CA expected to be diligent & careful in his professional work
Posted Date : 15-Dec-2012 , 07:47:11 pm | Posted By CASANSAAR
A Chartered Accountant has an obligation, not only statutory but also moral and social, to be absolutely and completely diligent and cautious and careful while preparing, signing andcertifying Annual Accounts and/or Audit report. Several Government and private organizations and indivi...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1714
|
 |
Public sector bank employees to strike work on Dec 20
Posted Date : 15-Dec-2012 , 07:34:02 pm | Posted By CASANSAAR
Employees of public sector banks will observe one-day country-wide strike on December 20 in protest against the government's move to place the Banking Law Amendments bill in the current session of Parliament. Addressing a press conference here, RA Singh, president of Jharkhand Pradesh Bank Employees...
Continue Reading...
Category :
Banking |
Comments :
1 | Hits : 1105
|
|
More youths should take up chartered accountancy - Director ICAI
Posted Date : 15-Dec-2012 , 08:26:45 am | Posted By CASANSAAR
More young people should take up chartered accountancy for study as it is inexpensive and offers good job opportunities, Vijay Kapur, Director, Board of Studies, Institute of Chartered Accountants of India (ICAI), has said.
He was the chief guest at the State-level conference of s...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1370
|
|
RBI extends deadline for issuance of new std cheques by 3 months
Posted Date : 14-Dec-2012 , 09:18:37 pm | Posted By CASANSAAR
Bank account holders can continue to use their old format cheques for another three months as RBI has extended the deadline for banks to issue new cheques with uniform security features till March next year.
The Reserve Bank in a notification today said, "Taking into consideration represent...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1137
|
|
1,7000000 customers using mobile banking services : Fin Min
Posted Date : 14-Dec-2012 , 06:49:16 pm | Posted By CASANSAAR
Nearly one crore seventy lakh customers across the country are presently using banking services through mobile phones. Finance Minister P Chidambaram informed the Lok Sabha today in a written reply that the Banks are making efforts to introduce mobile-enabled banking services in Indian language...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 708
|
|
Income Tax Refund
Posted Date : 14-Dec-2012 , 06:47:37 pm | Posted By CASANSAAR
Processing of returns of income, including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto on...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1406
|
|
Change in Tariff Value of RBD Palmolein, brass Scrap (All Grades) Poppy seeds, Gold and Silver Notified
Posted Date : 14-Dec-2012 , 06:46:37 pm | Posted By CASANSAAR
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Indi...
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 804
|
|
In Punjab, online VAT refunds from April 1
Posted Date : 14-Dec-2012 , 08:08:09 am | Posted By CASANSAAR
The Punjab government has decided to introduce online payment of VAT refunds from April 1, 2013 to bring transparency and expedite the process of refunds. A dedicated corpus of Rs 150 crore will also be created in the excise and taxation department to ensure hassle-free refunds, which will...
Continue Reading...
Category :
VAT |
Comments :
0 | Hits : 911
|
|
Sebi steps in to prevent flash crashes at bourses
Posted Date : 14-Dec-2012 , 08:02:54 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on Thursday announced a series of measures to prevent flash crash. It has asked exchanges to put an upper limit on a single order at Rs 10 crore and also decided to tighten the dynamic price band around a stock that will stretch only 10 per cent eith...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 707
|
|
CD of Indian Account Holders in France
Posted Date : 14-Dec-2012 , 07:59:00 am | Posted By CASANSAAR
On the request of the Central Government and persistent follow up in June, 2011, France has provided details of Indians having bank accounts in one of the banks of Switzerland under the provisions of Double Taxation Avoidance Convention (DTAC) between India and France. Based on this information, inv...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 758
|
|
Govt to slap fine on entities not depositing TDS on time
Posted Date : 13-Dec-2012 , 09:34:17 am | Posted By CASANSAAR
The Revenue Department has asked its officials to take action against those entities which do not promptly deposit with exchequer the tax they collect at source.
“The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the A...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1133
|
|
CAG of India briefs UN Secretary General on Conduct of UN Audit
Posted Date : 13-Dec-2012 , 09:28:29 am | Posted By CASANSAAR
The United Nations’ Panel of External Auditors which comprises Supreme Audit Institutions (SAIs) engaged in auditing United Nations, its specialised agencies and the International Atomic Energy Agency, held its 53rd meeting which concluded last night at the UN Headquarters in New York. Shri Vi...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 689
|
|
Firm failing to pay derivative liabilities can be branded
Posted Date : 12-Dec-2012 , 08:09:03 am | Posted By CASANSAAR
Strengthening the hands of the Reserve Bank in ushering in financial discipline with respect to “credit policy and credit system of the country,” the Supreme Court on Tuesday ruled that a company that fails to pay up its derivative liabilities can be branded as a...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 782
|
|
HC stsys ED order attaching Rs822 cr deposits of Mahindra Satyam
Posted Date : 11-Dec-2012 , 09:15:15 pm | Posted By CASANSAAR
The Andhra Pradesh High Court on Tuesday stayed a provisional order of Enforcement Directorate attaching Rs 822 crore deposits belonging to Mahindra Satyam in an allegedmoney laundering case involving former Satyam Chairman BRamalinga Raju and others.
Based on a petition filed by Msat, Justice...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 716
|
|
CAG agrees to only financial audit of KG-D6 block: official
Posted Date : 11-Dec-2012 , 05:01:28 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has agreed to restrict its audit of Reliance Industries' KG-D6 block to financial scrutiny of the spendings on the flagging gas fields and a performance audit, if any, would be done of the Oil Ministry, a senior government official said t...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 742
|
|
HSBC to pay record $1.9 bln U.S. fine in money laundering case
Posted Date : 11-Dec-2012 , 04:56:42 pm | Posted By CASANSAAR
HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.
