RIL to be made party to insider trading case between Sebi, RTI activist Arun Agarwal
Posted Date : 05-Dec-2012 , 07:56:36 am | Posted By CASANSAAR
The Bombay High Court has directed thatReliance Industries be made a party to the case between the Securities and Exchange Board of India (Sebi) and right-to-information (RTI) activist-cum-lawyer Arun Agarwal, who is seeking release of names involved in an insider ...
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Shares & Stock |
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Independent Regulator for Auditors
Posted Date : 04-Dec-2012 , 08:54:42 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 had recommended that the National Advisory Committee on Accounting and Auditing Standards (NACAAS), proposed in the Companies Bill, 2009, be institutionalized not only as a body for s...
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Auditing |
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0 | Hits : 1398
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FDI Proposal Worth Rs. 27 Crore Cleared
Posted Date : 04-Dec-2012 , 08:52:50 pm | Posted By CASANSAAR
The Government has approved one proposal of Foreign Direct Investment amounting to Rs. 27.72 croreapproximately. The Foreign Investment Promotion Board (FIPB) approved it while considering the 14 pending proposals decision on which was deferred at its earlier ...
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International Business |
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0 | Hits : 856
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Policy Document on Corporate Governance
Posted Date : 04-Dec-2012 , 08:49:39 pm | Posted By CASANSAAR
Ministry of Corporate Affairs had constituted a committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012.
Giving this information in written reply to a question in the Rajya Sabha, Shri Sachin Pilot, Minister of Corporate Affa...
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Corporate Law |
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0 | Hits : 693
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Cheque signature mismatch may lead to criminal proceedings
Posted Date : 04-Dec-2012 , 07:29:39 am | Posted By CASANSAAR
A Bench of justices T.S. Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a ...
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Category :
Banking |
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0 | Hits : 1006
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Tax exemption to political parties in 5 years: a whopping Rs 2,490 crore
Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent.
&nbs...
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Income Tax |
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0 | Hits : 791
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SC restores limit of 200 SMSes per day per SIM
Posted Date : 04-Dec-2012 , 07:22:41 am | Posted By CASANSAAR
The Supreme Court has stayed Telecom Disputes Settlement and Appellate Tribunal ,TDSAT's order, which had quashed the sector regulator TRAI's circular limiting the number of SMSes to 200 per day per SIM.In a brief hearing on Monday, a bench headed by Justice G S Singhvi stayed the tribunal's order a...
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Category :
General |
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0 | Hits : 792
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SC to Sahara: Refund Rs 24k crore or face consequences
Posted Date : 04-Dec-2012 , 07:19:50 am | Posted By CASANSAAR
The Supreme Court on Monday gave two Sahara companies 24 hours to decide whether they would comply with the apexcourt's three-month-old directive to refund Rs 24,000 crore to nearly 3 crore investors throughmarket regulator Sebi or face the consequences.
"Tell us by tomorrow (T...
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Income Tax |
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0 | Hits : 735
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Rs 1.33 lakh crore tax non-recoverable: Finance Ministry to Parliamentary panel
Posted Date : 03-Dec-2012 , 05:57:51 am | Posted By CASANSAAR
A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.The Parliamentary Standing Committee on Fin...
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Income Tax |
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0 | Hits : 767
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Government will carry through FEMA notification on FDI in retail in Parliament, says Kamal Nath
Posted Date : 03-Dec-2012 , 05:40:33 am | Posted By CASANSAAR
The Parliamentary Affairs Minister, Mr. Kamal Nath has expressed confidence that the Government will be able to carry through the Federal Emergency Management Agency (FEMA) notification dealing with the FDI in retail in both Houses of Parliament. He said he is confident of his numbers and has good r...
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FEMA |
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Check your cheque status, only those in new format will be honoured from January 1
Posted Date : 03-Dec-2012 , 05:39:43 am | Posted By CASANSAAR
Add one more item — get a new cheque book — to your list of 'things to do' before the New Year. You may not be able to use your old cheques from next year with the implementation of the new Cheque Truncation System (CTS-2010), which will eliminate physical movement of cheques f...
