From Jan 1, all non-CTS cheques will bounce
Posted Date : 06-Nov-2012 , 08:34:05 am | Posted By CASANSAAR
Starting January 1, 2013, banks will not accept cheques that do not conform to the new standards under the cheque truncation system (CTS).
As per a directive from the Reserve Bank of India (RBI), all lenders are mandated to phase out all non-CTS cheques by the end of December.
Indi...
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Banking |
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Bombay HC's verdict: RComm escapes tax net on Rs 5600cr
Posted Date : 06-Nov-2012 , 08:28:16 am | Posted By CASANSAAR
Reliance Communications heaved a sigh of relief with a recent Bombay HC order that restrained the I-T department from taxing Rs 5600 crore of alleged income, reports CNBC-TV18's Ashmit Kumar.
A recent Bombay High Court order has allowed Rel Comm to escape a tax liability. Now important...
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Income Tax |
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0 | Hits : 645
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SC refuses to interfere with policy on FDI in retail
Posted Date : 05-Nov-2012 , 09:19:48 pm | Posted By CASANSAAR
The Supreme Court today refused to interfere with the policy on FDI in retail, saying that if it does not stand in Parliament then it would be at government’s peril.A Bench of Justices R.M. Lodha and A.R. Dave said that the policy making is the sole prerogative of the executive and refused to ...
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Finance |
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0 | Hits : 671
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CIC to seek political parties' asset details from Income Tax department
Posted Date : 05-Nov-2012 , 08:23:43 am | Posted By CASANSAAR
The CIC will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of&nb...
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Income Tax |
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0 | Hits : 696
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Now a star rating system for tax paying units in Punjab
Posted Date : 05-Nov-2012 , 08:20:40 am | Posted By CASANSAAR
Deputy Chief Minister Sukhbir Singh Badal recently announced that the Excise and Taxation department will be introducing a star rating system for industrial units based on their track record of tax payment. Sukhbir explained the system to industries in the second edition of &lsqu...
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Category :
VAT |
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0 | Hits : 857
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Sebi seeks help from banks, KRAs to verify Sahara investors
Posted Date : 05-Nov-2012 , 08:16:48 am | Posted By CASANSAAR
Market regulator Sebi has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about 3 crore investors in the high-profile Sahara case. Sebi (Securities and Exchange Board of India) is already in...
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SEBI |
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0 | Hits : 742
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MCA for strong measures to check misuse of FDI money
Posted Date : 05-Nov-2012 , 08:12:05 am | Posted By CASANSAAR
The Corporate Affairs Ministry has asked the Finance Ministry for strong measures to keep a tab on utilisation of money coming through foreign direct investment (FDI) route, amid instances of possible misuse. The development comes at a time when the gover...
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Corporate Law |
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0 | Hits : 698
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'J&K not to implement GST unless stakeholders are consulted'
Posted Date : 05-Nov-2012 , 08:09:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has said it will not implement the Goods and Services Tax(GST) in the state unless consulting the stakeholders, including the traders community. "The proposed Goods and Service Tax (GST) will not be implemented in the state unl...
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GST |
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0 | Hits : 787
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CVC detects Rs 1,000 crore tax evasion in CWG projects
Posted Date : 05-Nov-2012 , 08:06:13 am | Posted By CASANSAAR
The Central Vigilance Commission has detected tax evasion of about Rs 1,000 crore by government departments and private companies in carrying out Commonwealth Games-related works. Vigilance Commissioner R Srikumar said Rs 1,000 crore evasion was detected with the help of a multi-jurisdiction investi...
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Income Tax |
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0 | Hits : 672
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Excise evasion: Cadbury under scanner
Posted Date : 05-Nov-2012 , 08:04:58 am | Posted By CASANSAAR
Confectionery firm Cadbury India Limited has come under the scanner of financial intelligence sleuths for alleged excise duty evasion of about Rs 100 crore.
In an inquiry being conducted by the Department of Revenue, the firm was allegedly found to have wrongfully claimed 'ar...
