Government proposes to provide 15% concession on investment of more than Rs. 100 crore on project and automation in manufacturing sector
Posted Date : 04-May-2013 , 07:32:37 am | Posted By CASANSAAR
The Government proposes to provide 15% concession on investment of more than Rs. 100 crore on project and automation in manufacturing sector of the country from 1st April, 2013 to 31st March, 2015. In order to encourage substantial investment in plant or machinery, the Finance Bill, 2013 propos...
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Income Tax |
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Gratuity Pay under New Pension System
Posted Date : 04-May-2013 , 07:31:10 am | Posted By CASANSAAR
Death-cum-Retirement Gratuity is paid to Central Government employees under New PensionSystem (NPS) as it is paid under the old pension scheme. The monthly annuity under the New Pension System (NPS) is only a replacement of pension on retirement and family pension of death after reti...
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General |
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CBDT notifies ITR for A.Y. 2013-14 / FY 2012-13
Posted Date : 03-May-2013 , 10:25:18 pm | Posted By CASANSAAR
INCOME-TAX (THIRD AMENDMENT) RULES, 2013 – AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V
NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013
In exercise of the ...
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Income Tax |
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Ekta Kapoor's Balaji Telefilms guilty of 30 crores' tax evasion
Posted Date : 03-May-2013 , 03:38:22 pm | Posted By CASANSAAR
Bollywood producer Ekta Kapoor's firm Balaji Telefilms has been found guilty of tax evasion of upto 30 crores.
Three days ago, nearly 100 income tax officers raided the home and offices of Ms Kapoor in Mumbai.
When she was interrogated, sources said that Ms Kapoor, whose father Jeetendra is a famo...
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Income Tax |
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RBI cuts repo rate by 25 bps, CRR unchanged at 4%
Posted Date : 03-May-2013 , 11:25:35 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) in its Monetary Policy Statement for 2013-14 cut repo rate by 25 basis points. The Cash Reserve ration ( CRR) was maintained at 4%. Most economists in an ET poll had already factored in a 25 basis points rate cut. On Thursday, R...
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RBI |
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MCA to discuss performance issues of MCA21 with CAs, CSs
Posted Date : 03-May-2013 , 09:02:25 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has organised a meeting in Mumbai with chartered accountants (CAs), company secretaries (CSs) and cost accountants to understand performance issues with its MCA21 portal. The interactive meeting would take place on 6 May 2013...
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Income Tax |
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Sebi fines RIL subsidiary Rs.11 crore in insider trading case
Posted Date : 03-May-2013 , 08:54:58 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has fined Reliance Industries group entity Reliance Petroinvestments (RPIL) Rs 11 crore for violating insider trading norms in the shares of erstwhile IPCL before its merger with RIL.
"It may be concluded that by virtue of RPIL having contro...
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SEBI |
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RBI shows concern over high overseas debt for financing current account deficit
Posted Date : 02-May-2013 , 08:11:54 pm | Posted By CASANSAAR
India's strong dependence on external and short term debts for financing current account deficit remains a concern even as the deficit may be moderated in the fourth quarter due to fall in global commodity prices. Reserve Bank of India said volatility in such flows remains ...
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RBI |
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P. Chidambaram threatens tax evaders, says crackdown looming
Posted Date : 02-May-2013 , 08:09:46 pm | Posted By CASANSAAR
In a strong message to tax evaders, the government today said that it will step up efforts to bring more people into net and also endeavour to recover tax arrears.
"Between January and March...we issued notices after mining the data and thanks to the advertising campaign, I have added 50 la...
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Income Tax |
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Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 02-May-2013 , 08:05:43 pm | Posted By CASANSAAR
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.40/2013-CUSTOMS (N.T.), dated the 18th April, 2013 vide number S.O.993 (E)...
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Custom |
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NIRC are organising Convocation only for the Members enrolled during the month of March, 2012 to August, 2012
Posted Date : 02-May-2013 , 05:29:52 pm | Posted By CASANSAAR
The Northern Regional Office of ICAI is arranging Convocation – 2013 on 17th May, 2013 for the Members enrolled during the month of March, 2012 to August, 2012. Scripts of Certificate of Membership and Certificate of Practice will be distributed in the presence of the President and Vice-...
