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Insurers may get to trade in equity futures and options
Posted Date : 14-Mar-2011 , 09:28:52 pm | Posted By CASANSAAR

Insurance Regulatory and Development Authority, or Irda, plans to permit insurers to trade in equity futures and options contracts , which will help the companies protect returns from equity-linked products against sharp stock market declines. "The rules w...

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Category : Finance | Comments : 0 | Hits : 289

ICAI committee to help corporates identify CSR projects
Posted Date : 14-Mar-2011 , 09:28:11 pm | Posted By CASANSAAR

Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit.   The Public Advisory Committee, of the Institute o...

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Category : ICAI | Comments : 0 | Hits : 356

Memorandum of Understanding between ICSI and United Stock Exchange of India Ltd.(USE)
Posted Date : 14-Mar-2011 , 09:27:35 pm | Posted By CASANSAAR

The Institute entered into an MOU with United Stock Exchange of India Ltd.on March 07, 2011United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. The...

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Category : ICSI | Comments : 0 | Hits : 337

Simplification of DIN rules
Posted Date : 14-Mar-2011 , 09:26:41 pm | Posted By CASANSAAR

Ministry’s has re-examined the process of allotment of Directors Identification Number (DIN) to be obtained u/s 266B of the Companies Act, 1956. The present process is cumbersome and time consuming. Representations have been received in the Ministry that the documents req...

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Category : Corporate Law | Comments : 0 | Hits : 319

CAG for directorate of social audit in states for MGNREGA
Posted Date : 14-Mar-2011 , 09:25:49 pm | Posted By CASANSAAR

Entrusted with the task of improving the social audit process in MGNREGA following reports of malpractices and corruption, the Comptroller and Auditor General has recommended to the states to set up directorates to train auditors from civil society. The audit w...

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Category : Auditing | Comments : 0 | Hits : 455

Finmin wants RBI to focus on inflation as crude prices harden
Posted Date : 14-Mar-2011 , 09:25:08 pm | Posted By CASANSAAR

Concerned over worsening political turmoil in the Middle-East and the impact of rising global crude prices on the domestic economy, the Finance Ministry has suggested the Reserve Bank to focus on steps to contain inflation. An indication to this effect was give...

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Category : Finance | Comments : 0 | Hits : 313

'Govt to get new study conducted on black money issue'
Posted Date : 14-Mar-2011 , 09:24:16 pm | Posted By CASANSAAR

The government today said it will get a new study conducted on black money stashed by Indians within and outside the country by July next year. The government has decided to get a fresh study conducted on unaccounted income and wealth, both inside and outside t...

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Category : Income Tax | Comments : 0 | Hits : 297

Treat tax payers as clients, FM tells IRS probationers
Posted Date : 14-Mar-2011 , 09:23:46 pm | Posted By CASANSAAR

Describing the committed taxpayers as “engines of economy”, Finance Minister Pranab Mukherjee today exhorted the young IRS probationers to treat them as their clients and not as adversaries.   “The assessee is no longer considered an a...

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Category : Income Tax | Comments : 0 | Hits : 332

GST may not be implemented from April 2012: FM
Posted Date : 14-Mar-2011 , 12:30:29 pm | Posted By CASANSAAR

The government today said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed.....

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Category : GST | Comments : 0 | Hits : 330

Government deferred IFRS implementation
Posted Date : 14-Mar-2011 , 12:28:47 pm | Posted By CASANSAAR

The government has deferred the implementation of international financial reporting standards , acknowledging industry demand to extend the April 1 deadline to remove ambiguities on taxation issues. The decision has come as a relief for over 300 large companies, which were to s...

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Category : IFRS | Comments : 0 | Hits : 600

All banks to have CIOs soon: RBI
Posted Date : 14-Mar-2011 , 12:27:55 pm | Posted By CASANSAAR

Reserve Bank executive director G Gopalakrishna, speaking to reporters on the sidelines of a banking technology conference here, further said the banks will have to implement the facility of "second factor verification" at merchant establishments and ATMs shortly. ...

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Category : RBI | Comments : 0 | Hits : 362

Govt collects 300 cr in penalties from new operators
Posted Date : 14-Mar-2011 , 12:26:59 pm | Posted By CASANSAAR

The government has collected over Rs 300 crore in penalties from new telecom service providers that failed to roll-out their networks within the stipulated timeframe after getting licences and spectrum. "As of last Friday, we have received Rs 300.04 crore penalties...

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Category : General | Comments : 0 | Hits : 339

ICSI welcomes budget 2011-12
Posted Date : 14-Mar-2011 , 12:25:50 pm | Posted By CASANSAAR

The Institute of Company Secretaries of India welcomed the Budget for the year 2011-12 placed before the Parliament by Finance Minister Pranab Mukherjee. Institutional initiatives to deal with corruption and black money proposed in the budget would go a lo...

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Category : ICSI | Comments : 0 | Hits : 306

Probe into Satyam scam to end in 6 months: ICAI President
Posted Date : 14-Mar-2011 , 12:25:05 pm | Posted By CASANSAAR

The New President of the Institute of Chartered Accountants of India, G Ramaswamy has said a special bench has been constituted to look into the Satyam matter. The special bench includes nominees from the central bureau of investigation and the comptroller and auditor general o...

