Government simplifies pension sanction and payment process
Posted Date : 25-Feb-2014 , 02:14:29 pm | Posted By CASANSAAR
The government on Monday said it has simplified the process of sanction and payment of pension for its employees by revising the application and disbursement forms among others.
"The objective is to simplify the forms as well as to do away with the requirement of submission of affidavit and to acce...
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General |
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ICSI December Exam results to be declared today - GOOD LUCK
Posted Date : 25-Feb-2014 , 08:51:00 am | Posted By CASANSAAR
The Institute of Companies Secretary of India (ICSI ), the certifying body for Company Secretary (CS) aspirants will come out with the results of Professional Programme, Executive Programme (Old Syllabus), Executive Programme (New Syllabus) and OMR based Foundation Programme Examinati...
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Students Zone |
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MCA finds lapses by NSEL promoters; Sebi probes MCX, FTIL
Posted Date : 25-Feb-2014 , 08:39:13 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is believed to have found serious violations of companies law by the owners of crisis-ridden NSEL, while market regulator Sebi is also investigating corporate governance-related lapses by the group's two listed entities -- FTIL and MCX. ...
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Corporate Law |
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RBI writes to FinMin, recommends superseding UBI Board
Posted Date : 25-Feb-2014 , 08:37:27 am | Posted By CASANSAAR
Reserve Bank of India has written to the Finance Ministry with recommendations to clean up United Bank of India . According to sources, RBI has gone so far as to recommend superseding the UBI Board.
It is important to clarify that it is a bunch of recommendations that have been m...
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Income Tax |
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Going after the non-filers: Personal I-T mop-up surges
Posted Date : 25-Feb-2014 , 08:34:42 am | Posted By CASANSAAR
While the economic slowdown hit corporation tax collection this year, personal income tax helped the government get the much-needed revenue. The growth in the latter category was aided by the massive exercise in sending notices to persons who’d high-value transactions but did not file their I-...
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Income Tax |
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Independent Directors will have to give reasons to quit
Posted Date : 24-Feb-2014 , 01:39:55 pm | Posted By CASANSAAR
Independent directors will soon have to provide "detailed reasons" for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by regulator Sebi.
In case of an independent director only citing "personal reasons" for his ...
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Corporate Law |
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Why Companies are paying Auditors Less
Posted Date : 24-Feb-2014 , 09:41:23 am | Posted By CASANSAAR
Coorporate India pays it’s auditors less than Rs 14 for every lakh of turnover it achieves. That is about half a rupee less than it did in 2012, and almost four rupees lesser than it did in 2010, according to a research by Chennai based Prime Academy titled ‘Who are India&rs...
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Auditing |
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30 yrs on, CA firm owner convicted in foreign currency smuggling case
Posted Date : 24-Feb-2014 , 08:45:15 am | Posted By CASANSAAR
A senior chartered accountant from Ahmedabad was sentenced to 6 months in prison and fined Rs 2.5 lakh for trying to smuggle US dollars worth Rs 46 lakh - almost 30 years after the trial had begun.
Ashutosh Nanavaty and co-accused Chandrakant Amin had been arrested by the Customs in March 198...
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FEMA |
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India to adopt global financial standards from April 2015
Posted Date : 24-Feb-2014 , 08:42:53 am | Posted By CASANSAAR
The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from Apri...
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GST |
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HC sends RBI notice on plea against recall of banknotes
Posted Date : 24-Feb-2014 , 08:38:27 am | Posted By CASANSAAR
The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005.
A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex...
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RBI |
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Rs 3.5 crore service tax evasion charge against 'Nirmal Baba'
Posted Date : 24-Feb-2014 , 08:34:00 am | Posted By CASANSAAR
'Daswand' — or the receiving of donations of one-tenth of a devotee's earning — has landed self-styled spiritual guru Nirmal Babain trouble with a notice having been slapped on him for alleged service tax evasion of Rs 3.5 crore.
