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Former Italian prime minister sentenced to prison for tax fraud
Posted Date : 27-Oct-2012 , 08:13:33 am | Posted By CASANSAAR

Former Italian prime minister Silvio Berlusconiwas on Friday sentenced to four years in jail, quickly reduced to one - for tax fraud with Italy's lengthy appeals process likely to ensure he never sees the inside of a prison cell. Scandal-hit Berlusconi, 76, condemned th...

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Category : Income Tax | Comments : 0 | Hits : 172

India, Spain sign tax avoidance agreement
Posted Date : 27-Oct-2012 , 08:10:37 am | Posted By CASANSAAR

India on Friday signed a tax avoidance agreement with Spain that will facilitate exchange of information on its tax evaders and getting details of financial transactions of domestic companies.  The agreement on amending the protocol for avoidance of double taxation and the ...

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Category : Income Tax | Comments : 0 | Hits : 99

RBI gives licence to eight new cooperative banks in Lucknow
Posted Date : 26-Oct-2012 , 07:59:24 pm | Posted By CASANSAAR

 Reserve Bank of India has given licence to eight new cooperative banks in the state, Cooperative minister Shivpal Singh Yadav said here today.Yadav said with the licence to eight new banks the total number of cooperative banks would rise to 33 in the state.These new banks would come in Lucknow...

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Category : Banking | Comments : 0 | Hits : 270

SC: Courts should be cautious in implicating family members in dowry cases
Posted Date : 26-Oct-2012 , 07:56:10 pm | Posted By CASANSAAR

The Supreme Court has said that family members of a man should not be implicated in a dowry case just because their names have been mentioned in the complaint without any specific allegation levelled against them. The apex court said that courts should be cautious in implicating family members ...

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Category : General | Comments : 0 | Hits : 317

Centre, states near consensus on Goods and Services Tax
Posted Date : 26-Oct-2012 , 08:20:16 am | Posted By CASANSAAR

The UPA government's most ambitious tax reform, the Goods and Services Tax (GST), moved a step closer to implementation as the Centre and the states narrowed down their differences on several contentious issues. An announcement is likely on November 8 when finance ministerP Chida...

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Category : GST | Comments : 0 | Hits : 239

After MCA, Income Tax begins probing Nitin Gadkari's Purti companies
Posted Date : 26-Oct-2012 , 08:19:01 am | Posted By CASANSAAR

After Ministry of Corporate Affairs, Income Tax department too has launched a probe to trace the source of funding of various firms that invested in BJP president Nitin Gadkari's company Purti Power and Sugar Limited (PPSL).   "We will trace the source the funds of the companies including the...

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Category : Income Tax | Comments : 0 | Hits : 139

Petrol price to go up by 30 paise a litre, diesel by 18 paise
Posted Date : 25-Oct-2012 , 09:36:39 pm | Posted By CASANSAAR

Petrol prices will be increased by 30 paise per litre and diesel by 18 paise a litre after the government decided to increase the commission paid to petrol pump dealers. Petrol is currently priced at Rs 67.90 per litre in Delhi and diesel Rs 46.95. After the hike, petrol will co...

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Category : Finance | Comments : 0 | Hits : 136

PM sets National Committee for direct cash transfer
Posted Date : 25-Oct-2012 , 09:34:33 pm | Posted By CASANSAAR

Prime Minister Dr Manmohan Singh has constituted a committee to coordinate action for the introduction of direct cash transfers to individuals under the various government schemes and programmes.The National Committee on Direct Cash Transfers chaired by the Prime Minister will provide an overarching...

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Category : Finance | Comments : 0 | Hits : 162

Disinvestment of 10 percent paid up equity capital in National Mineral Development Corporation
Posted Date : 25-Oct-2012 , 09:33:55 pm | Posted By CASANSAAR

The Cabinet Committee on Economic Affairs today approved the disinvestment of 10 per cent paid up equity capital (39,64,71,600 shares, each of Full Value of Rs.1/-) of NMDC out of the Government’s shareholding of 90 percent through ‘Offer for the Sale of Shares through Stock Exchange&rsq...

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Category : Finance | Comments : 0 | Hits : 149

DGST eyes tax on 1.19 lakh cr worth of foreign remittances
Posted Date : 25-Oct-2012 , 08:57:44 am | Posted By CASANSAAR

Following a three-month investigation, the Directorate General of Service Tax (DGST) is set to approach 6,500 bank branches across the country this month to impose service tax on foreign remittances worth Rs 1,19,000 crore towards import of services.   The move aims to plug “p...

