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  • E-filing of tax returns made simple
    Posted Date : 19-Jun-2013 , 08:32:53 am | Posted By CASANSAAR

    As July 31 - the last date for filing your incometax returns - approaches, it's time to brace yourself for the annual ritual. However, this year, you will not have the luxury of simply gathering all the relevant documents and handing them over to your tax consultant. You will have to adopt a mo...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1766

  • ISKCON Mumbai misused audit reports of ISKCON Bangalore - ICAI
    Posted Date : 19-Jun-2013 , 08:26:54 am | Posted By CASANSAAR

    In what could be a setback to Mumbai ISKCON's legal fight with Bangalore ISKCON over ownership, Institute of Chartered Accountants of India (ICAI) in its recent report observed that Mumbai ISKCON has misused and misinterpreted the audit reports of BangaloreISKCON, while...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 757

  • Long-term liability key to improve funding gap in India's banking system
    Posted Date : 19-Jun-2013 , 08:23:40 am | Posted By CASANSAAR

    Structural imbalances in the Indian bankingsystem's funding structure are diluting monetary policy transmission, crowding out corporates from money market and discouraging long-term savings in the economy. Banks' growing dependence on short-term deposits to fund an incr...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 226

  • Couples who have premarital sex to be considered MARRIED, says HC
    Posted Date : 18-Jun-2013 , 04:41:03 pm | Posted By CASANSAAR

    If any unmarried couple of the right legal age “indulge in sexual gratification,” this will be considered a valid marriage and they could be termed “husband and wife,” the Madras High Court has ruled in a judgment that gives a new twist to the concept of premarital sex. &nbs...

    Continue Reading... Category : General | Comments : 0 | Hits : 2147

  • Government Approves 16 Proposals of Foreign Direct Investment Amounting to About Rs.1646.875 Crore
    Posted Date : 18-Jun-2013 , 04:35:22 pm | Posted By CASANSAAR

    Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 10, 2013, the Central Government has approved sixteen (16) proposals of Foreign Direct Investment (FDI) amounting toRs.1646.875cr...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 292

  • Memorandum to the President of ICAI on some of the issues challenging the Profession
    Posted Date : 18-Jun-2013 , 01:50:56 pm | Posted By CASANSAAR

    Respected Sir,   It is a matter of great pleasure for all of us that you are visiting our Faridabad Branch on 19th June, 2013. We are eagerly waiting for the day, for having a live interaction with you. Being unsure, whether Branch Chairman will permit us to give you this memorandum in person...

    Continue Reading... Category : ICAI | Comments : 13 | Hits : 2285

  • ICSI ties-up with NISM, IIBF
    Posted Date : 18-Jun-2013 , 08:43:27 am | Posted By CASANSAAR

    The Company Secretaries Institute and the National Institute of Securities Markets (NISM) have come together for the joint promotion of corporate and securities market governance.   Both the institutes’ have signed a Memorandum of Understanding (MoU) for this purpose.   "We want ...

    Continue Reading... Category : ICSI | Comments : 0 | Hits : 484

  • E-filing of audit reports must with tax returns
    Posted Date : 18-Jun-2013 , 08:35:27 am | Posted By CASANSAAR

    The new income-tax forms notified by the government have made it mandatory for many assessees to file their audit reports in the electronic mode at the time of filing tax returns. “(The) list of audit reports required to be furnished with return of income has been expanded. As ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2287

  • Cabinet reshuffle: Eight new Ministers sworn in
    Posted Date : 17-Jun-2013 , 06:07:53 pm | Posted By CASANSAAR

    Eight new faces have been inducted into the Union Council of Ministers on Monday, with Sisram Ola and Oscar Fernandes making a re-entry after a gap of four years.   Mr. Ola, along with Girija Vyas and K.S. Rao, have been inducted as Cabinet Ministers.   The Ministers of State are Manik...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 221

  • RBI keeps interest rate, CRR unchanged
    Posted Date : 17-Jun-2013 , 05:32:38 pm | Posted By CASANSAAR

    Reserve Bank on Monday kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows.   The repo rate at which the RBI lends to the system has been retained at 7.25 per cent, while the cash reserve ratio will continue to be ...

