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Chartered accountant caught accepting Rs 1.5 lakh bribe
Posted Date : 13-Apr-2012 , 07:51:45 am | Posted By CASANSAAR

A Rajkot-based chartered accountant, approved by the government for evaluating firms involved in commodity market, was caught by the anti-corruption bureau (ACB) officials for demanding and accepting Rs 1.5 lakh at a five-star hotel in Satellite on Thursday night. Dilip Patel,...

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Category : ICAI | Comments : 0 | Hits : 1086

Cabinet okays Public Procurement Bill to bring transparency and efficiency in mechanism
Posted Date : 13-Apr-2012 , 07:47:27 am | Posted By CASANSAAR

The United Progressive Alliance government has given its go-ahead to a law that seeks to regulate all state purchases above 50 lakh to bring transparency and efficiency in graft-laden procurement mechanism. The union cabinet chaired by Prime Minister Manmohan Singh approved the Public Procuremen...

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Category : General | Comments : 0 | Hits : 151

Blackmoney: Government deputes 7 IRS officers for Income Tax units abroad
Posted Date : 13-Apr-2012 , 07:45:28 am | Posted By CASANSAAR

The government has deputed seven senior IRS officers to officiate as First Secretaries at the newly created Income Tax overseas units in countries like the US, the UK and Germany, as part of its efforts to curb the problem of blackmoney and illegal funds stashed abroad.The Income Tax officials, h...

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Category : Income Tax | Comments : 0 | Hits : 221

Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12
Posted Date : 13-Apr-2012 , 07:39:35 am | Posted By CASANSAAR

During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income e...

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Category : Income Tax | Comments : 0 | Hits : 244

CLB refers Unitech, Uninor dispute to arbitration
Posted Date : 12-Apr-2012 , 06:21:58 pm | Posted By CASANSAAR

In a set back to Norwegian firm Telenor, the Company Law Board on Thursday allowed its estranged partner Unitech’s plea for settling dispute over control and transfer of assets of their joint venture Uninor through arbitration at Singapore. Observing that Telenor had gone “berserk&rdq...

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Category : Corporate Law | Comments : 0 | Hits : 274

SC upholds constitutional validity of RTE Act 2009
Posted Date : 12-Apr-2012 , 02:56:52 pm | Posted By CASANSAAR

The Supreme Court today upheld the constitutional validity of the Right to Education (RTE) Act, 2009, which mandates 25 per cent free seats to the poor in government and private unaided schools uniformly across the country. The apex court clarified that its judgement will come into force from today ...

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Category : General | Comments : 0 | Hits : 432

ICAI Zone-shifting of candidates for May 2012 CA Exams
Posted Date : 11-Apr-2012 , 09:22:31 pm | Posted By CASANSAAR

IMPORTANT ANNOUNCEMENT April 11, 2012 Subject: Zone-shifting of candidates for May - 2012 CA Exams Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted ex...

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Category : Income Tax | Comments : 0 | Hits : 587

E-filing of return must for person with income over Rs 10 lakh
Posted Date : 11-Apr-2012 , 08:19:13 pm | Posted By CASANSAAR

The government has made it mandatory for individuals with income of over Rs 10 lakh to file their tax returns for 2011-12 electronically."e-filing has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income, or the total income in respect of w...

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Category : Income Tax | Comments : 0 | Hits : 641

Govt seeks details from foreign entities in India
Posted Date : 11-Apr-2012 , 08:17:43 pm | Posted By CASANSAAR

  A circular from the Internal Security division of the Ministry makes it mandatory for the entities to furnish all the details of those employed for carrying out liaison work in the country.     The circular came against the backdrop of allegations that some of the foreign entiti...

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Category : International Business | Comments : 0 | Hits : 177

Now, prosecution of tax evaders made easier
Posted Date : 11-Apr-2012 , 07:39:19 am | Posted By CASANSAAR

Retrospective amendments to handle cases akin to the Vodafone deal and provisions to tackle black money as proposed in the Budget may have received huge attention, but that isn’t all about it. A ‘silent amendment’ to the Income Tax Act related to prosecution powers is being seen ...

