RBI decreases dollar limit for students going abroad
Posted Date : 27-Aug-2013 , 08:45:05 am | Posted By CASANSAAR
Students aiming for higher education in foreign universities are a bit nervous about their future. A rapidly depreciating rupee was the first blow. The second one was from the ReserveBank of India (RBI) a few days ago. In its bid to arrest the free-falling rupee, the ba...
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Students Zone |
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0 | Hits : 1010
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CAs must rely on audited LLP financials: ICAI
Posted Date : 27-Aug-2013 , 08:40:46 am | Posted By CASANSAAR
Chartered Accountants (CAs) will have to use audited financials of non-corporates, including limited liability partnerships (LLPs), to certify their adjusted total income figures so as to help them pay the mandatory alternate minimum tax (AMT). According to the latest guidance note released by the I...
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ICAI |
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0 | Hits : 948
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Online version of Service Tax return (ST-3) for October 12 to March 13
Posted Date : 27-Aug-2013 , 08:27:54 am | Posted By CASANSAAR
The online version of the Service Taxreturn (ST-3) for the period October’12 to March’13 is now available for e-filing in ACES. Assessees can also use the offline utility by downloading the latest version from
http://acesdownload.nic.in/ or
from ‘DOWNLOA...
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Category :
Service Tax |
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0 | Hits : 1142
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Government sets up tax reform Commission
Posted Date : 26-Aug-2013 , 08:16:49 pm | Posted By CASANSAAR
The government Monday set up a commission under the chairmanship of Parthasarathy Shome, advisor to finance minister, to suggest reforms in tax administration aimed at widening the tax base and enhancing compliance.
The “Tax Administration Reform Commission” has been asked to submit its...
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Category :
Income Tax |
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0 | Hits : 667
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New rules for companies: Public comments to be sought
Posted Date : 26-Aug-2013 , 08:12:39 am | Posted By CASANSAAR
The government plans to adopt a transparent and interactive process tofinalise a detailed set of rules to be adopted under the new Companies Bill, and will soon seek comments from India Inc and general public in this regard.The new Companies Bill, which entails sweeping chan...
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Corporate Law |
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0 | Hits : 1243
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Public sector banks faces shortage of 56,000 employees
Posted Date : 25-Aug-2013 , 06:35:49 pm | Posted By CASANSAAR
Public sector banks face a shortage of 56,022 personnel across various cadres and the lenders are at different stages of filling these posts, official sources said.
In the officer category, 25 public sector banks have 23,794 vacancies as of March, 2013. Of this, 5,815 officer level posts are inBank...
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Category :
Banking |
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0 | Hits : 1052
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Deals on NSEL with missing, inadequate stocks: Tax department
Posted Date : 24-Aug-2013 , 07:42:56 pm | Posted By CASANSAAR
The National Spot Exchange (NSEL) crisis has deepened with the tax department confirming that transactions on the bourse were made against non-existent to inadequate stocks. "In some cases there are no stocks, in others the quantity of thestocks is below that claimed by some of the b...
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Category :
Income Tax |
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0 | Hits : 659
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Password reset problem at income tax efiling website
Posted Date : 24-Aug-2013 , 07:36:43 pm | Posted By CASANSAAR
Please note that wef 06/08/2013 you will not be able to change income tax user id password since now department will send reset password only to the registered email id.
That implies in order to change the password client has to visit his previous CA or Advocate . That change of meth...
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Category :
Income Tax |
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3 | Hits : 2715
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Film producer Samir Karnik arrested for service tax evasion
Posted Date : 24-Aug-2013 , 08:33:48 am | Posted By CASANSAAR
Bollywood producer and directorSamir Karnik was today arrested by Service Tax Department for alleged tax evasion of Rs 1.18 crore and was later released on bail by a court.The anti-evasion team led by Deputy Commissioner, Service Tax, Samir Wankhede found that Karnik had pr...
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Service Tax |
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0 | Hits : 1064
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Follow uniform holiday calender for CTS cheque clearing: RBI
Posted Date : 24-Aug-2013 , 08:08:56 am | Posted By CASANSAAR
The Reserve Bank today directed banks to adopt a uniform holidays calender to streamline cheque clearing system forCheque Truncation System (CTS) centres in New Delhi, Chennai and Mumbai."The CTS centres in New Delhi, Chennai and Mumbai will adopt RTGS holidays as ...
