Multinational audit cos flouting rules: ICAI
Posted Date : 29-Sep-2011 , 08:25:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act, and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts.
A 168-page report prepared by the...
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ICAI |
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Sebi sets Rs 100-cr net worth floor for debentures
Posted Date : 29-Sep-2011 , 08:19:33 am | Posted By CASANSAAR
Companies issuing structured products or market-linked debentures should have a minimum net worth of at least Rs 100 crore, if they want them to be listed on the stock exchanges, the Securities and Exchange Board of India said on Wednesday.
The capital markets regulator also stipulated th...
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SEBI |
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Rich must be taxed more: Chidambaram
Posted Date : 28-Sep-2011 , 08:29:04 pm | Posted By CASANSAAR
Home Minister P. Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though “many people” would not like the idea.
“We must raise the tax revenue to defend (the expected aggregate decline of resources). I kno...
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Income Tax |
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ED to send team abroad to collect info on Hasan Khan's assets
Posted Date : 28-Sep-2011 , 08:25:55 pm | Posted By CASANSAAR
The Enforcement Directorate has decided to send a team of its investigators to Switzerland, Singapore, UAE and the UK to gather data on investments and assets of stud farm owner Hasan Ali Khan who is being probed for allegedly evading income tax of over Rs.50,000 crore.
The move h...
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Income Tax |
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PSUs may be asked to buy back govt equity: Finmin
Posted Date : 28-Sep-2011 , 08:23:29 pm | Posted By CASANSAAR
Amid volatility in the stock market, the Finance Ministry today said it is exploring other options, like asking PSUs to buy back equity, to help the government achieve the Rs 40,000-crore disinvestment target in the current fiscal."There are other options. There can be equity shrinkage.Many, many po...
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Finance |
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Multinational audit firms on ICAI's clean-up radar
Posted Date : 28-Sep-2011 , 08:34:36 am | Posted By CASANSAAR
The Institute of Chartered Accountants in India (ICAI) has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for an MCA and RBI inquiry into their accounts, reports CNBC-TV18's Pa...
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ICAI |
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0 | Hits : 1133
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RBI issues revised draft norms for securitisation of loans
Posted Date : 28-Sep-2011 , 08:33:07 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday issued revised draft norms to regulate the growth in securitisation of bank loans. This may increase the securitisation of retail assets like home and consumer durables.
The banking regulator has, for the first time, framed norms for bilateral sa...
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RBI |
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Sebi to revisit interest rate futures rules
Posted Date : 28-Sep-2011 , 08:31:12 am | Posted By CASANSAAR
Market regulator Sebi plans to liven up trading in interest rate futures (IRF) which was introduced a few years ago as a hedging tool to cover risks arising from rate fluctuations. Sources familiar with the development say that Sebi is considering several measures, like cash settlement in 10-ye...
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SEBI |
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CBI arrests Agra IT commissioner for duping NAFED
Posted Date : 28-Sep-2011 , 08:28:30 am | Posted By CASANSAAR
The CBI has arrested the income tax commissioner of Agra, Homi Rajvanshi, for allegedly cheating the National Agricultural Cooperative Marketing Federation of India (NAFED) of over Rs 167 crore when he was posted there as additional managing director of finance. Five others who c...
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Income Tax |
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0 | Hits : 911
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Anil's big plan: from stake sale to Reliance Bank
Posted Date : 28-Sep-2011 , 08:25:48 am | Posted By CASANSAAR
Anil Ambani is a dedicated marathon runner. That skill was in full display on Tuesday as he moved from one annual general meeting to another— four in all — from early morning to the evening.
In the process, the chairman of R-ADAG, now known as Reliance Group, spelled out his det...
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Shares & Stock |
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TRAI clears confusion over SMS limit, exempts certain services
Posted Date : 27-Sep-2011 , 12:40:01 pm | Posted By CASANSAAR
Regulator Trai today exempted various service providers, including the dealers of telecom operators, e-ticketing agencies and social networking sites, from the new limit of one hundred SMSes per day per SIM, which was imposed to block pesky calls and messages. On September 5, after much dela...
