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Close on the heels of railways increasing parcel rates by 25 per cent, the freight charges will go up by about 3.6 per cent from July 1 with imposition of service tax.   "The government had given service tax exemption on goods carried by railways till June 30, 2012. From July 1 using railways...

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Category : Service Tax | Comments : 0 | Hits : 794

The Reserve Bank of India (RBI) cancelled the licence of Madhavpura Mercantile Cooperative Bank (MMCB), bringing to an end its controversy-ridden 18-year operation as a multi-state cooperative bank.   In 2001, the bank faced a run on deposits following its alleged exposure to stock ...

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Category : Banking | Comments : 0 | Hits : 304

ICAI COUNCIL GUIDELINES FOR CONVERSION OF CA FIRMS INTO LLPS (Guidelines No.1-CA (7)/03/2011, dated 4th November, 2011) In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Acco...

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Category : ICAI | Comments : 0 | Hits : 829

The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 48/2012-CUSTOMS (N. T.) dated June 07, 2012 and thereby notifying change in tariff value of Gold  as shown in the tables below:      ...

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Category : Excise | Comments : 0 | Hits : 300

An appeal from President of ICSI...Kindly Click the Link to see the information...

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Category : ICSI | Comments : 0 | Hits : 550

Union Cabinet has approved capital infusion of 632 crore rupees in some Regional Rural Banks to improve their capital to risk waited assets ratio. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks by a...

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Category : Banking | Comments : 0 | Hits : 314

(a)  Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere:  (i)  services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person other...

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Category : Service Tax | Comments : 1 | Hits : 2820

Accounting regulator Institute of Chartered Accountants of India (ICAI) has asked Reebok India’s auditor N Narasimhan & Co, and its former chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crore fraud case, for various details such as whether the company has a...

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Category : ICAI | Comments : 0 | Hits : 525

The Reserve Bank Wednesday said all rural branches of banks will have to impart financial literacy.This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas."Banks may consider setting up need based FLCs in ot...

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Category : Banking | Comments : 0 | Hits : 416

Another top official has come under scrutiny in Kanpur's alleged bribery case, in which top Income Tax officials were arrested. Sources say the Central Bureau of Investigation (CBI) will soon be interrogating top IRS official SS Bajpayee. He is the Director General for Investigations in UP and Uttar...

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Category : Income Tax | Comments : 0 | Hits : 363

Election Commissioner V S Sampath was on Wednesday appointed the new Chief Election Commissioner who will preside over the next Lok Sabha general elections in 2014. 62-year-old Sampath will take over as CEC after incumbent S Y Quraishi demits office on June 10. Our correspondent reports, President P...

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Category : General | Comments : 0 | Hits : 283

Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at...

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

All services except 17 in the negative list, will be taxed from July 1, the Finance Ministry has said. Under the 'negative list' approach, services specified in the list will remain outside the tax net. The government has widened the definition of 'Services' to bring in more activities under the ta...

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Category : Service Tax | Comments : 0 | Hits : 1439

The government on Tuesday unveiled a sevenpronged strategy, including subsidized loans and other sops, to boost exports, which are expected to rise a minimum 20% during the current financial year.  While retaining its focus on boosting exports to nontraditional markets in Latin America and Af...

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Category : General | Comments : 0 | Hits : 281

Adidas, the German headquartered sports goods maker, has more problems on its hands than tackling the alleged fraud in its Reebok India business. The international tax division, a wing of the Central Board of Direct Taxes (CBDT), has asked the parent company to file income-tax r...

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Category : Income Tax | Comments : 0 | Hits : 492

Global financial services firm Nomura Tuesday said it expects 0.25 percent cut in short term lending rate by the Reserve Bank in its upcoming monetary policy review on June 18."We now expect a 25 basis points repo rate cut on June 18 due to weaker-than-expected real GDP growth of 5.3 percent in Q1 2...

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Category : RBI | Comments : 0 | Hits : 209

Faced with uncertain global environment, government on Tuesday announced a slew of measures, including extension of 2 percent interest subsidy by one year, as part of 7-point strategy to achieve 20 percent increase in exports to USD 360 billion in the current fiscal.    Unveiling the ann...

