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FII earnings won’t be taxed as biz income under final GAAR rules
Posted Date : 30-Apr-2012 , 07:09:06 am | Posted By CASANSAAR

The primary concern of foreign institutional investors that they might be taxed for business income in India under the proposed GAAR regime will be addressed as the finance ministry finalises the rules.   Government sources said there was no reason for FIIs to worry about their earnings fr...

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Category : Income Tax | Comments : 0 | Hits : 368

IRCTC plans to start air ticket booking
Posted Date : 28-Apr-2012 , 10:16:13 pm | Posted By CASANSAAR

Divested of catering services, the Indian Railway Catering and Tourism Corporation (IRCTC) is now focusing more on online ticket booking system across the country.   Encouraged by sudden increase in the online ticket booking, the IRCTC has chalked out various steps to provide better servic...

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Category : General | Comments : 0 | Hits : 369

Rural banks told to double home loan limit for priority sector
Posted Date : 28-Apr-2012 , 08:22:57 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has asked all regional rural banks to double the limit for home loans to Rs 10 lakh from Rs 5 lakh for lending for priority sector. An RBI notification issued in Mumbai said that increase in the limit will be applicable for the bank loans extended to non-governme...

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Category : Banking | Comments : 0 | Hits : 383

SEBI to auction FII debt limits on 20th of every month
Posted Date : 28-Apr-2012 , 06:04:23 am | Posted By CASANSAAR

The stock market regulator SEBI has decided to auction debt limits for FIIs on the 20th of every month. It would be held on the next working day in case 20th happens to be a holiday. Auctions would be held if free limits greater than Rs1000 crore are available for any of the three categories &md...

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Category : SEBI | Comments : 0 | Hits : 355

Governance concerns weakened business sentiment in India: IMF
Posted Date : 28-Apr-2012 , 06:01:55 am | Posted By CASANSAAR

The International Monetary Fund (IMF) has said governance concerns have weakened business sentiment in India, calling for a revival in the reform process in its regional outlook released on Friday.Asia-Pacific Regional Economic Outlook said domestic factors have also played a role in India's gro...

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Category : International Business | Comments : 0 | Hits : 143

Back-dated I-T law will not override tax treaties: Pranab
Posted Date : 27-Apr-2012 , 11:19:03 pm | Posted By CASANSAAR

  The proposed retrospective changes in the income tax law are only ‘clarificatory' and will not override double tax avoidance pacts, the Finance Minister, Mr Pranab Mukherjee, has said.   Mr Mukherjee's statement is unlikely to bring any relief to telecom major, Vodafone, in the ...

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Category : Income Tax | Comments : 0 | Hits : 284

Requirement of Additional Director in Technical Directorate of ICAI
Posted Date : 27-Apr-2012 , 11:11:07 pm | Posted By CASANSAAR

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIARequiresAdditional Director (Technical)For its Technical Directorate whic...

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Category : ICAI | Comments : 0 | Hits : 454

RBI asks banks to allow intra-bank account portability
Posted Date : 27-Apr-2012 , 10:57:56 pm | Posted By CASANSAAR

The Reserve Bank of India on Friday asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.The facility would enable the customers to shift their account to any of the desired branch any number of t...

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Category : Banking | Comments : 0 | Hits : 406

India's financial system is strong: RBI
Posted Date : 27-Apr-2012 , 07:17:28 am | Posted By CASANSAAR

A day after global credit rating agency, S&P cut India's outlook to negative, the Reserve Bank of India today said the country's financial system is strong, and sometimes these ratings are discounted by the markets.RBI Deputy Governor K. C. Chakrabarty also said the Reserve Bank will intervene i...

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Category : RBI | Comments : 0 | Hits : 185

EPF interest rate raised to 8.6% for current fiscal
Posted Date : 27-Apr-2012 , 06:58:30 am | Posted By CASANSAAR

Interest rate on employees' provident fund will be increased to 8.6 per cent in the current fiscal from 8.25 per cent now. Labour Minister Mallikarjun Kharge said in the Rajya Sabha while replying a debate on working of Labour Ministry. He said next time, it will be 8.6 per cent.The Employees' Provi...

