Direct Taxes Committee of ICAI requests members to share difficulties being faced in e-filing of tax audit reports
Posted Date : 13-Jul-2013 , 07:38:10 am | Posted By CASANSAAR
As the members are aware, the Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members. Recently, i...
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Income Tax |
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Income Tax officials donate one-day salary for Uttarakhand victims
Posted Date : 13-Jul-2013 , 07:29:47 am | Posted By CASANSAAR
Indian Revenue Service officials of the Income Tax department will donate their one day's earnings to relief fund for the Uttarakhand rain and flash floods affected people.
The I-T officials have been asked to send their contributions to a designated bank account in the national capital whi...
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Income Tax |
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1 | Hits : 740
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RBI warns banks to strictly follow KYC norms or face action
Posted Date : 13-Jul-2013 , 07:10:50 am | Posted By CASANSAAR
Concerned over violation of anti-money laundering norms by banks, the RBI on Friday warned them to meticulously follow its instructions with regard to walk-in customers while selling insurance, mutual fund, gold and other products above Rs 50,000 or face action.
"It is reiterated that banks...
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RBI |
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RBI may ask banks to classify floating provisions as NDTL
Posted Date : 12-Jul-2013 , 08:43:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is likely to ask banks to classify floating provisions as net demand and time liability (NDTL) - a move that is expected to hurt HDFC Bank and IndusInd bank. HDFC Bank has floating provisions of Rs 1800 crore while IndusInd Bank has ...
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RBI |
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Sebi makes it mandatory for companies to disclose source of funds via preferential shares
Posted Date : 12-Jul-2013 , 08:42:39 am | Posted By CASANSAAR
Market regulator Sebi has made it mandatory for companies to disclose the source of funds coming through preferential allotment of shares, a move aimed at discouraging the use of front entities by promoters to increase their stake. The directive seeks to plug the loophole in Seb...
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SEBI |
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ICSI Launching Certified Banking Compliance Professional Course
Posted Date : 11-Jul-2013 , 08:50:22 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) is launching a ‘Certified Banking Compliance Professional Course’ in association with the Indian Institute of Banking and Finance (IIBF). The Course will be launched tomorrow afternoon at Mumbai by Dr. K. C. Chakrabarty , Deputy Govern...
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ICSI |
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Draft XBRL Taxonomies for Insurance Companies
Posted Date : 11-Jul-2013 , 08:50:07 pm | Posted By CASANSAAR
Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at xbrl@icai.in so as to be received not later than July 12, 2013. ICAI h...
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Corporate Law |
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0 | Hits : 696
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Sebi to align private placement norms with Companies Bill
Posted Date : 11-Jul-2013 , 08:49:56 pm | Posted By CASANSAAR
The government has asked Securities and Exchange Board of India (Sebi) to set up a committee to look into compatibility of market watchdog's regulations for private placement of securities with the proposed measures in this regard in the new Companies Bill.The suggestion has been made by the Corpora...
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Corporate Law |
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0 | Hits : 768
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Income tax returns: Two important changes NRIs should note this year
Posted Date : 11-Jul-2013 , 08:46:16 pm | Posted By CASANSAAR
As always, July is the time for filing tax returns in India. As a Non Resident Indian, you would typically need to file a tax return in India if you have income that arises in India. This year, theincome tax department has made two important changes that you must be aware of. These changes...
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Income Tax |
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0 | Hits : 2077
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ED issues notices on FEMA violations of Rs 3805cr in 2G Case
Posted Date : 11-Jul-2013 , 08:24:17 am | Posted By CASANSAAR
The enforcement directorate (ED) on Wednesday issued show cause notices for alleged foreign exchange violations of Rs 3,805 crore to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.
The notices by the central probe agency have been issued a...
