High-level panel to decide on new accounting rules this week
Posted Date : 19-Aug-2013 , 08:24:10 am | Posted By CASANSAAR
A high-level government panel is likely this week to take a final call on the new accounting norms, that would converge with international standards.Taking into consideration the interests of the domestic industry, the proposed Indian Accounting Standards (Ind AS) would only converge with the global...
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ICAI |
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Online transfer of PF accounts service in last week of August
Posted Date : 19-Aug-2013 , 08:22:46 am | Posted By CASANSAAR
Retirement fund body is all set to launch online transfer of PF accounts on changing jobs by the end of this month, benefiting over 13 lakh subscribers every year who go through a time-consuming process. Employees' Provident Fund Organisation (EPFO) has got very encouraging ...
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Accounts |
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Kerala government gets Reserve Bank of India nod for Islamic banking
Posted Date : 19-Aug-2013 , 08:21:45 am | Posted By CASANSAAR
The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance. Cheraman Financial Services Limited(CFSL) will be floated by Kerala State Industrial Development Corporation to function as ...
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Banking |
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PM for new thinking on RBI's monetary policy
Posted Date : 18-Aug-2013 , 09:00:25 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Saturday called for evolving a fresh thinking on Reserve Bank of India (RBI)’s monetary policy in a globalised economy and dealing with the constraints of its macro economic policies.
“The time has come to look at the possibilities and limitation...
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RBI |
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CMA Intermediate & Final Results for June 2013 Exam likely on August 23, 2013
Posted Date : 17-Aug-2013 , 10:26:58 am | Posted By CASANSAAR
The Intermediate and Final Results for June 2013 Term Examination results are likely to be declared on August 23, 2013 Afternoon. For convenience of the students the online results would be available on the following servers:
1. http://examicai.in (Intermediate...
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Students Zone |
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Not filed I-T returns? You face Jail & Fine
Posted Date : 17-Aug-2013 , 10:26:48 am | Posted By CASANSAAR
Those defaulting in filing income tax returns are liable to prosecution, the I-T department has said.
If the tax evaded exceeds Rs 25 lakh, the defaulter can be sentenced to a minimum imprisonment of six months and maximum of seven years, besides being asked to pay a fine. If the tax evasionam...
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Income Tax |
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NSEL to face forensic Audit; FMC raises serious questions about credibility of accounts
Posted Date : 17-Aug-2013 , 10:26:37 am | Posted By CASANSAAR
Commodity market regulator Forward Markets Commission (FMC) has ordered a forensic audit of National Spot Exchange Ltd (NSEL), raising serious questions about the credibility of books of account and record maintenance at the crisis-ridden bourse.The exchange will have to appoint ...
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Shares & Stock |
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Statement by CBDT on Safe Harbour Rules Under Section 92CB of the Act
Posted Date : 16-Aug-2013 , 08:59:05 pm | Posted By CASANSAAR
In order to reduce the increasing number of transfer pricing audits and prolonged disputes, the Finance (No.2) Act, 2009 w.r.e.f 1.4.2009 inserted a new section 92CB to provide that determination of arm’s length price under section 92C or Section 92CA shall be subject to safe ha...
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Income Tax |
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Bloodbath on Dalal Street: Top 34 stocks that hit 52-week low on BSE-500 index
Posted Date : 16-Aug-2013 , 05:14:11 pm | Posted By CASANSAAR
The S&P BSE Sensex fell over 800 points in intraday trade on Friday, while 50-share Nifty index suffered its biggest percentage drop since July 2009. The fall was led by sharp selling in frontlinestocks on fears of U.S. stimulus tapering which could start as soon a...
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Shares & Stock |
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Rupee hits an all-time low despite RBI measures
Posted Date : 16-Aug-2013 , 10:45:05 am | Posted By CASANSAAR
The rupee on Friday hit an all-time low of 62 versus the US dollar. The India currency fell after appreciating in the early morning trade. The fall comes despite, RBIannouncing stern measures to curb forexoutflow amid weakening of the US currency overseas. The...
