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Posted Date : 03-Oct-2011 , 08:26:10 am | Posted By CASANSAAR
Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms. "In certain cases, public sector undertakings, the government departments, central and state government...
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Posted Date : 03-Oct-2011 , 08:19:47 am | Posted By CASANSAAR
The income-tax department has given its nod for NHAI, IRFC, HUDCO and PFC to cumulatively issue tax-free bonds to the tune of Rs 30,000 crore during 2011-12. Both National Highways Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) have been allowed to issue tax free bonds of R...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 345
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Posted Date : 03-Oct-2011 , 08:07:30 am | Posted By CASANSAAR
The Income Tax department has sent notices for scrutiny to two NGOs associated with Kiran Bedi, who said she is open to any investigation. The I-T notices to NGOs Navjyoti and India Vision Foundation sent on Saturday pertain to certain exemptions enjoyed by them under v...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 274
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Posted Date : 03-Oct-2011 , 08:04:52 am | Posted By CASANSAAR
The Reserve Bank is planning to make its Web interface more interactive with a presence on social networking sites like Twitter, blogs and other online discussion forums. The RBI is conducting a Web survey where it is asking the visitors to its website whether they would like features like discussi...
Continue Reading... Category : RBI | Comments : 0 | Hits : 230
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Posted Date : 03-Oct-2011 , 08:01:53 am | Posted By CASANSAAR
The Minister for Corporate Affairs Dr M. Veerappa Moily has called upon Non-resident Indians to participate in the growth story of India as government is making business easy in the country with amending key laws and introducing positive changes to make business easy. Speaking to reporters afte...
Continue Reading... Category : International Business | Comments : 0 | Hits : 223
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Posted Date : 02-Oct-2011 , 04:36:46 pm | Posted By CASANSAAR
The government plans a whopping Rs 2 lakh crore capital infusion into the state-owned banks spread over 10 years, to help them meet fund requirement and comply with the Basel-III capital adequacy norms. "[Capital infusion is] estimated at Rs 2 lakh crore by 2020 in public sector banks," D K...
Continue Reading... Category : Banking | Comments : 0 | Hits : 280
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Posted Date : 01-Oct-2011 , 08:51:24 am | Posted By CASANSAAR
The Hindus' marriage ceremony is not a religious but a social function and various kinds of service providers, including those erecting tents for it, are not exempted from paying service tax, the Delhi High Court ruled today. A bench of Chief Justice Dipak Misra and Justice Sanjiv Khann...
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Posted Date : 01-Oct-2011 , 08:25:34 am | Posted By CASANSAAR
Revising its norms for foreign institutional investors (FII) in the infrastructure debt bonds, the capital market regulator Sebi today lowered the minimum bidding and allocation amounts for such investors. As per the revised guidelines, no single FII shall be allocated more than Rs 2,000 crore of...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 315
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Posted Date : 30-Sep-2011 , 07:46:26 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) will soon be breathing down the necks of two major UN organisations — the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organisation (WIPO), Geneva. The CAG, which won nationwide praise for its reports on 2...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 598
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Posted Date : 30-Sep-2011 , 05:23:27 pm | Posted By CASANSAAR
The Union Cabinet has approved the Mines and Mineral Development and Regulation (MMDR) Bill, 2011 aimed at curbing illegal mining and bringing more transparency in the allocation of licenses for mining.Briefing the News persons in New Delhi, Information and Broadcasting Minister Ms. Ambika Soni said...
Continue Reading... Category : General | Comments : 0 | Hits : 248
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Posted Date : 30-Sep-2011 , 05:20:50 pm | Posted By CASANSAAR
The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF.The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the recent quota reforms in IMF (i.e., Fourteenth General Rev...
Continue Reading... Category : Finance | Comments : 0 | Hits : 238
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Posted Date : 30-Sep-2011 , 08:04:36 am | Posted By CASANSAAR
n a major move towards increasing the level of corporate governance and transparency in India, firms will be mandated to rotate their auditors after every four year under the new Companies Bill.At present, private firms are not required to rotate auditors. The system is followed only by government e...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 995
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Posted Date : 30-Sep-2011 , 08:03:26 am | Posted By CASANSAAR
A chartered accountant was arrested in Mumbai on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia's multi-level marketing scam taking the total number of arrests in the case to six, police said. "Acting on a tip off, the accu...
Continue Reading... Category : General | Comments : 0 | Hits : 948
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Posted Date : 30-Sep-2011 , 07:59:35 am | Posted By CASANSAAR
The Pune chapter of Institute of Chartered Accountants of India (ICAI) has suspended a training contract outsourced to a popular chartered accountancy training academy, Zaware's Professional Academy Pvt Ltd, following allegations related to conflict of interest. The matter assumes significance cons...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 622
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Posted Date : 30-Sep-2011 , 07:48:47 am | Posted By CASANSAAR
Stock market regulator sSEBI has made it mandatory to appoint a SEBI approved credit rating agency for valuing structured products and market linked debentures. SEBI has said that the valuation of structured products would be put up once a week on the websites of the issuer and the rating agency. I...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 241
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Posted Date : 30-Sep-2011 , 07:44:38 am | Posted By CASANSAAR
Union Finance and Revenue Secretary R S Gujral on Thursday flagged concerns over the dip in direct tax collection growth, saying it was indicative of a "slowdown in the economy". Pointing out to disappointing advance tax collection for the second quarter, Gujral said, "There has been a decline. ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 246
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Posted Date : 30-Sep-2011 , 07:42:09 am | Posted By CASANSAAR
The following is the text of the Finance Minister, Shri Pranab Mukherjee’s statement, made here today: “A number of stories on 2G Spectrum had appeared in the media in January 2011. A view was taken that a harmonized note based on facts should be produced for use by various represen...
