HC raps CA for trying to save illegal building
Posted Date : 01-Mar-2012 , 07:39:42 am | Posted By CASANSAAR
A chartered accountant who knocked at the doors of the Madras high court to reopen his sealed unauthorized building found himself at the receiving end with the court ordering initiation of criminal proceedings against him.M R Badrinarayana, a resident of Shanthi Colony in Anna Nagar, first...
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ICAI |
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Reserve Bank asks banks to focus on recoveries of non-performing assets
Posted Date : 29-Feb-2012 , 06:59:00 pm | Posted By CASANSAAR
The Reserve Bank of India has asked Indian banks to focus on recoveries, bankers said after a Wednesday meeting with the central bank.
However, the consensus was that non-performing assets are at manageable levels, bankers said after the meeting which also covered implications of Basel-III norms ...
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Banking |
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CAG can play vital role in dealing with economic crisis:Rai
Posted Date : 29-Feb-2012 , 06:55:18 pm | Posted By CASANSAAR
Auditors can play an important role in helping countries deal with economic crises by suggesting mid-course corrections, Comptroller and Auditor General (CAG) of India Vinod Rai said Wednesday."These are momentous times in the histories of many nations. New paradigms are evolving in the political sy...
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CAG |
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Promising Times for Chartered Accountants
Posted Date : 29-Feb-2012 , 08:48:26 am | Posted By CASANSAAR
These are exciting yet challenging times for Indian chartered accountants. The year 2012 will be an eventful year for Indian accountantcy profession if both external and internal developments are any indication. World economy is in turmoil and is casting its shadow on India, thereby putt...
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ICAI |
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Woman sales tax officer, CA jailed for bribery
Posted Date : 29-Feb-2012 , 08:33:58 am | Posted By CASANSAAR
A former woman sales tax officer and a chartered accountant, who gave her Rs 1,500 in bribe to settle a case, were sentenced to upto three years in jail by a Delhi court which said professionals like doctors and CAs are held in high esteem and should not indulge in corruption. Special Judge B...
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VAT |
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I-T dept should protect human rights during raids: Patna HC
Posted Date : 29-Feb-2012 , 08:25:14 am | Posted By CASANSAAR
Income Tax (I-T) officials should ensure no harassment is caused to the family during raids. Patna high court recently issued an order to this effect while upholding Bihar’s human rights commission's direction.
The court also instructed the tax authority (income tax in this ...
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Income Tax |
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High court says I-T department filing appeals
Posted Date : 29-Feb-2012 , 08:20:00 am | Posted By CASANSAAR
The Karnataka High Court, in a recent judgement, passed strictures on Income-Tax (I-T) department for filing repeated appeals and wasting taxpayers’ money. “It seems that the (I-T) department is filing these appeals mechanically—either for the purpose of statistics or to save their...
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Income Tax |
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Audit firms Deloitte Touche Tohmatsu, PWC, Ernst & Young and KPMG in China facing major reorganisation
Posted Date : 29-Feb-2012 , 08:16:37 am | Posted By CASANSAAR
The 'Big Four' international audit firms face a major re-organisation in China as they are forced to abandon their foreign joint venture arrangements. Following are facts about the Big Four accounting firms' China practices. Deloitte Touche Tohmatsu Deloitte opened its first office in Shanghai in...
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Auditing |
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Sebi allows fund managers to manage both domestic, overseas money
Posted Date : 29-Feb-2012 , 08:13:54 am | Posted By CASANSAAR
Market regulator Sebi has allowed fund managers to manage both domestic and overseas money across all their activities, including mutual funds, offshore and portfolio management service. Last year, the regulator, while allowing asset management companies to share back-end resources, had sai...
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SEBI |
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SBI waives levy on savings bank accounts without minimum balance
Posted Date : 28-Feb-2012 , 08:00:03 am | Posted By CASANSAAR
State Bank of India (SBI) has announced waiver of service charge for non-maintenance of minimum balance stipulations with respect to savings accounts.
A circular addressed to Chief General Managers of all circles dated February 14 said that the waiver is being looked upon as a ‘major step f...
