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  • RBI allows people going abroad to carry up to Rs 10k
    Posted Date : 07-Sep-2013 , 08:51:09 am | Posted By CASANSAAR

    Providing greater flexibility to individuals travelling abroad, the Reserve Bank of India, on Friday, allowed them to carry Indian currency of up to Rs.10,000 per person.   The limit has been increased from the existing Rs.7,500 per person.   “As part of providing greater flexibi...

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  • Parliament passes key Pension Bill after about 9-year delay
    Posted Date : 07-Sep-2013 , 08:47:32 am | Posted By CASANSAAR

    Parliament on Friday passed the pension bill that seeks to give statutory powers to sector regulator and also allows at least 26% foreign direct investment in the sector. The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha that had been a...

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  • Income Tax Surveys at Jaipur Result in Detection of Undisclosed Income of Rs. 118 Crore
    Posted Date : 07-Sep-2013 , 08:42:04 am | Posted By CASANSAAR

    A Survey action was conducted by the Income Tax Department at Jaipur on 03.09.2013 in the case of a leading Builder and Developer of Jaipur which resulted in the detection of the additional income of Rs. 95.14 crores.   The assessee not only admitted the said additional income but also furni...

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  • RBI eases rules for foreign and NRI promoters to raise stake in listed firms
    Posted Date : 07-Sep-2013 , 08:26:59 am | Posted By CASANSAAR

    In a move to quicken dollar inflows, the Reserve Bank of India (RBI) has changed the rules to make it easier for foreign and NRI promoters to raise stake in listed Indian companies.Offshore parents of such local companies can now freely purchase shares by using the services of registered I...

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  • Bombay High Court dismisses Vodafone petition in tax case
    Posted Date : 06-Sep-2013 , 09:45:19 pm | Posted By CASANSAAR

    The Bombay High Court dismissed a petition by Vodafone Group in a tax dispute with the authorities, ruling on Friday that a tax tribunal should examine the matter first, the British mobile company said. Vodafone said it has almost 12 weeks to review its options and that the court had extended a sta...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 387

  • Webcasts for CA Students: Intermediate (IPC) Course, Final Course and Accounting Standards
    Posted Date : 06-Sep-2013 , 03:52:11 pm | Posted By CASANSAAR

    The Board of Studies of the Institute is organizing Webcasts on Accounting Standards and respective subjects of the Intermediate (IPC) Course and Final Course on Saturdays from 1.00 p.m. to 5.00 p.m. and/ or Sundays from 10.00 a.m. to 2.00 p.m. in July-September, 2013.The Subject specific webcasts b...

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  • RBI asks Kerala temples how much gold they have
    Posted Date : 06-Sep-2013 , 08:32:46 am | Posted By CASANSAAR

    Temple boards in Kerala have received a letter from the Reserve Bank of India (RBI) seeking details of the stock of gold in their possession, a temple board official said today. Speaking to IANS, a top official of the famous Guruvayoor Devasom Board said a letter had been received from the RBI seek...

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  • FAQ on Tax Audit - How Many Tax Audit Report a Partner in CA firm can sign?
    Posted Date : 06-Sep-2013 , 08:22:18 am | Posted By CASANSAAR

    Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year? Answer: As per Chapter VI of Council General Guidelines, 2008 (Tax AuditAssignments under Section 44AB...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1435

  • Bakshi set for battle against McDonald's over charges of cooking accounts
    Posted Date : 06-Sep-2013 , 08:11:59 am | Posted By CASANSAAR

    The battle between McDonald's and its former India managing director Vikram Bakshi seems to have escalated, with Bakshi challenging the questions raised on his functioning by the US fast-food giant at its board meeting on August 6. According to sources close to the promoters, McDonald's t...

    Continue Reading... Category : Accounts | Comments : 0 | Hits : 710

  • RBI allows cash withdrawal of upto Rs 1,000/day via prepaid cards
    Posted Date : 06-Sep-2013 , 08:06:38 am | Posted By CASANSAAR

    The Reserve Bank today allowed cash withdrawals of up to Rs 1,000 a day through prepaid cards, including gift cards, issued by banks from point of sale terminals, a move aimed at enhancing customer convenience in using plastic money. As of now, this facility was available only to debit cards is...

