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Posted Date : 05-Jul-2013 , 02:50:25 pm | Posted By CASANSAAR
As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI h...
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Posted Date : 05-Jul-2013 , 12:48:38 pm | Posted By CASANSAAR
No employee, as a matter of right, can seek the benefits of voluntary retirement scheme (VRS) and the decision-taking power lies only with the employer firm, the Supreme Court has held."A voluntary retirement scheme introduced by a company, does not entitle an employee as a matter of right...
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Posted Date : 04-Jul-2013 , 10:33:13 pm | Posted By CASANSAAR
The Government on Thursday released a revised online form to make provident fund transfers easier. The revised form, released by Labour & Employment Minister Sis Ram Ola, can be presented after verification, either through the present employer or previous employer. Earlier, the form cou...
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Posted Date : 04-Jul-2013 , 05:11:41 pm | Posted By CASANSAAR
As part of its drive against fake Permanent Account Number, the Income-Tax Department is considering making proof of date-of-birth mandatory for issuance of PAN card. “The Department might ask for proof of date-of-birth for issuing a PAN card. Ration cards and rent receipts might no l...
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Posted Date : 04-Jul-2013 , 08:13:00 am | Posted By CASANSAAR
The Kerala High Court on Wednesday held that the Centre’s decision to impose service tax on food and beverages supplied by air-conditioned restaurants with licences to serve alcoholic beverages in the 2011-12 budget was beyond the legislative competence of Parliament. Justice A.M. Sha...
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Posted Date : 04-Jul-2013 , 08:12:46 am | Posted By CASANSAAR
The top 30 bad loans in each commercial bank are responsible for almost half of the gross non performing accounts (NPA) in the Indian banking system. The worst affected are foreign banks in the country where the top 30 non-performing loans account for 84% of the gross NPAs as on March 2013...
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Posted Date : 03-Jul-2013 , 09:34:44 pm | Posted By CASANSAAR
The Supreme Court on Tuesday rejected pleas of Price Waterhouse auditors Srinivas Talluri and Subramani Gopalakrishnan, accused in the Rs 14,000-crore Satyam scam, to defer inquiry proceedings initiated by Sebi against them. The auditors had approached the apex court seeking deferment of th...
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Posted Date : 03-Jul-2013 , 04:12:11 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meetingheld on June 14, 2013, the Government of India has approved eight (8) Proposals of Foreign DirectInvestment amounting to Rs. 1311.54 ...
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Posted Date : 03-Jul-2013 , 08:41:09 am | Posted By CASANSAAR
Until a couple of years ago Vinod Jain, a familiar name in the chartered accountants community, worked out of a small office in Nehru Place, a congested commercial complex in South Delhi, now known more for assembled computers and pirated software. But, that was when the INMACS office...
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Posted Date : 03-Jul-2013 , 08:11:51 am | Posted By CASANSAAR
The Central Government has decided to exempt the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ Unit) or Developer of SEZ ( hereinafter referred to as the Developer) and used for the a...
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Posted Date : 02-Jul-2013 , 05:17:02 pm | Posted By CASANSAAR
With 26 public and private sector companies applying for banklicences, Finance Minister P Chidambaramhas said that there was no ceiling on the number of entities which can be permitted to operate a bank. "I don't think there is a ceiling. I don't think there is a number...
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Posted Date : 02-Jul-2013 , 11:42:24 am | Posted By CASANSAAR
In a landmark late night journey into a new era of space application, India today successfully launched its first dedicated navigation satellite using the Polar Satellite Launch Vehicle which blasted off from the Satish Dhawan Space Centre here.Precisely at 11.41 pm, India's workhorse PSLV...
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Posted Date : 02-Jul-2013 , 08:15:38 am | Posted By CASANSAAR
New Income Tax Return Forms A.Y. 2010-11 A.Y. 2011-12 A.Y. 2012-13 A.Y. 2013-14 ITR - 1 SARAL - II (ITR-1) English Instructions Hindi Instructions ITR-1 SAHAJ Indian Individual Income tax ReturnEnglish Hindi Print Specifications ...
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Posted Date : 02-Jul-2013 , 08:09:42 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), India’s premier & world second largest accounting body, celebrated its 65th Foundation Day today. A function was organized at Vigyan Bhawan, New Delhi on July 1, 2013. Union Minister of State(I/C), Shri Sachin Pilot was...
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Posted Date : 02-Jul-2013 , 08:00:18 am | Posted By CASANSAAR
The Reserve Bank of India has received 26 applications for new banking licences until Monday, the deadline for making a pitch, with a mix of big corporate houses led by the Tatas, the Aditya Birla group, the Rahul Bajaj group, Videocon, the Anil Ambani group and Larsen & Toubro in the race to se...
