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Chartered Accountants’ Day Celebrations – 1st July, 2012 - Special Address by CA. Ved Jain, Past President, ICAI on Recent Issues in Direct Taxes – Two CPE Hours Credit – Register online
Posted Date : 29-Jun-2012 , 04:10:27 pm | Posted By CASANSAAR

The Chartered Accountants’ Day Celebrations will be held at 5.00 PM on 1st July, 2012 at Hotel The Ashok, Chanakyapuri, New Delhi. On that occasion, CA. Ved Jain, Past President, ICAI would deliver a Special Address on Recent Issues in Direct Taxes.Participation in the Programme is free of ...

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Category : ICAI | Comments : 0 | Hits : 630

Global accounting standards body itself in a tax bind in UK
Posted Date : 29-Jun-2012 , 08:39:10 am | Posted By CASANSAAR

The International Financial Reporting Standards Foundation, parent entity of the mighty International Accounting Standard Board, made a £460,000 (Rs 4.07 crore) provision last year for a potential tax settlement with Britain’s HM Revenue and Customs, in a case that could prove highly emb...

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Category : International Business | Comments : 0 | Hits : 234

Parliament to take up DTC Bill in monsoon session: FinMin
Posted Date : 29-Jun-2012 , 08:34:48 am | Posted By CASANSAAR

The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said today.   "We will also examine the recommendation of Parliamentary Standing Committee (PSC) and after that we will...

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Category : Income Tax | Comments : 0 | Hits : 236

RBI says banks mislead investors on bad loans, calls for Sebi action
Posted Date : 29-Jun-2012 , 08:31:56 am | Posted By CASANSAAR

Deputy Governor K C Chakrabarty says monetary policy to ease once inflation comes down The Reserve Bank of India (RBI) has lashed out at banks for attributing their higher bad loans to a fallout of the automated bad loan recognition system, and said the capital market regulator should look into the ...

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Category : Banking | Comments : 3 | Hits : 595

Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.
Posted Date : 29-Jun-2012 , 08:28:26 am | Posted By CASANSAAR

Background The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012  constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GA...

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Category : Income Tax | Comments : 0 | Hits : 246

Petrol prices to be slashed by Rs. 2.46 per litre from midnight
Posted Date : 28-Jun-2012 , 08:59:29 pm | Posted By CASANSAAR

In a relief to inflation-battered common man, petrol price was on Thursday cut by Rs 2.46 per litre, the second reduction this month. Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oi...

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Category : General | Comments : 0 | Hits : 278

All eyes on PM as service tax on rail freight comes into force from July 1
Posted Date : 28-Jun-2012 , 08:54:48 am | Posted By CASANSAAR

Come July 1, rail freight users will have to fork out service tax on transport of goods by rail.   The existing service tax exemption, which is due to expire on June 30, will not be extended beyond the end of this month. This is because the Finance Ministry has gone ahead and notified a 70 pe...

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Category : Service Tax | Comments : 0 | Hits : 356

Only top-level Polish exececutives exempted from tax net: ITAT
Posted Date : 28-Jun-2012 , 08:37:45 am | Posted By CASANSAAR

The Income-Tax Appellate Tribunal, Ahmedabad has said that all management functions cannot be classified as top-level management functions unless they are senior officials with titles such as chairperson, chief executive officer, managing director, president and executive directors.Th...

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Category : Income Tax | Comments : 0 | Hits : 272

RBI for electronic payments, ushering in 'less-cash' economy
Posted Date : 28-Jun-2012 , 08:33:04 am | Posted By CASANSAAR

With an aim to make payment and settlement system more safe in the country, the Reserve Bank today proposed to proactively promote electronic transactions for ushering in a 'less-cash' economy. Seeking public comments on the 'Payments System Vision Document 2012-15', RBI said the docu...

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Category : RBI | Comments : 0 | Hits : 184

Government to approach UN for changes in tax convention
Posted Date : 28-Jun-2012 , 08:27:05 am | Posted By CASANSAAR

The government plans to approach the United Nations (UN) to get international taxation norms tweaked to make Web marketing companies and cloud computing-enabled firms, which do not have a permanent establishment in India and yet earn profits from Indian customers, pay tax in the country.   Th...

