CBDT withdraws I-T exemption of 4 Cricket Associations engaged in commercial activities; initiates reassessment
Posted Date : 09-Jan-2014 , 06:16:07 pm | Posted By CASANSAAR
The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities ...
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Income Tax |
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Result of the CA Final & CPT Examination held in Nov/Dec 2013 are likely to be declared on 15th Jan.2014
Posted Date : 09-Jan-2014 , 12:58:50 pm | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in November, 2013 and CommonProficiency Test (CPT) held in December, 2013 are likely to be declared on Wednesday, the 15thJanuary, 2014 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimumof 55% and abov...
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Students Zone |
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RBI eases gold lending rules for non-bank finance companies
Posted Date : 09-Jan-2014 , 08:53:49 am | Posted By CASANSAAR
People seeking loan against gold jewellery can now borrow more, as the Reserve Bank of India (RBI) on Wednesday allowed non-banking finance companies (NBFCs) to lend up to 75 per cent of the value of the metal from 60 per cent at present.
"...it has been decided to raise the LTV (loan-to-alue) rati...
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Banking |
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BJP's proposal of abolishing income tax feasible: Experts
Posted Date : 09-Jan-2014 , 08:50:07 am | Posted By CASANSAAR
Abolishing income tax and other levies and replacing them with some other suitable form of revenue is feasible and desirable, say experts, although some believe that such a move would militate against social equity.
Describing the concept as "aspirational", Ficci President Sidharth Birla said: "If ...
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Income Tax |
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Rules Regarding the Salaries, Allowances, etc. of the Chairperson and Other Members of the National Company Law Appellate Tribunal Notified
Posted Date : 08-Jan-2014 , 07:20:33 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has notified the National Company Law Appellate Tribunal (Salaries, Allowances and other terms and conditions of service of the Chairperson and other Members) Rules, 2014 as per the powers conferred by the new Companies Act 2013. As per these Rules, the Chairperson ...
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Corporate Law |
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Get FREE Regular Professional Updates via email / BBM from CASANSAAR
Posted Date : 08-Jan-2014 , 09:05:56 am | Posted By CASANSAAR
Now receive email / BBM alerts on the go from CASANSAAR.COM. This free subscription will entitle you to faster complete updates. Receive Professional, Tax and Career related updates in your mobile / email inbox and stay ahead in your professional life.Some features CASANSAAR SMS / ema...
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ICAI |
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Mahila Bank signs MoUs with ICAI to finance CA students
Posted Date : 08-Jan-2014 , 08:52:20 am | Posted By CASANSAAR
Bharatiya Mahila Bank (BMB), the first all-women bank, today signed an agreement with Institute of Chartered Accountants of India (ICAI) for financing students pursuing chartered accountancy.
It has also signed another MoU with ICAI for financing members of ICAI, practicing chartered accoun...
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Students Zone |
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RBI allows foriegn investors to use 'Put' and 'Call' options
Posted Date : 08-Jan-2014 , 08:37:49 am | Posted By CASANSAAR
After months of dithering, the Reserve Bank of India has allowed foreign investors to use 'call' and 'put' options to structure their investments in India. But experts said the stringent valuation restriction is detrimental to new investments or joint ventures.RBI has amended the foreign exchange ma...
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RBI |
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Bank official, 2 others held for theft from dead NRI's account
Posted Date : 07-Jan-2014 , 06:20:29 pm | Posted By CASANSAAR
A debt-ridden executive of a reputed private bank and his two accomplices have been arrested for allegedly stealing Rs 49 lakh from the account of a dead NRI since November last year, police said today.
The bank employee carried out the theft by transferring the amount to a fake account opene...
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Banking |
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BJP plans uniform banking transaction tax to replace income tax system
Posted Date : 07-Jan-2014 , 08:55:23 am | Posted By CASANSAAR
There’s nothing sexy about death or taxes unless someone promises to abolish it if you vote for them, an American tax lawyer once said.
For the past month or so, top BJP leaders have been thinking aloud about a proposal to abolish income, sales and excise taxes and replace them with...