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Banking |
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0 | Hits : 2149
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10 floors, 48 hrs; it is realty magic
Posted Date : 02-Dec-2012 , 09:04:56 am | Posted By CASANSAAR
The architectural novel stood tall on an industrial plot in the township with no sand or bricks used in the process. After two days of relentless effort by nearly 200 technicians, skilled workers and 25 engineers, the red and grey building has a become the centre of attraction.
Work on the bu...
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General |
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0 | Hits : 847
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Scheduled Commercial Banks Permitted to become Members of SEBI Recognized Stock Exchanges
Posted Date : 02-Dec-2012 , 09:03:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has issued circular dated November 5, 2012, permitting Scheduled Commercial Banks (SCBs) to become members of the stock exchanges recognized by Securities and Exchange Board of India (SEBI) for the purpose of undertaking proprietary transactions in the corporate bond ...
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SEBI |
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0 | Hits : 613
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FinMin raises FII limit in G-Secs, corp bonds
Posted Date : 01-Dec-2012 , 08:15:24 am | Posted By CASANSAAR
In a move aimed at attracting greater capital flows to help fund the current account deficit, the government has allowed foreign institutional investors to invest an additional $10 billion in government and corporate bonds, raising the overall window to $ 75 billion annually.
...
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Finance |
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0 | Hits : 973
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Sahara group moves Supreme Court against Securities Appellate Tribunal's order
Posted Date : 01-Dec-2012 , 08:06:35 am | Posted By CASANSAAR
On a day the three-month deadline ended for two Sahara group companies to refund Rs 24,000 crore to investors through market regulator Sebi, Sahara approached theSupreme Court on Friday with a Rs 5,126-crore offer as repay ment to investors and, in the process, prove its bonafides as ...
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Income Tax |
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0 | Hits : 829
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ICAI President's Message - December 2012
Posted Date : 01-Dec-2012 , 08:00:19 am | Posted By CASANSAAR
Dear Friends,
To begin with, let me first convey, on behalf of our accounting fraternity, heartiest congratulations to the Hon’ble Shri Sachin Pilot for taking over as new Union Minister of Corporate Affairs (Independent Charge). Known for his youthful, energetic and dyn...
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ICAI |
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EBay's double tax base prompts calls for investigation
Posted Date : 01-Dec-2012 , 07:53:05 am | Posted By CASANSAAR
Britain and Germany may have missed out on a combined $1 billion in sales tax since online marketplace eBay picked a tiny Luxembourg office as its base for EU sales, a shift that lawmakers say should now be investigated. EBay's nomination of Luxembourg unit eBay Europe Sarl ...
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Category :
International Business |
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0 | Hits : 865
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EPFO launches e-Passbook service
Posted Date : 01-Dec-2012 , 07:50:30 am | Posted By CASANSAAR
Over 50 million PF subscribers can now access their accounts online asretirement fund body EPFO launched its e-Passbook service today. Active subscribers whose electronic challan-cum-return is already uploaded, candownload their e-Passbook every month under the service launched by the EPFO...
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Category :
General |
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A Personal Appeal to all CAs
Posted Date : 30-Nov-2012 , 08:59:30 am | Posted By CASANSAAR
Dear friends!
Nothing is permanent except change! the time for Change has come for ICAI...Chnage in policy...in leadership...in thought..in system...,
This time we all members to be very careful and elect the true & mature leaders for the central and regional council. We appeal all the CAs n...
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Category :
Income Tax |
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0 | Hits : 1331
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Non-compete fees can be treated as deductible expense: Tribunal
Posted Date : 30-Nov-2012 , 08:32:34 am | Posted By CASANSAAR
In a landmark judgment the Mumbai bench of the Income Tax Appellate Tribunal has said that non-compete fees paid by an acquiring company to exiting promoters can be treated as an expense if the fees are not central to the deal. In the past the income tax department considered suc...
