Case can’t be dismissed if delay in lodging complaint is explained: SC
Posted Date : 02-Nov-2012 , 08:50:34 pm | Posted By CASANSAAR
The Supreme Court today said a criminal case cannot be dismissed merely because of delay in lodging a complaint if the delay has been reasonably explained.A bench of justices P Sathasivam and Ranjan Gogoi said, the prosecution case cannot be rejected merely on the ground of delay since the...
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General |
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MCA asks greater disclosures from firms eying India
Posted Date : 02-Nov-2012 , 10:27:52 am | Posted By CASANSAAR
Government sources have indicated that the MCA has written to the FIPB on possible violations of FDI norms by foreign companies, reports Ronojoy Banerjee of CNBC-TV18.
An opinion from the MCA is sought when a matter is about to be put up before the FIPB for approval. It is known that in the...
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Corporate Law |
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CBI arrests female Income Tax official for accepting bribes
Posted Date : 02-Nov-2012 , 10:23:22 am | Posted By CASANSAAR
A female Income Tax official has been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting bribe of Rs 6 lakh for not scrutinising income tax returns of a private firm.
The CBI's anti-corruption bureau arrested M M Chouhan, Income Tax Officer M M Chouhan of Thane fo...
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Income Tax |
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SEBI simplifies procedure for change of name in individual Beneficial Owner's account
Posted Date : 02-Nov-2012 , 10:20:12 am | Posted By CASANSAAR
The Securities and Exchange Board of India, SEBI, has simplified procedure for change of name in individual Beneficial Owner's account.
In a circular issued on Thursday, SEBI has said that in case there is a change of name after marriage, the individual investor can submit either...
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SEBI |
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Canada SC quashes tax court order on transfer pricing; judgment to impact Indian cos
Posted Date : 01-Nov-2012 , 08:43:09 am | Posted By CASANSAAR
The recent landmark ruling by the Canadian Supreme Court on transfer pricing in the pharma sector is likely to have far reaching implications on the Indian pharma space too.
The court’sjudgment overruled the order of the tax court and has stated that busi...
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Income Tax |
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Keep track of your ITR until it’s acknowledged
Posted Date : 01-Nov-2012 , 08:42:18 am | Posted By CASANSAAR
Most of us have filed our tax returns electronicallybefore the August 31 deadline. However, what many of us didn't realise was that the process would be complete only after the central processing centre (CPC) of the income-tax department sends an email or SMS acknowledging the receipt of the&nb...
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Income Tax |
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Bombay High Court gives no relief to builders on VAT
Posted Date : 01-Nov-2012 , 08:40:54 am | Posted By CASANSAAR
The Bombay High Court today dismissed a bunch of petitions filed by builders against two circulars of the Maharashtra Sales Tax department which levied VAT on all property transactions between 2006 and 2010.
The division bench of Justices D Y Chandrachud and R G Ketkar upheld the circulars ...
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VAT |
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List of enhancements in MCA21 XBRL validation tool – Version 2.0.1
Posted Date : 01-Nov-2012 , 08:36:29 am | Posted By CASANSAAR
The following enhancements have been released in the validation tool. These enhancements do not impact the instancedocuments which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below ment...
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Corporate Law |
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Tax advocates seek clarity on services
Posted Date : 01-Nov-2012 , 08:27:50 am | Posted By CASANSAAR
A tax advocates' forum has approached finance minister P Chidambaramseeking clarity on the definition of "works contract services" as well as simplification of procedures for determining valuation of such services for calculation of service tax.
The All-India Tax Advocates Forum (AITAF) has sa...
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Service Tax |
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SEBI seeks recovery powers to take on defaulters
Posted Date : 31-Oct-2012 , 07:03:28 pm | Posted By CASANSAAR
Concerned over a large number of people and entities evading payment of penalties imposed on them, market regulator Sebi has asked the government to amend regulations to provide it with stronger recovery powers.
"We need the support of the gov...
