Tax scrutiny of multinational companies to increase
Posted Date : 14-Jun-2013 , 08:19:30 am | Posted By CASANSAAR
income-tax (I-T) department has notified a revised form to check for transfer pricing infractions, something that could intensify the scrutiny on their books.The new form explicitly requires companies to disclose specific international transactions even i...
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Income Tax |
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Govt gives Sebi, RBI access to call data records
Posted Date : 14-Jun-2013 , 08:14:16 am | Posted By CASANSAAR
Centre has decided to include Sebiand RBI among the nine agencies which will be authorized to accesss call data records (CDRs).
Sources in the home ministry, which is finalizing the new norms for interception in concert with the department of telecom, said that t...
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SEBI |
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Taxmen slap fresh demand of Rs. 816 crore on Wipro
Posted Date : 13-Jun-2013 , 07:28:55 pm | Posted By CASANSAAR
India's third largest software firm Wipro has been slapped with a claim of over Rs. 816 crore by the tax department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate.
The Bangalore-headquartered company said the "draft assessme...
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Income Tax |
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0 | Hits : 738
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ICAI clarification regarding news on Bank Branch Audit Limit.
Posted Date : 13-Jun-2013 , 12:36:52 pm | Posted By CASANSAAR
June 12, 2013
ICAI PRESS RELEASE
The Institute of Chartered Accountants of India (ICAI) woild like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneosly reported in some sections of the media. ...
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ICAI |
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3 | Hits : 3252
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I.T.Department released ITR- 4 E Filing Utility for AY 2013-14 / FY 2012-13
Posted Date : 13-Jun-2013 , 10:05:30 am | Posted By CASANSAAR
Income Tax department releases the online return filing software utility in respect of ITR-4 for A.Y. 2013-14 which can be downloaded from www.incometaxindiaefiling.gov.in
Download Income Tax Return (ITR) 4 for assessment year 2013-2014. ITR 4 is applicable to by an individua...
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Income Tax |
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0 | Hits : 1932
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PMO refer the case of ICAI while rejecting RTI on Robert Vadra-DLF Deal
Posted Date : 13-Jun-2013 , 08:33:27 am | Posted By CASANSAAR
The Prime Minister's Office (PMO) has turned down the request of a Lucknow based Right to Information (RTI) activist to provide information in regards with the progress in the case relating to Congress President Sonia Gandhi's son-in-law Robert Vadra's connection with the DLF.
The P...
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General |
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0 | Hits : 1500
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SEBI recommends easing rules for foreign investors
Posted Date : 13-Jun-2013 , 08:29:03 am | Posted By CASANSAAR
A committee set up by the Securities and Exchange Board of India (SEBI) has recommended merging foreign investment in India's stock markets into a single investor class as well easing registration norms for foreign buyers, in a move aimed at appeasing foreign investors.
A panel set up b...
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SEBI |
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0 | Hits : 649
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In SMS, email age, Telegram service ends July 15
Posted Date : 13-Jun-2013 , 07:58:59 am | Posted By CASANSAAR
Come July 15, one of India’s oldest communication services — the telegram — will become history. Financial constraints have forced the Bharat Sanchar Nigam Ltd to wind up the telegraphic service, which would be remembered mainly as a historically inexpensive but relatively quick me...
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General |
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0 | Hits : 846
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Finance Ministry Increased Bank Branch Audit Limit to Rs.50 Cr. for Current F.Y.- ICAI President
Posted Date : 12-Jun-2013 , 03:41:31 pm | Posted By CASANSAAR
Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.
He further said, adding ICAI demanded this audit limit be reduced to its original lim...
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Auditing |
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13 | Hits : 5821
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IRCTC to launch SMS-based ticketing service from July 1
Posted Date : 12-Jun-2013 , 11:37:41 am | Posted By CASANSAAR
To tide over the limited Internet penetration and make use of high mobile phone user base in the country, IRCTC will launch SMS-based ticketing service from July 1. It will soon announce a dedicated number for the service.
This methodology will allow you to book tickets from anywhere and an...