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ICAI |
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Saradha due to formal financial system's failure: RBI
Posted Date : 02-May-2013 , 08:55:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said chit fund companies which defraud people show the financial system’s failure to bring unbanked population into the formal system.
“The fact that people have to rely on such entities (chit funds) for their saving needs indicates a failure on the p...
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RBI |
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ICICI prudential gets over Rs 130 cr service tax notice
Posted Date : 02-May-2013 , 08:51:35 am | Posted By CASANSAAR
The Finance Ministry has asked private sector insurer ICICI Prudential to cough up over Rs 130 crore for alleged evasion through non-payment of service tax.
The Directorate General of Central Excise Intelligence (DGCEI) has issued a show-cause-cum-demand-notice recently to the firm alleging irregul...
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Service Tax |
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SC upholds 51% FDI in multi-brand retail
Posted Date : 02-May-2013 , 08:47:30 am | Posted By CASANSAAR
After getting cornered by the Supreme Court for scams and controversies for quite some time, the UPA government on Wednesday had something to cheer about with the apex court upholding the constitutional validity of its decision allowing 51% foreign direct investment in the multi-...
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Finance |
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Clarification on Amendment to Section 206-C of Income Tax Act dealing with Tax Collection at Source (TCS) on Sale of Bullion or Jewellery in Cash
Posted Date : 02-May-2013 , 08:01:52 am | Posted By CASANSAAR
Currently, sale in cash of bullion (excluding coin or any other article weighing 10 grams or less) in excess of Rs 2 lakh or jewellery in excess of Rs.5 lakh is subject to Tax Collection at Source (TCS) @ 1%. As coins were neither included in bullion nor in jewellery, therefore, coins, even when amo...
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Income Tax |
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Valuation Course Exam to be held on 26th May, 2013 - ICAI
Posted Date : 01-May-2013 , 05:40:22 pm | Posted By CASANSAAR
CLCGC/V/1/2013
April 22nd, 2013
Certificate Course on Valuation, Examination to be held on 26th May, 2013
Dear Participants;Written Exams to be held on 26th May, 2013 (Sunday) from 10 AM to 1 PM . Please bring your membership card / Final year mark shee...
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ICAI |
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Earthquake felt in parts of Delhi, Punjab & other parts of North India.
Posted Date : 01-May-2013 , 01:02:54 pm | Posted By CASANSAAR
Tremors were felt in parts of North India as a mild earthquake hit Jammu and Kashmir. The epicentre of the earthquake, measuring 5.8 on the Richter scale, was the border of Jammu and Kashmir and Himachal Pradesh.
Tremors were felt in parts of North India including New Delhi and Punjab. Peop...
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General |
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University papers clash with MPSC and CA exams, rescheduled
Posted Date : 01-May-2013 , 08:01:38 am | Posted By CASANSAAR
Two competitive exams are now clashing with the University of Mumbai exams giving students a nightmare.
MCom final year paper (old syllabus) scheduled for May 2 clashes with CA exam on the same day. Optional papers of business studies, business economics, accountancy, business management, b...
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Students Zone |
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New Norms for XBRL Filing
Posted Date : 01-May-2013 , 07:29:54 am | Posted By CASANSAAR
New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6thOctober, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of 2,90,39 and 2,57,86 companies respectively have filed their Balance S...
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Corporate Law |
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I-T returns may require disclosure of all assets
Posted Date : 30-Apr-2013 , 08:18:35 pm | Posted By CASANSAAR
In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.
"The government is considering to introduce a new income tax return form that will...
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Income Tax |
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Petrol prices slashed by Rs 3 per litre, effective midnight
Posted Date : 30-Apr-2013 , 07:54:32 pm | Posted By CASANSAAR
Oil companies on Tuesday reduced the price of petrol by Rs. 3 per litre effective midnight, without taxes, after international prices cooled.
Oil firms review the price of petrol every two weeks. While petrol price has been deregulated since June 2010 and the price is market determined, t...
