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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Category :
Service Tax |
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May support for Congress if it accepts Banking Transaction Tax: Ramdev in a Seminar organised by ICAI
Posted Date : 20-Jan-2014 , 08:48:53 am | Posted By CASANSAAR
Yoga Guru Ramdev today said he may support Congress in the upcoming Lok Sabha polls provided the party supports his proposal to replace all taxes with single tax on bankingtransactions.
"..If Congress accepts our proposal of single window taxation and single tax we wi...
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ICAI |
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Service tax applicable on transport, storage of Rice, Cotton
Posted Date : 20-Jan-2014 , 08:43:58 am | Posted By CASANSAAR
The prices of rice and cotton that's ginned and baled are likely to rise as their transport and storage have been deemed ineligible for exemption from service tax by the finance ministry. They are not on the negative list of items on which 12.36% service tax doesn't have to be paid, finance min...
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Service Tax |
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Income Tax department eyes foreign gold buyers
Posted Date : 19-Jan-2014 , 07:47:02 pm | Posted By CASANSAAR
Financial details of Indians bringing in gold from abroad after duty payment will be shared by customs authorities with Income Tax department to check suspicious ferrying of the yellow metal into the country.
According to norms, an Indian who has been living abroad for over six months can bring in ...
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Income Tax |
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Draft cost audit rules will hit revenue collection, says professional body
Posted Date : 19-Jan-2014 , 08:55:19 am | Posted By CASANSAAR
The Cost Accountants Institute on Saturday slammed the Corporate Affairs Ministry for proposing to abolish the statutory maintenance of cost records and suggesting to do away with — in most cases — the requirement for cost audit.
Such a far-reaching, drastic step without going t...
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ICWAI |
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Listed companies to face strict action for non-disclosure
Posted Date : 18-Jan-2014 , 08:42:24 am | Posted By CASANSAAR
The stock exchanges on Friday announced strict penal actions, ranging from monetary fines to trading suspension, for listed companies failing to ensure timely and proper disclosure of details like financial results, annual reports, shareholding data and corporate governance reports. &...
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Corporate Law |
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PF accounts to have permanent numbers next fiscal
Posted Date : 18-Jan-2014 , 08:41:03 am | Posted By CASANSAAR
Portable permanent provident fund (PF) account number, which will enable over five crore EPFO members to get rid of the process of transferring their accounts on changing jobs, will be a reality in 2014-15.
The permanent PF account number would also help provide social security benefits t...
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General |
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RBI extends Time to close exim deals extended
Posted Date : 18-Jan-2014 , 08:39:54 am | Posted By CASANSAAR
Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier.
"The entire merchanting or intermediary trade transactions should be completed within an overall period of nine months and the...
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RBI |
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Income Tax commissioner sentenced to jail for contempt by Delhi High Court
Posted Date : 17-Jan-2014 , 08:33:02 am | Posted By CASANSAAR
A Senior Income Tax Commissioner - Sanjay Srivastava - has made history as the first income tax commissioner to be sentenced to jail for contempt by the Delhi High Court.
Mr Srivastava has been sentenced to 15 days in jail by a division bench of the court .
He had been accused of sexually harassin...
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Income Tax |
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33% of registered companies in India inactive, says MCA
Posted Date : 17-Jan-2014 , 08:31:27 am | Posted By CASANSAAR
Nearly 33% out of a total of 13.59 lakh registered companies in India are either closed, dormant or in the process of being liquidated, the latest company data released by the ministry of corporate affairs showed on Wednesday.
As per the data, around 9.20 lakh are active companies as on Nov...
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Corporate Law |
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Rote learning, less grace marks led to CA result disaster
Posted Date : 17-Jan-2014 , 08:30:08 am | Posted By CASANSAAR
Rote learning by students and the Institute of Chartered Accountants in India's decision to have a "stringent grace marks" policy could be the reason behind the shocking dip in the final chartered accountancy (CA) results announced on Wednesday. Only 3.11% of the 32,536 candidates cleared ...
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Students Zone |
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Service tax amnesty scheme yielded around Rs 7,700 Cr
Posted Date : 16-Jan-2014 , 09:17:36 pm | Posted By CASANSAAR
The service tax amnesty scheme has yielded around Rs 7,700 crore to the exchequer, a top finance ministry official said.
The Voluntary Compliance Encouragement Scheme (VCES) that was launched on May 10, 2013 to enable service tax defaulters to pay dues without penalty or late payment charge...
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Category :
Service Tax |
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Service tax department finds several banking services taxable on scrunity
Posted Date : 16-Jan-2014 , 08:57:08 am | Posted By CASANSAAR
The Department of Service tax has found several banking services taxable on scrutiny following the negative list of services.
According to officials close to the development, some of the contentious issues are availing tax credit for payment of premium for insuring deposits...
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Category :
Service Tax |
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SEBI may ask companies to make greater disclosures in IPOs
Posted Date : 16-Jan-2014 , 08:55:56 am | Posted By CASANSAAR
To safeguard investors’ interest in IPOs, SEBI may ask companies to make greater disclosures about price discovery and issue certain convertible bonds to retail shareholders to ensure some guaranteed returns.
The new corporate governance norms for listed companies, currently being fin...
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SEBI |
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CA Final Nov.2013 result is the lowest in last 11 Years
Posted Date : 16-Jan-2014 , 08:49:11 am | Posted By CASANSAAR
ICAI has declared the Result of Chartered Accountancy Final Examination held in November 2013 on Wednesday 15th January 2014. This is (3.11%) the Lowest result in Last 11 Years for both the Groups (as per data available with us). While the pass percentage in Group ...
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Income Tax |
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Pass Percentage & Toppers of CA Final Nov.13 & CPT Dec.13 Exam
Posted Date : 15-Jan-2014 , 10:00:11 pm | Posted By CASANSAAR
Chartered Accountants Final Examination held in November, 2013.
Pass Percentage of Chartered Accountants Final Examination held in November, 2013
The details of percentage of candidates passed in the above examination is given below:
Examinatio...
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Students Zone |
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Government Approves Five Proposals of Foreign Direct Investment (FDI) Amounting to About Rs. 1133.41 Crore
Posted Date : 15-Jan-2014 , 07:48:11 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) made in its meeting held on December 30, 2013, the Government of India has approved five (05) proposals of Foreign Direct Investment (FDI) amounting to Rs. 1133.41 crore approximately.
D...
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Finance |
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Revised Date Sheet for CA IPC and CA Final Exam for May 2014
Posted Date : 15-Jan-2014 , 03:51:09 pm | Posted By CASANSAAR
No. 13-CA (EXAM)/M/2014: In pursuance of Regulation 22 of the Chartered AccountantsRegulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify thatthe Intermediate (IPC) and Final examinations will be held on the dates given below at the followingplaces pro...
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Students Zone |
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