Institute of Chartered Accountants of India's Rs 100 crore land deal cancelled
Posted Date : 31-Jan-2013 , 09:14:40 am | Posted By CASANSAAR
The controversial Rs 100 crore land deal that had raised questions on adherence ofcorporate governance norms at the Institute ofChartered Accountants of India (ICAI) has finally been quashed. This may be the first instance of a decision taken by an ICAI presid...
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ICAI |
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Budget 2013 : Excise dept mulls appointing cost accountants for cost data
Posted Date : 31-Jan-2013 , 09:08:38 am | Posted By CASANSAAR
The excise department is mulling to appoint cost accountants for calculation of cost data for the auto sector. The development has left the auto industry worried, r
The auto industry has very little option at present. The auto sector is hoping that there is going to be a clarification...
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Budget |
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Vodafone issue to be resolved in a month: Chidambaram
Posted Date : 31-Jan-2013 , 09:05:55 am | Posted By CASANSAAR
Finance Minister of India P Chidambaram has exuded confidence that the Rs112 billion Vodafone tax dispute will be resolved within a month.
“They (Vodafone representatives) are being invited to a third round of discussions this week... they (Central Board of Direct Taxes) expect them to ...
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Income Tax |
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Rs 200 crore tax evasion by oil, gas exploration firm
Posted Date : 30-Jan-2013 , 11:01:45 pm | Posted By CASANSAAR
Central revenue department officials have detected about Rs 200 crore alleged service taxevasion by a Delhi-based oil and gas exploration service provider firm. Acting on a specific intelligence, a case of allegedservice tax evasion was registered against Shiv Vani Oil and Gas Explora...
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Income Tax |
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GST demystified: 10 things you should know
Posted Date : 30-Jan-2013 , 10:59:23 pm | Posted By CASANSAAR
The goods and services tax (GST) is aimed at creating a single, unified market that will benefit both corporates and the economy. With the resolution of the contentious central sales tax compensation issue on Monday, a GST rollout is now closer to reality. Sushil Kumar Modi, chairman of ...
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GST |
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MCA portal cripples after switching vendor from TCS to Infosys
Posted Date : 30-Jan-2013 , 08:51:08 am | Posted By CASANSAAR
New companies have been unable to get off the ground and existing ones cannot upload mandatory information as a critical government website, MCA 21, has slowed down sharply after a vendor contract switched hands from Tata Consultancy Services (TCS) to Infosys on January...
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Corporate Law |
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Ernst & Young escapes disciplinary action
Posted Date : 30-Jan-2013 , 08:47:37 am | Posted By CASANSAAR
ERNST and Young will not face any action relating to its work with Lehman Brothers in the year before the bank’s collapse, the Financial Reporting Council ruled yesterday.
The Big Four auditor had faced claims it had been too lenient on the bank, signing off their reports in...
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Auditing |
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Next month's Budget will be responsible: Chidambaram
Posted Date : 29-Jan-2013 , 09:03:40 pm | Posted By CASANSAAR
Finance minister P Chidambaram on Tuesday held out an assurance that the Budget next month will be a "responsible" one as general elections are 15 months away.
Addressing global investors in London, on the fourth leg of his overseas roadshows that began last week, he told them that the gove...
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Budget |
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RBI cuts key interest rates by 0.25%, Govt says cut to stimulate investment & help taming inflation
Posted Date : 29-Jan-2013 , 09:01:55 pm | Posted By CASANSAAR
The Reserve Bank today slashed its key interest rates by 0.25 per cent to 7.75 per cent . The Chairman of the Prime Minister's Economic Advisory Council, Dr. C. Rangarajan said that cut in interest rate will stimulate investment and help in anchoring inflationary expectations.The RBI Governor, D.Sub...
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RBI |
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Institute of Chartered Accountants of India panel divided over strictures against its chief
Posted Date : 29-Jan-2013 , 08:18:40 am | Posted By CASANSAAR
The fact-finding team of Institute of Chartered Accountants of India (ICAI), which is investigating a Rs100 crore land deal involving its president, is said to be divided over the action to be recommended to the central governing body. City-based CA Jaideep Shah is the current pr...