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Category : Income Tax | Comments : 0 | Hits : 418

Committee Constituted to review the Scheme for Electronic Refund of Service Tax Paid on Taxable Services used for Export of Goods
Posted Date : 11-Apr-2012 , 07:34:40 am | Posted By CASANSAAR

A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee are Commissioner of Service Tax, Mumbai-1, Shri Sush...

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Category : Service Tax | Comments : 0 | Hits : 194

CBEC detects Service tax & Excise Evasion of Rs. 10286.73 Crore
Posted Date : 11-Apr-2012 , 07:33:44 am | Posted By CASANSAAR

The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the investigation, Central Excise Duty and Service Tax amoun...

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

Constitution of a Committee on Corporate Governance
Posted Date : 11-Apr-2012 , 07:32:43 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a ‘National Corporate Governance Policy’ to suggest a comprehensive policy frame work to enable corporate governance of highest quality in all classes of companies without...

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

Govt to make Payment above Rs.25,000 directly to bank account of payee
Posted Date : 11-Apr-2012 , 07:30:20 am | Posted By CASANSAAR

Government to make payment Directly to the bank accounts of Payees; Measure to Enhance Transparency and Accountability in Public Dealings of the Central Government and also user Green Banking. As part of the Government’s commitment to good governance and elimination of corrup...

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Category : Finance | Comments : 0 | Hits : 561

Govt announces new FDI norms for FIIs
Posted Date : 10-Apr-2012 , 07:54:50 pm | Posted By CASANSAAR

The government today announced new Foreign Direct Investment, FDI norms for Foreign Institutional Investors, FIIs. Under the new norms, FIIs can now invest up to 23 per cent in commodity exchanges without seeking prior approval of the government. The Department of Industrial Policy and Promotion, DI...

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Category : FEMA | Comments : 0 | Hits : 352

India launches 4G mobile services
Posted Date : 10-Apr-2012 , 07:52:13 pm | Posted By CASANSAAR

Telecom Minister Kapil Sibal today launched the country's first ever fourth generation mobile services in Kolkata. Today's launch is a major milestone for India and Bharti Airtel as it will result in India becoming one of the first countries in the world to commercially deploy the cutting-edge techn...

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Category : General | Comments : 0 | Hits : 238

Tech Mahindra-Satyam aims at 10,000 new hires this yea
Posted Date : 10-Apr-2012 , 03:02:45 pm | Posted By CASANSAAR

The combined entity resulting from the merger of Tech Mahindra Ltd andSatyam Computer Services Ltd may hire as many as 10,000 new employees in the current fiscal year, said Vineet Nayyar, CEO of Tech Mahindra. “We are trying to secure more efficiencies internally, we’ll see how i...

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Category : General | Comments : 0 | Hits : 274

CAG should appoint auditors for parties: ICAI
Posted Date : 10-Apr-2012 , 08:35:18 am | Posted By CASANSAAR

With a view to bringing in more transparency and accountability in their financial dealings, the Comptroller and Auditor General of India (CAG) could be asked to appoint independent auditors for accounting financial details of political parties. The Institute of Chartered Accountants of India, ...

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Category : ICAI | Comments : 0 | Hits : 533

Ministry wants bank audit panels to get more time to vet earnings
Posted Date : 10-Apr-2012 , 08:32:18 am | Posted By CASANSAAR

The Union finance ministry has proposed that banks give their balance sheet to their respective audit committees at least two days before their boards of directors meet for finalising the results.   In a recent communication to banks, the proposal was suggested and feedback sought. The mini...

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Category : Income Tax | Comments : 0 | Hits : 376

RBI allows cooperative banks, RRBs to transfer funds online
Posted Date : 10-Apr-2012 , 08:30:10 am | Posted By CASANSAAR

To popularise electronic transfer of funds, the Reserve Bank of India (RBI) on Monday allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.   With this, all the banks can now transfer funds electronically through real time gross settlem...

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Category : Banking | Comments : 0 | Hits : 284

E-filing taxpayers won't have to acquire a digital signature
Posted Date : 10-Apr-2012 , 08:24:55 am | Posted By CASANSAAR

The income tax department is set to introduce a free-of-cost and easy-to-operate electronic signature facility to file income tax returns electronically.   The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a har...

