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  • Unreasonable threatening calls from a Company named WEBTEL to CASANSAAR & the Members of CASANSAAR
    Posted Date : 13-Mar-2014 , 09:08:13 am | Posted By CASANSAAR

    We & Members of CASANSAAR are receiving calls from a Company named Webtel. They have threatened us as to why we are selling Websites at Rs.2100/- which are very below market Price as Compare to the Price of Webtel which is Rs. 10,000/- to Rs. 12,000/-.    We responded to Webtel that ...

    Continue Reading... Category : ICAI | Comments : 3 | Hits : 2039

  • Accounting watchdog ICAI comes under Competition Commission Scanner
    Posted Date : 13-Mar-2014 , 08:50:16 am | Posted By CASANSAAR

    Finding prima facie evidence of violations, Competition Commission has ordered a detailed probe against accounting watchdog ICAI with regard to alleged discriminatory practices in organising professional education programmes for its members.  It is alleged that the Institute of Chartered Accou...

    Continue Reading... Category : ICAI | Comments : 1 | Hits : 1449

  • SEBI tightens norms to check money laundering, terror funding
    Posted Date : 13-Mar-2014 , 08:33:39 am | Posted By CASANSAAR

    Watchdog SEBI Wednesday tightened norms aimed at countering money laundering and terror financing through the capital markets and asked market entities to conduct detailed risk assessment of their clients, including those linked to countries facing international sanctions. The market intermediaries...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 421

  • Maharashtra takes steps to check sales tax evasion
    Posted Date : 12-Mar-2014 , 10:21:09 pm | Posted By CASANSAAR

    The Maharashtra Government proposes to check wide scale sales tax non compliance among traders dealing in goods either imported to the state or exported out of state to another. As per the proposal the sales tax department has tied up withborder check posts to ele...

    Continue Reading... Category : VAT | Comments : 0 | Hits : 532

  • RBI may put cap on NPAs at 5% of Advances
    Posted Date : 12-Mar-2014 , 10:17:52 pm | Posted By CASANSAAR

    PSU banks with over 5% bad loans may have to sell their loans to asset restructuring companies (ARCs) in future. The Reserve Bank of India (RBI) and the ministry of finance are considering the option of putting a cap at the maximum amount of bad loans that a bank can have on its books.   The ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 509

  • CBDT provides tax clarity on M&As
    Posted Date : 12-Mar-2014 , 08:44:12 am | Posted By CASANSAAR

    An internal instruction by the foreign tax division of the Central Board of Direct Taxes ( CBDT) will put an end to litigation relating to the tax to be withheld at source in India by the Indian payer in cross-border transactions, including mergers and amalgamations (M&A...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 666

  • Airtel gets Rs 5,739 crore relief on taxable income
    Posted Date : 12-Mar-2014 , 08:43:14 am | Posted By CASANSAAR

    Bharti Airtel has won a major relief from the Delhi bench of the Income tax Appellate Tribunal (ITAT), which ordered deletion of Rs 5,739 crore from the company's taxable income. The ITAT also held that corporate guarantees given to banks on behalf of group companies are not an international transa...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 634

  • CBEC Denies any Holding of Customs, Excise Duty and Service Tax Refunds/Drawbacks
    Posted Date : 12-Mar-2014 , 08:35:21 am | Posted By CASANSAAR

    The Central Board of Excise and Customs (CBEC) has denied the report that the Customs, Excise Duty and Service Tax refunds/drawbacks are being held-up by the Department. This was mentioned in a certain section of media attributing to a statement by President, Federation of India Export Organisa...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 482

  • Gulf pays Chartered Accountants Four times more than India
    Posted Date : 11-Mar-2014 , 08:25:23 am | Posted By CASANSAAR

    Chartered Accountant Prateek Sen who has worked for an Indian firm for two years, is set to shift to Dubai at four times what he has been getting here.    “I would be a fool not to take up the job,” says the 28-year-old, eager to cross the Arabian Sea for what is clearly a tr...