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General |
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0 | Hits : 1202
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Bombay HC upholds retro amendment to VAT law
Posted Date : 12-Jun-2013 , 08:03:08 am | Posted By CASANSAAR
The Bombay high court has upheld the constitutional validity of a retrospective amendment to the Maharashtra Value Added Tax Laws, which restricts the VAT incentives available to eligible industrial units, based on prescribed proportionality formula. With thisfavourable orde...
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VAT |
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RBI hikes cap for online repatriation of export proceeds
Posted Date : 12-Jun-2013 , 08:01:38 am | Posted By CASANSAAR
With an aim to arrest rupee slide by boosting forex inflows, RBI today raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports with...
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RBI |
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0 | Hits : 780
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Rupee hits new low at 58.98 against dollar
Posted Date : 11-Jun-2013 , 07:17:46 pm | Posted By CASANSAAR
The Indian rupee fell for the second straight day on Tuesday, slumping to 58.98 against a dollar on continuing worries over current account deficit and increased demand for the US currency from importers.
The partially convertible rupee weakened by 80 paise to hit a new low of 5...
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International Business |
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0 | Hits : 872
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Man stunned to see Barack Obama's picture on his admit card for engineer's exam, one he did not even apply for
Posted Date : 11-Jun-2013 , 02:13:51 pm | Posted By CASANSAAR
Lalu Lal Meena of Rambas village of Dausa district was shocked to see the picture of Obama on the admit card on his name.
Would US president Barack Obama be interested in a job of junior engineer in India? At least the Staff Selection Commission (SSC) under the Union Ministry of Personn...
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General |
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0 | Hits : 1113
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ICICI, Axis, HDFC Bank fined over Rs. 10 crore for violating KYC norms
Posted Date : 10-Jun-2013 , 06:53:11 pm | Posted By CASANSAAR
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.
The central bank investigated the banks following an investigation ...
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Banking |
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Direct entry into CA Intermediate (Integrated Professional Competence) Course
Posted Date : 10-Jun-2013 , 12:46:09 pm | Posted By CASANSAAR
It was earlier decided by ICAI to exempt Graduates/Post Graduates with specified percentage of marks andIntermediate level Examination passedstudents of The Cost Accountants of India and The Institute of Company Secretaries of India from passing the Common Proficiency Test (CPT)....
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Students Zone |
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3 | Hits : 3949
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Having sex with woman on false promise of marriage is rape: HC
Posted Date : 10-Jun-2013 , 08:46:50 am | Posted By CASANSAAR
Having sexual relations with a woman on false promise of marriage amounts to rape, the Delhi High court has said."Having sexual relations with a woman against her will or without her consent also amounts to rape under the IPC. If the consent was obtained on a fals...
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General |
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0 | Hits : 1628
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ICAI to set up 'accountancy museum' in 25 cities
Posted Date : 10-Jun-2013 , 08:39:40 am | Posted By CASANSAAR
For better documentation and archiving in accountancy and audit, the Institute of Chartered Accountancy of India (ICAI) will set up "accountancy museums" in 25 cities across the country.
ICAI, which already has such a museum at Noida on Delhi's outskirts, will now hav...
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ICAI |
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Fin Min detects tax evasion of over Rs 4,500 cr
Posted Date : 10-Jun-2013 , 08:30:27 am | Posted By CASANSAAR
Increased efforts to check revenue leakage by the Finance Ministry have resulted in detection of over Rs 4,500 crore in service tax, excise and customs duty evasion during last year.
Out of the total Rs 4,744.92 crore of indirect tax evasion detected during April and December last year, officials m...
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Service Tax |
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Claiming benefit under DTAA contingent on income received in Singapore: Tribunal
Posted Date : 09-Jun-2013 , 08:22:32 am | Posted By CASANSAAR
A tax tribunal has ruled that the treaty benefit in the form of concessional tax under the double taxation avoidance agreement (DTAA) between India and Singapore will be available to companies if income is actually received in the southeast Asian country.
The ruling came in a hearing of a...
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Income Tax |
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0 | Hits : 663
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RBI asks banks to do legal audit in case of loans above Rs 5 crore
Posted Date : 08-Jun-2013 , 08:34:50 am | Posted By CASANSAAR
Reserve Bank of India told banks to do legal audit and re-verification of title deeds of loans above Rs 5 crore to check fraud. Two years back, banks were told to put a system a place wherein the concurrent auditors were required to look into the genuineness of the titl...
