RBI starts scrutiny of nearly 3,000 private finance companies
Posted Date : 22-Jul-2013 , 08:41:43 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has started scrutiny of nearly 3,000 companies which could be carrying out non-banking finance operations without requisite registration, in the wake of concerns about their actual business activities.
The central bank's move comes against the b...
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RBI |
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Special IT Return Receipt Counters for Salaried Tax Payers With Income Upto Rs. 5 Lakh
Posted Date : 22-Jul-2013 , 07:34:35 pm | Posted By CASANSAAR
The CBDT has, vide notification dated 1-05-2013, made E-filing of Return compulsory for Assessment Year 2013-14 for persons having total assessable income exceeding Five lakh rupees.
The CBDT ...
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Income Tax |
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0 | Hits : 509
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e-file your Income Tax Returns in 10 steps
Posted Date : 22-Jul-2013 , 08:33:19 am | Posted By CASANSAAR
If you have a taxable income of Rs 5 lakh and above, it is mandatory for you to e-file your tax return. An average taxpayer should take roughly 30-40 minutes to key in all the information and upload his return. Here's how to go about it.1Log on to the Income Tax Department's portal (income...
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Income Tax |
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1 | Hits : 1426
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Madras High Court upholds VAT provision on input tax
Posted Date : 21-Jul-2013 , 08:30:41 am | Posted By CASANSAAR
The Madras High Court has upheld certain provisions of the Tamil Nadu Value Added Tax (VAT) Act which were challenged by dealers of various products/goods.
The dealers were particularly aggrieved by a provision by which authorities sought to treat the discounts that the dealers had obtained...
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VAT |
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0 | Hits : 373
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Parl Committee on Finance finalises GST report
Posted Date : 20-Jul-2013 , 06:17:24 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance today finalised its report on Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon session beginning August 5.Sources said the report will be sent to the Parliament today only.The GST Bill, introduced in Parliament in 2010, is...
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GST |
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1 | Hits : 328
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CBDT moves to limit carry forward of loss forward of losses
Posted Date : 20-Jul-2013 , 08:18:30 am | Posted By CASANSAAR
In a move that will limit the carry forward of losses by businesses to reduce their tax liability in subsequent years, the revenue department has issued a ‘departmental view’ on how to set off losses while calculating the taxable income. The circular is in line with a Kerala HC judgment ...
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Income Tax |
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2 | Hits : 907
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Detroit becomes largest US city to file for bankruptcy
Posted Date : 19-Jul-2013 , 09:24:46 pm | Posted By CASANSAAR
The city of Detroit on Thursday became the largest city in US history to file for bankruptcy protection, court documents showed.
Once the fourth largest US city, Detroit has seen its population shrink by more than half, from 1.8 million in 1950 to 685,000 today, as crime, flight to the subu...
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International Business |
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0 | Hits : 405
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Address your tax grievances the traditional way
Posted Date : 19-Jul-2013 , 07:57:29 am | Posted By CASANSAAR
Getting across to the income tax (I-T) department when you need to address a complaint or process your refund is often tiresome and long-drawn. However, the department is trying to change this system and quicken the response time to your refund and othergrievances by issuing a unique ...
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Income Tax |
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0 | Hits : 488
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Wary auditors issue 'emphasis of matter' statements to flag likely financial risks
Posted Date : 19-Jul-2013 , 07:56:24 am | Posted By CASANSAAR
For investors, it's a new place in an annual report where they can find clues to financial risks facing a company that are currently under the radar but could snowball into something big. For auditors, it's a way to insulate themselves from a future backlash, even censure, on the quality of their au...
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Auditing |
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0 | Hits : 485
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Kings XI Punjab co-owners KPH Dream gets service tax notice
Posted Date : 19-Jul-2013 , 07:47:07 am | Posted By CASANSAAR
The Central Excise Department today said it has slapped a service tax of Rs 6 crorer on Preity Zinta co-owned KPH Dream Cricket, who are part owners of IPL franchise Kings XI Punjab.
"We have served a notice on KPH Dream Cricket, seeking service tax payment of Rs 6 crore," an official of Chandigarh...
