Sourav Ganguly appeals against service tax claim of over Rs 3 crore
Posted Date : 04-Feb-2013 , 09:10:47 am | Posted By CASANSAAR
Former India cricket captain Sourav Ganguly has challenged before the Calcutta High Courta service tax claim of over Rs three crore, which was charged during his term with the Kolkata Knight Ridersfor IPL and playing for Team India. "While the original claim is of Rs 1....
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Service Tax |
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Fin Min forms online data bank to check black money
Posted Date : 03-Feb-2013 , 06:43:01 pm | Posted By CASANSAAR
In order to check black money and tax evasion, an online data bank is being setup by theFinance Ministry for effective coordination and dissemination of various inputs pertaining to illegal funds. The online system, which would act as data bank for financial intelligenc...
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Income Tax |
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RBI draft norms for loan restructuring may hit banks' earnings
Posted Date : 03-Feb-2013 , 06:37:18 pm | Posted By CASANSAAR
RBI's new draft guidelines for restructured loans are likely to hit earnings of banks by at least 3-8 per cent over the next two years, while some public sector banks are expected to get most impacted, a report by Bank of America Merrill Lynch has said. Reserve Bank last week iss...
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Banking |
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DHC quashes Circular No.158 requiring professionals to pay 2% differential service tax
Posted Date : 02-Feb-2013 , 02:50:29 pm | Posted By CASANSAAR
Circular No. 158/9/2012-ST dated 08.05.2012 and Circular No.154/5/2012-ST dated 28.03.2012 have been quashed by the Hon'ble High Court of Delhi in W.P.(c) No. 4456/2012 filed by Delhi Chartered Accountants Society (Regd.) and argued by Mr. Ruchir Bhatia, Adv. for Petitioner.
By the afo...
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Income Tax |
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India, Gibraltar sign tax information exchange agreement
Posted Date : 02-Feb-2013 , 01:57:42 pm | Posted By CASANSAAR
India and Gibraltar have signed a Tax Information Exchange Agreement (TIEA) that among other things calls for transparent sharing of information.
The agreement was signed yesterday by Jaimini Bhagwati, High Commissioner of India to the UK from the Indian side and Gi...
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Income Tax |
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Download CPT December 2012 Result Card
Posted Date : 02-Feb-2013 , 08:57:22 am | Posted By CASANSAAR
Result cards relating to December 2012Common Proficiency Test (CPT) have been sent to the candidates by post, in the normal course, soon afterdeclaration of results.
CPT result cards will also be hosted onhttp://icai.nic.in/cptresultcard with effect from December 2012&nb...
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Students Zone |
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Rs9,800 crore service tax evasion detected, stern action on cards
Posted Date : 01-Feb-2013 , 11:15:03 pm | Posted By CASANSAAR
Service tax evasion of a staggering Rs9,800 crore has been detected during the first nine months of the current fiscal, forcing the Tax Department to warn that properties of evaders will be attached.
"In many cases, the service providers collect service tax from their clients but do not dep...
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Service Tax |
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Budget Session from Feb 21, Railway Budget on 26th & Union Budget on February 28
Posted Date : 01-Feb-2013 , 05:07:49 pm | Posted By CASANSAAR
The dates for the presentation of the Union Budget and the Railway Budget were announced on Friday. While the Union Budget will be presented on February 28, the Railway Budget will be present two days earlier on February 26.
The Budget session will last from February 21 ...
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Budget |
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RBI suggests bank charge for cash withdrawal & deposit through cheques
Posted Date : 01-Feb-2013 , 04:32:25 pm | Posted By CASANSAAR
RBI has suggested that banks should charge for cash withdrawal and deposit through cheques while the government agencies should do away with convenience charges for online payment of utility bills. As per the discussion paper floated by RBI, high cash withdrawals and deposits of cash by individ...
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Banking |
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BoS of ICAI announces launch of e-Learning Course for Common Proficiency Course (CPCCPC
Posted Date : 01-Feb-2013 , 04:15:18 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of IndiaBoard of StudiesCommon Proficiency Course (CPC) e-Learning onStudents Learning Management System (http://StudentsLMS.icai.org)
The Board of Studies is pleased to announce the availability of e-Learning facility for Common Proficiency ...
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Students Zone |
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Income tax exemption limit to Rs 3 lakh: Shome panel says govt to come out with modified DTC Bill
Posted Date : 01-Feb-2013 , 11:32:05 am | Posted By CASANSAAR
The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh.
"Will come out with modified DTC (Bill) in r...
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Income Tax |
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Satyam, Tech Mahindra starts integration process
Posted Date : 01-Feb-2013 , 11:06:40 am | Posted By CASANSAAR
Hyderabad: Mahindra Satyam and Tech Mahindra have started defacto integration process and are only waiting for the legal assent for formal merger, Mahindra Satyam chairman, Vineet Nayar said on Thursday, adding that the process of merger was in the final stage and it would soon ...
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General |
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Court clears hurdle for I-T Dept to recover Rs 1,090-cr tax from IBM
Posted Date : 31-Jan-2013 , 03:12:09 pm | Posted By CASANSAAR
In a set back to the IT multinational, IBM India Pvt Ltd., the Karnataka High Court has cleared the hurdle for the Income-Tax Department to recover Rs 1,090.39-crore tax due from the company by staying the order of the Bangalore Bench of the I-T Appellate Tribunal.
