Affairs, on 26th March 2014 notified a majority of the remaining sections of the Companies Act, 2013, including sections 139 to 148, relating t...
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ICAI |
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0 | Hits : 1497
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Petrol pumps to offer 50 p/litre discount to voters on Apr 10
Posted Date : 08-Apr-2014 , 09:13:40 pm | Posted By CASANSAAR
As many as 67 petrol pumps across Delhi, Noida, Gurgaon and Rohtak will offer 50-paise per litre discount on petrol to consumers who exercise their voting rights on April 10.
"A 50 paise per litre discount will be offered to anybody coming to these petrol pumps with voting mark on T...
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General |
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0 | Hits : 960
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Special council meeting convened to discuss Audit cap, Tax Audit Blues - ICAI
Posted Date : 08-Apr-2014 , 08:24:27 am | Posted By CASANSAAR
The auditing fraternity is clearly facing the regulatory heat going by the recent rules notified under the new company law.
Besides mandatory auditor rotation and requirement on reporting of frauds to the central government, the chartered accountants’ fraternity has to grapple with a ...
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ICAI |
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0 | Hits : 1538
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SEBI rolls back some restrictions on currency derivatives
Posted Date : 08-Apr-2014 , 08:22:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Monday partially reversed curbs on dollar-rupee forward contracts that were imposed last year after the rupee hit record lows.
Sebi had doubled the margin requirement on the domestic dollar-rupee forward trades last year in a bid to arres...
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SEBI |
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0 | Hits : 914
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