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Direct Tax collection at Rs 4.93 lakh cr in 2011-12
Posted Date : 08-May-2012 , 10:29:21 pm | Posted By CASANSAAR

The government today said it has collected over Rs 4.93 lakh crore as per provisional estimates from direct taxes during the 2011-12 fiscal, as against a revised estimate of Rs 5 lakh crore.   The net direct tax collection (provisionally) stood at Rs 4,93,912 crore, Minister of State for Fi...

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Category : Income Tax | Comments : 0 | Hits : 163

LS passes Finance Bill 2012, Govt to bring white paper on black money in current Parl session
Posted Date : 08-May-2012 , 10:26:37 pm | Posted By CASANSAAR

The Lok Sabha today passed the Finance Bill, giving effect to the financial proposals of the Central government for the fiscal 2012-13. The government will bring a white paper on black money in the current session of Parliament. Mr. Pranab Mukherjee disclosed this while replying to a debate on the F...

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Category : Income Tax | Comments : 0 | Hits : 454

Subsidiarisation of foreign banks would be tax neutral: Finance Minister Pranab Mukherjee
Posted Date : 07-May-2012 , 10:35:04 pm | Posted By CASANSAAR

 In order to encourage foreign banks to operate in India as subsidiaries, Finance Minister Pranab Mukherjee today said such move be tax neutral. "The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and I...

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Category : Banking | Comments : 0 | Hits : 272

Furnishing of Misleading Information by Multinational Network Accounting Firms (MNAFs)
Posted Date : 07-May-2012 , 10:30:10 pm | Posted By CASANSAAR

According to the information furnished by the Institute of Chartered Accountants of India (ICAI) a High Power Committee (HPC) appointed by them for examining the operation of Multinational Network Accounting Firms (MNAFs) in India, has observed, that certain Indian CA firms and private limited compa...

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Category : ICAI | Comments : 0 | Hits : 305

FinMin announces implementation of GAAR deferred till April 2013
Posted Date : 07-May-2012 , 09:52:18 pm | Posted By CASANSAAR

Finance Minister Pranab Mukherjee today announced deferment of that implementation of the General Anti-Avoidance Rules or GAAR till April 2013. The proposal was made in the budget for the current fiscal. The rule is being used to check avoidance of tax. Introducing the Finance Bill for the curr...

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Category : Income Tax | Comments : 0 | Hits : 369

Good news: Portable provident fund account numbers coming soon
Posted Date : 07-May-2012 , 05:56:23 pm | Posted By CASANSAAR

New Delhi: Here's some good news for people employed in the organised sector.  Retirement fund body EPFO is reportedly planning to provide portable numbers to salaried individuals.  The move might stem the trend of premature withdrawal which most people prefer over getting their account...

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Category : General | Comments : 0 | Hits : 361

Tax on long-term capital gains for PE investors slashed to 10%
Posted Date : 07-May-2012 , 05:49:32 pm | Posted By CASANSAAR

India will slash the tax on long-term capital gains for private-equity investors to 10 percent from 20 percent, a finance ministry statement said on Monday. India will also exempt long-term capital gains on the sale of unlisted securities in initial public offerings from tax, the statement sa...

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Category : Income Tax | Comments : 0 | Hits : 269

Tax dept unlikely to waive penalty on Vodafone dues
Posted Date : 07-May-2012 , 07:51:31 am | Posted By CASANSAAR

The income tax department is unlikely to waive penalty on Vodafone’s tax dues as it feels this will create a bad precedent for all its major pending tax cases. It has also decided to make it compulsory for all its officers from now on to charge penalty on taxes that get due but are not paid...

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Category : Income Tax | Comments : 0 | Hits : 332

Facebook IPO to make Mark Zuckerberg pay $903 mn (Rs.5000 Cr.app) in taxes
Posted Date : 07-May-2012 , 07:46:51 am | Posted By CASANSAAR

The US tax authorities are in for a major windfall from Facebook chief Mark Zukerberg, as the upcoming IPO of the social networking giant could make him pay in taxes as much as $ 903 million (about Rs 5,000 crore). Interestingly, his total estimated tax payout amounts to more than 85 per cent o...

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Category : International Business | Comments : 0 | Hits : 335

Lateral entry for graduates: ICAI
Posted Date : 06-May-2012 , 02:38:42 pm | Posted By CASANSAAR

Soon, a minimum of 60 per cent marks in an under-graduation course would make one eligible to enter the Chartered Accountancy course. The Institute of Chartered Accountants of India (ICAI) will soon introduce the lateral entry option for graduates that will exempt them from appearing for the Commo...

