ICAI – Office in-charge can only be Partner or paid assistant in whole time employment who attends such office for a period of not less than 182 days
Posted Date : 17-Aug-2011 , 08:02:48 am | Posted By CASANSAAR
Status of In-charge of Head office or branch of Chartered Accountant Firm
ICAI has considered the issue regarding status of In-charge of a Head Office of a firm of chartered accountants or its Branch Office and clarified that- “A member designated In-charge of an office of a chartered accou...
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ICAI |
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ED ‘probing' alleged forex violations by Bharti Airtel
Posted Date : 17-Aug-2011 , 08:00:51 am | Posted By CASANSAAR
The Minister of State for Finance, Mr Namo Narain Meena, told the Rajya Sabha on Tuesday that the Directorate of Enforcement (ED) has initiated enquiries against Bharti Airtel about alleged contraventions of the Foreign Exchange Management Act (FEMA).
The Minister also said that the market regula...
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FEMA |
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I-T dept to expedite systems for quick processing of returns
Posted Date : 17-Aug-2011 , 07:59:25 am | Posted By CASANSAAR
Encouraging results of the income tax department’s efforts to promote electronic filing of returns have prompted the Central Board of Direct Taxes (CBDT) to accelerate the procedure and stabilise systems infrastructure so as to ensure quick processing of all I-T returns.
The Centralised Proce...
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Income Tax |
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Rs 20 lakh crore illicit money flows out from India : GFI
Posted Date : 17-Aug-2011 , 07:57:28 am | Posted By CASANSAAR
A report of Global Financial Integrity (GFI) has estimated the total value of illicit money that has flown out of India at 462 billion US dollar approximately 20 lakh crore rupees. In a written reply to the Rajya Sabha, minister of state for Finance,S S Palanimanickam informed this. He said, the pre...
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General |
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Finance Minister gives go-Ahead to Environment Strategy for Central Board of Excise and Customs
Posted Date : 17-Aug-2011 , 07:55:38 am | Posted By CASANSAAR
In a first for any taxation department, the Union Finance Minister Shri Pranab Mukherjee has given his go-ahead to an “Environment Strategy” for the Central Board of Excise and Customs (CBEC) that would change the way business is done by the Customs, Central Excise and Service Tax offici...
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Excise |
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July headline inflation at 9.22 pc y/y: Govt
Posted Date : 16-Aug-2011 , 01:03:33 pm | Posted By CASANSAAR
India's wholesale price index (WPI) rose an annual 9.22 percent in July, government data showed on Tuesday. The figure was almost in line with the median forecast for a 9.20 percent rise in a Reuters poll and was lower than the annual rise of 9.44 percent in June. The WPI is more closely w...
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General |
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Govt debts crossed $41 trillion globally in 2010
Posted Date : 16-Aug-2011 , 01:02:16 pm | Posted By CASANSAAR
The total amount of debt incurred by governments across the world jumped to a staggering USD 41.1 trillion last year, accounting for 69 per cent of the global GDP, because of stimulus packages and anaemic economic growth, says a report. Many governments , especially in the developed world, have...
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Finance |
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Sebi probe shows rise in dirty money in stock market
Posted Date : 16-Aug-2011 , 08:31:13 am | Posted By CASANSAAR
The finance ministry, in response to a Parliament question, has not ruled out that a lot ofblack money is flowing into the stock market. Suspicious transactions reported by mutual funds, depository participants and stock brokers have shown a 40% growth in the last one year, with the Securi...
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SEBI |
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No immediate threat to India's sovereign rating: S&P
Posted Date : 16-Aug-2011 , 08:29:02 am | Posted By CASANSAAR
Standard and Poor's has said there is no immediate threat to India's sovereign debt rating of BBB, though loose fiscal policy and the government's inability to carry forward economic reforms could have implications in the medium term. "We do not see an immediate impact on India's sovereign ra...
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International Business |
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SEBI wants powers to see phone call, e-mail records
Posted Date : 16-Aug-2011 , 08:19:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India has sought powers to seek e-mail and call records from telecom service providers.
This move, the market regulator hopes, will help it prevent black money entering the market as also keep an eye on insider trading.
The Minister of State for Finance, Mr N...
