SC asks Centre to explain service tax on Tirupati trust
Posted Date : 15-Feb-2014 , 08:13:04 am | Posted By CASANSAAR
The Supreme Court on Friday decided to examine whether the services rendered by the Tirumala Tirupati Devasthanams to pilgrims, including accommodation and sevas, would come within the purview of service tax.
Issuing notice on a writ petition filed by the TTD, a Bench of Justices A.K. Patna...
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Service Tax |
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Arvind Kejriwal resigns, recommends dissolution of Delhi Assembly, fresh polls
Posted Date : 14-Feb-2014 , 08:54:39 pm | Posted By CASANSAAR
Delhi chief minister Arvind Kejriwal announced his resignation on Friday after his showpiece jan lokpal bill could not be tabled in the Delhi assembly.
Though the Aam Aadmi Party (AAP) leader had declared it as introduced in the assembly amid chaotic scenes, 42 of the 70 MLAs in the assembly ...
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General |
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Delhi Assembly not allowed to introduce Jan Lokpal Bill after 42 MLAs oppose it, says Speaker
Posted Date : 14-Feb-2014 , 06:31:51 pm | Posted By CASANSAAR
Delhi government's efforts to introduce the Jan Lokpal Bill did not get majority support for tabling it in the floor of the Assembly with 42 MLAs voting against the bill. Speaker M S Dhir said that the bill can not be introduced in the house as only 27 members are in favouring it. Voting was taken u...
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General |
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Sebi announces new corporate governance norms; mutual fund policy
Posted Date : 13-Feb-2014 , 10:57:59 pm | Posted By CASANSAAR
The board of market regulator Sebi, on Thursday, approved proposals to tighten the corporate governance norms for all listed entities. It has restricted independent directors to serve as directors on a maximum of seven listed companies and limited their total tenure to two terms of five years each.
...
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SEBI |
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RBI examines credentials of nearly 35,000 cos: MCA
Posted Date : 13-Feb-2014 , 10:50:24 pm | Posted By CASANSAAR
The Reserve Bank is examining the credentials of nearly 35,000 entities whose particulars were shared with it by the Ministry of Corporate Affairs (MCA) because of rising instances of fraudulent investment schemes.
The ministry had shared a list of 34,754 companies, which carry out fina...
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Corporate Law |
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United Bank hid bad loans, finds Deloitte audit report
Posted Date : 13-Feb-2014 , 10:49:13 pm | Posted By CASANSAAR
United Bank of IndiaBSE -1.00 % either deliberately or intentionally hid bad loans as its automated system to detect payment defaults was non-functional for more than two years, an audit by consultants Deloitte has found. The bank which has the highest bad loans among state-run lenders was downgrade...
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Banking |
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Applicability of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to CA firms
Posted Date : 13-Feb-2014 , 09:53:45 pm | Posted By CASANSAAR
ANNOUNCEMENT
SUB: APPLICABILITY OF GUIDELINES LAID DOWN BY HON’BLE SUPREME COURT IN THE CASES OF VISHAKHA & ORS. VS. STATE OF RAJASTHAN & ORS. AND DR. MEDHA KOTWAL LELE & ORS. VS. UNION OF INDIA & ORS. FOR PREVENTION AND DEALING WITH THE SEXUAL HARASSMENT AT ...
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ICAI |
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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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0 | Hits : 1283
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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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0 | Hits : 868
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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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0 | Hits : 677
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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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0 | Hits : 719
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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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0 | Hits : 933
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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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0 | Hits : 2173
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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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0 | Hits : 748
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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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0 | Hits : 1585
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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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