Banks advised to tighten letters of credit sanction norms
Posted Date : 28-Oct-2013 , 09:48:46 am | Posted By CASANSAAR
The finance ministry wants state-owned banks to follow more stringent norms while issuing bank guarantees or letters of credit to borrowers, concerned that such type offunding results in double financing, which often leads to financial indiscipline among borrowers. A finance mini...
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Banking |
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FT group Auditors run for cover after Mayaram panel's report
Posted Date : 28-Oct-2013 , 09:47:11 am | Posted By CASANSAAR
The adverse remarks in the report of a special team that probed the Rs 5,600-crore ‘payment crisis’ have jolted the auditors of the National Spot Exchange Limited (NSEL) and Financial TechnologiesIndia Limited (FTIL).
The Special Team of Secretaries (STS) headed by Economic Affairs...
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Auditing |
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RBI seeks information from applicants, regulators on new bank licences
Posted Date : 28-Oct-2013 , 09:45:39 am | Posted By CASANSAAR
Gearing up to issue new bank licences, RBI has shot off detailed queries to over two dozen applicants and various regulators in India and abroad as part of its due-diligence on those seeking to enter banking arena. The Reserve Bank of India (RBI) is in the process of granting new bank...
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Banking |
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Delhi HC to take call on Pizza Hut tax exemption
Posted Date : 28-Oct-2013 , 09:43:56 am | Posted By CASANSAAR
The Delhi High Court is set to rule whether a US company can simultaneously avail of the benefit of a lower tax rate under the Indo-US Double Tax Avoidance Agreement (DTAA) and exemptions on payments of royalty under the Income Tax (I-T) Act.
The issue came up before the court on a dispute ...
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Income Tax |
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Nepali CA student
Posted Date : 27-Oct-2013 , 09:26:06 am | Posted By CASANSAAR
A 22-year-old student pursuing his Chartered Accountancy was found dead in Shakarpur area of East Delhi on Friday.
Police said they received a PCR alert that a man had jumped off the terrace of his building. Accordingly, police began investigating the case as a suicide. But a case of murder...
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Students Zone |
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Download online ICAI Admit Card for Nov. 2013 examination
Posted Date : 26-Oct-2013 , 06:58:54 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has announced CA PCC, PEC, Final & IPCC Admit Card Nov.2013 available online at officiall website www.icai.nic.in
How to download ICAI Admit Card Nov.2013
1. Candidate first of all log on the official website www.icai.nic.i...
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Students Zone |
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Indian CAs in good demand in West Asia, Australia - Vice President ICAI
Posted Date : 26-Oct-2013 , 08:53:05 am | Posted By CASANSAAR
Indian chartered accountants are in good demand in the West Asian countries, Australia and Singapore, according to K. Raghu, vice-president of Institute of Chartered Accountants of India (ICAI).
Speaking to presspersons on the sidelines of a sub-regional conference of the Southern Indi...
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Income Tax |
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Election Commission issues norms to monitor social media campaigns
Posted Date : 26-Oct-2013 , 08:47:11 am | Posted By CASANSAAR
Bringing social media within the ambit of the model code of conduct, theElection Commission has instructed parties and candidates to account for all expenses incurred during campaigning on such websites. The Commission issued detailed guidelines on monitoring political campaigning on websi...
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General |
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RBI appoints special auditor for First Leasing; firm's MD allowed to quit
Posted Date : 26-Oct-2013 , 08:42:55 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has appointed an auditor for a special audit of the book of accounts and transactions of First Leasing Company of India, from the year ended March 31, 2010.
A C Muthiah, the chairman of First Leasing, also said its board of directors had accepted last week'...
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Auditing |
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Attention to Members - Payment to Non Resident
Posted Date : 25-Oct-2013 , 12:30:22 pm | Posted By CASANSAAR
The new form No. 15CA and 15CB, effective from 1st October, 2013 are available on the website of Income tax (https://incometaxindiaefiling.gov.in/) under "efile option - prepare and submit online form (other than ITR) of the tax payer"....
