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Posted Date : 30-Oct-2014 , 09:05:48 pm | Posted By CASANSAAR
The government has not given extension to Punjab National Bank Chairman and Managing Director K R Kamath after he completed his 5-year term in the PSU bank yesterday. As per the government rules, the CMD and Directors are appointed in public sector entities for a period of five years or u...
Continue Reading... Category : Banking | Comments : 0 | Hits : 415
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Posted Date : 30-Oct-2014 , 09:05:31 pm | Posted By CASANSAAR
Market regulator Sebi or Securities and Exchange Board of India has notified new ESOP or employee stock options regulations, including for purchase of shares by employee welfare trusts from the secondary market with adequate safeguards.Sebi has allowed companies to have employee stock option program...
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Posted Date : 30-Oct-2014 , 09:05:16 pm | Posted By CASANSAAR
The Gurgaon police on Monday booked a man for allegedly hacking an income tax returns account of an employee in March this year.The police said Deepak Rao, a resident of Sector 17A, had filed a complaint at the Sector 18 police station, alleging that his password had been changed by an unknown perso...
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Posted Date : 29-Oct-2014 , 04:05:37 pm | Posted By CASANSAAR
In a major step forward in the black money case, the Central government on Wednesday submitted before the Supreme Court a list of names of Indians having accounts in foreign banks. In total, the Centre has placed before the apex court in a sealed envelope names of 627 Indians who have account...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 406
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Posted Date : 29-Oct-2014 , 08:52:55 am | Posted By CASANSAAR
The Goa government has said it will launch a criminal investigation against those mining firms that are not cooperating with a state-appointed panel of chartered accountants looking into the financial transactions related to iron ore extraction and export between 2005-2012. The findings of the ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 599
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Posted Date : 29-Oct-2014 , 07:53:58 am | Posted By CASANSAAR
Senior IRS officer Anita Kapur is tipped to be the new chairperson of Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department. Kapur, a 1978-batch officer of the Income Tax cadre, is currently serving as Member of Legislation and Computerisation and Income Ta...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 656
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Posted Date : 28-Oct-2014 , 05:22:29 pm | Posted By CASANSAAR
In a major development, the Supreme Court on Tuesday ordered the central government to reveal by Wednesday the names of all Indian account holders in foreign banks. Resuming its hearing in the black money case, the SC pulled up government for seeking modification of its order on disclosing names of...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 541
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Posted Date : 28-Oct-2014 , 05:19:42 pm | Posted By CASANSAAR
State Bharatiya Janata Party (BJP) chief Devendra Fadnavis was on Tuesday elected the new chief minister of Maharashtra. BJP workers celebrate the party's victory in Maharashtra assembly polls, wearing masks of state president Devendra Fadnavis. (PTI photo) Fadnavis, 44, wa...
Continue Reading... Category : General | Comments : 0 | Hits : 372
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Posted Date : 28-Oct-2014 , 08:28:06 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning. "Good governance is the exercise of power, within the framework of the Constitu...
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Posted Date : 28-Oct-2014 , 08:26:24 am | Posted By CASANSAAR
President Pranab Mukherjee, who inaugurated the 27th conference of Accountants General here on Monday, said audit institutions play an enabling role in ushering in good governance in democratic functioning. "Good governance is the exercise of power, within the framework of the Constitu...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 192
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Posted Date : 28-Oct-2014 , 08:16:53 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India has approached the Enforcement Directorate (ED) to look into alleged round-tripping of funds by large corporate houses. SEBI is also awaiting more data from the UK’s Financial Services Authority before taking any decision. FEMA v...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 695
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Posted Date : 28-Oct-2014 , 08:13:09 am | Posted By CASANSAAR
Kaushal Srivastava is set to become the new Chairman of the Central Board of Excise and Custom (CBEC), the apex policy making body of indirect taxes. Srivastava, a 1978 batch Indian Revenue Service officer and senior-most in the board after the present chairperson, is at present Member (bud...
Continue Reading... Category : Excise | Comments : 0 | Hits : 710
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Posted Date : 28-Oct-2014 , 08:09:34 am | Posted By CASANSAAR
The government on Monday cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government.In a statement released late on Monday, the finance ministry said the decision was taken after a committee set up to exam...
Continue Reading... Category : Banking | Comments : 0 | Hits : 779
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Posted Date : 27-Oct-2014 , 04:46:19 pm | Posted By CASANSAAR
In an important revelation, the central government on Monday released names of three persons holding accounts in foreign banks currently under the scrutiny of the income tax authority. Pradip Burman (former director, Dabur India Limited), Pankaj Chimanlal Lodhiya (chief promoter of Rajkot-bas...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 433
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Posted Date : 27-Oct-2014 , 08:10:27 am | Posted By CASANSAAR
Twenty-five banks including Italy's Banca Monte dei Paschi di Siena SpA failed a stress test led by the European Central Bank, which said almost half of them must act to raise more capital. The central bank in Frankfurt identified a 25 billion-euro shortfall ($32 billion) for the region's lenders, a...
