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Posted Date : 09-Sep-2014 , 08:24:52 pm | Posted By CASANSAAR
ICICI Bank, the country's largest private sector lender, has announced the sub division of its share for the first time in history. The bank board has approved the splitting of one equity share into five. "The Board of Directors of ICICI Bank has considered and approved the sub-di...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 525
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Posted Date : 09-Sep-2014 , 05:12:19 pm | Posted By CASANSAAR
The Reserve Bank today fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act. "It has been decided that the upper age limit for Managing Director & Chief Executive Office...
Continue Reading... Category : Banking | Comments : 0 | Hits : 490
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Posted Date : 09-Sep-2014 , 05:07:24 pm | Posted By CASANSAAR
This Exposure Draft, published by the International Accounting Standards Board (IASB), contains proposed amendments to IAS 12, Income Taxes. The proposed amendments are in response to a request to the IFRS Interpretations Committee (the ‘Interpretations Committee’) to clarify the re...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 300
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Posted Date : 09-Sep-2014 , 07:52:45 am | Posted By CASANSAAR
Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for late payment of tax. She was surprised, as her bank had deducted the tax at source (TDS). What had happe...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 985
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Posted Date : 09-Sep-2014 , 07:51:17 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Monday stayed a July order of the securities market regulator directing Satyam Computer Services founder Ramalinga Raju and four other executives to disgorge alleged unlawful gains. The Securities and Exchange Board of India (Sebi) in July had as...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 478
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Posted Date : 09-Sep-2014 , 07:49:22 am | Posted By CASANSAAR
The Finance Ministry has roped in professional services firm KPMG to undertake a validation exercise of the number of basic bank accounts opened by the banks under the Pradhan Mantri Jan Dhan Yojana (PMJDY). KPMG’s confirmation of the number of accounts opened will help the Centre pit...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1091
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Posted Date : 08-Sep-2014 , 10:20:23 pm | Posted By CASANSAAR
CBI Director Ranjit Sinha was on Monday directed by the Supreme Court to come out in "black and white" on averments made against him for allegedly entertaining scam-tainted visitors at his official residence here, saying that it is a "serious" issue. Taking serious objection to Sinha's relu...
Continue Reading... Category : General | Comments : 0 | Hits : 315
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Posted Date : 08-Sep-2014 , 12:59:36 pm | Posted By CASANSAAR
Dehi HC today admits a WRIT challenging the CBDT notification in the matter of new TAR. Delhi High Court on Friday 5th Sep, listed for 8th September Monday Diary no. 162371/2014. W.P.(C) 5990/2014. Mahesh Kumar & Co. vs. UOI and Others in Court no 2 of Hon'ble Mr. Justice B...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2720
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Posted Date : 08-Sep-2014 , 08:41:12 am | Posted By CASANSAAR
CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. By payin...
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Posted Date : 08-Sep-2014 , 08:16:52 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), the governing body for country's premier accounting profession, is once again planning a revamp in its education pattern. This may also make entry into the course tougher. At present, students can start the course from Std 12 after appearing fo...
Continue Reading... Category : Students Zone | Comments : 0 | Hits : 1925
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Posted Date : 08-Sep-2014 , 08:14:45 am | Posted By CASANSAAR
The government plans to introduce a new annual tax return that will include information from income tax audit report, including TDS and income tax returns, and cost audit report as it looks to draw information from multiple sources to clamp down on evasion of excise and service tax.Several services ...
Continue Reading... Category : Excise | Comments : 0 | Hits : 862
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Posted Date : 08-Sep-2014 , 08:07:14 am | Posted By CASANSAAR
With stricter legal regime in place for corporates, the government has said the ongoing company law settlement scheme provides an opportunity for defaulting entities to "make good of their default" by granting them immunity from prosecution. The Ministry of Corporate Affairs (MCA), ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 417
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Posted Date : 07-Sep-2014 , 09:21:48 pm | Posted By CASANSAAR
To remove difficulties faced by stakeholders, the Corporate Affairs Ministry has made changes to provisions regarding appointment of auditors by CAG for 'deemed government companies' under the new companies law.The Ministry is implementing the Companies Act, 2013, whose many provisions have come int...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 463
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Posted Date : 07-Sep-2014 , 10:11:37 am | Posted By CASANSAAR
The Kerala High Court has held that service tax can be levied on the fees and commissions charged by banks for converting overseas remittances into rupees, a ruling that is seen as a setback for exporters. While dismissing a writ petition filed by Palm Fiber, a Kerala-based manufacturer and exp...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 489
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Posted Date : 06-Sep-2014 , 09:23:56 am | Posted By CASANSAAR
A Chartered Accountant from Vijayawada allegedly cheated the special court for economic offences here by producing a fake death certificate though he was alive. The court issued a non bailable warrant against him and he was arrested. The CA, Nadella Srinivas Rao had many high flying...
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Posted Date : 06-Sep-2014 , 09:21:46 am | Posted By CASANSAAR
Call it the Modi impact. After years of suppressed investment environment, India Inc is showing signs of revival with a spurt in merger and acquisitions (M&A) cases. Fair play regulator Competition Commission of India (CCI) used to hardly get four to five cases o...
Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 552
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Posted Date : 06-Sep-2014 , 09:08:01 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 1, 2014, the Government has approved 22 proposals of Foreign Direct Investment (FDI) amounting to Rs. 3951.61 crore approximately. Details of 22 proposals considered in the Foreign ...
Continue Reading... Category : International Business | Comments : 0 | Hits : 1515
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Posted Date : 05-Sep-2014 , 09:11:11 am | Posted By CASANSAAR
ITAT dismisses Assessee's plea to condone 2984 days delay in filing of appeal, rejects 'Improper Advice' given by CA Firm as ground for Condonation / "Sufficient Delay"; Tribunal taken aback by CA Firm's Affidavit, stating that it had advised Assessee not to file an appeal with ITAT on same...
Continue Reading... Category : ICAI | Comments : 1 | Hits : 2588
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Posted Date : 05-Sep-2014 , 08:22:46 am | Posted By CASANSAAR
The Income Tax Department has rationalised the norms for manual selection for scrutiny of tax returns to bring it in line with global best practices. As per the norms released by the Central Board of Direct Taxes (CBDT), all cases where income exceeds Rs. 10 lakh over the previous...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 936
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Posted Date : 05-Sep-2014 , 08:04:18 am | Posted By CASANSAAR
The insurance sector may soon come under the purview of service tax, after a FY12-13 CAG report pointed towards irregularities, wherein many insurance companies are said to have flouted tax rules. The audit conducted had raised questions on a possible case of tax evasion, which is now bein...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 323
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Posted Date : 04-Sep-2014 , 10:02:15 pm | Posted By CASANSAAR
On 06.05.2014, the Competition Commission of India received a notice from Sun Pharmaceuticals Industries Limited (Sun Pharma) and Ranbaxy Laboratories Limited (Ranbaxy) in relation to the merger of Ranbaxy into Sun Pharma. In terms of Section 29(2) of the Competition Act, 2002 (Act), the Commis...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 197
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Posted Date : 04-Sep-2014 , 03:45:33 pm | Posted By CASANSAAR
The government has set-up a Committee to examine the un-claimed amount in PPF, Post Office and Savings Schemes. The committee will examine and recommend how this amount can be used to protect and further financial interest of the senior citizens.The seven member committee is being headed by the Depu...
Continue Reading... Category : General | Comments : 0 | Hits : 437
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Posted Date : 04-Sep-2014 , 02:14:45 pm | Posted By CASANSAAR
As per the clause (bb) of Explanation to sub-section 9 of Section 139 of the Act, a return of income shall be regarded as ‘defective’ unless among inter-alia the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1163
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Posted Date : 04-Sep-2014 , 08:20:07 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday said all recognised non-resident External Commercial Borrowing (ECB) lenders can extend loans in Indian Rupees by mobilising Indian Rupees through swaps undertaken with a bank authorised to deal in foreign exchange in India. This relaxation is with a v...
Continue Reading... Category : Banking | Comments : 0 | Hits : 477
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Posted Date : 03-Sep-2014 , 08:15:45 am | Posted By CASANSAAR
The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section 464 of the Companies Act, 2013 has been notified w.e.f 01.04.2014 wherein sub-section (1) pr...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1674
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Posted Date : 03-Sep-2014 , 08:13:34 am | Posted By CASANSAAR
The Madras high court, in a recent order, has held that the restrictive provisions introduced in the Income Tax (I-T) Act, which call for reinvestment in only 'one' residential house in India for claiming capital gains tax exemption, apply from fiscal April 1, 2014. The explanatory memora...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 815
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Posted Date : 03-Sep-2014 , 08:11:10 am | Posted By CASANSAAR
With just one month left to comply with Sebi's corporate governance guidelines, more than half of the 1,469 companies listed on top stock exchange NSE are yet to appoint a woman director on their boards. Corporate governance norms, issued by Sebi in February this year, mandate all liste...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 615
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Posted Date : 03-Sep-2014 , 08:01:17 am | Posted By CASANSAAR
On a plea made by investors, the Bombay High Court, on Tuesday, formed a committee headed by a retired high court judge to conduct a forensic audit of the troubled NSEL and liquidate the assets of its defaulting borrowers in the over Rs.5,500 crore payments scam. The three-member committee, headed ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 405
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Posted Date : 02-Sep-2014 , 07:44:35 am | Posted By CASANSAAR
Stocks markets continued their winning streak for the seventh straight session with the NSE Nifty breaching the 8,000-mark for the first time and the Sensex closing at new life-time high of 26,867.55 on Monday boosted by positive economic growth data for the April-June quarter. The Nat...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 367
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Posted Date : 02-Sep-2014 , 07:38:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday said a bank account will not become inoperative if a dividend cheque has been credited in it in the previous two years. "Since dividend on shares is credited to Savings Bank accounts as per the mandate of the customer, the same should be treated as a custom...
Continue Reading... Category : RBI | Comments : 0 | Hits : 594
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
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- Bank Branch Statutory Audit Updates 2019
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- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- 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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
