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Posted Date : 12-May-2015 , 09:36:07 pm | Posted By CASANSAAR
In the year 2007, the Institute of Chartered Accountants of India (ICAI), issued Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement and Accounting Standard (AS) 31, Financial Instruments: Presentation. Both of these Accounting Standards were to come into effect in respec...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 433
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Posted Date : 12-May-2015 , 01:21:06 pm | Posted By CASANSAAR
An earthquake measuring 7.1 on the Richter scale had hit Nepal and many parts of North India with the impact being felt up in Delhi, West Bengal and Assam. The USGS has also reported about another quake with its epicentre in Afghanistan measuring 4.7 on the Richter scale. On 26 April, a massive 7.9...
Continue Reading... Category : General | Comments : 0 | Hits : 429
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Posted Date : 12-May-2015 , 08:04:46 am | Posted By CASANSAAR
The Reserve Bank of India has asked all public sector banks, some private sector and foreign banks to appoint an internal ombudsman. The internal ombudsman who would be designated Chief Customer Service Officer (CCSO) should not have worked in the bank in which he/she is appointed as CCSO, the ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 655
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Posted Date : 12-May-2015 , 08:00:31 am | Posted By CASANSAAR
To check insider trading menace, market regulator Sebi asked listed companies to disclose details of securities held by promoters, directors, key management personnel and their relatives and other connected persons, before and after assuming such roles. Besides, the companies will have...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 315
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Posted Date : 12-May-2015 , 07:55:55 am | Posted By CASANSAAR
With the one-person-company (OPC) concept not finding enough takers, the government is simplifying the registration procedure and reducing penalties to encourage small entrepreneurs to corporatise their businesses. Introduced in April 2014 under the new Companies Act, the OPC concept was se...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 400
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Posted Date : 11-May-2015 , 10:29:01 pm | Posted By CASANSAAR
The black money Bill was passed by the Lok Sabha on Monday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxation of...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 1201
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Posted Date : 11-May-2015 , 10:24:45 pm | Posted By CASANSAAR
In a move to pacify investors, the income tax department has said in a statement that it will hold off from issuing new demands to foreign investors for payment of the controversial minimum alternate tax or MAT, and will take no coercive action to pursue claims that have already been filed. 1) Th...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 245
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Posted Date : 11-May-2015 , 10:07:08 pm | Posted By CASANSAAR
Lok Sabha on Monday passed a bill to deal with black money stashed abroad through high monetary penalty and criminal prosecution with the government allaying fears that innocent people could be harassed under the proposed “deterrent” law. Piloting the Undisclosed Foreign Income and ...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 342
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Posted Date : 11-May-2015 , 08:44:58 am | Posted By CASANSAAR
The CBI has launched a preliminary enquiry against DGIT-Investigation (Mumbai) Suresh Jandhyala. In January, the CBI had busted a bribery scandal in the I-T department's investigation wing in Chennai and had arrested a joint commissioner along with two Chartered Accountants and a few others. The...
Continue Reading... Category : Chartered Accountant | Comments : 0 | Hits : 1668
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Posted Date : 11-May-2015 , 08:33:42 am | Posted By CASANSAAR
To speed up disciplinary action against erring members, the apex body of chartered accountants ICAI is looking to complete most of the 120-odd pending cases this year. There have been some instances such as the Satyam case where the institute took stern action against some of its members fo...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 692
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Posted Date : 11-May-2015 , 08:23:16 am | Posted By CASANSAAR
The Finance Ministry is likely to come out with simplified Income Tax Return (ITR) forms by the end of this month which may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance. The simplified form, which is being brought after the earlier versio...
Continue Reading... Category : ITR | Comments : 0 | Hits : 647
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Posted Date : 11-May-2015 , 08:20:42 am | Posted By CASANSAAR
The government is set to bring the Goods and Services Tax, GST bill, before the Rajya Sabha today which aimed at reforming of India's indirect tax regime. The bill was last week passed by the Lok Sabha with a two-thirds majority of the members present and voting as required for a constitutional ...
Continue Reading... Category : GST | Comments : 0 | Hits : 340
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Posted Date : 09-May-2015 , 08:48:50 am | Posted By CASANSAAR
The Income Tax department filed 12 complaint petitions before Chief Judicial Magistrate, N. Muralidharan, in Coimbatore on Friday, seeking action against three persons for alleged evasion of Income tax to the tune of more than Rs. 22 crore, over a period of two to seven years. The complaint pet...
Continue Reading... Category : Chartered Accountant | Comments : 1 | Hits : 3727
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Posted Date : 09-May-2015 , 08:42:13 am | Posted By CASANSAAR
Dear Professional Colleague We, on behalf of the grief stricken and financially troubled family of our professional colleague, Late CA Naresh Kumar Sehra, M.No. 091959 would humbly request you all for a contribution on humanitarian grounds. The details of the case are given in...
Continue Reading... Category : CA | Comments : 1 | Hits : 1731
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Posted Date : 09-May-2015 , 07:58:25 am | Posted By CASANSAAR
The new Income Tax Return (ITR) forms which the tax department released have invited much clamor and discussion. While the tax department is working on a refreshed form or possibly a clarification on the forms it released, here's a quick check on what to expect. An abysmally low percentage of...
Continue Reading... Category : ITR | Comments : 0 | Hits : 791
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Posted Date : 08-May-2015 , 08:54:56 pm | Posted By CASANSAAR
The Empowered Committee of state finance ministers on GST have reached a consensus on issues related to imports, registration and authorised GST network company to go ahead with preparation of IT platform for GST. The two-day meet which ended here today also agreed to share the cost of GSTN by th...
