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TCS, ICICI Bank paid higher advance tax
Posted Date : 15-Mar-2013 , 01:28:34 pm | Posted By CASANSAAR

Information Technology major TCS has declared that it has paid Rs 600 crore as advance tax for the quarter January-March 2013, nearly 10% more than the previous quarter. Last year for the March quarter, the company had paid Rs 545 crore as advance tax, according to information available from the Inc...

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Category : Income Tax | Comments : 0 | Hits : 408

Companies can invest in tax-free bonds having high rates: Govt
Posted Date : 15-Mar-2013 , 07:52:40 am | Posted By CASANSAAR

The Corporate Affairs Ministry has said companies can invest in tax-free bonds that carry interest rates higher than the prevailing bank rates, a move that would help in attracting more investments into such instruments.   Ambiguity over a clause in the Companies Act -- that disallows corpora...

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Category : Corporate Law | Comments : 0 | Hits : 376

Corporates rampantly using bogus bills to evade taxes: CBDT
Posted Date : 15-Mar-2013 , 07:49:57 am | Posted By CASANSAAR

The country's apex tax body, the CBDT or Central Board of Direct Taxes has expressed concern over the rampant involvement of corporates amongst other entities in a hawala racket where bogus bills are used to suppress taxable income. Speaking to ET NOW, KV Chowdary, Member, Invest...

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Category : Income Tax | Comments : 0 | Hits : 374

35,000 more tax notices on way; FM asks defaulters to clear dues
Posted Date : 14-Mar-2013 , 09:57:23 pm | Posted By CASANSAAR

Dangling carrot and stick, the Income Tax Department today issued notices to 35,000 more assessees for failure to file tax returns while Finance Minister P Chidambaram offered them a penalty waiver if they chose to clear their dues. The government's initiatives have alr...

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Category : Income Tax | Comments : 0 | Hits : 297

Cobrapost expose: HDFC, ICICI, Axis Bank accused of money laundering
Posted Date : 14-Mar-2013 , 12:36:31 pm | Posted By CASANSAAR

A Cobrapost pan-India undercover investigation has accused HDFC Bank  , ICICI Bank   and Axis Bank   of running a vast, nation-wide money laundering racket.    Cobrapost, an online magazene, conducted a sting operation across various bran...

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Category : Banking | Comments : 2 | Hits : 1046

IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
Posted Date : 14-Mar-2013 , 09:07:08 am | Posted By CASANSAAR

The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on suc...

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Category : Income Tax | Comments : 0 | Hits : 380

Indirect tax collections rise by 20% to Rs 4.17 tn in Apr-Feb
Posted Date : 14-Mar-2013 , 09:05:48 am | Posted By CASANSAAR

Indirect tax collections has registered growth of 20 per cent to Rs 4.17 lakh crore in April-February period of the ongoing fiscal. The Budget targetted 27 per cent growth in the indirect tax collections in 2012-13 financial year. The excise duty collection during April-February ...

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Category : Service Tax | Comments : 0 | Hits : 291

Now, a phishing email in the name of RBI
Posted Date : 14-Mar-2013 , 08:52:53 am | Posted By CASANSAAR

Next time you get an email from the Reserve Bank of India think again?  An email allegedly from India's central bank, asking denizens to secure their bank account details with the RBI is fake, and an attempt by new-age fraudsters to con people into giving away bank account ...

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Category : RBI | Comments : 0 | Hits : 422

Income Tax department asks defaulters to clear dues by March 31
Posted Date : 13-Mar-2013 , 06:48:12 pm | Posted By CASANSAAR

Warning the defaulters of penal consequences, the Income Tax department today asked assesses, who pay taxes on the basis of self-assessment, to clear their dues by March 31.   The Revenue Department said 73,388 people have defaulted on payments of self-assessment tax aggregating to ...

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Category : Income Tax | Comments : 0 | Hits : 563

Lok Sabha passes Railway Budget for 2013-14
Posted Date : 13-Mar-2013 , 06:41:33 pm | Posted By CASANSAAR

The Lok Sabha today passed the Rail Budget 2013-14 amidst an Opposition boycott. It provides for the withdrawal of 63 thousand and 363 crore rupees from the Consolidated Fund of India to achieve the targets announced in the budget.Replying to the discussion, Railway Minister Pawan Kumar Bansal assur...

