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Posted Date : 28-Dec-2013 , 07:38:06 am | Posted By CASANSAAR
The restriction on auditors has increased manifold after the Satyam episode. While there have been some lapses, all of them cannot be attributed to auditors, according to S Santhanakrishnan, Chairman, Corporate Laws & Corporate Governance Committee, Institute of Chartered Accountants of In...
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Posted Date : 28-Dec-2013 , 07:36:06 am | Posted By CASANSAAR
The National Housing Bank's Rs 2,100 crore tax-free bond issue will hit the markets on December 30. The base issue size is Rs 1,000 crore with an option to retain oversubscription up to Rs 2,100 crore, NHB Chairman and Managing Director R V Verma said here. The issue will open on Decem...
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Posted Date : 27-Dec-2013 , 10:22:06 pm | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) today stayed aRs. 3,700 crore tax claim by the Income Tax Department on Vodafone India in a transfer-pricing dispute and asked the telecom company to deposit Rs. 200 crore as initial payment and submit bank guarantees for the remaining sum. Th...
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Posted Date : 27-Dec-2013 , 10:13:13 pm | Posted By CASANSAAR
All offices handling service tax will remain open tomorrow as well as the day after (Sunday) to avoid last minute for rush those who want to avail the benefit of one time service tax amnesty scheme. The last date for filing declaration under Voluntary Compliance Encouragement Scheme (VCES...
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Posted Date : 27-Dec-2013 , 08:50:04 am | Posted By CASANSAAR
The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued a notification expanding the list of documents admissible as proof of identity and address by including Aadhaar ...
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Posted Date : 27-Dec-2013 , 08:27:10 am | Posted By CASANSAAR
NSEL Investors’ Action Group, a breakaway faction of NSEL Investors’ Forum, has petitioned the Mumbai police for conducting a forensic audit of brokers of the National Spot Exchange Ltd in the case of the 55-bln-rupee payment defaults on the exchange. “In a criminal breach...
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Posted Date : 27-Dec-2013 , 08:19:42 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday simplified investor account opening procedures by doing away with details about income and occupation of the applicant for the purpose of a centralised KYC registration agency. With this, the regulator is mo...
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Posted Date : 26-Dec-2013 , 10:30:54 pm | Posted By CASANSAAR
1. Students are required to apply forpaper wise exemption in desired subject through ‘Online Services’ on website www.icsi.edu and for procedure please follow the linkhttp://www.icsi.edu/webmodules/student/ONLINE%20REGISTRATION.pdf 2. Fee for paper wise exemption is Rs...
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Posted Date : 26-Dec-2013 , 08:12:51 am | Posted By CASANSAAR
The income-tax department has served prosecution notices on Indian nationals who have refused to share information on their undisclosed bank accounts with HSBC Geneva. The names of these individuals had figured in a list of more than 600 HSBC account-holders. The Indian government had received ...
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Posted Date : 26-Dec-2013 , 07:54:15 am | Posted By CASANSAAR
In their advertisements to attract investors to public offers, companies can be more creative and innovative as long as they are not misleading and contain necessary disclosures of associated risks and other facts, Sebi chief U K Sinha feels. Primary market has been mostly sluggish for last few...
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Posted Date : 26-Dec-2013 , 07:38:25 am | Posted By CASANSAAR
The latest to feel the taxman’s heat is Casio India, a wholly-owned subsidiary of Casio Computer Company Ltd, Japan (Casio Japan). Indian income tax authorities have invariably been “marking up” the advertising, marketing and promotion (AMP) expenses incurred by the Indian...
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Posted Date : 26-Dec-2013 , 07:32:03 am | Posted By CASANSAAR
The Tax Department is stumped by SEBI’s tax treatment plan for foreign portfolio investors (FPIs). According to a senior Revenue Department official, a notification on the tax treatment is yet to be finalised. FPI is a new investor category that will merge Foreign Institutional Invest...
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Posted Date : 25-Dec-2013 , 06:34:19 pm | Posted By CASANSAAR
Revenue from service tax, which has become a new focus area for Finance Ministry, has grown up substantially by over 300 times in past about two decades. The Finance Ministry has earned revenue of about Rs 1.32 lakh crore in 2012-13 (provisional figures) compared to Rs 407 crore in 1994-95, acc...
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Posted Date : 25-Dec-2013 , 08:53:18 am | Posted By CASANSAAR
After passing the ‘fit and proper’ order against National Spot Exchange (NSEL)-promoter Financial Technologies India Limited, the Forward Markets Commission (FMC) plans to move against audit firms and consultants associated with NSEL. The market regulator would issue an advisory on these...
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Posted Date : 25-Dec-2013 , 08:49:44 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed assessing officers/ transfer pricing officers to ignore safe harbour rates or margins while conducting transfer pricing audits. “In cases where an assessee has not opted for safe harbour or the option has not been found to be valid...
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Posted Date : 25-Dec-2013 , 08:43:33 am | Posted By CASANSAAR
CBI has arrested an Indian Revenue Service officer for allegedly receiving bribes from the perpetrator of the StockGuru scam, Ulhas Prabhakar Khaire. CBI sources said Yogendra Mittal, a 2006-batch IRS officer who was posted as the Deputy Commissioner of Income Tax, was arrested on the alleg...
