Govt appoints R Gandhi as RBI Deputy Governor
Posted Date : 04-Apr-2014 , 07:43:10 am | Posted By CASANSAAR
The government has appointed R Gandhi as deputy governor of the Reserve Bank of India (RBI). Gandhi, 58, who has been handed over a three-year term, succeeds Anand Sinha who retired in January.
Prior to this, Gandhi was an executive director of the central bank.
A dep...
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RBI |
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Confusion on Auditing Despite Amendment to Kerala Cooperative Societies Rules
Posted Date : 04-Apr-2014 , 07:39:44 am | Posted By CASANSAAR
Despite notification of the draft of amendment to Kerala Cooperative Societies Rules (1969) on February 14, there is still room for problems in the auditing of the societies.
As three panels were proposed earlier for conducting the audit, the proposal to include retired auditors also has le...
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Auditing |
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Direct Tax Code 2013 allows Tax Audit by Company Secretaries and Cost Accountants also
Posted Date : 03-Apr-2014 , 07:58:44 am | Posted By CASANSAAR
Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allowsTax Audit not only by Chartered Accountants but also by Company Secretaries and Cost Accountants.
Clause ...
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Income Tax |
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Profits can't be taxed in the hands of partners
Posted Date : 03-Apr-2014 , 07:29:19 am | Posted By CASANSAAR
In what could bring a major relief to partnership companies, the Income-Tax department is set to clarify that the income of a firm that has been exempted from tax cannot be taxed for its profit in the hands of its partners.
Earlier, even if the income chargeable to tax for a firm was nil due to cer...
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Income Tax |
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PAN-less candidates with over Rs 5 crore to face I-T scrutiny
Posted Date : 03-Apr-2014 , 07:27:18 am | Posted By CASANSAAR
For the first time, candidates with assets of over Rs 5 crore without a PAN card are set to come under the scanner of Tax department and Election Commission, which have prepared a list of 'red flags' to weed out suspected tax-evaders from the poll fray.
This is part of a joint charte...
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Income Tax |
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Clarification on prohibition of simultaneously undertaking Concurrent Audit and Quarterly Review of the same Bank - ICAI
Posted Date : 02-Apr-2014 , 10:12:59 pm | Posted By CASANSAAR
Since queries are being received from members at large on the issue, it is accordingly hereby clarified that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit being a kind of internal audit and the quarterly review be...
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Auditing |
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IDFC, Bandhan get Banking licences
Posted Date : 02-Apr-2014 , 10:02:25 pm | Posted By CASANSAAR
IDFC and Bandhan Financial Services Pvt Ltd on Wednesday won banking licences, with the RBI approving permits for only two of the 25 applicants.
A day after the Election Commission permitted it to go ahead with the issue of new banking licences, the Reserve Bank of India gave in-princ...
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Banking |
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Limit on Audits could pose practical difficulties, says ICAI
Posted Date : 02-Apr-2014 , 06:37:24 am | Posted By CASANSAAR
Limiting the number of firms that can be audited simultaneously by an auditor could create practical difficulties for the profession, accounting regulator ICAI has said.
Most of the provisions of the Companies Act, 2013, have come into effect from today.
The new law would bri...
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ICAI |
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Private companies excluded from mandatory Secretarial Audit
Posted Date : 02-Apr-2014 , 06:29:51 am | Posted By CASANSAAR
The Company Secretaries’ Institute wants secretarial audit to be treated on par with the internal auditor appointment norms spelt out in the final rules under the new company law.
The new company law had stipulated mandatory secretarial audit for all listed companies and other classes...
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Auditing |
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0 | Hits : 1557
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RBI to propose steps to reduce window dressing by banks
Posted Date : 02-Apr-2014 , 06:26:29 am | Posted By CASANSAAR
The Reserve Bank will propose measures to reduce window dressing by banks, which tends to add to yearend liquidity pressures in the system. "We are discussing with bankers how to improve liquidity towards the yearend and not come to a path where banks are not willing to lend to each other," sai...
