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Posted Date : 26-Nov-2013 , 09:52:56 pm | Posted By CASANSAAR
Finance Minister P Chidambaram on Tuesday said service tax evaders would not get any escape route and warned that stern action, including arrest and prosecution, would be taken against them. "The services sector constituted 55 percent of the GDP of the country. There is no reason why this sect...
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Posted Date : 26-Nov-2013 , 06:00:07 pm | Posted By CASANSAAR
The Reserve Bank today said that conversion of existing foreign bank branches into wholly owned subsidiaries in India will neither attract any capital gains tax nor stamp duty. "In this context...'Special Provisions relating to Conversion of Indian Branch of a Foreign Bank into a Subsidiary...
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Posted Date : 26-Nov-2013 , 03:13:57 pm | Posted By CASANSAAR
People paying service tax arrears before May 10 can get relief from penalty, the Finance Ministry has indicated. In a statement issued here on Monday, the Ministry clarified that in cases where service tax dues have been paid in between the date of announcement and actual implementation of ...
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Posted Date : 26-Nov-2013 , 08:12:04 am | Posted By CASANSAAR
Sebi has reorganised its committee on disclosures and accounting standards that advises the market regulator on matters related to disclosure requirements and accounting practices for various market participants. The Securities and Exchange Board of India (Sebi) had formed the 'Committee on Disclos...
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Posted Date : 25-Nov-2013 , 08:06:42 pm | Posted By CASANSAAR
Telecom subscribers across the country can soon register their complaints by dialling a special toll free number '1037'. A subscriber, currently, needs to call customer care centre of the service provider to register a complaint. Customers can go to nodal officers and finally to the appellate auth...
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Posted Date : 25-Nov-2013 , 05:32:22 pm | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram recently held interactive sessions at Chennai, Delhi and Mumbai to ascertain and address the concerns of trade on any aspect of the Service Tax Voluntary Compliance Encouragement Scheme (VCES). During these interactive sessions,...
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Posted Date : 25-Nov-2013 , 08:36:27 am | Posted By CASANSAAR
The corporate affairs ministry has rejected the industry's demand for a relaxation in the norms on mandatory CSR spending and rotation of auditors outlined in the new Companies Act. A senior official told ET that the ministry has decided to stick to the original draft of rules despite intense lobbyi...
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Posted Date : 25-Nov-2013 , 08:24:57 am | Posted By CASANSAAR
Taking umbrage at recent remarks by Aam Aadmi Party (AAP) leader Arvind Kejriwal that he had chosen public service over being an Income Tax Commissioner and "earning crores", an association of revenue department officers on Friday shot off a letter to him saying such utterances were "unnecessarily d...
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Posted Date : 25-Nov-2013 , 08:22:50 am | Posted By CASANSAAR
Raising concerns over proposal to relax eligibility norms for cost audit of companies, the umbrella organisation of cost accountants today urged the government to modify the draft rules, especially since the planned criteria excludes small and medium enterprises. The Institute of Cost Acc...
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Posted Date : 23-Nov-2013 , 08:13:39 am | Posted By CASANSAAR
The Tax Administration Reforms Commission (TARC) will set up focused groups to identify quicker solutions for long-term issues the Income-Tax Department and taxpayers are grappling with. These groups will involve private sector representatives as well as revenue officials, TARC Chairman Par...
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Posted Date : 22-Nov-2013 , 09:27:18 pm | Posted By CASANSAAR
Magnus Carlsen is the new world chess champion. After game No. 10 of the world championship ended in a draw in Chennai on Friday, the 22-year-old Norwegian got the required half-a-point needed to reach 6.5 points and dethrone India's super Grandmaster Viswanathan Anand. The world championship i...
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Posted Date : 22-Nov-2013 , 06:10:24 pm | Posted By CASANSAAR
Professional services firm Price Waterhouse is looking to convert all the nine audit firms under its Indian network into limited liability partnerships (LLPs) by April. “We are in the process of conversion (from partnership firms to LLPs). By April 1, 2014, all the nine audit firms un...
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Posted Date : 22-Nov-2013 , 06:00:24 pm | Posted By CASANSAAR
Finnish mobile maker Nokia has moved the Delhi High Court, seeking lifting of stay on transfer of its assets here in an alleged tax evasion case, contending that the injunction will jeopardise the sale of its Indian arm to Microsoft under the $7.2-billion global deal. The company submitted ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 359
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Posted Date : 22-Nov-2013 , 03:51:05 pm | Posted By CASANSAAR
ICAI believes in harnessing technology for the benefit of members and students. In view of increased use of tablets and smart phones that facilitate easy reading, the ICAI has come out with study materials in form of e-books. Now students will be able to conveniently read and learn on the move. Pres...
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Posted Date : 22-Nov-2013 , 08:17:09 am | Posted By CASANSAAR
President Pranab Mukherjee on Thursday said that the current economic environment poses many issues in the financial and accounting world, and added that the chartered accountants have an important role to play in advising the management as well as users of financial statements. ...
