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FM to inaugurate the biggest Income Tax building at New Delhi
Posted Date : 30-May-2012 , 08:00:15 am | Posted By CASANSAAR

Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 O...

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Category : Income Tax | Comments : 0 | Hits : 500

Offline bit in online income tax filing to end
Posted Date : 30-May-2012 , 07:55:31 am | Posted By CASANSAAR

The one major irritant in online filing ofincome tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-Tdepartment's centralized pro...

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Category : Income Tax | Comments : 0 | Hits : 524

Guidelines for Declaring a Financial Institution as Public Financial Institution Under Section 4a of the Companies Act, 1956
Posted Date : 30-May-2012 , 07:51:58 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:- (a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act...

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Category : Corporate Law | Comments : 0 | Hits : 419

Govt clears 25 FDI proposals worth Rs 2,973 crore
Posted Date : 29-May-2012 , 04:05:50 pm | Posted By CASANSAAR

The government today said it has cleared 25 foreign direct investment (FDI) proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs 2,973.40 crore.   The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) head...

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Category : Finance | Comments : 0 | Hits : 302

MCA refers Reebok fraud case to SFIO
Posted Date : 29-May-2012 , 01:38:54 pm | Posted By CASANSAAR

Corporate Affairs Minister Veerappa Moily today said "something wrong" has been found in the books of Reebok India, which has accused two of its former top executives of a Rs 870-crore fraud.   The minister also said the matter has now been referred to the Serious Fraud Investigation Office (...

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Category : Corporate Law | Comments : 0 | Hits : 309

Finance Act, 2012 as Assented by President
Posted Date : 29-May-2012 , 08:45:17 am | Posted By CASANSAAR

FINANCE ACT, 2012  [Act No. 23 of 2012] An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013. BE it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:— CHAPTER I PRELIMINARY Short title ...

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Category : Income Tax | Comments : 0 | Hits : 1207

Vodafone to opt for international arbitration against Indian tax authorities
Posted Date : 29-May-2012 , 07:43:07 am | Posted By CASANSAAR

 British telecom giant Vodafone is likely to rely on international arbitration under the India-Netherlands investment protection agreement rather than approach Indian courts as its epic dispute with the Indian tax authorities looks set to resume soon with the passa...

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Category : Income Tax | Comments : 0 | Hits : 444

Joint Entrance Exam for IITs, NITs & IIITs from 2013
Posted Date : 28-May-2012 , 09:51:43 pm | Posted By CASANSAAR

Government has announced a Joint Entrance Examination, JEE from 2013 for admission into the central funded engineering institutions such as Indian Institute of Technology (IITs) , National Institutes of Technolgy (NITs) and Indian Institute of Information Technology (IIITs).Joint Councils of these i...

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Category : General | Comments : 0 | Hits : 356

Andhra HC strikes down minority sub quota
Posted Date : 28-May-2012 , 06:05:58 pm | Posted By CASANSAAR

In a significant development, the Andhra Pradesh High Court on Monday rejected the Centre’s move to create a sub-quota for minorities on religion basis.  A division bench of the High Court comprising Chief Justice Madan B Lokur and Justice PV Sanjay Kumar said that there was no rationale...

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Category : General | Comments : 0 | Hits : 211

Delhi government cuts petrol price by Rs 1.26 per litre
Posted Date : 28-May-2012 , 06:02:08 pm | Posted By CASANSAAR

Petrol will be Re 1.26 per litre cheaper in the capital soon. The Congress government of Sheila Dikshit in Delhi has decided not to impose 20 per cent Value Added Tax (VAT) on petrol prices.  State-run oil marketing firms had last Wednesday announced the steepest-ever hike in petrol prices - D...

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Category : VAT | Comments : 0 | Hits : 317

Facebook smartphone to be 'released next year'
Posted Date : 28-May-2012 , 05:45:05 pm | Posted By CASANSAAR

Social networking giant Facebook is to launch its own smartphone by next year, reports have suggested.   The New York Times cited unnamed sources, including Facebook employees, suggesting that the network had been hiring several smartphone engineers.   Facebook recently admit...

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Category : General | Comments : 0 | Hits : 219

RBI & 926 bank branches to collect advance income tax
Posted Date : 28-May-2012 , 05:37:02 pm | Posted By CASANSAAR

The Reserve Bank and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long queues and inconvenience to the tax assesses, RBI said on Monday.   "As many as 926 computerised branches of public and private sector banks will receive...Thes...

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Category : Income Tax | Comments : 0 | Hits : 143

Indian companies paying less for Audit Fees
Posted Date : 28-May-2012 , 07:42:19 am | Posted By CASANSAAR

  How much did auditors charge companies to certify that their financial records are in order? Just Rs 16 for every Rs 1 lakh of the company's turnover in 2011, suggests a report by the Chennai-based chartered accountancy training centre, Prime Academy. Audit fees are actually down f...

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Category : Auditing | Comments : 0 | Hits : 1357

Black money cases: I-T dept forms lawyer teams for prosecution
Posted Date : 28-May-2012 , 07:39:18 am | Posted By CASANSAAR

The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently conc...

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Category : Income Tax | Comments : 0 | Hits : 286

Sebi keeps consent window open to settle serious offences
Posted Date : 28-May-2012 , 07:35:02 am | Posted By CASANSAAR

A high-powered advisory committee or panel of whole-time members may settle violations excluded from the new framework   Despite shutting the consent route on serious market offences like insider trading and front running, the Securities and Exchange Board of India (Sebi) has left a window op...