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Income Tax |
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HC upholds laws empowering CAG to conduct Audit of private telcos
Posted Date : 07-Jan-2014 , 08:39:17 am | Posted By CASANSAAR
In a major boost to regulation, the Delhi high court on Monday upheld the contention of the comptroller and auditor general of India (CAG) that he could scrutinize the accounts of private telecom companies. Such an audit would, however, be limited to receipts in order to check wh...
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Auditing |
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Companies may issue debt to non-residents as bonus, says RBI
Posted Date : 06-Jan-2014 , 08:50:10 pm | Posted By CASANSAAR
The Reserve Bank today allowed Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their reserves as bonus.
"On a review and with a view to rationalising and simplifying the procedures, it has been deci...
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Income Tax |
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0 | Hits : 749
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Mumbai Police files chargesheet in Rs 5,600-crore NSEL scam
Posted Date : 06-Jan-2014 , 08:45:35 pm | Posted By CASANSAAR
The Mumbai Police on Monday filed a 9,800-page chargesheet against five accused arrested in connection with the National Spot Exchange Ltd (NSEL) scam, which involves a payment default of Rs 5,600 crore.
The voluminous chargesheet included the list of attached properties of the ...
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Shares & Stock |
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Bank employees to go on 2-day strike from January 20: UFBU
Posted Date : 06-Jan-2014 , 08:51:08 am | Posted By CASANSAAR
Operations at all the public sector banks (PSBs) and regional rural banks are likely to be affected for two days from January 20 as the United Forum of Banks Unions (UFBU) has given a strike call, demanding wage revision as well as the resolution of certain other issues.
UFBU national convener M V ...
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Banking |
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SEBI names 3 qualified clearing houses for securities market
Posted Date : 06-Jan-2014 , 08:46:02 am | Posted By CASANSAAR
The capital market regulator SEBI has said that National Securities Clearing Corporation Ltd (NSCCL), Indian Clearing Corporation Ltd (ICCL) and MCX-SX Clearing Corporation Ltd (MCX-SXCCL) are the only qualified central counterparties (QCCPs) in the Indian securities market.
The three corpo...
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Shares & Stock |
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0 | Hits : 711
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Modi
Posted Date : 06-Jan-2014 , 08:39:18 am | Posted By CASANSAAR
Terming the existing taxation structure as a "burden", BJP's prime ministerial candidate Narendra Modi on Sunday promised to review and reform the system if his party is voted to power.
"The present taxation system is a burden on the common man. There is a need to reform it. It is the need ...
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Income Tax |
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0 | Hits : 751
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Company Law emphasises on importance of independent Directors
Posted Date : 05-Jan-2014 , 10:00:56 am | Posted By CASANSAAR
The Company Law Act 2013 has a number of provisions on appointment of independent directors and there is a "growing importance" of their role and responsibility, a senior official of city-based cement manufacturer The India Cements Ltd said today. "There is a growing importance of independent d...
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Corporate Law |
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Congrats to CA.Adish Kumar Jain for being nominated as Director of Corporation Bank
Posted Date : 04-Jan-2014 , 04:05:47 pm | Posted By CASANSAAR
Congrats to CA.Adish Kumar Jain for being nominated as Director of Corporation Bank.
Shri Adish Kumar Jain, B.Sc., L.L.B.,FCA, DISA(ICAI) is a fellow member of the Institute of Chartered Accountants of India (M. No. 071255),having rich experience of over 30 years in the fiel...
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General |
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MCX-SX board appoints EY for forensic Audit
Posted Date : 04-Jan-2014 , 08:42:59 am | Posted By CASANSAAR
MCX-SX board chaired by former home secretary GK Pillai on Friday appointed Ernst & Young (EY) to carry out forensic audit of the stock exchange since its inception in December 2008 when it began trading in currency futures. The board, which has been taken over by government-appointed representa...
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Auditing |
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Financial benchmark calculation may be based on observable transactions
Posted Date : 04-Jan-2014 , 08:39:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI)’s panel on financial benchmarks has made several recommendations to bring in more transparency and improve the functioning of financial benchmarks.
The panel said in its draft report the methodology used to calculate these benchmarks should be based o...
