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Sensex sees biggest single-day gain of 2012 on reforms push
Posted Date : 21-Sep-2012 , 03:44:36 pm | Posted By CASANSAAR

The stock markets continued to rally in the afternoon session following the Government's decision to hold firm by notifying all FDI decisions taken last week despite the TMC fallout.   Analysts said that the positive cues from the Government coming in are boosting activity in the markets. Als...

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Category : Shares & Stock | Comments : 0 | Hits : 327

Govt cuts tax on overseas corporate borrowing
Posted Date : 21-Sep-2012 , 02:39:19 pm | Posted By CASANSAAR

The government slashed a tax on overseas borrowings by local companies on Friday, giving them access to cheaper funds and cheering investors as the government pressed on with reforms to revive economic growth.   Under the new rules, which were proposed in the budget for 2012/13 in March bu...

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Category : International Business | Comments : 0 | Hits : 252

Excise and customs duty on domestic LPG cylinders reduced to zero
Posted Date : 21-Sep-2012 , 02:38:24 pm | Posted By CASANSAAR

The Finance Ministry announced reducing the customs and excise duty on non-subsidised domestic LPG cylinders to zero. TheFinance Minister, P Chidambaram on Friday said that more state governments should provide subsidy on LPG cylinders. After announcing a cap of 6 ...

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Category : Excise | Comments : 0 | Hits : 298

Government to handle selection of auditors for public sector banks
Posted Date : 21-Sep-2012 , 08:21:00 am | Posted By CASANSAAR

The government will now handle the selection of auditors for state-run banks, a finance ministry official said, signalling growing concern over laxity in the audit followed by lenders and possible overstatement of profits.   The finance ministry is expected to issue a directive on the iss...

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Category : Auditing | Comments : 3 | Hits : 1838

Govt notifies FDI decisions
Posted Date : 21-Sep-2012 , 08:17:51 am | Posted By CASANSAAR

Less than 24 hours before Mamata Banerjee’s Trinamool Congress was due to walk out of the UPA, the government Thursday went ahead and notified its decision to allow FDI in multi-brand retail, among others, reflecting its resolve to stick to its reform announcements despite the threat to its st...

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Category : International Business | Comments : 0 | Hits : 284

MCA publishes Final Costing Taxonomy for FY 11-12 filings
Posted Date : 21-Sep-2012 , 08:14:19 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has published the Final Costing Taxonomy for Financial Year 2011-12 filings on its website http://www.mca.gov.in.   This has been in the wake of the MCA`s mandate for filing of Cost Audit and Compliance reports in XBRL format f...

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Category : Corporate Law | Comments : 0 | Hits : 246

Vodafone willing to pay Rs 8,000 crore tax to government if interest, penalty waived
Posted Date : 21-Sep-2012 , 08:12:21 am | Posted By CASANSAAR

UK-based telecom giant Vodafone today said it is willing to discuss tax related issues with the government and paying tax, which amounts to around Rs 8,000 crore, is an option provided the interest and penalty are waived. "It is exactly an option. I don't know if its viable," Vodafone...

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Category : Income Tax | Comments : 0 | Hits : 253

Study Group to streamline and render more services by practising Chartered Accountants engaged as lecturers in colleges and institutions
Posted Date : 20-Sep-2012 , 06:49:35 pm | Posted By CASANSAAR

Council Affairs/M-626/2012 19th September, 2012 ALL MEMBERS OF THE COUNCIL Madam/Dear Sir, The President, in terms of the authority given to him by the Council at its 314th meeting held from 10th to 12th February, 2012, has constituted a Study Group compri...

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Category : ICAI | Comments : 0 | Hits : 434

Anna confirms split, asks Kejriwal not to use his name or photo
Posted Date : 20-Sep-2012 , 02:24:01 pm | Posted By CASANSAAR

Team Anna on Wednesday suffered a vertical split with Anna Hazare and some top activists choosing to part ways with the Arvind Kejriwal-led group, opposing their plans to form a political party. After a roller-coaster ride of 18 months in which they came together to run a high-steam anti-graft movem...

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Category : General | Comments : 0 | Hits : 201

Accounts of PSU oil companies under scrutiny
Posted Date : 20-Sep-2012 , 09:16:00 am | Posted By CASANSAAR

The finance ministry has ordered a scrutiny of the books of oil marketing companies to see if the under-recoveries stated by them are in order or not. The move was initiated at the behest of finance minister P Chidamabram, who asked his officers to look into the issue even before diesel pr...

