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  • Service Tax NEW ST-3 for April to June 2012 made Available
    Posted Date : 23-Oct-2012 , 06:18:33 am | Posted By CASANSAAR

    The Revenue Department today said the modified service tax return Form for the quarter April-June is now available on the ACES website. "Modified version of the Service Tax Return (ST3) for the quarter April-June, 2012 is now available for uploading to ACES... It is ava...

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  • Sebi seeks special courts for speedy trials in market frauds
    Posted Date : 23-Oct-2012 , 06:17:21 am | Posted By CASANSAAR

    Worried over delays in prosecution of those found to be involved in frauds and other offences, market watchdog Sebi has asked the government to set up special courts to fast-track the process of bringing the guilty to book. Expressing concern over some cases continuing for years, Sebi...

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  • Undisclosed income of Rs 10 cr detected by I-T
    Posted Date : 23-Oct-2012 , 06:12:40 am | Posted By CASANSAAR

    An undisclosed income of Rs 10 crore has been detected by the Income Tax department during survey operation conducted on real estate groups here.   I-T sleuths had carried out survey on the premises of some real estate companies on Friday, said Jaspal Singh, Chief Commissioner of Income Tax, ...

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  • eBay accused of tax evasion in UK
    Posted Date : 23-Oct-2012 , 06:11:30 am | Posted By CASANSAAR

    Online auction giant eBay paid only £1.2 million ($1.92 million, 1.47 million euros) in tax to the British government despite generating £800 million in sales in the country, the Sunday Times reported.   The auction site denied any wrongdoing.   Accordin...

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  • RBI may treat part of SLR as liquidity under Basel III
    Posted Date : 23-Oct-2012 , 06:09:45 am | Posted By CASANSAAR

    RBI Deputy Governor Anand Sinha on Monday said the central bank is looking at a move under which a part of banks' statutory liquidity ratio (SLR) holdings can be treated in a way that it complies with liquidity norms under the Basel III capital requirements. Sinha said this at an event organised in ...

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  • Finance Minister Shri P. Chidambaram calls for Improving Growth and Penetration of Non Life Insurance Sector
    Posted Date : 23-Oct-2012 , 06:08:59 am | Posted By CASANSAAR

    The Union Finance Minister Shri P. Chidambaram said that the major challenges before the Non Life Insurance sector is how to increase its reach to the maximum number of people along with growth of investment in this sector. He asked the participating CEOs of both Public Sector and Private Sector Non...

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  • Sebi aims to complete probes in one year
    Posted Date : 22-Oct-2012 , 07:44:50 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) has set a one-year target to complete investigations, saying that the long-drawn probe processes are a thing of past and manipulators can’t escape the long arm of the law. The impression about market manipulators remaining scot-free or the enf...

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  • Income Tax refunds decline 23.33%
    Posted Date : 22-Oct-2012 , 07:39:01 am | Posted By CASANSAAR

    The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.   "The IT refund in April-September period of this fiscal stood at Rs 46,000 crore," a finance ministry official said.   The gover...

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  • Overseas investors infuse over 11,000 cr in stocks in Oct so far
    Posted Date : 22-Oct-2012 , 07:27:38 am | Posted By CASANSAAR

    Overseas investors poured in more than 11,000 crore rupees in the stock market this month so far enthused by reforms initiatives taken by the government to boost economic growth and investor sentiment.As per data available with market regulator Sebi, during October 1-19, Foreign Institutional Invest...

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  • Entertainment tax on DTH unconstitutional: Court
    Posted Date : 21-Oct-2012 , 08:09:32 am | Posted By CASANSAAR

    The Madras High Court has held that the imposition of 30 per cent entertainment tax on Direct-to-Home services in the State is unconstitutional and directed the State government to exempt DTH services from entertainment tax.   A Division Bench comprising justices Chitra Venkataraman and K. Ra...

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  • CBDT opposes Shome Committee proposal to defer GAAR by 3 years
    Posted Date : 21-Oct-2012 , 08:08:34 am | Posted By CASANSAAR

    The country's apex tax body, the Central Board Of Direct Taxes (CBDT), has opposed Shome Panel's proposal to defer the implementation of the General Anti-Avoidance Rules (GAAR) for three years. TheCBDT has submitted a report to the finance ministry on the subject , ET NOW wa...

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  • PM launches Aadhar enabled services for direct Cash transfer and other benefits
    Posted Date : 21-Oct-2012 , 08:07:46 am | Posted By CASANSAAR

    The Prime Minister on Saturday rolled out the UPA government's ambitious direct cash transfer system and other Aadhar enabled services to eliminate fraud and corruption. Launching the scheme on 2nd aniversary of Aadhaar project at Dudu near Jaipur in Rajasthan this morning Dr. Manmohan Singh said th...

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  • Govt suspends Kingfisher Airlines' license to fly.
    Posted Date : 21-Oct-2012 , 08:05:50 am | Posted By CASANSAAR

    Kingfisher Airlines' license has been suspended. Its licence to fly commercial airlines was suspened by the Director General of Civil Aviation - DGCA - for failing to come up with a viable plan to revive its finance and resolve the operational problems and the impasse with its employees over payment...

