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Posted Date : 19-Dec-2014 , 09:05:35 pm | Posted By CASANSAAR
All activities connected with conduct of examinations by the Institute of Chartered Accountants of India and the Institute of Cost Accountants of India including setting of papers, valuation, pass percentage, declaration of results etc. are undertaken by the Institutes themselves. Accordingly, Centr...
Continue Reading... Category : Students Zone | Comments : 1 | Hits : 1714
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Posted Date : 19-Dec-2014 , 06:10:46 pm | Posted By CASANSAAR
The Goods & Services Tax Bill was on Friday introduced in the Lok Sabha. The bill aims to provide a major taxation reform by introducing a national sales tax that will replace a large number of overlapping state duties that deter investment. Finance Minister Arun Jaitley said interests ...
Continue Reading... Category : GST | Comments : 1 | Hits : 527
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Posted Date : 19-Dec-2014 , 07:55:43 am | Posted By CASANSAAR
Chartered Accountants' body ICAI today said it would soon come out with a guidance note for its members on fraudreporting, a day after the Lok Sabha cleared amendments to the companies law. One of the amendment is to introduce a minimum threshold level for reporting frauds at c...
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Posted Date : 18-Dec-2014 , 08:37:35 am | Posted By CASANSAAR
The Lok Sabha, the lower house of the Parliament, has passed the Companies (Amendment) Bill, 2014, which will make it easier for corporates to do business and to ensure severe punishment for illegal money pooling activities, among other things. The amendments have been proposed in order to ...
Continue Reading... Category : Corporate Law | Comments : 1 | Hits : 2853
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Posted Date : 18-Dec-2014 , 08:23:40 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi), in a fresh effort to locate Sahara investors eligible for refunds, has asked bond-holders to submit their claims by January 2015 along with necessary proof of their investments. The latest exercise follows a similar attempt made by Sebi in ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 543
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Posted Date : 17-Dec-2014 , 10:23:39 pm | Posted By CASANSAAR
The Cabinet today approved the Constitution Amendment Bill on Goods and Services Tax (GST), clearing the way for its introduction in ongoing session of Parliament to bring about long-pending indirect tax reforms. The Bill was approved by the Cabinet late this evening and it is likely to be ...
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Posted Date : 17-Dec-2014 , 10:12:07 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) has imposed monetary penalty on two banks (ICICI Bank and Bank of Baroda) and cautioned three banks (State Bank of India, Axis Bank and State Bank of Patiala) for violating Know Your Customer (KYC)/ Anti Money Laundering (AML) instructions. ICICI Bank and Bank of...
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Posted Date : 17-Dec-2014 , 05:26:03 pm | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the Companies amendment Bill, 2014, which provides for severe punishment for those raising illegal deposits from the public. The Union Cabinet had approved the amendments earlier this month. Under the new norms proposed, the paid-up capital criteria has been scrap...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 1432
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Posted Date : 17-Dec-2014 , 05:12:33 pm | Posted By CASANSAAR
The corporate affairs ministry has ruled out changing aCompanies Act provision prohibiting an auditor from handling the books of more than 20 companies in a year. This provision would not be changed, said an official. The new Companies Act says a person shall not be e...
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Posted Date : 17-Dec-2014 , 03:08:13 pm | Posted By CASANSAAR
FOR THE ATTENTION OF THE MEMBERSILLUSTRATIVE FORMATS OF THE ENGAGEMENT LETTER FOR AUDIT OF FINANCIAL STATEMENTS UNDER THE COMPANIES ACT, 2013 AND THE RULES THEREUNDER The Auditing and Assurance Standards Board is issuing the following illustrative formats for engagement letter for audit of Fi...
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Posted Date : 17-Dec-2014 , 09:17:57 am | Posted By CASANSAAR
The Bombay High Court has upheld the levy of service tax on services provided by lawyers and law firms, to their business clients. Thus, business entities who hire lawyers and law firms will have to continue to pay service tax and also deposit it with the government.&nb...
Continue Reading... Category : Service Tax | Comments : 1 | Hits : 1127
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Posted Date : 17-Dec-2014 , 09:17:49 am | Posted By CASANSAAR
State-run banks saw a marked rise in incidents of fraud in the first three months of this fiscal, a list compiled by the government shows, adding to concerns over the management of these lenders.The data shows that fraudsters cheated these banks of Rs 2,417 crore of public money between April and Ju...
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Posted Date : 17-Dec-2014 , 09:17:39 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2014. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2014, can file the same now. ...
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Cabinet likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on WednesdayPosted Date : 16-Dec-2014 , 10:17:36 pm | Posted By CASANSAAR
The Union Cabinet is likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on Wednesday. The Government aims to introduce the Bill in the ongoing session of Parliament. The Bill, once, approved by Parliament, will need the nod from at least 50 per cent State As...