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Category : General | Comments : 0 | Hits : 295

Spanco gets notice for service tax evasion of Rs 27 crore
Posted Date : 13-Mar-2013 , 02:02:15 pm | Posted By CASANSAAR

The service tax department has detected a case of tax evasion running into nearly Rs 27 crore. A senior official of the service tax department said the case is murkier, considering that it is an issue in which the company has defaulted on depositing service tax after collecting i...

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Category : Service Tax | Comments : 0 | Hits : 416

Bank Audit Gone - Dil Hai Ki Manta Nahi.
Posted Date : 13-Mar-2013 , 10:24:39 am | Posted By CASANSAAR

When shall this fraternity believe the truth that their leaders has surrendered for the 20 Crores limit last year? The present council is the extension of old council. Very few council members lost on account of non performance. But who are there in the council were equally responsible for...

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Category : Auditing | Comments : 4 | Hits : 3653

BSNL to start crash course for CA entrance exam
Posted Date : 13-Mar-2013 , 08:25:59 am | Posted By CASANSAAR

The Bharat Sanchar Nigam Limited (BSNL) on Monday announced to run a crash course for CA entrance examination -Common Proficiency Test (CPT)- aspirants. The public telecom giant would charge Rs 6750 per student and also offer chargeable hostel and mess facility.   BSNL Indore General Mang...

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Category : Students Zone | Comments : 0 | Hits : 1375

Pay advance tax before March 15: I-T department
Posted Date : 13-Mar-2013 , 08:24:15 am | Posted By CASANSAAR

The Income Tax department, on Tuesday, urged taxpayers to pay the last installment of advance tax on or before March 15. “It is seen that a large number of taxpayers defer their advance tax, which makes them liable for higher interest under Section 234(C) of Income Tax Act, 1961,” the d...

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Category : Income Tax | Comments : 0 | Hits : 349

Over Rs 4.18 lakh cr outstanding in income tax arrears till Dec: Chidambaram
Posted Date : 12-Mar-2013 , 09:49:58 pm | Posted By CASANSAAR

Income Tax arrears outstanding at the end of December, 2012 totalled over Rs 4.18 lakh crore, Finance Minister P Chidambaram said today.   "The total income tax arrears outstanding as on December 31, 2012 are Rs 4,18,696 crore," Chidambaram said in a written reply in the Rajya Sabha.   ...

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Category : Income Tax | Comments : 0 | Hits : 234

Use double indexation to reduce tax outgo on debt fund returns
Posted Date : 12-Mar-2013 , 08:13:18 am | Posted By CASANSAAR

Many investors park their surplus fund in fixed maturity plans (FMPs) and other debt funds in March every year to take advantage of the double indexation benefit and to bring down the tax liability on returns. This year, these investors are also expecting capital appreciation on these ...

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Category : Income Tax | Comments : 0 | Hits : 570

Sebi makes certification mandatory for compliance officers
Posted Date : 12-Mar-2013 , 08:06:06 am | Posted By CASANSAAR

Market regulator Securities and Exchange Board of India (Sebi) on Monday notified new guidelines for ‘associated persons’ working as compliance officers of market intermediaries such as brokers and credit rating agencies, making it compulsory for them to get requisite certifications to...

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Category : SEBI | Comments : 0 | Hits : 378

Banks' borrowing crosses Rs 1-lakh-cr on tight liquidity
Posted Date : 12-Mar-2013 , 08:04:17 am | Posted By CASANSAAR

The liquidity in the system has come under pressure, with banks’ borrowing at the Reserve Bank of India’s (RBI) liquidity window crossing the Rs 1,00,000-crore mark, ahead of payment of final instalment of advance tax. This week, banks will draw more from RBI’s short-term liquidit...

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Category : Banking | Comments : 0 | Hits : 297

Another batch of 30,000 tax notices on its way
Posted Date : 11-Mar-2013 , 09:27:45 pm | Posted By CASANSAAR

After sending letters to 70,000 high value spenders who did not file their income tax returns, the tax department is all set to send another 30,000 notices this week. This may be the final batch of such letters in the current assessment year ending March 31, 2013. “Letters will be sent to 30,...

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Category : Income Tax | Comments : 0 | Hits : 568

No data with govt on CSR spending by cos at present: Pilot
Posted Date : 11-Mar-2013 , 04:50:21 pm | Posted By CASANSAAR

The government on Monday said at present it does not have data on money spent by companies voluntarily towards social welfare activities. The new Companies Bill, which is awaiting Rajya Sabha approval, requires certain class of firms to spend two per cent of their average profit over the last three...