The central excise department issued the notice on t...
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Service Tax |
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Financially independent wife cannot claim maintenance: HC
Posted Date : 23-Feb-2014 , 10:53:32 pm | Posted By CASANSAAR
Observing that a wife who is financially independent cannot claim maintenance from her estranged husband, the Bombay High Court has refused to grant relief to a 61-year-old woman seeking monthly maintenance.
A division bench of Justices V K Tahilramani and P N Deshmukh was hearing a petit...
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General |
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United Bank of India may merge with Union Bank
Posted Date : 23-Feb-2014 , 10:48:55 am | Posted By CASANSAAR
United Bank of India, stuck with bad debts of Rs 8,546 crore, is likely to be bailed out through a merger with Union Bank of India than through a government infusion of capital.
According to sources, the government will not want to re-capitalise United Bank, whose non-performing assets (NPA...
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Banking |
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WhatsApp allows HIDE LAST SEEN feature on Android
Posted Date : 22-Feb-2014 , 10:00:40 pm | Posted By CASANSAAR
The feature that allows you to hide your "last seen" status on WhatsApp has been exclusive to the iPhone for years now. WhatsApp right on the heels of their multi-billion dollar deal with Facebookhas finally decided to let the Android family join in as well. Android users can rejoice as you can...
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General |
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Explain auditor
Posted Date : 22-Feb-2014 , 08:45:42 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) has sought detailed comments from the Multi Commodity Exchange (MCX) on the findings of PricewaterhouseCoopers (PwC) on alleged violations in its books.
In its interim report, PwC has indicated that MCX has violated several provisions of the Companies Ac...
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Auditing |
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I-T dept identifies 21.75 lakh tax Non-Filers
Posted Date : 21-Feb-2014 , 09:45:30 pm | Posted By CASANSAAR
In a last-ditch effort to meet revenue targets, the Income TaxDepartment today said it has identified 21.75 lakh new "potential non-filers", and urged all tax payers to disclose their true income and pay appropriate taxes.
The department had initiated a business intelligence project in F...
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Income Tax |
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Introduction of E-Insurance in the Insurance Sector
Posted Date : 21-Feb-2014 , 09:34:44 pm | Posted By CASANSAAR
Insurance Regulatory and Development Authority (IRDA) has introduced E-insurance in the insurance sector The IRDA has informed that as on date the Authority has granted certificate of registration to five entities to dematerialize insurance policies and store them in an electronic form. These are:&n...
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General |
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Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes
Posted Date : 21-Feb-2014 , 09:32:14 pm | Posted By CASANSAAR
The Income Tax Department, Department of Revenue, Ministry of Finance has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000 potential non filers in the first batch. The information ...
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Income Tax |
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Rules for Issuing Pan Card
Posted Date : 21-Feb-2014 , 09:31:22 pm | Posted By CASANSAAR
The Income Tax Department has made changes in rules for issuing Permanent Account Number (PAN) Card. It has vide notification S.O. 3794 (E) dated 23.12.2013, amended Rule 114 of the Income-tax Rules, 1962 to provide , inter alia, that the application for allotment of PAN shall be accompanied by proo...
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Income Tax |
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IT Departmentt Releases updated utility of Form 15CA
Posted Date : 21-Feb-2014 , 09:28:18 pm | Posted By CASANSAAR
Tax deductor and collector holding valid TAN can register and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN.
Link To Register on Income Tax E-Filing Webs...
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Income Tax |
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NPA-laden United Bank's CMD Archana Bhargava takes voluntary retirement
Posted Date : 21-Feb-2014 , 03:11:00 pm | Posted By CASANSAAR
The chairperson and managing director of Kolkata-headquartered United Bank of India Archana Bhargava has taken voluntary retirement.
Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter.
United Bank’s gross non-performing a...
