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  • Government withdrew Companies Bill, Pension Fund Regulatory and Development Authority Bill
    Posted Date : 22-Dec-2011 , 08:20:13 am | Posted By CASANSAAR

    Two important bills slated for passage this session have been yanked back from Parliament for fresh tweaks, in another embarrassing climbdown by a government attempting to convey an impression of decisiveness after being pilloried for months over paralysis in policymaking. The government withdrew...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 536

  • 2G scam: CAG defends presumptive loss calculation
    Posted Date : 22-Dec-2011 , 08:15:30 am | Posted By CASANSAAR

    Faced with an aggressive Congress attack over there being no provision for "presumptive loss" in the statute, comptroller and auditor general Vinod Rai cited three income tax assessment orders to argue that the procedure was not just notional as dues had been recovered from assesses. ...

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

  • UPA ministers owe Air India Rs 435 crore
    Posted Date : 21-Dec-2011 , 05:24:52 pm | Posted By CASANSAAR

    Union Cabinet Ministers have accumulated dues of Rs 435 crore on the cash-strapped Air India, which is 93 per cent of the total bills incurred by them during their visits abroad, Lok Sabha was informed on Wednesday. Responding to a question, Minister of State in the Prime Minister's Office V Naraya...

    Continue Reading... Category : General | Comments : 0 | Hits : 300

  • Companies bill bars non-audit operations of auditors
    Posted Date : 21-Dec-2011 , 08:40:45 am | Posted By CASANSAAR

    Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies as the government plans to prohibit such activities to checkany conflict of interest, leading to a potential fraud. The move, in line with rules proposed by the&...

    Continue Reading... Category : Auditing | Comments : 1 | Hits : 919

  • Termination of contractual job can be challenged in court, says Supreme Court
    Posted Date : 21-Dec-2011 , 08:25:47 am | Posted By CASANSAAR

    In view of changing nature of employment in the commercial world, the Supreme Court has said that courts can interfere even in the case of contractual job if the decision taken by the management is arbitrary. A bench of justices Cyriac Joseph and T S Thakur, however, said that scope of such judic...

    Continue Reading... Category : General | Comments : 0 | Hits : 457

  • RBI penalises 19 banks for flouting derivative norms
    Posted Date : 21-Dec-2011 , 08:17:33 am | Posted By CASANSAAR

    The Reserve Bank has imposed penalties on 19 commercial banks, including SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, Parliament was informed. RBI has informed that they had imposed penalties on 19 commercial banks on April 26, 2011, for contravention of various...

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  • Govt finally accepts Arvind Kejriwal’s resignation
    Posted Date : 21-Dec-2011 , 08:14:24 am | Posted By CASANSAAR

     Six years after he quit, Team Anna member Arvind Kejriwal's resignation from the Indian Revenue Service was accepted by the government. The acceptance of resignation came 45 days after Kejriwal deposited over Rs 9 lakh as dues to settle the issue. "The govern...

    Continue Reading... Category : General | Comments : 0 | Hits : 304

  • Tax notices to over 100 Swiss bank account holders in Mumbai
    Posted Date : 21-Dec-2011 , 08:12:40 am | Posted By CASANSAAR

    More than 100 individuals in Mumbai, including a few corporate biggies, have received notices from the Income-Tax Department this month for holding undisclosed bank accounts with HSBC Geneva. They are among the 700 Swiss bank account holders whose names figure in the list shared by the French au...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 267

  • Gujarat’s direct tax collection highest in the country
    Posted Date : 21-Dec-2011 , 08:10:57 am | Posted By CASANSAAR

    Direct tax collection has gone skywards taking Gujarat to the top position in the country. This fact is aptly reflected in the fact that many income tax commissionerates in Gujarat have registered more than 50 per cent increase in net tax collection as compared to 2010.Here is an example: ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 470

  • MCX 5th largest commodity exchange in the world
    Posted Date : 21-Dec-2011 , 08:09:28 am | Posted By CASANSAAR

     Multi Commodity Exchange (MCX) has taken the fifth spot among the global commodity bourses in terms of the number of futures contracts traded. Based on the latest data from Futures Industry Association (FIA), during the period between January and June this year, about 127.8 million future...

    Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 192

  • Cap on Lending Rates to MFIs
    Posted Date : 21-Dec-2011 , 08:07:50 am | Posted By CASANSAAR

    As per Reserve Bank of India (RBI)’s Circular dated May 3, 2011, bank loans extended on or after 1st April, 2011 to MFIs have been given the status of priority sector advances subject to fulfillment of certain conditions like 85% of total assets of MFIs being in the nature of qualifying assets...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 196

  • Winter Session gets 3-day extension for Lokpal Bill
    Posted Date : 21-Dec-2011 , 08:06:21 am | Posted By CASANSAAR

    The Winter Session of Parliament will be extended for three days for smooth passage of Lokpal Bill. Parliamentary Affairs Minister Pawan Bansal told reporters outside Parliament that Business Advisory Committee, BAC has taken this decision. He, however, added that some MPs from opposition parties ha...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 142

  • Lokpal Bill approved by cabinet, to be tabled in Parliament on Dec 22
    Posted Date : 20-Dec-2011 , 09:14:06 pm | Posted By CASANSAAR

    In a much awaited decision, the Union Cabinet meeting on Tuesday cleared the Lokpal Bill, which may be tabled in Parliament on December 22. The final draft of the bill was okayed by Prime Minister Manmohan Singh earlier today. Not yielding to Anna Hazare's demand, government is understood to ha...

    Continue Reading... Category : General | Comments : 0 | Hits : 316

  • kingfisher Airlines violated tax rules : Minister
    Posted Date : 20-Dec-2011 , 07:03:56 pm | Posted By CASANSAAR

    Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, a government minister told lawmakers on Tuesday. Kingfisher has about Rs 103 crore tax deducted at source to be deposite...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 232

  • Parliament passes bills on CAs, Company secys and Cost accountants in a hurry
    Posted Date : 20-Dec-2011 , 08:16:36 am | Posted By CASANSAAR

    The three bills will  allow chartered accountants, cost and works accountants and company secretaries to have a choice to form a business model of limited liability partnership (LLP).An amendment bill seeking to bring professionals for the management of national highways was also introduced in ...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 2963

  • Income Tax returns: CPC likely to start functioning next year
    Posted Date : 20-Dec-2011 , 08:08:48 am | Posted By CASANSAAR

    The much delayed Centralised Processing Centres (CPCs) for bulk processing of I-T returns in the city is scheduled to commence next year.   According to officials from the Income Tax Department, the building is ready and everything should fall in place by April next y...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 386

  • RBI allows MFIs to raise $10 mn through ECBs
    Posted Date : 20-Dec-2011 , 08:06:30 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) today allowed microfinance institutions (MFIs) to raise up to $10 million through external commercial borrowings (ECBs), as against the earlier limit of $5 million, a move that will widen their fund raising sources.   "Considering the specific needs of the micr...

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  • PMO declines to disclose former SEBI member's letters
    Posted Date : 20-Dec-2011 , 08:05:10 am | Posted By CASANSAAR

    he Government has declined to disclose two letters written to Prime Minister Manmohan Singh by former SEBI member K M Abraham, who had alleged in another communication, interference by some corporates and top Finance Ministry officials in the working of the market regulator.  &nb...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 261

  • CBDT to focus on big corporates to meet tax targets
    Posted Date : 20-Dec-2011 , 08:02:19 am | Posted By CASANSAAR

    With direct tax collection target of Rs 5.32 lakh crore looking difficult to meet, the Central Board of Direct Taxes (CBDT) today said it will concentrate on big corporates and salaried employees to mop up the revenue.   "There is a concern...IIP and GDP are down. It will be difficult to achi...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 291

  • Working of SFIO
    Posted Date : 20-Dec-2011 , 07:59:48 am | Posted By CASANSAAR