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Category : Income Tax | Comments : 0 | Hits : 164

Extension of Common Proficiency Course (CPC) Registration date upto 5th October, 2012
Posted Date : 27-Jun-2012 , 10:27:35 pm | Posted By CASANSAAR

Important Announcement  BoS/Announcement/227/12 June 27, 2012   Sub: Extension of Common Proficiency Course (CPC) registration date upto 5th October, 2012    In view of the closure of banks on account of half yearly closing on 29th September, 2012 followed by Su...

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Category : Students Zone | Comments : 0 | Hits : 287

PM reviews state of economy; presses for urgent revival of investor sentiment
Posted Date : 27-Jun-2012 , 10:25:38 pm | Posted By CASANSAAR

A day after taking charge of the Finance Ministry, Prime Minister Manmohan Singh on Wednesday sought to give a push to the sagging economy as he directed initiation of steps to reverse the climate of pessimism and revive investor sentiment. Dr. Singh reviewed the state of economy passing through dif...

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Category : Finance | Comments : 0 | Hits : 151

First Class and AC railway passengers to pay service tax from July 1
Posted Date : 27-Jun-2012 , 08:10:03 am | Posted By CASANSAAR

The Railways have decided to impose service tax on First Class, AC Classes and freight rates from July 1.   With the Finance Ministry not having included the Railways in the exemption list issued on Wednesday, the Railway Board is preparing to levy a 12 per cent service tax that was proposed ...

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Category : Service Tax | Comments : 0 | Hits : 391

Vodafone in new 1 billion pounds UK 'tax scandal'
Posted Date : 27-Jun-2012 , 08:05:10 am | Posted By CASANSAAR

The world's largest mobile phone company,Vodafone Group, has shaved 1 billion pounds, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units. A Reuters examination of statutory filings made by Voda...

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Category : International Business | Comments : 0 | Hits : 407

8 FDI Proposals Amounting to Rs. 100 Crore Approved
Posted Date : 27-Jun-2012 , 08:00:00 am | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 1, 2012, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs. 100.01 crore approxim...

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Category : International Business | Comments : 0 | Hits : 260

Pranab Mukherjee resigns as Finance Minister; PM to take additional charges
Posted Date : 26-Jun-2012 , 08:48:47 pm | Posted By CASANSAAR

Pranab Mukherjee met Prime Minister Manmohan Singh at his 7 Race Course Road residence and resigned as India's Finance Minister today. Dr Singh is expected to take additional charge of the crucial Finance Ministry, sources have said. An announcement is expected soon. Mr Mukherjee, the ruli...

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Category : Finance | Comments : 0 | Hits : 368

SEBI to make it mandatory for top 500 listed companies for e-voting
Posted Date : 26-Jun-2012 , 08:46:17 pm | Posted By CASANSAAR

Market regulator, SEBI today decided to make it mandatory for the top 500 listed companies to facilitate e-voting, making it easier for shareholders to participate in key decisions without being physically present at the meetings. SEBI's move is in line the budget proposal. SEBI said the decision wo...

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Category : SEBI | Comments : 0 | Hits : 268

Now file your Income Tax returns at a kiosk, mobile van near you!
Posted Date : 26-Jun-2012 , 07:51:39 am | Posted By CASANSAAR

For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.The initiative will ensure that the taxpayers are...

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Category : Income Tax | Comments : 0 | Hits : 602

Changes in service tax structure will have great impact on GST
Posted Date : 26-Jun-2012 , 07:50:55 am | Posted By CASANSAAR

The recent announcement by the government on the changes in the services tax structure will have a positive impact on the goods and services tax (GST), according to JM Kennedy, director of Tax Research Unit, a part of the Central Board of Excise & Customs (CBEC).   “As the country i...

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Category : Service Tax | Comments : 0 | Hits : 386

Policy Relating to FII Investments in Government Securities and Long-Term Infrastructure Bonds Rationalized; New Scheme for ECB Borrowings Introduced
Posted Date : 26-Jun-2012 , 07:38:42 am | Posted By CASANSAAR

The policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI have been reviewed and the following changes have been made therein.   Government Securities: a.    Currently FIIs ...

