Ministry of Corporate Affairs issues Notification for Commencement of 98 Sections of the New Act
Posted Date : 12-Sep-2013 , 08:41:48 pm | Posted By CASANSAAR
The Companies Act, 2013 as passed by the Parliament and assented to by the President of India is available on the Ministry of Corporate Affairs’ website at www.mca.gov.in. The Ministry has initiated the process to implement the new Act in consultation with concerned regulatory authoritie...
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Corporate Law |
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Foreign banks can open zero-balance accounts
Posted Date : 12-Sep-2013 , 08:44:35 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday said foreign bankswith branches in India could open zero-balance accounts. In a list of frequently asked questions issued by the central bank, it said basicsavings bank deposit account (BSBDA) guidelines were applicable to “all schedu...
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Banking |
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Income tax returns: Disclosure of yachts and more aimed at plugging wealth tax evasion
Posted Date : 12-Sep-2013 , 08:41:23 am | Posted By CASANSAAR
Rich business persons gearing up to file their income tax returns for fiscal 2013 by the due date of September 30 find themselves saddled with additional disclosure requirements.They are required to disclose assets — both immovable and movable — held in India in personal capacity as of M...
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Income Tax |
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RBI to crack down on unauthorised NBFCs
Posted Date : 12-Sep-2013 , 08:32:43 am | Posted By CASANSAAR
The Reserve Bank of India will get tough with companies which are accepting deposits from the public though they do not have the mandate to do so, a senior central bank official said.
A RBI survey has found that there are 96 companies that are accepting deposits without registering with the...
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RBI |
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No car loan if annual income less than Rs. 6 lakh, says SBI
Posted Date : 11-Sep-2013 , 09:06:13 pm | Posted By CASANSAAR
Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its four-wheeler loan scheme with a view to minimising possible defaults.
The eligibility limit for loan issuance to salaried ...
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Banking |
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Don't use currency notes for making garlands: RBI
Posted Date : 11-Sep-2013 , 08:18:21 pm | Posted By CASANSAAR
Making garlands of currency notes, a common practice in Indian marriages and political rallies, has been sought to be discouraged by the Reserve Bank of India (RBI).
"The Reserve Bank of India has appealed to members of public not to use banknotes for making garlands, decorating pandals and places ...
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RBI |
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Competition Commission of India to investigate the matter involving Delhi Development Authority on alleged violation of Competition Act
Posted Date : 11-Sep-2013 , 08:03:51 pm | Posted By CASANSAAR
Competition Commission of India (CCI) has ordered investigation by its Director General in the matter involving Delhi Development Authority (DDA) in respect of allegations regarding violation of provisions of Competition Act by DDA. The order has been issued under Section 26(1) of the Competition Ac...
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Corporate Law |
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Jalandhar-based Property dealer held for circulating jokes on Sikhs
Posted Date : 11-Sep-2013 , 02:54:56 pm | Posted By CASANSAAR
A Jalandhar-based property dealer has been arrested for circulating jokes on Sikhs.
ACP R P S Sandhu said Atul Mehta was arrested after he was booked for hurting religious sentiments and under the IT Act.
Complainant Narinder Singh said Mehta had first sent him a derogatory message ...
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General |
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RBI allows banks to borrow overseas up to 100% of capital
Posted Date : 11-Sep-2013 , 08:32:56 am | Posted By CASANSAAR
The Reserve Bank of India has allowed banks to borrow overseas up to 100% of their capital and swap it at a subsidized rate as promised by governorRaghuram Rajan immediately after taking charge at the country's central bank. This was one of the first few announcements made b...
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RBI |
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Sebi notifies rules to classify illegal collective investment schemes as fraud
Posted Date : 11-Sep-2013 , 08:27:51 am | Posted By CASANSAAR
Tightening the noose around entities running illegal collective investment schemes (CIS), the Securities and Exchange Board of India (Sebi) has notified new norms to classify such activities as frauds and impose penalties of up to three times of their profits.
Besides, the new rules expand the list...
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SEBI |
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21 Marks Increased during Re-Verification of CA Final Exam.
