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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

FinMin may cut capital gains tax on PE investments
Posted Date : 23-Apr-2012 , 05:09:29 pm | Posted By CASANSAAR

 In order to attract foreign capital, the Finance Ministry may cut long-term capital gain tax from 20 per cent to 10 per cent on investments made by private equity funds into shares of unlisted companies. Several PE investors have appealed to the ministry to bring them at par with the Fo...

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Category : Income Tax | Comments : 0 | Hits : 215

Banks' earning to come under pressure due to Basel-III: Anand Sinha
Posted Date : 23-Apr-2012 , 05:04:59 pm | Posted By CASANSAAR

Earnings of banks are likely to come under pressure due to the higher capital requirements for the implementation of Basel-III norms, Reserve Bank of India Deputy Governor Anand Sinha said in Mumbai. "There is going to be pressure on banks' earnings, not only in India but across the world. That's...

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Category : Banking | Comments : 0 | Hits : 209

Some companies in a fix over new financial account format, may postpone earnings announcement
Posted Date : 23-Apr-2012 , 08:08:30 am | Posted By CASANSAAR

  Securities and Exchange Board of India's recent decision mandating companies to present financial results in a new format may force some firms to work overtime or postpone their earnings announcement for the March quarter.   On April 16, the capital market regulator proposed change...

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Category : Accounts | Comments : 0 | Hits : 682

GAAR fear: Separate tax threshold likely for FIIs
Posted Date : 23-Apr-2012 , 08:03:43 am | Posted By CASANSAAR

In an attempt to assuage apprehensions of tax payers regarding the proposed general anti-avoidance rules (GAAR), the government will put in place a threshold to ensure that tax payers and foreign investors don’t attract the GAAR provisions. In fact, foreign institutional investors (FIIs) will ...

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Category : Income Tax | Comments : 0 | Hits : 262

Petrol pump dealers defer nationwide strike; govt to consider demands
Posted Date : 22-Apr-2012 , 09:52:13 pm | Posted By CASANSAAR

Petrol pump dealers have deferred a nationwide strike from Monday after Oil Minister S Jaipal Reddy has agreed to consider their demands that include levying charges for providing facilities such as air pressure checking, drinking water and toilets, dealers Federation said. The Federation of All ...

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Category : General | Comments : 0 | Hits : 244

MICR, IFSC code must on passbook, a/c statement: RBI
Posted Date : 22-Apr-2012 , 09:06:10 am | Posted By CASANSAAR

The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers."Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that information shoul...

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Category : Banking | Comments : 0 | Hits : 397

Tea to be declared national drink: Montek Singh Ahluwalia
Posted Date : 22-Apr-2012 , 09:03:28 am | Posted By CASANSAAR

Planning Commission Deputy Chairman Montek Singh Ahluwalia today said tea would be declared as national drink by April next year. "The drink would be accorded national drink status by April 17 next year to coincide with the 212th birth anniversary of first Assamese tea planter and Sepoy Mutiny le...

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Category : General | Comments : 0 | Hits : 370

India seeks membership of nuclear export control regimes
Posted Date : 21-Apr-2012 , 03:52:11 pm | Posted By CASANSAAR

Citing its non-proliferation record, India told the UN Security Council that given its ability and willingness to promote global non-proliferation objectives, its membership of the four nuclear export control regimes should be "the next logical step."   India's Permanent Representative to t...

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Category : General | Comments : 0 | Hits : 207

Provisions of Section 40 (a) (ia) are retrospective in nature: ITAT
Posted Date : 21-Apr-2012 , 08:54:17 am | Posted By CASANSAAR

The Mumbai bench of the income tax appellate tribunal (ITAT) has passed an order in the case of one Piyush Mehta versus Asst Commissioner Income Tax in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amendment made by the Finance Act 2010. ...

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Category : Income Tax | Comments : 0 | Hits : 535

Ailing aviation industry can raise funds through ECBs: Fin Min
Posted Date : 20-Apr-2012 , 08:34:42 pm | Posted By CASANSAAR

In a move to help the ailing aviation sector of its immediate financing concerns, the Government has allowed aviation sector to raise one billion dollars to manage its working capital through External Commercial Borrowing, ECB route.However, the limit for individual companies has been fixed at 300 m...