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Category : General | Comments : 0 | Hits : 388

Cabinet Approves Banking Law Amendment Bill
Posted Date : 26-Apr-2012 , 08:50:57 pm | Posted By CASANSAAR

The Cabinet on Thursday okayed the Banking Laws (Amendment) Bill seeking to raise voting rights ceilings in private banks. The cabinet chaired by Prime Minister Manmohan Singh cleared the bill as recommended by the parliamentary standing committee on finance. The Banking Laws (Amendment) Bill, 2...

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Category : Income Tax | Comments : 0 | Hits : 323

Sachin Tendulkar as Rajya Sabha MP? Prime Minister recommends nomination
Posted Date : 26-Apr-2012 , 05:59:07 pm | Posted By CASANSAAR

 Sachin Tendulkar has reportedly been recommended to be nominated as a member of Rajya Sabha.  Sources say Prime Minister Manmohan Singh has written a letter to the President on this matter. The letter is expected to be forwarded by the Home Ministry. Sources have told NDTV that ...

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Category : General | Comments : 0 | Hits : 349

Civil Aviation Ministry opposes hike in service tax
Posted Date : 26-Apr-2012 , 05:56:11 pm | Posted By CASANSAAR

Civil Aviation Ministry is learnt to have strongly opposed the budget proposal imposing a four-time hike in service tax on air travel, terming it a retrograde step that would hit fliers and airlines very hard. Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit S...

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

FinMin hits back, says Vodafone was aware of tax liability
Posted Date : 25-Apr-2012 , 11:25:34 pm | Posted By CASANSAAR

The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice.    "We have provided copies of the letter (about tax liability) to the concerne...

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Category : Income Tax | Comments : 0 | Hits : 287

Cheque bouncing may also give rise to cheating case, rules SC
Posted Date : 25-Apr-2012 , 11:20:22 pm | Posted By CASANSAAR

   For issuing a cheque without sufficient fund in one's account, a person can be tried for both bouncing of his cheque and for cheating as the two trials do not breach double jeopardy doctrine, the Supreme Court has ruled.   A bench of justices B S Chauhan and J S Khehar gave ...

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Category : Banking | Comments : 0 | Hits : 437

Federal Bank cuts base rate by 0.20% to 10.45%
Posted Date : 25-Apr-2012 , 05:29:39 pm | Posted By CASANSAAR

Kerala-based Federal Bank today cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week's RBI reduction in the key policy rate.   The bank action will be applicable from May 2, it said in a statement.   he Reserve Bank had surprised all by slashing the re...

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Category : Banking | Comments : 0 | Hits : 208

UK slides back into recession in first double dip since 1970s
Posted Date : 25-Apr-2012 , 05:26:03 pm | Posted By CASANSAAR

Britain's economy slid into its secondrecession since the financial crisis after official data unexpectedly showed a fall in output in the first three months of 2012, piling pressure on Prime Minister David Cameron's embattled coalition government. The Office for National Statistics s...

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Category : General | Comments : 0 | Hits : 323

133 government websites hacked in January-March: Sachin Pilot
Posted Date : 25-Apr-2012 , 05:21:28 pm | Posted By CASANSAAR

 As many as 133 government websitesfell prey to hackers in the first three months of 2012, Minister of State for Communications and IT Sachin Pilot has said.  As per incidents reported to and tracked by theIndian Computer Emergency Response team (CERT), a total number of 92, 204...

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Category : General | Comments : 0 | Hits : 249

Credit rating agency S&P revises India economic outlook to negative
Posted Date : 25-Apr-2012 , 12:53:12 pm | Posted By CASANSAAR

Credit rating agency Standard & Poor has revised India’s outlook to negative. The agency has reaffirmed sovereign credit rating at investment grade but suggested that the probability of a downgrade is now higher than before. The agency sees little progress on economic reforms and believ...

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Category : International Business | Comments : 0 | Hits : 521

2 USE directors quit as Sebi questions board structure
Posted Date : 25-Apr-2012 , 08:19:44 am | Posted By CASANSAAR

  The Securities and Exchange Board of India's (Sebi) probe into United Stock Exchange (USE), alleging it of giving BSE more than permissible representation on its board, has led to the resignation of two directors.   Arun Ramanathan, public interest director (PID) at USE and chairman...

