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Posted Date : 12-Dec-2014 , 09:08:33 pm | Posted By CASANSAAR
The government Friday introduced a bill in the Lok Sabha to amend the companies law. The Companies (Amendment) Bill 2014 was introduced by Finance Minister Arun Jaitley. There are as many as 14 changes proposed in various provisions of the companies law passed b...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 552
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Posted Date : 12-Dec-2014 , 08:38:47 am | Posted By CASANSAAR
In a setback to the Centre, states Thursday rejected the draft Goods and Services Tax (GST) Bill saying it does not address their concerns, particularly on entry tax and taxation of petroleum products. At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring pe...
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Posted Date : 12-Dec-2014 , 08:34:34 am | Posted By CASANSAAR
Reserve Bank has asked the Finance Ministry for a review of priority sector lending norms which the foreign banks find difficult to follow under the wholly-owned subsidiary model. Under the wholly-owned subsidiary model, a framework for which has been put in place by RBI last year, ...
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Posted Date : 12-Dec-2014 , 08:26:31 am | Posted By CASANSAAR
Government appointed four senior IRS officers, including two women officials, as the new Members of theCentral Board of Direct Taxes (CBDT) -- the apex authority of the Income Tax department. The posts, of the seven-member apex body, have been lying vacant for over ...
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Posted Date : 12-Dec-2014 , 07:53:48 am | Posted By CASANSAAR
Regulation 5 (3) of the Chartered Accountants Regulations, 1988 provides for eligibility to become a fellow member of the Institute on the basis of service in specified industries and organizationsAn associate member is eligible for admission as a Fellow Member if he/she satisfies the eligibility co...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1129
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Posted Date : 11-Dec-2014 , 08:46:04 am | Posted By CASANSAAR
The service tax rules for audit of companies have been tightened by making the access to registered premises of the assesses and reports more rigid and discretionary for the tax officers. In a recent amendment made by the department, the time limit given for the assesses to submit i...
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Posted Date : 11-Dec-2014 , 08:45:02 am | Posted By CASANSAAR
To help expand reach of mutual funds, regulator Sebi has allowed their distributors to use the stock exchange platform for non-demat transactions as well for sale or redemption of these financial products.The move comes over one year after Sebi allowed MF distributors to use stock exchange infrastru...
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Posted Date : 10-Dec-2014 , 10:16:53 pm | Posted By CASANSAAR
British telecom giant Vodafone's tax woes continue, with the tax appellate tribunal ruling on Wednesday that the tax department was within its jurisdiction in the Rs 8,500 croretransfer pricing tax dispute involving the sale of its call centre business to Hutchison in 2007. The ...
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Posted Date : 10-Dec-2014 , 10:12:17 pm | Posted By CASANSAAR
The states will receive Rs.11,000 crore this fiscal towards partial compensation of the losses suffered by them for reduction in central sales tax (CST), Finance Minister Arun Jaitley said Wednesday. Observing that there has been a "trust deficit" with the states on this count del...
Continue Reading... Category : GST | Comments : 0 | Hits : 234
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Posted Date : 10-Dec-2014 , 09:33:42 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for allowing Public Sector Banks (PSBs) to raise capital to meet their additional capital requirements under BASEL-III by diluting Government holding upto 52 percent in a phased manner. Out of 27 PSBs, ...
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Posted Date : 10-Dec-2014 , 08:34:08 am | Posted By CASANSAAR
The Delhi high court in a recent order said that tax information of private limited companies is confidential data and exempt from disclosure under the Right To Information (RTI) Act. Currently, individuals are exempt from such disclosure, and the ruling extends the definition of individual in this ...
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Posted Date : 10-Dec-2014 , 08:26:11 am | Posted By CASANSAAR
The government on Tuesday said that broad agreement has been achieved with the states on most of the issues concerning the implementation of Goods and Services Tax (GST) which is scheduled to be rolled out from April 1, 2016.The states, minister of state for finance Jayant Sinha said, will be &ldquo...
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Posted Date : 10-Dec-2014 , 08:21:05 am | Posted By CASANSAAR
Research analysts employed with a research firm or a brokerage house are not required to obtain registration certificate from the capital market regulator Sebi. However, firms that employ these analysts are required to obtain the certificate, the Sebi clarified on Tuesday. "The individuals empl...
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Posted Date : 10-Dec-2014 , 08:14:15 am | Posted By CASANSAAR
In a major relief to the leading mobile phone service providers, the Karnataka High Court has ruled that they are not liable to deduct tax at source on the discount given to the distributors while supplying them in bulk pre-paid cards and related starter-kits and recharge vouchers. A Divisi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 304
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Posted Date : 09-Dec-2014 , 09:37:54 pm | Posted By CASANSAAR
Preference of e-Journal over Hard Copy of JournalKind Attention: All Members of ICAI The Office of Editorial Board, of late, had received requests from some of the ICAI members asking us to stop sending free (mandatory) hard copy of the Journal and begin sending the soft copy instead. The Editorial...