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SEBI |
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ICAI President's Message - November 2012
Posted Date : 31-Oct-2012 , 06:58:42 pm | Posted By CASANSAAR
Dear Friends,
Accountancy profession in India has grown big not because it has come across a multitude of decades, but because it has had a glorious eventful past that we can take pride on while reflecting on its curve of growth. Our first Prime Minister Jawaharlal Nehru had s...
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ICAI |
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Authority upholds ICAI order against 2 Satyam auditors
Posted Date : 31-Oct-2012 , 08:32:20 am | Posted By CASANSAAR
The Appellate Authority for chartered accountants has upheld the ICAI's decision to bar two auditors -- P Sivaprasad and Chintapatla Ravindernath -- for professional misconduct in auditing the books of erstwhile Satyam Computer Services.
The founder chairman of Satyam Computer B Ramalinga R...
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ICAI |
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Chartered Accountant Given Life Term For Creating Mid-Air Hijack Scare In 2009
Posted Date : 31-Oct-2012 , 08:20:14 am | Posted By CASANSAAR
A chartered accountant was sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun.
"The accused Jitender Kumar Mohla is awarded life imprisonment und...
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ICAI |
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SAT sets aside SEBI order on Chartered Capital
Posted Date : 31-Oct-2012 , 08:18:26 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) has set aside Securities and Exchange Board of India (SEBI)'s order that restrained merchant bank Chartered Capital and Investment and its two senior executives from taking up new assignments related to public offers, reports PTI.
It also directed...
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SEBI |
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France makes $1.3 billion tax claim against Google: Report
Posted Date : 31-Oct-2012 , 08:14:09 am | Posted By CASANSAAR
French tax authorities have made a billion-euro ($1.3 billion) claim against Google to pressure the US Internet giant to compromise in a dispute over compensation to media websites, a French newspaper reported. The weekly Canard Enchaine said in its edition to hit newstands today that the tax c...
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International Business |
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Satyam Computer Services to challenge ED's attachment of Rs 822 cr FDs
Posted Date : 30-Oct-2012 , 09:30:54 pm | Posted By CASANSAAR
Struggling IT outsourcer Satyam Computer Services(SCCL), now controlled by Mahindra Group, has decided to contest the attachment of Rs 822 crore of bank deposits by the Enforcement Directorate (ED). Addressing media persons in Hyderabad on Tuesday to announce the financial results, th...
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Income Tax |
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RBI:RBI cuts CRR by 25 bps to 4.25%
Posted Date : 30-Oct-2012 , 11:47:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday cut the cash reserve ratio (CRR)by 25 basis points to 4.25%, but kept the key policy rates including the repo rate unchanged. The CRR cut is meant to inject Rs 17500 crore into the banking system. It is intended to pre-empt prospective liquidity c...
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RBI |
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RBI set to cut CRR by 25bps
Posted Date : 30-Oct-2012 , 08:09:04 am | Posted By CASANSAAR
Raising hopes of a rate cut, the Reserve Bank of India has slashed growth estimates forecasts from 6.5% projected in the second quarter to 5.7% in a report on Monday. While terming the government's reform measures as positive, RBI's review of macro economic and monetary developments for the second q...
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Income Tax |
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Pilot says MCA will look into all wrongdoings without prejudice
Posted Date : 30-Oct-2012 , 08:08:01 am | Posted By CASANSAAR
As allegations over corruption against some stalwarts in political arena fly thick and fast, newly appointed Corporate Affairs Minister Sachin Pilot today said his ministry will deal firmly against all irregularities and wrongdoings without any prejudice.
However, he maintained that he does...
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Corporate Law |
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DTC, GST to be introduced in Parliament after taking Par panel suggestions, says FM
Posted Date : 30-Oct-2012 , 08:03:16 am | Posted By CASANSAAR
P Chidambaram has said he is reviewing the Direct Taxes Code (DTC) Bill and it will be introduced in Parliament after taking into account the recommendations of the Parliamentary panel.Chidambaram will meet empowered committee of state finance ministers on November 8 to build on...