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Category : ICAI | Comments : 0 | Hits : 358

2G scam: CBI questions former TRAI chairman
Posted Date : 14-Mar-2011 , 12:24:13 pm | Posted By CASANSAAR

 Former Telecom Regulatory Authority of India (TRAI) chairman Nripendra Misra was today questioned by the CBI in connection with the 2G spectrum allocation scam. Misra, who was also the Secretary in the Telecom Ministry, had taken over the chairmanshi...

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Category : General | Comments : 0 | Hits : 323

Salary earners with income till Rs 5 lac need not file returns
Posted Date : 14-Mar-2011 , 12:22:58 pm | Posted By CASANSAAR

Salary earners having an income of less than Rs 5 lakhs will not have to file tax returns from this year, a finance ministry official said. "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudh...

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Category : Income Tax | Comments : 0 | Hits : 686

IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds
Posted Date : 14-Mar-2011 , 12:20:17 pm | Posted By CASANSAAR

Various tax initiatives have been taken in the Union Budget 2011-12 for efficient tax administration. Presenting the Budget in the Lok Sabha, Finance Minister Pranab Mukherjee highlighted the initiatives including e-filing and e-payment of taxes, adoption of ‘Sevottam&rsq...

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Category : Service Tax | Comments : 0 | Hits : 353

CAG to conduct spectrum audit
Posted Date : 14-Mar-2011 , 12:19:02 pm | Posted By CASANSAAR

The comptroller & auditor general of India (CAG) will undertake a comprehensive audit of the country’s total available spectrum, as well as its strategic and commercial use. It will also determine whether the government has received fair value from the commercial use ...

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Category : Auditing | Comments : 0 | Hits : 360

Finmin denies I-T officials were behind Radia leak
Posted Date : 14-Mar-2011 , 12:18:13 pm | Posted By CASANSAAR

The finance ministry has refuted a media report that Income Tax officials were behind the leak of a corporate lobbyist's taped conversations. "This is to clarify that no official of the Income Tax department has ever communicated any recording of telephonic interc...

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Category : Income Tax | Comments : 0 | Hits : 766

Axis Bank launches income tax payment facility at ATMs
Posted Date : 14-Mar-2011 , 12:17:33 pm | Posted By CASANSAAR

Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press ...

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Category : Income Tax | Comments : 0 | Hits : 438

Sebi bars 6 entities from market, slaps Rs 36 crore penalty
Posted Date : 14-Mar-2011 , 12:16:54 pm | Posted By CASANSAAR

Sectoral regulator Sebi on Friday barred six market intermediaries from trading in securities for allegedly carrying out manipulations in various IPO issues and also slapped a penalty of Rs 36.09 crore. "Roopalben N Panchal, Devangi Panchal, Dipak Jashvantlal Panchal,...

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Category : SEBI | Comments : 0 | Hits : 352

Indian Accounting Standards Converged with IFRS Notified
Posted Date : 14-Mar-2011 , 12:16:20 pm | Posted By CASANSAAR

Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by...

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Category : IFRS | Comments : 0 | Hits : 578

I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:15:57 pm | Posted By CASANSAAR

The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is th...

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Category : Income Tax | Comments : 0 | Hits : 2554

I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:14:15 pm | Posted By CASANSAAR

The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is th...

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Category : Income Tax | Comments : 0 | Hits : 2546

Easy Exit Scheme 2011-Extension upto 30th April 2011
Posted Date : 14-Mar-2011 , 08:49:42 am | Posted By CASANSAAR

In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30th April, 2011. 2. All the terms of circular no. 6/2010 dated 03.12.2010 will ...

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

SBI plans merger of 5 associate banks in next 12-18 months
Posted Date : 14-Mar-2011 , 08:48:39 am | Posted By CASANSAAR

Country's largest lender State Bank of India (SBI) plans consolidation of remaining 5 associate banks with itself in the next 12-18 months.   "... the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 m...

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Category : General | Comments : 0 | Hits : 351

RBI defers implementation of guidelines on CEO compensation
Posted Date : 14-Mar-2011 , 08:46:39 am | Posted By CASANSAAR

The Reserve Bank on Wednesday said it has put off implementation of its guidelines on compensation including salary for CEOs and other top executives in private and foreign banks till 2012-13.   The guidelines had been due to be implemented in 2011/12 b...

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Category : RBI | Comments : 0 | Hits : 356

Naming of coop auditors gets transparent
Posted Date : 14-Mar-2011 , 08:45:25 am | Posted By CASANSAAR

The process of appointing auditors for cooperatives is expected to become more transparent. So far the chartered accountants taking up the audit of an urban cooperative bank or a cooperative society would directly get empanelled with the state's cooperation department. ...

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Category : Auditing | Comments : 0 | Hits : 583

Electronic payment of tax refund for deemed exports
Posted Date : 14-Mar-2011 , 08:44:36 am | Posted By CASANSAAR

Tax refund benefits relating to domestic transactions, considered as deemed exports, will now be processed electronically, the government said today. The Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, has asked its regional authoritie...

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Category : DGFT | Comments : 0 | Hits : 10618

Sebi wants IPO forms short & simple
Posted Date : 14-Mar-2011 , 08:39:46 am | Posted By CASANSAAR

As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs.   The market regulator is also considering a common I...

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Category : SEBI | Comments : 0 | Hits : 377

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