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Category : Students Zone | Comments : 0 | Hits : 1424

Important Announcement - CA Examination May-2012
Posted Date : 05-May-2012 , 09:49:49 pm | Posted By CASANSAAR

Important Announcement No.13-CA(Exams)/May, 2012/2May 5, 2012 Enquires are being received as to whether the examination for the Paper - 4 of Professional Competence Examination (PCE) and Paper - 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management w...

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Category : Students Zone | Comments : 0 | Hits : 1950

Pension regulator empanels six life insurers for National Pension Scheme
Posted Date : 05-May-2012 , 03:09:02 pm | Posted By CASANSAAR

The Pension Fund Regulatory Development Authority (PFRDA) has empanelled six life insurers for providing annuity services to subscribers of the National Pension Scheme (NPS). The NPS was extended to all citizens from May 1, 2009. After retirement at the age of 60 years, an employee ca...

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Category : General | Comments : 0 | Hits : 1767

Mobile tariffs to rise marginally on Trai plan
Posted Date : 05-May-2012 , 08:12:33 am | Posted By CASANSAAR

Angry mobile operators have slammed the telecom regulator's recommendations on auction of spectrum and have said they would be forced to shut shop if these are accepted but independent estimates show that the impact on tariff would be marginal - small enough for the operators to bear the costs. A...

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Category : General | Comments : 0 | Hits : 340

Loans to Companies/ Industrial Houses by SCBs
Posted Date : 05-May-2012 , 08:06:54 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) maintains data on outstanding credit of Scheduled Commercial Banks (SCBs) to public, private corporate and household sectors and not on loans disbursed to different sectors of the economy.  The outstanding credit of SCBs to Private Corporate Sector during ...

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Category : Banking | Comments : 0 | Hits : 271

MCA set up a Committee for Future Implementation of XBRL
Posted Date : 05-May-2012 , 08:02:52 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives fromthe  corporate sector as well as the Institute of Chartered Ac...

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Category : Corporate Law | Comments : 0 | Hits : 249

India reviewing tax treaty with Mauritius
Posted Date : 04-May-2012 , 05:06:18 pm | Posted By CASANSAAR

The government is considering a review of India's tax treaty with Mauritius to raise inflows of Foreign Direct Investment through that country. In reply to a question in the Lok Sabha today, Minister of State for Finance S.S. Palanimanickam said a substantial percent of foreign investment in th...

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Category : International Business | Comments : 0 | Hits : 273

Facebook sets USD 28-35 price range for IPO
Posted Date : 04-May-2012 , 05:01:32 pm | Posted By CASANSAAR

Facebook, which is gearing to launch its IPO later this month, today said the offering will be priced between USD 28-35 a share.         In a regulatory filing, Facebook said it will sell 337.41 million shares and the initial public offering price will be between USD 28 and USD...

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Category : International Business | Comments : 0 | Hits : 189

US Transportation Dept slaps USD 80,000 fine on Air India
Posted Date : 04-May-2012 , 04:57:15 pm | Posted By CASANSAAR

The US Transportation Department has slapped a USD 80,000 fine on Air India for failing to post customer service and tarmac delay contingency plans on its website and adequately inform passengers about its optional fees. This is the first penalty assessed for a violation of the Department's new a...

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Category : International Business | Comments : 0 | Hits : 160

CAs plea to revamp exam rejected
Posted Date : 04-May-2012 , 08:28:34 am | Posted By CASANSAAR

A writ plea from V Venkatesa Sivakumar, a chartered accountant (CA) of Rangarajapuram in Kodambakkam, to constitute an independent experts commitee to study the existing examination system for CA and consider the necessity and possibility of revamping the same in the interest of the students, was re...

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Category : ICAI | Comments : 0 | Hits : 733

Prosecution filed against Sesa Goa for violation of Cos Act
Posted Date : 04-May-2012 , 07:59:51 am | Posted By CASANSAAR

The government Thursday informed Parliament that it has initiated prosecution proceedings against Vedanta Resources-owned Sesa Goa for violation of certain provisions of the Companies Act."Based on the recommendation made by SFIO in its investigation report, prosecutions under Sections 147 and 395 o...