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Category : SEBI | Comments : 0 | Hits : 173

Demands on IT companies to be relaxed by the Income-Tax department?
Posted Date : 28-May-2012 , 07:30:09 am | Posted By CASANSAAR

There is a flicker of hope for Indian software companies battling a barrage of claims from theIncome-Tax Department.   In the last few days, the Central Board of Direct Taxes, an arm of the finance ministry, has asked tax offices in cities where the software firms are based...

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Category : Income Tax | Comments : 0 | Hits : 169

Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12
Posted Date : 28-May-2012 , 07:20:00 am | Posted By CASANSAAR

Section 143 of the Income-tax Act, 1961 – Assessment – General – Processing of returns of A.Y. 2011-12 – Steps to clear backlog – Withdrawal of Instruction No. 1/2012, dated 2-2-2012   Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012   T...

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Category : Income Tax | Comments : 0 | Hits : 758

RIL buyback gains pace; purchases shares worth Rs 1,481 crore
Posted Date : 27-May-2012 , 05:23:36 pm | Posted By CASANSAAR

After a slow start, Reliance Industries Ltd (RIL)'s share buyback programme seems to have gathered pace with the company having acquired stocks worth Rs 1,481 crore since launch of the share repurchase offer in February. According to the information available with the bourses, Mukesh ...

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Category : Shares & Stock | Comments : 0 | Hits : 279

Institute of Chartered Accountants of India offers to work with investigators to unearth black money
Posted Date : 27-May-2012 , 08:06:41 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has announced initiatives to help government investigators track unaccounted money stashed away overseas. The apex body of accountants has said it will also assist in audits of political parties, non-governmental organisations (NGOs) a...

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Category : ICAI | Comments : 0 | Hits : 512

Soon, GST in India: Sushil Modi
Posted Date : 27-May-2012 , 08:02:42 am | Posted By CASANSAAR

Deputy Chief Minister of Bihar and Chairperson of Empowered Committee of State Finance Ministers Sushil Kumar Modi, on Friday, said the country was “nearing the implementation of the goods and services tax (GST).” Delivering the inaugural address at a one-day seminar on ‘Taxation ...

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Category : GST | Comments : 0 | Hits : 288

Foreign companies pulling more money out of India, says Nomura
Posted Date : 26-May-2012 , 09:19:08 am | Posted By CASANSAAR

Foreign direct investment, the sort of sticky long-term money India craves to fund its current account deficit and build up its infrastructure, may not be so stable after all. According to a Nomura report, multinational companies have been pulling money out of India at an accelerating rate, moving ...

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Category : International Business | Comments : 0 | Hits : 259

Sebi won't settle insider trading through consent
Posted Date : 25-May-2012 , 11:08:30 pm | Posted By CASANSAAR

Securities and Exchange Board of India (Sebi) will not settle serious offenses including insider trading and front running by consent process.   “The defaults falling in the category of fraudulent and unfair trade practices, which in the opinion of Sebi are very serious and have caused ...

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Category : SEBI | Comments : 0 | Hits : 133

India and Netherlands sign Protocol Amending DTAC
Posted Date : 25-May-2012 , 11:06:07 pm | Posted By CASANSAAR

The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend...

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Category : Income Tax | Comments : 0 | Hits : 157

Income Tax department working on strategy to prevent corruption
Posted Date : 25-May-2012 , 08:24:45 am | Posted By CASANSAAR

The Income Tax Department is working on a comprehensive strategy to deal with corruptionwithin the organisation.  The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation ha...

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Category : Income Tax | Comments : 0 | Hits : 310

RBI, finance ministry differ over rural bank branches
Posted Date : 25-May-2012 , 08:21:46 am | Posted By CASANSAAR

The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing banking services at low cost to the disadvantaged, a difference of opinion be...

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

Income Tax department scanning laptops, email records of Reebok top honchos
Posted Date : 25-May-2012 , 08:17:54 am | Posted By CASANSAAR

The Income Tax (I-T) department is scanning laptops and computersof top executives of Reebok India, including their email records, to find out details of the alleged financial irregularities.  On May 2, a team of I-T officials raided Gurgaon office of the spo...

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

Zone-shifting of Candidates for June - 2012 CA - CPT Exams
Posted Date : 24-May-2012 , 08:02:15 pm | Posted By CASANSAAR

IMPORTANT ANNOUNCEMENT  May 23rd, 2012    Subject: Zone-shifting of candidates for June - 2012 CA – CPT Exams    Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have bee...

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Category : Income Tax | Comments : 0 | Hits : 416

New Study Reveals That Facebook Caused A Third Of Divorces In 2011
Posted Date : 24-May-2012 , 08:15:44 am | Posted By CASANSAAR

Facebook CEO Mark Zuckerberg got married on Saturday to his longtime girlfriend Priscilla Chan, but if the happy couple wants to stay together, they might want to consider staying off of Facebook.   According to a U.K. survey by Divorce Online, a legal services firm, more than a third of divo...

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Category : General | Comments : 0 | Hits : 516

Chartered accountants exams to be made more transparent: Jaydeep Shah
Posted Date : 24-May-2012 , 08:08:34 am | Posted By CASANSAAR

While addressing a gathering during the inauguration of the new building of the Nashik branch of Western India Regional Council of the Institute of Chartered Accountants of India (ICAI), its presidentJaydeep Shah said that the exam system for chartered accountants would be m...

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Category : Students Zone | Comments : 0 | Hits : 1095

Service tax trouble for BCCI
Posted Date : 24-May-2012 , 08:05:15 am | Posted By CASANSAAR

The service tax department believes the Board of Control for Cricket in India (BCCI) owes it Rs. 368 crore, largely arising from the sale of media rights for matches, including those that are part of the Indian Premier League (IPL). It has written to the Central Board of Excise and Customs...

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Category : Income Tax | Comments : 0 | Hits : 212

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