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  • EPFO to start online facility on Friday to view updated accounts
    Posted Date : 06-Sep-2013 , 08:02:20 am | Posted By CASANSAAR

    Retirement fund managervEPFO will launch an online facility on Friday where over 5 crore subscribers can view their updated accounts. "We will launch the facility tomorrow where subscribers can track their accounts online on a real-time basis and check their updated accounts," EPFO's ...

    Continue Reading... Category : General | Comments : 0 | Hits : 341

  • Income tax department alerts taxpayers to fake mobile apps
    Posted Date : 05-Sep-2013 , 10:29:10 am | Posted By CASANSAAR

    After alerting taxpayers to fraudulent emails promising fake refunds and other services, the income tax (I-T) department has now alerted the public to fake mobile applications that compromise confidential financial information. The department has warned taxpayers that illegal mobile application...

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  • Sebi to adopt global norms for financial market infrastructures
    Posted Date : 05-Sep-2013 , 10:16:55 am | Posted By CASANSAAR

    To safeguard investors as well as the market from systemic risks emanating from Financial Market Infrastructures, Sebihas decided to adopt 24 standard global principles for such institutions.These principles will apply to all clearing corporations and depositories present in the Indian securiti...

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  • Income- tax department notices to 24 NSEL borrowers
    Posted Date : 05-Sep-2013 , 10:10:31 am | Posted By CASANSAAR

    The income-tax department will issue notices to two dozen borrowers on the National Spot Exchange (NSEL) as their probe so far has revealed that most of the trades undertaken by them were not backed by underlying commodities."We will be summoning the borrowers shortly as an examination of their book...

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  • Notification for Deadline of Renewal of Library Card of NRO-Library, Vishwas Nagar
    Posted Date : 04-Sep-2013 , 07:29:54 pm | Posted By CASANSAAR

    This is the last call to students who are members of NRO-library to get their old cards renewed (red and green ticket holders). Further, those students who had deposited Rs 500/- as security amount and are carrying computerized card are also requested to renew their library cards by depositing addit...

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  • Economic slowdown hits CA recruitment
    Posted Date : 04-Sep-2013 , 08:52:02 am | Posted By CASANSAAR

    Of the 4,800 fresh CAs enrolled for placements, only 112 have got job offers in the last 1 month Slowing economic growth seems to have taken its toll on another profession—chartered accountancy. Fewer companies are recruiting chartered accountants, or CAs, whose job spans auditing and accou...

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  • Raghuram Rajan to take over as RBI governor
    Posted Date : 04-Sep-2013 , 08:46:13 am | Posted By CASANSAAR

    Raghuram Govind Rajan, chief economic advisor in the finance ministry, is scheduled to take over as governor of the Reserve Bank of India (RBI) Wednesday.   At 50, Rajan will be among the youngest to occupy the high office at Mint Street in Mumbai, where he takes over from incu...

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  • NFRA not to impact functions of accounting regulator ICAI
    Posted Date : 04-Sep-2013 , 08:02:14 am | Posted By CASANSAAR

    The setting up of National Financial Reporting Authority (NFRA), a quasi-judicial body, will not impact the role of accounting regulator ICAI, an official said today. Under the new companies law, the government would be setting up the National Financial Reporting Authority (NFRA)...

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  • RBI stops down payment scheme for home loans
    Posted Date : 03-Sep-2013 , 09:06:20 pm | Posted By CASANSAAR

    The Reserve Bank on Tuesday asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of "innovative" housing financing schemes. "In view of the higher risks associated with such lump-sum disbursal of sanctioned housing lo...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 693

  • Govt may ban use of Gmail, Yahoo in official communications
    Posted Date : 03-Sep-2013 , 08:38:13 pm | Posted By CASANSAAR

    Wary of cyber snooping, the government may ban use of e-mail services like Gmail and Yahoo for official communications so as to safeguard its critical data.       Department of Electronics and Information Technology is drafting a policy on e-mail usage in gover...