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Category : Corporate Law | Comments : 0 | Hits : 174

SEBI decentralises IPO document filing
Posted Date : 04-May-2012 , 07:57:43 am | Posted By CASANSAAR

Stock market regulator Securities and Exchange Board of India has decentralised the process of filing offer documents with effect from May 14. For an issue size of up to Rs 500 crore, companies would be required to file offer documents with the respective regional office of SEBI. That is, compan...

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Category : SEBI | Comments : 0 | Hits : 186

Core services of APMCs not to attract service tax: CBEC
Posted Date : 04-May-2012 , 07:51:21 am | Posted By CASANSAAR

Agricultural Produce Marketing Committee's services other than its core service will attract tax, the Central Board of Excise and Customs has said The board has said as statutory bodies APMCs provide basic facilities out of the 'market fee' collected from the licensees mainly to facilit...

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Category : Service Tax | Comments : 0 | Hits : 223

Income Tax department detects over Rs 5,800 crore hidden income in MSME sector
Posted Date : 04-May-2012 , 07:48:06 am | Posted By CASANSAAR

The Income Tax department has detected more than Rs 5,800 crore of concealed income in the low-profile micro, small and medium enterprises (MSME) sector during the fiscal 2010-11.The department, which carries out a number of searches against other high income sectors like real estate, manufactu...

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Category : Income Tax | Comments : 0 | Hits : 159

Govt to infuse Rs 30,000 cr in Air India over 9 years
Posted Date : 04-May-2012 , 07:45:46 am | Posted By CASANSAAR

The government will infuse about Rs 30,000 crore in cash-strapped Air India over the next nine years as part of a turn around plan for the state-run airline, Parliament was informed Thursday.To a question on whether the government has decided to infuse Rs 30,000 crore into Air India till 2020, Civil...

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Category : General | Comments : 0 | Hits : 112

Govt may clarify stand on Vodafone issue in Parliament: Pranab
Posted Date : 03-May-2012 , 07:39:14 pm | Posted By CASANSAAR

Finance Minister Pranab Mukherjee on Thursday said government may clarify its stand on Vodafone tax controversy in Parliament at the time of discussion on Finance Bill, 2012. “I cannot respond to any speculative questions. Parliament is in session. If anything is to be clarified, I will (do...

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Category : Income Tax | Comments : 0 | Hits : 191

Advisory Group for International Taxation and Transfer Pricing Constituted
Posted Date : 03-May-2012 , 03:50:16 pm | Posted By CASANSAAR

  An Advisory Group for International Taxation and Transfer Pricing has been constituted by Central Board of Direct Taxes , Department of Revenue, Ministry of Finance. The Group would comprise of the following members:-     i.       &nb...

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Category : Income Tax | Comments : 0 | Hits : 228

This year will be crucial for global economy: ADB
Posted Date : 03-May-2012 , 01:52:57 pm | Posted By CASANSAAR

Financial crisis in Europe could escalate and along with slow recovery in the US, this year will be crucial for global economy but Asian nations must continue long term structural reforms while insulating the region against the troubles, ADB said today. "While authorities continu...

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Category : International Business | Comments : 0 | Hits : 128

Let disabled CA examinee to take kins' help in exam:HC to ICAI
Posted Date : 03-May-2012 , 08:44:46 am | Posted By CASANSAAR

The Delhi High Court today asked the Institute of Charted Accountants in India (ICAI) to allow disabled persons appearing for the CA examination to take the their relatives' help in writing the papers for them. Directing ICAI to relax its norms for the disabled CA examinees, a bench of Acting Chief ...

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Category : Students Zone | Comments : 0 | Hits : 474

Inaccurate / False TDS returns may attract penalty from July 1
Posted Date : 03-May-2012 , 08:07:39 am | Posted By CASANSAAR

Attempting to raise revenue, the government has targeted Tax Deducted at Source (TDS) and proposed penal provisions for inaccurate details and ensuring filing of corrective returns from July 1. "From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and...

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Category : Income Tax | Comments : 0 | Hits : 895

IT-enabled services a thrust area: ICAI
Posted Date : 03-May-2012 , 08:00:08 am | Posted By CASANSAAR

  The Institute of Chartered Accountants of India (ICAI) has identified IT-enabled services, particularly enterprise resource planning (ERP), as a thrust area. Mr Jaydeep Narendra Shah, president, ICAI, announced this here on the occasion of the 40th anniversary of the Thiruvananthapuram bran...

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Category : ICAI | Comments : 0 | Hits : 306

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