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MOU Signed Between ICWAI-MARF and Department of Post
Posted Date : 02-Apr-2011 , 08:23:10 am | Posted By CASANSAAR

Management Accounting Research Foundation of ICWAI (ICWAI-MARF) has been appointed as an advisor to the Department of Post, Ministry of Communications and IT (DOP) and a MOU has been signed to that effect. This appointment as per the MOU will be in vogue for a period of 24 months during which I...

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Category : ICWAI | Comments : 0 | Hits : 337

No IFRS, but strict norms take over
Posted Date : 02-Apr-2011 , 08:22:28 am | Posted By CASANSAAR

The implementation of the International Financial Reporting Standards , or IFRS , has been put off for now, but the government is pressing ahead with the reforms in the way companies present their financials. The Corporate Affairs Ministry has made it mandatory for large companies to prepare th...

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Category : IFRS | Comments : 0 | Hits : 498

Tax returns can be made public: CIC
Posted Date : 02-Apr-2011 , 08:21:27 am | Posted By CASANSAAR

The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case. "We direct the CPIO to provid...

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Category : Income Tax | Comments : 0 | Hits : 324

Govt push to 49% FDI in insurance
Posted Date : 02-Apr-2011 , 08:20:49 am | Posted By CASANSAAR

Finance minister Pranab Mukherjee on Sunday said the government is talking to political parties to garner support required to push through a bill that allows 49% FDI in the insurance sector. Speaking on the sidelines of an event to commemorate the centenary of Central Bank of India, Mukherjee said:...

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Category : Finance | Comments : 0 | Hits : 249

ICAI panel to guide, support cooperative sector
Posted Date : 02-Apr-2011 , 08:19:33 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has formed a committee to guide and support the cooperative sector in streamlining their audit procedures and raise governance levels, President G Ramasamy said today. The ICAI has suggested replicating the successful laws in the sector in ...

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Category : ICAI | Comments : 0 | Hits : 312

Voda seeks Sebi role in fight with Essar
Posted Date : 26-Mar-2011 , 10:30:43 pm | Posted By CASANSAAR

The differences between British telecommunications group Vodafone and Essar Group in their joint venture-Vodafone Essar- escalated further on Friday with Vodafone seeking to bring market regulator Sebi into the case as a party.    That's n...

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Category : SEBI | Comments : 0 | Hits : 266

No decision yet on FDI in multi-brand retail : FM
Posted Date : 26-Mar-2011 , 10:30:06 pm | Posted By CASANSAAR

Finance minister Pranab Mukherjee on Friday said that the government will not take an ‘off the cuff’ decision on the contentious issue of allowing FDI in multi-brand retail.         Given the...

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Category : Finance | Comments : 0 | Hits : 248

Satyam restrained from operating its accounts
Posted Date : 26-Mar-2011 , 10:29:32 pm | Posted By CASANSAAR

   The Income-Tax department and Mahindra Satyam were restrained by the A.P. High Court till March 31from operating the accounts that the company has in various banks.   A Division Bench on Friday made the interim order in a writ ...

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Category : Accounts | Comments : 1 | Hits : 681

Suggestions of ICAI Accepted in the Finance Bill, 2011
Posted Date : 26-Mar-2011 , 10:28:27 pm | Posted By CASANSAAR

Direct Tax- Suggestions of ICAI considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha Indirect Tax- Suggestions of ICAI considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha ...

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Category : ICAI | Comments : 0 | Hits : 326

Gujarat not ready for GST implementation: state govt
Posted Date : 26-Mar-2011 , 10:25:26 pm | Posted By CASANSAAR

Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was n...

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Category : GST | Comments : 0 | Hits : 291

CAG for tighter tax norms for film and TV industry
Posted Date : 26-Mar-2011 , 10:24:55 pm | Posted By CASANSAAR

Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and A...

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Category : CAG | Comments : 0 | Hits : 341

Azim Premji slams Govt's proposed CSR law
Posted Date : 26-Mar-2011 , 10:24:21 pm | Posted By CASANSAAR

Wipro Chairman Azim Premji on Thursday came out strongly against the idea of formulating laws on mandatory spending by industry on corporate social responsibility . "I don't think you generate CSR by putting statutory requirements. I think there is enough...

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Category : Corporate Law | Comments : 0 | Hits : 306

Budget '11-12' Parliament Completes Approval Exercise
Posted Date : 26-Mar-2011 , 10:23:31 pm | Posted By CASANSAAR

Parliament completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance ...

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Category : Budget | Comments : 1 | Hits : 592

Govt introduces Bill to give statutory power to PFRDA
Posted Date : 26-Mar-2011 , 10:21:46 pm | Posted By CASANSAAR

Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister Pranab...

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Category : General | Comments : 0 | Hits : 253

CAG raps OVL for loss due to improper evaluation
Posted Date : 26-Mar-2011 , 10:20:34 pm | Posted By CASANSAAR

Improper evaluations by ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) while investing in assets abroad has resulted in a losses of nearly Rs 2,300 crore, the government auditor CAG said today. The Comptroller and Auditor ...

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Category : CAG | Comments : 0 | Hits : 357

RBIís proposal rejected, realtors may be barred from seeking licences
Posted Date : 26-Mar-2011 , 10:18:59 pm | Posted By CASANSAAR

The finance ministry has opposed the Reserve Bank of India's suggestion to restrict foreign direct investment in new banks to 49%, saying the change in norms will hurt investor sentiment. It has also asked the central bank to bar real estate firms from seeking ...

