Insertion of new paragraph 46 in AS 11, The Effects of Changes in Foreign Exchange Rates, issued by ICAI
Posted Date : 13-Feb-2014 , 01:34:09 pm | Posted By CASANSAAR
Insertion of new paragraph 46 in AS 11, The Effects of Changes in Foreign Exchange Rates, issued by TheInstitute of Chartered Accountants of India, for their applicability to entities other than companies
1. The Ministry of Corporate Affairs, Government of India, inserted par...
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ICAI |
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Information regarding Audited/Unaudited Components - Manner of Disclosure in Principal Auditor's Report. - ICAI
Posted Date : 13-Feb-2014 , 01:31:59 pm | Posted By CASANSAAR
Manner of Disclosure in the Auditor’s Report of the Fact of Inclusion of Unaudited Financial Statements/ Information of Component/s in the Financial Statements Audited by the Principal Auditor(s)
1. An independent auditor of the financialstatements of an entity may, at tim...
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Auditing |
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ICAI to introduce with guidance on frauds
Posted Date : 13-Feb-2014 , 01:27:55 pm | Posted By CASANSAAR
In efforts to curb the menace of corporate misdoings, apex body of chartered accountants ICAI will come out with guidelines for its members on various aspects of effective internal financial controls and possible frauds.
In this regard, the Institute of Chartered Accountants of India...
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ICAI |
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Accountants PwC, Deloitte, KPMG and EY face taming moves
Posted Date : 13-Feb-2014 , 01:26:02 pm | Posted By CASANSAAR
Are the Big Four accounting leviathans about to be tamed?
Even as their revenues ascend to fresh records, PwC, Deloitte, KPMG and EY are struggling to navigate new legal and regulatory pitfalls in two of their most important markets – China and the European Union.
On Wednesda...
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Auditing |
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R.K.Tiwari appointed new Chairman of CBDT
Posted Date : 13-Feb-2014 , 01:22:58 pm | Posted By CASANSAAR
R.K.Tiwari was appointed as the new chairman of Central Board of Direct Taxes (CBDT) on 9 February 2014.
The appointment was approved by the Appointments Committee of the Cabinet (ACC).
Mr. Tiwari is a 1976-batch Indian Revenue Service (IRS) officer. He is currently working as the Member o...
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Income Tax |
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New President & Vice President of ICAI
Posted Date : 13-Feb-2014 , 01:21:22 pm | Posted By CASANSAAR
CA. K. Raghu has been elected as new President & CA. Manoj Fadnis as new Vice President for the year 2014-15. Get to know these eminent luminaries of our profession, click on the link for their profile.
CA. K. RaghuPresident(Profile)
CA. Manoj FadnisVice-Presi...
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ICAI |
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Rail Budget 2014: 17 premium trains, 38 express trains to be introduced
Posted Date : 13-Feb-2014 , 01:20:16 pm | Posted By CASANSAAR
No Increase in Passenger Fares and Freight
Outlay of Rs 64,305 Crore Proposed for Rail Budget with A Budgetary Support of Rs 30,223 Crore
17 New Premium Trains, 38 Express Trains and 10 Passenger Trains Proposed
Surveys For 19 New Lines and Doubling of 5 Tracks to be Taken Up
Meghalay...
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Budget |
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Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards
Posted Date : 13-Feb-2014 , 01:16:39 pm | Posted By CASANSAAR
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Ch...
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Auditing |
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Government
Posted Date : 13-Feb-2014 , 01:15:19 pm | Posted By CASANSAAR
This is with reference to the news report appearing in certain section of media that the Finance Ministry pays Rs.37, 365 cr. in interest on excess tax refund and similar reports. The emphasis of these reports is that huge interest was paid by the Government on refund of excess taxes ...