    Continue Reading... Category : ICAI | Comments : 1 | Hits : 2581

  • ICAI to help EC make political funding more transparent
    Posted Date : 11-Mar-2014 , 08:20:02 am | Posted By CASANSAAR

    Accounting regulator ICAI will assist Election Commission in ensuring that "sound accounting principles" are followed in the financial statements of political parties to make election funding more transparent.  The Institute of Chartered Accountants of India had provided as...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 627

  • Transfer pricing income adjustments decline 14% in 2013-14
    Posted Date : 11-Mar-2014 , 08:15:56 am | Posted By CASANSAAR

    After a 54% jump in transfer pricing (TP) adjustments to R70,000 crore last year, additions to the income of companies conducting international transactions has dropped by over 14% to R60,000 crore in FY14.   A financial ministry official told FE that data collated after the completion of the...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 474

  • Ordinance lapse puts spanner in SEBI action against fraudsters
    Posted Date : 11-Mar-2014 , 08:09:25 am | Posted By CASANSAAR

    The Union Cabinet may consider re-promulgating the SEBI ordinance next week. However, since the model code of conduct for the general elections is in force, this can happen only after the Election Commission’s (EC) approval.   Securities-related offences   Once approved, the ordi...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 340

  • NSEL, FTIL Auditors face criminal action
    Posted Date : 10-Mar-2014 , 08:33:51 am | Posted By CASANSAAR

    Three audit firms — Mukesh Shah & Co, S V Ghatalia & Associates and Deloitte, Haskins & Sells — are facing criminal action for alleged lapses at the now-defunct National Spot Exchange Ltd (NSEL) and its parent Financial Technologies (India) Ltd.   Mukesh Shah &...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 973

  • 70,000 Compnies running without RBI licence?
    Posted Date : 10-Mar-2014 , 08:30:47 am | Posted By CASANSAAR

    After Sahara and Saradha, more disasters may be waiting to happen in the money market. With over Rs 30,000 crore of public money parked in various Ponzi schemes and non-banking finance companies (NBFCs), the Reserve Bank of India (RBI) is probing existence of companies not regist...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 684

  • ICSI to revise Company Secretary course by December
    Posted Date : 09-Mar-2014 , 10:33:33 pm | Posted By CASANSAAR

    The professional course of Company Secretary (CS) is set for a major revision by December-end to bring it in line with the slew of amendments effected by the central government to the Companies Act, 2013."We are waiting for the government to notify the rules for the amended Companies Act (notified i...

    Continue Reading... Category : Students Zone | Comments : 0 | Hits : 694

  • EC calls meeting of political party Auditors on March 10
    Posted Date : 09-Mar-2014 , 10:27:19 pm | Posted By CASANSAAR

    The Election Commission has convened a meeting of account auditors of all political parties tomorrow to discuss transparency guidelines norms and filing of financial statements by them after completion of Lok Sabha polls as part of efforts to to curb use of black money. The EC has roped in the Inst...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 484

  • ICAI may look at adopting IFRS in long term
    Posted Date : 09-Mar-2014 , 10:23:12 pm | Posted By CASANSAAR

    India could look at adopting international accounting standards IFRS in the long term based on how the converged norms work out, according to ICAI. Rather than adopt the International Financial Reporting Standards (IFRS), India at present is only looking to converge with this set of ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 513

  • Bribery case: Chartered Accountant sent to Police Custody
    Posted Date : 08-Mar-2014 , 08:44:33 am | Posted By CASANSAAR

    A Chartered Accountant Rajiv Jain , who along with four others arrested for allegedly trying to get favourable order from the Board for Industrial and Financial Reconstruction (BIFR), was sent to a day's police custody by a Delhicourt.  The court, however, sent accused Arun H Jain, Managi...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 2678

  • New bank licences in few weeks after EC's nod: RBI
    Posted Date : 07-Mar-2014 , 09:48:33 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) is expected to issue a few new banking licences in the next few weeks after getting a go ahead from the Election Commission (EC) as the code of conduct for polls is in place. "My sense is, if all goes well we should be able to do it in a few weeks...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 519

  • Reebok fraud: SFIO charges Adidas head office
    Posted Date : 07-Mar-2014 , 08:35:29 am | Posted By CASANSAAR

    The Serious Fraud Investigation Office (SFIO)'s complaint regarding the Reebok India fraud, filed to a Gurgaon court last week, has indicted the parent company, Germany-basedAdidas Group, on lapses in corporate governance practices and internal controls at its Indian subsidiary. The ...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 728

  • Open book examination for five elective subjects on trial basis: ICSI
    Posted Date : 06-Mar-2014 , 10:39:36 pm | Posted By CASANSAAR

    The Institute of Company Secretaries of India will introduce Open Book Examination (OBE) for five elective subjects in Module III on a trial basis, its President R Sridharan said here today. He said the OBE for subjects like Banking, Insurance, Intellectual Property Rights, International Busine...

