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Posted Date : 26-Feb-2014 , 08:37:34 am | Posted By CASANSAAR
The Securities and Exchange Board of India's new corporate governance norms, that limits number of independent directors, is a welcome move, but would mean 97 people resigning from 283 independent directorships, says Pranav Haldea, Managing Director, PRIME Database. According to the ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 327
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Posted Date : 26-Feb-2014 , 08:33:55 am | Posted By CASANSAAR
Five months after it adjourned its Annual General Meeting (AGM) as its auditors said that inspected financial statements for fiscal 2012-13 should not be relied upon, the shareholders of Financial Technologies (FTIL), approved its auditor's report and financials for the fiscal in a meeting held last...
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Posted Date : 25-Feb-2014 , 09:26:47 pm | Posted By CASANSAAR
The Bimal Jalan panel, which scrutinised applications for new bank licences, Tuesday submitted its report along with shortlisted entities to the Reserve Bank of India. "We have submitted report (on new bank licences) to RBI," Jalan, a former Reserve Bank Governor, said after a four-hour meeting her...
Continue Reading... Category : Banking | Comments : 0 | Hits : 493
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Posted Date : 25-Feb-2014 , 02:14:29 pm | Posted By CASANSAAR
The government on Monday said it has simplified the process of sanction and payment of pension for its employees by revising the application and disbursement forms among others. "The objective is to simplify the forms as well as to do away with the requirement of submission of affidavit and to acce...
Continue Reading... Category : General | Comments : 0 | Hits : 342
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Posted Date : 25-Feb-2014 , 08:51:00 am | Posted By CASANSAAR
The Institute of Companies Secretary of India (ICSI ), the certifying body for Company Secretary (CS) aspirants will come out with the results of Professional Programme, Executive Programme (Old Syllabus), Executive Programme (New Syllabus) and OMR based Foundation Programme Examinati...
Continue Reading... Category : Students Zone | Comments : 0 | Hits : 684
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Posted Date : 25-Feb-2014 , 08:39:13 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is believed to have found serious violations of companies law by the owners of crisis-ridden NSEL, while market regulator Sebi is also investigating corporate governance-related lapses by the group's two listed entities -- FTIL and MCX. ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 408
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Posted Date : 25-Feb-2014 , 08:37:27 am | Posted By CASANSAAR
Reserve Bank of India has written to the Finance Ministry with recommendations to clean up United Bank of India . According to sources, RBI has gone so far as to recommend superseding the UBI Board. It is important to clarify that it is a bunch of recommendations that have been m...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 406
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Posted Date : 25-Feb-2014 , 08:34:42 am | Posted By CASANSAAR
While the economic slowdown hit corporation tax collection this year, personal income tax helped the government get the much-needed revenue. The growth in the latter category was aided by the massive exercise in sending notices to persons who’d high-value transactions but did not file their I-...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 452
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Posted Date : 24-Feb-2014 , 01:39:55 pm | Posted By CASANSAAR
Independent directors will soon have to provide "detailed reasons" for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by regulator Sebi. In case of an independent director only citing "personal reasons" for his ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 491
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Posted Date : 24-Feb-2014 , 09:41:23 am | Posted By CASANSAAR
Coorporate India pays it’s auditors less than Rs 14 for every lakh of turnover it achieves. That is about half a rupee less than it did in 2012, and almost four rupees lesser than it did in 2010, according to a research by Chennai based Prime Academy titled ‘Who are India&rsqu...
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Posted Date : 24-Feb-2014 , 08:45:15 am | Posted By CASANSAAR
A senior chartered accountant from Ahmedabad was sentenced to 6 months in prison and fined Rs 2.5 lakh for trying to smuggle US dollars worth Rs 46 lakh - almost 30 years after the trial had begun. Ashutosh Nanavaty and co-accused Chandrakant Amin had been arrested by the Customs in March 198...
Continue Reading... Category : FEMA | Comments : 0 | Hits : 1276
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Posted Date : 24-Feb-2014 , 08:42:53 am | Posted By CASANSAAR
The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from Apri...
Continue Reading... Category : GST | Comments : 0 | Hits : 599
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Posted Date : 24-Feb-2014 , 08:38:27 am | Posted By CASANSAAR
The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void its recent notification withdrawing all old series of currency notes issued prior to 2005. A Division Bench Comprising Justice N Paul Vasanthakumar and Justice P Devadoss issued notice the apex...
Continue Reading... Category : RBI | Comments : 0 | Hits : 380
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Posted Date : 24-Feb-2014 , 08:34:00 am | Posted By CASANSAAR
'Daswand' — or the receiving of donations of one-tenth of a devotee's earning — has landed self-styled spiritual guru Nirmal Babain trouble with a notice having been slapped on him for alleged service tax evasion of Rs 3.5 crore. The central excise department issued the notice on t...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 911
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Posted Date : 23-Feb-2014 , 10:53:32 pm | Posted By CASANSAAR
Observing that a wife who is financially independent cannot claim maintenance from her estranged husband, the Bombay High Court has refused to grant relief to a 61-year-old woman seeking monthly maintenance. A division bench of Justices V K Tahilramani and P N Deshmukh was hearing a petit...
Continue Reading... Category : General | Comments : 0 | Hits : 552
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Posted Date : 23-Feb-2014 , 10:48:55 am | Posted By CASANSAAR
United Bank of India, stuck with bad debts of Rs 8,546 crore, is likely to be bailed out through a merger with Union Bank of India than through a government infusion of capital. According to sources, the government will not want to re-capitalise United Bank, whose non-performing assets (NPA...