Continue Reading... Category : GST | Comments : 0 | Hits : 314
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Posted Date : 16-Dec-2014 , 10:07:24 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley will hold pre-budget consultations with different stakeholders including trade unions, financial institutions and economists beginning January 6. Jaitley, who would be presenting his second Budget in February end, will hold pre-budget discussions with industry ...
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Posted Date : 16-Dec-2014 , 05:14:07 pm | Posted By CASANSAAR
Further, PAN has been allotted to around 17 crore entities while I-T returns have been filed by only 3.5 crore entities. The gap between PAN card holders and number of taxpayers is growing over time. While the number of PAN card holders increased by 175 per cent during FY2005-06 to FY20 10-11, the n...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1686
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Posted Date : 16-Dec-2014 , 08:51:28 am | Posted By CASANSAAR
To promote electronic payments, the Reserve Bank increased RTGS business hours to 12 hours from 8 am to 8 pm on weekdays, effective December 29. On Saturdays, the RTGS (real time gross settlement) system of online fund transfer will be open from 8 am to 3.30 pm, the RBI said in a circul...
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Posted Date : 15-Dec-2014 , 05:41:46 pm | Posted By CASANSAAR
ICAI, the apex body of chartered accountants, will help Employees' Provident Fund Organisation(EPFO) to migrate to accrual accountingsystem. In this regard, the Institute of Chartered Accountants of India (ICAI) would take up a pilot project for EPFO. A Memorandum of Understandin...
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Posted Date : 15-Dec-2014 , 04:10:42 pm | Posted By CASANSAAR
Admit Cards for the Information Systems Audit Assessment Test (ISA-AT) scheduled to be held on 27th December, 2014 have been released. Kindly visit http://isaat.icaiexam.icai.org to download the same....
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Posted Date : 15-Dec-2014 , 06:49:48 am | Posted By CASANSAAR
A major reshuffle has been effected in the CBDT, with the board's Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and blackmoney. The charge of I-T investigations, usual...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 484
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Posted Date : 15-Dec-2014 , 06:37:49 am | Posted By CASANSAAR
The RBI has released a charter of customer rights that lays down five basic rights that bank customers enjoy. Though a framework laying down service standards already exists, industry-watchers feel a direct intervention from the RBI could make the process more robust. "This will also simplify the pr...
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Posted Date : 15-Dec-2014 , 06:29:59 am | Posted By CASANSAAR
A Parliamentary committee has rapped the income tax department for the rising uncollected tax demand and “lack of sustained efforts” on its part to recover the pending amount, which rose to Rs 4.86 lakh crore in 2012-13 from Rs 4.08 lakh crore in 2011-12. According to the figure...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 337
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Posted Date : 14-Dec-2014 , 08:46:18 pm | Posted By CASANSAAR
The Delhi high court has refused to prohibit astrology-based shows on television while saying it was not in its domain to prescribe what the programming code should be. A division bench of Chief Justice G Rohini and Justice R S Endlaw, which was hearing a petition filed by NGO Sai Lok Kalyan ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 344
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Posted Date : 14-Dec-2014 , 07:58:43 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), which was zealously maintaining its quality by limiting the number of chartered accountants should try to increased its members as the nation needed them, said Nirmala Sitharaman, union minister of state for commerce and industry, on Saturday.&...
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Posted Date : 13-Dec-2014 , 07:21:19 am | Posted By CASANSAAR
The Government will not fritter away its energies on small corporate frauds, but will concentrate on those which are material or serious in nature. The Companies (amendment) Bill introduced by Arun Jaitley, Minister for Finance, Corporate Affairs, and Information & Broadcasting, in the Lok Sabha...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 805
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Posted Date : 13-Dec-2014 , 07:12:33 am | Posted By CASANSAAR
Shah Rukh Khan has obtained a clean chit from the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which in its recent order has held that tax avoidance was not the motive %behind the actor giving a substantial interest-free loan to wife. The ITAT also held that residential h...
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Posted Date : 12-Dec-2014 , 10:24:11 pm | Posted By CASANSAAR
The government is not considering implementing Banking Transaction Tax to replace all taxes in the country, Parliament was informed on Friday. Banking Cash Transaction Tax (BCTT) was introduced in June 2005 to track unaccounted money and trace its source and destination, but was withdrawn i...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 387
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Posted Date : 12-Dec-2014 , 10:21:19 pm | Posted By CASANSAAR
The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk –> Submit Grievance–> CPC then from the drop down select Assessment Year, category and sub category of the grievance. www.incometax...
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Posted Date : 12-Dec-2014 , 10:20:26 pm | Posted By CASANSAAR
The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 710
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Posted Date : 12-Dec-2014 , 10:17:33 pm | Posted By CASANSAAR
If you have forgotten your e-Filing login password and you are unsuccessfull with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank. ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1309
- 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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