Sebi asks MFs to become more transparent, regulate agents
Posted Date : 29-Jul-2011 , 03:50:54 pm | Posted By CASANSAAR
While allowing mutual funds to charge a fresh transaction fee from investors, market regulator Sebi has also asked them to bring about more transparency in their dealings with investors and agents.
The regulator, at its board meeting last evening, agreed to the MFs' long-pending demand to...
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SEBI |
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SEBI announces new takeover norms
Posted Date : 29-Jul-2011 , 08:36:48 am | Posted By CASANSAAR
Heralding a new set of rules for takeover of companies, the Security Exchanges Board of India (SEBI) on Thursday said an entity buying 25 per cent stake in a listed firm will have to mandatorily make an offer to buy additional 26 per cent from public shareholders.
The new norms mark an incr...
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SEBI |
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RBI cautions RRBs on dealing with overseas entities
Posted Date : 29-Jul-2011 , 08:34:29 am | Posted By CASANSAAR
The Reserve Bank on Thursday asked all Regional Rural Banks to follow due diligence while dealing with transactions from persons and entities in eight countriers — Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey.
The bank cited a 2011 statement from the Financial ...
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Income Tax |
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EXPOSURE DRAFT OF TAXONOMY FOR NON-BANKING FINANCIAL COMPANIES (NBFCs)
Posted Date : 29-Jul-2011 , 08:30:49 am | Posted By CASANSAAR
XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, ...
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ICAI |
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Sebi revives scam order against NSDL
Posted Date : 29-Jul-2011 , 08:28:46 am | Posted By CASANSAAR
In an unprecedented move, Sebi, on the direction of the SC, has revived an order that was in the past dismissed as "null and void" by the market regulator, but under a different chairman. Sebi said on Thursday that an order by a two-member committee, which found serious lapses and irregularities on ...
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SEBI |
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Govt will achieve tax collection targets: CBDT
Posted Date : 29-Jul-2011 , 08:26:13 am | Posted By CASANSAAR
Allaying fears of sluggish economic growth impacting tax collections, Central Board ofDirect Taxes ChairmanPrakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. "We have got no indication (of slowdown impacting revenue collections). I am confident that direct tax...
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Income Tax |
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Lokpal Bill: Cabinet keeps PM out, Anna's version dumped
Posted Date : 28-Jul-2011 , 02:40:46 pm | Posted By CASANSAAR
The union cabinet on Thursday approved the draft of the anti-corruption Lokpal bill, to be presented in the monsoon session of parliament beginning August 1, Information and Broadcasting Minister Ambika Soni said. The draft bill excludes from its ambit the prime minister, the chief justice of Ind...
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General |
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Foreign retail investors must have PAN for investing in Mutual funds
Posted Date : 28-Jul-2011 , 02:34:39 pm | Posted By CASANSAAR
Individual foreign investors seeking entry into Indianstock markets will now have to acquirePermanent Account Number, or PAN, the passport to allfinancial transactions. The mandatory PAN was announced recently by the finance ministry while outlining the framework for foreign retail investment ...
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Finance |
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ICAI recommends action against auditor
Posted Date : 28-Jul-2011 , 07:20:09 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), which has been set up by an Act of Parliament, has decided to recommend to the High Court that a member CA R Laxminarayan of C C Chokshi & CO be removed from the Register of Members for one year for professional misconduct.
The ICA...
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ICAI |
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0 | Hits : 1356
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CAG to supervise audit of parties' accounts
Posted Date : 28-Jul-2011 , 07:18:15 am | Posted By CASANSAAR
India’s accounting watchdog the Comptroller and Auditor General has agreed to supervise the auditing of accounts of registered political parties and expenditure of candidates contesting in elections for legislative bodies. Each registered political party is required to submit annual financial ...
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CAG |
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Procedure for Obtaining Confirmation of Shifting of Registered Office From one State to Another State Under Section 17 of the Companies Act, 1956 Simplified
Posted Date : 28-Jul-2011 , 07:12:02 am | Posted By CASANSAAR
In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 8 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to confirmation of shifting of registered office from one state to another state and consequent alteration to Memora...