Continue Reading... Category : Banking | Comments : 0 | Hits : 691
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Posted Date : 22-Feb-2014 , 10:00:40 pm | Posted By CASANSAAR
The feature that allows you to hide your "last seen" status on WhatsApp has been exclusive to the iPhone for years now. WhatsApp right on the heels of their multi-billion dollar deal with Facebookhas finally decided to let the Android family join in as well. Android users can rejoice as you can...
Continue Reading... Category : General | Comments : 0 | Hits : 1431
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Posted Date : 22-Feb-2014 , 08:45:42 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) has sought detailed comments from the Multi Commodity Exchange (MCX) on the findings of PricewaterhouseCoopers (PwC) on alleged violations in its books. In its interim report, PwC has indicated that MCX has violated several provisions of the Companies Ac...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 388
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Posted Date : 21-Feb-2014 , 09:45:30 pm | Posted By CASANSAAR
In a last-ditch effort to meet revenue targets, the Income TaxDepartment today said it has identified 21.75 lakh new "potential non-filers", and urged all tax payers to disclose their true income and pay appropriate taxes. The department had initiated a business intelligence project in F...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 663
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Posted Date : 21-Feb-2014 , 09:34:44 pm | Posted By CASANSAAR
Insurance Regulatory and Development Authority (IRDA) has introduced E-insurance in the insurance sector The IRDA has informed that as on date the Authority has granted certificate of registration to five entities to dematerialize insurance policies and store them in an electronic form. These are:&n...
Continue Reading... Category : General | Comments : 0 | Hits : 374
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Posted Date : 21-Feb-2014 , 09:32:14 pm | Posted By CASANSAAR
The Income Tax Department, Department of Revenue, Ministry of Finance has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000 potential non filers in the first batch. The information ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 336
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Posted Date : 21-Feb-2014 , 09:31:22 pm | Posted By CASANSAAR
The Income Tax Department has made changes in rules for issuing Permanent Account Number (PAN) Card. It has vide notification S.O. 3794 (E) dated 23.12.2013, amended Rule 114 of the Income-tax Rules, 1962 to provide , inter alia, that the application for allotment of PAN shall be accompanied by proo...
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Posted Date : 21-Feb-2014 , 09:28:18 pm | Posted By CASANSAAR
Tax deductor and collector holding valid TAN can register and use the TAN based credentials to file Form 15CA but to fill form 15CA if no tax is been deducted it is still not mandatory for remitter to have TAN. Link To Register on Income Tax E-Filing Webs...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 741
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Posted Date : 21-Feb-2014 , 03:11:00 pm | Posted By CASANSAAR
The chairperson and managing director of Kolkata-headquartered United Bank of India Archana Bhargava has taken voluntary retirement. Her retirement comes in the wake of a surge in bad loans and the bank posting a loss in the third quarter. United Bank’s gross non-performing a...
Continue Reading... Category : Banking | Comments : 0 | Hits : 512
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Posted Date : 21-Feb-2014 , 08:38:14 am | Posted By CASANSAAR
Institute of Company Secretaries of India (ICSI), the only certifying body for Company Secretaryaspirants, will declare on February 25, 2014 the results of Professional Programme, Executive Programme (Old Syllabus), Executive Programme (New Syllabus) and OMR based Foundation Programme Examinati...
Continue Reading... Category : Students Zone | Comments : 0 | Hits : 386
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Posted Date : 21-Feb-2014 , 08:29:18 am | Posted By CASANSAAR
The unregulated National Spot Exchange Ltd (NSEL) was not the only entity in the Financial Technologies (FTIL) group ridden with irregularities. A forensic audit by PricewaterhouseCoopers has reported several alleged violations from the books of fully regulated Multi Commodity Exchange (MC...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 595
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Posted Date : 21-Feb-2014 , 08:21:03 am | Posted By CASANSAAR
Indian employees working overseas often face litigation over taxation of theiroverseas salary income, if such salary is received in India. This is because a non-resident can be subjected to tax in India on that portion of the income which is received in India. The Income Ta...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 559
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Posted Date : 20-Feb-2014 , 10:20:18 pm | Posted By CASANSAAR
Amid a growing number of scams related to corrupt practices in corporate India, market watchdog Securities and Exchange Board of India (Sebi) has decided to make it mandatory for listed companies to have a whistle-blower mechanism for their employees and directors. The mechanism w...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 335
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Posted Date : 20-Feb-2014 , 09:50:39 pm | Posted By CASANSAAR
Jan Koum and Brian Acton have become overnight billionaires, courtesy Facebook buying their startup WhatsApp. However, things were not so great for the two till a few years ago. While Acton, who was looking for a job, faced rejection at Facebook and Twitter; Koum used to queue up...
Continue Reading... Category : International Business | Comments : 0 | Hits : 885
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Posted Date : 20-Feb-2014 , 01:23:23 pm | Posted By CASANSAAR
The government today cleared Rs 6,400 crore FDI proposal of global healthcare company GlaxoSmithKline to acquire additional 24.33 per cent stake in its India arm. The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of GlaxoSmithKline Pte Limited, Singapore for acquisi...
Continue Reading... Category : Finance | Comments : 0 | Hits : 299
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
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- 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
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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- 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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