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Posted Date : 02-Jul-2013 , 07:30:52 am | Posted By CASANSAAR
Calling for a need to have 'corporate democracy' in the country, capital market regulator Sebi today said it is not fair for top executives to get high compensations at companies that are not performing well.At the same time, Sebi has ruled out any 'disruptive' regulations to force anythin...
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Posted Date : 01-Jul-2013 , 07:24:36 pm | Posted By CASANSAAR
Key features of FVU 2.134 is as follows: 1. Addition of filler fields in: - Deductor details (BH record)- Challan details (CD record)- Deductee details (DD record)- Salary details (SD record). Applicable in case of 24Q, Q4. 2. Quarterly TDS/TCS statement (regular ...
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Posted Date : 01-Jul-2013 , 04:43:01 pm | Posted By CASANSAAR
Mahindra Satyam (erstwhile Satyam Computer Services Ltd), which merged into Tech Mahindra last month, will become history in the records of BSE and National Stock Exchange (NSE) as trading of the company's scrip is likely to end from July 4. "Trading of Satyam (stocks) will end on July 3 an...
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Posted Date : 01-Jul-2013 , 08:23:01 am | Posted By CASANSAAR
1st JULY 1949 HISTORY OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA The Companies Act, 1913 passed in pre-independent India prescribed the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a restricted ...
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Posted Date : 30-Jun-2013 , 08:34:43 am | Posted By CASANSAAR
Gujarat Chief Minister Narendra Modi called upon the chartered accountants to make Indian social and economic conditions stronger with the help of their professional skill. He also asked them to free India from the malaise of black money. Inaugurating the Chartered Accountants Students Nati...
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Posted Date : 29-Jun-2013 , 10:27:36 pm | Posted By CASANSAAR
In a breather to the IT industry, the Income Tax Department today announced withdrawal of a controversial circular and modification of another one relating to taxation of R&D centres, which play a key role in software development. While the circular relating to adoption ...
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Posted Date : 29-Jun-2013 , 10:08:39 pm | Posted By CASANSAAR
Justice P Sathasivam will replace Altamas Kabir as the new chief justice of India when the latter steps down on July 19, 2013. A formal notification to this effect is expected anytime soon from Rashtrapati Bhavan.Sathasivam, who was elevated to the top court on August 21, 2007, w...
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Posted Date : 29-Jun-2013 , 04:40:19 pm | Posted By CASANSAAR
Indian Railways on Friday launched SMS-based ticketing system to tackle the rush at the booking counters. Indian Railways Catering and Tourism Corporation (IRCTC) launched the ticket booking which can be done through non-internet based mobile. Government is hoping that this new system will h...
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Posted Date : 29-Jun-2013 , 11:29:47 am | Posted By CASANSAAR
The Madras High Court has upheld the levy of service tax on income generated from temporary transfer of rights to use cinematographic films. This means that service tax has to be paid for distribution of films and selling of rights to television. Such “temporary transfer” or permission t...
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Posted Date : 29-Jun-2013 , 11:28:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed tough norms for banks involved in wealth and portfolio management services (W/PMS), mandating them to segregate sales and advisory activity, and threatened to bar them from money markets for violation of guidelines. It plans to put a blanket ban on t...
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Posted Date : 28-Jun-2013 , 08:38:41 am | Posted By CASANSAAR
Two regional bodies within Institute ofChartered Accountants of India (ICAI), the apex body of chartered accountants supposed to enforce transparency in financial world, have shown themselves wary of similar transparency. They steered clear of a proposal to impose a disclosure norm for their el...
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Posted Date : 28-Jun-2013 , 08:34:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), in its financial stability report has raised concern about the conduct of banks while distributinginsurance products. RBI said in some cases, it was observed banks did not have a clear segregation of duties of marketing personnel from other branch...
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Posted Date : 27-Jun-2013 , 10:54:51 pm | Posted By CASANSAAR
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said."The I-T department has started follow up of around 12 lakh asses...
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Posted Date : 27-Jun-2013 , 08:39:02 am | Posted By CASANSAAR
ICAI celebrates its Foundation Day as the Chartered Accountants’ Day on 1st July every year. This year, the Chartered Accountants’ Day Celebrations of the ICAI will be held at 4.00 P.M. on 1st July, 2013 in the `Plenary Hall’, Vigyan Bhawan, New Delhi. Hon&rsquo...
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Posted Date : 27-Jun-2013 , 08:32:39 am | Posted By CASANSAAR
Income Tax Department has releasedIncome Tax Return (ITR ) 5 as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefili...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- Bank Branch Statutory Audit Updates 2019
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- 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
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- 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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