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Corporate Law |
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MMDR proposal to make India most taxed nation in mines sector: FICCI
Posted Date : 27-Jul-2011 , 10:08:38 pm | Posted By CASANSAAR
Industry bodyFICCI today said the imposition of additional burden on the mining and mineral sector under the proposedMines and Minerals (Development and Regulation) Act would lead India to become the highest taxed country in the sector. "Indian mining sector is already one of the highly t...
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Income Tax |
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CCI clears RIL's buyout of Bharti stake
Posted Date : 27-Jul-2011 , 10:04:22 pm | Posted By CASANSAAR
The Competition Commission of India (CCI) has cleared Reliance Industries' (RIL) buyout of Bharti group's 74% stake in insurance joint ventures with AXA of France.
"The monopoly watchdog has cleared the deal within 14 days of application as there was no anti-competition issue involved," a...
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Finance |
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I-T returns: Special counters for Delhiites
Posted Date : 27-Jul-2011 , 05:18:54 pm | Posted By CASANSAAR
The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment year 2011-12 is July 31.
"The ITD, New Del...
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Income Tax |
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FinMin to meet Sebi, exchange officials on market reforms
Posted Date : 27-Jul-2011 , 05:11:58 pm | Posted By CASANSAAR
With a view to discuss ways to expedite policies for growth and reforms in the stock market, theFinance Ministry has called a meeting of top officials fromSebi and various stock exchanges early next month. Among other issues, the recent decline in stock market business volumes and the launch of some...
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SEBI |
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RBI quashes banks' plea to revise NPA norms
Posted Date : 27-Jul-2011 , 02:13:16 pm | Posted By CASANSAAR
Appeals from banks to revise the norms for identification and classification of bad loans based on the commercial operation date of a project, have failed to find favour with the Reserve Bank of India (RBI).
The banking regulator has no plan to change the guidelines and will consider requ...
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RBI |
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Exemption from requirement of furnishing return of income for A.Y. 2011-12 where income does not exceed Rs. 5 lakhs – Assessee has option to avail said exemption
Posted Date : 26-Jul-2011 , 10:08:21 pm | Posted By CASANSAAR
Income to accept Return of individual with Rs. 5 lakhs of income – CBDT had exempted those having income less than Rs. 5 Lakhs for the assessment year 2011-12 from filing Income Tax return. Board now clarifies that the Department should accept returns from this exempted category of persons, if...
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Income Tax |
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Simplified Procedure for Rectification of Register of Charges Under Section 141 of the Companies Act, 1956.
Posted Date : 26-Jul-2011 , 09:28:29 pm | Posted By CASANSAAR
In order to simplify the procedures and cut timelines, the Ministry has decided to notify section 20 of the Companies (Second Amendment) Act, 2002 (1) of 2003 thereby the work relating to rectification of register of charges under section 141 of the Companies Act, 1956 shall be shifted from the juri...
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Corporate Law |
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0 | Hits : 456
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India, Lithuania sign DTAA to check tax evasion
Posted Date : 26-Jul-2011 , 09:24:50 pm | Posted By CASANSAAR
India and Lithuania on Tuesday signed an agreement for avoidance of double taxation to prevent tax evasion and exchange of banking information between the two countries.
The double taxation avoidance agreement (DTAA) provides that business profits would be taxable in the source country if t...
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Income Tax |
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India ranks 14th with $25 bn FDI in 2011: UN report
Posted Date : 26-Jul-2011 , 04:45:49 pm | Posted By CASANSAAR
India slipped to 14th spot in the list of countries that attracted the highest foreign direct investment last year, with inflows declining by about $10 billion to $25 billion, says a UN report.
India is ranked way below neighbouring China, which saw FDI inflows to the tune of $106 billion...