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Category : General | Comments : 1 | Hits : 325

CBDT panel to firm up uniform view on legal issues
Posted Date : 20-Sep-2012 , 09:12:02 am | Posted By CASANSAAR

In what would help assessing officers across the country to take a homogeneous view in legal matters of similar nature, the Central Board of Direct Taxes (CBDT) has formed a standing committee to firm up, what would be called ‘department’s view’, on contentious legal issues. The m...

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Category : Income Tax | Comments : 0 | Hits : 154

7% DA hike likely for central govt employees
Posted Date : 19-Sep-2012 , 09:45:52 pm | Posted By CASANSAAR

The central government is likely to hike dearness allowance from 65 per cent to 72 per cent, benefiting about 50 lakh of its employees and 30 lakh pensioners, on Friday.   “The proposal to increase dearness allowance (DA) by 7 per cent of the basic pay is scheduled to come up for consid...

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Category : General | Comments : 0 | Hits : 300

Condition to be Imposed for Conversion of Ordinary Society Into Producer Company, Part-Ix A of the Companies Act,1956
Posted Date : 19-Sep-2012 , 09:43:14 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs has decided to impose certain conditions for conversion of ordinary Society into Producer Company, Part-IX A of the Companies Act,1956. In a Circular issued by the Ministry recently it has been stated that on receipt of an application/form seeking conversion of...

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Category : Corporate Law | Comments : 0 | Hits : 167

20 years old Ghalib cracks CA exams; eyes post of CAG India
Posted Date : 19-Sep-2012 , 08:52:03 am | Posted By CASANSAAR

Notwithstanding the fact that he was under 21 years of age and hence would not be eligible for the mandatory enrolment at the Institute of Chartered Accountants for permission to practice, he cracked the 2012 CA exams and created a record by becoming one among the only few youngest Chartered Account...

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Category : Students Zone | Comments : 2 | Hits : 2548

Company Law Bill to be presented in winter session: Moily
Posted Date : 19-Sep-2012 , 08:49:05 am | Posted By CASANSAAR

Good corporate governance is not an option but a must for sustenance of society, said Veerappa Moily, Union Minister of Corporate Affairs (MCA).   Addressing a corporate governance summit organised by the Confederation of Indian Industry (CII), Moily, said that the Bill on Company Law would b...

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Category : Corporate Law | Comments : 0 | Hits : 221

EC asks CBDT; I-T to monitor funding in polls
Posted Date : 19-Sep-2012 , 08:45:49 am | Posted By CASANSAAR

The Election Commission (EC) has sought deployment of the investigation machinery of the Income Tax department for checking movement of illegal funds during the forthcoming assembly elections in Gujarat and Himachal Pradesh. The Central Board of Direct Taxes (CBDT), which was written to by the ...

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Category : Income Tax | Comments : 0 | Hits : 173

Securities transaction tax should be used as incentive
Posted Date : 19-Sep-2012 , 08:43:19 am | Posted By CASANSAAR

 Securities and Exchange Board of India (Sebi) chief U K Sinha on Tuesday said that securities transaction tax (STT) should be used in such a way that it incentivizes people to make investments for the long term rather than reap short-term benefits. Sinha, the chairman of Sebi, a...

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Category : SEBI | Comments : 0 | Hits : 186

Bank Note Press, Dewas Awarded a Prestigious National Safety Award
Posted Date : 19-Sep-2012 , 08:41:30 am | Posted By CASANSAAR

Bank Note Press, Dewas has been awarded a prestigious National Safety Award at a function in Vigyan Bhawan yesterday. This award was presented by the Union Minister of Labour & Employment, Shri Mallikarjun Kharge to Shri B. Burman, General Manager, Bank Note Press, Dewas in the category of indus...

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Category : Banking | Comments : 0 | Hits : 215

Mamata withdraws support from UPA II, Trinamool ministers to resign on Friday
Posted Date : 18-Sep-2012 , 08:45:02 pm | Posted By CASANSAAR

Trinamool Congress chief and West Bengal chief minister Mamata Banerjee on Tuesday evening announced after 3-hr party meeting in Kolkata that her party decided to withdraw support from UPA government on the issue of diesel price hike, LPG cap and the FDI multi-brand retail decisions by the cent...

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Category : General | Comments : 2 | Hits : 298

Chandigarh girl booked for 'abusive' Facebook posts on traffic police
Posted Date : 18-Sep-2012 , 02:20:23 pm | Posted By CASANSAAR

A 22-year-old woman, winner of a national bravery award, has been booked for allegedly posting abusive comments on Chandigarh traffic police's Facebook page.   Henna Bakshi, who claims to be winner of Geeta Chopra bravery award over a decade back for nabbing a burglar, was booked on Friday fo...