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Service Tax |
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0 | Hits : 297
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Now, women will get share of husband's inherited property on divorce
Posted Date : 18-Jul-2013 , 07:10:54 am | Posted By CASANSAAR
A wife will have a share in her husband's inherited or inheritable marital property on divorce, though the exact quantum of the compensation has been left to the discretion of the judge, according to a legislation that was cleared by the Union Cabinet on Wednesday.
The Cabinet also cleared the prop...
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General |
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Filing of income tax return: Special counters to be set up in Delhi
Posted Date : 18-Jul-2013 , 06:55:33 am | Posted By CASANSAAR
Special counters for filing of tax returns will be set up in the national capital. The counters would become operational from July 25 till July 31 and will remain open from 10 AM to 5 PM, officials said. July 31 is the deadline for filing of I-T returns by salaried and individual taxpayers.
The cou...
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Income Tax |
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0 | Hits : 308
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CBEC to target 12 lakh non-filers of service tax: FM
Posted Date : 17-Jul-2013 , 03:23:09 pm | Posted By CASANSAAR
In a stern message to indirect tax evaders, Finance Minister P Chidambaram today said the Revenue Department will target 12 lakh service taxassessees who have stopped filing returns."We are targeting 12 lakh non-filers and stop-filers of service tax," he told reporters after inau...
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Service Tax |
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0 | Hits : 462
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Verification / Revaluation / Rechecking of answer books of CA Final/CPT
Posted Date : 17-Jul-2013 , 12:25:51 pm | Posted By CASANSAAR
Hi friends....many were worried about results right......??? Though you made the Paper with 100% of your efforts.....results may not be in such a way you imagined......But just wait look here because you will have 2nd chance i.e. I mean verification of your papers. For every stage of CA you have an ...
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Students Zone |
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0 | Hits : 4861
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List of Toppers & Pass Percentage of CA Final May 13 & CPT June 13 Exams
Posted Date : 17-Jul-2013 , 08:31:57 am | Posted By CASANSAAR
PERCENTAGE OF CANDIDATES PASSED IN CHARTERED ACCOUNTANTS FINAL EXAMINATION HELD IN MAY – 2013
The results of the Chartered Accountants Final Examination wasdeclared recently on 16th July, 2013.
&n...
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Students Zone |
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Now, pay service tax on parking in south Delhi
Posted Date : 17-Jul-2013 , 07:00:46 am | Posted By CASANSAAR
Parking in any south Delhi area is going to get more expensive, albeit marginally. The reason: You will have to pay a 12.36 per cent service tax every time you park your car in a municipal parking.
This means, after rounding off your tax, if you paid Rs. 10 for 10 hours earlier, you...
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RBI |
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0 | Hits : 449
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Over 1.80 lakh job applications for 680 posts in SAIL
Posted Date : 16-Jul-2013 , 10:08:37 pm | Posted By CASANSAAR
State-run steel maker SAIL has received job applications from over 1.80 lakh engineering graduates for 640 managerial posts.
"The process (of recruitment of engineering graduates) has been attracting high number of applicants from leading institutes across the country,...
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General |
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0 | Hits : 1301
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Govt allows 100% FDI in telecom, hikes insurance cap to 49%
Posted Date : 16-Jul-2013 , 09:56:26 pm | Posted By CASANSAAR
In a major reform push, the government on Tuesday decided to liberalize and hike foreign direct investment (FDI) limits in insurance, retail, telecom, defence and a host of other sectors.
The decision was taken during a meeting of senior cabinet ministers c...
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International Business |
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0 | Hits : 405
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The Total Number of Companies in the Official Registry Crosses 13 Lakh
Posted Date : 16-Jul-2013 , 08:52:05 pm | Posted By CASANSAAR
The total number of companies in the official Registry of the Ministry of Corporate Affairs has crossed the 13 lakh mark. As on 31.05.2013, there were 13.21 lakh companies in the Registry. Of these, as many as 2.6 lakh companies have been closed for various reasons, such as court order, voluntary wi...
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Corporate Law |
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0 | Hits : 303
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DTC bill to be introduced in monsoon session: FM
Posted Date : 16-Jul-2013 , 02:34:13 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said official amendments to the DTC bill, which seeks to overhaul the over 50-year old income tax law, will be introduced towards the end of Monsoon session of Parliament starting August 5.The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in 2010 and S...