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Category :
Banking |
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0 | Hits : 989
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Nasdaq glitch triggers review of Indian stock exchanges by Sebi
Posted Date : 24-Aug-2013 , 08:07:31 am | Posted By CASANSAAR
In the wake of an over three-hour technical glitch at the US bourse Nasdaq, the Securities and Exchange Board of India (Sebi) is reviewing trading and risk management systems at stock exchanges in India to reassure their robustness.
While the systems in place at leading Indian bourses a...
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SEBI |
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0 | Hits : 705
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RBI fines 6 banks for violation of KYC norms
Posted Date : 23-Aug-2013 , 07:32:29 pm | Posted By CASANSAAR
The Reserve Bank of India penalised six public sector banks of Rs 6.5 crore for violating Know Your Customer (KYC)/Anti Money Laundering (AML) guidelines of the central bank.
The six banks fined were Dena Bank (Rs 2 crore), Corporation Bank (Rs 1.5 crore), IDBI Bank and Indian Bank (Rs 1 cr...
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Category :
Banking |
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0 | Hits : 1238
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NSEL crisis: ICAI offers help for investigation
Posted Date : 23-Aug-2013 , 12:19:48 pm | Posted By CASANSAAR
National Spot Exchange Limited's (NSEL) books could face yet another round of audit as the disciplinary committee of Institute of Chartered Accountants of India (ICAI), which regulates close to 90,000 CA professionals, is open to initiating suo moto action to find out lapses on part of aud...
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Category :
ICAI |
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0 | Hits : 1016
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New companies bill likely to get Presidential assent in few days
Posted Date : 23-Aug-2013 , 07:49:12 am | Posted By CASANSAAR
The new legislation Bill, which will replace the nearly six-decade old Companies Act, is likely to get the Presidential assent in the next few days, a senior government official said today. The much-awaited Companies Bill was approved by the Rajya Sabha on August 8. The legislation ha...
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Category :
Corporate Law |
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0 | Hits : 880
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Nationwide IT raids on premises of NSEL members
Posted Date : 22-Aug-2013 , 09:14:08 pm | Posted By CASANSAAR
The Income Tax department is conducting searches on the business premises of two dozen members of the National Spot Exchange Limited (NSEL) which is facing alleged irregularity charges in settling Rs 5,600 crore dues to investors.
Multiple teams of I-T sleuths visited the offi...
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Category :
Income Tax |
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0 | Hits : 777
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Announcement regarding Request for Suggestions on Revision of the Guidance Note on Audit of Banks
Posted Date : 22-Aug-2013 , 08:54:42 pm | Posted By CASANSAAR
1. The Guidance Note on Audit of Banks, brought out by the Auditing & Assurance Standards Board (AASB) of the ICAI is an important publication providing comprehensive guidance to the members carrying out audits of banks and bank branches. Improving the quality of audit of banks is on...
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Category :
ICAI |
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1 | Hits : 777
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Rupee hits fresh all-time low of 65.50 Vs dollar
Posted Date : 22-Aug-2013 , 11:42:02 am | Posted By CASANSAAR
he rupee on Thursday plunged further by 142 paise to hit a fresh record low of 65.50 against the US dollar in mid-session trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers.
The rupee had ended at 64.11 after hitting a fresh low of 64.5...
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Category :
International Business |
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0 | Hits : 765
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NSEL Auditor in the dock over stock positions
Posted Date : 22-Aug-2013 , 08:47:37 am | Posted By CASANSAAR
An association of brokers led by Motilal Oswal and Anand Rathi is planning to take the auditors of National Spot Exchange Ltd (NSEL) to court for providing an incorrect picture of the exchange’s stocks. It would also lodge a complaint with The Institute of Chartered Accountants of In...
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Category :
Auditing |
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0 | Hits : 1555
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Direct Taxes Code: Super rich with over Rs 10-crore income may have to pay 35% tax
Posted Date : 22-Aug-2013 , 08:45:59 am | Posted By CASANSAAR
The super rich may have to pay more as the government strives to raise revenues to meet its commitment to rating agencies and markets to bring down fiscal deficit.The government is proposing a 35% tax rate for those earning more than Rs 10 crore in the Direct Taxes Code (DTC) that is likely to be ta...
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Category :
Income Tax |
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0 | Hits : 1037
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I-T dept goes for tech upgrade to tighten tax net
Posted Date : 22-Aug-2013 , 08:44:44 am | Posted By CASANSAAR
To tighten the noose around tax evaders and expand the tax net, the finance ministry is rolling out seven-eight big-ticket technology projects that would significantly bolster its capabilities. The projects, at various stages of implementation, would enable the income taxdepartment to...