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Posted Date : 24-Dec-2013 , 07:38:37 pm | Posted By CASANSAAR
Foreign portfolio investors in India would be subject to the same tax treatment as foreign institutional investors, the Securities and Exchange Board of India clarified on Tuesday. India had approved new rules in October aimed at streamlining the registration process for foreign investors...
Continue Reading... Category : International Business | Comments : 0 | Hits : 255
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Posted Date : 24-Dec-2013 , 08:50:08 am | Posted By CASANSAAR
Over 18,000 additional posts have been sanctioned in the Central Board of Excise and Customs (CBEC), the government wing tasked with the collection of service tax, excise and customs duty, as part of a cadre restructuring plan. The Union Cabinet recently gave its approval for the creation of th...
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Posted Date : 24-Dec-2013 , 08:43:05 am | Posted By CASANSAAR
Earlier this month, when finance minister P Chidambaram rose to speak at The Economic Times Awards for Corporate Excellence, he started off by counting out the number of women seated in the first three rows. "I must specially thank the five women in the first row, the two in the second row, the five...
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Posted Date : 24-Dec-2013 , 08:35:05 am | Posted By CASANSAAR
Government owned Chandigarh Housing Board (CHB) has declared highest service tax of Rs 9.6 crore under Centre's VCES, with total tax of Rs 68 crore being declared by defaulters in Punjab, Chandigarh and Himachal Pradesh. As Service Tax Voluntary Compliance Encouragement Scheme (VCES) gives an o...
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Posted Date : 23-Dec-2013 , 08:52:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes has relaxed the warehousing provisions for export warehousing. Under the revised norms, exporters could submit letter of undertaking (LUT) in place of bank guarantee which no longer is a compulsory requirement for availing warehousing prov...
Continue Reading... Category : Excise | Comments : 0 | Hits : 523
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Posted Date : 22-Dec-2013 , 03:29:17 pm | Posted By CASANSAAR
Passengers flying into India will have to fill in a new customs form on their arrival from the new year while the need to fill immigration form for returning Indians is being done away with. All passengers coming to India will be filling up an 'Indian Customs Declaration Form' seek details ...
Continue Reading... Category : International Business | Comments : 0 | Hits : 492
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Posted Date : 22-Dec-2013 , 03:27:22 pm | Posted By CASANSAAR
In its crackdown against market manipulations and other violations, the Securities and Exchange Board of India (Sebi) has said that it goes by facts of the case and the culprits being a big corporate house or a little-known individual become irrelevant. "The message and mantra for Sebi is that we g...
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Posted Date : 21-Dec-2013 , 08:58:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has issued a consultation paper for a separate investment vehicle to channelise investments into infrastructure. Comments have been invited till January 20. Similar structures are in place in international markets, including Singapor...
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Posted Date : 21-Dec-2013 , 08:51:16 am | Posted By CASANSAAR
Tightening norms for credit card issuers, RBI today asked banks to treat outstandings as bad loans in case customers fail to pay the minimum due amount within a stipulated 90 period. With a view to bringing consistency and inducing transparency, the RBI said, "it is advised that a credit ca...
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Posted Date : 20-Dec-2013 , 10:01:18 pm | Posted By CASANSAAR
Petrol price was on Friday hiked by 41 paise a litre following the government's decision to raise commission paid to petrol pump dealers and firming global oil rates. Simultaneously, diesel rates were increased by 10 paise per litre due to a hike in dealers commission. The two incr...
Continue Reading... Category : General | Comments : 0 | Hits : 164
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Posted Date : 20-Dec-2013 , 09:56:14 pm | Posted By CASANSAAR
India and San Marino signed a Tax Information Exchange Agreement (TIEA) at Rome, Italy yesterday. The Agreement has been signed on behalf of India by Mr.Basant K. Gupta, Ambassador of India to Italy with concurrent accreditation to San Marino and Ms. Daniela Rotondaro, Ambassador of San Marino to It...
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Posted Date : 20-Dec-2013 , 08:23:38 am | Posted By CASANSAAR
Relaxing its norms for foreign investors, Sebi on Thursday allowed overseas entities using complex multi-fund structures to invest in India, if they need to use such models due to regulations in their home country and they are ready to provide details of actual beneficiary of funds. Fearing pos...
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Posted Date : 20-Dec-2013 , 08:19:42 am | Posted By CASANSAAR
Indian businesses have opposed mandatory cost audits proposed in draft rules prepared by the ministry of corporate affairs (MCA), saying that the companies are conscious about cost structures and such checks shouldn't be made compulsory. But the ministry is unlikely to be swayed on the subject. ...
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Posted Date : 19-Dec-2013 , 08:47:04 am | Posted By CASANSAAR
The crime branch is investigating the hacking of a chartered accountant's bank account from which the fraudster withdrew Rs 3 lakh. Police said the victim, Diwakar Vaish from Noida, said his phone SIM card was reissued using fake documents. "His SIM card was blocked so he could not get an SMS a...
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