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Category : Income Tax | Comments : 0 | Hits : 1230

Study Team set-up to examine the possibility of a Common Tax Code for Service Tax and Central Excise
Posted Date : 09-Apr-2012 , 09:13:01 pm | Posted By CASANSAAR

As announced by the Union Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has been set-up by the Government, under the leadership of Shri. M. K. Gupta to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize th...

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Category : Service Tax | Comments : 0 | Hits : 193

Centre for CAG audit of NRHM
Posted Date : 09-Apr-2012 , 09:43:07 am | Posted By CASANSAAR

After the multi-crore National Rural Health Mission (NRHM) scam in Uttar Pradesh, the Centre has decided to tighten financial management of the states. In a move that will ensure transparency, for the first time ever the government has proposed annual audits of its flagship scheme NRHM by the Comptr...

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Category : Auditing | Comments : 0 | Hits : 488

Govt panel proposes additional taxes on personalised vehicles
Posted Date : 09-Apr-2012 , 09:38:29 am | Posted By CASANSAAR

A government sub-committee looking into probable sources of funds for urban transport projects in the 12th Plan has suggested the creation of a national fund, resource for which can be generated through taxes on vehicles and petrol consumption. The recent report of the Sub-Committee on Financing ...

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Category : Income Tax | Comments : 0 | Hits : 345

Pranab expresses satisfaction over increase in direct tax base
Posted Date : 09-Apr-2012 , 09:35:23 am | Posted By CASANSAAR

Finance Minister Pranab Mukherjee has expressed satisfaction over increase in direct tax base. Speaking after inaugurating the Direct Taxes Training Institute in Bangalore on Sunday, the Minister said the country's heavy dependence on indirect taxes earlier was worrying, but now direct tax base has ...

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Category : Income Tax | Comments : 0 | Hits : 192

Banks should play a key role in promoting inclusive growth: Pranab
Posted Date : 08-Apr-2012 , 08:28:14 am | Posted By CASANSAAR

Union Finance Minister Pranab Mukherjee says, inclusive growth is a key strategy to achieve and banks should play a key role in promoting it. He was speaking at the 6th International Banking and Finance Conference 2012 in Mumbai on Saturday.Mukherjee underlined the need to ensure every segment of th...

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Category : Banking | Comments : 0 | Hits : 199

Govt committed to infusing funds in PSU banks, says FM
Posted Date : 07-Apr-2012 , 05:58:21 pm | Posted By CASANSAAR

The government will recapitalise the state-owned banks to help them tide over the problems arising out of slow economic growth, Finance Minister Pranab Mukherjee said in Mumbai on Saturday. "Going forward if GDP growth slows down, there could be some impact on asset quality (of banks)," Mukherjee...

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Category : Banking | Comments : 0 | Hits : 225

Bullion traders and jewellers call off 21-day strike on assurance from FM
Posted Date : 06-Apr-2012 , 06:22:17 pm | Posted By CASANSAAR

Agitating bullion traders and jewellers on Friday called off their 21-day strike after an assurance from Finance Minister Pranab Mukherjee that the government will consider their demand for rollback of excise duty on unbranded jewellery. "We have decided to suspend the strike till May 10," A...

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Category : General | Comments : 0 | Hits : 267

Facebook picks Nasdaq to list its shares: Report
Posted Date : 06-Apr-2012 , 01:39:14 pm | Posted By CASANSAAR

Popular social networking site Facebook, which will soon launch its initial public offering, has zeroed in on the Nasdaq Stock Exchange to list its shares, a media report said. Billionaire Mark Zuckerberg-led Facebook has chosen the city-based Nasdaq over the New York Stock Exchange for its listin...

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Category : International Business | Comments : 0 | Hits : 276

Sebi mulls new ethics code for brokers
Posted Date : 05-Apr-2012 , 11:41:23 pm | Posted By CASANSAAR

With an aim to check flow of illicit funds and other manipulative activities in the stock market, regulator Sebi is planning more frequent inspection of various market entities and a new code of conduct for brokers.     Besides, the capital market regulator would also ask all the mark...

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Category : SEBI | Comments : 0 | Hits : 198

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