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Category :
Income Tax |
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0 | Hits : 851
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87 companies under scanner for multi-level marketing schemes
Posted Date : 30-Nov-2012 , 08:07:21 am | Posted By CASANSAAR
A total of 87 companies have come under the government scanner for allegedly running illegal multi-level marketing (MLM) investment schemes and seven of them are being probed for possibly serious frauds.
The government has ordered inspection of accounts of remaining 80 companies f...
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Category :
General |
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0 | Hits : 833
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Rs 69,465 cr service tax collected in first 7 months of FY 12-13
Posted Date : 30-Nov-2012 , 08:01:31 am | Posted By CASANSAAR
Service tax collection during the first seven months of this fiscal stood at Rs 69,465 crore, Parliament was informed today.
"During the period from the month of April to October 2012, total amount of service tax collected was Rs 69,465 crore," Finance MinisterP Chidambaram said i...
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Category :
Service Tax |
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0 | Hits : 782
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SAT dismisses Sahara group appeal against Sebi
Posted Date : 30-Nov-2012 , 07:55:33 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Thursday refused to accept custody of Sahara Group’s Rs 17,400 crore plus interest with the SAT registry, instead of SEBI.
Dismissing the appeal, the tribunal said, “We fail to understand how this tribunal gets the jurisdictio...
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Income Tax |
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0 | Hits : 731
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Status of NPAs in Different Banks
Posted Date : 30-Nov-2012 , 07:48:50 am | Posted By CASANSAAR
The details of Bank Group-wise ratio of Gross Non-Performing Assets (GNPAs) to Gross Advances as on 31st March, 2012 and as on 30th September, 2012 are as under:
Banks
31st March, 2012
*30th Sept., 2012
Nationalised Banks
2.67%
3.50%
Sta...
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Banking |
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0 | Hits : 955
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GAAR to be effective from Assessment year 2014-15
Posted Date : 30-Nov-2012 , 07:48:00 am | Posted By CASANSAAR
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold.The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards.
One of the r...
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Income Tax |
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0 | Hits : 717
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Identity proof must for sleeper-class passengers from December 1
Posted Date : 29-Nov-2012 , 10:53:59 pm | Posted By CASANSAAR
It will be mandatory for sleeper- class train passengers to carry identity proof from December 1, this year as Railways firmed up steps to prevent misuse of tickets by touts and facilitate hassle-free travel by bonafide people.From Saturday (December 1), passengers failing ...
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Category :
General |
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0 | Hits : 813
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Norms For Loan Securitization by NBFCs
Posted Date : 29-Nov-2012 , 10:51:15 pm | Posted By CASANSAAR
RBI has informed that to prevent unhealthy practices surrounding securitization and assignment of loans and to allow for redistribution of credit risk to a wide spectrum of institutions, it has issued revised guidelines on ‘securitization transactions’ on August 21, 2012 which inter-alia...
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Finance |
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0 | Hits : 761
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Govt's guidelines to prevent misuse of Sec 66
Posted Date : 29-Nov-2012 , 10:50:08 pm | Posted By CASANSAAR
Yielding to public protests on the recent controversial arrest of some persons for their Facebook posts, Government today came out with guidelines where a police officer no less than the rank of DCP can sanction prosecution.
In metropolitan cities, such an approval would have to be given by...
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General |
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0 | Hits : 733
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VAT on Maggi : Nestle moves HC
Posted Date : 29-Nov-2012 , 08:40:32 am | Posted By CASANSAAR
FMCG major Nestle India Ltd has moved the Gujarat high court questioning the decision of the state commercial tax department of levying value added tax (VAT) on sale of its noodles 'Maggi' in the state. The company has contended that levying VAT on its noodles is a deviation from an earlie...
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VAT |
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0 | Hits : 1412
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Initiate penal action against defaulters: Govt to banks
Posted Date : 29-Nov-2012 , 08:38:55 am | Posted By CASANSAAR
Worried over rising bad loans, the government has asked state-owned banks to crack the whip on wilful defaulters and initiate penal proceedings against them.
The issue of initiating penal action figured in meetings of the bankers with Finance Minister P Chidambaram.
"It i...
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Banking |
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0 | Hits : 823
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