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Category :
Income Tax |
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0 | Hits : 930
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NSEL crisis: MCA to look into possible Companies Act breach
Posted Date : 21-Aug-2013 , 08:40:07 pm | Posted By CASANSAAR
As crisis at National Spot Exchange continues to deepen, the Corporate Affairs Ministry has also begun looking into the matter to ascertain whether there have been any violations of the Companies Act.
"We have received a reference on NSEL issue from the Consumer Affairs Ministry. We a...
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Category :
Shares & Stock |
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0 | Hits : 681
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Rupee may touch 70 to the USD in a month or so: Deutsche Bank
Posted Date : 21-Aug-2013 , 04:35:16 pm | Posted By CASANSAAR
The rupee could touch 70 against the U.S. dollar in a month or so, although some revival is expected in the currency by the end of the year, Deutsche Bank said in a report on Wednesday.
"We continue to believe that fundamentally the rupee is undervalued and has overshot its equilibrium level substa...
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Category :
International Business |
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0 | Hits : 825
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Government enhancing limits for FII investment in Debt Segment
Posted Date : 21-Aug-2013 , 07:58:15 am | Posted By CASANSAAR
The government has been enhancing quantitative limits for FIIinvestments in debt segment, includinggovernment securities (G-Secs) to help develop rupee debt markets, Parliament was informed today. To augment foreign portfolio investment inflows by improving investment a...
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Category :
Shares & Stock |
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0 | Hits : 616
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Listed cos' consolidated a/c statements made mandatory
Posted Date : 21-Aug-2013 , 07:50:47 am | Posted By CASANSAAR
Sebi has proposed making it mandatory for listed companies with significant half- yearly variation in profit, revenue and assets to prepare consolidated accounts instead of standalone results. All companies irrespective of the extent of change will also be asked to publish cash flow state...
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Category :
Corporate Law |
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0 | Hits : 883
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NSEL crisis: FMC directs bourse to withhold payments to related entities
Posted Date : 20-Aug-2013 , 09:26:39 pm | Posted By CASANSAAR
The Forward Markets Commission (FMC) on Tuesday directed crisis-ridden National Spot Exchange Ltd (NSEL) to withhold payment due to defaulter members of its related entity Indian Bullion Market Association (IBMA) and other connected firms of the exchange.
The directive comes a few hours before the ...
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Category :
Auditing |
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0 | Hits : 710
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NPAs of Public Sector Banks
Posted Date : 20-Aug-2013 , 07:08:23 pm | Posted By CASANSAAR
As per provisional data received from the Reserve Bank of India (RBI), the Gross Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on 30th June 2013 was Rs. 1,76,009 crore. The Gross NPAs of PSBs were Rs. 1, 12,489crore in March 2012 and Rs. 1, 55,890 crore...
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Category :
Banking |
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0 | Hits : 925
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CBDT alleges tax settlement commission too lenient on offenders
Posted Date : 20-Aug-2013 , 08:40:51 am | Posted By CASANSAAR
In a case without parallel, the Central Board of Direct Taxes (CBDT), the agency that collects income tax and sets policies in this space has launched a scathing attack on the Income Tax Settlement Commission (ITSC), a quasi-judicial body that is empowered to grant immunity from prosecution and pena...
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Category :
Income Tax |
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0 | Hits : 711
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Govt bans duty-free TV imports by Air Travellers
Posted Date : 20-Aug-2013 , 12:23:02 am | Posted By CASANSAAR
The government today banned duty— free import of flat screen television by air travellers in a bid to prop up rupee, which declined below the 63 level against US dollar.
The government, according to a notification, has decided to “disallow import of flat panel (LCD/LED/Plasma) t...
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Category :
Custom |
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1 | Hits : 1133
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Govt may conduct Audit of NSEL's Stocks
Posted Date : 19-Aug-2013 , 08:30:14 pm | Posted By CASANSAAR
The government is mulling conducting audit of NSEL's physical stocks lying in warehouses by own agencies as it fears defaults in payment by buyers, a top Consumer Affairs Ministry official said.
Consumer Affairs Secretary Pankaj Agarwal also asked the National Spot Exchange Limited (NSEL) to be a r...
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Category :
Auditing |
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0 | Hits : 721
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Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 19th October, 2013
Posted Date : 19-Aug-2013 , 07:33:22 pm | Posted By CASANSAAR
Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 19th October, 2013 Last Date for Online Form Submission 7th October, 2013 till 5:30 PM
1. The next Eligibility Test for ISA PQC is schedule...
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Category :
ICAI |
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0 | Hits : 981
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