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SEBI |
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Google to buy Motorola Mobility
Posted Date : 16-Aug-2011 , 08:17:14 am | Posted By CASANSAAR
Google Inc said it will buy phone hardware maker Motorola Mobility Holdings Inc for $12.5 billion in cash to bolster the adoption of its Android mobile software.
The deal is Google's biggest deal to date. At $40 a share, the offer represents a 63 percent premium to Motorola Mobility's Frida...
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Income Tax |
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On the Occasion of Independence Day 18 RPF Officers Received President’s Police Medal award for their Meritorious Service
Posted Date : 15-Aug-2011 , 06:10:39 am | Posted By CASANSAAR
On the occasion of Independence Day, 2011, the Hon’ble President awarded President’s Police Medal for Distinguished Service and Police Medal for Meritorious Service to following Railways Protection Force/Railway Protection Special Force ( RPF/RPSF) officers and per...
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General |
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Any bank can now join national financial switch: NPCI
Posted Date : 14-Aug-2011 , 04:29:44 pm | Posted By CASANSAAR
The National Payments Corporation of India (NPCI) has said any bank with round-the-clock core banking solution capabilities, with/out ATMs, can now join the national financial switch (NFS) through a sponsor bank. NPCI is an umbrella institution for all the Retail Payments Systems' in the coun...
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Banking |
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No more Tax-Free zones: Finance Minister
Posted Date : 14-Aug-2011 , 09:33:28 am | Posted By CASANSAAR
Finance Minister says, there will be no more Tax-Free zones in the country. Talking to news persons in Siliguri today Pranab Mukherjee said that instead of tax free zone, the Centre is considering creating special economic zones in backward districts.He said Tax-free zone status in Himachal Pradesh ...
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Income Tax |
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Prime Minister’s Reply to Shri Anna Hazare’s letter
Posted Date : 14-Aug-2011 , 09:30:42 am | Posted By CASANSAAR
Following is the text of Prime Minister’s reply to Shri Anna Hazare’s letter dated 14th August, 2011:“I have received your letter, carrying the date 14th August, 2011 and carefully read its contents. Your grievance that the police has given you permission to protest and go on ...
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General |
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Get ready for more I-T raids this financial year
Posted Date : 14-Aug-2011 , 09:28:01 am | Posted By CASANSAAR
Tax evaders can expect frequent crackdowns by the income tax (I-T) department. The reason — an increase in collection target has put authorities under tremendous pressure. The direct tax collection target for Mumbai has been increased from Rs1.85 lakh crore to Rs2.04 lakh crore. For the countr...
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Income Tax |
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Full text of Anna Hazare's letter to PM Manmohan Singh
Posted Date : 13-Aug-2011 , 10:21:21 pm | Posted By CASANSAAR
India Against CorruptionA-119, Kaushambi, Ghaziabad . 201010. UP Ph: 09868069953www.indiaagainstcorruption.orgDate: April 6, 2011 To,
Dr. Manmohan Singh,Hon'ble Prime Minister of IndiaNew Delhi
Dear Dr. Singh,
I have started my indefinite fast at Jantar mantar. I...
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General |
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ICSI playing a pivotal role in promoting good governance among the corporates-Dr. M. Veerappa Moily
Posted Date : 13-Aug-2011 , 08:07:23 am | Posted By CASANSAAR
Union Corporate Affairs Minister Dr. M. Veerappa Moily has thrust upon a Corporate culture that must be familiar to the universally accepted values of good governance – accountability, transparency, responsibility and responsiveness to stakeholders. Inaugurating a Corporate Governance Conc...
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ICSI |
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ICAI issues Frequently Asked Questions on verification of marks
Posted Date : 13-Aug-2011 , 08:04:56 am | Posted By CASANSAAR
Frequently Asked Questions on verification of marks:
Please note that this paper is merely an attempt to provide answers to questions on the subject, posed to us, by the candidates from time to time, to the extent possible and with reference to the extant scheme of examination. However, thi...
