Bank Audit rumors : Clarification by ICAI President
Posted Date : 09-Oct-2012 , 08:25:14 am | Posted By CASANSAAR
Dear Professional Colleagues,
This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and ...
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Income Tax |
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Govt amends rules to allow IDR conversion into shares
Posted Date : 09-Oct-2012 , 08:19:26 am | Posted By CASANSAAR
Government has amended the rules governing Indian Depository Receipts issued here by foreign companies, after financial regulators RBI and Sebi allowed part-conversion of securities into equity shares by investors.
The amendment, notified by the Ministry of Corporate Affairs (MCA) in the Co...
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Corporate Law |
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We can’t don the role of cheerleaders : CAG
Posted Date : 09-Oct-2012 , 08:18:03 am | Posted By CASANSAAR
India’s national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his senior officers on Monday to say “we cannot don the role of cheerleaders. We strive to prov...
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Income Tax |
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Nearly 29,000 tax defaulters owe Rs 3,770 crore to government
Posted Date : 09-Oct-2012 , 08:14:57 am | Posted By CASANSAAR
Tax defaults by nearly 29,000 taxpayers aggregate to Rs 3,770 crore, according to a tax department's analysis of e-returns filed in 2012-13.Asking these tax-payers to voluntarily come forward and pay their dues immediately, the Central Board of Direct Taxes (CBDT) said the failure to ...
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Income Tax |
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Petrol prices to be slashed by 56 paise from Tuesday
Posted Date : 08-Oct-2012 , 09:16:37 pm | Posted By CASANSAAR
Indian Oil Corporation and oil marketing companies will cut petrol prices by 56 paise per litre efective from midnight tonight. The new retail prices of petrol in Delhi will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre.
Country's three state-run fuel re...
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General |
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14 Proposals Amounting to Rs 113.35 Crore of Foreign Direct Investment Approved by FIPB
Posted Date : 08-Oct-2012 , 09:14:15 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 18, 2012, the Central Government has approved fourteen (14) proposals of Foreign Direct Investment amounting to Rs.113.35&...
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Finance |
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Monthly return for those who pay Rs 25 lakh in service tax
Posted Date : 08-Oct-2012 , 08:25:32 am | Posted By CASANSAAR
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
Besides facilitating better audit, this move will give the government monthly data on service tax collections. This will also be a step towards harmonisation of s...
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Service Tax |
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ICAI's Rs 97 crore mainly to run a personality development course
Posted Date : 08-Oct-2012 , 08:22:01 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has entered into an agreement with a private realtor M/s Luxora Infrastructure, coming up with a township at Pipla on the outskirts of the NAGPUR city.
The regulator of accounting professionals in the country has registered an...
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ICAI |
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Insurers face Rs 300cr tax recovery
Posted Date : 08-Oct-2012 , 08:04:46 am | Posted By CASANSAAR
Tax authorities have sought to recover service tax of around Rs 300 crore from several insurance companies alleging that there have been disguised commission payments by life companies and no levy has been paid on it.
Life insurers have confirmed that there have been enquiries aro...
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Service Tax |
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Emkay to approach NSE for annulment of erroneous orders
Posted Date : 07-Oct-2012 , 11:44:21 am | Posted By CASANSAAR
Emkay Global Financial Services, whose erroneous Rs 650-crore sell order in the cash market caused a massive fall of 900 points on the Nifty, the benchmark index of the National Stock Exchange, on Friday, is expected to request the exchange for annulment of its orders.
Source close to the E...
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Shares & Stock |
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Govt's tax evasion summons to insurance firms
Posted Date : 07-Oct-2012 , 11:39:13 am | Posted By CASANSAAR
The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs. 300 crore by them.
firms includ...
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Income Tax |
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Railways to levy service tax on transportation of parcel traffic
Posted Date : 07-Oct-2012 , 11:37:49 am | Posted By CASANSAAR
Indian Railways has decided to levy service tax on transportation of parcel traffic.
Since an abatement of 70 per cent has been permitted on freight for the taxable commodities by the Ministry of Finance, the Service Tax will be charged on 30 per centof the total freight inclusive...
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Service Tax |
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First phase of e-IPO facility by Jan 2013
Posted Date : 07-Oct-2012 , 11:34:11 am | Posted By CASANSAAR
Market regulator Sebi on Friday said that e-IPO facility, which would allow retail investors to submit their bids electronically for initial public offer shares, would be implemented in two phases, with 400 locations to be covered in the first phase by Januuary 1, 2013; the remaining 600 locations w...
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Shares & Stock |
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0 | Hits : 236
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LPG price hiked by Rs 11.42 per cylinder
Posted Date : 06-Oct-2012 , 09:56:41 pm | Posted By CASANSAAR
The price of Cooking gas, LPG price has gone up by 11 rupees 42 paise per cylinder with the Government increasing the Dealers' commission. The Commission has been increased from 25 rupee 83 paise to 37 rupees 25 paise for a 14.2-kg LPG cylinder. According to a release by Petroleum and Natural Gas Mi...
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Finance |
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FM to meet regulators, exchanges, institutional investors today
Posted Date : 06-Oct-2012 , 10:07:05 am | Posted By CASANSAAR
Finance Minister P Chidambaram will be meeting key regulators and institutional investors, including FIIs and mutual funds, here on Saturday.Chidambaram is visiting the financial capital for the first time after taking over as Finance Minister on August 1.The meeting follows a series of big-ticket r...
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Finance |
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Tax returns, Performance report out of RTI ambit: SC
Posted Date : 05-Oct-2012 , 08:29:31 am | Posted By CASANSAAR
The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are "personal information" which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved.