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Category : Corporate Law | Comments : 0 | Hits : 261

CASANSAAR Online Blood Bank - Donate or Receive Blood & Save Lives
Posted Date : 11-Mar-2013 , 08:13:43 am | Posted By CASANSAAR

- Every 2 Seconds, someone in the country is in need of blood.   - Every year our nation requires about 4 Crore units of blood.-   Out of which only a meager 5 Lakh units of blood are available.   CASANSAAR is here with AN EXTREME NOBLE CAUSE, CASANSAAR Online Blood Bank.  ...

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Category : General | Comments : 0 | Hits : 699

Record 72 amendments proposed in indirect tax clauses this year
Posted Date : 11-Mar-2013 , 07:47:15 am | Posted By CASANSAAR

As many as 72 indirect tax clauses are sought to be amended this year, against 43 last year, a closer look at the Finance Bill 2013-14 has revealed. Before this, in 2005-06, the government had amended 60 clauses and then, like now, P Chidambaram was the finance minister. On the other hand, amendme...

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Category : Excise | Comments : 0 | Hits : 550

Finance Ministry asks PSUs to ensure payment of service tax by vendors
Posted Date : 10-Mar-2013 , 04:23:26 pm | Posted By CASANSAAR

The Finance Ministry has asked heads of all public sector entities to use their influence to ensure timely payment of service tax by their vendors. Revenue Secretary has written a letter to all CMDs of PSUs last week requesting them to ensure that service providers are ...

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Category : Service Tax | Comments : 0 | Hits : 253

Nothing is Impossible. Self-confidence, hard work & dedication are the keys to achieve success-CA topper Prema
Posted Date : 10-Mar-2013 , 10:56:57 am | Posted By CASANSAAR

“Nothing is impossible. Self-confidence, hard work and dedication are the keys to achieve success.” Motivating other students like her, said young Prema Jayakumar, daughter of an auto-rickshaw driver. Prema hit the headlines recently by surmounting many odds to emerge as the to...

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Category : ICAI | Comments : 0 | Hits : 742

RBI to keep tabs on all export dealings
Posted Date : 10-Mar-2013 , 10:47:11 am | Posted By CASANSAAR

Major irregularities have surfaced in the country's external trade with about 65%-96% of export data found not matching against their corresponding banking transactions. A recent check was conducted by the central bank which revealed that the unmatched data is worth more than Rs 2 lakh crore of expo...

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Category : RBI | Comments : 0 | Hits : 176

Income tax department to initiate action against big TDS defaulters
Posted Date : 10-Mar-2013 , 10:44:07 am | Posted By CASANSAAR

The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries.   The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department...

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Category : Income Tax | Comments : 0 | Hits : 241

Hundreds of Chinese couples divorce to avoid paying property tax
Posted Date : 09-Mar-2013 , 09:03:38 pm | Posted By CASANSAAR

At Shanghai's Zhabei District marriage registration centre, officials divorced a record 53 couples in a single day this week - that's about one every five minutes - as couples rushed to untie the knot to avoid tougher tax laws on home sales. There were similar scenes in Wuhan, Nanjing and Ningbo as...

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Category : General | Comments : 0 | Hits : 298

I-T department gets a week to defend 'illegal' IBM tax charge
Posted Date : 09-Mar-2013 , 05:18:57 pm | Posted By CASANSAAR

The I-T Department on Friday sought one more week from the Supreme Court to defend the Karnataka HC order directing IBMto cough up by March 31, 2013, half of 1090-crore tax claim made by the department.   IBM counsel Harish Salve dubbed the demand "thoro...

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Category : Income Tax | Comments : 0 | Hits : 188

RBI sign first Currency Swap Agreement with Royal Monetary Authority of Bhutan
Posted Date : 09-Mar-2013 , 05:16:20 pm | Posted By CASANSAAR

The Reserve Bank of India - RBI today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. A notification issued by RBI said the Royal Monetary Authority of Bhutan can draw US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of 100 million US do...

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Category : RBI | Comments : 0 | Hits : 219

CA Rajesh murder case: High Court stays final verdict
Posted Date : 09-Mar-2013 , 08:44:42 am | Posted By CASANSAAR

The Punjab and Haryana High Court on Friday stayed the final verdict against four accused in the murder of Rajesh Goyal, a chartered accountant, in his Sector-42 office. This was conveyed to the court of District and Sessions Judge on Friday.   Iqbal Singh Sabarwal, one of the witnesses and G...

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Category : ICAI | Comments : 0 | Hits : 978

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