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RBI allows FIIs to hedge currency risk at any authorised dealer bank news
Posted Date : 24-Oct-2012 , 08:31:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has eased norms for hedging currency risk for foreign institutional investors (FIIs) by allowing them to approach any authorised dealer bank to hedge currency risk on their stock market investments.   Foreign institutional investors (FIIs) can approach any auth...

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Category : RBI | Comments : 0 | Hits : 261

Ten EU nations get go-ahead on financial transactions tax
Posted Date : 24-Oct-2012 , 08:25:27 am | Posted By CASANSAAR

The European Commission on Tuesday agreed a formal first step enabling 10 EU nations to launch a hotly contested Financial Transactions Taxslated to raise billions for the public purse. After plans to launch the tax across the European Union were scuttled duri...

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Category : Income Tax | Comments : 0 | Hits : 163

Service Tax NEW ST-3 for April to June 2012 made Available
Posted Date : 23-Oct-2012 , 06:18:33 am | Posted By CASANSAAR

The Revenue Department today said the modified service tax return Form for the quarter April-June is now available on the ACES website. "Modified version of the Service Tax Return (ST3) for the quarter April-June, 2012 is now available for uploading to ACES... It is ava...

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Category : Service Tax | Comments : 0 | Hits : 1915

Sebi seeks special courts for speedy trials in market frauds
Posted Date : 23-Oct-2012 , 06:17:21 am | Posted By CASANSAAR

Worried over delays in prosecution of those found to be involved in frauds and other offences, market watchdog Sebi has asked the government to set up special courts to fast-track the process of bringing the guilty to book. Expressing concern over some cases continuing for years, Sebi...

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Category : SEBI | Comments : 0 | Hits : 195

Undisclosed income of Rs 10 cr detected by I-T
Posted Date : 23-Oct-2012 , 06:12:40 am | Posted By CASANSAAR

An undisclosed income of Rs 10 crore has been detected by the Income Tax department during survey operation conducted on real estate groups here.   I-T sleuths had carried out survey on the premises of some real estate companies on Friday, said Jaspal Singh, Chief Commissioner of Income Tax, ...

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Category : Income Tax | Comments : 0 | Hits : 387

eBay accused of tax evasion in UK
Posted Date : 23-Oct-2012 , 06:11:30 am | Posted By CASANSAAR

Online auction giant eBay paid only £1.2 million ($1.92 million, 1.47 million euros) in tax to the British government despite generating £800 million in sales in the country, the Sunday Times reported.   The auction site denied any wrongdoing.   Ac...

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Category : Income Tax | Comments : 0 | Hits : 188

RBI may treat part of SLR as liquidity under Basel III
Posted Date : 23-Oct-2012 , 06:09:45 am | Posted By CASANSAAR

RBI Deputy Governor Anand Sinha on Monday said the central bank is looking at a move under which a part of banks' statutory liquidity ratio (SLR) holdings can be treated in a way that it complies with liquidity norms under the Basel III capital requirements. Sinha said this at an event organised in ...

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Category : RBI | Comments : 0 | Hits : 190

Finance Minister Shri P. Chidambaram calls for Improving Growth and Penetration of Non Life Insurance Sector
Posted Date : 23-Oct-2012 , 06:08:59 am | Posted By CASANSAAR

The Union Finance Minister Shri P. Chidambaram said that the major challenges before the Non Life Insurance sector is how to increase its reach to the maximum number of people along with growth of investment in this sector. He asked the participating CEOs of both Public Sector and Private Sector Non...

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Category : Finance | Comments : 0 | Hits : 228

Sebi aims to complete probes in one year
Posted Date : 22-Oct-2012 , 07:44:50 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has set a one-year target to complete investigations, saying that the long-drawn probe processes are a thing of past and manipulators can’t escape the long arm of the law. The impression about market manipulators remaining scot-free or the enf...

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Category : SEBI | Comments : 0 | Hits : 243

Income Tax refunds decline 23.33%
Posted Date : 22-Oct-2012 , 07:39:01 am | Posted By CASANSAAR

The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.   "The IT refund in April-September period of this fiscal stood at Rs 46,000 crore," a finance ministry official said.   The gover...