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Income Tax |
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I-T captures transactions to nab tax evaders
Posted Date : 11-Jul-2013 , 08:16:46 am | Posted By CASANSAAR
Sixty-five-year old Prabha Mishra, who has never earned any income in life, was shocked to receive a letter from the income tax department recently. It said the Directorate of Intelligence & Criminal Investigation had information about term deposits she made last year but did n...
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Income Tax |
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0 | Hits : 1174
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MPs, MLAs will be disqualified from date of conviction: SC
Posted Date : 10-Jul-2013 , 08:53:38 pm | Posted By CASANSAAR
In a landmark judgement that could cleanse Parliament and Assemblies of criminals, the Supreme Court today struck down a provision in the electoral law that protects a convicted lawmaker from disqualification on the ground of pendency of appeal in higher courts.
"The o...
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General |
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Result of CPT & CA Final likely to be declared on 16th July 2013
Posted Date : 10-Jul-2013 , 04:22:40 pm | Posted By CASANSAAR
The result of the Chartered Accountants Final Examination held in May, 2013 and CommonProficiency Test (CPT) held in June, 2013 are likely to be declared on Tuesday, the 16th July, 2013around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% andabove marks and up...
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Students Zone |
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0 | Hits : 1474
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Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition
Posted Date : 09-Jul-2013 , 08:22:55 pm | Posted By CASANSAAR
Download Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition issue by ICAI.
Click on the attached file.
or
CLICK HERE
Source : ICAI...
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Category :
Income Tax |
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Result of the Information Systems Audit [ISA] Assessment Test held on 22nd June, 2013 is likely to be declared on 16th July, 2013
Posted Date : 09-Jul-2013 , 06:50:54 pm | Posted By CASANSAAR
9th July, 2013
IMPORTANT ANNOUNCEMENT
The result of the Information Systems Audit [ISA] Assessment Test held on 22nd June, 2013 is likely to be declared on 16th July, 2013 around 2.00 PM at the Institute’s office at New Delhi.The result of the above Assessment Test will be av...
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ICAI |
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Banks to NAME & SHAME guarantors for loan defaulters
Posted Date : 09-Jul-2013 , 01:49:51 pm | Posted By CASANSAAR
Tightening their noose on loan defaulters, banks have decided to 'name and shame' the guarantors of such borrowers as well by publishing their photographs and other details in newspapers and at notice boards of bank branches and community centres.
Banks, mostly public sector lenders, began publishi...
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Banking |
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Court awards life term to four for Chartered Accountant's murder
Posted Date : 09-Jul-2013 , 07:55:59 am | Posted By CASANSAAR
A local court awarded life imprisonment to four convicts for the murder of a chartered accountant six years ago on Monday, three days after they were held guilty.
The court also slapped a fine of Rs 30,000 each on Kanav Arora, Ashwinder Singh, both residents of Sector 21, Mandeep Sin...
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ICAI |
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0 | Hits : 1477
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RBI eases offshore borrowing rules for non-bank asset finance companies
Posted Date : 09-Jul-2013 , 07:50:36 am | Posted By CASANSAAR
The Reserve Bank of India on Monday eased rules for non-bank asset finance companies to raise debt overseas by allowing the lenders to raise such funds through the automatic route as against the approval route earlier, in a step aimed at improving dollar supply amid a weakening rupee.
N...
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RBI |
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0 | Hits : 776
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Rupee breaks 61 against dollar, hits record low
Posted Date : 08-Jul-2013 , 10:21:47 am | Posted By CASANSAAR
The Indian rupee breached the 61 mark against the U.S. dollar for the first time ever on Monday, surpassing the previous record low of 60.76 hit on June 26. The partially convertible rupee traded at 61.19 as of 10.02 a.m. against Friday's close of 60.23.
The Reserve Bank of India was spotted sellin...
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International Business |
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Taxpayers to get unique number for complaints
Posted Date : 07-Jul-2013 , 08:34:56 pm | Posted By CASANSAAR
Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time.
The newly introduced number will not cause confusion and will be different from the exist...