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Category : General | Comments : 0 | Hits : 519

Central Board of Excise & Customs makes e-payment mandatory for importers
Posted Date : 18-Sep-2012 , 08:05:00 am | Posted By CASANSAAR

In order to further reduce transaction cost of theimporters and as a trade facilitation measure, it has been decided to make e-payment mandatory for importers registered under Accredited Clients Programme and importers paying the duty of Rs one lakh or more per Bill of Entry with effe...

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Category : Excise | Comments : 0 | Hits : 374

SC asks government to check delays in income tax appeal
Posted Date : 18-Sep-2012 , 08:03:15 am | Posted By CASANSAAR

The Supreme Court on Monday faulted government departments for dragging their feet on filing tax appeals running into crores and asked the government to put in place a mechanism to cut down the delays.A two-judge bench of the apex court, headed by CJI S H Kapadia and Justice A K Patnaik, e...

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Category : Income Tax | Comments : 0 | Hits : 199

Infosys may replace TCS in new phase of MCA-21 project
Posted Date : 18-Sep-2012 , 08:01:57 am | Posted By CASANSAAR

 Within months of bagging a landmark contract from India Post, Infosys is positioning itself as a serious player in India's e-governance arena by beating bigger rival Tata Consultancy Services to win the next phase of a flagship project by corporate affairs ministry.The seco...

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Category : Corporate Law | Comments : 0 | Hits : 378

Bringing Indian Railways into service tax net will help organisation's finances
Posted Date : 18-Sep-2012 , 07:59:36 am | Posted By CASANSAAR

Indian Railways (IR) is supposed to charge service tax on rail users from next month.However, railway minister and Trinamool Congressleader Mukul Roy is said to be resisting the plan. He should not. The IR is a very large service provider and the case for bringing it under the ta...

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Category : Service Tax | Comments : 0 | Hits : 219

Vodafone considers $2.2 bn tax provision on Indian law
Posted Date : 18-Sep-2012 , 07:57:48 am | Posted By CASANSAAR

Vodafone Group Plc, which has resisted setting aside money for a USD 2.2 billion tax bill in India, may make a provision to cover the legal risks, Chief Financial Officer Andy Halford said in an interview.  The world's second-largest mobile-phone operator is consulting on the need for a pr...

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

Cost Inflation Index for Financial Year 2012-13
Posted Date : 17-Sep-2012 , 08:29:08 pm | Posted By CASANSAAR

Notified Cost Inflation Index for Financial Year 2012-13 / Assessment Year 2013-14 : 852...

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Category : Income Tax | Comments : 0 | Hits : 577

FDI in multi-brand retail may attract investments of up to $3 bn in 2 years: Consultants
Posted Date : 17-Sep-2012 , 08:06:57 pm | Posted By CASANSAAR

Allowing 51 per cent FDI in multi-brand retail can attract investments of up to USD 3 billion in India in the next two years, according to consultants. Stating that the government's decision to go ahead with FDI in multi-brand retail sends positive signal to foreign ret...

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Category : International Business | Comments : 0 | Hits : 255

RBI monetary policy: CRR cut by 25 bps, repo rate unchanged
Posted Date : 17-Sep-2012 , 02:27:36 pm | Posted By CASANSAAR

In a move cheered by both economists and industrialists, the Reserve Bank of IndiaBSE 4.06 % (RBI) on Monday cut the cash reserve ratio (CRR) by 25 basis points to 4.50 per cent in its monetary policy review. The decision will infuse Rs 17,000 crore into the banking system. The liquidity infusion, R...

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Category : Banking | Comments : 1 | Hits : 286

ICAI Elections : Permission to Vote by Post for those who are away from their Addresses
Posted Date : 17-Sep-2012 , 07:34:17 am | Posted By CASANSAAR

If you are away from your professional address and want to vote for then please fill the attached form and send it to returning officer till 5th October 2012.   As per election rules, A member who is entitled to vote at a polling booth may be permitted at the discretion of...

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Category : Income Tax | Comments : 0 | Hits : 863

No royalty tax on income from sale of in-built software
Posted Date : 17-Sep-2012 , 07:28:05 am | Posted By CASANSAAR

The Delhi High Court has ruled that income from sale of software embedded in hardware was not taxable as royalty despite the retrospective amendment to the Income Tax Act, as the changes cannot override a tax treaty. Deciding on a case between the Income Tax Department and Nokia Networks of Finland,...

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Category : Income Tax | Comments : 0 | Hits : 225

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