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www.caonline.in News... 1.Incorrect claim based on CA report would not attract penalty. [Oxford Softech Pvt Ltd. vs. ITO (ITAT Delhi)]. 2.Department cannot insist to avail particular option under Rule 6. [M/s Mahindra & Mahindra Limited vs. CCE, Jaipur – I (CESTAT – New Delhi)]. 3.Vijaya Bank, head office, Bangalore invites online applications for empanelment of concurrent auditors for year 2016-17. The applicants should also send a hard copy of online application and undertaking letter with the acknowledgement, duly signed by the authorised signatory of the firm. 4.ICAI releases 5 revised standards on auditing and a new SA 701, communicating key audit matters in the independent auditors report. 5.File GNL-1 for change in MOA by Sec 8 Co.s instead of form RD-1, since power for approving change in MOA is delegated to the ROC. ICAI clarifies on 17.05.16. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Telecom Regulatory Authority of India ( Trai) on Thursday issued a paper to explore various models through which service providers would be able to offer free data, while keeping the principles of differential rate regulation intact. This was aimed at addressing the concerns raised after its regulation on disallowing differential pricing by telecom players. “ There is a need to have some telecom service provider (TSPs)- agnostic platform which can facilitate app developers to promote their websites by providing some incentives to user for making their websites popular. Besides, there is a need to enable smaller entrepreneurs to flourish without permitting gatekeeping function in the hands of the TSPs and to give the consumers more choices for accessing the internet,” Trai said. In a nutshell, Trai is looking to create such platforms (zero- rated) but without telecom operator being the gatekeeper, according to experts. In its previous regulation, Trai had said differential p

Election victory likely to expedite process in empowered panel of state finance minister. This Assembly elections has broken the so- called goods and services tax ( GST) jinx. Amit Mitra’s win has done away with the need to re- elect a chairman to the state finance ministers’ panel on GST. Such an exercise had become a given after almost every election. All the previous chairmen had to resign as they had either lost Assembly elections or their party broke alliance with the ruling party. One of them had to put in papers because he was allegedly involved in corruption. Mitra defeated former and founder chairman of the Empowered Committee of state finance ministers Asim Dasgupta by 21,000 votes in Khardaha, West Bengal. Kerala’s K M Mani, who had to resign as the panels chairman after corruption allegations, also, won the polls. His win in Pala for a record 13th time on a Congress ( M) ticket, defeating his nearest rival Mani C Kappen by 4,700 votes. Thursday’s mandate might has

Disclsoure of larger players show numbers mismatch in steel sector Smaller banks, say bankers and analysts, using a loophole in how RBI communicated to banks to clean up their balance sheets Smaller public sector banks might still have a good amount of bad debt under the carpet that would come out only over the next one year. Bigger banks have largely shown a fair picture of their bad debt situation in the previous two quarters.Smaller banks, said bankers and analysts, were using a loophole in how the Reserve Bank of India (RBI) communicated to the banks to clean up their balance sheets. The central bank handed out a bank-wise list outlining stress recognition for 10-20 companies for mid-sized banks and about 30 companies for large ones. The list, according to the bankers, was given largely to the lead bank in the consortia concerned. “The idea probably was that when a lead in the consortium marks an account as stressed, others will follow suit. But smaller banks have so far do

Capital market regulator Securities and Exchange Board of India ( Sebi) on Thursday tightened rules on issue of participatory notes (P- notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in India. Sebi also made it mandatory for the top 500 listed companies to have a policy for declaring dividends to investors. To set a better handle on the ultimate beneficiary of P- note, Sebi has said Indian know your customer (KYC) or anti- money laundering rules ( AML) will be applicable to P- note holders. Earlier, a P- note holder had to adhere to KYC or AML norms of just their home jurisdiction. Sebi has also issued curbs on transferability of P- notes between two foreign investors. It has also increased the frequency of reporting by P- note issuers. P- notes, or off- shore derivatives instruments ( ODIs), allow foreign investors to take exposure to Indian stocks without registering with Sebi. These instruments are issued b

The government is all set to announce 14 more cities to be included in the first set of cities to receive funds under the smart cities mission, taking the total number to 34. “We will announce the next set of cities in one or two days and these will be included in the first set of cities that will receive the first tranche of funding,“ urban development minister Venkaiah Naidu said at a CII event in New Delhi on Thursday. Under the mission, the government plans to develop 100 cities as smart cities with advanced infrastructure and facilities. It had earlier shortlisted 98 cities. Naidu said the 20 cities that had already been announced may require an investment of $8 billion whereas once all 100 cities were selected the cities may require $40 billion. The Economic Times New Delhi,  20th May 2016