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Category :
Income Tax |
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0 | Hits : 1056
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Bank manager, two others arrested for demanding bribe
Posted Date : 06-Jul-2013 , 08:35:22 pm | Posted By CASANSAAR
A bank manager and two others have been arrested for allegedly demanding a bribe of Rs 7,000 from a farmer, police said today.
Manager of Allahabad Bank, Auradeeh Branch, Ramesh Verma, a peon and a facilitator were arrested by a CBI team yesterday during a raid for demanding Rs 7000 as brib...
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Banking |
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ICAI declares dates of Intermediate (IPC) & CA Final Exam to be held in November 2013
Posted Date : 06-Jul-2013 , 11:31:02 am | Posted By CASANSAAR
No. 13-CA (EXAM)/N/2013: In pursuance of Regulation 22 of the CharteredAccountants Regulations, 1988, the Council of the Institute of CharteredAccountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the...
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Students Zone |
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ICAI- Common Proficiency Test to be held on 15th December, 2013
Posted Date : 06-Jul-2013 , 11:28:46 am | Posted By CASANSAAR
5h July, 2013 – No.13-CA (EXAM)/CPT/December/2013: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday...
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Students Zone |
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Concerns on service tax voluntary compliance scheme to be addressed: Revenue Secretary
Posted Date : 06-Jul-2013 , 08:30:31 am | Posted By CASANSAAR
Revenue Secretary Sumit Bose today said concerns of the industry relating to Service Tax Voluntary Compliance Encouragement Scheme (VCES) 2013 will be duly addressed and the necessary clarification, wherever required, will be issued at the earliest.
Bose was addressing the repre...
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Service Tax |
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Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961
Posted Date : 05-Jul-2013 , 02:50:25 pm | Posted By CASANSAAR
As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI h...
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Income Tax |
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0 | Hits : 2319
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Employees can't claim VRS benefit as matter of right: Supreme Court
Posted Date : 05-Jul-2013 , 12:48:38 pm | Posted By CASANSAAR
No employee, as a matter of right, can seek the benefits of voluntary retirement scheme (VRS) and the decision-taking power lies only with the employer firm, the Supreme Court has held."A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right...
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Income Tax |
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0 | Hits : 796
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New online form to make PF transfer claims easier
Posted Date : 04-Jul-2013 , 10:33:13 pm | Posted By CASANSAAR
The Government on Thursday released a revised online form to make provident fund transfers easier.
The revised form, released by Labour & Employment Minister Sis Ram Ola, can be presented after verification, either through the present employer or previous employer. Earlier, the form cou...
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General |
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I-T Dept may make DATE OF BIRTH proof mandatory for PAN card
Posted Date : 04-Jul-2013 , 05:11:41 pm | Posted By CASANSAAR
As part of its drive against fake Permanent Account Number, the Income-Tax Department is considering making proof of date-of-birth mandatory for issuance of PAN card.
“The Department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no l...
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Income Tax |
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1 | Hits : 1496
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Kerala HC rules service tax on AC restaurants invalid
Posted Date : 04-Jul-2013 , 08:13:00 am | Posted By CASANSAAR
The Kerala High Court on Wednesday held that the Centre’s decision to impose service tax on food and beverages supplied by air-conditioned restaurants with licences to serve alcoholic beverages in the 2011-12 budget was beyond the legislative competence of Parliament.
Justice A.M. Sha...
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Category :
Service Tax |
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1 | Hits : 1431
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Top 30 bad loans responsible for half of gross non performing accounts (NPA)
Posted Date : 04-Jul-2013 , 08:12:46 am | Posted By CASANSAAR
The top 30 bad loans in each commercial bank are responsible for almost half of the gross non performing accounts (NPA) in the Indian banking system. The worst affected are foreign banks in the country where the top 30 non-performing loans account for 84% of the gross NPAs as on March 2013...
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Banking |
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0 | Hits : 1236
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