Cobrapost sting: RBI finds violations by banks, insurers
Posted Date : 14-May-2013 , 08:37:01 am | Posted By CASANSAAR
The RBI probing allegations of money laundering by several banks and insurance firms has found that these entities not only failed to adhere to Know-Your-Customer (KYC) norms but also permitted customers to divide cash deposits into small tranches below the benchmark level to avoid reporting or dete...
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RBI |
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Sebi extends deadline for meeting ESOP norms to December 31
Posted Date : 14-May-2013 , 07:56:02 am | Posted By CASANSAAR
Market regulator Sebi today extended the deadline for listed companies to comply with norms that bar employee benefit schemes and trusts from buying shares of their own firms from the secondary market, to December 31. Sebi has also provided clarification on applicability of thes...
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SEBI |
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RBI puts restrictions on gold imports by banks
Posted Date : 13-May-2013 , 09:08:00 pm | Posted By CASANSAAR
With gold imports putting pressure on the current account deficit, the Reserve Bank today imposed restrictions on import of the yellow metal by banks."To moderate the demand for gold for domestic use, it has been decided to restrict the import of gold on consignment basis by...
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RBI |
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Cancellation of Examination of Group-II, Paper-7, Information Technology and Strategic Management of Intermediate (Integrated Professional Competence) Examination Scheduled on 15th May
Posted Date : 13-May-2013 , 09:05:02 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
CANCELLATION OF EXAMINATION OF GROUP-II, PAPER-7, INFORMATION TECHNOLOGY AND STRATEGIC MANAGEMENT OF INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION SCHEDULED ON 15TH MAY – 2013.
It is hereby informed that due to unavoidable circumstance...
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Students Zone |
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Taxmen call on WNS; slap tax demands of about Rs 557 cr
Posted Date : 12-May-2013 , 08:26:22 pm | Posted By CASANSAAR
After Vodafone, Nokia and Shell, WNS is the latest MNC that has come under the tax scanner on transfer pricing issue and the outsourcing major has demands of additional tax of about Rs 557 crore on income and with regard to acquisition of UK-based Aviva's BPO services.
The company, however, has cha...
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Income Tax |
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Sebi mulls annulment policy for freak trades
Posted Date : 12-May-2013 , 08:25:02 pm | Posted By CASANSAAR
Capital markets regulator Sebi is looking to frame a 'trade annulment policy' to cancel the freak trade orders that might have wider ramifications in terms of impact on the indices or other stocks.
The annulment policy would look at safeguarding the broader market interests from the freak orders ex...
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SEBI |
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Fin Min detects Rs 400 cr custom duty, tax evasion
Posted Date : 12-May-2013 , 08:04:13 pm | Posted By CASANSAAR
In its bid to plug revenue leakage, the Finance Ministry has detected custom duty and service tax evasion of at least Rs 400 crore between January and March this year.
The detection came after the Directorate General of Central Excise Intelligence (DGCEI) and Directorate General of Revenue Intellig...
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Custom |
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Donations tax-free if schools use funds for education
Posted Date : 12-May-2013 , 08:25:30 am | Posted By CASANSAAR
Donations collected by schools will be tax-free if it is used for advancement of education. "If the income earned by a trust is utilized for charitable purposes, it cannot be held that the trust is carrying out business," the Mumbai bench of the Income Tax Appellate Tribunal said while hea...
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Income Tax |
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I-T looks at global practices on transfer pricing
Posted Date : 12-May-2013 , 08:24:22 am | Posted By CASANSAAR
With the government’s demand of 57 per cent more tax under transfer pricing rules in 2012-13 making companies jittery, the Income Tax (I-T) Department has adopted a course-correction mode, giving ‘guidance’ to assessing officers to help them frame orders based on international best...
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Income Tax |
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0 | Hits : 779
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ICAI plans to audit rural job scheme
Posted Date : 11-May-2013 , 08:54:52 am | Posted By CASANSAAR
In a move to usher in more transparency in Mahatma Gandhi National Rural Employment Guarantee Act, the Institute of Chartered Accountants of India (ICAI) will evolve standards to audit the scheme in 2.5 lakh villages, said ICAI president, Subodh Kumar Agarwal on Friday.