Continue Reading... Category : Finance | Comments : 0 | Hits : 244
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Posted Date : 30-Sep-2011 , 07:39:11 am | Posted By CASANSAAR
In an unusual development , the shareholders of realty major Unitech on Thursday rejected management's decision for dividend payment at 5% of share's face value, totalling about Rs 30 crore for the fiscal 2010-11 . The company had earned a net profit of Rs 567 crore in the last financ...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 284
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Posted Date : 29-Sep-2011 , 05:13:08 pm | Posted By CASANSAAR
Working hard to lower its debt and interest costs, Kingfisher Airlines got guarantees worth over Rs 6,100 crore from Chairman and key promoter Vijay Mallya last fiscal toward loan and other liabilities. For providing the additional level of collateral for its funding needs, the company paid a li...
Continue Reading... Category : Accounts | Comments : 0 | Hits : 654
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Posted Date : 29-Sep-2011 , 08:31:21 am | Posted By CASANSAAR
The markets regulator SEBI today granted permission to the country's premier bourse BSE to launch its much-touted SME Exchange that will offer a platform to small and medium companies to raise funds from the primary as well as debt markets. Commenting on the development, BSE Managing Director an...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 455
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Posted Date : 29-Sep-2011 , 08:29:17 am | Posted By CASANSAAR
The capital adequacy and net interest margins (NIMs) of non-banking finance companies (NBFCs) could be under pressure following the Reserve Bank of India issuing fresh guidelines on securitisation, according to the latest report of Standard Chartered Bank. The RBI on Tuesday disallowed credit enh...
Continue Reading... Category : RBI | Comments : 0 | Hits : 218
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Posted Date : 29-Sep-2011 , 08:25:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act, and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts. A 168-page report prepared by the a...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 459
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Posted Date : 29-Sep-2011 , 08:19:33 am | Posted By CASANSAAR
Companies issuing structured products or market-linked debentures should have a minimum net worth of at least Rs 100 crore, if they want them to be listed on the stock exchanges, the Securities and Exchange Board of India said on Wednesday. The capital markets regulator also stipulated that...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 279
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Posted Date : 28-Sep-2011 , 08:29:04 pm | Posted By CASANSAAR
Home Minister P. Chidambaram, who as Finance Minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though “many people” would not like the idea. “We must raise the tax revenue to defend (the expected aggregate decline of resources). I know ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 370
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Posted Date : 28-Sep-2011 , 08:25:55 pm | Posted By CASANSAAR
The Enforcement Directorate has decided to send a team of its investigators to Switzerland, Singapore, UAE and the UK to gather data on investments and assets of stud farm owner Hasan Ali Khan who is being probed for allegedly evading income tax of over Rs.50,000 crore. The move has come ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 252
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Posted Date : 28-Sep-2011 , 08:23:29 pm | Posted By CASANSAAR
Amid volatility in the stock market, the Finance Ministry today said it is exploring other options, like asking PSUs to buy back equity, to help the government achieve the Rs 40,000-crore disinvestment target in the current fiscal."There are other options. There can be equity shrinkage.Many, many po...
Continue Reading... Category : Finance | Comments : 0 | Hits : 210
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Posted Date : 28-Sep-2011 , 08:34:36 am | Posted By CASANSAAR
The Institute of Chartered Accountants in India (ICAI) has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for an MCA and RBI inquiry into their accounts, reports CNBC-TV18's Paya...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 632
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Posted Date : 28-Sep-2011 , 08:33:07 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday issued revised draft norms to regulate the growth in securitisation of bank loans. This may increase the securitisation of retail assets like home and consumer durables. The banking regulator has, for the first time, framed norms for bilateral sa...
Continue Reading... Category : RBI | Comments : 0 | Hits : 281
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Posted Date : 28-Sep-2011 , 08:31:12 am | Posted By CASANSAAR
Market regulator Sebi plans to liven up trading in interest rate futures (IRF) which was introduced a few years ago as a hedging tool to cover risks arising from rate fluctuations. Sources familiar with the development say that Sebi is considering several measures, like cash settlement in 10-ye...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 211
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Posted Date : 28-Sep-2011 , 08:28:30 am | Posted By CASANSAAR
The CBI has arrested the income tax commissioner of Agra, Homi Rajvanshi, for allegedly cheating the National Agricultural Cooperative Marketing Federation of India (NAFED) of over Rs 167 crore when he was posted there as additional managing director of finance. Five others who c...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 451
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- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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