    SFIO was established for investigations falling with the following characteristics: (i)        of complex nature with inter -departmental  and multi-disciplinary ramifications; (ii)      involving substantial public in...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 263

  • Enforcement Mechanism Against Corporate Frauds
    Posted Date : 20-Dec-2011 , 07:58:13 am | Posted By CASANSAAR

    Strengthening of enforce mechanism to deal with corporate frauds is an evolving process as aspects of fraud touch upon many jurisdictions. Based on the experience gained over the experience gained over the years, the existing provisions regarding inspection, enquiry and investigation are proposed to...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 211

  • Audit firms involved in scams face heavy fines
    Posted Date : 19-Dec-2011 , 08:41:17 am | Posted By CASANSAAR

    Jail up to 10 years and fines up to three times the scam amount await chartered accountants and audit firms found guilty in corporate frauds. Audit firms, including the global Big 4 - Pricewaterhouse, KPMG, Deloitte and Ernst & Young - for the first time face punitive ac...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 1007

  • New direct taxes code unlikely in next Budget
    Posted Date : 19-Dec-2011 , 08:34:37 am | Posted By CASANSAAR

    The Direct Taxes Code (DTC), which will replace the Income Tax Act, 1961, is unlikely to be implemented from the next financial year as planned earlier. Unfazed, the finance ministry is considering announcing some DTC provisions in the Budget 2012-13.     The delay in the roll-out may o...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 534

  • Union Cabinet approved National Food Security Bill
    Posted Date : 18-Dec-2011 , 09:20:08 pm | Posted By CASANSAAR

    The Union Cabinet on Sunday evening approved the National Food Security Bill that will provide rice at Rs 3, wheat at Rs 2 and coarse grains at Re 1 per kg to over half of India's 1.2 billion population. The meeting was held at Prime Minister Manmohan Singh's 7, Race Course Road resid...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 388

  • CAG pulls up IT Dept for non-recovery of 4500 cr tax dues
    Posted Date : 18-Dec-2011 , 07:44:13 pm | Posted By CASANSAAR

    The Comptroller and Auditor General of India has pulled up the Income Tax Department for not recovering tax arrears worth over 4,500 crore rupees from various entities in past one year.In its latest report tabled in Parliament, the government auditor has said that over one lakh and fifty thousand ca...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 333

  • Audited bank books understate bad loans: RBI
    Posted Date : 18-Dec-2011 , 08:36:34 am | Posted By CASANSAAR

    Pointing to shortcomings in the quality of bank audits, the Reserve Bank of India (RBI) has said financial statements certified by accountants show lower non-performing assets than is actually the case.   There is a difference between the levels of non-performing assets (NPAs) found during th...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 415

  • ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money
    Posted Date : 16-Dec-2011 , 08:08:15 am | Posted By CASANSAAR

    The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12thDec 2011, by which the name was proposed to be chan...

    Continue Reading... Category : ICWAI | Comments : 1 | Hits : 3458

  • CBI allege MCA, DoT from failing to stop Loop to obtain mobile permits
    Posted Date : 16-Dec-2011 , 08:01:44 am | Posted By CASANSAAR

    The Central Bureau of Investigation has alleged that the corporate affairs ministry and telecom department failed to stop Loop Telecom from obtaining mobile permits that it was not entitled to. The chargesheet, a document which outlines the police case in detail, filed by the CBI says that the ...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 403

  • Order imposing tax on foreign telecom networks may go
    Posted Date : 16-Dec-2011 , 07:59:00 am | Posted By CASANSAAR

    The finance ministry is set to withdraw a four-month-old directive that imposed service tax on use of foreign telecom networks. The directive dealt a blow to the cash flows of IT, IT-enabled services and telecom companies, requiring them to cough up not just the tax dues but also interest for th...

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

  • RBI steps in as rupee tumbles
    Posted Date : 16-Dec-2011 , 07:56:04 am | Posted By CASANSAAR

    The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market.The Reserve ...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 365

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