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Category : General | Comments : 0 | Hits : 234

Accounting standards advisory panel reconstituted
Posted Date : 20-Apr-2012 , 03:51:29 pm | Posted By CASANSAAR

The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS). The panel advises on accounting standards and policies to be followed by corporates. The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NAC...

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Category : Income Tax | Comments : 0 | Hits : 299

Govt approves FDI proposals worth Rs 586cr
Posted Date : 20-Apr-2012 , 01:46:06 pm | Posted By CASANSAAR

The government has approved 22 Foreign Direct Investment, FDI, Proposals amounting to over 586 Crore rupees. The proposals have been approved on the recommendations of Foreign Investment Promotion Board. According to an official release issued in New Delhi today, these include proposals from El...

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Category : Finance | Comments : 0 | Hits : 184

‘Avoid PAN as ID proof for rail tickets under tatkal scheme’
Posted Date : 20-Apr-2012 , 08:09:12 am | Posted By CASANSAAR

  Avoid using your permanent account number (PAN) to book railway tickets under the tatkal scheme, as it can be misused to carry out benami transactions. The Indian Railways accepts the PAN card as indentity proof to book tickets under the scheme, but anybody can access the details as they ar...

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Category : Income Tax | Comments : 1 | Hits : 2023

Retrospective change in tax laws hurt investments, CEOs tell PM
Posted Date : 20-Apr-2012 , 08:06:04 am | Posted By CASANSAAR

A group of CEOs has told Prime Minister Manmohan Singh that retrospective changes in tax laws proposed in the Budget have seriously damaged the country's credibility as an investment destination. The CEOs, led by Godrej Group chairman Adi Godrej, communicated industry captains' concerns to Singh...

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Category : Income Tax | Comments : 0 | Hits : 229

Sarva Shiksha Abhiyan to outsource accounts works
Posted Date : 20-Apr-2012 , 08:02:01 am | Posted By CASANSAAR

Teachers in Dakshina Kannada government primary schools who used to spend hours auditing school expenses need not worry any more as Sarva Shiksha Abhiyan (SSA) has outsourced accounts work.As many as 20 account assistants will be visiting schools and accounts work.Dakshina Kannada district has 932 g...

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Category : Accounts | Comments : 0 | Hits : 1037

Vodafone issue: Government rules out easy settlement for fear of political fallout
Posted Date : 20-Apr-2012 , 04:28:25 am | Posted By CASANSAAR

 India will rebuff any move by Vodafone Plc to mutually settle their multi-billion-dollar tax dispute and is intent on pursuing its claim on the company, despite growing international pressure and repeated statements by the UK-headquartered telco that it is willing to amicably r...

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Category : Income Tax | Comments : 0 | Hits : 289

ICICI Bank, PNB cut lending rates by 25 bps after RBI rate cut
Posted Date : 19-Apr-2012 , 08:41:33 pm | Posted By CASANSAAR

Country's largest private bank - ICICI Bank - and the second largest state run bank- Punjab National Bank - lowered their lending and deposit rates taking a cue from the cut in policy rate by the Reserve Bank of India (RBI). The reduction in lending rate or base rate - the minimum rate at which...

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Category : Banking | Comments : 0 | Hits : 289

Companies in the Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements
Posted Date : 19-Apr-2012 , 08:31:10 pm | Posted By CASANSAAR

The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. In order to alleviate the immediate fina...

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Category : Finance | Comments : 0 | Hits : 163

DTC to be implemented from April 2013 DTC will replace the existing Indian Income Tax Act 1961
Posted Date : 19-Apr-2012 , 02:47:18 pm | Posted By CASANSAAR

India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told a television channel. The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exem...

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Category : Income Tax | Comments : 0 | Hits : 662

FIPB asks Ministry of Corporate Affairs to clarify its stance on LLP Act
Posted Date : 19-Apr-2012 , 02:45:43 pm | Posted By CASANSAAR

After deferring approvals to several companies with foreign direct investment looking to convert to limited liability partnerships, FIPB has asked the Ministry of Corporate Affairs (MCA) and theDepartment of Industrial Policy and Promotion to clarify their stance and if needed ame...