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Banking |
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Banks must not punish non-maintenance of minimum balance: RBI
Posted Date : 01-Apr-2014 , 09:44:28 pm | Posted By CASANSAAR
As part of a consumer protection initiative, the Reserve Bank of India on Tuesday asked banks not to levy penal charges on customers who don't maintain a minimum balance in basic savings bank accounts.
"Banks should also not take undue advantage of customer difficulty or inattention," RBI G...
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Banking |
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Direct Taxes Code 2013: How it affects you
Posted Date : 01-Apr-2014 , 09:43:03 pm | Posted By CASANSAAR
The Finance Ministry on Tuesday released a revised Direct Taxes Code (DTC) for comments. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act. The Direct Taxes Code Bill, 2010, was introduced in the Lok Sabha in 2010 and was later referred to t...
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Income Tax |
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RBI keeps rates unchanged in its first bi-monthly policy review
Posted Date : 01-Apr-2014 , 11:19:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its first bi-monthly monetary policy has decided to hold the key policy rate or the repo rate at 8 per cent but cautioned that inflation risks could resurface.
A poll by Business Standard of bankers, economists and debt market experts had s...
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RBI |
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Govt makes rotation of Auditors mandatory under new Companies Law
Posted Date : 01-Apr-2014 , 08:33:45 am | Posted By CASANSAAR
The corporate affairs ministry on Monday notified rules making the rotation of auditors mandatory for listed companies, unlisted companies with a share capital for more than Rs.10 crore, all private companies with paid-up capital of Rs.20 crore or more, and all companies with public deposi...
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Auditing |
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Download ST3 Return Utility for Oct to Mar 14 Service Tax Return Filing
Posted Date : 01-Apr-2014 , 08:18:34 am | Posted By CASANSAAR
Service Tax Return (ST-3) for the period Oct,13 -March,14 is now available for e-filing by the assessees in both offline and online version. The last date of filing the ST-3 return for the said period is 25th April, 2014. However, to avoidcongestion and inconvenience in the last ...
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Service Tax |
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New companies law: Most provisions to be effective from Today
Posted Date : 01-Apr-2014 , 08:16:39 am | Posted By CASANSAAR
Bringing in changes that will strengthen corporate governance as well as protect investors' interests, most provisions of the new companies law will come into effect form Today.
Norms for social welfare spending, stringent regulations for related party transactions, independent directors and deposi...
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Corporate Law |
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0 | Hits : 1593
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Send Comments on Proposed Direct Taxes Code 2013
Posted Date : 01-Apr-2014 , 08:03:54 am | Posted By CASANSAAR
The Finance Minister, in his speech on Interim Budget 2014-15, made the following observation on Direct Taxes Code (DTC):-
"Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been abl...
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Income Tax |
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ACES Service Desk to work for extended hours on all Saturdays till 25th April 14 and on on last Sunday i.e. 20-04-2014
Posted Date : 01-Apr-2014 , 07:59:26 am | Posted By CASANSAAR
In case of any difficulty in accessing the ACES Application or in filing the ST-3 returns, the assessees can seek help of the ACES Service Desk by sending e-mail to aces.servicedesk@icegate.gov.in or calling up National Toll-free number 1800 425 4251.
In general, the Service Desk...
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Service Tax |
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0 | Hits : 835
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I-T asks e-filers of tax returns to send ITRV by speed post
Posted Date : 31-Mar-2014 , 08:30:44 am | Posted By CASANSAAR
If you are filing online your Income Tax return, the paper copy of the 'ITRV' should only be sent through "speed post" to the Central Processing Centre (CPC) of the department inBengaluru.
ITRV or 'Income Tax Return - Verification' form is issued as an acknowledgement to returns filed onl...
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Income Tax |
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Tax relief denial does not affect exempt income: Tribunal
Posted Date : 31-Mar-2014 , 08:26:00 am | Posted By CASANSAAR
Jamsetji Tata Trust has won a major reprieve from the Income Tax Appellate Tribunal (ITAT), which has held that exempt income — such as dividend and long-term capital gains — cannot be brought to tax in the hands of the trust even if the investments made by it do not meet ...
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Income Tax |
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e-filing services under MCA-21 temporarily suspended from April 1-13
Posted Date : 31-Mar-2014 , 08:22:27 am | Posted By CASANSAAR
The Corporate Affairs Ministry has temporarily suspended services of e-filings under MCA-21 from April 1 to 13.
