Sebi notifies IPO reforms; funds usage comes under scrutiny
Posted Date : 16-Oct-2012 , 07:53:04 am | Posted By CASANSAAR
Market regulator Sebi today notified wide-ranging reforms in IPO market, including a strict vigil on usage of issue proceeds, greater disclosure by companies and their bankers and allotment of a minimum number of shares to retail investors. As per the notification issued by ...
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SEBI |
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Indirect tax collections grow 15.6 % in first half
Posted Date : 16-Oct-2012 , 07:50:14 am | Posted By CASANSAAR
Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity.
Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at R...
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Excise |
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New FDI policy in conflict with FEMA regulations: SC
Posted Date : 16-Oct-2012 , 07:48:20 am | Posted By CASANSAAR
The Centre may have to defer till November 5 implementation of its decision allowing FDI in retail trading with the Supreme Court on Monday pointing to a technical glitch.
A bench comprising Justices R M Lodha and A R Dave agreed with PIL petitioner M L Sharma that the decisions relating to 51% FDI...
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International Business |
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63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 – 2012.
Posted Date : 16-Oct-2012 , 07:45:36 am | Posted By CASANSAAR
15th October, 2012
63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 – 2012.
In accordance with the provisions as contained in sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Repor...
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ICAI |
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Penalty justified even if defaulter agrees to pay up: Tribunal
Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR
Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...
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Income Tax |
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Paying tax soon to be a fundamental duty
Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR
Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty.
The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...
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Income Tax |
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Govt to conduct random audit to check corruption in MGNREGA Projects
Posted Date : 15-Oct-2012 , 10:58:21 am | Posted By CASANSAAR
Expressing concern over complaints of corruption in the Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA) projects, Union Rural Development Minister Jairam Ramesh yesterday said that the government has decided to conduct audit of ten per cent of villages on a random basis every yea...
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Auditing |
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RTI can’t prevail over right to privacy, says PM
Posted Date : 13-Oct-2012 , 08:17:34 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Friday cautioned against the “frivolous” and “vexatious” use of the RTI Act, saying that the citizens’ right to know should be circumscribed if it encroaches on an individual’s privacy.
He also warned against blanket exten...
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General |
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CAG inspection report says Salman Khurshid trust misused funds
Posted Date : 13-Oct-2012 , 08:14:45 am | Posted By CASANSAAR
The Comptroller and Auditor-General has pointed to malpractices in a trust controlled by law minister Salman Khurshid and asked the government to recover Rs71.50 lakh with interest.A sting operation conducted by a TV channel too had alleged irregularities by the Dr Zakir Hus...
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Income Tax |
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0 | Hits : 406
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Infosys CFO V Balakrishnan to step down, CA.Rajiv Bansal to take over
Posted Date : 13-Oct-2012 , 07:55:39 am | Posted By CASANSAAR
Infosys CFO V Balakrishnan will step down from his current role at the end of this month to focus on three areas which the company said are strategic to it - the India business, the BPO business and the banking software product Finacle. He will remain on the board of the company. Balakrishnan, ...
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Income Tax |
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TDSAT rejects telecom department's plan to tax internet, broadband services at 8 per cent
Posted Date : 13-Oct-2012 , 07:49:21 am | Posted By CASANSAAR
The telecom disputes tribunal on Friday dismissed the government's plans to charge internet service providers or ISPs a fee of 8% of their annual revenue from April, 2013. The tribunal upheld an Internet Services Providers Association of India (Ispai) petition challenging the governm...
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Service Tax |
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E&Y forensic report confirms Reebok fraud
Posted Date : 13-Oct-2012 , 07:46:56 am | Posted By CASANSAAR
Reebok India’s sacked managing director Subhinder Singh Prem and former COO Vishnu Bhagat had fudged company accounts books by double discounting and preparing fake invoices, said Ernst & Young (E&Y) in the forensic analysis report on the company’s accounts.
E&Y has ...
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Accounts |
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Sebi mulls annulment policy for erroneous stock trades
Posted Date : 13-Oct-2012 , 07:45:00 am | Posted By CASANSAAR
In the light of the recent flash crash on NSE due to an erroneous trade, market regulator Sebi would look into the possibility of putting in place rules to reverse such trades. On Friday, Sebi chairman U K Sinha assured some representatives of the broking community...
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SEBI |
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Non-bailable arrest warrant issued against Vijay Mallya
Posted Date : 13-Oct-2012 , 07:43:48 am | Posted By CASANSAAR
A special magistrate court here on Friday issued a non-bailable arrest warrant (NBW) against the Chairman of Kingfisher Airlines, Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL)...
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General |
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BSE investors to get trade alerts through SMS from Today
Posted Date : 12-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE today said it will commence the service of sending SMS to all investors from today. "In order to check unauthorised stock market trades through investor accounts, as per SEBI ci...
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Income Tax |
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Cost Accountant can also certify DGFT documents under Foreign Trade Policy
Posted Date : 12-Oct-2012 , 07:51:08 am | Posted By CASANSAAR
PUBLIC NOTICE No. 22(RE-2012)/2009-14
NEW DELHI THE 11TH October, 2012
Subject:- Certification of various documents by Cost Accountants under Handbook of Procedure Vol.I and Appendices under ForeignTrade Policy.
In exercise&...
