Govt proposing norms for independent directors at CPSEs
Posted Date : 26-Sep-2012 , 08:16:12 am | Posted By CASANSAAR
To improve corporate governance in state-owned companies, the Department of Public Enterprises (DPE) is proposing norms for independent directors that will define their roles and responsibilities.At present, there are no such guidelines for non-official directors who are being appointed on boards of...
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Corporate Law |
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Sebi seeks ASBA facility at all branches of designated banks
Posted Date : 26-Sep-2012 , 08:14:35 am | Posted By CASANSAAR
Market regulator Sebi today asked the banks, authorised to accept ASBA forms wherein bid amount for public offer shares remain in investors' accounts till allotment, at all their branches by the end of 2012. Sebi (Securities and Exchange Board of India) introduced ...
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SEBI |
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0 | Hits : 847
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Ex-Reebok India MD, COO
Posted Date : 26-Sep-2012 , 08:10:46 am | Posted By CASANSAAR
The investigation arm of the ministry of corporate affairs (MCA), the Serious Fraud Investigation Office (SFIO), has found that Reebok India’s sacked managing director Subhinder Singh Prem and former chief operating officer (COO) Vishnu Bhagat had “fudged and fabricated” accounts o...
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Corporate Law |
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0 | Hits : 786
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Finance Ministry for zero charges on e-transfer of funds up to Rs 1 lakh
Posted Date : 25-Sep-2012 , 07:46:10 pm | Posted By CASANSAAR
To promote cashless transactions, theFinance Ministry has asked public sector banks to take steps to reduce the fee to zero for electronic transfer of funds up to Rs one lakh. Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs 1 lakh from one a...
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Category :
Banking |
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0 | Hits : 918
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Sebi imposes fine on CA Firm owner in BoR matter
Posted Date : 25-Sep-2012 , 08:23:54 am | Posted By CASANSAAR
Market regulator Sebi on Monday imposed a penalty of Rs 6 lakh on Dilip S Mehta, owner of a chartered accountancy firm, for failing to respond to summons issued by it in relation to a probe into the affairs of erstwhile Bank of Rajasthan.
The matter pertains to alleged irregularities commit...
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Category :
ICAI |
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0 | Hits : 1277
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Tax exemption to Political Parties Rs. 1,033 crore
Posted Date : 25-Sep-2012 , 08:19:53 am | Posted By CASANSAAR
Are political parties required to reveal the source of their funding under the Right to Information Act? While the CPI agreed to disclose its funding to an NGO, other parties have flatly refused to do so.
Association for Democratic Rights (ADR), sought the information under RTI, claiming that...
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Category :
Income Tax |
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0 | Hits : 894
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VAT refund: Cases pile up in excise office
Posted Date : 25-Sep-2012 , 08:13:29 am | Posted By CASANSAAR
The excise and taxation department has so far failed to clear thousands of VAT refund cases prompting the industry in Ludhiana to call a meeting on October 1. Industrialists have also called the excise and taxation commissioner A Venuprasad for the meeting to find reasons for the delay and to urge t...
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Category :
Excise |
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0 | Hits : 823
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New tax accounting standards to reduce litigation soon
Posted Date : 25-Sep-2012 , 08:11:32 am | Posted By CASANSAAR
From 2012-2013 onwards, companies may have to file their income-tax return as per the standards laid down by the Central Board of Direct Taxes (CBDT). The new standards will reduce the discretion which is currently available with the taxpayers under the standards prescribed by the Institute of Chart...
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Category :
Income Tax |
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0 | Hits : 994
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Cabinet clears 7% hike in DA for Central Govt employees
Posted Date : 24-Sep-2012 , 08:57:16 pm | Posted By CASANSAAR
The Union Cabinet today approved a 7 per cent hike in the Dearness Allowance, DA, for central government employees. In its meeting chaired by Prime Minister Dr Manmohan Singh in New Delhi, the cabinet give its nod to hike in DA. The approval will benefit 80 lakh central government employees and pens...
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General |
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0 | Hits : 785
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Continuation of MCA21 Project - e-Governance, Computerization and Networking of Ministry of Corporate Affairs and its Field Offices (MCA21 v2)
Posted Date : 24-Sep-2012 , 08:56:25 pm | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs approved continuation of MCA21 Project for its second cycle from January, 2013 to July, 2021 as a Non-Plan Scheme at a total project outlay of Rs.357.81 crore including an outlay of Rs.54.42 crore for independent project management and certification over eig...