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  • Foreign companies may not need FIPB nod for minority stake in Indian arms; govt to raise FDI cap
    Posted Date : 17-Jun-2013 , 08:48:03 am | Posted By CASANSAAR

    Foreign companies may not need government approval to hold up to 49% equity in Indian arms in most sectors, with theManmohan Singh administration planning an overhaul of the foreign investment regime to attract overseas capital.A senior official said the government was considering raising the m...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 256

  • Sebi finalising new anti-money laundering guidelines
    Posted Date : 16-Jun-2013 , 07:08:53 pm | Posted By CASANSAAR

    Regulator Sebi is finalising new Anti-Money Laundering guidelines covering entities such as brokers and mutual funds to put in place stronger checks against possible cleansing of funds through capital markets. The guidelines, expected to be ready within a few weeks...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 250

  • May not be mandatory to post paper copy of I-T e-filings: CBDT
    Posted Date : 16-Jun-2013 , 05:28:50 pm | Posted By CASANSAAR

    Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form as the CBDT has decided to soon stop this practice. The Central Board of Direct Taxes (CBDT), administrative authority of the Income Tax d...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1594

  • Govt gets data on investments by Indians in tax havens
    Posted Date : 16-Jun-2013 , 09:21:39 am | Posted By CASANSAAR

    The Indian government has obtained data of investments made by hundreds of Indians in tax havens such as the British Virgin Islands, the Cook Islands and Cayman Islands, some of which was part of a global media expose on offshore investments and secret financial transactions two months ago.   ...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 309

  • Petrol price hiked by Rs 2 per litre
    Posted Date : 15-Jun-2013 , 10:59:08 pm | Posted By CASANSAAR

    Petrol price was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against US dollar made imports costlier. The hike, which is effective from midnight tonight, is excluding local sales tax or VAT and actual increase for consumers will b...

    Continue Reading... Category : General | Comments : 0 | Hits : 192

  • Bansal’s personal secretary took ‘loan’ from ex-minister’s CA
    Posted Date : 15-Jun-2013 , 05:40:10 pm | Posted By CASANSAAR

    Former railway minister Pawan Kumar Bansal's personal secretary Rahul Bhandari is facing a probe by the Punjab government for a Rs 97.5-lakh flat in Noida which he bought last year after taking a 'hefty loan' from Bansal's chartered accountant Sunil Gupta. A Punjab cadre IAS offi...

    Continue Reading... Category : General | Comments : 0 | Hits : 360

  • Non-banking companies may hire 70,000 bank job aspirants
    Posted Date : 15-Jun-2013 , 07:29:38 am | Posted By CASANSAAR

    About 70,000 candidates shortlisted by the country's banking selection institute but still waiting for bank jobs may be absorbed by non-banking entities, which are planning to tap this ready pool of job seekersto avoid a lengthy and costly process ofhiring. The Institute of Banking Pe...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 875

  • India Inc foreign acquisitions can't be taxed locally, rules tribunal
    Posted Date : 15-Jun-2013 , 07:24:39 am | Posted By CASANSAAR

    A recent ruling by the Hyderabad income tax tribunal regarding taxation norms of Indian companies investing in their foreign counterparts has come as a big boost to India Inc's arguements. The corporate world has been trying to prove a point, debating, that transfer pricing rules...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 246

  • Sebi notifies norms for listing of preference shares
    Posted Date : 15-Jun-2013 , 07:22:53 am | Posted By CASANSAAR

    Market regulator Sebi has notified a new set of regulations to govern issuance and listing of non-convertible preference shares, a move expected to bring more transparency in raising of funds through such securities. To safeguard the interest of small investors from such high-risk sec...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 238

  • MNCs seek advance ruling to avoid tax rows
    Posted Date : 15-Jun-2013 , 07:15:37 am | Posted By CASANSAAR

    When Anglo-Dutch energy major Shell BV infused additional capital into its Indian arm Shell India by way of equity, it did not expect Shell India to be hit by a Rs 5,000-crore demand from the Income-Tax Department in India.   Indian taxmen had argued that the Indian company had undervalued it...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 186