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Category :
Excise |
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Dr Rakesh Mohan Takes Charge as Executive Director, IMF
Posted Date : 03-Nov-2012 , 08:11:28 pm | Posted By CASANSAAR
Dr. Rakesh Mohan has assumed charge as Executive Director on the Board of the International Monetary Fund (IMF). In addition to India, Dr. Mohan will also be representing three other countries in the constituency, viz. Bangladesh, Sri Lanka and Bhutan on the Board of the IMF. Dr. Mohan was earl...
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Category :
International Business |
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0 | Hits : 759
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RBI changes definition of sickness for assessing MSE viability
Posted Date : 03-Nov-2012 , 08:53:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has modified the definition of sickness and a procedure for assessing the viability of sick micro and small enterprises (MSEs). According to a notification issued by RBI on Thursday, “An MSE is considered sick when any of the borrowal account of the en...
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RBI |
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0 | Hits : 837
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CAG vs RIL: Company wants financial audit, auditor sticks for performance audit
Posted Date : 03-Nov-2012 , 08:47:55 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has objected to the government's move to narrow the scope of audit of Reliance Industries-operated KG-D6 block, official sources said, keeping alive the controversy over alleged malpractices by the company.Government sources familiar with the matter sai...
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Category :
Auditing |
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0 | Hits : 875
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Sebi files contempt plea against Sahara in SC
Posted Date : 03-Nov-2012 , 08:47:03 am | Posted By CASANSAAR
Market regulator Sebi on Friday filed a contempt petition against theSahara Group in the Supreme Court for not complying with the apex court’s directions relating to refund of around Rs 24,000 crore raised by two of the Group’s firms from investors through optionally fully...
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SEBI |
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0 | Hits : 720
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Existing Income Tax e filing Portal will not be available from 3rd November to 8th November, 2012
Posted Date : 02-Nov-2012 , 08:52:53 pm | Posted By CASANSAAR
In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation.
Under the new e-filing set-up not o...
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Category :
Income Tax |
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0 | Hits : 1217
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Case can
Posted Date : 02-Nov-2012 , 08:50:34 pm | Posted By CASANSAAR
The Supreme Court today said a criminal case cannot be dismissed merely because of delay in lodging a complaint if the delay has been reasonably explained.A bench of justices P Sathasivam and Ranjan Gogoi said, the prosecution case cannot be rejected merely on the ground of delay since the...
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Category :
General |
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MCA asks greater disclosures from firms eying India
Posted Date : 02-Nov-2012 , 10:27:52 am | Posted By CASANSAAR
Government sources have indicated that the MCA has written to the FIPB on possible violations of FDI norms by foreign companies, reports Ronojoy Banerjee of CNBC-TV18.
An opinion from the MCA is sought when a matter is about to be put up before the FIPB for approval. It is known that in the...
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Category :
Corporate Law |
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0 | Hits : 685
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CBI arrests female Income Tax official for accepting bribes
Posted Date : 02-Nov-2012 , 10:23:22 am | Posted By CASANSAAR
A female Income Tax official has been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting bribe of Rs 6 lakh for not scrutinising income tax returns of a private firm.
The CBI's anti-corruption bureau arrested M M Chouhan, Income Tax Officer M M Chouhan of Thane fo...
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Category :
Income Tax |
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0 | Hits : 996
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SEBI simplifies procedure for change of name in individual Beneficial Owner's account
Posted Date : 02-Nov-2012 , 10:20:12 am | Posted By CASANSAAR
The Securities and Exchange Board of India, SEBI, has simplified procedure for change of name in individual Beneficial Owner's account.
In a circular issued on Thursday, SEBI has said that in case there is a change of name after marriage, the individual investor can submit either...
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SEBI |
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0 | Hits : 821
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Canada SC quashes tax court order on transfer pricing; judgment to impact Indian cos
Posted Date : 01-Nov-2012 , 08:43:09 am | Posted By CASANSAAR
The recent landmark ruling by the Canadian Supreme Court on transfer pricing in the pharma sector is likely to have far reaching implications on the Indian pharma space too.
The court’sjudgment overruled the order of the tax court and has stated that busi...