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RBI |
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Petrol price hiked 75p/ltr, diesel 50p with effect from midnight tonight
Posted Date : 03-Jan-2014 , 07:50:01 pm | Posted By CASANSAAR
Petrol price has been hiked yet again, this time by a massive 75 paise a litre, while diesel price has been raised by the regulation 50 paise today after jump in global oil rates and fall in Indian rupee value increased the cost of production.
The hikes, effective midnight tonight, are excl...
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General |
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Maharashtra govt waives off 5% cane purchase tax
Posted Date : 03-Jan-2014 , 08:53:38 am | Posted By CASANSAAR
The state cabinet on Thursday decided to waive the 5% sugarcane purchase tax for a year. The decision was taken as a relief measure for sugar factories that had claimed financial crisis before the beginning of the crushing season 2013-14.
The waiver of sugarcane purchase tax was a crucial demand ma...
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General |
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Demat allotment of preferential shares must for foreign investors: SEBI
Posted Date : 03-Jan-2014 , 08:22:00 am | Posted By CASANSAAR
To ensure more transparency in capital market, Sebi said that mandatory allotment of preferential shares through demat accounts will also be applicable to overseas investors.
The move is part of Sebi's effort to check the flow of illicit funds in the issuance of shares to investors on prefe...
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SEBI |
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Banks free to charge 'reasonable ATM fees': RBI
Posted Date : 03-Jan-2014 , 08:13:29 am | Posted By CASANSAAR
Amid growing clamour from banks to charge customers for transactions at ATMs to make them economically viable, RBI Deputy Governor K C Chakrabarty today said the regulator will have no objections if the lenders charge "reasonable fee" for such services.
"If banks charge a reasonable fee on ATM tran...
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RBI |
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FinMin initiates exercise for interim budget
Posted Date : 02-Jan-2014 , 07:32:08 pm | Posted By CASANSAAR
Gearing up for the presentation of interim budget, Finance Ministry has asked different central government departments to come up with their demands by January 10.
The third and final batch of Supplementary Demands for Grants for 2013-2014 (excluding Railways) is proposed to be pres...
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Budget |
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Facility to upload Form 15CA is now available as offline utility
Posted Date : 02-Jan-2014 , 11:10:26 am | Posted By CASANSAAR
CBDT has finally recognised the difficulty faced by the importers of services in filing online 15CA and introduced the Facility to upload Form 15CA is now available as offline utility.
The Remitter may use either online or offline utility to upload Form 15CA.
This facil...
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Income Tax |
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Convocation for newly qualified Chartered Accountants at New Delhi by NIRC
Posted Date : 02-Jan-2014 , 10:04:07 am | Posted By CASANSAAR
We are pleased to inform you that the Institute of Chartered Accountants of India is organizing Convocation 2013 at Delhi to distribute Certificates of Membership to the newly enrolled members of the Institute from membership number 526761 to 533317, with a view to promote professional camaraderie a...
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ICAI |
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NBFCs not to make provision for guaranteed portion of loan: RBI
Posted Date : 02-Jan-2014 , 09:40:12 am | Posted By CASANSAAR
The Reserve Bank said non-bank financial companies ( NBFCs) do not have to make provision for guaranteed portion of loans for low income housing. In case of NBFC-MFIs, if the advance covered by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) guarantee becomes non-performing, ...
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Banking |
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0 | Hits : 863
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RBI seeks taxman
Posted Date : 02-Jan-2014 , 09:33:41 am | Posted By CASANSAAR
The Reserve Bank of India has asked the income-tax authorities information on six issues related to tax compliance of the 25 groups that have thrown their hat in the ring for starting a bank.
Faced with the Herculean task of generating tax compliance reports on more than 1,500 entities asso...
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RBI |
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President of the ICAI to Head the South Asian Federation of Accountants (SAFA)
Posted Date : 01-Jan-2014 , 08:39:56 pm | Posted By CASANSAAR
Shri Subodh Kumar Agrawal, President, The Institute of Chartered Accountants of India (ICAI) has been appointed as the President of the South Asian Federation of Accountants (SAFA) for the year 2014 w.e.f. today. He was the Vice-President of SAFA for the year 2013. Having passionately represent...
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ICAI |
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