Briefing reporters, ...
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ICAI |
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Mandatory e-filing of excise duty returns likely for all
Posted Date : 11-May-2013 , 08:35:26 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) is considering making electronic filing mandatory for excise duty payment. An official source told The Indian Express that the present duty cap of Rs 10 lakh for e-filing is likely to be done away with and all the assesses may have to file returns elect...
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Excise |
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GST regime to exempt at least 96 items from tax
Posted Date : 11-May-2013 , 07:51:52 am | Posted By CASANSAAR
The Centre and States have agreed to have a common exempted list for at least 96 goods under the proposed Goods and Services Tax (GST) regime.
The consensus was reached on the first day of a two-day meeting of State finance ministers here.
“Overall, we have moved forward. We ...
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GST |
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1 | Hits : 1012
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FVU version 3.71
Posted Date : 11-May-2013 , 07:48:18 am | Posted By CASANSAAR
Key features of File Validation Utility (FVU) version 3.71
Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q Q4. Section code 80CCG is applicable for FY 2012-13 onwards.Section 80CCF: Quoting deductionunder section 80CCF has been restricted to FY 2010-11 and...
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Income Tax |
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TIN revises rates for e-TDS/TCS, AIR, Form 24G Returns
Posted Date : 11-May-2013 , 07:46:27 am | Posted By CASANSAAR
TIN With effect from May 4, 2013, revised rates for acceptance of e-TDS/TCS, Form 24G Statements and AIR at TIN Facilitation Centres (TIN-FCs) are as under:
Basis of charges
Charges*
0 – 100 records
35.00
100 – 1000 records
200.00
Mor...
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Income Tax |
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UPA's Black Friday: Ashwani Kumar, Pawan Bansal resign
Posted Date : 10-May-2013 , 09:41:08 pm | Posted By CASANSAAR
In a day of high drama, law minister Ashwani Kumar resigned on Friday following the resignation of railway minister Pawan Kumar Bansal. Ashwani Kumar was under fire from the opposition after the Supreme Court came down heavily on the CBI for allowing the law ministry to...
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General |
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Result of the Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013
Posted Date : 10-May-2013 , 06:17:52 pm | Posted By CASANSAAR
Result of the Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013.
Ahmedabad
Baroda
Chennai
Ernakulam
Mumbai
New Delhi
Pune
Trivandrum
...
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ICAI |
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Delhi Metro launches online smart card recharge
Posted Date : 10-May-2013 , 11:44:56 am | Posted By CASANSAAR
Inside the Customer Care Centre at the Barakhamba Road station on Thursday, three Delhi Metro staffers stand watching the milieu outside the transparent cabin.
Delhi Metro Managing Director Mangu Singh presses a smartcard that was recharged online onto the newly installed ‘Card Rechar...
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General |
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Bansal
Posted Date : 10-May-2013 , 08:52:42 am | Posted By CASANSAAR
The role of railway minister Pawan Kumar Bansal, has come under fresh scrutiny as reports suggest that the minister’s family members and close aides received loans amounting to crores from the state owned Canara Bank.
Not just that, the bank had also appointed Sunil Kumar Gupta, Chart...
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Income Tax |
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0 | Hits : 1781
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Pay more service tax on house costing over Rs 1 crore
Posted Date : 10-May-2013 , 08:45:56 am | Posted By CASANSAAR
The finance ministry has tightened norms for application of lower rate of service tax on construction, dealing a blow to buyers purchasing houses above a certain size or value. The Central Board of Excise and Customs, the apex indirect taxes body, has issued new norms t...
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Service Tax |
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Fire in Mumbai Income Tax headquarters
Posted Date : 10-May-2013 , 08:25:40 am | Posted By CASANSAAR
A fire on the sixth floor of the Income Tax department's headquarters here on Thursday night gutted several important tax-related files inside the storeroom, sources said.
The I-T Commissioner and other officials rushed to the scene at around 11 pm, but did not disclose the files that were gu...