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Category : Income Tax | Comments : 0 | Hits : 291

Overseas investors infuse over 11,000 cr in stocks in Oct so far
Posted Date : 22-Oct-2012 , 07:27:38 am | Posted By CASANSAAR

Overseas investors poured in more than 11,000 crore rupees in the stock market this month so far enthused by reforms initiatives taken by the government to boost economic growth and investor sentiment.As per data available with market regulator Sebi, during October 1-19, Foreign Institutional Invest...

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Category : Shares & Stock | Comments : 0 | Hits : 164

Entertainment tax on DTH unconstitutional: Court
Posted Date : 21-Oct-2012 , 08:09:32 am | Posted By CASANSAAR

The Madras High Court has held that the imposition of 30 per cent entertainment tax on Direct-to-Home services in the State is unconstitutional and directed the State government to exempt DTH services from entertainment tax.   A Division Bench comprising justices Chitra Venkataraman and K. Ra...

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Category : General | Comments : 0 | Hits : 320

CBDT opposes Shome Committee proposal to defer GAAR by 3 years
Posted Date : 21-Oct-2012 , 08:08:34 am | Posted By CASANSAAR

The country's apex tax body, the Central Board Of Direct Taxes (CBDT), has opposed Shome Panel's proposal to defer the implementation of the General Anti-Avoidance Rules (GAAR) for three years. TheCBDT has submitted a report to the finance ministry on the subject , ET NOW wa...

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Category : Income Tax | Comments : 0 | Hits : 275

PM launches Aadhar enabled services for direct Cash transfer and other benefits
Posted Date : 21-Oct-2012 , 08:07:46 am | Posted By CASANSAAR

The Prime Minister on Saturday rolled out the UPA government's ambitious direct cash transfer system and other Aadhar enabled services to eliminate fraud and corruption. Launching the scheme on 2nd aniversary of Aadhaar project at Dudu near Jaipur in Rajasthan this morning Dr. Manmohan Singh said th...

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Category : General | Comments : 0 | Hits : 304

Govt suspends Kingfisher Airlines' license to fly.
Posted Date : 21-Oct-2012 , 08:05:50 am | Posted By CASANSAAR

Kingfisher Airlines' license has been suspended. Its licence to fly commercial airlines was suspened by the Director General of Civil Aviation - DGCA - for failing to come up with a viable plan to revive its finance and resolve the operational problems and the impasse with its employees over payment...

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Category : General | Comments : 0 | Hits : 199

ICAI Election 2012 - Single Transferable System of Voting - An Apprisal
Posted Date : 19-Oct-2012 , 11:44:16 pm | Posted By CASANSAAR

”The next elections to the Council and Regional Councils of the Institute will be held on 7th and 8thDecember, 2012 at Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad,Jaipur, Kolkata, Mumbai and Pune and on 8th December, 2012 at all other places where pollingbooths...

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Category : ICAI | Comments : 0 | Hits : 2173

2 Lakh Companies' financial statements irregular: MCA
Posted Date : 19-Oct-2012 , 11:37:33 pm | Posted By CASANSAAR

Nearly two lakh companies registered in the country have been found to be irregular in furnishing their financial statements and other filings, according to the Ministry of Corporate Affairs (MCA).   The number of new companies getting registered in India has been rising for the past few year...

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Category : Corporate Law | Comments : 0 | Hits : 597

Vodafone, Income Tax department set for another round in Supreme Court
Posted Date : 19-Oct-2012 , 11:34:48 pm | Posted By CASANSAAR

Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.  The department has challenged in the Supreme Court a Gujarat high court order...

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Category : Income Tax | Comments : 0 | Hits : 226

Sebi duty bound to take action against Sahara: SC
Posted Date : 19-Oct-2012 , 11:26:25 pm | Posted By CASANSAAR

Refusing to grant more time to the Sahara group of investment companies, the Supreme Court on Friday allowed the Securities and Exchange Board of India (Sebi) to take action against the companies if they failed to provide details about some three crore investors from whom the companies raised Rs 24,...

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Category : SEBI | Comments : 0 | Hits : 259

Quality of xBRL Filing Certified by Professional Members
Posted Date : 19-Oct-2012 , 11:04:39 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretary in India (ICSI) the min...