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  • Corporate Social Responsibility and Sustainability Provision for the Central Public Sector Enterprises
    Posted Date : 03-Sep-2013 , 08:35:34 pm | Posted By CASANSAAR

    The Department of Public Enterprises (DPE) has issued guidelines on Corporate Social Responsibility (CSR) and Sustainability for Central Public Sector Enterprises (CPSEs) in April, 2013 wherein each CPSE shall, with the approval of its Board of Directors, make a budgetary allocation for CSR and Sust...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 248

  • Microsoft to acquire Nokia's handset business for $7.2 billion
    Posted Date : 03-Sep-2013 , 09:47:47 am | Posted By CASANSAAR

    Microsoft Corp on Tuesday said it would buy Nokia's mobile phone business for 5.44 billion euros ($7.2 billion), and the Finnish firm said its CEO, Stephen Elop, would join Microsoft when the transaction closed. Finland's Nokia, once the undisputed leader in mobile phones, has be...

    Continue Reading... Category : International Business | Comments : 1 | Hits : 490

  • NSEL defaulters used dummy accounts: I-T dept
    Posted Date : 03-Sep-2013 , 08:14:11 am | Posted By CASANSAAR

    The income tax (I-T) department has found that at least one of the big defaulters on National Spot Exchange Limited (NSEL) was using dummy bank accounts, suggesting the matter may be more than just a simple payments default. The I-T department is investigating whether the amounts invested were decla...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 224

  • Companies Bill: New legislation to govern firms enacted
    Posted Date : 03-Sep-2013 , 08:13:12 am | Posted By CASANSAAR

    The landmark Companies Bill has been enacted, replacing the nearly six-decade old regulations that governed corporates in the country. After being approved by Parliament last month and receiving assent from PresidentPranab Mukherjee, the new laws have been now Gazetted. "The historic ...

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  • Sebi clamps down on launches of gold ETFs
    Posted Date : 03-Sep-2013 , 08:11:45 am | Posted By CASANSAAR

    Market regulator Sebi has clamped down on new launches of gold exchange traded funds (Gold-ETFs) as the product is seen to be fueling demand for the yellow metal and contributing significantly to the current account deficit. The market watchdog has turned down a number of applications for new gold E...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 230

  • TCS selected for Rs 200 cr Income Tax Department project
    Posted Date : 03-Sep-2013 , 08:03:22 am | Posted By CASANSAAR

    As part of its latest technology upgrade exercise, the income-tax (I-T) department has selected Tata Consultancy Services (TCS), the country’s largest information technology (IT) services company, to implement an I-T upgrade project worth Rs 200 crore. The five-year project involves upgrading ...

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  • Interest on tax refunds haunts Government
    Posted Date : 02-Sep-2013 , 08:26:15 am | Posted By CASANSAAR

    Delayed direct tax refunds and the high interest outgo are proving to be a headache for the government.   Even as thousands await refunds for the 2011-12 fiscal, the Public Accounts Committee (PAC) of Parliament has called revenue secretary Sumit Bose and attorney general GE Vahanvati&nb...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 614

  • MCA plans social media initiatives to create more awareness
    Posted Date : 02-Sep-2013 , 08:21:59 am | Posted By CASANSAAR

    To reach out and create more awareness among the general public, the Corporate Affairs Ministry plans to unleash online initiatives by tapping Twitter, Facebook and other avenues.  The proposal also comes against the backdrop of rising incidents of common man getting duped by fraudulent scheme...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 246

  • ICAI seeks powers to regulate CA coaching institutes
    Posted Date : 01-Sep-2013 , 08:55:14 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India wants the central government to empower the ICAI to regulate, monitor and improve the quality of coaching, and also to save students from paying high amounts of fee.   This has become necessary as some corporate colleges in Andhra Pradesh and so...

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  • Petrol price hiked by Rs. 2.35 a litre, diesel by 50 paise
    Posted Date : 31-Aug-2013 , 07:45:48 pm | Posted By CASANSAAR

    Petrol price was on Saturday hiked by a steep Rs. 2.35 per litre, the sixth increase in rates in three months, and diesel by 50 paise per litre on falling rupee and firming international oil prices.   The increase in rates, which will be effective Saturday midnight, are excluding local sales ...

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