This move is intended to facilitate a smooth transition to the new forms under the new company law, sources close to the developments said.
In this April 1-13 period, all...
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Corporate Law |
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Govt Orders Special Audit of Nokia India Accounts
Posted Date : 30-Mar-2014 , 09:13:01 am | Posted By CASANSAAR
The government has ordered a special audit into the accounts of Nokia India, widening the ambit of its dispute with the Finnish handset maker and further queering the pitch for the completion of the company's $7.2 billion global deal to sell its devices business to Microsoft.A Nokia spokesperson con...
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Income Tax |
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0 | Hits : 931
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PwC is sued for $1 billion over MF Global collapse
Posted Date : 29-Mar-2014 , 03:50:12 pm | Posted By CASANSAAR
The administrator of MF Global Holdings Ltd's bankruptcy plan on Friday sued the Auditor PricewaterhouseCoopers for at least $1 billion over its advice on a $6.3 billion European sovereign debt investment that helped fuel the brokerage's rapid demise.
According to a complaint file...
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International Business |
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Retain our Audit, Regulatory roles: ICAI to Ministry
Posted Date : 29-Mar-2014 , 10:19:11 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India, the regulator of corporate accounting and audits, is hoping the Union Ministry of Corporate Affairs will acknowledge its current role and accept its recommendations regarding avoidance of certain domain-overlapping functions with those of the proposed...
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ICAI |
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0 | Hits : 1834
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Sebi extends timline to implement FPI regulations to June 30
Posted Date : 29-Mar-2014 , 10:16:12 am | Posted By CASANSAAR
Market regulator Sebi today extended the time-frame for implementing new Foreign Portfolio Investor (FPI) regulations by three months to June 30.
The new Foreign Portfolio Investor (FPI) regulations was put in place to make an easier registration process and operating framework for overse...
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SEBI |
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New Companies Act: Firms to have at least one woman, two independent Directors
Posted Date : 28-Mar-2014 , 10:04:05 pm | Posted By CASANSAAR
Most companies now need to have at least one woman and two independent directors, while the listed entities will be required to have a director to represent the interests of small shareholders if they demand. The new requirements are part of the rules related to the appointment and qualificatio...
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Corporate Law |
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0 | Hits : 1551
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Pricing pacts with MNCs soon to address tax grievances
Posted Date : 28-Mar-2014 , 07:22:16 am | Posted By CASANSAAR
The government’s attempt to address the tax-related grievances of MNCs is beginning to show results. The revenue department is set to sign some unilateral advance pricing agreements (APAs) by the end of this month. These agreements are aimed at giving conditional exemptions to MNCs from tax au...
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Income Tax |
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0 | Hits : 898
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Banks and Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2014
Posted Date : 27-Mar-2014 , 07:24:33 pm | Posted By CASANSAAR
ounters shall remain open for extended hours till 8.00 pm. Further, on Sunday, March 30, 2014, agency banks will keep select branches open at key locations as a regular working day for transacting Government Business. Similarly, on Monday, March 31, 2014, at places where public holiday has been...
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Income Tax |
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0 | Hits : 1035
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CCI imposes a fine of Rs. 1 Crore upon Google for failure to supply information/ documents in the investigations
Posted Date : 27-Mar-2014 , 07:23:55 pm | Posted By CASANSAAR
The Competition Commission of India(CCI)has imposed a fine of Rs. 1 Crore upon Google for failure to comply with the directions given by the Director General(DG)seeking information and documents. The order was passed on a reference made by the DG to CCI alleging inter alia non-cooperation by Go...
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Corporate Law |
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0 | Hits : 953
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Election Commission to take a view on new bank licences on March 31
Posted Date : 27-Mar-2014 , 02:56:10 pm | Posted By CASANSAAR
The Election Commission will take a view on the issuance of new bank licences by the Reserve Bank of India (RBI) on Monday, March 31.
The model code of conduct has come into force with the announcement of general election earlier this month.
"I think most likely we w...
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Category :
Banking |
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0 | Hits : 889
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