Continue Reading... Category : Banking | Comments : 0 | Hits : 490
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Posted Date : 27-Oct-2014 , 08:02:42 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today said it plans to launch its new curriculum by 2016, which would be a global one in future. "The Committee on Review of Education and Training is in the process of finalising the curriculum and suggestions and feedback have...
Continue Reading... Category : Students Zone | Comments : 0 | Hits : 1430
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Posted Date : 27-Oct-2014 , 07:56:00 am | Posted By CASANSAAR
Corporate contributions towards Narendra Modi-led Government’s two key initiatives of Swachh Bharat and Clean Ganga will now be counted as CSR spend. The Corporate Affairs Ministry has amended Schedule VII of Companies Act to specify that contributions to ‘Swachh Bharat Kosh&rsq...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 465
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Posted Date : 25-Oct-2014 , 07:01:22 pm | Posted By CASANSAAR
Tightening the screws on Non Government Organisations (NGOs) and associations, the Home Ministry has said that any association indulging in cash payments in the excess of Rs 20000 will attract "intensive scrutiny" from government. This follows a detailed inspection lately of records and account...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 774
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Posted Date : 25-Oct-2014 , 06:57:31 pm | Posted By CASANSAAR
Slamming the Narendra Modi-led NDA government for stating that it cannot disclose details of the data shared by it with foreign countries regarding black money, Rajya Sabha MP and senior lawyer Ram Jethmalani today said that its recent submission in Supreme Court in the matter was "ill-advised". &n...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 183
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Posted Date : 25-Oct-2014 , 06:55:30 pm | Posted By CASANSAAR
Shri Pranab Mukherjee, President of India will inaugurate the Accountants General Conference here on Monday, 27th October, 2014. The three (3) day Conference is being organized by the Comptroller and Auditor General of India (CAG) on the theme of ‘Promoting Good Governance and Accountability t...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 482
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Posted Date : 24-Oct-2014 , 09:16:04 pm | Posted By CASANSAAR
F.No.137/99/2011-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *** New Delhi, the 24th October, 2014 ORDER NO. 02/2014-SERVICE TAX In exercise of the powers conferred by sub-rule (4) of rule 7 of the Se...
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Posted Date : 24-Oct-2014 , 08:13:26 pm | Posted By CASANSAAR
A government employee, whose promotion is canceled owing to his refusal to accept it, cannot ask for it at a later stage, the Supreme Court has said.The apex court set aside the order of the Madhya Pradesh High Court which had directed the state government to restore th...
Continue Reading... Category : General | Comments : 0 | Hits : 529
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Posted Date : 24-Oct-2014 , 08:05:53 pm | Posted By CASANSAAR
Proxy advisory body Institutional Investor Advisory Services India (IIAS) has called for periodic rotation of auditors and capping their tenure at 10 years. "IIAS expects the tenure of the audit firm to be capped at 10 years. It would recommend voting against the reappointm...
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Posted Date : 24-Oct-2014 , 07:58:58 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 16, 2014, the Government has approved twenty (20) proposals of Foreign Direct Investment amounting to Rs. 988.3 crore approximately. Details of Proposals considered in the Foreign Investment P...
Continue Reading... Category : Finance | Comments : 0 | Hits : 513
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Posted Date : 22-Oct-2014 , 09:41:17 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley Wednesday may have dropped hints that a minister in the previous UPA government could be one of those who had stashed money abroad. "I know who you are hinting at. But please wait for the appropriate time," he told a news channel when asked ...
Continue Reading... Category : General | Comments : 0 | Hits : 348
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Posted Date : 22-Oct-2014 , 09:01:23 am | Posted By CASANSAAR
After A taxpayer files his annual return (ITR) online and sends ITR V, the signed hard copy, the department sends a confirmation on receiving it. Then, it runs an assessment under various sections of the income tax law. Assessment under Sec 143(1) This is an initial checking of the...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 965
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Posted Date : 21-Oct-2014 , 11:02:26 pm | Posted By CASANSAAR
The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same, suggestions are invited from the members. The suggestions so received would be complied and ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 364
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Posted Date : 21-Oct-2014 , 11:00:27 pm | Posted By CASANSAAR
Customers who have not complied with KYC (know your customer) requirements despite repeated reminders may face trouble as the Reserve Bank of India (RBI) has asked banks to partially freeze and subsequently close such accounts. "As regards non-compliance of KYC requirements by the customers despite...
Continue Reading... Category : Banking | Comments : 0 | Hits : 295
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Posted Date : 21-Oct-2014 , 04:42:43 pm | Posted By CASANSAAR
The Government has issued a draft order for the merger of scam-ridden National Spot Exchange Ltd (NSEL) with Financial Technologies India Ltd (FTIL). The Corporate Affairs Ministry has put the draft order in its Web site. Financial Technologies, in a notice to the stock exchanges, confirmed...
Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 377
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Posted Date : 21-Oct-2014 , 08:44:12 am | Posted By CASANSAAR
The Supreme Court has said that all directors involved in the day-to-day running of a company can be made liable for a bounced cheque, but not one who resigned before the cheque was issued. The top court said this while dealing with a case filed by a private company that had lent money to another.&n...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 751
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