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Income Tax |
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New IPO regime cuts complaints: SEBI
Posted Date : 29-Oct-2012 , 11:15:55 pm | Posted By CASANSAAR
Enthused by a renewed optimism among the corporate and individual investors in the capital market, SEBI chief UK Sinha has said that complaints of manipulations in IPOs have dried up after the recent corrective steps. "We are noticing that there is a renewed optimism about the economy and about the ...
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SEBI |
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RBI Survey lowers GDP growth projection to 5.7% from 6.5% for current fiscal
Posted Date : 29-Oct-2012 , 11:14:52 pm | Posted By CASANSAAR
Indicating that a cut in interest rate is likely, the Reserve Bank has said despite high inflation it would take steps to support growth in the half- yearly review of monetary policy tomorrow.
RBI said the Survey of Professional Forecasters has lowered the GDP growth projection to 5.7 per cen...
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RBI |
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ICAI:UAE banks exhibit healthy capital adequacy ratio
Posted Date : 29-Oct-2012 , 03:29:01 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) Abu Dhabi Chapter recently held a professional development event in Abu Dhabi at the Burjeel Hospital Auditorium, which was attended by a 130 plus strong audience.
The Seminar was on the twin topics of 'Global Economic Scenario' and 'Op...
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ICAI |
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Satyam auditors: Authority upholds ICAI order
Posted Date : 29-Oct-2012 , 03:26:24 pm | Posted By CASANSAAR
The Appellate Authority for chartered accountants has upheld the ICAI's decision to bar two auditors -- P Sivaprasad and Chintapatla Ravindernath – for professional misconduct in auditing the books of erstwhile Satyam Computer Services.
The founder chairman of Satyam Computer B Ramalinga Ra...
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Auditing |
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Sebi to hire investigating agencies for Sahara case
Posted Date : 28-Oct-2012 , 07:34:56 pm | Posted By CASANSAAR
Market regulator Sebi plans to hire professional investigating agencies to help it probe matters relating to Sahara group for implementation of a Supreme Court order about refund of money collected from 3 crore investors.
The Securities and Exchange Board of India (Sebi) has already...
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SEBI |
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Reliance Life to hire 1,000 people
Posted Date : 28-Oct-2012 , 07:31:08 pm | Posted By CASANSAAR
Leading private sector insurer Reliance Life Insurance Company(RLIC) plans to hire about 1,000 employees for its new distribution channel Life Plaza by March, 2013.
RLIC, part of Anil Ambani-led Reliance Group's financial services arm Reliance Capital, is also setting up close to 200 b...
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General |
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Cabinet reshuffle: PM inducts 15 new faces; Elevates 7 ministers to cabinet rank
Posted Date : 28-Oct-2012 , 07:26:11 pm | Posted By CASANSAAR
The President of India, as advised by the Prime Minister, appointed and administered the Oaths of Office and Secrecy to the following members of the Union Council of Ministers:-
CABINET MINISTERS
1.
Shri K. Rahman Khan
2.
Shri Dinsha&n...
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General |
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SEBI cautions investors against Sahara's pressure
Posted Date : 28-Oct-2012 , 09:37:14 am | Posted By CASANSAAR
Securities and Exchange Board of India, SEBI has advised investors against yielding to any pressure from Sahara or their agents for switching over their investments in two companies -- Sahara India Real Estate Corp Ltd, SIRECL and Sahara Housing Investment Corp Ltd, SHICL-- to other group companies....
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SEBI |
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CBDT panel recommends 14 tax accounting standards
Posted Date : 27-Oct-2012 , 08:26:20 am | Posted By CASANSAAR
A CBDT appointed committee has recommended as many as 14 tax accounting standards.
These standards, also known as TAS, if and when adopted, will have a significant impact on computation of income chargeable to tax.
The Finance Ministry o...
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Income Tax |
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India Signs Protocol for Amending the Convention for Avoidance of Double Taxation & Prevention of Fiscal Evasion
Posted Date : 27-Oct-2012 , 08:24:12 am | Posted By CASANSAAR
The Government of the Republic of India and the Government of the Kingdom of Spain signed here today the Protocol for amending the Convention and Protocol between the Government of the Republic of India and the Government of the Kingdom of Spain for avoidance of double taxation and the preventi...
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Income Tax |
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