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Income Tax |
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Narendra Modi's Patna rally under income tax scanner
Posted Date : 25-Oct-2013 , 08:23:43 am | Posted By CASANSAAR
BJP prime ministerial candidate Narendra Modi's rally in Patna next week has come under the income tax department's scanner.
The department's TDS (tax deduction at source) section served notice on the Bharatiya Janata Party's (BJP) state unit, which is organizing the Oct 27 ral...
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Income Tax |
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Sebi lays out guidelines for listing of SMEs, start ups
Posted Date : 25-Oct-2013 , 08:17:33 am | Posted By CASANSAAR
Market regulator Sebi today issued detailed guidelines, including on eligibility criteria, for listing of start-ups and small and medium enterprises (SMEs) on stock exchanges without an initial public offer(IPO). The guidelines follow notification of new norms by Sebi e...
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SEBI |
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Google world's best multinational company to work for: Survey
Posted Date : 25-Oct-2013 , 08:14:02 am | Posted By CASANSAAR
Internet giant Google has emerged as the world's best multinational company to work for, followed by software developer SAS Institute and network storage provider NetApp in the second and third place, respectively.
Software giant Microsoft was ranked ...
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International Business |
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Now pay your utility bills, school fees, remittances and other bills using bank accounts
Posted Date : 25-Oct-2013 , 08:09:30 am | Posted By CASANSAAR
Reserve Bank today constituted an advisory group to implement a national bill payment system that will enable households to pay utility bills, school fees, remittances and other bills using their bank accounts. "The RBI has announced the constitution of aGIRO Advisory Group (GAG)...
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Banking |
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Former Indian Bank chairman, four others sentenced
Posted Date : 24-Oct-2013 , 01:19:50 pm | Posted By CASANSAAR
A CBI court here yesterday sentenced former Chairman and Managing Director of Indian Bank M Gopalakrishnan and four others to one year imprisonment for defrauding various branches of the bank to the tune of about Rs 6.5 crore.
CBI Principal Sessions Judge S Malathi also ordered Gopalakrishn...
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Banking |
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FinMin proposes rule to curb impact of paper fluctuations on markets
Posted Date : 24-Oct-2013 , 08:16:11 am | Posted By CASANSAAR
The finance ministry proposes to have a legislative frame work for curbing the impact of overseas market disruptions by Indian entities and securities listed abroad on the Indian market.
According to officials, the legislative framework has to be worked out within the new Companies Bill. The m...
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Corporate Law |
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Delhi High Court asks Centre to look into accounts of AAP
Posted Date : 23-Oct-2013 , 09:50:41 pm | Posted By CASANSAAR
The Delhi High Court today asked the Centre to look into "afresh" the accounts of Aam Aadmi Party (AAP) to find out the source of money received by it after its inception. A bench of justices Pradeep Nandrajog and V K Rao asked the counsel for the Centre to inform ...
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General |
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Capital infusion by the Government in Public Sector Banks During 2013-14
Posted Date : 23-Oct-2013 , 06:18:53 pm | Posted By CASANSAAR
The capital infusion by the Government of India in Public Sector Banks (PSBs) is done with the twin objective of adequately meeting the credit requirement of the productive sectors of economy as well as to maintain regulatory capital adequacy ratios in PSBs. The G...
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Banking |
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Date Extended for Giving Suggestions on the 3rd Tranche of Draft Rules Being Framed under the Companies Act 2013
Posted Date : 23-Oct-2013 , 06:13:15 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has extended by 4 days the last date for accepting suggestions/ comments for the 3rd tranche of Draft Rules being framed under the Companies Act, 2013. Now, such suggestions/ comments can be given till 5th November 2013. In this phase, following 3 Chapters have been...
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Corporate Law |
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NFRA to get powers to investigate Companies, Audit firms
Posted Date : 23-Oct-2013 , 07:24:02 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the proposed apex body for accounting and auditing standards, will have powers to probe and review audits of companies, including those which have securities listed outside India. NFRA would be a quasi-judicial body under the new ...