    Continue Reading... Category : Students Zone | Comments : 0 | Hits : 657

  • Customs to ask passengers about source of fund for buying Gold
    Posted Date : 06-Mar-2014 , 10:32:45 pm | Posted By CASANSAAR

    Seeking to check gold smuggling by courier, the government today tightened baggage rules requiring inbound Indian passengers to provide details like source of funds for importing the metal as well as their air tickets.  According to a Revenue Department circular, the baggage receipt issued by ...

    Continue Reading... Category : Custom | Comments : 0 | Hits : 712

  • Corporate Affairs Ministry will seek EC nod before notifying new rules
    Posted Date : 06-Mar-2014 , 10:10:25 pm | Posted By CASANSAAR

    With the Model Code of Conduct for general polls in force, the Corporate Affairs Ministry will intimate the Election Commission before notifying rules for the remaining provisions of the new companies law. The Ministry is in the process of finalising the rules for various provisions of Companie...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 428

  • President Assents Finance Act 2014. Download Finance Bill 2014
    Posted Date : 06-Mar-2014 , 09:57:05 pm | Posted By CASANSAAR

    Finance Bill 2014  got the assent of President on 04th March 2014 and become THE FINANCE ACT, 2014 (NO. 11 OF 2014). The bill was alreadyapproved by the both the house of Parliament i.e. Lok Sabha and Rajya Sabha.   Download attached Finance Bill 2014 as approved by P...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 665

  • ICAI has made the Exam stricter and the valuators accountable by scrapping moderation of marks
    Posted Date : 06-Mar-2014 , 08:44:37 am | Posted By CASANSAAR

      Seeking to curb dilution of standards, the Institute of Chartered Accounts of India (ICAI) has decided to get tough with the pattern and valuation of the Chartered Accountancy exams.   The decision is apparent in the recently-released CA final exams, where successful can...

    Continue Reading... Category : Students Zone | Comments : 1 | Hits : 4671

  • RBI likely to issue few bank licences: FM
    Posted Date : 06-Mar-2014 , 08:40:12 am | Posted By CASANSAAR

    The Reserve Bank is likely to issue a few bank licences notwithstanding the model code of conduct which came into force from today, Finance Minister P Chidambaram said. "What the code of conduct has got to do with this (bank licence process). The government and regulators are discharging their norm...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 490

  • Bad loans, the biggest challenge for public sector banks: FM
    Posted Date : 05-Mar-2014 , 11:08:03 pm | Posted By CASANSAAR

    Worried over a further rise in bad loans, especially among large companies, Finance Minister P. Chidambaram, on Wednesday, exhorted public sector banks to effectively deal with non-performing assets (NPAs), their biggest challenge.   Addressing a press conference here after reviewing the perf...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 337

  • 2014 Lok Sabha elections in 9 phases from April 7 to May 12, results on May 16
    Posted Date : 05-Mar-2014 , 11:33:15 am | Posted By CASANSAAR

    The countdown for the 2014 Lok Sabha elections has begun. The polls will be held between April 7 and May 12 in nine phases, said the Elections Commission on Wednesday. The counting of votes will be held on May 16. This is the first time that voting will take place in nine phases in the country. &nb...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 608

  • Corporate affairs ministry seek views from law ministry, Sebi on FTIL action
    Posted Date : 05-Mar-2014 , 08:29:28 am | Posted By CASANSAAR

    The corporate affairs ministry has sought clarifications from the law ministry and regulators, Securities and Exchange Board of India (Sebi) and Forward markets Commission (FMC), to finalise action against “gross violations” by Financial Technologies India Ltd (FTIL) and relate...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 319

  • Revision of Interest Rates for Small Savings Schemes for the Financial Year 2014-15 Announced
    Posted Date : 05-Mar-2014 , 08:22:44 am | Posted By CASANSAAR

    Various decisions taken by the Government of India on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), were communicated to all concerned by the Government through its Office Memorandum dated 11th November, 2011.   &nb...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 678

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