HSBC Holdings Plc admitted to a breakdown of controls and apologised in...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 803
|
|
Service tax dept impounds KFA flight for defaulting on dues
Posted Date : 11-Dec-2012 , 03:13:32 pm | Posted By CASANSAAR
Mumbai’s service tax department today impounded a grounded Kingfisher aircraft for defaulting on tax dues amounting to Rs 63 crore. While one aircraft has been seized , another is in the process of detention.
“We have seized one ATR aircraft of the Kingfisher as the ca...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 831
|
|
427 Cos,104 Audit firms guilty of violating accounting norms
Posted Date : 11-Dec-2012 , 08:13:19 am | Posted By CASANSAAR
The Government today said 427 companies and 104 audit firms have been found guilty of violating accounting principles and otherfinancial irregularities during the last three years.
“As per the latest information available, 427 companies and 104 audit firms were found gu...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 2358
|
|
Reserve Bank of India simplifies account opening norms
Posted Date : 11-Dec-2012 , 08:08:00 am | Posted By CASANSAAR
The Reserve Bank of India has made it easier to open new bank accounts by doing away with the need to provide separate proofs for identity and address. It has also added Aadhar letters and cards as well as the NREGA job card to the list of eligible documents of proof fo...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1360
|
|
Net direct tax collection up 15 pc in in Apr-Nov
Posted Date : 10-Dec-2012 , 09:56:46 pm | Posted By CASANSAAR
Net direct tax collection grew by 15.04 per cent to Rs 2,70,731 crore during April-November period of the current fiscal, with nearly three-fifth coming from the corporate sector. The net corporate tax collection, according to aFinance Ministry official, stood at Rs 1,62,897 cror...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 643
|
|
Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill
Posted Date : 10-Dec-2012 , 09:55:53 pm | Posted By CASANSAAR
Clause 135 of the Companies Bill, 2011 inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibilities (CSR) policy and in case of failure, to specify the reasons for not spending...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 753
|
|
Govt introduces amendment bill to Competition Act
Posted Date : 10-Dec-2012 , 09:55:12 pm | Posted By CASANSAAR
The government today introduced in Parliament the Bill to amend the Competition Act which, among other things, will require theCompetition Commission to decide on corporate mergers within 180 days.
Once in place, the Bill will allow the Competition Commission of India (CCI) C...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 776
|
|
Cases of Default in Repayment by the Non-Banking Financial Companies
Posted Date : 10-Dec-2012 , 09:51:42 pm | Posted By CASANSAAR
As on 30th November 2012, eight cases of default in repayment of deposits by the Non-Banking Financial Companies (NBFC) were pending with the Regional Benches of the Company Law Board (CLB) all over the country. Giving this information in written reply to a question in the Parliament, Shri ...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 772
|
|
MCA 21 Project
Posted Date : 10-Dec-2012 , 09:51:04 pm | Posted By CASANSAAR
The Government is implementing an e-governance initiative called MCA 21 Project to ensure the efficiency of the core services regarding company affairs. Giving this information in written reply to a question in the Parliament, Shri Sachin Pilot, Minister of Corporate Affairs, said that MCA 21 Projec...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 706
|
|
Government asks taxpayers to disclose true income or face action
Posted Date : 10-Dec-2012 , 03:56:20 pm | Posted By CASANSAAR
In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true in...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 843
|
|
RBI may hike NPA provision: Deputy governor
Posted Date : 10-Dec-2012 , 07:49:59 am | Posted By CASANSAAR
RBI deputy governor K C Chakrabarty has come down heavily on banks showing higher profits without providing adequately for bad loans and said, if need be, the central bankmay hike provision coverage ratio (PCR) levels. He also said lending rates would have been far lower if banks had ...
Continue Reading...
Category :
Banking |
Comments :
1 | Hits : 1087
|
|
Wal-Mart lobbying bill hits Rs 125 crore on India entry
Posted Date : 10-Dec-2012 , 07:45:40 am | Posted By CASANSAAR
Global retail giant Wal-Mart — waiting for years to open its supermarkets in India — has been lobbying with the US lawmakers since 2008 to facilitate its entry into the highly lucrative Indian market.
According to lobbying disclosure reports filed by Wal-Mart with the US ...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 972
|
|
CWG tax evasion: Govt. slaps recovery notices for Rs. 505 crore
Posted Date : 09-Dec-2012 , 09:45:38 pm | Posted By CASANSAAR
Many private firms and government departments have been slapped with notices for recovery of over Rs 500 crore tax allegedly evaded by them while executing Commonwealth Games-related projects in New Delhi.
Official sources said recovery notices for Rs 505 crore towards value-added tax (VAT)...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 726
|
|
Finmin withdraws search, seizure powers of IT wing
Posted Date : 09-Dec-2012 , 02:48:31 pm | Posted By CASANSAAR
The elite criminal investigation wing of the Income Tax department, which conducted a number of high-profile actions including raids on liquor baron Ponty Chadha, has been disallowed to carry out any search or seizure operations by the Finance Ministry henceforth.
The just over-an-year old ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1028
|
|
Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 06-Dec-2012 , 10:10:17 pm | Posted By CASANSAAR
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.99/2012-CUSTOMS (N.T.), dated the 16th November, 2012 vide number S.O.2719...
Continue Reading...
Category :
Custom |
Comments :
0 | Hits : 910
|
|
|