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Category : Corporate Law | Comments : 0 | Hits : 313

India successfully test fires Agni-V, takes a giant stride
Posted Date : 19-Apr-2012 , 01:22:01 pm | Posted By CASANSAAR

India today conducted a successful test-fire of its indigenously developed nuclear capable "Agni-V" ballistic missile with a strike range of over 5,000 km from a test range off Odisha coast. Chief of Defence Research and Development Organisation (DRDO), V K Saraswat said, the mission was successful....

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Category : General | Comments : 0 | Hits : 275

RBI prefers zero-balance accounts
Posted Date : 19-Apr-2012 , 07:26:29 am | Posted By CASANSAAR

You can open a zero-balance savings bank account anywhere in the country now, as the Reserve Bank of India (RBI) has mandated banks to offer a ‘basic savings bank deposit account’ with some minimum common facilities and not prescribe a minimum balance.Simply put, the basic banking curren...

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Category : Banking | Comments : 0 | Hits : 1346

States want all-party meeting on GST The Bill will need support of the two-third majority and also has to be ratified by 50% of the state assemblies
Posted Date : 18-Apr-2012 , 10:12:29 pm | Posted By CASANSAAR

  States have asked the Centre to call all-party meeting to build consensus on the passage of the Constitution Amendment Bill for rollout of Goods and Services Tax (GST) which is pending in Parliament.   "Yesterday, I suggested to Union Finance Minister [Pranab Mukherjee] to call all pa...

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Category : GST | Comments : 0 | Hits : 273

Probability of hiking policy rates not ruled out: RBI
Posted Date : 18-Apr-2012 , 04:39:35 pm | Posted By CASANSAAR

The Reserve Bank of India's governor, Duvvuri Subbarao, said on Wednesday the probability of raising interest rates is small but did not rule it out due to upside risks to inflation. "I want to reiterate once again that the probability of hiking rates is not zero but it is small, just a...

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Category : Banking | Comments : 0 | Hits : 248

RBI asks banks to set up process to identify NPAs
Posted Date : 18-Apr-2012 , 02:12:15 pm | Posted By CASANSAAR

The Reserve Bank of India has asked banks to install a robust mechanism to identify stressed accounts and promptly restructure viable cases to preserve the economic value. The central bank has also mandated banks to have a proper system-generated segment-wise data on their NPA account...

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Category : Banking | Comments : 0 | Hits : 464

States talk 2013 date for GST rollout as centre agrees to review CST payments
Posted Date : 18-Apr-2012 , 11:26:14 am | Posted By CASANSAAR

Offering a fig leaf to the agitating states, the Centre has offered to review the compensation formula for the central sales tax, brightening prospects for the key indirect tax reform--goods and service tax. "We discussed the entire GST in detail, including the CST compensation......

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Category : GST | Comments : 0 | Hits : 333

CBDT pegs tax refunds at Rs 1.25 lakh crore
Posted Date : 18-Apr-2012 , 08:57:36 am | Posted By CASANSAAR

The finance ministry issued tax refunds of Rs 98,000 crore (Rs 980 billion) in 2011-12, as against Rs 74,000 crore (Rs 740 billion) in the previous year, as about half the country's taxpayers filed their returns online. Higher online filing of returns that is expected in the ongoing financial y...

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Category : Income Tax | Comments : 0 | Hits : 348

Vodafone issues notice to Indian govt over tax proposal
Posted Date : 17-Apr-2012 , 10:42:12 pm | Posted By CASANSAAR

Vodafone has served on the Government of India a notice of dispute under the India-Netherlands investment treaty, in the latest escalation of the controversy over proposals in the Finance Bill, 2012. The move enables Vodafone commence international arbitration proceedings should the yet-to-be-ena...

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Category : International Business | Comments : 0 | Hits : 409

No more pre-payment charges on home loans
Posted Date : 17-Apr-2012 , 10:37:23 pm | Posted By CASANSAAR

Providing relief to home loan borrowers, the Reserve Bank on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate."Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ...

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Category : Banking | Comments : 0 | Hits : 360

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