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Income Tax |
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Action against banks involved in wrong doings soon: RBI
Posted Date : 09-May-2013 , 04:50:15 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms.
"We have done investigations, we have prepared an internal report. There are processes to be...
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RBI |
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No Change in the Schedule of The Chartered Accountants Examinations - May 2013.
Posted Date : 09-May-2013 , 04:45:56 pm | Posted By CASANSAAR
May 07, 2013
NO CHANGE IN THE SCHEDULE OF THE CHARTERED ACCOUNTANTS EXAMINATIONS - MAY 2013.
Candidates in the examination centres in Patna appearing for Intermediate (Integrated Professional Competence) Examination may note that, owing to the rally called by some political party (...
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Students Zone |
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What is LBT and why are Mumbai traders on strike? All you need to know
Posted Date : 09-May-2013 , 02:34:23 pm | Posted By CASANSAAR
In Mumbai, banking activities remained paralysed and most businesses were shut, on the second day of an indefinite strike called by over 1.5 million traders and manufacturers to protest the Maharashtra’s government’s local body tax (LBT) in lieu of octroi.
Millions of...
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General |
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Spend for your children, get tax benefits
Posted Date : 09-May-2013 , 07:52:00 am | Posted By CASANSAAR
In today's world of ever increasing expenses, spending on your children results in a substantial outflow from your pocket. However, did you know that you can get tax benefits on many expenses and investments made in your child's name? This includes a wide variety of expense heads and investments. Mo...
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Income Tax |
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1 | Hits : 1700
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Levy cheque return fee only if customers at fault: RBI to banks
Posted Date : 09-May-2013 , 07:50:27 am | Posted By CASANSAAR
In order to ensure fair practices in banking services, the Reserve Bank has asked banks to levy cheque return charges only if the customers are at fault.
RBI said those cheques required to be re-presented without any recourse to the payee should be made in the immediate next presentation clearing n...
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RBI |
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0 | Hits : 883
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Tax treaties not to provide I-T return leeway anymore
Posted Date : 09-May-2013 , 07:48:05 am | Posted By CASANSAAR
Those availing of treaty benefits would now have to file returns of their incomes in India, even if those aren’t liable to be taxed here. The government has changed the Income Tax Rules, making it mandatory for certain classes of assessees, including those covered under bilateral tax treaties,...
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Income Tax |
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0 | Hits : 732
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Responsibility to check money laundering rests with government: RBI
Posted Date : 08-May-2013 , 11:03:48 pm | Posted By CASANSAAR
Amid allegations of money laundering against banks and insurance companies by an online portal, Reserve Bank of India governor D Subbarao today said it was the responsibility of the government and tax authorities to check such activities.
"RBI is not directly involved... even banks are not directly...
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RBI |
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0 | Hits : 675
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One Nation, One Profession, One Convocation
Posted Date : 08-May-2013 , 07:25:48 am | Posted By CASANSAAR
CASANSAAR Team has received a lot of request and representation on the ongoing drama on the Convocation being organised by the ICAI through its various Regional Councils.
It not hidden fact that younger member of the ICAI are not happy with the mother body of the profession. Again the half...
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ICAI |
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Target pressure on employees can lead to fraudulent practices: survey
Posted Date : 08-May-2013 , 06:44:45 am | Posted By CASANSAAR
Pressure on employees to deliver on growth targets amid uncertain economic conditions can lead to fraudulent practices such as bribery and corruption, according to Ernst and Young’s 2013 Fraud Survey covering Europe, the Middle East, India and Africa.
Unethical conduct including ...
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General |
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0 | Hits : 774
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National Stock Exchange gets Sebi nod for debt trading segment
Posted Date : 08-May-2013 , 06:35:54 am | Posted By CASANSAAR
The National Stock Exchange (NSE) said on Tuesday that it has received an approval from market regulator Securities and Exchange Board of India (Sebi) to set up a separate debt trading platform.
The platform would bring much more transparency and credibility to the way debt securities are traded an...
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SEBI |
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0 | Hits : 699
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