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Category : RBI | Comments : 0 | Hits : 371

Indian govt introduces key tax reform bill
Posted Date : 26-Mar-2011 , 10:17:59 pm | Posted By CASANSAAR

India's government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition's most ambitious reforms of its second term. In a sign of how corruption scandals are...

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Category : GST | Comments : 0 | Hits : 307

SEBI slaps internet curbs on broker staff to check price manipulation
Posted Date : 26-Mar-2011 , 10:15:33 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) today announced a new code of conduct, which restricts access to internet forums for employees of market intermediaries, to ensure that unsubstantiated news, which could distort normal functioning and prices of stocks, do not ci...

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Category : SEBI | Comments : 0 | Hits : 239

Govt clears 14 FDI proposals worth Rs 1,290 cr
Posted Date : 26-Mar-2011 , 10:14:51 pm | Posted By CASANSAAR

The Government today approved 14 proposals of foreign direct investment (FDI),including that of Mauritius based Ghir Investments, totalling Rs 1,289.85 crore. The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 27 proposals, including that...

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Category : Finance | Comments : 0 | Hits : 250

Mahindra Satyam accounts frozen by I-T department
Posted Date : 22-Mar-2011 , 12:20:36 pm | Posted By CASANSAAR

The department issued notice to Mahindra Satyam (formerly Satyam Computer) to pay Rs 616.53 crore in taxes, the company said. Mahindra Satyam has now moved the Andhra Pradesh high court seeking a stay challenging the I-T department’s claim. A company source said that the ...

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Category : Income Tax | Comments : 0 | Hits : 385

ICAI International Study Tour to Karachi, Pakistan from 25th-28th July, 2011 (3 nights and 4 days)
Posted Date : 22-Mar-2011 , 12:20:07 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of Pakistan (ICAP) is celebrating year 2011 as the Golden Jubilee Year of their Institute. To commemorate the occasion, they are organizing an International Conference on 26th July -27th July 2011 at DAC&GC Karachi, Pakistan. ...

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Category : ICAI | Comments : 0 | Hits : 298

No sealing of illegal constructions in Delhi till Dec '11
Posted Date : 22-Mar-2011 , 12:19:37 pm | Posted By CASANSAAR

Giving interim relief to Delhi residents, Parliament today passed a Bill seeking to prevent sealing of unauthorised commercial constructions in the city till December 31. The National Capital Territory of Delhi Laws (Special Provision) Bill, moved by Urban...

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Category : General | Comments : 0 | Hits : 273

GST: Govt moves ahead, introduces Bill in Lok Sabha
Posted Date : 22-Mar-2011 , 12:18:33 pm | Posted By CASANSAAR

 The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system. The Bill...

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Category : GST | Comments : 0 | Hits : 282

Pranab withdraws proposal to levy service tax on healthcare
Posted Date : 22-Mar-2011 , 12:18:01 pm | Posted By CASANSAAR

Bowing to demand from all quarters, finance minister Pranab Mukherjee announced withdrawal of the proposed 5% service tax on airconditioned hospitals with more than 25 beds and on diagonistic services. He also provided some relief to readymade garment manu...

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Category : Service Tax | Comments : 0 | Hits : 288

CAG frowns over tax refund claim delays
Posted Date : 22-Mar-2011 , 12:16:30 pm | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) has expressed serious concern over sharp rise in accumulation of direct tax refund cases saying pendency of refund claims results in outflow of revenue from the government by way of interest.   For instance...

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Category : CAG | Comments : 0 | Hits : 467

Patel for making CSR spends by private companies mandatory
Posted Date : 22-Mar-2011 , 12:15:47 pm | Posted By CASANSAAR

Union Heavy Industries Minister Praful Patel today batted in favour of making CSR (corporate social responsibility) spends mandatory for private companies , saying it is necessary for the upliftment of people.   “I think the corporate sector ...

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Category : Corporate Law | Comments : 0 | Hits : 286

Wipro offers up to Rs 10 cr package to new CEO
Posted Date : 22-Mar-2011 , 12:15:12 pm | Posted By CASANSAAR

As per the terms of appointment of Kurien, salary is in the range of minimum of Rs 3 crore to a maximum of Rs 10 crore a year, Wipro said in a filing to the Bombay Stock Exchange. This would include periodic increments, variable pay (based on performance criteria), lea...

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Category : Finance | Comments : 0 | Hits : 312

Over Rs 3 lakh cr of direct taxes locked up in litigation: CAG
Posted Date : 22-Mar-2011 , 12:14:37 pm | Posted By CASANSAAR

"The amount locked up in appeal cases with CIT (A) was Rs 2.2 lakh crore in 2009-10...", said the report of Comptroller and Auditor General (CAG).   It added that Rs 2.2 lakh crore locked up in appeals with CIT (A) is equivalent to 66.9 per cent o...

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Category : CAG | Comments : 0 | Hits : 334

Acceptance of e-TDS/TCS statements in Pen Drive
Posted Date : 22-Mar-2011 , 12:13:55 pm | Posted By CASANSAAR

Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing  option  of CD.   Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before s...

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Category : Income Tax | Comments : 0 | Hits : 298

India sitting over Rs. 1 lakh cr of unused external aid: CAG
Posted Date : 18-Mar-2011 , 10:44:02 am | Posted By CASANSAAR

India is sitting on unused foreign aid of over Rs. 1 lakh crore reflecting inadequate planning by ministries like urban development, water resources and energy, a report by government auditor Comptroller and Auditor-General of India (CAG) has said.   &l...

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Category : CAG | Comments : 0 | Hits : 383

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