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Students Zone |
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Possibility of further rate hike due to inflation: RBI
Posted Date : 13-Aug-2011 , 07:44:29 am | Posted By CASANSAAR
The Reserve Bank said the option of going for another round of rate hike at its next mid-quarterly policy review in September do exist as inflationary pressure continues in the economy. "Probability is always there," RBI Deputy Governor K C Chakrabarty said here today when asked whether anoth...
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RBI |
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NSE to charge fee for currency derivative transactions
Posted Date : 13-Aug-2011 , 07:43:18 am | Posted By CASANSAAR
Traders and investors will have to pay a charge for all currency derivative deals on the country's leading bourse, the National Stock Exchange (NSE), with effect from August 22. The move and its impact on trading volumes will be keenly watched by rival exchange MCX-SX, which moved the Competi...
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Shares & Stock |
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ICAI to submit report in Sept on black money
Posted Date : 13-Aug-2011 , 07:39:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money.
"A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreemen...
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ICAI |
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Direct tax kitty grows 27%
Posted Date : 13-Aug-2011 , 07:33:35 am | Posted By CASANSAAR
Sluggish industrial performance in the first few months of the current fiscal has had little impact so far on direct tax collection withcorporate tax rising 30% during April-July 2011. The total corporate tax collection in the first four months was estimated at Rs 85,222 crore, contri...
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Income Tax |
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Sebi for greater oversight of auditors, analysts
Posted Date : 12-Aug-2011 , 02:42:57 pm | Posted By CASANSAAR
With an aim to shielding investors from vested interests and potential corporate scams, market regulator the Securities and Exchange Board of India (Sebi) has proposed to frame a strict set of rules for research analysts and wants an independent oversight body for auditors.
At the s...
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SEBI |
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Govt owes Rs 3,500 crore to IT/BPO companies like Infosys, Mphasis, Wipro, in service tax refunds
Posted Date : 12-Aug-2011 , 01:07:05 pm | Posted By CASANSAAR
The IT/BPO sector says the government owes the industry over Rs 3,500 crore in service tax refunds for the past three years. With the amount continuing to grow, the matter is now being taken up by industry bodies Nasscom and the Confederation of Indian Industry (CII). Since 2008, com...
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Service Tax |
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SBI, ICICI Bank raise base rates by 50 bps to 10%
Posted Date : 12-Aug-2011 , 08:26:32 am | Posted By CASANSAAR
The country's top two banks, State Bank of India (SBI) and ICICI Bank, on Thursday announced 50-basis point increases in their minimum lending rates, or base rates, to 10 per cent. The rate rises are effective from Saturday.
The banks had kept their lending rates unchanged since early J...
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Banking |
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Only Sebi can allow MCX-SX equity trade, says court judge
Posted Date : 12-Aug-2011 , 08:24:27 am | Posted By CASANSAAR
The Bombay high court may ask Securities and Exchange Board of India (Sebi) to reconsider its decision to restrain MCX-SX Ltd from trading in equity and other exchange-traded products.
“We cannot direct Sebi to give you (MCX-SX) permission to trade; we can just ask them to recons...
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SEBI |
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Finance ministry to clear norms for new bank licences next week
Posted Date : 12-Aug-2011 , 08:21:48 am | Posted By CASANSAAR
The finance ministry will clear guidelines for new bank permits by next week, potentially setting the stage for the Reserve Bank to roll out licences after a gap of eight years. Once the finance ministry gives its go-ahead, RBI is expected to make the norms public and invite applications for ...
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Banking |
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DTC set to miss deadline again
Posted Date : 12-Aug-2011 , 08:18:37 am | Posted By CASANSAAR
The implementation of the Direct Taxes Code appears set to miss its deadline once again.
The Direct Taxes Code (DTC) Bill, introduced in Parliament on August 30 last year, proposes to replace the 50-year-old Income Tax Act.Initially proposed to come into force from April 2011, the c...
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Income Tax |
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Disinvestment of 10% paid up equity of National Buildings Construction Corporation Limited
Posted Date : 12-Aug-2011 , 08:10:32 am | Posted By CASANSAAR
The Union Cabinet today gave its approval for divestment of 10% of total paid up equity of National Buildings Construction Corporation Ltd. (NBCC) out of its holding through Initial Public Offering (IPO) in the domestic market. The Government of India holds 100% of the equity in the Company. This wi...
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General |
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