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Category : Service Tax | Comments : 0 | Hits : 209

Ex-Goldman Sachs director Rajat Gupta gets 2-year sentence and $5m fine for insider trading
Posted Date : 25-Oct-2012 , 08:55:31 am | Posted By CASANSAAR

A former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts was sentenced Wednesday to 2 years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend.  The India...

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Category : Income Tax | Comments : 0 | Hits : 160

Sebi seeks strong legislation to check public money collection
Posted Date : 24-Oct-2012 , 06:05:41 pm | Posted By CASANSAAR

Market watchdog Sebi has asked the government to frame a strong central legislation to tackle the menace of companies collecting large amount of money from the public without requisiteregulatory approvals and for dubious investment projects.Stating the existing legal provisions a...

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Category : SEBI | Comments : 0 | Hits : 140

RBI allows domestic companies to make payments in SEZ in foreign currency
Posted Date : 24-Oct-2012 , 06:02:37 pm | Posted By CASANSAAR

The Reserve Bank of India has allowed domestic companies to make payments to units in special economic zones in foreign currency for the services delivered by them. Earlier, this facility was allowed only for payments made for goods. The move assumes significance as the tax-free zones are losing she...

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Category : RBI | Comments : 0 | Hits : 180

Govt seeks applications for post of CCI member
Posted Date : 24-Oct-2012 , 08:39:48 am | Posted By CASANSAAR

The government has invited applications for the post of a member at the Competition Commission of India (CCI), the regulator that keeps a tab on anti-competitive practices in the market.  The post would be filled up by direct recruitment and government officials, if chosen, would have to seek ...

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Category : General | Comments : 0 | Hits : 406

Govt asks PSUs to invest surplus cash or pay special dividend
Posted Date : 24-Oct-2012 , 08:37:45 am | Posted By CASANSAAR

Faced with difficult government finances, Prime Minister Manmohan Singh today asked cash-rich 25 central PSUs to invest their surplus fund of Rs2.5 lakh crore to reignite economic growth.   In a meeting convened by the Prime Minister and also attended by finance minister P Chidambaram, the to...

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Category : General | Comments : 0 | Hits : 187

RBI allows FIIs to hedge currency risk at any authorised dealer bank news
Posted Date : 24-Oct-2012 , 08:31:21 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has eased norms for hedging currency risk for foreign institutional investors (FIIs) by allowing them to approach any authorised dealer bank to hedge currency risk on their stock market investments.   Foreign institutional investors (FIIs) can approach any auth...

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Category : RBI | Comments : 0 | Hits : 217

Ten EU nations get go-ahead on financial transactions tax
Posted Date : 24-Oct-2012 , 08:25:27 am | Posted By CASANSAAR

The European Commission on Tuesday agreed a formal first step enabling 10 EU nations to launch a hotly contested Financial Transactions Taxslated to raise billions for the public purse. After plans to launch the tax across the European Union were scuttled duri...

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Category : Income Tax | Comments : 0 | Hits : 128

Service Tax NEW ST-3 for April to June 2012 made Available
Posted Date : 23-Oct-2012 , 06:18:33 am | Posted By CASANSAAR

The Revenue Department today said the modified service tax return Form for the quarter April-June is now available on the ACES website. "Modified version of the Service Tax Return (ST3) for the quarter April-June, 2012 is now available for uploading to ACES... It is ava...

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Category : Service Tax | Comments : 0 | Hits : 1846

Sebi seeks special courts for speedy trials in market frauds
Posted Date : 23-Oct-2012 , 06:17:21 am | Posted By CASANSAAR

Worried over delays in prosecution of those found to be involved in frauds and other offences, market watchdog Sebi has asked the government to set up special courts to fast-track the process of bringing the guilty to book. Expressing concern over some cases continuing for years, Sebi...

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Category : SEBI | Comments : 0 | Hits : 142

Undisclosed income of Rs 10 cr detected by I-T
Posted Date : 23-Oct-2012 , 06:12:40 am | Posted By CASANSAAR

An undisclosed income of Rs 10 crore has been detected by the Income Tax department during survey operation conducted on real estate groups here.   I-T sleuths had carried out survey on the premises of some real estate companies on Friday, said Jaspal Singh, Chief Commissioner of Income Tax, ...