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Category :
Income Tax |
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0 | Hits : 864
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Keep track of your ITR until it
Posted Date : 01-Nov-2012 , 08:42:18 am | Posted By CASANSAAR
Most of us have filed our tax returns electronicallybefore the August 31 deadline. However, what many of us didn't realise was that the process would be complete only after the central processing centre (CPC) of the income-tax department sends an email or SMS acknowledging the receipt of the&nb...
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Category :
Income Tax |
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0 | Hits : 1437
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Bombay High Court gives no relief to builders on VAT
Posted Date : 01-Nov-2012 , 08:40:54 am | Posted By CASANSAAR
The Bombay High Court today dismissed a bunch of petitions filed by builders against two circulars of the Maharashtra Sales Tax department which levied VAT on all property transactions between 2006 and 2010.
The division bench of Justices D Y Chandrachud and R G Ketkar upheld the circulars ...
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Category :
VAT |
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0 | Hits : 933
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List of enhancements in MCA21 XBRL validation tool
Posted Date : 01-Nov-2012 , 08:36:29 am | Posted By CASANSAAR
The following enhancements have been released in the validation tool. These enhancements do not impact the instancedocuments which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below ment...
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Category :
Corporate Law |
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0 | Hits : 768
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Tax advocates seek clarity on services
Posted Date : 01-Nov-2012 , 08:27:50 am | Posted By CASANSAAR
A tax advocates' forum has approached finance minister P Chidambaramseeking clarity on the definition of "works contract services" as well as simplification of procedures for determining valuation of such services for calculation of service tax.
The All-India Tax Advocates Forum (AITAF) has sa...
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Category :
Service Tax |
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0 | Hits : 1049
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SEBI seeks recovery powers to take on defaulters
Posted Date : 31-Oct-2012 , 07:03:28 pm | Posted By CASANSAAR
Concerned over a large number of people and entities evading payment of penalties imposed on them, market regulator Sebi has asked the government to amend regulations to provide it with stronger recovery powers.
"We need the support of the gov...
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SEBI |
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0 | Hits : 711
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ICAI President's Message - November 2012
Posted Date : 31-Oct-2012 , 06:58:42 pm | Posted By CASANSAAR
Dear Friends,
Accountancy profession in India has grown big not because it has come across a multitude of decades, but because it has had a glorious eventful past that we can take pride on while reflecting on its curve of growth. Our first Prime Minister Jawaharlal Nehru had s...
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ICAI |
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0 | Hits : 1128
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Authority upholds ICAI order against 2 Satyam auditors
Posted Date : 31-Oct-2012 , 08:32:20 am | Posted By CASANSAAR
The Appellate Authority for chartered accountants has upheld the ICAI's decision to bar two auditors -- P Sivaprasad and Chintapatla Ravindernath -- for professional misconduct in auditing the books of erstwhile Satyam Computer Services.
The founder chairman of Satyam Computer B Ramalinga R...
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Category :
ICAI |
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0 | Hits : 1103
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Chartered Accountant Given Life Term For Creating Mid-Air Hijack Scare In 2009
Posted Date : 31-Oct-2012 , 08:20:14 am | Posted By CASANSAAR
A chartered accountant was sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun.
"The accused Jitender Kumar Mohla is awarded life imprisonment und...
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Category :
ICAI |
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0 | Hits : 1054
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SAT sets aside SEBI order on Chartered Capital
Posted Date : 31-Oct-2012 , 08:18:26 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) has set aside Securities and Exchange Board of India (SEBI)'s order that restrained merchant bank Chartered Capital and Investment and its two senior executives from taking up new assignments related to public offers, reports PTI.
It also directed...
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SEBI |
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0 | Hits : 731
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France makes $1.3 billion tax claim against Google: Report
Posted Date : 31-Oct-2012 , 08:14:09 am | Posted By CASANSAAR
French tax authorities have made a billion-euro ($1.3 billion) claim against Google to pressure the US Internet giant to compromise in a dispute over compensation to media websites, a French newspaper reported. The weekly Canard Enchaine said in its edition to hit newstands today that the tax c...
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Category :
International Business |
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0 | Hits : 726
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