Enforcement Mechanism Against Corporate Frauds
Posted Date : 20-Dec-2011 , 07:58:13 am | Posted By CASANSAAR
Strengthening of enforce mechanism to deal with corporate frauds is an evolving process as aspects of fraud touch upon many jurisdictions. Based on the experience gained over the experience gained over the years, the existing provisions regarding inspection, enquiry and investigation are proposed to...
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Category :
Corporate Law |
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Audit firms involved in scams face heavy fines
Posted Date : 19-Dec-2011 , 08:41:17 am | Posted By CASANSAAR
Jail up to 10 years and fines up to three times the scam amount await chartered accountants and audit firms found guilty in corporate frauds. Audit firms, including the global Big 4 - Pricewaterhouse, KPMG, Deloitte and Ernst & Young - for the first time face punitive ac...
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Category :
Auditing |
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0 | Hits : 1595
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New direct taxes code unlikely in next Budget
Posted Date : 19-Dec-2011 , 08:34:37 am | Posted By CASANSAAR
The Direct Taxes Code (DTC), which will replace the Income Tax Act, 1961, is unlikely to be implemented from the next financial year as planned earlier. Unfazed, the finance ministry is considering announcing some DTC provisions in the Budget 2012-13.
The delay in the roll-out may o...
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Category :
Income Tax |
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0 | Hits : 1007
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Union Cabinet approved National Food Security Bill
Posted Date : 18-Dec-2011 , 09:20:08 pm | Posted By CASANSAAR
The Union Cabinet on Sunday evening approved the National Food Security Bill that will provide rice at Rs 3, wheat at Rs 2 and coarse grains at Re 1 per kg to over half of India's 1.2 billion population. The meeting was held at Prime Minister Manmohan Singh's 7, Race Course Road resid...
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Category :
Income Tax |
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0 | Hits : 934
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CAG pulls up IT Dept for non-recovery of 4500 cr tax dues
Posted Date : 18-Dec-2011 , 07:44:13 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India has pulled up the Income Tax Department for not recovering tax arrears worth over 4,500 crore rupees from various entities in past one year.In its latest report tabled in Parliament, the government auditor has said that over one lakh and fifty thousand ca...
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Category :
Income Tax |
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0 | Hits : 843
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Audited bank books understate bad loans: RBI
Posted Date : 18-Dec-2011 , 08:36:34 am | Posted By CASANSAAR
Pointing to shortcomings in the quality of bank audits, the Reserve Bank of India (RBI) has said financial statements certified by accountants show lower non-performing assets than is actually the case.
There is a difference between the levels of non-performing assets (NPAs) found during ...
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Category :
Banking |
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0 | Hits : 861
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ICWAI Demands Drop
Posted Date : 16-Dec-2011 , 08:08:15 am | Posted By CASANSAAR
The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12thDec 2011, by which the name was proposed to be ch...
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ICWAI |
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1 | Hits : 3960
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CBI allege MCA, DoT from failing to stop Loop to obtain mobile permits
Posted Date : 16-Dec-2011 , 08:01:44 am | Posted By CASANSAAR
The Central Bureau of Investigation has alleged that the corporate affairs ministry and telecom department failed to stop Loop Telecom from obtaining mobile permits that it was not entitled to. The chargesheet, a document which outlines the police case in detail, filed by the CBI says that the ...
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Category :
Corporate Law |
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0 | Hits : 875
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Order imposing tax on foreign telecom networks may go
Posted Date : 16-Dec-2011 , 07:59:00 am | Posted By CASANSAAR
The finance ministry is set to withdraw a four-month-old directive that imposed service tax on use of foreign telecom networks. The directive dealt a blow to the cash flows of IT, IT-enabled services and telecom companies, requiring them to cough up not just the tax dues but also interest for th...
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Category :
Service Tax |
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0 | Hits : 983
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RBI steps in as rupee tumbles
Posted Date : 16-Dec-2011 , 07:56:04 am | Posted By CASANSAAR
The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market.The Reserve ...
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RBI |
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0 | Hits : 829
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NRIs make a beeline to send remittance back home
Posted Date : 15-Dec-2011 , 08:05:43 pm | Posted By CASANSAAR
As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary advances to remit money back home.Some have even resort...
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Category :
International Business |
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0 | Hits : 895
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India Signs Loan agreement with ADB for First Tranche under the Himachal Pradesh Clean Energy Transmission Investment Programme
Posted Date : 15-Dec-2011 , 07:48:56 pm | Posted By CASANSAAR
The Government of India and the Asian Development Bank (ADB) today signed an agreement for the first tranche (US$ 113 million) under the US$ 350 million Himachal Pradesh Clean Energy Transmission Investment Programme which is a multi-tranche financing facility. The total estimated investment cost of...
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Category :
Finance |
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0 | Hits : 774
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Draft Bank Branch Auditors' Panel for the year 2011-12
Posted Date : 15-Dec-2011 , 03:12:21 pm | Posted By CASANSAAR
Click Below to Check Your Status
Draft Bank Branch Auditor's Pannel for the Year 2011-12...
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Category :
Auditing |
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0 | Hits : 2889
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Sebi may keep family offices out of private capital norms
Posted Date : 15-Dec-2011 , 08:38:04 am | Posted By CASANSAAR
Capital market regulator Sebi is likely to keep family offices and special purpose vehicles (SPVs) out of the proposed regulations on private capital pools like private equity and real estate funds. "Sebi has received feedback that the definition is too broadly worded," said a person famil...
