E&Y forensic report confirms Reebok fraud
Posted Date : 13-Oct-2012 , 07:46:56 am | Posted By CASANSAAR
Reebok India’s sacked managing director Subhinder Singh Prem and former COO Vishnu Bhagat had fudged company accounts books by double discounting and preparing fake invoices, said Ernst & Young (E&Y) in the forensic analysis report on the company’s accounts.
E&Y has ...
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Accounts |
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Sebi mulls annulment policy for erroneous stock trades
Posted Date : 13-Oct-2012 , 07:45:00 am | Posted By CASANSAAR
In the light of the recent flash crash on NSE due to an erroneous trade, market regulator Sebi would look into the possibility of putting in place rules to reverse such trades. On Friday, Sebi chairman U K Sinha assured some representatives of the broking community...
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SEBI |
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Non-bailable arrest warrant issued against Vijay Mallya
Posted Date : 13-Oct-2012 , 07:43:48 am | Posted By CASANSAAR
A special magistrate court here on Friday issued a non-bailable arrest warrant (NBW) against the Chairman of Kingfisher Airlines, Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL)...
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General |
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0 | Hits : 841
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BSE investors to get trade alerts through SMS from Today
Posted Date : 12-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE today said it will commence the service of sending SMS to all investors from today. "In order to check unauthorised stock market trades through investor accounts, as per SEBI ci...
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Income Tax |
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Cost Accountant can also certify DGFT documents under Foreign Trade Policy
Posted Date : 12-Oct-2012 , 07:51:08 am | Posted By CASANSAAR
PUBLIC NOTICE No. 22(RE-2012)/2009-14
NEW DELHI THE 11TH October, 2012
Subject:- Certification of various documents by Cost Accountants under Handbook of Procedure Vol.I and Appendices under ForeignTrade Policy.
In exercise&...
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ICWAI |
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Separate benches to take up pending transfer pricing cases
Posted Date : 12-Oct-2012 , 07:49:50 am | Posted By CASANSAAR
Tax authorities have finally woken up to pending transfer pricing litigation in India. The Income Tax Appellate Tribunal has decided to constitute separate benches in Mumbai, Delhi, Bangalore and Hyderabad to hasten the disposal of transfer pricing and international taxation cases.
Transfer...
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Income Tax |
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0 | Hits : 660
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Sebi lays down strict rules for rejection of offer documents
Posted Date : 12-Oct-2012 , 07:48:27 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday issued a framework for the rejection of draft offer documents filed with it before issue of securities.
In the future, Sebi will reject offer documents if it believes investor safety is compromised or the qu...
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SEBI |
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0 | Hits : 796
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GST and DTC are expected to be implemented by April 2013
Posted Date : 12-Oct-2012 , 07:46:08 am | Posted By CASANSAAR
There was a need to look again at the provisions of the proposed direct taxes code (DTC) and the goods and services tax (GST), said Parthasarathi Shome, director and chief executive, Indian Council for Research on International Economic Relations.
There should be fresh consultation over DTC...
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Income Tax |
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0 | Hits : 1029
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Goldman CEO ready to pay 5% more in taxes for budget deal
Posted Date : 12-Oct-2012 , 07:44:12 am | Posted By CASANSAAR
Goldman Sachs chief executive, Lloyd Blankfein, became the latest big-name business leader to pledge to pay steeper tax - 5 percent, he said - in exchange for a long-term bipartisan deal in Congress to keep the country from falling off the "fiscal cliff." Blankfein is part of a group ...
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International Business |
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7 out of 10 youths in Punjab take to drugs: Rahul Gandhi
Posted Date : 11-Oct-2012 , 09:24:26 pm | Posted By CASANSAAR
Rahul Gandhi today claimed seven out of 10 youths in Punjab have a drug problem, triggering a controversy with ruling Akali Dal asking how the Congress leader came to this "mathematical conclusion" on drug addiction in the state.
Winding up his two-day visit to Punjab, Rahul also said that ...