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Posted Date : 09-Dec-2014 , 09:35:11 pm | Posted By CASANSAAR
The number of companies registered during the first five months of this financial year (2014-15) was 21,260, as against 43,601 companies registered during the corresponding period of the previous year. Month-wise registration of companies is indicated in the Table below: Table Number of Companies ...
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Posted Date : 09-Dec-2014 , 08:44:37 am | Posted By CASANSAAR
In an indication of high demand for accountancy professionals, companies have recruited 952 chartered accountants with an average annual pay package of around Rs 7.28 lakh through ICAI campus placement. The offers were made by companies during the placement programme, conducted across 19 citi...
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Posted Date : 08-Dec-2014 , 06:57:06 pm | Posted By CASANSAAR
The Special Economic Offences Wing court of Nampally in Hyderabad convicted former Chairman of Satyam, Ramalinga Raju in Hyderabad on Monday. Ramalinga Raju, along with brother Rama Raju and eight others have been slapped a fine of Rs 5 lakh and 6 months of imprisonment for fraud. &...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1959
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Posted Date : 08-Dec-2014 , 08:48:00 am | Posted By CASANSAAR
The convergence of Indian accounting practices with the International Financial Reporting Standards, set to begin in the next financial year, will give a boost to FDI inflows to the country, says K. Raghu, president of the Institute of Chartered Accountants of India. The adoption of Indian ...
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Posted Date : 06-Dec-2014 , 07:01:46 am | Posted By CASANSAAR
The Supreme Court set up a special 'Social Justice Bench' to exclusively hear cases concerning social issues particularly those related to women, children and underprivileged saying that specialized approach is needed for dealing with these matters. Emphasizing that judiciary needs to be proa...
Continue Reading... Category : General | Comments : 0 | Hits : 816
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Posted Date : 06-Dec-2014 , 06:55:46 am | Posted By CASANSAAR
When it comes to flow of black money, real estate business accounts for a major chunk of of such illicit funds, accounting regulator ICAI has told the government while seeking urgent steps to check this menace. In a representation made to Finance Minister Arun Jaitley, the Institute of Chartere...
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Posted Date : 06-Dec-2014 , 06:35:24 am | Posted By CASANSAAR
Tax authorities detected as many as 672 cases of tax evasion, in the current financial year through September, valued at Rs 1,379.57 crore, Finance Minister Arun Jaitley informed th Parliament on Friday. In the last three financial years, 4,590 cases involving cross border tax evasion of Rs...
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Posted Date : 06-Dec-2014 , 06:21:38 am | Posted By CASANSAAR
ATMs installed by state-owned banks will soon have the facility for issuing the transaction receipt in Hindi, finance minister Arun Jaitley said on Friday in response to a question in the Lok Sabha. "The government has instructed public sector banks (PSBs) to install those...
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Posted Date : 05-Dec-2014 , 07:46:14 am | Posted By CASANSAAR
Domestic tax-payers can now apply for an ‘advance ruling’ to understand tax liability on their transactions. The Central Board of Direct Taxes (CBDT) has enabled the facility, which till now was open only to non-resident Indians. With this facility, taxpayers can get a view upfr...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1021
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Posted Date : 05-Dec-2014 , 07:27:21 am | Posted By CASANSAAR
In a bid to curb exploitation of CA students at the hands of coaching classes, the Institute of Chartered Accountants of India has announced that students appearing for any CA exam and writing answers other than those provided in the ICAI syllabus will be marked wrong. The announcement was ...
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Posted Date : 04-Dec-2014 , 09:59:54 pm | Posted By CASANSAAR
Considerations of professional fulfilment and a desire to pursue higher studies have trumped offers of eight-figure salaries during placements at IIT Kanpur as four students chose to turn down jobs which would have paid them more than Rs 1 crore yearly. It is not everyday that a job-seeker ...
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Posted Date : 04-Dec-2014 , 05:40:47 pm | Posted By CASANSAAR
In accordance with the provisions of sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and Audited Accounts of the Institute for the year 2013-2014 is required to be published in the Gazette of India latest by 30th September, 2014. Accordingly, the sa...
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Posted Date : 04-Dec-2014 , 08:47:08 am | Posted By CASANSAAR
A new curriculum for chartered accountancy course will become a reality by 2016. It would be a modern and global curriculum to meet the changing industry expectations, K. Raghu, president of the Institute of the Chartered Accountants of India (ICAI), said here on Tuesday. In a medi...
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Posted Date : 04-Dec-2014 , 08:43:38 am | Posted By CASANSAAR
The rights of banking customers got a fillip on Wednesday with the Reserve Bank of India (RBI) releasing a charter enshrining these. According to the notification, “The customer should not be unfairly discriminated against on grounds such as gender, age, religion, caste and physical ability w...
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Posted Date : 03-Dec-2014 , 11:00:56 pm | Posted By CASANSAAR
To help attract foreign funds in construction of townships, hospitals and hotels, the government on Wednesday relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been noti...
Continue Reading... Category : Finance | Comments : 0 | Hits : 242
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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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