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Posted Date : 21-Nov-2013 , 09:01:40 pm | Posted By CASANSAAR
In the wake of deteriorating asset quality in the banking system, which is hovering at record highs, the Reserve Bank today asked banks to strengthen their due diligence and improve the loan recovery process. "Banks need to not only follow the various measures put in place by the RBI and the go...
Continue Reading... Category : Banking | Comments : 0 | Hits : 271
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Posted Date : 21-Nov-2013 , 08:54:48 pm | Posted By CASANSAAR
SEBI today cautioned general public and investors against dealing with MCX Biz Solutions and its proprietor Syed Sadaq, who were found running fraudulent investment schemes with fake and forged documents while using a name similar to that of an exchange group. Market regulator said the re...
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Posted Date : 21-Nov-2013 , 08:31:10 pm | Posted By CASANSAAR
The Supreme Court Thursday restrained Sahara Group chief Subrata Roy and two directors from leaving the country as they have failed to comply with its Oct 28 orders. By its Oct 28 orders, the court directed the Sahara group's real estate and finance arm - Sahara India Real Estate ...
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Posted Date : 21-Nov-2013 , 08:26:40 pm | Posted By CASANSAAR
Global consulting firm PwC today said it has re-appointed Deepak Kapoor as the Chairman of PwC India for three years beginning January 2014. "Deepak Kapoor has been re-elected for a second term as Chairman of PwC India network of entities, for a three year period beginning on 1 Jan 2014," it sa...
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Posted Date : 21-Nov-2013 , 08:02:36 pm | Posted By CASANSAAR
DRAFT RULES FOR COST AUDIT UNDER 6TH TRANCHE HAS BEEN PUT FOR PUBLIC COMMENTS. LAST DATE FOR GIVING SUGGESTIONS IS 6/12/2013. CLICK HERE TO DOWNLOAD CLICK HERE TO SEND FEEDBACK....
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Posted Date : 21-Nov-2013 , 08:45:22 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has ordered the removal of Harsh Vardhan Lodha and Aditya Lodha from the member-rolls of the institute for three months on grounds of professional misconduct. The two are senior partners of chartered accountant firm Lodha & Co. Harsh Vardh...
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Posted Date : 21-Nov-2013 , 08:35:27 am | Posted By CASANSAAR
MCA release Draft rules for Winding up under 5th tranche and put for public comments. Last Date for giving suggestion is 19/12/2013. CLICK HERE TO DOWNLOAD. CLICK HERE FOR FEEDBACK....
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 338
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Posted Date : 20-Nov-2013 , 10:00:35 pm | Posted By CASANSAAR
Employee unions in public sector banks today threatened to go on nation-wide strike on December 19 to press for early wage revision. The United Forum of Bank Unions in a meeting held in Chennaidecided to go on strike on December 19, Ashwini Rana, General Secretary of the National Organis...
Continue Reading... Category : Banking | Comments : 0 | Hits : 374
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Posted Date : 20-Nov-2013 , 08:06:46 pm | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) has proposed a major overhaul of stock-related employee benefit schemes, to allow companies purchase shares from the open market. The regulator, in January 2013, had prohibited secondary market purchases by employee welfare trusts or un...
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Posted Date : 20-Nov-2013 , 07:59:58 pm | Posted By CASANSAAR
The Reserve Bank today asked all the non-banking financial companies (NBFCs) to participate in the Lok Adalat on November 23 for settlement of any pending cases or dues. "RBI has appealed to all Non-Bank Finance Companies (NBFCs) to participate in the Lok Adalat being organised by th...
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Posted Date : 20-Nov-2013 , 04:34:53 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT November 19, 2013 Subject: Zone-shifting of candidates for 15th December - 2013 CPT Due to paucity of accommodation in certain Zones opted by the candidates in the cities of Chennai, Delhi and Indore, some of the candidates have been allotted examinations...
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Posted Date : 20-Nov-2013 , 10:47:25 am | Posted By CASANSAAR
The Forward Markets Commission (FMC) on Tuesday approved Price Waterhouse Coopers (PWC) as the auditor to conduct a special audit of MCX and Chokshi & Chokshi chartered accountants to conduct the forensic audit of NSEL’s e-series contracts. The regu...
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Posted Date : 20-Nov-2013 , 10:45:42 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday directed public sector banks to provide credit to women self-help groups at the rate of 7 per cent per annum so as to get the benefit of interest subvention scheme under the Swarnajayanti Gram Swarozgar Yojana-Aajeevika (SGSY) scheme. "PSBs will be subvent...
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Posted Date : 20-Nov-2013 , 10:36:57 am | Posted By CASANSAAR
The proposal to levy a ‘super-rich’ tax, at the rate of 35 per cent, on those earning more than Rs 10 crore a year might not receive support of the Union Cabinet, which is to consider the Direct Taxes Code (DTC) Bill this month. This is because the government might not lik...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 309
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Posted Date : 20-Nov-2013 , 10:32:31 am | Posted By CASANSAAR
Bharatiya Mahila Bank, the country’s first all-women commercial bank, commenced its operations on Tuesday with seven branches. However, doubts remain if the bank will succeed in achieving its objective of economic empowerment of women in remote villages. “The setting up of the...
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