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Govt concerned over quality of ind directors in PSUs
Posted Date : 14-Mar-2011 , 09:32:48 pm | Posted By CASANSAAR

The government today said it would come out with the guidelines on independent directors to improve the quality of representation on the boards of the state-run companies. Heavy Industries and Public Sector Enterprises Minister Praful Patel said the quality of ...

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Category : Corporate Law | Comments : 0 | Hits : 320

Women to get one reserved seat on company boards
Posted Date : 14-Mar-2011 , 09:32:17 pm | Posted By CASANSAAR

All companies will have to reserve at least one seat in a board of directors for women candidates if the board comprises five or more independent directors.   The government would make the presence of women directors in a board mandatory by including a ...

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Category : Corporate Law | Comments : 0 | Hits : 307

Disclosure of tax returns, inherited property compulsory: EC
Posted Date : 14-Mar-2011 , 09:31:49 pm | Posted By CASANSAAR

Furnishing of income tax returns has been made mandatory for all candidates entering the poll fray and details of inherited property will also have to be provided under a new nomination affidavit brought out by the Election Commission (EC).   Candidates...

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Category : General | Comments : 0 | Hits : 292

I-T Dept keeping close watch on realty sector
Posted Date : 14-Mar-2011 , 09:31:00 pm | Posted By CASANSAAR

Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects. "The focus of the Income Tax Department is...

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Category : Income Tax | Comments : 0 | Hits : 305

IT arrears decline despite rise in number of cases: Govt
Posted Date : 14-Mar-2011 , 09:30:25 pm | Posted By CASANSAAR

The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today. The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on December 31, ...

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Category : Income Tax | Comments : 0 | Hits : 303

RBI tightens the grip on non-banking finance companies
Posted Date : 14-Mar-2011 , 09:29:58 pm | Posted By CASANSAAR

The Reserve Bank of India may further tighten the regulatory screws on non-banking finance companies. The reason: it appears that the stiff regulation for banks has increased the incentive for exploiting regulatory arbitrage by moving business to NBFCs.   ...

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Category : Income Tax | Comments : 0 | Hits : 412

CAG to submit audit report against 25 private schools
Posted Date : 14-Mar-2011 , 09:29:24 pm | Posted By CASANSAAR

The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by the 6th Pay Commission. ...

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Category : Auditing | Comments : 0 | Hits : 695

Insurers may get to trade in equity futures and options
Posted Date : 14-Mar-2011 , 09:28:52 pm | Posted By CASANSAAR

Insurance Regulatory and Development Authority, or Irda, plans to permit insurers to trade in equity futures and options contracts , which will help the companies protect returns from equity-linked products against sharp stock market declines. "The rules w...

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Category : Finance | Comments : 0 | Hits : 306

ICAI committee to help corporates identify CSR projects
Posted Date : 14-Mar-2011 , 09:28:11 pm | Posted By CASANSAAR

Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit.   The Public Advisory Committee, of the Institute o...

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Category : ICAI | Comments : 0 | Hits : 369

Memorandum of Understanding between ICSI and United Stock Exchange of India Ltd.(USE)
Posted Date : 14-Mar-2011 , 09:27:35 pm | Posted By CASANSAAR

The Institute entered into an MOU with United Stock Exchange of India Ltd.on March 07, 2011United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. The...

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Category : ICSI | Comments : 0 | Hits : 350

Simplification of DIN rules
Posted Date : 14-Mar-2011 , 09:26:41 pm | Posted By CASANSAAR

Ministry’s has re-examined the process of allotment of Directors Identification Number (DIN) to be obtained u/s 266B of the Companies Act, 1956. The present process is cumbersome and time consuming. Representations have been received in the Ministry that the documents req...

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Category : Corporate Law | Comments : 0 | Hits : 333

CAG for directorate of social audit in states for MGNREGA
Posted Date : 14-Mar-2011 , 09:25:49 pm | Posted By CASANSAAR

Entrusted with the task of improving the social audit process in MGNREGA following reports of malpractices and corruption, the Comptroller and Auditor General has recommended to the states to set up directorates to train auditors from civil society. The audit w...

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Category : Auditing | Comments : 0 | Hits : 470

Finmin wants RBI to focus on inflation as crude prices harden
Posted Date : 14-Mar-2011 , 09:25:08 pm | Posted By CASANSAAR

Concerned over worsening political turmoil in the Middle-East and the impact of rising global crude prices on the domestic economy, the Finance Ministry has suggested the Reserve Bank to focus on steps to contain inflation. An indication to this effect was give...

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Category : Finance | Comments : 0 | Hits : 328

'Govt to get new study conducted on black money issue'
Posted Date : 14-Mar-2011 , 09:24:16 pm | Posted By CASANSAAR

The government today said it will get a new study conducted on black money stashed by Indians within and outside the country by July next year. The government has decided to get a fresh study conducted on unaccounted income and wealth, both inside and outside t...

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Category : Income Tax | Comments : 0 | Hits : 311

Treat tax payers as clients, FM tells IRS probationers
Posted Date : 14-Mar-2011 , 09:23:46 pm | Posted By CASANSAAR

Describing the committed taxpayers as “engines of economy”, Finance Minister Pranab Mukherjee today exhorted the young IRS probationers to treat them as their clients and not as adversaries.   “The assessee is no longer considered an a...