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  • ICAI Election 2012 - Single Transferable System of Voting - An Apprisal
    Posted Date : 19-Oct-2012 , 11:44:16 pm | Posted By CASANSAAR

    ”The next elections to the Council and Regional Councils of the Institute will be held on 7th and 8thDecember, 2012 at Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad,Jaipur, Kolkata, Mumbai and Pune and on 8th December, 2012 at all other places where pollingbooths...

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  • 2 Lakh Companies' financial statements irregular: MCA
    Posted Date : 19-Oct-2012 , 11:37:33 pm | Posted By CASANSAAR

    Nearly two lakh companies registered in the country have been found to be irregular in furnishing their financial statements and other filings, according to the Ministry of Corporate Affairs (MCA).   The number of new companies getting registered in India has been rising for the past few year...

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  • Vodafone, Income Tax department set for another round in Supreme Court
    Posted Date : 19-Oct-2012 , 11:34:48 pm | Posted By CASANSAAR

    Nine months after British telecom major Vodafone won a $2.2-billion legal battle against the income-tax department, the two sides are set for another showdown in the Supreme Court.  The department has challenged in the Supreme Court a Gujarat high court order...

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  • Sebi duty bound to take action against Sahara: SC
    Posted Date : 19-Oct-2012 , 11:26:25 pm | Posted By CASANSAAR

    Refusing to grant more time to the Sahara group of investment companies, the Supreme Court on Friday allowed the Securities and Exchange Board of India (Sebi) to take action against the companies if they failed to provide details about some three crore investors from whom the companies raised Rs 24,...

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  • Quality of xBRL Filing Certified by Professional Members
    Posted Date : 19-Oct-2012 , 11:04:39 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretary in India (ICSI) the min...

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  • MCA finds inaccuracies in cos' financial disclosures
    Posted Date : 19-Oct-2012 , 07:43:22 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL.Concerned over the inaccuracies, that were noticed during a random scrutiny, the Ministry has flagged the ...

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  • Satyam's Rs 822-cr fixed deposit attached by ED
    Posted Date : 19-Oct-2012 , 07:42:12 am | Posted By CASANSAAR

    The Enforcement Direc-torate (ED) on Thursday attached fixed deposits of Rs 822 crore of the erstwhile Satyam Computer Services, kept with four banks. The move relates to a case under the Prevention of Money Laundering Act (PMLA) against the company’s promoter, B Ramalinga Raju, and others. &...

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  • MCA begins rule-making for new Companies law
    Posted Date : 19-Oct-2012 , 07:22:41 am | Posted By CASANSAAR

    With the cabinet clearing the modified Companies Bill, activity has gathered pace in the ministry of corporate affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule making process of the new Companies Act. “An expert group comprising 7-8 people has been for...

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  • Examination on 4th November 2012 at Shimla Centre (Himachal Pradesh) for IPCE / PCE is rescheduled to 19th November, 2012.
    Posted Date : 19-Oct-2012 , 07:21:27 am | Posted By CASANSAAR

    NOTIFICATION                        15thOctober, 2012   No.13-CA(Exam)/N/2012/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2012 dated 4thJuly, 2012, it is notified for general information that i...

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  • Gujarat HC issues notice to SEBI on stock exchange turnover issue
    Posted Date : 19-Oct-2012 , 07:18:50 am | Posted By CASANSAAR

    Gujarat High Court on Thursday issued notice to Securities and Exchange Board Of India (SEBI) while hearing a public interest litigation (PIL) challenging the stock market regulator's notification with regard to regional stock exchanges (RSE).   A division bench of Chief Justice Bhaskar Bhatt...

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  • KPMG appoints Richard Rekhy as CEO
    Posted Date : 18-Oct-2012 , 08:10:03 am | Posted By CASANSAAR

     KPMG today said it has appointed Richard Rekhy as new chief executive for its India operations. Rekhy, who was earlier the Head of Advisory at KPMG in India, will succeed Russell Parera, a statement issued here said. On his appointment, Rekhy said, "The global and...

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  • RIL not allowing CAG audit : Oil Ministry
    Posted Date : 18-Oct-2012 , 08:06:51 am | Posted By CASANSAAR

    The Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries'  plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG. Oil Secretary G C Chaturvedi told a meeting conv...

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  • Service exporters hit by sudden halt in tax refunds
    Posted Date : 18-Oct-2012 , 08:03:26 am | Posted By CASANSAAR

    Software exporters, BPOs, consultants and other service exporters have been hit by a sudden halt in service tax refunds in the past few months. Service tax commissionerates across the country have been rejecting tax refund claims of these companies, which also include knowledge processing outsourcin...

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  • Peak Filing Preparation 2012 - MCA 21
    Posted Date : 18-Oct-2012 , 08:01:21 am | Posted By CASANSAAR

    ANNOUNCEMENTSub: Peak Filing Preparation 2012 - MCA 21 As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956.  In order to ensure smooth filing and to avoid last minute rush, the Ministry of Corporate Affairs vide its General Circular No...

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  • Concerns rise as more U.S. audit work moves to India
    Posted Date : 17-Oct-2012 , 07:53:25 am | Posted By CASANSAAR

    Auditing of U.S. corporations' financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.   U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U....

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  • Govt set to ease FDI rules for companies
    Posted Date : 17-Oct-2012 , 07:49:38 am | Posted By CASANSAAR

    The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.   Government officials told TOI that the move, which has been in the pip...

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  • Chowdary appointed new Member (inv) in CBDT
    Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR

    Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...

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