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Income Tax |
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0 | Hits : 371
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Good Luck - CA Final & CPT Result 2013 today on caresults.nic.in
Posted Date : 16-Jul-2013 , 07:58:16 am | Posted By CASANSAAR
An official notification released by the Institute of Chartered Accountants of India stated that the CA Final and CPT results 2013 would be declared today i.e. 16th July for which the examination were conducted during May & June this year. Candidates who have been anxiously waiting for the resul...
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Students Zone |
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0 | Hits : 5277
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Every district to have Income Tax office by 2013
Posted Date : 16-Jul-2013 , 07:55:57 am | Posted By CASANSAAR
Every district in the country will have at least one Income Tax office once the ambitious cadre restructuring of the department is implemented by the end of this year. The proposal was discussed at length and approved at a recent meeting of top I-T and Central Board of Direct Tax...
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Income Tax |
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0 | Hits : 304
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RBI penalises 22 banks for violating KYC norms, SBI fined Rs 3 cr
Posted Date : 15-Jul-2013 , 08:47:29 pm | Posted By CASANSAAR
The Reserve Bank of Indiaimposed penalties on 22 banks for violating rules for customer identification and anti-money laundering, ranging from Rs 50 lakh to around Rs 3 crore, it said on Monday.
RBI has imposed a total fine of Rs 49.5 crore, including SBI,P...
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RBI |
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New Rules of Filing Income Tax Returns
Posted Date : 15-Jul-2013 , 02:34:08 pm | Posted By CASANSAAR
The tax authorities have introduced several new guidelines for filing returns this year. Find out how these changes are likely to impact you.
First they made it compulsory for businesses to e-file their tax returns. Then they made it mandatory for taxpayers with incomes of over 10 lakh to tak...
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Income Tax |
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0 | Hits : 3048
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E-filing of income tax returns to surge on new norms
Posted Date : 15-Jul-2013 , 07:21:09 am | Posted By CASANSAAR
Electronic filing of income taxreturns is likely to jump sharply this year as the government has brought down the mandatory limit of online filing to income above Rs.5 lakh from the earlier Rs.10 lakh. "A large number of people come under Rs.5 lakh to Rs.10 lakh category. The lowering of i...
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Category :
Income Tax |
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0 | Hits : 888
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No need to round off cheque amount, says RBI
Posted Date : 15-Jul-2013 , 07:20:20 am | Posted By CASANSAAR
If your bank has been refusing to accept cheques for amounts that include fraction of a rupee, it's against the rules and the bank should be penalised. In an internal circular issued earlier, the Reserve Bank of India (RBI) had warned that banks which refuse to accept cheques on such grounds from cu...
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RBI |
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0 | Hits : 625
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Sebi mulls higher penalties, public censure for defaulters
Posted Date : 15-Jul-2013 , 07:19:19 am | Posted By CASANSAAR
To make its enforcement actions more effective, market regulator Sebi is considering a significant increase in its monetary penalties, as also steps like public censure, against the errant entities.
The proposals have been made to Sebi by an independent consultant, which was brought on boar...
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SEBI |
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0 | Hits : 278
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ICAI – Payment of Membership Fee and Certificate of Practice Fee for the year 2013-14
Posted Date : 15-Jul-2013 , 06:47:33 am | Posted By CASANSAAR
Kind Attention of the Members
Payment of Membership Fee andCertificate of Practice Fee for the year 2013 -14 Fee circular for Payment of Membership Fee and Certificate ofPractice Fee has already been sent to all the members of...
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ICAI |
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0 | Hits : 1422
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Petrol Prices Hiked by Rs 1.55 Per Litre
Posted Date : 14-Jul-2013 , 05:29:40 pm | Posted By CASANSAAR
Petrol prices have been hiked by Rs 1.55 per litre with effect from Sunday midnight.
This is the fourth increase in the rates since last month.
Petrol price hike is due to the increasing oil pricing in international market and the Indian government has no control over the international marke...
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General |
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0 | Hits : 246
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Chartered accountants debate change in tax rules
Posted Date : 14-Jul-2013 , 06:54:49 am | Posted By CASANSAAR
The changes in the tax rules have stumped many after both state and Union budgets were presented earlier this year. For one, under property tax, if any person buys property less than the collector rates, then he would have to pay tax applicable on the difference of the two.
The new amendm...
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Income Tax |
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0 | Hits : 411
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