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Income Tax |
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Govt to Present Interim Budget 2014-15 on 17th February, 2014
Posted Date : 13-Feb-2014 , 01:14:06 pm | Posted By CASANSAAR
Printing Process for Interim Budget2014-15 Commenced with Halwa Ceremony
Halwa ceremony marking the commencement of Budget printingprocess for Interim Budget 2014-15 was held in North Block yesterday in the presence of the Union Finance...
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Income Tax |
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Amendment to Auditor
Posted Date : 13-Feb-2014 , 01:12:16 pm | Posted By CASANSAAR
Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956.
Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards.
Announcement 3 : Amendment ...
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Auditing |
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New PAN cards after original documents verification, to cost Rs.105
Posted Date : 29-Jan-2014 , 08:35:23 am | Posted By CASANSAAR
New PAN cards issued by the Income Tax department will cost Rs 105, including taxes.
The I-T department has recently notified new procedures for verifying personal and proprietary data of an individual or entity for allotment of new PAN cards.
The step, sources said, has been taken...
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Income Tax |
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Income tax: More clarity on deductions available under RGESS
Posted Date : 29-Jan-2014 , 08:29:27 am | Posted By CASANSAAR
The government has issued a fresh notification on tax exemption under the Rajiv Gandhi Equity Savings Scheme (RGESS) under Section 80CCG of the Income-Tax Act, 1961. A new retail investor in the scheme can now invest in one or more financial years in a block of three consecutive fiscal, beginning wi...
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Income Tax |
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RBI raises repo rate by 25 bps to 8 per cent
Posted Date : 29-Jan-2014 , 08:23:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Tuesday, increased the indicative policy rate (repo) by 25 basis points to 8 per cent to tame inflation. However, it is not necessary that banks will increase deposit as well as lending rates immediately or uniformly.
Repo is the rate at which banks borro...
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RBI |
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Cairn UK did not pay tax on Rs 24,503.50 cr of Capital Gains
Posted Date : 29-Jan-2014 , 08:17:46 am | Posted By CASANSAAR
The Income Tax Department has assessed that Cairn Energy Plc of UK did not pay tax on Rs 24,503.50 crore of capital gains made on transferring India assets to a new company.
The department, in a seven-page order dated January 22, said the gains came after the Edinburgh-based firm transferred its en...
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Income Tax |
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CA Intermediate (IPC) Nov.13 Examination result likely on 31.01.2014
Posted Date : 25-Jan-2014 , 09:23:25 am | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate (IPC) Examination held in November, 2013 are likely to be declared onFriday, the 31st January, 2014 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the...
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Income Tax |
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Delhi High Court refuses to stay CAG auditing of three power distribution companies
Posted Date : 25-Jan-2014 , 09:18:56 am | Posted By CASANSAAR
The Delhi High Court has refused to stay the city government's decision asking the Comptroller and Auditor General, CAG, to audit the accounts of three power distribution companies. The court also asked BSES Rajdhani Power Ltd and BSES Yamuna Power Ltd of Reliance Anil Dhirubhai Ambani Group an...
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Auditing |
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Procedure for Pan Allotment Process to Undergo a Change with Effect from 3rd february, 2014
Posted Date : 24-Jan-2014 , 04:53:56 pm | Posted By CASANSAAR
The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such P...
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Income Tax |
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ICAI moots changes in accounting standards for more transparency
Posted Date : 24-Jan-2014 , 08:46:56 am | Posted By CASANSAAR
In order to bring in greater transparency and clarity in financial reporting by India Inc, a slew of changes to the Indian Accounting Standards (Ind AS) has been mooted with respect to the presentation of financial statements, interim financial reporting and financial instruments.
These cha...
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ICAI |
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Indian Bank to sell big loan default accounts
Posted Date : 24-Jan-2014 , 08:41:24 am | Posted By CASANSAAR
Indian Bank has decided to sell off some of its big loan defaulting accounts to asset reconstruction companies and cut down its non-performing assets (NPA), said a top bank official here Thursday.