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Category : Corporate Law | Comments : 0 | Hits : 392

MCA finds inaccuracies in cos' financial disclosures
Posted Date : 19-Oct-2012 , 07:43:22 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL.Concerned over the inaccuracies, that were noticed during a random scrutiny, the Ministry has flagged the ...

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Category : Corporate Law | Comments : 0 | Hits : 485

Satyam's Rs 822-cr fixed deposit attached by ED
Posted Date : 19-Oct-2012 , 07:42:12 am | Posted By CASANSAAR

The Enforcement Direc-torate (ED) on Thursday attached fixed deposits of Rs 822 crore of the erstwhile Satyam Computer Services, kept with four banks. The move relates to a case under the Prevention of Money Laundering Act (PMLA) against the company’s promoter, B Ramalinga Raju, and others. &...

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Category : Finance | Comments : 0 | Hits : 319

MCA begins rule-making for new Companies law
Posted Date : 19-Oct-2012 , 07:22:41 am | Posted By CASANSAAR

With the cabinet clearing the modified Companies Bill, activity has gathered pace in the ministry of corporate affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule making process of the new Companies Act. “An expert group comprising 7-8 people has been for...

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Category : Corporate Law | Comments : 0 | Hits : 342

Examination on 4th November 2012 at Shimla Centre (Himachal Pradesh) for IPCE / PCE is rescheduled to 19th November, 2012.
Posted Date : 19-Oct-2012 , 07:21:27 am | Posted By CASANSAAR

NOTIFICATION                        15thOctober, 2012   No.13-CA(Exam)/N/2012/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2012 dated 4thJuly, 2012, it is notified for general information that i...

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Category : Students Zone | Comments : 0 | Hits : 351

Gujarat HC issues notice to SEBI on stock exchange turnover issue
Posted Date : 19-Oct-2012 , 07:18:50 am | Posted By CASANSAAR

Gujarat High Court on Thursday issued notice to Securities and Exchange Board Of India (SEBI) while hearing a public interest litigation (PIL) challenging the stock market regulator's notification with regard to regional stock exchanges (RSE).   A division bench of Chief Justice Bhaskar Bhatt...

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Category : SEBI | Comments : 0 | Hits : 243

KPMG appoints Richard Rekhy as CEO
Posted Date : 18-Oct-2012 , 08:10:03 am | Posted By CASANSAAR

 KPMG today said it has appointed Richard Rekhy as new chief executive for its India operations. Rekhy, who was earlier the Head of Advisory at KPMG in India, will succeed Russell Parera, a statement issued here said. On his appointment, Rekhy said, "The global and...

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Category : Auditing | Comments : 0 | Hits : 501

RIL not allowing CAG audit : Oil Ministry
Posted Date : 18-Oct-2012 , 08:06:51 am | Posted By CASANSAAR

The Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries'  plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG. Oil Secretary G C Chaturvedi told a meeting conv...

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Category : Auditing | Comments : 0 | Hits : 336

Service exporters hit by sudden halt in tax refunds
Posted Date : 18-Oct-2012 , 08:03:26 am | Posted By CASANSAAR

Software exporters, BPOs, consultants and other service exporters have been hit by a sudden halt in service tax refunds in the past few months. Service tax commissionerates across the country have been rejecting tax refund claims of these companies, which also include knowledge processing outsourcin...

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Category : Service Tax | Comments : 0 | Hits : 267

Peak Filing Preparation 2012 - MCA 21
Posted Date : 18-Oct-2012 , 08:01:21 am | Posted By CASANSAAR

ANNOUNCEMENTSub: Peak Filing Preparation 2012 - MCA 21 As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956.  In order to ensure smooth filing and to avoid last minute rush, the Ministry of Corporate Affairs vide its General Circular No...

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Category : Corporate Law | Comments : 0 | Hits : 402

Concerns rise as more U.S. audit work moves to India
Posted Date : 17-Oct-2012 , 07:53:25 am | Posted By CASANSAAR

Auditing of U.S. corporations' financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.   U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U....

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Category : Auditing | Comments : 0 | Hits : 776

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