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Corporate Law |
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0 | Hits : 859
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Get FREE Regular Professional Updates via SMS / email from CASANSAAR
Posted Date : 24-Sep-2012 , 08:44:29 am | Posted By CASANSAAR
Now receive SMS / email alerts on the go from CASANSAAR.COM. This free subscription will entitle you to faster complete updates. Receive Professional, Tax and Career related updates in your mobile / email inbox and stay ahead in your professional life.Some features CASANSAAR SMS / ema...
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General |
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0 | Hits : 3026
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Bank ATMs stop sucking in cash after RBI direction
Posted Date : 24-Sep-2012 , 08:34:54 am | Posted By CASANSAAR
Next time you go to an ATM to withdraw cash, don't worry about the banknotes getting sucked back by the machine if not collected immediately, as RBI has asked all banks to immobilise the 'cash retraction facility'.
At the same time, customers will have to be extra careful in collecting the ...
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RBI |
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0 | Hits : 1092
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Govt tightens scrutiny of companies' fund raising
Posted Date : 24-Sep-2012 , 08:31:26 am | Posted By CASANSAAR
Corporate Affairs Ministry has strengthened its surveillance mechanism over companies raising funds from the public as also on their end-use in the wake of the Supreme Court verdict on the Sahara group. Finding violations of regulatory norms in raising funds from the public, the Supreme Court last m...
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Category :
Corporate Law |
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0 | Hits : 761
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Day after reforms push, Prime Minister Manmohan Singh hints at changes in corporate laws
Posted Date : 23-Sep-2012 , 09:06:14 am | Posted By CASANSAAR
A day after he said that the government would take more reforms measures to pull the country out of a 1991-type economic abyss, Prime MinisterManmohan Singh on Saturday said the Centre was examining commercial and corporate laws to ensure inclusive growth and to make them relevant to future cha...
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Category :
Corporate Law |
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0 | Hits : 783
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C P Joshi gets additional charge of Railway Ministry
Posted Date : 22-Sep-2012 , 09:28:37 pm | Posted By CASANSAAR
Union Minister for Road, Transport and Highways Dr C P Joshi have been given additional charge of Railway Ministry on Saturday a day after the resignation of Mukul Roy and other Trinamool Congress ministers.
According to Rashtrapati Bhavan spokesperson Venu Rajamony, Dr Joshi was assigned ...
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Category :
Income Tax |
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0 | Hits : 661
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Finance Minister approves the Operational Features of the Rajiv Gandhi Equity Savings Scheme (RGESS)
Posted Date : 22-Sep-2012 , 09:03:00 am | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS),exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and who...
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Category :
Income Tax |
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0 | Hits : 864
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Sensex sees biggest single-day gain of 2012 on reforms push
Posted Date : 21-Sep-2012 , 03:44:36 pm | Posted By CASANSAAR
The stock markets continued to rally in the afternoon session following the Government's decision to hold firm by notifying all FDI decisions taken last week despite the TMC fallout.
Analysts said that the positive cues from the Government coming in are boosting activity in the markets. Als...
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Shares & Stock |
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0 | Hits : 805
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Govt cuts tax on overseas corporate borrowing
Posted Date : 21-Sep-2012 , 02:39:19 pm | Posted By CASANSAAR
The government slashed a tax on overseas borrowings by local companies on Friday, giving them access to cheaper funds and cheering investors as the government pressed on with reforms to revive economic growth.
Under the new rules, which were proposed in the budget for 2012/13 in March bu...
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Category :
International Business |
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0 | Hits : 826
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Excise and customs duty on domestic LPG cylinders reduced to zero
Posted Date : 21-Sep-2012 , 02:38:24 pm | Posted By CASANSAAR
The Finance Ministry announced reducing the customs and excise duty on non-subsidised domestic LPG cylinders to zero. TheFinance Minister, P Chidambaram on Friday said that more state governments should provide subsidy on LPG cylinders. After announcing a cap of 6 ...
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Category :
Excise |
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0 | Hits : 848
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Government to handle selection of auditors for public sector banks
Posted Date : 21-Sep-2012 , 08:21:00 am | Posted By CASANSAAR
The government will now handle the selection of auditors for state-run banks, a finance ministry official said, signalling growing concern over laxity in the audit followed by lenders and possible overstatement of profits.
The finance ministry is expected to issue a directive on the iss...