Posted Date : 10-Sep-2013 , 09:14:59 pm | Posted By CASANSAAR
Now a days when CA Students struggle for every single mark to clear their exams, ICAI has, in the recent case, increased 21 Marks during Re-Verification .
CA Final year student Ms. Saloni Bansal D/o CA. Prem Bansal who secured 189 marks initially and failed due to aggregate. She file...
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Students Zone |
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Now, Audit firms can be penalized for frauds
Posted Date : 10-Sep-2013 , 08:09:00 am | Posted By CASANSAAR
Life is set to get tougher for auditors and audit firms, with the draft rules of theCompanies Act proposing to not just make auditors, but even audit firms, liable for frauds. So far, chartered accountants were penalized but the new law also puts firms under the spotlight. In addition, the...
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Auditing |
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Banks expect no quick fix for NPA pain despite RBI warning
Posted Date : 10-Sep-2013 , 08:02:23 am | Posted By CASANSAAR
Despite the Reserve Bank of India's (RBI) hard talks against loan defaulters, banks are expecting more pain in terms of asset quality as the systemic gaps allow bad borrowers to divert funds and go scot-free under the garb of economic slowdown. Bankers said this trend has almost become viral an...
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Banking |
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Draft rules of Companies law provide clarity on auditor rotation: Experts
Posted Date : 10-Sep-2013 , 07:55:58 am | Posted By CASANSAAR
The draft rules released the government for the new companies legislation provide clarifications on rotation of auditors but ambiguity persists on eligibility and appointment of internal auditors, say experts. Government today issued the first tranche of draft rules, covering 16 chapters of the...
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Corporate Law |
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Govt releases draft rules for New Companies Act & Invite Suggestions
Posted Date : 09-Sep-2013 , 04:01:03 pm | Posted By CASANSAAR
The draft Rules for following 16 chaptersunder the Companies Act 2013 is made live for public comments in 1st phase. The last date of receiving comments on these rules is 08/10/2013:
Chapter I – Preliminary
Chapter II – Incorporation of Com...
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Corporate Law |
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Applicability of Companies Act, 2013 for May 2014, Examination - ICAI
Posted Date : 09-Sep-2013 , 03:14:18 pm | Posted By CASANSAAR
6th September, 2013
Important AnnouncementAttention: Intermediate (IPC) and Final Course studentsApplicability of Companies Act, 2013 for May 2014, Examination
This is to bring to the notice of students that the Companies Act, 2013 passed by the Parliament has received the as...
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Students Zone |
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RBI allows foreign promoters to raise stake in domestic companies
Posted Date : 09-Sep-2013 , 08:43:33 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made it easier for foreign and non-resident Indian promoters to increase their stake in domestic companies through the foreign direct investment (FDI) route, a move that can bolster the stocks of companies where foreign promoters have a stake.Almost four...
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International Business |
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Rs 1.27 lakh crore indirect tax revenue stuck in litigations
Posted Date : 09-Sep-2013 , 08:39:22 am | Posted By CASANSAAR
A staggering Rs 1.27 lakh crore revenue as central excise and service tax remained unrealised due to appeals and litigations pending before authorities during the financial year 2011-12, says a CAGreport. Of the total of Rs 1,27,897.39 crore pending demand, Rs 73,274.74 crore was...
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Service Tax |
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One person companies to eliminate middlemen: Sachin Pilot
Posted Date : 08-Sep-2013 , 07:30:40 pm | Posted By CASANSAAR
Small entrepreneurs can now set up 'one person companies' to directly access target markets rather than being forced to share their profits with middlemen,Corporate Affairs Minister Sachin Pilot has said. With the new Companies Act, 2013 coming into force, the 'one person company...
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Corporate Law |
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NRIs warned against taking rupees into India
Posted Date : 08-Sep-2013 , 08:43:22 am | Posted By CASANSAAR
UAE's Central Bank has asked all banks and exchange houses to advise their customers not to carry rupees into India. The Central Bank also asked banks and money changers to warn their customers of the consequences of failing to do so. "The penalties stipulated in the new (Indian) law inclu...