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ICWAI |
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Separate benches to take up pending transfer pricing cases
Posted Date : 12-Oct-2012 , 07:49:50 am | Posted By CASANSAAR
Tax authorities have finally woken up to pending transfer pricing litigation in India. The Income Tax Appellate Tribunal has decided to constitute separate benches in Mumbai, Delhi, Bangalore and Hyderabad to hasten the disposal of transfer pricing and international taxation cases.
Transfer...
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Income Tax |
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Sebi lays down strict rules for rejection of offer documents
Posted Date : 12-Oct-2012 , 07:48:27 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday issued a framework for the rejection of draft offer documents filed with it before issue of securities.
In the future, Sebi will reject offer documents if it believes investor safety is compromised or the qu...
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SEBI |
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GST and DTC are expected to be implemented by April 2013
Posted Date : 12-Oct-2012 , 07:46:08 am | Posted By CASANSAAR
There was a need to look again at the provisions of the proposed direct taxes code (DTC) and the goods and services tax (GST), said Parthasarathi Shome, director and chief executive, Indian Council for Research on International Economic Relations.
There should be fresh consultation over DTC...
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Income Tax |
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Goldman CEO ready to pay 5% more in taxes for budget deal
Posted Date : 12-Oct-2012 , 07:44:12 am | Posted By CASANSAAR
Goldman Sachs chief executive, Lloyd Blankfein, became the latest big-name business leader to pledge to pay steeper tax - 5 percent, he said - in exchange for a long-term bipartisan deal in Congress to keep the country from falling off the "fiscal cliff." Blankfein is part of a group ...
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International Business |
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7 out of 10 youths in Punjab take to drugs: Rahul Gandhi
Posted Date : 11-Oct-2012 , 09:24:26 pm | Posted By CASANSAAR
Rahul Gandhi today claimed seven out of 10 youths in Punjab have a drug problem, triggering a controversy with ruling Akali Dal asking how the Congress leader came to this "mathematical conclusion" on drug addiction in the state.
Winding up his two-day visit to Punjab, Rahul also said that ...
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General |
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SEBI probes Mallya’s UB Group firms
Posted Date : 11-Oct-2012 , 09:06:29 pm | Posted By CASANSAAR
Following requests from bourses National Stock Exchange and BSE, market regulator Sebi is investigating the affairs of some Vijay Mallya-controlled UB Group firms for alleged non-compliance with disclosure norms.
The stock exchanges have raised various concerns mainly about two UB Group fir...
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SEBI |
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ICAI Invites Suggestions on Direct and Indirect Taxes for Pre-Budget Memorandum, 2013.
Posted Date : 11-Oct-2012 , 08:53:13 pm | Posted By CASANSAAR
The Direct & Indirect Taxes Committees of ICAI are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes- 2013 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes, Central ...
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Income Tax |
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RBI relaxes norms for opening subsidiaries by foreign NBFCs
Posted Date : 11-Oct-2012 , 07:35:25 am | Posted By CASANSAAR
Relaxing norms for foreign-owned NBFCs to open subsidiaries, the RBI today said such entities can now set up arms even if the overseas investment is less than 100 per cent. "NBFCs having foreign investment more than 75 per cent and up to 100 per cent and with a minimum capit...
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RBI |
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Final view on retro tax amendments by Nov 15: FinMin
Posted Date : 11-Oct-2012 , 07:33:32 am | Posted By CASANSAAR
The government is likely to take a final view by November 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said."The Finance Ministry will take final ...
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Income Tax |
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MCA discontinues its Front offices in 4 Metro Cities
Posted Date : 11-Oct-2012 , 07:30:09 am | Posted By CASANSAAR
MCA Front offices situated at Delhi , Chennai , Mumbai and Kolkata are being discontinued with effect from Monday, the 8th of October, 2012 , and hence, will not be available to offer any assistance to MCA stakeholders. Kindly plan your activities accordingly.
Helpdesk Services are ...
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Corporate Law |
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0 | Hits : 325
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Govt considering amendment to Prevention of Corruption Act, says PM
Posted Date : 11-Oct-2012 , 07:26:43 am | Posted By CASANSAAR
The Prime Minister has said that the Government is considering amendments to the Prevention of Corruption Act to make it more stringent.Dr. Manmohan Singh said that Government proposes to include corporate failure to prevent bribery as a new offence. Dr. Singh said that his Government is examining h...
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General |
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Rs. 2,72,133 Crore Direct Tax Collections during First Half of 2012-13
Posted Date : 10-Oct-2012 , 09:21:53 pm | Posted By CASANSAAR
Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 percent (Rs. 1,78,173 crore as against Rs. 1,75,360 cro...
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Income Tax |
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CCI emphasises the need for encouraging Competitive practices in public procurement
Posted Date : 10-Oct-2012 , 09:21:17 pm | Posted By CASANSAAR
The Financial Advisors and key Government officers handling the procurement aspects in the Govt. have been advised to encourage competitive practices in public procurement and framing competitive coherent govt. policies. Inaugurating a Conference on “Curbing Deficit through Effective Competiti...
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Corporate Law |
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0 | Hits : 195
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Auditors raise eyebrows at DLF take on Vadra dealings
Posted Date : 10-Oct-2012 , 08:36:33 am | Posted By CASANSAAR
Auditors and chartered accountants that Business Standard has spoken to are not convinced with real estate company DLF’s clarification that it had given a ‘business advance’ to Robert Vadra, son-in-law of Congress President Sonia Gandhi, and that there was no quid pro quo between t...
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Category :
Auditing |
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1 | Hits : 1544
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