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Category : Income Tax | Comments : 0 | Hits : 348

eBay accused of tax evasion in UK
Posted Date : 23-Oct-2012 , 06:11:30 am | Posted By CASANSAAR

Online auction giant eBay paid only £1.2 million ($1.92 million, 1.47 million euros) in tax to the British government despite generating £800 million in sales in the country, the Sunday Times reported.   The auction site denied any wrongdoing.   Ac...

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Category : Income Tax | Comments : 0 | Hits : 152

RBI may treat part of SLR as liquidity under Basel III
Posted Date : 23-Oct-2012 , 06:09:45 am | Posted By CASANSAAR

RBI Deputy Governor Anand Sinha on Monday said the central bank is looking at a move under which a part of banks' statutory liquidity ratio (SLR) holdings can be treated in a way that it complies with liquidity norms under the Basel III capital requirements. Sinha said this at an event organised in ...

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Category : RBI | Comments : 0 | Hits : 148

Finance Minister Shri P. Chidambaram calls for Improving Growth and Penetration of Non Life Insurance Sector
Posted Date : 23-Oct-2012 , 06:08:59 am | Posted By CASANSAAR

The Union Finance Minister Shri P. Chidambaram said that the major challenges before the Non Life Insurance sector is how to increase its reach to the maximum number of people along with growth of investment in this sector. He asked the participating CEOs of both Public Sector and Private Sector Non...

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Category : Finance | Comments : 0 | Hits : 165

Sebi aims to complete probes in one year
Posted Date : 22-Oct-2012 , 07:44:50 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has set a one-year target to complete investigations, saying that the long-drawn probe processes are a thing of past and manipulators can’t escape the long arm of the law. The impression about market manipulators remaining scot-free or the enf...

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Category : SEBI | Comments : 0 | Hits : 194

Income Tax refunds decline 23.33%
Posted Date : 22-Oct-2012 , 07:39:01 am | Posted By CASANSAAR

The Income Tax refunds during the first half of current financial year have come down to Rs 46,000 crore from Rs 60,000 crore in the same period last year.   "The IT refund in April-September period of this fiscal stood at Rs 46,000 crore," a finance ministry official said.   The gover...

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Category : Income Tax | Comments : 0 | Hits : 257

Overseas investors infuse over 11,000 cr in stocks in Oct so far
Posted Date : 22-Oct-2012 , 07:27:38 am | Posted By CASANSAAR

Overseas investors poured in more than 11,000 crore rupees in the stock market this month so far enthused by reforms initiatives taken by the government to boost economic growth and investor sentiment.As per data available with market regulator Sebi, during October 1-19, Foreign Institutional Invest...

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Category : Shares & Stock | Comments : 0 | Hits : 132

Entertainment tax on DTH unconstitutional: Court
Posted Date : 21-Oct-2012 , 08:09:32 am | Posted By CASANSAAR

The Madras High Court has held that the imposition of 30 per cent entertainment tax on Direct-to-Home services in the State is unconstitutional and directed the State government to exempt DTH services from entertainment tax.   A Division Bench comprising justices Chitra Venkataraman and K. Ra...

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Category : General | Comments : 0 | Hits : 274

CBDT opposes Shome Committee proposal to defer GAAR by 3 years
Posted Date : 21-Oct-2012 , 08:08:34 am | Posted By CASANSAAR

The country's apex tax body, the Central Board Of Direct Taxes (CBDT), has opposed Shome Panel's proposal to defer the implementation of the General Anti-Avoidance Rules (GAAR) for three years. TheCBDT has submitted a report to the finance ministry on the subject , ET NOW wa...

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Category : Income Tax | Comments : 0 | Hits : 239

PM launches Aadhar enabled services for direct Cash transfer and other benefits
Posted Date : 21-Oct-2012 , 08:07:46 am | Posted By CASANSAAR

The Prime Minister on Saturday rolled out the UPA government's ambitious direct cash transfer system and other Aadhar enabled services to eliminate fraud and corruption. Launching the scheme on 2nd aniversary of Aadhaar project at Dudu near Jaipur in Rajasthan this morning Dr. Manmohan Singh said th...

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Category : General | Comments : 0 | Hits : 257

Govt suspends Kingfisher Airlines' license to fly.
Posted Date : 21-Oct-2012 , 08:05:50 am | Posted By CASANSAAR

Kingfisher Airlines' license has been suspended. Its licence to fly commercial airlines was suspened by the Director General of Civil Aviation - DGCA - for failing to come up with a viable plan to revive its finance and resolve the operational problems and the impasse with its employees over payment...

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Category : General | Comments : 0 | Hits : 152

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