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Category : General | Comments : 0 | Hits : 303

Indian companies, grappling with slowing business environment and deferment of projects, will now have to contend with another challenge from a recent change in accounting principles that will increase their current liabilities and limit ability to borrow. The changes approved by the ...

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Category : Corporate Law | Comments : 0 | Hits : 534

As part of the ongoing efforts to kick-start investments through the qualified foreign investor (QFI) route, the finance ministry has called for a meeting with top foreign institutional investors (FIIs), including Citi, JP Morgan and HSBC.   The meeting, to be held tomorrow, will be chaired b...

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Category : Finance | Comments : 0 | Hits : 231

One of Kanpur's most senior income tax officers, the Commissioner of Investigations, has been arrested by the CBI.  Kunal Singh of the Internal Revenue Service (IRS) was arrested this morning along with three other senior tax officials. They reportedly accepted bribes from the head of a re...

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Category : Income Tax | Comments : 0 | Hits : 411

Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee on Monday exuded confidence that they will be able to meet indirect tax collection target of Rs5.05 lakh crore for 2012-13.   "They have done good job last year. This year also, I do hope it would be...

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Category : Excise | Comments : 0 | Hits : 204

An initial probe by the Serious Fraud Investigation Office (SFIO), the investigative arm of the Ministry of Corporate Affairs, into the Reebok India scam suggested the amount of Rs 870 crore as alleged by the company’s German parent, appeared “exaggerated”.   “We have ...

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Category : Corporate Law | Comments : 0 | Hits : 396

Union Finance Minister, Shri Pranab Mukherjee will inaugurate the All India Annual Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax here tomorrow. The two- day Conference at Vigyan Bhawan will deliberate in parallel sessions through four bre...

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Category : Excise | Comments : 0 | Hits : 230

Gold prices on Saturday jumped sharply up to Rs 1,095 per 10 gram crossing the Rs 30,000 per 10 gram level, its all-time high, on account of rise in global prices of precious metal and weakening rupee.   The maximum jump in prices was seen in Chennai, where gold became costlier by Rs 1,095 at...

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Category : International Business | Comments : 0 | Hits : 256

Petrol prices have been cut by 2 rupees and 2 paise a litre. The Petrol in Delhi will now cost 71.16 paise a litre from midnight tonight as against 73.18 paise at present. This includes reduction of taxes also. Minister of state for petroleum and natural gas Mr.R.P.N.Singh said that the decision has...

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Category : General | Comments : 0 | Hits : 187

XBRL is a global standard for easy exchange of business information between different government departments and regulators under which financials are filed in a XBRL syntax as an .xml file instead of uploading the records in .doc or pdf format.   "This is a welcome move by the MCA ...

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Category : Corporate Law | Comments : 0 | Hits : 510

Sale of locally-made software in the country will no more be subject to tax cuts at various levels, assured the Finance Minister Pranab Mukherjee, on Wednesday, bringing much relief to those associated with the nation’s $5-billion industry, reports The Economic Times.   Reports coming i...

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Category : Income Tax | Comments : 0 | Hits : 472

Nagpur's Central Excise and Service Tax Department has sent a notice to government auditor, the Comptroller and Auditor General (CAG), stating that it has not paid its service tax.Inquiries reveal that the CAG received Rs around 3.3 crore from three organisations in Nagpur in the last five years for...

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Category : Service Tax | Comments : 0 | Hits : 449

India signed an Agreement with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), here yesterday. The Agreement was signed by Shri Namo Narain Meena, Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India...

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Category : Income Tax | Comments : 0 | Hits : 307

Seeking to fulfil his party's election promises, Uttar Pradesh Chief Minister Akhilesh Yadav today made provisions for unemployment allowance, waving of farm loans and giving laptops to students in his maiden state Budget for 2012-2013.   Amidst walkout by BSP, Yadav presented the Budget sayi...

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Category : Budget | Comments : 0 | Hits : 413