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Posted Date : 13-Feb-2013 , 04:20:13 pm | Posted By CASANSAAR
The Finance Ministry today cleared four foreign direct investment (FDI) proposals in single brand retailing, including that of Decathlon and Fossil Inc, worth about Rs 750 crore, sources said. Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Ar...
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Posted Date : 13-Feb-2013 , 08:32:56 am | Posted By CASANSAAR
Accounting regulator ICAI today said it has issued show-cause notice to Reebok India's former Chief Financial Officer Vishnu Bhagat regarding alleged fraud at the sportswear maker.The issue relates to alleged Rs 870 crore financial fraud at the company last year."We have iss...
Continue Reading... Category : Income Tax | Comments : 1 | Hits : 644
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Posted Date : 13-Feb-2013 , 08:27:37 am | Posted By CASANSAAR
Accounting regulator ICAI will soon hold discussions with the Reserve Bank of India on implementation of IFRS standards by banking companies. The Institute of Chartered Accountants of India (ICAI) has also submitted a tentative roadmap for IFRS implementation to the Corpora...
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Posted Date : 12-Feb-2013 , 07:26:49 pm | Posted By CASANSAAR
Finland-based mobile handset maker Nokia today came heavily on the Indian Income Tax (I-T) Department stating that the authorities actions are excessive, unacceptable and inconsistent with Indian standards of fair play and governance. The company also said that the department officials hav...
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Posted Date : 12-Feb-2013 , 02:26:28 pm | Posted By CASANSAAR
CASANSAAR Team Congrats Newly Elected President & Vice President of ICAI. CA.Subodh Kumar AgrawalPresident, ICAI2013-14 CA.K.RaghuVice Presidet, ICAI2013-14...
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Posted Date : 12-Feb-2013 , 08:43:47 am | Posted By CASANSAAR
The chartered accountants’ fraternity must work hard to maintain the “integrity” and “credibility” of the profession, exhorted Corporate Affairs Minister Sachin Pilot. As India becomes more relevant to a globalised economy, the expectations will only be on the ...
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Posted Date : 12-Feb-2013 , 08:43:33 am | Posted By CASANSAAR
Preparing food items like paratha, samosa, dhokla and chappati for sale is a 'manufacturing activity' and entitled to tax exemptions, ruled an income tax tribunal."...manufacturing of chappati, paratha, samosa, dhokla constitutes manufacturing activity," said Ahmedabad bench...
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Posted Date : 12-Feb-2013 , 08:42:41 am | Posted By CASANSAAR
The finance ministry's crackdown on tax evaders has begun with over 35,000 nonfilers , who had made significant transactions, sent I-T notices to substantiate their source ofincome and why they had not filed their tax returns. Notices were sent after the intelligence wing of the&...
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Posted Date : 12-Feb-2013 , 08:30:29 am | Posted By CASANSAAR
The tricky issue of 'control', that lies at the heart of every M&A deal, has come back to hauntprivate equity investors. Even with a minority stake, these investors often have veto powers over key decisions of companies they invest in - a practice that was recently frowned upon by...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 309
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Posted Date : 11-Feb-2013 , 08:20:54 am | Posted By CASANSAAR
In a major embarrassment to the Institute of Chartered Accountants of India (ICAI), the regulator for auditors, a Rs 100 crore-plus project initiated by its president Jaydeep Shah in his hometown Nagpur has been rejected by the statutory body's top decision-making body on grounds...
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Posted Date : 11-Feb-2013 , 08:11:30 am | Posted By CASANSAAR
After Shell, it’s the turn of the Aditya Vikram Birla group to get a taste of the income-tax medicine on transfer pricing. Hindalco, the owner of Novelis, is set to get a notice from the income-tax department for “earning” fees while giving corporate guaran...
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Posted Date : 10-Feb-2013 , 03:54:35 pm | Posted By CASANSAAR
Market regulator Sebi has allowed stock exchanges to introduce incentive schemes for brokers and intermediaries to enhance liquidity in illiquid securities in the equity cash segment. The decision has been taken pursuant to introduction of incentive schemes in derivatives segment to e...
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Posted Date : 09-Feb-2013 , 06:29:15 pm | Posted By CASANSAAR
Finance Minister P. Chidambaram has launched the much-awaited Rajiv Gandhi Equity Savings Scheme in Mumbai.The move would encourage new investors to put their money in the stock market.The scheme, which was announced in the Budget, seeks to provide tax benefits to first-time investors in stock ...
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Posted Date : 09-Feb-2013 , 04:44:03 pm | Posted By CASANSAAR
The US India Business Council has submitted to Union Finance Minister P Chidambaram a wish list of reforms in the taxation sector, which the industry body argues would create a fair and transparent tax environment. In its pre-budget memorandum submitter to the Union Finance ...