The apex court added that under ...
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Income Tax |
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FM, Sebi likely to announce market-friendly steps on Saturday
Posted Date : 05-Oct-2012 , 08:27:33 am | Posted By CASANSAAR
Finance Minister P Chidambaram is likely to address the board of the Securities and Exchange Board of India (Sebi) on Saturday, when some stock-market-friendly measures could be announced.
“The Sebi board is likely to announce measures towards lowering transaction costs, relaxing coll...
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SEBI |
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RBI to allow 4 new banks, begin process this month
Posted Date : 05-Oct-2012 , 08:25:23 am | Posted By CASANSAAR
IN a much-awaited big ticket announcement that hopes to boost the financial sector, the Reserve Bank of India is set to allow the opening of new banks and invite applications for licences this month.
A top government source said the central bank will issue the final guidelines for setting u...
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Category :
Banking |
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Cabinet approves amendment of the Competition Act, 2002
Posted Date : 05-Oct-2012 , 08:23:55 am | Posted By CASANSAAR
The Union Cabinet has approved the proposal of the Ministry of Corporate Affairs to further amend the Competition Act, 2002, with a view to fine tune it and to meet the present day needs in the field of competition, in the light of the experiences gained in the actual working of the Competition Comm...
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Category :
Corporate Law |
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Cabinet approves Amendments to the Companies Bill, 2011
Posted Date : 05-Oct-2012 , 08:23:23 am | Posted By CASANSAAR
The Union Cabinet today approved the proposal to make official amendments to the Companies Bill, 2011. The Companies Bill, 2011, on its enactment, would allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of ...
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Corporate Law |
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Dead pay income tax in India, RTI query finds
Posted Date : 05-Oct-2012 , 08:22:30 am | Posted By CASANSAAR
Delhi resident Madan Kumari Jain is a conscientious citizen. She earns a steady income and pays her taxes religiously. In 2010-11, she paid Rs 2.01 lakh in tax. A year before that, she enriched the IT department by Rs 2.05 lakh. In fact she has made the exchequer richer by a million rupees...
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Income Tax |
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Govt approves 49% FDI in insurance & pension sectors, approves 12th Five Yr Plan draft document
Posted Date : 05-Oct-2012 , 08:17:23 am | Posted By CASANSAAR
The Union Cabinet today approved necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill and the Companies Bill. Briefing newsmen on the cabinet decisions in New Delhi this evening, Finance Minister, Mr. P.Chidambaram said the foreign equity ...
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General |
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ISA Eligibility Test (ET) of ICAI
Posted Date : 04-Oct-2012 , 07:54:04 am | Posted By CASANSAAR
Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA)on Saturday the 10th November, 2012
Last Date for Online Form Submission 31st October, 2012 till 5:30 PM
1. The next Eligibility Test for ISA ...
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ICAI |
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Govt working on guarantee scheme for educational loans: RBI
Posted Date : 04-Oct-2012 , 07:51:17 am | Posted By CASANSAAR
In a bid to remove problems faced by students in obtaining education loans, government was working on a scheme under which it would extend guarantee for advances upto Rs 7.5 lakh, RBI Governor D Subba Rao said on Wednesday.
"There are grievances of students not getting loans or encountering...
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RBI |
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Rail parcel included under 3.708 per cent service tax ambit from Oct 1
Posted Date : 04-Oct-2012 , 07:46:31 am | Posted By CASANSAAR
Rail parcel except personal baggage,agriculture produce and few other commodities has also been included under the ambit of service tax of 3.708 per cent from October 1, Railways said today. "Service tax will be applicable for transportation of all leased and non-l...
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Category :
Service Tax |
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Kotak Mahindra Bank to collect VAT in 4 States
Posted Date : 04-Oct-2012 , 07:43:46 am | Posted By CASANSAAR
Kotak Mahindra Bank has got the mandate to collect VAT (value-added tax) in four States, according to an executive.
Addressing presspersons here on Wednesday, Puneet Kapoor, Executive Vice-President, Consumer Banking, Kotak Mahindra Bank, said that in a recent development the Government has...
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VAT |
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Online view of your Income Tax Arrear Demand
Posted Date : 03-Oct-2012 , 11:10:56 pm | Posted By CASANSAAR
As a Taxpayer friendly initiative, a facility to view details of Arrear Demand of taxpayers as communicated by their Jurisdictional Assessing Officers (A.O.) to the Central Processing Centre (CPC) is now enabled on the e-filing website i.e.
https://incometaxindiaefiling.gov.i...
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Income Tax |
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MCA urges to expedite filing of Balance Sheet & Annual Return
Posted Date : 03-Oct-2012 , 11:05:53 pm | Posted By CASANSAAR
GOVERNMENT OF INDIAMINISTRY OF CORPORATE AFFAIRS
DEAR CORPORATES,
The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL...
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Corporate Law |
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Government likely to consider FCRA bill
Posted Date : 03-Oct-2012 , 10:59:04 pm | Posted By CASANSAAR
The government is likely to take a decision tomorrow on a bill that seeks to provide more powers to commodity market regulator Forward Markets Commission (FMC) and introduction of products like options."The Cabinet is likely to take up the Forward Contract Regulation Act (Am...
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Category :
General |
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Let RBI appoint auditors of private banks, says ICAI
Posted Date : 03-Oct-2012 , 08:18:27 am | Posted By CASANSAAR
Accounting regulator has urged the government to let the Reserve Bank of India appoint auditors of private banks, citing the inherent conflict of interest when auditors are chosen by the bank management. The Institute of Chartered Accountants of India (ICAI) has in a letter to th...
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ICAI |
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