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ICAI |
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Advertising, Marketing & Promotional (AMP) expenses incurred by their Indian arms to promote the brand & trademarks of the MNC will be taxable in India
Posted Date : 29-Jan-2013 , 08:14:41 am | Posted By CASANSAAR
In a severe blow to multinational corporations ( MNCs) operating in India, a special bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a significant portion of advertising, marketing and promotional (AMP) expenses incurred by their Indian arms to promote the brand and t...
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Income Tax |
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Consensus over key issues of GST
Posted Date : 29-Jan-2013 , 08:07:31 am | Posted By CASANSAAR
States have agreed to the compensation formula suggested by the Centre for their CST (Central Sales Tax) revenue loss for implementing the Goods and Services Tax (GST), said Sushil Kumar Modi, Chairman of the Empowered Committee of State Finance Ministers, and Deputy Chief Minister of Biha...
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GST |
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4 FDI Proposals Amounting to Rs. 280.00 Crore Approved by FIPB
Posted Date : 28-Jan-2013 , 07:28:59 pm | Posted By CASANSAAR
Further to Para 5 of the Press Release dated January 11, 2013 regarding Foreign Direct Investment (FDI) proposals approved by FIPB, wherein it was stated that decision in case of the Five (5) proposals will be communicated separately, the Central Government has now approved the following Four (...
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International Business |
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One lakh students join CA every year: ICAI president
Posted Date : 28-Jan-2013 , 02:49:59 pm | Posted By CASANSAAR
More than one lakh students join the chartered accountancy course every year with 45 to 50 per cent of them being girls. This was mainly due to the lower education costs for pursuing CA when compared to other professional courses, according to the Institute of Chartered Accountan...
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Students Zone |
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CBDT manual aims to plug leakages in cross-border transfers
Posted Date : 28-Jan-2013 , 08:27:58 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is pushing for exchange of information among tax administrators globally to tap tax leakage in cross-border transactions, even as the government is struggling to contain the fiscal deficit by boosting tax collection and paring expenditure.
The foreign ...
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Income Tax |
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FM to launch Rajiv Gandhi Equity Scheme in Mumbai
Posted Date : 27-Jan-2013 , 12:31:52 pm | Posted By CASANSAAR
Aiming to attract first-time stock market investors, Finance Minister P Chidambaram will launch the much-awaitedRajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on February 9.
"He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandh...
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Income Tax |
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Now, get 50% tax rebate on road safety donation
Posted Date : 27-Jan-2013 , 12:24:46 pm | Posted By CASANSAAR
The government has allowed income tax exemption on 50% of the amount that people/ entities contribute for road safety activities. The road transport and highways ministry notified this recently, though the finance ministry had had approved this in May last year. This is likely to...
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Income Tax |
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CA loses Rs 85 lakh to online lottery scam
Posted Date : 26-Jan-2013 , 10:34:18 am | Posted By CASANSAAR
Falling prey to an online lottery scam, chartered accountant Pankaj Kumar (name changed), 25, transferred nearly Rs 85 lakh to account numbers provided by the cyber criminals, who duped him by showing frivolous dreams having won lottery money of 10 lakh pounds. Now, all his efforts to cont...
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ICAI |
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Budget 2013: Govt may introduce new tax slab for incomes above Rs 5cr
Posted Date : 26-Jan-2013 , 10:28:22 am | Posted By CASANSAAR
P.Chidambaram, Finance Minister said, "There is an argument that when the eco, the government requires more resources the very rich should willingly pay a little more". Among the options being considered are, one a surcharge on income tax above a significantly high threshold, two rejigging...
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Budget |
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Late Rajesh Khanna, Jaspal Bhatti among Padma-2013 awardees
Posted Date : 25-Jan-2013 , 10:10:13 pm | Posted By CASANSAAR
President has approved the conferment of108 Padma Awards. These comprise 04 Padma Vibhushan, 24 Padma Bhushan and80 Padma Shri Awards. 24 of the awardees are women and the list also includes 11 persons in the category of Foreigners, NRIs, PIOs andPosthumous awardees.