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Banking |
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Budget 2012: Finance Ministry asks financial advisors to stay in Delhi till Budget
Posted Date : 28-Feb-2012 , 07:58:47 am | Posted By CASANSAAR
As countdown begins for the Budget 2012-13, the Finance Ministry asked all the financial advisors to stay in Delhi till its presentation by Finance Minister Pranab Mukherjee on March 16. "In view of the fact that the Union Budget for 2012-13 is to be presented on March 16, 2012, the financia...
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Budget |
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Telenor-Unitech battle turns ugly, both move to CLB
Posted Date : 28-Feb-2012 , 07:56:35 am | Posted By CASANSAAR
Norwegian firm Telenor and its Indian partner Unitech have moved the Company Law Board (CLB) separately, trading charges against each other over control of their joint venture, Uninor.While Telenor said it wants to prevent any "wrongful obstruction" of its effort to secure its investments in the cou...
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Corporate Law |
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Trade unions strike: Banking, transport likely to be hit across India
Posted Date : 28-Feb-2012 , 07:52:11 am | Posted By CASANSAAR
India may grind to a halt for the next 24 hours as a nationwide strike by trade unions and government employees has been planned for Tuesday. In all, 11 trade unions across party lines along with 8 lakh public sector employees with the exception of those in the Railways are expected to parti...
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General |
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ICAI's President's Message - March 2012
Posted Date : 28-Feb-2012 , 07:50:19 am | Posted By CASANSAAR
Dear friends,
The only thing that is never-changing is the change itself. And every change offers a new beginning. This is the eternal phenomenon that encompasses everything - our profession and the ICAI included. As the ICAI enters a new Council Year, the baton of profession’s ...
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ICAI |
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Oil companies likely to rise petrol, diesel prices after state polls
Posted Date : 27-Feb-2012 , 09:13:44 pm | Posted By CASANSAAR
Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said. Oil firms had last revised petro...
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General |
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SBI Cuts Interest Rates on Education Loans
Posted Date : 27-Feb-2012 , 03:46:55 pm | Posted By CASANSAAR
State Bank of India, the country's largest lender by assets, Monday cut interest rates on education loans in the first such move by a local bank after the central bank said the interest rate cycle has peaked.
Loans of up to 400,000 rupees will now be charged an interest rate of 13.50%, down from ...
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Banking |
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Cost & energy audits now mandatory for Maharashtra sugar co-operatives
Posted Date : 27-Feb-2012 , 08:30:14 am | Posted By CASANSAAR
The Maharashtra government has made it mandatory for the co-operative sugar industry to perform cost and energy audits. This, if implemented seriously, is expected to save crores of rupees of the co-operatives. Maharashtra is the country's top sugar producer, having a turnover of about Rs 25,000...
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Auditing |
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0 | Hits : 1033
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India book ticket to London Olympics, thump France 8-1 in qualifiers
Posted Date : 26-Feb-2012 , 10:05:57 pm | Posted By CASANSAAR
Indian men's hockey team qualified for 2012 London Olympics as they thrashed France 8-1 in the final of the Olympic qualifying tournament at the Major Dhyanchand National Stadium in New Delhi on Sunday. Ace drag-flicker Sandeep Singh scored five goals to almost sin...
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General |
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7 bank unions call for strike on February 28; services may be hit
Posted Date : 26-Feb-2012 , 01:37:56 pm | Posted By CASANSAAR
As many as seven employees' unions of banks have given a call for strike on Tuesday, demanding stringent measures to recover bad loans and opposing outsourcing of non-core activities to the private sector."Seven bank unions of nine have given strike call for stringent and effective measures to re...
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Banking |
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MCX IPO overbid 54 times to Rs 35,000 crore
Posted Date : 25-Feb-2012 , 03:49:21 pm | Posted By CASANSAAR
After rushing to bet on the initial public offering of Multi-Commodity Exchange (MCX), investors, long starved of maiden issues, will next try their luck in the upcoming share sale of ONGC. The listing gains from MCX and the money investors make from ONGC's follow-on offer may pave the way for ...