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SEBI |
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0 | Hits : 681
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O K Balraj conferred 'Best CFO in Engineering & Capital Goods Sector' award by ICAI
Posted Date : 15-Dec-2011 , 08:36:47 am | Posted By CASANSAAR
OK Balraj, Chief Financial Officer of Escorts Limited, was conferred the 'Best CFO in Engineering & Capital Goods Sector' by the Institute of Chartered Accountants of India (ICAI), India's premier accounting and auditing body, at ICAI's 5th Annual Awards function at Palace Grounds, Bangalore....
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Category :
ICAI |
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0 | Hits : 795
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Tax dept has unearthed $12.3 bn black money: Pranab
Posted Date : 15-Dec-2011 , 08:33:09 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Wednesday told Parliament that the tax authorities had unearthed Rs 660 billion of unaccounted money as part of the government's efforts to curb tax evasion.
Mukherjee was replying to a debate on black money in the Lok Sabha.
He further said that the go...
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Category :
Income Tax |
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0 | Hits : 701
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Download Companies Bill as introduced in Lok Sabha on 14.12.2011
Posted Date : 15-Dec-2011 , 08:30:17 am | Posted By CASANSAAR
The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today. The 2011 Bill was introduced by Corporate Affairs Minister M Veerappa Moily after he...
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Category :
Corporate Law |
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0 | Hits : 1212
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CBEC de-freezes bank accounts of Kingfisher, Air India
Posted Date : 14-Dec-2011 , 09:19:46 pm | Posted By CASANSAAR
The government has de-freezed the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues. "As they (Kingfisher and Air India) have made part-payments of service tax dues, the department has Lifted freeze on their ...
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Category :
Service Tax |
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0 | Hits : 825
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Petrol prices may go up by 65 paise from Friday
Posted Date : 14-Dec-2011 , 04:22:22 pm | Posted By CASANSAAR
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move.
While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline - agains...
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Category :
General |
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0 | Hits : 933
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Rupee tumbles to all-time low of Rs 53.80
Posted Date : 14-Dec-2011 , 04:04:24 pm | Posted By CASANSAAR
The Indian rupee lost 57 paise to a fresh all-time low of Rs 53.80 per US dollar in early trade today amid persistent dollar demand from banks and importers in view of sustained foreign capital outflows.The rupee resumed lower at Rs 53.54 per dollar on the Interbank Foreign Exchange, as against its ...
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Category :
International Business |
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0 | Hits : 791
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ICAI
Posted Date : 14-Dec-2011 , 07:59:47 am | Posted By CASANSAAR
Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to...
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ICAI |
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0 | Hits : 1396
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RBI panel to discuss raising of capital by urban co-op banks
Posted Date : 14-Dec-2011 , 07:56:51 am | Posted By CASANSAAR
The issue of getting a level-playing field for urban co-operative banks vis-à-vis commercial banks with regard to raising capital and lowering the threshold for statutory investments will be taken up at a meeting of the Reserve Bank of India's standing advisory committee next week.
Current...
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RBI |
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0 | Hits : 749
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ICAI asks govt to extend longer period to amortise forex losses
Posted Date : 14-Dec-2011 , 07:54:20 am | Posted By CASANSAAR
With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses'. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) as...
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ICAI |
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0 | Hits : 751
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Black Money: Finance Ministry to ask tax havens for past banking info
Posted Date : 14-Dec-2011 , 07:50:26 am | Posted By CASANSAAR
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number...
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Category :
Income Tax |
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0 | Hits : 702
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FM to Inaugurate the International Conference on Economic Policies for Emerging Economies
Posted Date : 14-Dec-2011 , 07:49:13 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the International Conference on “Economic Policies for Emerging Economies” tomorrow i.e. December 14, 2011. Shri Mukherjee will also deliver the Inaugural Address on the occasion. This International Conference is marked as the...
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Category :
Finance |
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0 | Hits : 659
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New Pension Scheme (NPS)
Posted Date : 14-Dec-2011 , 07:48:31 am | Posted By CASANSAAR
New Pension Scheme (NPS) is a defined contribution scheme, its pay out depends upon the amount of contribution and the growth on the investment over a period of time for an individual while defined benefit schemes pay out is defined and is based on salary and number of years in service etc. at the t...
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Category :
Finance |
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0 | Hits : 847
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CWAs rechristened Cost Accountants
Posted Date : 13-Dec-2011 , 07:55:12 am | Posted By CASANSAAR
Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today.
Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts...
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Category :
ICWAI |
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2 | Hits : 2093
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RBI, SEBI looking into Satyam auditors' lapses
Posted Date : 13-Dec-2011 , 07:49:43 am | Posted By CASANSAAR
The Government today said that accounting regulator ICAI has examined the alleged role of auditors in the Satyam scam and RBI and SEBI are looking into the issue. Minister for Corporate Affairs Veerappa Moily, referring to the multi-crore scam in Satyam Computer Services, said the Institute ...
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Category :
Auditing |
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0 | Hits : 884
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RBI caps bank equity investments in non-core business
Posted Date : 13-Dec-2011 , 07:47:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday for the first time imposed a cap on banks' direct or indirect equity investments in non-financial service companies, seeking to make banks focus more on their core business. The rules cap equity investments by banks in a non-financial services entity at ...
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RBI |
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0 | Hits : 883
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Central Board of Direct Taxes raises questions on CAG
Posted Date : 13-Dec-2011 , 07:40:54 am | Posted By CASANSAAR
Tax authorities have informed a parliamentary panel that the concept of "presumptive loss" that the national auditor used to calculate the 2G spectrum losses at Rs 1.76 lakh crore does not appear in any statutory provision of the income-tax laws. Further, the field offices of the Income-Tax Depar...
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Category :
Income Tax |
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0 | Hits : 771
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