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General |
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SEBI probes Mallya
Posted Date : 11-Oct-2012 , 09:06:29 pm | Posted By CASANSAAR
Following requests from bourses National Stock Exchange and BSE, market regulator Sebi is investigating the affairs of some Vijay Mallya-controlled UB Group firms for alleged non-compliance with disclosure norms.
The stock exchanges have raised various concerns mainly about two UB Group fir...
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SEBI |
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0 | Hits : 655
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ICAI Invites Suggestions on Direct and Indirect Taxes for Pre-Budget Memorandum, 2013.
Posted Date : 11-Oct-2012 , 08:53:13 pm | Posted By CASANSAAR
The Direct & Indirect Taxes Committees of ICAI are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes- 2013 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes, Central ...
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Income Tax |
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0 | Hits : 688
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RBI relaxes norms for opening subsidiaries by foreign NBFCs
Posted Date : 11-Oct-2012 , 07:35:25 am | Posted By CASANSAAR
Relaxing norms for foreign-owned NBFCs to open subsidiaries, the RBI today said such entities can now set up arms even if the overseas investment is less than 100 per cent. "NBFCs having foreign investment more than 75 per cent and up to 100 per cent and with a minimum capit...
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RBI |
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Final view on retro tax amendments by Nov 15: FinMin
Posted Date : 11-Oct-2012 , 07:33:32 am | Posted By CASANSAAR
The government is likely to take a final view by November 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said."The Finance Ministry will take final ...
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Income Tax |
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0 | Hits : 705
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MCA discontinues its Front offices in 4 Metro Cities
Posted Date : 11-Oct-2012 , 07:30:09 am | Posted By CASANSAAR
MCA Front offices situated at Delhi , Chennai , Mumbai and Kolkata are being discontinued with effect from Monday, the 8th of October, 2012 , and hence, will not be available to offer any assistance to MCA stakeholders. Kindly plan your activities accordingly.
Helpdesk Services are ...
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Corporate Law |
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0 | Hits : 782
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Govt considering amendment to Prevention of Corruption Act, says PM
Posted Date : 11-Oct-2012 , 07:26:43 am | Posted By CASANSAAR
The Prime Minister has said that the Government is considering amendments to the Prevention of Corruption Act to make it more stringent.Dr. Manmohan Singh said that Government proposes to include corporate failure to prevent bribery as a new offence. Dr. Singh said that his Government is examining h...
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General |
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Rs. 2,72,133 Crore Direct Tax Collections during First Half of 2012-13
Posted Date : 10-Oct-2012 , 09:21:53 pm | Posted By CASANSAAR
Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 percent (Rs. 1,78,173 crore as against Rs. 1,75,360 cro...
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Income Tax |
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0 | Hits : 715
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CCI emphasises the need for encouraging Competitive practices in public procurement
Posted Date : 10-Oct-2012 , 09:21:17 pm | Posted By CASANSAAR
The Financial Advisors and key Government officers handling the procurement aspects in the Govt. have been advised to encourage competitive practices in public procurement and framing competitive coherent govt. policies. Inaugurating a Conference on “Curbing Deficit through Effective Competiti...
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Corporate Law |
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0 | Hits : 666
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Auditors raise eyebrows at DLF take on Vadra dealings
Posted Date : 10-Oct-2012 , 08:36:33 am | Posted By CASANSAAR
Auditors and chartered accountants that Business Standard has spoken to are not convinced with real estate company DLF’s clarification that it had given a ‘business advance’ to Robert Vadra, son-in-law of Congress President Sonia Gandhi, and that there was no quid pro quo between t...
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Auditing |
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Sebi exempts shareholder from complying with open offer rules
Posted Date : 10-Oct-2012 , 08:33:00 am | Posted By CASANSAAR
Market regulator Sebi has exempted Kannan Krishnan Naiker, an individual shareholder, from complying with certain regulatory procedures while making an open offer to acquire an additional 45% stake in Hemakuta Industrial Investment.
The exemption for Naiker has been given on the basis that ...
