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Donations tax-free if schools use funds for education
Posted Date : 12-May-2013 , 08:25:30 am | Posted By CASANSAAR

Donations collected by schools will be tax-free if it is used for advancement of education. "If the income earned by a trust is utilized for charitable purposes, it cannot be held that the trust is carrying out business," the Mumbai bench of the Income Tax Appellate Tribunal said while hea...

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Category : Income Tax | Comments : 0 | Hits : 487

I-T looks at global practices on transfer pricing
Posted Date : 12-May-2013 , 08:24:22 am | Posted By CASANSAAR

With the government’s demand of 57 per cent more tax under transfer pricing rules in 2012-13 making companies jittery, the Income Tax (I-T) Department has adopted a course-correction mode, giving ‘guidance’ to assessing officers to help them frame orders based on international best...

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Category : Income Tax | Comments : 0 | Hits : 317

ICAI plans to audit rural job scheme
Posted Date : 11-May-2013 , 08:54:52 am | Posted By CASANSAAR

In a move to usher in more transparency in Mahatma Gandhi National Rural Employment Guarantee Act, the Institute of Chartered Accountants of India (ICAI) will evolve standards to audit the scheme in 2.5 lakh villages, said ICAI president, Subodh Kumar Agarwal on Friday.   Briefing reporters, ...

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Category : ICAI | Comments : 1 | Hits : 1027

Mandatory e-filing of excise duty returns likely for all
Posted Date : 11-May-2013 , 08:35:26 am | Posted By CASANSAAR

The Central Board of Excise and Customs (CBEC) is considering making electronic filing mandatory for excise duty payment. An official source told The Indian Express that the present duty cap of Rs 10 lakh for e-filing is likely to be done away with and all the assesses may have to file returns elect...

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Category : Excise | Comments : 0 | Hits : 535

GST regime to exempt at least 96 items from tax
Posted Date : 11-May-2013 , 07:51:52 am | Posted By CASANSAAR

The Centre and States have agreed to have a common exempted list for at least 96 goods under the proposed Goods and Services Tax (GST) regime.   The consensus was reached on the first day of a two-day meeting of State finance ministers here.   “Overall, we have moved forward. We ...

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Category : GST | Comments : 1 | Hits : 431

FVU version 3.71 – TDS/TCS Returns – Mandatory wef 26.05.2013
Posted Date : 11-May-2013 , 07:48:18 am | Posted By CASANSAAR

Key features of File Validation Utility (FVU) version 3.71 Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q  Q4. Section code 80CCG is applicable for FY 2012-13 onwards.Section 80CCF: Quoting deductionunder section 80CCF has been restricted to FY 2010-11 and...

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Category : Income Tax | Comments : 0 | Hits : 1095

TIN revises rates for e-TDS/TCS, AIR, Form 24G Returns
Posted Date : 11-May-2013 , 07:46:27 am | Posted By CASANSAAR

TIN With effect from May 4, 2013, revised rates for acceptance of e-TDS/TCS, Form 24G Statements and AIR at TIN Facilitation Centres (TIN-FCs) are as under:   Basis of charges Charges* 0 – 100 records 35.00 100 – 1000 records 200.00 Mor...

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Category : Income Tax | Comments : 0 | Hits : 599

UPA's Black Friday: Ashwani Kumar, Pawan Bansal resign
Posted Date : 10-May-2013 , 09:41:08 pm | Posted By CASANSAAR

In a day of high drama, law minister Ashwani Kumar resigned on Friday following the resignation of railway minister Pawan Kumar Bansal. Ashwani Kumar was under fire from the opposition after the Supreme Court came down heavily on the CBI for allowing the law ministry to...

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Category : General | Comments : 0 | Hits : 282

Result of the Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013
Posted Date : 10-May-2013 , 06:17:52 pm | Posted By CASANSAAR

Result of the Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI on Sunday 24th March, 2013. Ahmedabad Baroda Chennai Ernakulam Mumbai New Delhi Pune Trivandrum ...

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Category : ICAI | Comments : 0 | Hits : 391

Delhi Metro launches online smart card recharge
Posted Date : 10-May-2013 , 11:44:56 am | Posted By CASANSAAR

Inside the Customer Care Centre at the Barakhamba Road station on Thursday, three Delhi Metro staffers stand watching the milieu outside the transparent cabin.   Delhi Metro Managing Director Mangu Singh presses a smartcard that was recharged online onto the newly installed ‘Card Rechar...