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RBI |
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Chidambaram unhappy with Pranab
Posted Date : 08-Jun-2013 , 08:32:23 am | Posted By CASANSAAR
Finance Minister P. Chidambaram expressed disappointment over the changes in the Direct Taxes Code (DTC) proposals brought in by his predecessor Pranab Mukherjee in the Finance Ministry and subsequently by the Standing Committee on Finance.
Addressing the 32{+n}{+d} Skoch Summit in the city...
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Income Tax |
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1 | Hits : 826
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Government relaxes norms for export of imported goods
Posted Date : 07-Jun-2013 , 04:22:39 pm | Posted By CASANSAAR
To encourage shipments, the government has allowed export of imported goods with 15 per cent value addition to countries from where the proceeds are realised in Indian rupee.The Directorate General of Foreign Trade(DGFT) will notify the names of those countries as to which exports und...
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General |
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0 | Hits : 765
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Cost Inflation Index for Financial Year 2013-14
Posted Date : 07-Jun-2013 , 01:11:21 pm | Posted By CASANSAAR
Notified Cost Inflation Index for Financial Year 2013-14 / Assessment Year 2014-15 : 939
CLICK HERE FOR NOTIFICATION
Financial Year Cost Inflation Index Financial Year Cost Inflation Index
1981 – 82 : 100 1997 – 98 : 331
1982 – 83 : 109 1998 – 99 : ...
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Income Tax |
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0 | Hits : 3108
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Saradha Group Auditors under ICAI scanner
Posted Date : 07-Jun-2013 , 08:33:44 am | Posted By CASANSAAR
The auditors of West Bengal-based Saradha Group, which is alleged to have duped thousands of investors of their savings, are now under the scanner of the Institute of Chartered Accountants of India (ICAI), the apex body of chartered accountants (CAs). The ICAI has also initiated inquiry against the ...
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Income Tax |
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1 | Hits : 1216
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Rotate customs, central excise officers every 2 years: Finance Ministry
Posted Date : 07-Jun-2013 , 08:28:50 am | Posted By CASANSAAR
The Finance Ministry hasemphasised on rotation of Indian Revenue Service officers working in service tax, excise and customs departments every two years to provide them adequate exposure.In a recent directive, the Ministry has asked Chief Commissioners and Director Generals of Ce...
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Excise |
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0 | Hits : 719
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FinMin asks public sector banks to not sell gold coins
Posted Date : 06-Jun-2013 , 09:40:19 pm | Posted By CASANSAAR
In a move to curb the demand for gold, the finance ministry has asked the public sector banks not to sell gold coins to their customers.
According to bankers, the view was communicated by the finance minister P Chidambaram and other finance ministry officials at a meeting today in th...
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Banking |
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0 | Hits : 711
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Rupee hits key level of 57 vs dollar, nears record low
Posted Date : 06-Jun-2013 , 12:19:35 pm | Posted By CASANSAAR
The rupee touched the key psychological level of 57 to the dollar on Thursday, approaching a record low hit nearly a year earlier as fears of an end to the U.S. Federal Reserve's monetary stimulus sent the dollar higher and hit local shares.
Recent U.S. economic data has been mixed, whi...
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Finance |
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0 | Hits : 669
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Revised Guidance Note on tax audit to be released on July 1 - ICAI
Posted Date : 06-Jun-2013 , 08:34:23 am | Posted By CASANSAAR
The CA institute has come up with a revised Guidance Note on tax audits, which will be released on July 1 on Chartered Accountants Day.
The revised edition was approved at the central council meeting of the Institute of Chartered Accountants of India (ICAI) that concluded on Monday, Subodh ...
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Income Tax |
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0 | Hits : 1893
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Inform investors about restatement of accounts: Sebi to companies
Posted Date : 06-Jun-2013 , 08:31:38 am | Posted By CASANSAAR
Seeking to push the companies to act on issues flagged by their auditors,market regulator Sebi today asked them to immediately inform the investors about any restatement of their books of accounts necessitated by points raised by the audit process. The latest direction follows Sebi's ...
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SEBI |
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