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Shares & Stock |
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Company Secretaries Examinations December, 2011 Results on 25th February, 2012
Posted Date : 25-Feb-2012 , 08:45:47 am | Posted By CASANSAAR
COMPANY SECRETARIES EXAMINATIONS DECEMBER, 2011 RESULT WOULD BE DECLARED ON 25TH FEBRUARY, 2012 AT 11.00 A.M. THE RESULTS ALONGWITH INDIVIDUAL CANDIDATE’S SUBJECTWISE BREAK-UP OF MARKS WILL BE AVAILABLE ON THE INSTITUTE’S WEBSITE.
FORMAL E-RESULT- CUM- MA...
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ICSI |
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House panel agrees on raising I-T exemption limit
Posted Date : 24-Feb-2012 , 02:57:31 pm | Posted By CASANSAAR
The key Parliamentary Committee on Friday reached a consensus to raise income tax exemption limit to Rs 3 lakh from current Rs 1.8 lakh, say sources. Sources revealed that he Committee is of the opinion that the income tax exemption limit should be Rs 3 lakh. The committee, according to so...
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Income Tax |
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CA's Well-versed in taxes, not necessarily investments
Posted Date : 24-Feb-2012 , 08:33:25 am | Posted By CASANSAAR
The Securities and Exchange Board of India is quite clear about a chartered accountant's role and possibly, therefore, the mandate: Exclude him from the ambit of regulations for investment advisors. However, Financial Planning Standards Board (FPSB) India isn't nodding in agreement.
In fa...
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ICAI |
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Sebi sets up a separate cell to detect corporate frauds
Posted Date : 24-Feb-2012 , 08:30:00 am | Posted By CASANSAAR
India's capital market regulator Sebi has formed a separate team to detect financial or corporate frauds in a bid to beef up its investigation process. The new unit, called Forensic Accounting Cell, will be part of the Securities and Exchange Board of India's corporate finance department that wi...
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SEBI |
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RBI allows 926 bank branches to receive advance income tax
Posted Date : 24-Feb-2012 , 08:27:35 am | Posted By CASANSAAR
For hassle free income tax collection, the Reserve Bank of India (RBI) designated a total of 926 computerised branches of public and private sector banks to receive advance income tax for people residing in Mumbai and Navi Mumbai."These arrangements have been made for the convenience of th...
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Income Tax |
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Citigroup to sell 9.9% stake in HDFC for up to $2.1 billion: Report
Posted Date : 23-Feb-2012 , 08:36:49 pm | Posted By CASANSAAR
Citigroup Inc plans to raise up to $2.1 billion by selling its entire stake in India's Housing Development Finance Corp (HDFC) on Friday, three source with direct knowledge of the deal told Reuters. Citigroup has launched the process to sell about 145 million shares, or a 9.9 percent stake, in H...
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International Business |
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CEOs average salary in India crosses Rs 2-cr mark: Study
Posted Date : 23-Feb-2012 , 04:08:24 pm | Posted By CASANSAAR
The average annual compensation for a CEO in India stands at over Rs two crore and is nearly 2.6 times the pay package for other top business executives in the country, as per a new study.
According to the top executive compensation report 2011-12, released by global management consultancy Hay Gr...
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International Business |
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GoM approves draft public procurement bill
Posted Date : 23-Feb-2012 , 07:58:14 am | Posted By CASANSAAR
The draft Public Procurement Bill was today approved by the panel of Ministers set up to tackle corruption. The bill is being brought to regulate government purchases using transparent bidding process. Minister of State for Personnel, V.Narayanaswamy told this to reporters after the meeting of the G...
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General |
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SEBI announces lot sizes for SME public issues
Posted Date : 23-Feb-2012 , 07:47:28 am | Posted By CASANSAAR
Companies in the SME sector entering the capital markets will be prescribed ‘lot sizes' for shares in an initial public offering. In a circular released on Tuesday, the capital market regulator mandated specific lot sizes for IPOs in different price ban...
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SEBI |
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RBI to buy govt securities worth Rs 12,000 cr
Posted Date : 23-Feb-2012 , 07:45:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today announced that it would purchase government securities worth Rs 12,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.
"Consistent with the stance of monetary policy and based on the current assessment of pr...
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RBI |
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