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General |
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Enforcement Directorate probing any FEMA violation by Bharti-Walmart
Posted Date : 30-Apr-2013 , 07:48:33 pm | Posted By CASANSAAR
Government today said Enforcement Directorate (ED) is investigating alleged violation of foreign exchange regulation by cash and carry chain Bharti-Walmart.
"On the basis of a reference received from Reserve Bank of India, ED has taken appropriate action to investigate alleged contravention...
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FEMA |
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India cuts tax on interest in govt, corporate debt for foreigners
Posted Date : 30-Apr-2013 , 05:54:23 pm | Posted By CASANSAAR
The government will cut the tax on interest payments to foreigners on government and corporate debt to 5 per cent from up to 20 per cent for a two-year period, in a bid to draw further inflows to bridge its current account deficit and polish its reformist credentials.
The move meets a long-term dem...
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Income Tax |
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Finance Bill, Railways Budget passed without debate after Opposition walkout
Posted Date : 30-Apr-2013 , 04:27:18 pm | Posted By CASANSAAR
The passage of the General and Railway budgets was rushed through as the guillotine had to applied to meet the constitutional requirements.
Government today ruled out imposition of wealth tax on agriculture land as the Lok Sabha completed the budgetary exercise in an unusual way with Financ...
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Budget |
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ICAI Study Tour to Sydney and Melbourne September 18-23, 2013
Posted Date : 30-Apr-2013 , 04:24:05 pm | Posted By CASANSAAR
The Australia and India have enjoyed a special bonding in terms of their move to a regional economic operation and in terms of services sector in general and accountancy sector in particular. Both countries share common cultural and linguistic ties as both are part of the Commonwealth of Nat...
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ICAI |
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CA Final & IPCC Examination Dates, Timing, Changes for May 2013
Posted Date : 30-Apr-2013 , 09:18:47 am | Posted By CASANSAAR
CA final exams will be started from 2ndMay 2013 and ended on 16th May 2013
CA IPCC will be started from 3rd May and ended on 15th May 2013
CA IPCC Exam Date Sheet for May 2013
Date
May 2013
Day
Exam
Group
3nd
Friday
...
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Students Zone |
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Law ministry invites application for the post of Judicial Members and Accountant Members in ITAT
Posted Date : 30-Apr-2013 , 09:09:25 am | Posted By CASANSAAR
F. No. A-12023(1)/01/2013-Admn.III(LA)GOVERNMENT OF INDIAMINISTRY OF LAW AND JUSTICEDEPARTMENT OF LEGAL AFFAIRS
Dated : April 17, 2013
CIRCULAR
Subject: Applications for appointment to the posts of Member (Judicial/ Accountant), Income TaxAppellate Tribunal.
...
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Income Tax |
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Finance Bill likely to be passed in Lok Sabha today as stalemate ends
Posted Date : 30-Apr-2013 , 08:51:31 am | Posted By CASANSAAR
Despite the political deadlock over the coal scam, the key Finance Bill is likely to be passed in Lok Sabha on Tuesday. A temporary truce has been achieved between the government and the opposition to pass the money bills.
The crucial Finance Bill can't be delayed beyond Tuesday as per the ...
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Income Tax |
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Rs 2-lakh-crore tax dues cannot be recovered
Posted Date : 30-Apr-2013 , 08:40:58 am | Posted By CASANSAAR
The Income Tax Department failed to recover tax revenue of about Rs 1.9 lakh crore in 379 cases as on December 31, 2012, as there were no or insufficient assets in these cases. The unrecovered sum and was almost equal to that collected as personal income tax during 2012-13. Also, according to Centra...
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Income Tax |
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Honda's discount offers on Brio, Jazz under CBEC scanner, asked to pay Rs 164 crore more as excise duty
Posted Date : 30-Apr-2013 , 08:39:25 am | Posted By CASANSAAR
Honda Motor Company's endeavour to garner market share in India by offering discounts on models such as the Brio and Jazz has run afoul of tax authorities. The Central Board of Excise & Customs(CBEC) has served a show-cause notice on the Japanese auto major demanding that it pay 1...
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Category :
Excise |
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