Padma Awards, the count...
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General |
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Results of CA PCC & IPCC Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M.
Posted Date : 25-Jan-2013 , 09:31:28 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared onTuesday, the 5th February, 2013 around 5.00 P.M. and the same as well as the meritlist (candida...
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Students Zone |
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RBI likely to cut repo rate, first time in nine months
Posted Date : 25-Jan-2013 , 08:40:45 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to reward the government next week for its efforts to reform the economy and bring its finances under control by announcing its first cut in interest rates in nine months.
The RBI has been growing in confidence that the governmen...
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RBI |
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Indian Bank offers CA topper manager
Posted Date : 25-Jan-2013 , 05:30:21 pm | Posted By CASANSAAR
In one of the rare direct appointment offers made by public sector banks, all-India chartered accountancy exam topper Prema Jayakumar has been offered a manager’s position in Indian Bank.
RARE CASE
Prema’s achievement is creditable as she comes from a family with modest means...
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ICAI |
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Chartered Accountants Not Immortal, Says UK Supreme Court
Posted Date : 25-Jan-2013 , 09:03:12 am | Posted By CASANSAAR
The UK's highest court has decided that chartered accountants are not as secret as lawyers, doctors and priests. City A.M. report that the Supreme Court said they are not protected by the same professional privilege. They are not immortal and in fact do not possess any super powers at all....
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ICAI |
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AP youth becomes India
Posted Date : 25-Jan-2013 , 09:01:07 am | Posted By CASANSAAR
J Rajasekhar Reddy, a visually-impaired man from Guntur, shows the victory sign after becoming India’s first blind CA in Hyderabad on Tuesday. Devnar Foundation correspondent Jyothi Goud is beside him. | A Radhakrishna
The vision to achieve his ch...
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ICAI |
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Income-tax officer gets five years rigorous imprisonment for bribery
Posted Date : 25-Jan-2013 , 08:36:07 am | Posted By CASANSAAR
A special CBI judge held an income-tax officer of Mumbai guilty Thursday of accepting a bribe of Rs 75,000 and sentenced him to five years rigorous imprisonment.
Leeladhar Bangera was caught red-handed by CBI on March 19, 2010, demanding and receiving bribe from Anil Meh...
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Income Tax |
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Govt asks companies to ensure fair trade practices
Posted Date : 24-Jan-2013 , 06:00:49 pm | Posted By CASANSAAR
The government today asked companies to ensure fair trade practices in their markets and restrain from anti-competitive activities that hurt consumers.To spread more awareness about healthy competition in market place, Corporate Affairs Minister Sachin Pilotalong with officials of fai...
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Corporate Law |
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RBI hikes FII limit in govt securities
Posted Date : 24-Jan-2013 , 06:00:02 pm | Posted By CASANSAAR
The Reserve Bank on Thursday hiked FII investment limits in government securities and corporate bonds by $ 5 billion each, taking the total cap in domestic debt to $ 75 billion, with a view to bridging the current account deficit.
Further liberalising the norms, the...
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RBI |
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Public Debt Management for the Third Quarter of 2012-13 (Oct-Dec 2012) Released by Ministry of Finance
Posted Date : 24-Jan-2013 , 05:56:53 pm | Posted By CASANSAAR
The report on Public Debt Management for the third quarter of 2012-13 (Oct-Dec 2012) has been released by the Ministry of Finance and will be placed on the Ministry’s website i.e. www.finmin.nic.in today. The said report is attached here with as well.
&...
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Finance |
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Govt should consider higher taxes for 'very rich': Chidambaram
Posted Date : 24-Jan-2013 , 01:26:29 pm | Posted By CASANSAAR
Finance minister P Chidambaram, who has talked about a stable tax regime during his meetings with foreign investors in the last two days, has said that the argument for taxing the very rich "a little more" should be considered.
"I believe in stable tax rates. However, i must...
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Budget |
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