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Category :
Auditing |
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3 | Hits : 2344
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Govt notifies FDI decisions
Posted Date : 21-Sep-2012 , 08:17:51 am | Posted By CASANSAAR
Less than 24 hours before Mamata Banerjee’s Trinamool Congress was due to walk out of the UPA, the government Thursday went ahead and notified its decision to allow FDI in multi-brand retail, among others, reflecting its resolve to stick to its reform announcements despite the threat to its st...
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Category :
International Business |
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0 | Hits : 837
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MCA publishes Final Costing Taxonomy for FY 11-12 filings
Posted Date : 21-Sep-2012 , 08:14:19 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has published the Final Costing Taxonomy for Financial Year 2011-12 filings on its website http://www.mca.gov.in.
This has been in the wake of the MCA`s mandate for filing of Cost Audit and Compliance reports in XBRL format f...
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Category :
Corporate Law |
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0 | Hits : 749
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Vodafone willing to pay Rs 8,000 crore tax to government if interest, penalty waived
Posted Date : 21-Sep-2012 , 08:12:21 am | Posted By CASANSAAR
UK-based telecom giant Vodafone today said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs 8,000 crore, is an option provided the interest and penalty are waived. "It is exactly an option. I don't know if its viable," Vodafone...
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Category :
Income Tax |
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0 | Hits : 755
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Study Group to streamline and render more services by practising Chartered Accountants engaged as lecturers in colleges and institutions
Posted Date : 20-Sep-2012 , 06:49:35 pm | Posted By CASANSAAR
Council Affairs/M-626/2012
19th September, 2012
ALL MEMBERS OF THE COUNCIL
Madam/Dear Sir,
The President, in terms of the authority given to him by the Council at its 314th meeting held from 10th to 12th February, 2012, has constituted a Study Group compri...
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ICAI |
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0 | Hits : 992
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Anna confirms split, asks Kejriwal not to use his name or photo
Posted Date : 20-Sep-2012 , 02:24:01 pm | Posted By CASANSAAR
Team Anna on Wednesday suffered a vertical split with Anna Hazare and some top activists choosing to part ways with the Arvind Kejriwal-led group, opposing their plans to form a political party. After a roller-coaster ride of 18 months in which they came together to run a high-steam anti-graft movem...
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Category :
General |
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0 | Hits : 696
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Accounts of PSU oil companies under scrutiny
Posted Date : 20-Sep-2012 , 09:16:00 am | Posted By CASANSAAR
The finance ministry has ordered a scrutiny of the books of oil marketing companies to see if the under-recoveries stated by them are in order or not. The move was initiated at the behest of finance minister P Chidamabram, who asked his officers to look into the issue even before diesel pr...
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Category :
General |
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1 | Hits : 845
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CBDT panel to firm up uniform view on legal issues
Posted Date : 20-Sep-2012 , 09:12:02 am | Posted By CASANSAAR
In what would help assessing officers across the country to take a homogeneous view in legal matters of similar nature, the Central Board of Direct Taxes (CBDT) has formed a standing committee to firm up, what would be called ‘department’s view’, on contentious legal issues.
The m...
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Category :
Income Tax |
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0 | Hits : 644
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7% DA hike likely for central govt employees
Posted Date : 19-Sep-2012 , 09:45:52 pm | Posted By CASANSAAR
The central government is likely to hike dearness allowance from 65 per cent to 72 per cent, benefiting about 50 lakh of its employees and 30 lakh pensioners, on Friday.
“The proposal to increase dearness allowance (DA) by 7 per cent of the basic pay is scheduled to come up for consid...
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General |
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0 | Hits : 807
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Condition to be Imposed for Conversion of Ordinary Society Into Producer Company, Part-Ix A of the Companies Act,1956
Posted Date : 19-Sep-2012 , 09:43:14 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to impose certain conditions for conversion of ordinary Society into Producer Company, Part-IX A of the Companies Act,1956. In a Circular issued by the Ministry recently it has been stated that on receipt of an application/form seeking conversion of...
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Category :
Corporate Law |
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0 | Hits : 709
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20 years old Ghalib cracks CA exams; eyes post of CAG India
Posted Date : 19-Sep-2012 , 08:52:03 am | Posted By CASANSAAR
Notwithstanding the fact that he was under 21 years of age and hence would not be eligible for the mandatory enrolment at the Institute of Chartered Accountants for permission to practice, he cracked the 2012 CA exams and created a record by becoming one among the only few youngest Chartered Account...
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Category :
Students Zone |
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2 | Hits : 3159
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