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SEBI |
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Black money probe: first international success for ED
Posted Date : 10-Oct-2012 , 08:29:39 am | Posted By CASANSAAR
For the first time, the Enforcement Directorate (ED) has been able to convince Switzerland to give it access to attach the accounts of an Indian company, City Limouzines, under the Prevention of Money Laundering Act (PMLA). The company was allegedly involved in running a racket of ponzi schemes in v...
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Income Tax |
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0 | Hits : 743
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Retired IT officer sentenced to three yrs for demanding bribe
Posted Date : 10-Oct-2012 , 08:27:00 am | Posted By CASANSAAR
A 63-year-old retired income tax officer has been sentenced to three years imprisonment by a Delhi court for extorting money from a jeweller here by threatening to implicate him in a false case.
Special CBI Judge Pradeep Chaddah, however, granted him bail as the punishment was not exceeding...
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Income Tax |
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0 | Hits : 764
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RBI slaps penalties on ING Vysya, ICICI Bank
Posted Date : 10-Oct-2012 , 08:23:53 am | Posted By CASANSAAR
The Reserve Bank of India has slapped a fine of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank for violations in know your customer (KYC) guidelines.
“The RBI imposed monetary penalties of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank in exercise of the powers v...
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Banking |
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0 | Hits : 946
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Rate of Exchange of Conversion of Foreign Currency Into Indian Currency or Vice Versa Relating to Imported And Export Goods Notified; to come into effect from 10.10.2012
Posted Date : 09-Oct-2012 , 09:06:45 pm | Posted By CASANSAAR
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 91/2012-CUSTOMS (N.T.) date...
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Custom |
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Dr.M.Veerappa Moily Details MCA Initiatives at EEC 2012
Posted Date : 09-Oct-2012 , 09:04:25 pm | Posted By CASANSAAR
Union Minister of Corporate Affairs Dr. M.Veerappa Moily today detailed the recent initiatives taken by his ministry for attaining an all – inclusive role of addressing a vide sweep of functions – Corporate Governance Reforms and the Emerging Legal Framework with a vision to facilitate c...
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Corporate Law |
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0 | Hits : 756
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Bank Audit rumors : Clarification by ICAI President
Posted Date : 09-Oct-2012 , 08:25:14 am | Posted By CASANSAAR
Dear Professional Colleagues,
This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and ...
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Income Tax |
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0 | Hits : 2705
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Govt amends rules to allow IDR conversion into shares
Posted Date : 09-Oct-2012 , 08:19:26 am | Posted By CASANSAAR
Government has amended the rules governing Indian Depository Receipts issued here by foreign companies, after financial regulators RBI and Sebi allowed part-conversion of securities into equity shares by investors.
The amendment, notified by the Ministry of Corporate Affairs (MCA) in the Co...
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Corporate Law |
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0 | Hits : 768
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We can
Posted Date : 09-Oct-2012 , 08:18:03 am | Posted By CASANSAAR
India’s national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his senior officers on Monday to say “we cannot don the role of cheerleaders. We strive to prov...
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Income Tax |
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0 | Hits : 921
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Nearly 29,000 tax defaulters owe Rs 3,770 crore to government
Posted Date : 09-Oct-2012 , 08:14:57 am | Posted By CASANSAAR
Tax defaults by nearly 29,000 taxpayers aggregate to Rs 3,770 crore, according to a tax department's analysis of e-returns filed in 2012-13.Asking these tax-payers to voluntarily come forward and pay their dues immediately, the Central Board of Direct Taxes (CBDT) said the failure to ...
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Income Tax |
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0 | Hits : 692
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Petrol prices to be slashed by 56 paise from Tuesday
Posted Date : 08-Oct-2012 , 09:16:37 pm | Posted By CASANSAAR
Indian Oil Corporation and oil marketing companies will cut petrol prices by 56 paise per litre efective from midnight tonight. The new retail prices of petrol in Delhi will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre.
Country's three state-run fuel re...
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General |
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