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Category : General | Comments : 0 | Hits : 386

Bansal’s family CA become Director in Canara Bank ; Rs. 75-cr loan under lens
Posted Date : 10-May-2013 , 08:52:42 am | Posted By CASANSAAR

The role of railway minister Pawan Kumar Bansal, has come under fresh scrutiny as reports suggest that the minister’s family members and close aides received loans amounting to crores from the state owned Canara Bank.   Not just that, the bank had also appointed Sunil Kumar Gupta, Chart...

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Category : Income Tax | Comments : 0 | Hits : 1335

Pay more service tax on house costing over Rs 1 crore
Posted Date : 10-May-2013 , 08:45:56 am | Posted By CASANSAAR

The finance ministry has tightened norms for application of lower rate of service tax on construction, dealing a blow to buyers purchasing houses above a certain size or value. The Central Board of Excise and Customs, the apex indirect taxes body, has issued new norms t...

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Category : Service Tax | Comments : 1 | Hits : 650

Fire in Mumbai Income Tax headquarters
Posted Date : 10-May-2013 , 08:25:40 am | Posted By CASANSAAR

A fire on the sixth floor of the Income Tax department's headquarters here on Thursday night gutted several important tax-related files inside the storeroom, sources said.  The I-T Commissioner and other officials rushed to the scene at around 11 pm, but did not disclose the files that were gu...

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Category : Income Tax | Comments : 0 | Hits : 366

Action against banks involved in wrong doings soon: RBI
Posted Date : 09-May-2013 , 04:50:15 pm | Posted By CASANSAAR

Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be...

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Category : RBI | Comments : 0 | Hits : 352

No Change in the Schedule of The Chartered Accountants Examinations - May 2013.
Posted Date : 09-May-2013 , 04:45:56 pm | Posted By CASANSAAR

May 07, 2013 NO CHANGE IN THE SCHEDULE OF THE CHARTERED ACCOUNTANTS EXAMINATIONS - MAY 2013. Candidates in the examination centres in Patna appearing for Intermediate (Integrated Professional Competence) Examination may note that, owing to the rally called by some political party (...

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Category : Students Zone | Comments : 0 | Hits : 639

What is LBT and why are Mumbai traders on strike? All you need to know
Posted Date : 09-May-2013 , 02:34:23 pm | Posted By CASANSAAR

In Mumbai, banking activities remained paralysed and most businesses were shut, on  the second day of an indefinite strike called by over 1.5 million traders and manufacturers to protest the Maharashtra’s government’s local body tax (LBT) in lieu of octroi.   Millions of...

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Category : General | Comments : 1 | Hits : 4945

Spend for your children, get tax benefits
Posted Date : 09-May-2013 , 07:52:00 am | Posted By CASANSAAR

In today's world of ever increasing expenses, spending on your children results in a substantial outflow from your pocket. However, did you know that you can get tax benefits on many expenses and investments made in your child's name? This includes a wide variety of expense heads and investments. Mo...

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Category : Income Tax | Comments : 1 | Hits : 1230

Levy cheque return fee only if customers at fault: RBI to banks
Posted Date : 09-May-2013 , 07:50:27 am | Posted By CASANSAAR

In order to ensure fair practices in banking services, the Reserve Bank has asked banks to levy cheque return charges only if the customers are at fault. RBI said those cheques required to be re-presented without any recourse to the payee should be made in the immediate next presentation clearing n...

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Category : RBI | Comments : 0 | Hits : 375

Tax treaties not to provide I-T return leeway anymore
Posted Date : 09-May-2013 , 07:48:05 am | Posted By CASANSAAR

Those availing of treaty benefits would now have to file returns of their incomes in India, even if those aren’t liable to be taxed here. The government has changed the Income Tax Rules, making it mandatory for certain classes of assessees, including those covered under bilateral tax treaties,...

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

Responsibility to check money laundering rests with government: RBI
Posted Date : 08-May-2013 , 11:03:48 pm | Posted By CASANSAAR

Amid allegations of money laundering against banks and insurance companies by an online portal, Reserve Bank of India governor D Subbarao today said it was the responsibility of the government and tax authorities to check such activities. "RBI is not directly involved... even banks are not directly...