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Income Tax |
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Securities Appellate Tribunal upholds Sebi order against Axis Bank
Posted Date : 27-Sep-2011 , 08:24:02 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Monday upheld a Sebi order imposing a Rs 2-lakh fine on private lender Axis Bank, saying the same individual cannot be on the board of both the debenture trustee and the issuer. In 2009, the market regulator had found certain deficiencies in Axis Ba...
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SEBI |
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0 | Hits : 784
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Talks with 16 nations concluded to check flow of black money
Posted Date : 27-Sep-2011 , 08:21:41 am | Posted By CASANSAAR
India has initiated a process to negotiate with 74 countries to broaden the scope of the Article concerning exchange of information to specifically include banking information and information which has no domestic interest. "Negotiations/renegotiations of Double Tax Avoidance Agreements (DTAA) wit...
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Income Tax |
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0 | Hits : 646
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FinMin move to slim duty on stock trade
Posted Date : 27-Sep-2011 , 08:15:45 am | Posted By CASANSAAR
Aiming to provide relief to stock market investors facing negative cues of late, the finance ministry is planning to reduce duties on transactions in equities and currency derivatives. It is considering a cut in the securities transaction tax (STT) as well as a reduction in stamp duty on ‘fu...
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Shares & Stock |
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No plan to do away restriction of 100 SMSes, says TRAI
Posted Date : 26-Sep-2011 , 08:43:31 am | Posted By CASANSAAR
Telecom Regulation Authority of India, TRAI on Sunday said that there is no plan to do away the restriction of100 SMSes per SIM per day for all subscribers, except on festivals. Top TRAI sources said that in order to curb the menace of pesky calls and messages this recommendation will be appl...
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General |
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Indian bourses beat global leaders with CEO pay hike
Posted Date : 26-Sep-2011 , 08:42:26 am | Posted By CASANSAAR
The Indian stock exchanges may not rank high on international charts in terms of the volume of business done, but they have beaten global market leaders in terms of pay hikes given to their top executives.
The two largest stock exchanges of the world -- the NYSE Euronext and Nasdaq OMX...
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International Business |
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Mobile tariff hike: TRAI seeks info from service providers
Posted Date : 26-Sep-2011 , 08:37:10 am | Posted By CASANSAAR
Telecom Regulatory Authority of India, TRAI has sought additional information from leading service providers, including Bharti airtel and Vodafone, on their recent decision to hike mobile tariffs by up to 20 per cent. Telecom service providers like Bharti airtel, Idea Cellular, Vodafone and Reliance...
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General |
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Market value of top 9 companies drops; RIL, ONGC lose most
Posted Date : 25-Sep-2011 , 01:46:34 pm | Posted By CASANSAAR
Amid turmoil in the stock market last week, the combined market capitalisation (m-cap) of nine of the country's top-10 firms declined by Rs 70,961.76 crore, with Reliance Industries bearing the maximum loss. M-cap of RIL, the most valued firm, dropped by Rs 18,565 crore to Rs 2,52,361 crore last ...
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General |
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CAs to get new rules for auditing books of political parties
Posted Date : 24-Sep-2011 , 10:08:35 am | Posted By CASANSAAR
Call it corporatisation of political parties. Taking a step ahead towards introducing financial accountability among the political parties in India, the auditing regulator Institute of Chartered Accountants of India (ICAI) is set to issue guidelines on standard accounting norms to its member Chart...
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ICAI |
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HC clears service tax on commercial outlets
Posted Date : 24-Sep-2011 , 09:59:12 am | Posted By CASANSAAR
In a judgment, which will rake in money into government coffers, the Delhi high court on Friday ruled that tenants of properties rented out for commercial purposes are liable to pay service tax. A three judge special bench headed by Chief Justice Dipak Misra held that renting immovable property it...