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Finance |
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Rate hike will hurt investor confidence: industry
Posted Date : 26-Jul-2011 , 02:07:28 pm | Posted By CASANSAAR
ndustry was united in its response to the rate hike announced by the Reserve Bank of India today, as several corporate leaders feared that the 50-basis-point increase in repo and reverse repo rates would see production and borrowing costs go up. Here is what some of them had to say:
Arvind ...
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RBI |
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Govt may soon appoint panel to clear asset buys abroad by PSUs
Posted Date : 26-Jul-2011 , 02:02:39 pm | Posted By CASANSAAR
The government is expected to soon appoint a high-power committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. Several public sector units (PSUs) in key infrastructure sectors like oil, coal and mines are scouting for ac...
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International Business |
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CAG says in process of finalising report on KG-D6 gas fields
Posted Date : 26-Jul-2011 , 02:01:06 pm | Posted By CASANSAAR
Government auditorCAG today said it is in the process of finalising its report on Reliance Industries'sKG-D6 gas fields. Refuting allegation by theReliance Industries that it was not given enough time to respond to the audit observations, Comptroller and Auditor General of India Vinod Rai said,...
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CAG |
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RBI Hikes Repo, Reverse Rpo by 50 BPS each, CRR Unchanged
Posted Date : 26-Jul-2011 , 11:23:42 am | Posted By CASANSAAR
RBI raised interest rates by a higher-than-expected 50 basis points on Tuesday, stepping up its fight against persistently high inflation despite slowing growth in Asia's third-largest economy. TheReserve Bank of India (RBI) increased therepo rate , at which it lends to banks, to 8 per cent, exceedi...
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Income Tax |
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0 | Hits : 345
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SEBI to dilute open offer norms in mergers and acquisitions
Posted Date : 26-Jul-2011 , 07:23:13 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) is likely to approve a diluted version of the draft takeover code aimed at overhauling India’s corporate acquisition regime. The market regulator is likely to bring down the mandatory open offer to 51% of the total shares from the recommended 1...
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Merger & Acquisitions |
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0 | Hits : 569
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Online Incorporation of Companies Within 24 Hours
Posted Date : 26-Jul-2011 , 07:17:19 am | Posted By CASANSAAR
In order to give ease to the corporate world to carry business within the country, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. Accordingly, to enable promoters to get their companies incorporated online within 24 hours, the incorporation proce...
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Corporate Law |
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0 | Hits : 659
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ICAI - Handbook on "The Process of E-filing of Income Tax Returns"
Posted Date : 26-Jul-2011 , 07:13:08 am | Posted By CASANSAAR
A Handbook on "The Process of E-filing of Income Tax Returns"
For more detail click here...
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ICAI |
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ICAI - Procedure for verification of answer books of Chartered Accountants-Final, PCE, IPCE/ATE-Units, Examinations
Posted Date : 25-Jul-2011 , 09:54:32 pm | Posted By CASANSAAR
Candidates who are desirous of applying for verification of the marks obtained by them in the May 2011 exams are requested to note and follow the procedure detailed below
The application for verification of marks must be in the handwriting of the candidate. If the candidate had appeared in Hindi me...
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Students Zone |
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Clarification form Finance Ministry: Exemption from filing returns is voluntary
Posted Date : 25-Jul-2011 , 12:55:32 pm | Posted By CASANSAAR
The finance ministry’s decision to exempt salaried people with taxable income up to Rs 5 lakh from filing returns has become a bane for some taxpayers. Though the ministry had clarified that it was not mandatory for taxpayers to avail of this privilege, some taxpayers willing to file returns d...
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Income Tax |
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0 | Hits : 1144
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Audit firms may also face action in Satyam-like cases
Posted Date : 25-Jul-2011 , 08:08:40 am | Posted By CASANSAAR
New Companies Bill to propose equal responsibility of auditors, firms. Unlike in the multi-crore Satyam fraud, audit firms will not be able to wash their hands of corporate scams perpetrated by companies in connivance with their partner auditors.
The Companies Bill, 2011, being finalised by...
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Auditing |
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