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Category : RBI | Comments : 0 | Hits : 189

One Nation, One Profession, One Convocation
Posted Date : 08-May-2013 , 07:25:48 am | Posted By CASANSAAR

CASANSAAR Team has received a lot of request and representation on the ongoing drama on the Convocation being organised by the ICAI through its various Regional Councils.   It not hidden fact that younger member of the ICAI are not happy with the mother body of the profession. Again the half...

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Category : ICAI | Comments : 0 | Hits : 2136

Target pressure on employees can lead to fraudulent practices: survey
Posted Date : 08-May-2013 , 06:44:45 am | Posted By CASANSAAR

Pressure on employees to deliver on growth targets amid uncertain economic conditions can lead to fraudulent practices such as bribery and corruption, according to Ernst and Young’s 2013 Fraud Survey covering Europe, the Middle East, India and Africa.   Unethical conduct including ...

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Category : General | Comments : 0 | Hits : 315

National Stock Exchange gets Sebi nod for debt trading segment
Posted Date : 08-May-2013 , 06:35:54 am | Posted By CASANSAAR

The National Stock Exchange (NSE) said on Tuesday that it has received an approval from market regulator Securities and Exchange Board of India (Sebi) to set up a separate debt trading platform. The platform would bring much more transparency and credibility to the way debt securities are traded an...

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Category : SEBI | Comments : 0 | Hits : 255

Public Sector Banks take Action against Various Officers/Employees for Violation of Banking Norms and Regulations
Posted Date : 07-May-2013 , 07:30:18 pm | Posted By CASANSAAR

In connection with Cobrapost, Red Spider 2 Expose which was released yesterday, Shri Rajiv Takru, Secretary, Department of Financial Services (DFS), Ministry of Finance had asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) and Life Insurance Corporation (LIC) of ...

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Category : Banking | Comments : 0 | Hits : 349

Government Approves 17 Proposals of Foreign Direct Investment Amounting to about Rs.262.5594 Crore
Posted Date : 07-May-2013 , 07:28:31 pm | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 13, 2013, the Central Government has approved Seventeen (17) proposals of Foreign Direct Investment amounting to ...

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Category : International Business | Comments : 0 | Hits : 334

RBI to issue clarifications on bank licences soon
Posted Date : 07-May-2013 , 05:48:04 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) will shortly come out with its clarifications on issuing licences for more private sector banks, the Finance Ministry said on Tuesday.   The RBI has received queries from different individuals and entities on various aspects of ‘Guidelines for Licensing o...

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Category : RBI | Comments : 0 | Hits : 239

Restriction on pursuing additional course during Articled Training/ Breach of CA Regulation 65 - Serious view taken by the ICAI
Posted Date : 07-May-2013 , 03:46:05 pm | Posted By CASANSAAR

For attention of Members and StudentsRestriction on pursuing additional course during Articled Training/ Breach of CA Regulation 65 - Serious view taken by the Institute  As you are aware, the Council of the Institute, under Regulation 65 of the Chartered Accountants Regulations, 1...

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Category : ICAI | Comments : 1 | Hits : 1347

Watch online Live Streaming of IPL Cricekt Matches
Posted Date : 07-May-2013 , 03:45:10 pm | Posted By CASANSAAR

Many people who are pre-occupied with work commitments and cannot devote time to watch the match on TV. Now Watch Live Cricket Matches online while doing your work on Net. The live streaming of cricket matches is rapidly becoming a new rage in the online media and is catching up with lot of cricket...

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Category : General | Comments : 0 | Hits : 5932

BSE brokers plan to launch apps that allow trading through Facebook accounts
Posted Date : 07-May-2013 , 08:54:38 am | Posted By CASANSAAR

Keen to woo a new class of young retail investors, a dozen brokers are gearing up to launch Facebook apps that will allow clients to execute stock trades on the BSE platform from the familiar comfort of their Facebook accounts. Kerala-based retail brokerage Geojit BNP P...

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Category : Shares & Stock | Comments : 0 | Hits : 234

Sebi mulls steps to check manipulation through BBM, WhatsApp
Posted Date : 07-May-2013 , 08:46:46 am | Posted By CASANSAAR

The Securities and Exchange Board of India ( Sebi) is concerned over sensitive information that could be used to rig stock markets being passed on over smartphones through encrypted services such as BlackBerry Messenger ( BBM), WhatsApp and Viber.Sebi's investigations into a number of insi...

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Category : SEBI | Comments : 0 | Hits : 376

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