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www.caonline.in News.. 1. CIT of ICAI is organising a seminar on forensic accounting and fraud prevention on 28th May 2016 from 9.30AM to 6PM at Hotel Le Meridien, New Delhi. 2.NIRC of ICAI is organising two days workshop on AS, IND AS and IFRS on 18 and 19 May from 5PM-8.30PM at ICAI Bhawan,Vishwas Nagar, Delhi. 3.FEM (exports of goods and services) regulations, 2015. Notification no. RBI/2015-16/395A.P. (DIR series) Circular No.68 [(1)/23(R)] dated may 12, 2016. 4.Primary agricultural credit society can claim deduction u/s 80P. [ The Chirakkal service Co-Operative Bank Ltd vs. CIT (Kerala HC)]. 5.Exercise of Sec. 263 on expenses claim withdrawn by assessee valid. [Commissioner of Income Tax vs.Amitabh Bachchan (SC)]. 6.Rajya Sabha passes the insolvency and bankruptcy bill and the finance bill 2016 on wednesday, 11th May, 2016. 7.Changes in VAT rate schedules w.e.f 10.05.2016. VAT rates on sweets and namkeen, marble, footwear, e-rickshaws reduced to 5%. DVAT Notification dated...

India's market regulator is said to be considering more stringent rules for participatory notes as part of efforts to check the flow of black money into stock markets. Previous moves to intensify scrutiny of the instruments, which afford a greater degree of anonymity than other avenues of investment, have alarmed investors into pulling their money out or threatening to do so. The Securities and Exchange Board of India (Sebi) is now looking to make it mandatory to collect `know your client' (KYC) details of participatory note (P-Note) holders and is likely to take a decision to this effect at its board meeting scheduled for May 20, said people familiar with the matter. Experts said the move is likely to help hasten the eventual phasing out of participatory notes altogether. The regulator has also proposed that offshore derivative instruments (ODIs) be transferred only to subscriber entities eligible to invest in them as per Indian regulations. Sebi didn't respond to quer...

India’s economy is expected to grow at 7.3% this year, with the prospects of the South Asian region will be “contingent” on the growth trajectory of the country and Iran, according to United Nations report released on Thursday. The World Economic Situation and Prospect report, in its mid-2016 update, said, notwithstanding delays in domestic policy reforms, India’s economy is “slowly gaining momentum” and is expected to achieve a 7.5% growth in 2017. “Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships,” the report said. China, which grew at 6.9% in 2015, will continue to witness slowdown in growth, with its GDP projected to grow 6.4% in 2016 and 6.5% in 2017. “A larger- than- expected slowdown in China would have spillover effects through trade, financial and commodity mark...

The Delhi government wants all registered traders to display their certificate of registration and tax identification number (TIN) prominently outside their business places. The trade and taxes department on Tuesday issued a circular to all assistant commissioners and the ward in-charges to ensure all registered dealers prominently displayed the registration certificates. “Further, the dealer shall prominently display his TIN and ward number outside the main entrance of all places of business in Delhi,” the government circular read. “All the AC s / ward in charges are further directed to ensure strict adherence to the above directions by ensuring compliance by all dealers within their respective jurisdiction,” the order read. All traders with an annual THE GOVERNMENT ORDER turnover of over  Rs.20 lakh have to register themselves with the trade and taxes department. Sources said the effort would help the government identify unregistered traders and bring them under the tax...

To cover all listed companies; Sebi might set minimum terms Upping the corporate governance ante, capital market regulator Securities and Exchange Board of India (Sebi) plans to make dividend disclosure policy compulsory for listed companies. The move is aimed at helping ordinary shareholders understand how much dividend they can expect from a company. At present, it is not mandatory under any regulations for companies to declare dividends or to even have a policy, although a handful of companies have voluntary formulated such a policy. Sebi has no plans to force any company to pay dividends, but would set broad policy terms for companies, said sources. The regulator wants companies to disclose circumstances and financial parameters under which they can or cannot pay dividends. Also, Sebi would ask companies to state what they intend to do with their retained earnings if they don't wish to pay dividends, people with knowledge of the development said. (WHAT INDIA INC PAYS) D...

Proposed framework to progressively reduce the total exposure of banks to heavily indebted companies likely come into effect from financial year 2017-18 The Reserve Bank of India (RBI) on Thursday proposed to raise provisioning and risk weights for fresh loans given to highly leveraged companies. This is to discourage banks from lending to such companies, which are said to have caused a high concentration of credit risk in the banking sector. RBI said it would bring a framework to progressively reduce the total exposure of banks to such corporate entities by revising down the normal borrowing limit of a company, irrespective of the group's size. The framework will likely come into effect from financial year 2017-18. According to the framework, if the aggregate credit limit sanctioned by the banking system is more than Rs 25,000 crore at any time during financial year 2017-18, the company will be termed a special borrower. The threshold for the special borrower category woul...

Last year, 12 female undergraduate students across two institutes in Bengaluru were nominated to be part of a pilot project at Dell. These young women -from the University Visvesvaraya College of Engineering and RV College of Engineering -weren't necessarily class toppers, but students their institutes thought could benefit from the practical knowledge and training, something that Dell was ready to provide. Employees at Dell worked with these students on the `Girl Student Outreach Programme' over a course of 25 weeks, educating them on the skills required to work in the IT industry, encouraging them to work on networking skills and inculcating confidence in them. The participants were taken through basic programming languages and worked on a project on computing, networking and storage. Dell is just one of the companies seeking to correct a problem that's becoming more prevalent -that of dwindling numbers of women in the technology field. With not enough women opting ...