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Banking |
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RBI allows people going abroad to carry up to Rs 10k
Posted Date : 07-Sep-2013 , 08:51:09 am | Posted By CASANSAAR
Providing greater flexibility to individuals travelling abroad, the Reserve Bank of India, on Friday, allowed them to carry Indian currency of up to Rs.10,000 per person.
The limit has been increased from the existing Rs.7,500 per person.
“As part of providing greater flexibi...
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RBI |
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Parliament passes key Pension Bill after about 9-year delay
Posted Date : 07-Sep-2013 , 08:47:32 am | Posted By CASANSAAR
Parliament on Friday passed the pension bill that seeks to give statutory powers to sector regulator and also allows at least 26% foreign direct investment in the sector. The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha that had been a...
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General |
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Income Tax Surveys at Jaipur Result in Detection of Undisclosed Income of Rs. 118 Crore
Posted Date : 07-Sep-2013 , 08:42:04 am | Posted By CASANSAAR
A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores.
The assessee not only admitted the said additional income but also furni...
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Income Tax |
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RBI eases rules for foreign and NRI promoters to raise stake in listed firms
Posted Date : 07-Sep-2013 , 08:26:59 am | Posted By CASANSAAR
In a move to quicken dollar inflows, the Reserve Bank of India (RBI) has changed the rules to make it easier for foreign and NRI promoters to raise stake in listed Indian companies.Offshore parents of such local companies can now freely purchase shares by using the services of registered I...
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RBI |
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Bombay High Court dismisses Vodafone petition in tax case
Posted Date : 06-Sep-2013 , 09:45:19 pm | Posted By CASANSAAR
The Bombay High Court dismissed a petition by Vodafone Group in a tax dispute with the authorities, ruling on Friday that a tax tribunal should examine the matter first, the British mobile company said.
Vodafone said it has almost 12 weeks to review its options and that the court had extended a sta...
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Income Tax |
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Webcasts for CA Students: Intermediate (IPC) Course, Final Course and Accounting Standards
Posted Date : 06-Sep-2013 , 03:52:11 pm | Posted By CASANSAAR
The Board of Studies of the Institute is organizing Webcasts on Accounting Standards and respective subjects of the Intermediate (IPC) Course and Final Course on Saturdays from 1.00 p.m. to 5.00 p.m. and/ or Sundays from 10.00 a.m. to 2.00 p.m. in July-September, 2013.The Subject specific we...
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Students Zone |
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RBI asks Kerala temples how much gold they have
Posted Date : 06-Sep-2013 , 08:32:46 am | Posted By CASANSAAR
Temple boards in Kerala have received a letter from the Reserve Bank of India (RBI) seeking details of the stock of gold in their possession, a temple board official said today.
Speaking to IANS, a top official of the famous Guruvayoor Devasom Board said a letter had been received from the RBI seek...
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RBI |
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FAQ on Tax Audit - How Many Tax Audit Report a Partner in CA firm can sign?
Posted Date : 06-Sep-2013 , 08:22:18 am | Posted By CASANSAAR
Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year?
Answer: As per Chapter VI of Council General Guidelines, 2008 (Tax AuditAssignments under Section 44AB...
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Income Tax |
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Bakshi set for battle against McDonald's over charges of cooking accounts
Posted Date : 06-Sep-2013 , 08:11:59 am | Posted By CASANSAAR
The battle between McDonald's and its former India managing director Vikram Bakshi seems to have escalated, with Bakshi challenging the questions raised on his functioning by the US fast-food giant at its board meeting on August 6.
According to sources close to the promoters, McDonald's t...
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Accounts |
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RBI allows cash withdrawal of upto Rs 1,000/day via prepaid cards
Posted Date : 06-Sep-2013 , 08:06:38 am | Posted By CASANSAAR
The Reserve Bank today allowed cash withdrawals of up to Rs 1,000 a day through prepaid cards, including gift cards, issued by banks from point of sale terminals, a move aimed at enhancing customer convenience in using plastic money. As of now, this facility was available only to debit cards is...
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RBI |
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