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Category : Income Tax | Comments : 0 | Hits : 349

GST may not be implemented from April 2012: FM
Posted Date : 14-Mar-2011 , 12:30:29 pm | Posted By CASANSAAR

The government today said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed.....

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Category : GST | Comments : 0 | Hits : 343

Government deferred IFRS implementation
Posted Date : 14-Mar-2011 , 12:28:47 pm | Posted By CASANSAAR

The government has deferred the implementation of international financial reporting standards , acknowledging industry demand to extend the April 1 deadline to remove ambiguities on taxation issues. The decision has come as a relief for over 300 large companies, which were to s...

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Category : IFRS | Comments : 0 | Hits : 641

All banks to have CIOs soon: RBI
Posted Date : 14-Mar-2011 , 12:27:55 pm | Posted By CASANSAAR

Reserve Bank executive director G Gopalakrishna, speaking to reporters on the sidelines of a banking technology conference here, further said the banks will have to implement the facility of "second factor verification" at merchant establishments and ATMs shortly. ...

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Category : RBI | Comments : 0 | Hits : 376

Govt collects 300 cr in penalties from new operators
Posted Date : 14-Mar-2011 , 12:26:59 pm | Posted By CASANSAAR

The government has collected over Rs 300 crore in penalties from new telecom service providers that failed to roll-out their networks within the stipulated timeframe after getting licences and spectrum. "As of last Friday, we have received Rs 300.04 crore penalties...

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Category : General | Comments : 0 | Hits : 353

ICSI welcomes budget 2011-12
Posted Date : 14-Mar-2011 , 12:25:50 pm | Posted By CASANSAAR

The Institute of Company Secretaries of India welcomed the Budget for the year 2011-12 placed before the Parliament by Finance Minister Pranab Mukherjee. Institutional initiatives to deal with corruption and black money proposed in the budget would go a lo...

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Category : ICSI | Comments : 0 | Hits : 320

Probe into Satyam scam to end in 6 months: ICAI President
Posted Date : 14-Mar-2011 , 12:25:05 pm | Posted By CASANSAAR

The New President of the Institute of Chartered Accountants of India, G Ramaswamy has said a special bench has been constituted to look into the Satyam matter. The special bench includes nominees from the central bureau of investigation and the comptroller and auditor general o...

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Category : ICAI | Comments : 0 | Hits : 372

2G scam: CBI questions former TRAI chairman
Posted Date : 14-Mar-2011 , 12:24:13 pm | Posted By CASANSAAR

 Former Telecom Regulatory Authority of India (TRAI) chairman Nripendra Misra was today questioned by the CBI in connection with the 2G spectrum allocation scam. Misra, who was also the Secretary in the Telecom Ministry, had taken over the chairmanshi...

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Category : General | Comments : 0 | Hits : 335

Salary earners with income till Rs 5 lac need not file returns
Posted Date : 14-Mar-2011 , 12:22:58 pm | Posted By CASANSAAR

Salary earners having an income of less than Rs 5 lakhs will not have to file tax returns from this year, a finance ministry official said. "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudh...

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Category : Income Tax | Comments : 0 | Hits : 699

IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds
Posted Date : 14-Mar-2011 , 12:20:17 pm | Posted By CASANSAAR

Various tax initiatives have been taken in the Union Budget 2011-12 for efficient tax administration. Presenting the Budget in the Lok Sabha, Finance Minister Pranab Mukherjee highlighted the initiatives including e-filing and e-payment of taxes, adoption of ‘Sevottam&rsq...

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Category : Service Tax | Comments : 0 | Hits : 371

CAG to conduct spectrum audit
Posted Date : 14-Mar-2011 , 12:19:02 pm | Posted By CASANSAAR

The comptroller & auditor general of India (CAG) will undertake a comprehensive audit of the country’s total available spectrum, as well as its strategic and commercial use. It will also determine whether the government has received fair value from the commercial use ...

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Category : Auditing | Comments : 0 | Hits : 375

Finmin denies I-T officials were behind Radia leak
Posted Date : 14-Mar-2011 , 12:18:13 pm | Posted By CASANSAAR

The finance ministry has refuted a media report that Income Tax officials were behind the leak of a corporate lobbyist's taped conversations. "This is to clarify that no official of the Income Tax department has ever communicated any recording of telephonic interc...

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Category : Income Tax | Comments : 0 | Hits : 780

Axis Bank launches income tax payment facility at ATMs
Posted Date : 14-Mar-2011 , 12:17:33 pm | Posted By CASANSAAR

Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press ...

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Category : Income Tax | Comments : 0 | Hits : 454

Sebi bars 6 entities from market, slaps Rs 36 crore penalty
Posted Date : 14-Mar-2011 , 12:16:54 pm | Posted By CASANSAAR

Sectoral regulator Sebi on Friday barred six market intermediaries from trading in securities for allegedly carrying out manipulations in various IPO issues and also slapped a penalty of Rs 36.09 crore. "Roopalben N Panchal, Devangi Panchal, Dipak Jashvantlal Panchal,...

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Category : SEBI | Comments : 0 | Hits : 364

Indian Accounting Standards Converged with IFRS Notified
Posted Date : 14-Mar-2011 , 12:16:20 pm | Posted By CASANSAAR

Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by...

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Category : IFRS | Comments : 0 | Hits : 623

I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:15:57 pm | Posted By CASANSAAR

The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is th...

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Category : Income Tax | Comments : 0 | Hits : 2565

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