"We have identified 19 big accounts to be sold to asset reconstruction companies. Each ac...
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Banking |
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RBI aligns NBFC loan restructuring norms with banks
Posted Date : 23-Jan-2014 , 09:59:58 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) said on Thursday that rules for restructuring loans by non-banking financial companies will be the same as those of banks.
The key provisions include that the relaxation or extension of commencement of projects will not amount to restructuring for infrast...
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RBI |
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Check your cash, pre-2005 notes will not work after July
Posted Date : 23-Jan-2014 , 08:55:04 am | Posted By CASANSAAR
THE RESERVE Bank on Wednesday announced it would withdraw after March 31 all currency notes issued before 2005, including those having higher denominations of Rs 500 and Rs 1,000.
To avoid panic, it said the notes will continue to be legal and the public has time to exchange them for new no...
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RBI |
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Delhi power discoms petition high court against CAG Audit
Posted Date : 23-Jan-2014 , 08:50:04 am | Posted By CASANSAAR
Delhi's three private power distribution companies petitioned the Delhi High Court on Wednesday against the city government’s move to have the Union comptroller and auditor general (CAG) go into their accounts.
The move lacked legal sanctity, contend Reliance Infrastructure-own...
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Auditing |
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SEBI asks depositories to set up IT strategy panels
Posted Date : 22-Jan-2014 , 06:23:22 pm | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (SEBI) today asked depositories to formulate information technology strategy panels at board level with a view to strengthening the IT governance framework of their systems.SEBI issued guidelines to strengthen the IT governance framework of...
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SEBI |
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IT companies face fresh tax claims over deductions
Posted Date : 22-Jan-2014 , 08:38:58 am | Posted By CASANSAAR
A government clarification last year saved IT companies from additional tax demands, but that hasn't deterred the taxman.
At least two IT companies have now moved court seeking to put a stop to income tax reassessment.
The I-T department has initiated reassessment proceedings against I...
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Income Tax |
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RBI plans to use unclaimed deposits for education, awareness
Posted Date : 22-Jan-2014 , 08:35:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday proposed unclaimed bank deposits, estimated at about Rs 3,500 crore, be used for education and awareness among depositors.
According to a draft on the Depositor Education and Awareness Fund Scheme, deposits in the banking sector that haven’t bee...
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RBI |
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Probe into accountancy firm's handling of the Co-operative Bank's books
Posted Date : 21-Jan-2014 , 08:41:19 am | Posted By CASANSAAR
Accountancy firm KPMG is facing a probe into how it audited the Co-operative Bank’s books in the years leading up to its near collapse.
The Financial Reporting Council has launched an investigation after the discovery of a £1.5billion hole in the lender’s finances last yea...
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International Business |
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SEBI asked to disclose details on grant of licence to MCX-SX
Posted Date : 21-Jan-2014 , 08:34:58 am | Posted By CASANSAAR
Sebi has been asked by its Appellate Authority to disclose details through RTI on process related to grant of recognition to MCX Stock Exchange, as all such information may not be confidential any more.
Hearing an appeal against the market regulator's denial of information sought through RT...
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SEBI |
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RBI sets up panel to review governance of bank boards
Posted Date : 20-Jan-2014 , 09:43:58 pm | Posted By CASANSAAR
The Reserve Bank of India today set up an eight-member panel to review functioning of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure.
The committee, to be headed by former Axis Bank chairman P.J. Nayak, will analyse representation on b...
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RBI |
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Delhi Service Tax Commissionerate Arrests CFO of an Aviation Company for Evasion of Service Tax
Posted Date : 20-Jan-2014 , 07:57:39 pm | Posted By CASANSAAR
A Chief Financial Officer (CFO) of a Delhi-based aviationcompany has been arrested for allegedly evading service tax of over Rs 1 crore.
The firm, which was providing helicopter chartering services, had not paid its service tax liabilities for 2012-13 and 2013-14. It has ...
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Service Tax |
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