  • Tax scrutiny of multinational companies to increase
    Posted Date : 14-Jun-2013 , 08:19:30 am | Posted By CASANSAAR

    income-tax (I-T) department has notified a revised form to check for transfer pricing infractions, something that could intensify the scrutiny on their books.The new form explicitly requires companies to disclose specific international transactions even i...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 468

  • Govt gives Sebi, RBI access to call data records
    Posted Date : 14-Jun-2013 , 08:14:16 am | Posted By CASANSAAR

    Centre has decided to include Sebiand RBI among the nine agencies which will be authorized to accesss call data records (CDRs).  Sources in the home ministry, which is finalizing the new norms for interception in concert with the department of telecom, said that t...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 296

  • Taxmen slap fresh demand of Rs. 816 crore on Wipro
    Posted Date : 13-Jun-2013 , 07:28:55 pm | Posted By CASANSAAR

    India's third largest software firm Wipro has been slapped with a claim of over Rs. 816 crore by the tax department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate.      The Bangalore-headquartered company said the "draft assessme...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 308

  • ICAI clarification regarding news on Bank Branch Audit Limit.
    Posted Date : 13-Jun-2013 , 12:36:52 pm | Posted By CASANSAAR

    June 12, 2013   ICAI PRESS RELEASE   The Institute of Chartered Accountants of India (ICAI) woild like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneosly reported in some sections of the media. ...

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  • I.T.Department released ITR- 4 E Filing Utility for AY 2013-14 / FY 2012-13
    Posted Date : 13-Jun-2013 , 10:05:30 am | Posted By CASANSAAR

    Income Tax department releases the online return filing software utility in respect of ITR-4 for A.Y. 2013-14 which can be downloaded from www.incometaxindiaefiling.gov.in   Download Income Tax Return (ITR) 4 for assessment year 2013-2014. ITR 4 is applicable to by an individua...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1508

  • PMO refer the case of ICAI while rejecting RTI on Robert Vadra-DLF Deal
    Posted Date : 13-Jun-2013 , 08:33:27 am | Posted By CASANSAAR

    The Prime Minister's Office (PMO) has turned down the request of a Lucknow based Right to Information (RTI) activist to provide information in regards with the progress in the case relating to Congress President Sonia Gandhi's son-in-law Robert Vadra's connection with the DLF.  The P...

    Continue Reading... Category : General | Comments : 0 | Hits : 1042

  • SEBI recommends easing rules for foreign investors
    Posted Date : 13-Jun-2013 , 08:29:03 am | Posted By CASANSAAR

    A committee set up by the Securities and Exchange Board of India (SEBI) has recommended merging foreign investment in India's stock markets into a single investor class as well easing registration norms for foreign buyers, in a move aimed at appeasing foreign investors.   A panel set up by ...

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  • In SMS, email age, Telegram service ends July 15
    Posted Date : 13-Jun-2013 , 07:58:59 am | Posted By CASANSAAR

    Come July 15, one of India’s oldest communication services — the telegram — will become history. Financial constraints have forced the Bharat Sanchar Nigam Ltd to wind up the telegraphic service, which would be remembered mainly as a historically inexpensive but relatively quick me...

    Continue Reading... Category : General | Comments : 0 | Hits : 366

  • Finance Ministry Increased Bank Branch Audit Limit to Rs.50 Cr. for Current F.Y.- ICAI President
    Posted Date : 12-Jun-2013 , 03:41:31 pm | Posted By CASANSAAR

    Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.   He further said, adding ICAI demanded this audit limit be reduced to its original lim...

    Continue Reading... Category : Auditing | Comments : 13 | Hits : 5403

  • IRCTC to launch SMS-based ticketing service from July 1
    Posted Date : 12-Jun-2013 , 11:37:41 am | Posted By CASANSAAR

    To tide over the limited Internet penetration and make use of high mobile phone user base in the country, IRCTC will launch SMS-based ticketing service from July 1. It will soon announce a dedicated number for the service.   This methodology will allow you to book tickets from anywhere and an...

    Continue Reading... Category : General | Comments : 0 | Hits : 731

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