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International Business |
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New guidance note on preparing diligence reports for banks on anvil: ICSI
Posted Date : 16-Aug-2013 , 08:02:05 am | Posted By CASANSAAR
As part of efforts to enhance capability of its members in preparing diligence reports for submission to consortium/multiple lenders, the Institute of Company Secretaries of India has decided to launch a revised guidance note.
The revised note will factor in developments since April 2009, w...
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Income Tax |
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National Spot Exchange may face tax, laundering probes
Posted Date : 16-Aug-2013 , 07:54:56 am | Posted By CASANSAAR
The government is likely to order a multi-agency probe into the National Spot Exchange (NSEL) fiasco, besides getting central agencies such as Food Corporation of India and the Central Warehousing Corporation to take stock of the commodities lying in warehouses across the country...
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Shares & Stock |
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Auditors red-flag Kingfisher
Posted Date : 15-Aug-2013 , 08:58:20 pm | Posted By CASANSAAR
Grounded carrier Kingfisher Airlines’ decision to consider it a ‘going concern’ entity, despite having accumulated huge losses and defaulted on loans, has come for a sharp criticism by its own auditors, given a lack of clarity about its revival plans.
At the same time, the...
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Auditing |
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Revised - Guidance Note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)
Posted Date : 15-Aug-2013 , 09:12:12 am | Posted By CASANSAAR
Dear Members,It gives me immense pleasure to inform you that ICAI has released the 4th Edition of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013. However no form was prescribed for reporting sp...
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Income Tax |
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Non-applicability of Companies Bill, 2012 (to be enacted as the Companies Act, 2013) for May 2014, Examinations
Posted Date : 15-Aug-2013 , 09:12:00 am | Posted By CASANSAAR
14th August, 2013
Important AnnouncementAttention: Intermediate (IPC) and Final Course studentsNon-applicability of Companies Bill, 2012 (to be enacted as the Companies Act, 2013) for May 2014, Examinations
This is to bring to the notice of students that the Companies Bill, 2...
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Students Zone |
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First person arrested for service tax evasion gets bail
Posted Date : 15-Aug-2013 , 08:40:51 am | Posted By CASANSAAR
The first person to be arrested for default of service tax has been granted a bail granted by the Calcutta High Court. Sudip Das, owner of courier company M/s Blue Bird in Kolkata was arrested earlier this month for evading service tax of Rs 70 lakh.
The arrest wa...
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Service Tax |
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More steps to help rupee: RBI limits foreign exchange outflows by resident Indians
Posted Date : 14-Aug-2013 , 08:20:04 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday announced measures to reduce foreign exchange outflows byresident Indians in the latest of a slew of measures intended to support the battered rupee."The present set of measures is aimed at moderating outflows," the RBI said in a ...
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FEMA |
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New rules under Companies bill to be in place by FY14 end: MCA
Posted Date : 14-Aug-2013 , 03:58:13 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs expects all the rules regarding the Companies bill likely to be in place by the end of this fiscal, after taking into account the suggestions from experts, public and other stakeholders.
A rules advisory committee comprising members from leading industry chambers, ...
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Corporate Law |
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Govt nod to set up Tax Administration Reform Commission
Posted Date : 14-Aug-2013 , 07:43:11 am | Posted By CASANSAAR
Government today approved setting up of a Tax Administration Reform Commission (TARC) to remove ambiguity and establish a stable and non-adversarial tax administration. The decision was taken at the Cabinet meeting headed by Prime Minister Manmohan Singh here. "The Commission wil...
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Income Tax |
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NSEL fiasco: E-series investors can hold units in demat form or convert into physical metal
Posted Date : 14-Aug-2013 , 07:36:31 am | Posted By CASANSAAR
The National Spot Exchange (NSEL) has suspended trading in e-seriescontracts till further notice after the Forward Markets Commission (FMC) banned new commodity futures contracts due to alleged violations of norms. This has put investors with e-series units in a difficult position, as...
