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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Finance |
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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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SEBI |
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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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Income Tax |
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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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Shares & Stock |
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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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General |
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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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Income Tax |
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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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General |
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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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General |
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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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ICAI |
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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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Corporate Law |
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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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Income Tax |
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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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SEBI |
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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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Corporate Law |
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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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Corporate Law |
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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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Finance |
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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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Corporate Law |
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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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Students Zone |
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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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SEBI |
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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 |
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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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Auditing |
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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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Service Tax |
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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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Corporate Law |
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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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Auditing |
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Govt set to ease FDI rules for companies
Posted Date : 17-Oct-2012 , 07:49:38 am | Posted By CASANSAAR
The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.
Government officials told TOI that the move, which has been in the pip...
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International Business |
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Chowdary appointed new Member (inv) in CBDT
Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR
Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...
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Income Tax |
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Kingfisher Airlines' employees get income-tax notices on non-payment of taxes
Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR
A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...
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Income Tax |
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RBI to set aside funds for buying illiquid gilts
Posted Date : 17-Oct-2012 , 07:38:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is working with the government to set aside funds for buying illiquid gilts from the market. “Over a period of time we will have some budget where we will try to repair some of those securities in which volumes are low, and create volumes for those securities wh...
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RBI |
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Ministry of Corporate Affairs - XBRL filings
Posted Date : 17-Oct-2012 , 07:35:10 am | Posted By CASANSAAR
MCA has released final version of the MCA XBRL Validation Tool and XBRL Filing Manual V2.0. Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 have been enabled on MCA website with effect from 14.10.2012. Based on the feedback received from various stakeh...
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Corporate Law |
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Vikram Pandit steps down as Citigroup CEO
Posted Date : 16-Oct-2012 , 10:43:07 pm | Posted By CASANSAAR
In an abrupt exit, Citigroup's India-born CEO Vikram Pandit resigned on Tuesday after nearly a five-year tenure during which he steered US’s third-biggest bank through the difficult years after the 2008 financial crisis.Nagpur-born Columbia University graduate Pandit (55), who had been the CEO...
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International Business |
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Take penal action against cos exposing markets & investors to fraud: SEBI to depositories
Posted Date : 16-Oct-2012 , 10:41:26 pm | Posted By CASANSAAR
SEBI has decided to empower depositories to take penal action against companies that do not properly reconcile their demat and physical shares and thus expose the equity market and investors to possible frauds.
A senior official said the depositories have the mandate to help the companies ...
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SEBI |
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