Continue Reading... Category : GST | Comments : 0 | Hits : 436
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Posted Date : 08-May-2015 , 08:15:20 am | Posted By CASANSAAR
With fund diversion by corporates and non-performing assets (NPAs) of banks on the rise, the Reserve Bank of India (RBI) has decided to introduce the concept of a Red Flagged Account (RFA) in a bid to minimise frau risks. An RFA account is one where a suspicion of fraudulent activity ...
Continue Reading... Category : NPA | Comments : 0 | Hits : 677
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Posted Date : 07-May-2015 , 09:09:26 pm | Posted By CASANSAAR
CA Exams - Date Sheet for Special Examination in Kathmandu (Nepal). No. 13-CA (EXAM)/M/2015/I: - In continuation to the Institute’s Notification No. 13-CA (EXAM)/M/2015 dated 20th January, 2015, it is notified for the general information that Intermediate (IPC) and Final Examinations schedule...
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Posted Date : 07-May-2015 , 08:31:23 am | Posted By CASANSAAR
The government on Wednesday passed the key economic reform Goods and Services Tax (GST) regime in the Lok Sabha amid a walkout by the Congress. However, the Modi government will face the Opposition hurdle when the legislation will be taken up in Rajya Sabha on Thursday. The Bill ...
Continue Reading... Category : GST | Comments : 1 | Hits : 786
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Posted Date : 07-May-2015 , 08:24:25 am | Posted By CASANSAAR
The banking sector's asset quality woes further worsened in the last one year, with gross non-performing asset (GNPA) ratio inching to 4.45 per cent as on March 15 this year, as compared to 4.1 per cent in March 2014, according to the latest data released by the Reserve Bank of India (RBI). H...
Continue Reading... Category : NPA | Comments : 0 | Hits : 418
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Posted Date : 07-May-2015 , 08:07:56 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to allow the Real Estate Investment Trusts (REITs) as an eligible financial instrument / structure under the Foreign Exchange Management Act (FEMA) 1999. The approval is expected to enable foreign in...
Continue Reading... Category : FEMA | Comments : 0 | Hits : 676
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Posted Date : 06-May-2015 , 09:20:02 pm | Posted By CASANSAAR
1. The basic principal governing behind GST is to have single Taxation System for Goods and Services across the country. Currently Indian economy has various taxes on Goods and services such as VAT, Service Tax, Excise, Entertainment Tax, Luxury Tax Etc. Now in the new Proposal of GST; we will be ha...
Continue Reading... Category : GST | Comments : 0 | Hits : 2005
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Posted Date : 06-May-2015 , 08:58:00 pm | Posted By CASANSAAR
No.13-CA(EXAM)/ISA/J/2015: - In pursuance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test (which is open to the members of the Institu...
Continue Reading... Category : ICAI Notification | Comments : 0 | Hits : 963
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Posted Date : 06-May-2015 , 04:55:51 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the GST Constitutional Amendment Bill. Meanwhile, Union Finance Minister Arun Jaitley said that GST will reduce prices in the long run and boost economic growth. "I don't forsee any state losing revenue after roll out of GST," Jaitley said. ...
Continue Reading... Category : GST | Comments : 0 | Hits : 852
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Posted Date : 06-May-2015 , 08:06:55 am | Posted By CASANSAAR
Representatives of the professional bodies for Chartered Accountants (CAs), company secretaries and cost accountants will soon get a chance to work together in a limited liability partnership (LLP) firm offering a variety of services to their clients. The three professional bodies are in the last...
Continue Reading... Category : MDP | Comments : 0 | Hits : 1753
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Posted Date : 06-May-2015 , 07:56:08 am | Posted By CASANSAAR
The Supreme Court on Tuesday sought response from the Centre, RBI and others on a petition challenging the government’s move to appoint private bank executives to head five public sector banks. A bench headed by Justice AR Dave also sought reply from the five public sector banks — B...
Continue Reading... Category : Income Tax | Comments : 1 | Hits : 513
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Posted Date : 05-May-2015 , 10:44:37 pm | Posted By CASANSAAR
After commencement of various provisions of the Companies Act, 2013 and rules thereunder, various issues received from Industry Chambers and stakeholders were examined in consultation with stakeholders. In order to address the issues received, certain rules have been amended. The compliance norms, w...
Continue Reading... Category : Companies Act | Comments : 0 | Hits : 845
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Posted Date : 05-May-2015 , 10:14:13 pm | Posted By CASANSAAR
The Government had commissioned a study, inter alia, on estimation of unaccounted income and wealth inside and outside the country, which was conducted by National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financia...
Continue Reading... Category : Black Money | Comments : 0 | Hits : 493
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Posted Date : 05-May-2015 , 10:10:59 pm | Posted By CASANSAAR
As tax rates during Goods and Services Tax (GST) regime will be closely aligned to the Revenue Neutral Rates (RNR) of the Centre and the States, the revenues of the Central and State Governments will not be impacted in the long run. To help States in the transition phase, the Constitution (122nd Ame...
Continue Reading... Category : GST | Comments : 0 | Hits : 523
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Posted Date : 05-May-2015 , 10:02:41 pm | Posted By CASANSAAR
Section 80E of the Income-tax Act, 1961 provides that in computing the total income of an individual, their shall be allowed a deduction of the amount paid by way of interest on loan taken by him from any financial institution or approved charitable institution for the purpose of pursuing his own hi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 449
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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