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Shares & Stock |
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Income Tax Department has begun enquiry into firms running from tax havens
Posted Date : 13-Aug-2013 , 08:51:19 pm | Posted By CASANSAAR
The Income Tax Department has initiated enquiries on the issue of Indian entities operating from tax havens as stated by International Consortium of Investigative Journalists (ICIJ), Parliament was informed today. "Income Tax authorities have started enquiries into the matter," Minist...
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Income Tax |
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Government may rethink compulsory Cost Audit as industry not keen
Posted Date : 13-Aug-2013 , 08:39:54 am | Posted By CASANSAAR
Even after a November 2012 government order that made it mandatory for all companies with a turnover exceeding Rs 100 crore to hire a cost auditor, there is resistance from certain quarters. Unlike in the case of a financial auditor, whose appointment is ratified by shareholders , the appointment of...
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ICWAI |
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Govt introduces Bill in Lok Sabha to amend SEBI laws
Posted Date : 13-Aug-2013 , 08:37:18 am | Posted By CASANSAAR
Government today introduced a bill in the Lok Sabha to replace the ordinance which sought to provide more powers to capital market regulator SEBI. The Securities Laws (Amendment) Bill, 2013, was introduced by Minister of State forFinance Namo Narain Meena. The Bill...
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SEBI |
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Three European banks under SEBI scanner for round-tripping
Posted Date : 12-Aug-2013 , 04:35:09 pm | Posted By CASANSAAR
At least three large European banks' dealings with Indian companies and individuals are being probed for alleged round-tripping of funds by using certain multi-layered transactions in violation of Sebi norms.
It is suspected that some portfolio managers at these banks, which have significant presen...
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SEBI |
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Companies Bill: Here are the Pleasure and Pain points
Posted Date : 11-Aug-2013 , 09:07:00 am | Posted By CASANSAAR
India has a brand new company law that's more appropriate for the 21st century and its challenges. With the passing of the Companies Bill , 2012, by the Rajya Sabha on Thursday , which will become the Companies Act, 2013, when formally notified into law, several things change for the India...
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Corporate Law |
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Will the 24 companies pay Rs 5,599 crore that they owe to NSEL?
Posted Date : 11-Aug-2013 , 09:05:34 am | Posted By CASANSAAR
Mohan India is essentially a shell company. In 2011-12, the last date for which its financials were available, the company earned a net profit of Rs 2,044, and had revenues of Rs 72,400. Its balance sheet size was about Rs 17 lakh. Yet Mohan India, along with a sister concern Tavishi Enterprise...
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Shares & Stock |
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The tax implications for NRIs buying property in India
Posted Date : 10-Aug-2013 , 08:22:04 pm | Posted By CASANSAAR
The falling rupee and the lull in the property market in many cities are attracting Indians settled abroad to consider property investments in India. Non-resident Indians are allowed to purchase residential or commercial property in India but not agricultural land / plantation property / farm house,...
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Income Tax |
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ICAI to follow provisions of companies' bil
Posted Date : 10-Aug-2013 , 08:55:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India(ICAI) on Friday said that it will implement the provisions of the new Companies Bill in letter and spirit.
"It is the duty of the chartered accountants to respect the law of the land and ensure the compliance of all the provisions", Subodh K...
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ICAI |
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Companies Bill: Auditors pin hopes on rules
Posted Date : 10-Aug-2013 , 08:53:06 am | Posted By CASANSAAR
Unfazed by the onerous responsibility cast on the auditing community, the chartered accountants’ institute is hopeful that its concerns over the Companies Bill 2012 will get remedied at the time of framing of the rules.
The Companies Bill 2012, passed by Parliament on Thursday, is awa...
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Corporate Law |
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Tax fraud: 3 Indians among Britain's most wanted
Posted Date : 10-Aug-2013 , 08:52:02 am | Posted By CASANSAAR
Three of Britain's 30 most wanted fraudsters and tax evaders are of Indian-origin who have cost commoners nearly 10 million pounds.
HM Revenue and Customs (HMRC) published an updated gallery , 2013 Most Wanted, which includes Sumir Soni, Anish Anand and Sahil Jain. All three are in the...
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Income Tax |
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