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Posted Date : 09-Feb-2013 , 10:31:15 am | Posted By CASANSAAR
The government’s already muted tax collections are set to take a further hit, with central excise and service tax officials now threatening to hand out mass resignations for delay in promotions. Income tax officers have already refused to stop work and issue assessment orders over the same iss...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 584
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Posted Date : 09-Feb-2013 , 10:25:32 am | Posted By CASANSAAR
At 8 am on Saturday, Afzal Guru, the main accused in the Parliament attack case of December 13, 2001 was hanged in Delhi's Tihar jail, less than three months after the hanging of Mohammed Ajmal Kasab, the Pakistan-based terrorist who was part of the 26/11 Mumbai attack. However, Guru's body...
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Posted Date : 08-Feb-2013 , 10:55:20 pm | Posted By CASANSAAR
The Insurance Regulatory and Development Authority (Irda) today raised the exposure an insurance company can take in the equity of companies. The regulator said depending upon the size of their controlled fund, insurers can pick up 12 percent and 15 percent stake in a company. The cap was e...
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Posted Date : 08-Feb-2013 , 08:10:32 pm | Posted By CASANSAAR
The finance ministry, which is on an overdrive to raise tax collections, is facing a roadblock from the very people who are responsible for filling up its coffers.Close to 8,500 employees in the rank of income-tax officers, assistant commissioners and administrative officers of the In...
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Posted Date : 08-Feb-2013 , 09:35:56 am | Posted By CASANSAAR
Yet another visually challenged student has secured a top rank in the all India level examinations held by the Institute of Charted Accountancy of India ( ICAI). While Guntur boy J Rajasekhara Reddy had hit the headlines by becoming the first visually challenged to complete CA (final) last for...
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Posted Date : 08-Feb-2013 , 09:23:09 am | Posted By CASANSAAR
The investigation unit of the Income Tax Department in Chennai has roped in cyber experts to crack Nokia’s computer systems in the Sriperumbudur manufacturing plant. This is to investigate the method of software download by the Indian company from its parent in Finland to manufacture ...
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Posted Date : 08-Feb-2013 , 09:19:42 am | Posted By CASANSAAR
The following are the New/Revised Ind ASs (Post February, 2011) corresponding to the new/revised IFRSs issued by the IASB after finalisation of 35 Ind ASs hosted on the MCA’s website. These Ind ASs have been finalised by the Council of the ICAI and sent to the National Advisory Committee on Ac...
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Posted Date : 07-Feb-2013 , 09:28:31 am | Posted By CASANSAAR
Vodafone finds itself under renewed assault from Indian tax authorities even as it attempts to resolve a long-running tax dispute over the acquisition of Hutchison's Indian telecom business in 2007. This time around, theI-T Department has alleged that the Indian arm of the world's largest telec...
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Posted Date : 07-Feb-2013 , 09:25:35 am | Posted By CASANSAAR
Chartered Accountants Integrated Professional Competence Course (IPCC) Examination held in Nov, 2012 The details of percentage of candidates passed in the above said examinations are given below: Appeared Passed Percentage Both Group 51318 5720 11.15% Group 1 ...
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Posted Date : 06-Feb-2013 , 07:43:04 pm | Posted By CASANSAAR
Racing against time to meet revenue collection target, tax authority CBEC has started seeking details of service tax from companies which have paid the same amount as last year or even less than that.The Central Board of Excise and Customs (CBEC) has written to such com...
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Posted Date : 06-Feb-2013 , 07:37:51 pm | Posted By CASANSAAR
The International Accounting Standards Board (IASB) has published this Exposure Draft of proposed amendments to introduce guidance on the accounting, by a joint operator, for the acquisition of an interest in a joint operation, as defined in IFRS 11 Joint Arrangements, in which the activity of the j...
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Posted Date : 06-Feb-2013 , 07:36:50 pm | Posted By CASANSAAR
The International Accounting Standards Board (IASB) has proposed these amendments to address the issues related to the changes made in IAS 27 Consolidated and Separate Financial Statements (as issued in 2008) as part of the Business Combinations project. Invitation to commentASB invit...
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Posted Date : 06-Feb-2013 , 06:06:07 pm | Posted By CASANSAAR
In fresh trouble toSahara group, the Supreme Court on Wednesday said that SEBI is free to freeze accounts and seize properties of its two companies for defying court orders by not refunding Rs 24,000 crore to investors. The apex court also pulled up SEBI for not taking action against the ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 346
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Posted Date : 06-Feb-2013 , 09:45:32 am | Posted By CASANSAAR
Companies traded on stock exchanges will now need the clearance of the capital market regulator Sebi for all merger, demerger and amalgamation deals. Till now, companies could execute these strategies by obtaining the approval of a high court and no-objection certificate from exc...
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Posted Date : 06-Feb-2013 , 09:38:05 am | Posted By CASANSAAR
Symphony Limited, Ahmedabad-based air cooler manufacturing and marketing company, has won the ICAI award for excellence in financial reporting for the second consecutive years.Symphony was given this award for its annual report for 2010-11. The award was handed over at the Internation...
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Posted Date : 05-Feb-2013 , 08:23:11 pm | Posted By CASANSAAR
Market regulator Sebi has revised norms required for publicly traded companies which are planning to list their equities after amalgamation or de-merger. In recent past, Sebi said it has been receiving applications seeking exemption from certain entities where there are inadequate disclosur...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
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- 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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