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Category : Shares & Stock | Comments : 0 | Hits : 260

Vodafone tax demand may exceed Rs 20,000 cr
Posted Date : 25-Apr-2012 , 08:13:34 am | Posted By CASANSAAR

After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore — more than two and half times the tax amount the telecom major was “advised to withhold” on its $11-billion deal with Hutchison i...

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Category : Income Tax | Comments : 0 | Hits : 336

RBI to allow ECB for working capital for civil aviation sector
Posted Date : 25-Apr-2012 , 08:09:28 am | Posted By CASANSAAR

The Reserve Bank of India today decided to allow External Commercial Borrowings, ECB, for working capital as a permissible end-use for the civil aviation sector on certain conditions.   The notification issued by RBI in Mumbai stated that the overall ECB ceiling for the entire civil aviation...

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Category : Finance | Comments : 0 | Hits : 279

Govt to plough back disinvestment funds into PSUs
Posted Date : 24-Apr-2012 , 07:28:22 pm | Posted By CASANSAAR

In a move to strengthen the PSUs, government proposes to plough back funds raised through disinvestment proceeds into the state-owned firms.The Department of Disinvestment (DoD) has proposed to create special purpose funds out of the disinvestment proceeds to enable the public sector units (PSUs) bu...

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Category : Finance | Comments : 0 | Hits : 136

Retrospective change in I-T Act may yield around Rs 40,000 crore
Posted Date : 24-Apr-2012 , 04:03:17 pm | Posted By CASANSAAR

The controversial proposal to amend theIncome Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said today.  "The Income Tax department has made an estimation that the total tax im...

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Category : Income Tax | Comments : 0 | Hits : 364

2G case: SC extends deadline for licence cancellation to September 7
Posted Date : 24-Apr-2012 , 03:59:56 pm | Posted By CASANSAAR

 Supreme Court on Tuesday refused to grant 400 days to the government to complete the process of fresh auctioning of the 2G spectrum licences but extended the deadline for it from June 2 to August 31, 2012. A bench of justices  G S Singvhi and K S Radhakrishnan also said the exis...

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Category : General | Comments : 0 | Hits : 187

Nestle India could face Rs 100 cr addl tax in FY13
Posted Date : 24-Apr-2012 , 10:11:59 am | Posted By CASANSAAR

FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation. "...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximat...

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Category : Income Tax | Comments : 0 | Hits : 503

RBI permits all financial institutions to participate in CDS
Posted Date : 24-Apr-2012 , 08:17:19 am | Posted By CASANSAAR

The Reserve Bank on Monday allowed all financial institutions to participate in the credit default swap (CDS) market to help such entities to protect their risk."It has now been decided to permit all India financial institutions, namely, EXIM Bank, NABARD, NHB and SIDBI to participate in the CDS mar...

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Category : RBI | Comments : 0 | Hits : 272

Parliament likely to take up new Companies Bill this session, says Veerappa Moily
Posted Date : 24-Apr-2012 , 08:05:50 am | Posted By CASANSAAR

  The much-awaited Companies Bill 2011 is likely to be taken up in this parliamentary session, said Union minister for corporate affairs M Veerappa Moily. The new Companies Bill, which will replace a half-a-century-old Act, has made provisions for class action suit and corporate social resp...

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Category : Corporate Law | Comments : 0 | Hits : 362

Income tax act amendment proposal not in line with global norms: Vodafone
Posted Date : 24-Apr-2012 , 08:02:09 am | Posted By CASANSAAR

Amid controversy over the government's decision to amend I-T Act with retrospective effect to bring into tax net overseas deals involving domestic assets, the British telecom major Vodafone on Monday said that the proposal is not in line with the international tax norms. "...the proposal to tax...

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Category : International Business | Comments : 0 | Hits : 243

SBI, 4 other banks cut fixed deposit rates up to 1 pc
Posted Date : 23-Apr-2012 , 08:54:43 pm | Posted By CASANSAAR

Led by SBI, five more banks on Monday cut interest rates on loans and deposits upto one per cent, following reduction in the short-term policy rates by Reserve Bank last week.While banks have tweaked rates differently, the net effect is that depositors lose more than the gains accruing to borrowers ...

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

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