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Category : Income Tax | Comments : 0 | Hits : 190

India raises foreign investment limit in govt bonds
Posted Date : 25-Jun-2012 , 05:19:37 pm | Posted By CASANSAAR

India took a handful of measures to prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by $5 billion to $20 billion, the central bank said.COMMENTARY JONATHAN CAVENAGH, SENIOR FOREX STRATEGIST, WESTPAC, SINGAPORE "Well not the 'shock an...

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Category : Finance | Comments : 0 | Hits : 197

National CA Students' Convention - No answer for the question how 300 Students fialed in Final year exams become CA's after retotaling.
Posted Date : 25-Jun-2012 , 09:42:04 am | Posted By CASANSAAR

The Ludhiana Branch of the Institute of Chartered Accounts of India representing more than 1400 members and 4000 students hosted the first day of National CA Students' Convention in Ludhiana. The global business competitiveness intensifies the demand for improvements of communica...

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Category : Income Tax | Comments : 1 | Hits : 1293

Ex-minister loses appeal in tax returns case
Posted Date : 25-Jun-2012 , 09:31:18 am | Posted By CASANSAAR

A division bench of the Madras high court has directed former agriculture minister Ku Pa Krishnan to appear before the assessing officer of the income tax department and present his case all over again. In August 1996, the I-T department estimated that Krishnan, who was the agriculture min...

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Category : Income Tax | Comments : 0 | Hits : 319

Indian Medical Association calls for nationwide strike today
Posted Date : 25-Jun-2012 , 09:30:11 am | Posted By CASANSAAR

The Indian Medical Association has called for a nationwide strike on Monday, protesting amendments made to Acts relating to clinical establishment and private practise. However, they have assured that emergency services will not be hit.   Medical services in Rajasthan are likely to rem...

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Category : General | Comments : 0 | Hits : 400

Income Tax department cracks whip on refund frauds
Posted Date : 25-Jun-2012 , 09:22:09 am | Posted By CASANSAAR

An internal probe by the Income Tax department, to detect the occurrence of a spate ofrefund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed "suspense" refunds were generated to siphon off the taxpayers hard-earned money.The department cracked t...

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Category : Income Tax | Comments : 0 | Hits : 337

Government to announce measures to improve market conditions
Posted Date : 25-Jun-2012 , 09:17:07 am | Posted By CASANSAAR

The government will take measures to check depreciation of rupee, Finance Minister Pranab Mukherjee told this to reporters in Kolkata on Sunday. On his comment on measures to improve the depressed market condition, he said, that he has spoken to the RBI Governor and Finance Secretary on the iss...

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Category : Income Tax | Comments : 0 | Hits : 210

CAs to audit MGNREGA accounts at village panchayat level from April
Posted Date : 23-Jun-2012 , 08:06:32 am | Posted By CASANSAAR

Chartered Accountants will begin certification of accounts under MGNREGA scheme at village panchayat level from April 2013.   Addressing presspersons on the sidelines of the 30-year celebrations of the Shri Kshetra Rural Development Project (SKDRDP) at Dharmasthala in Dakshina Kannada distric...

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Category : ICAI | Comments : 0 | Hits : 748

Refund excess tax despite 4 year limit period: CBDT to officials
Posted Date : 23-Jun-2012 , 07:57:11 am | Posted By CASANSAAR

Giving relief to taxpayers, the IncomeTax Department has asked its officials to take action to refund excess tax even if such applications are hit by limitation period of four years."After due verification of any such claim on merits, the assessing officer shall issue refund...

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Category : Income Tax | Comments : 0 | Hits : 223

MCA Notification on Investor Education
Posted Date : 23-Jun-2012 , 07:51:04 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file e-Form 5INV containing the information of unclaimed and unpaid amounts as ...

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Category : Corporate Law | Comments : 0 | Hits : 249

Rupee hits new low of 57.30 against dollar
Posted Date : 22-Jun-2012 , 02:36:41 pm | Posted By CASANSAAR

The rupee fell way past the psychological mark of 57 for the first time to 57.30 against the dollar on Friday on strong demand for the American currency from oil importers, increased capital outflows and concerns over slowdown in global economic growth.   Continuing its free fall, the rupee s...

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Category : International Business | Comments : 0 | Hits : 279

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