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Banking |
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Company Secretary December 13 Exam results to be released on February 25
Posted Date : 21-Feb-2014 , 08:38:14 am | Posted By CASANSAAR
Institute of Company Secretaries of India (ICSI), the only certifying body for Company Secretaryaspirants, will declare on February 25, 2014 the results of Professional Programme, Executive Programme (Old Syllabus), Executive Programme (New Syllabus) and OMR based Foundation Programme Examinati...
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Students Zone |
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PwC forensic audit finds diverse violations by MCX
Posted Date : 21-Feb-2014 , 08:29:18 am | Posted By CASANSAAR
The unregulated National Spot Exchange Ltd (NSEL) was not the only entity in the Financial Technologies (FTIL) group ridden with irregularities. A forensic audit by PricewaterhouseCoopers has reported several alleged violations from the books of fully regulated Multi Commodity Exchange (MC...
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Auditing |
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Salary credit to non-resident external rupee account not taxable
Posted Date : 21-Feb-2014 , 08:21:03 am | Posted By CASANSAAR
Indian employees working overseas often face litigation over taxation of theiroverseas salary income, if such salary is received in India. This is because a non-resident can be subjected to tax in India on that portion of the income which is received in India.
The Income Ta...
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Income Tax |
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SEBI makes setting up whistle-blower mechanism mandatory for companies
Posted Date : 20-Feb-2014 , 10:20:18 pm | Posted By CASANSAAR
Amid a growing number of scams related to corrupt practices in corporate India, market watchdog Securities and Exchange Board of India (Sebi) has decided to make it mandatory for listed companies to have a whistle-blower mechanism for their employees and directors.
The mechanism w...
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Income Tax |
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0 | Hits : 940
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When Facebook turned down WhatsApp Co-Founder for a Job
Posted Date : 20-Feb-2014 , 09:50:39 pm | Posted By CASANSAAR
Jan Koum and Brian Acton have become overnight billionaires, courtesy Facebook buying their startup WhatsApp. However, things were not so great for the two till a few years ago. While Acton, who was looking for a job, faced rejection at Facebook and Twitter; Koum used to queue up...
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International Business |
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GlaxoSmithKline's Rs 6,400 cr FDI proposal cleared by govt
Posted Date : 20-Feb-2014 , 01:23:23 pm | Posted By CASANSAAR
The government today cleared Rs 6,400 crore FDI proposal of global healthcare company GlaxoSmithKline to acquire additional 24.33 per cent stake in its India arm.
The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of GlaxoSmithKline Pte Limited, Singapore for acquisi...
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Finance |
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NIRC Vice-Chairman's Firm appointed as Auditor of ICAI Noida Branch
Posted Date : 20-Feb-2014 , 10:58:43 am | Posted By CASANSAAR
Through RTI it is revealed that M/s. RAG & ASSOCIATES, 622 Sector-46A, Noida-201301(UP) has been appointed Statutory Auditor to Conduct Audit of Noida Branch for the year 2013-2014. CA.Raj Chawla (NIRC Vice Chairman) is a Sr.Partner in RAG & Associates.
Sources have also informed th...
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ICAI |
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Facebook to buy mobile messaging app WhatsApp for $16 billion
Posted Date : 20-Feb-2014 , 08:13:20 am | Posted By CASANSAAR
Facebook Inc will buy fast-growing mobile-messaging startup WhatsApp for $16 billion in cash and stock, as the world's largest social network looks for ways to boost its popularity, especially among a younger crowd.
Facebook said on Wednesday it will pay $4 billion in cash and about $12 billion in ...
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Merger & Acquisitions |
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Finance minister asks United Bank of India to fix responsibility for non-performing assets
Posted Date : 20-Feb-2014 , 07:56:24 am | Posted By CASANSAAR
The finance ministry has asked United Bank of India (UBI) to identify executives responsible for the lender's failure to spot swelling bad debt, resulting in a loss at the Kolkata-headquartered lender in the December quarter.
The move comes as the ministry has mandated all...
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Banking |
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