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Service Tax |
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Panel rejects disclosure scheme, new Act to check black money
Posted Date : 24-Sep-2011 , 09:49:21 am | Posted By CASANSAAR
A government panel on Friday ruled out voluntary disclosure of income scheme (VDIS), framing a new Act and capital punishment as measures to deal with the issue of black money stashed abroad. The committee merely considered strengthening the administrative machinery and better sharing of intellige...
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Income Tax |
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ICAI Invites Suggestions for Pre-Budget Memorandum-2012
Posted Date : 22-Sep-2011 , 07:43:17 am | Posted By CASANSAAR
The Central Direct & Indirect Taxes Committees are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes – 2012 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Tax...
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ICAI |
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Draft on new SEZ rules soon;relook at land ceiling norms: Government
Posted Date : 22-Sep-2011 , 07:41:52 am | Posted By CASANSAAR
The Commerce Ministry on Wednesday said there is a need for a relook at the land ceiling rules for Special Economic Zones in view of protests against land acquisitions and it will shortly come out with a draft to bring changes in the SEZ Act of 2005. "There is a need (for a relook at) the SE...
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General |
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CBDT Chairman divests tax investigation portfolio to member
Posted Date : 22-Sep-2011 , 07:38:46 am | Posted By CASANSAAR
Nine months after the responsibility for Income Tax investigations was taken over by the Chairman of the Central Board of Direct Taxes (CBDT), the portfolio has now once again been vested with a separate member, in sync with the practice of previous years. The present Chairman of the Central...
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Income Tax |
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0 | Hits : 787
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Advance tax mop-up from top 100 cos grows 9.9% in Q2
Posted Date : 22-Sep-2011 , 07:35:27 am | Posted By CASANSAAR
Top companies and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter, reflecting the impact of slowdown. The other large companies which have paid lower taxes during the second quarter include IndianOil, Bh...
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Income Tax |
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0 | Hits : 684
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Sebi bans FIIs, brokers for GDR manipulation
Posted Date : 22-Sep-2011 , 07:33:36 am | Posted By CASANSAAR
Market regulator Sebi has banned five FIIs, five broking houses, six companies and several other related entities from the market for their role in stock price manipulation using the GDR route. In its 44 page order, released on Wednesday, Sebi directed India Focus Cardinal Fund, ...
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SEBI |
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Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow
Posted Date : 21-Sep-2011 , 05:36:52 pm | Posted By CASANSAAR
The Second round of consultations on the revised version of National Competition Policy will held tomorrow at FICCI, Federation House, Tansen Marg, New Delhi. The Union Minister for Corporate Affairs Dr. M.Veerappa Moily will chair the consultations. The consultations are a sequel to the consti...
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Corporate Law |
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XBRL: Accounting giants on backfoot
Posted Date : 21-Sep-2011 , 08:22:00 am | Posted By CASANSAAR
In what could come as a major blow to the big four accounting firms, companies filing their financial records and returns in XBRL —(extensible business reporting language)—a computer language for reporting financial statements—may be exempted from getting a certification on the s...
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Corporate Law |
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World economy enters 'dangerous new phase': IMF
Posted Date : 21-Sep-2011 , 08:20:44 am | Posted By CASANSAAR
The world economy has entered a ``dangerous new phase,'' according to the chief economist of the International Monetary Fund. As a result, the international lending organization has sharply downgraded its economic outlook for the United States and Europe through the end of next year. The IMF exp...
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International Business |
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Automatic service tax refund for exporters on anvil: CBEC
Posted Date : 21-Sep-2011 , 08:07:58 am | Posted By CASANSAAR
In a move that will bring cheers to exporters, the government today said it was working on a system to automatically transfer service tax refunds in their accounts.
"We are at a very advanced stage of preparing a software which would provide refunds of service tax to exporters automatical...
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Service Tax |
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0 | Hits : 850
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