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Auditing |
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Reverse mortgage scheme: Tax break for senior citizens on income from house
Posted Date : 23-Oct-2013 , 07:16:00 am | Posted By CASANSAAR
With an aim to make the reverse mortgage facility more attractive for senior citizens, the government has decided to give tax break on installment earned by pledging his residential property.
Now it has been decided that annuity would be tax exempt, National Housing Bank Chairman and Managing ...
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Income Tax |
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Deloitte to pay $2 million to settle charges over audit rule violations
Posted Date : 23-Oct-2013 , 07:10:52 am | Posted By CASANSAAR
Accounting giant Deloitte & Touche will pay a $2 million penalty to settle civil charges that it allowed a suspended auditor to continue working in the firm's public company audit practice, the US audit watchdog said Tuesday. The Public Company Accounting Oversight Board, the...
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Auditing |
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Top 30 NPA accounts of PSU banks under govt scanner: FM
Posted Date : 22-Oct-2013 , 07:03:05 pm | Posted By CASANSAAR
Concerned over defaults by big borrowers, Finance Minister P. Chidambaram on Tuesday said the government is monitoring the top 30 NPA accounts in each PSU bank and asked the lenders to set up separate verticals to recover money from written-off accounts.
Talking to reporters after meeting t...
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Banking |
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Govt issues draft rules for National Financial Reporting Authority (NFRA)
Posted Date : 22-Oct-2013 , 04:00:47 pm | Posted By CASANSAAR
Moving ahead with implementation of the new companies law, the government on Tuesday issued draft rules for the proposed National Financial Reporting Authority.
Besides NFRA, draft rules relate to Serious Fraud Investigation Office (SFIO) and acceptance of deposits by companies have been re...
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Corporate Law |
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Tax Reform Commission to submit first report in 6 mths: Parthasarathi Shome
Posted Date : 22-Oct-2013 , 08:17:37 am | Posted By CASANSAAR
Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting today and is expected to submit its report in six months. "The Commission held its first meeting today and will submi...
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Income Tax |
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Sebi asks additional disclosures under takeover regulations
Posted Date : 22-Oct-2013 , 08:08:54 am | Posted By CASANSAAR
Market regulator Sebi today asked entities acquiring substantial shares in listed companies to make additional disclosures regarding pledging of scrips, a move that will help investors to make an informed decision."In order to ensure that adequate disclosures are made to help investors in ...
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SEBI |
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UP government withdraws entertainment tax exemption to F1
Posted Date : 22-Oct-2013 , 08:08:04 am | Posted By CASANSAAR
Four days before the third edition of India's F1 race gets rolling at the Buddh International Circuit (BIC), the Uttar Pradesh government on Monday sought the Supreme Court's permission to withdraw its 2011 decision to grant entertainment tax exemption to Indian Grand Prix&n...
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Corporate Law |
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States against petro products, liquor in Goods and Services Tax
Posted Date : 22-Oct-2013 , 07:55:43 am | Posted By CASANSAAR
Several states on Monday opposed inclusion of petroleum products and liquor in the proposed Goods and Services Tax (GST) regime as the move would severely affect their revenues. This came out at the meeting of the Empowered Committee of State Finance Ministers that deliberated th...
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GST |
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Income Tax department puts HRA exemption under scanner
Posted Date : 21-Oct-2013 , 08:30:50 pm | Posted By CASANSAAR
As if the additional information required in tax returns was not enough, there's more bad news for tax evaders. Salaried taxpayers who claim HRAexemption will now have to report their landlord's PAN if the total rent in a year exceeds Rs 1 lakh. "In case the landlord does not have a P...
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Income Tax |
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Despite negative list, service tax coverage yet to increase
Posted Date : 21-Oct-2013 , 08:24:35 am | Posted By CASANSAAR
Introduction of a ‘negative list’ for comprehensive taxation of the services sector was touted as a major tax reform. But, even after a year of its introduction, few new services have been brought in the tax net. Thanks to a manpower shortage, officials of the service taxdepartment ...
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Category :
Service Tax |
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