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Income Tax |
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Corp Affairs Min expects to soon address MCA-21 glitches
Posted Date : 31-Jan-2013 , 01:35:42 pm | Posted By CASANSAAR
The Corporate Affairs Ministry expects to soon resolve the glitches in its e-governance initiative MCA-21, now being managed by Infosys. IT bellwether Infosys took over the MCA-21 initiative on January 17 from Tata Consultancy Services. In recent days, there h...
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Corporate Law |
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Income Tax department asks Nokia to pay Rs 13,000 crore
Posted Date : 31-Jan-2013 , 01:28:38 pm | Posted By CASANSAAR
The Income tax (I-T) department probing theNokia tax-evasion case has, in an interim report, said the company should pay Rs 13,000 crore for tax and transfer-pricing violations.A senior Income-tax official, who requested anonymity, told ET, "We have submitted a 150-page interim report...
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Income Tax |
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Cabinet clears key changes to Lokpal bill
Posted Date : 31-Jan-2013 , 01:26:50 pm | Posted By CASANSAAR
The Union Cabinet met today and approved major amendments to the Lokpal bill, the proposed anti-corruption legislation that has seen much debate and sparring between the government and the opposition and civil society. The Bill is likely to be tabled in Rajya Sabha in the budge...
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General |
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Institute of Chartered Accountants of India's Rs 100 crore land deal cancelled
Posted Date : 31-Jan-2013 , 09:14:40 am | Posted By CASANSAAR
The controversial Rs 100 crore land deal that had raised questions on adherence ofcorporate governance norms at the Institute ofChartered Accountants of India (ICAI) has finally been quashed. This may be the first instance of a decision taken by an ICAI presid...
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ICAI |
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Budget 2013 : Excise dept mulls appointing cost accountants for cost data
Posted Date : 31-Jan-2013 , 09:08:38 am | Posted By CASANSAAR
The excise department is mulling to appoint cost accountants for calculation of cost data for the auto sector. The development has left the auto industry worried, r
The auto industry has very little option at present. The auto sector is hoping that there is going to be a clarification...
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Budget |
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Vodafone issue to be resolved in a month: Chidambaram
Posted Date : 31-Jan-2013 , 09:05:55 am | Posted By CASANSAAR
Finance Minister of India P Chidambaram has exuded confidence that the Rs112 billion Vodafone tax dispute will be resolved within a month.
“They (Vodafone representatives) are being invited to a third round of discussions this week... they (Central Board of Direct Taxes) expect them to ...
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Income Tax |
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Rs 200 crore tax evasion by oil, gas exploration firm
Posted Date : 30-Jan-2013 , 11:01:45 pm | Posted By CASANSAAR
Central revenue department officials have detected about Rs 200 crore alleged service taxevasion by a Delhi-based oil and gas exploration service provider firm. Acting on a specific intelligence, a case of allegedservice tax evasion was registered against Shiv Vani Oil and Gas Explora...
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Income Tax |
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GST demystified: 10 things you should know
Posted Date : 30-Jan-2013 , 10:59:23 pm | Posted By CASANSAAR
The goods and services tax (GST) is aimed at creating a single, unified market that will benefit both corporates and the economy. With the resolution of the contentious central sales tax compensation issue on Monday, a GST rollout is now closer to reality. Sushil Kumar Modi, chairman of ...
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GST |
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MCA portal cripples after switching vendor from TCS to Infosys
Posted Date : 30-Jan-2013 , 08:51:08 am | Posted By CASANSAAR
New companies have been unable to get off the ground and existing ones cannot upload mandatory information as a critical government website, MCA 21, has slowed down sharply after a vendor contract switched hands from Tata Consultancy Services (TCS) to Infosys on January...
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Corporate Law |
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Ernst & Young escapes disciplinary action
Posted Date : 30-Jan-2013 , 08:47:37 am | Posted By CASANSAAR
ERNST and Young will not face any action relating to its work with Lehman Brothers in the year before the bank’s collapse, the Financial Reporting Council ruled yesterday.
The Big Four auditor had faced claims it had been too lenient on the bank, signing off their reports in...
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Auditing |
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Next month's Budget will be responsible: Chidambaram
Posted Date : 29-Jan-2013 , 09:03:40 pm | Posted By CASANSAAR
Finance minister P Chidambaram on Tuesday held out an assurance that the Budget next month will be a "responsible" one as general elections are 15 months away.
Addressing global investors in London, on the fourth leg of his overseas roadshows that began last week, he told them that the gove...
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Budget |
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RBI cuts key interest rates by 0.25%, Govt says cut to stimulate investment & help taming inflation
Posted Date : 29-Jan-2013 , 09:01:55 pm | Posted By CASANSAAR
The Reserve Bank today slashed its key interest rates by 0.25 per cent to 7.75 per cent . The Chairman of the Prime Minister's Economic Advisory Council, Dr. C. Rangarajan said that cut in interest rate will stimulate investment and help in anchoring inflationary expectations.The RBI Governor, D.Sub...
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RBI |
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Institute of Chartered Accountants of India panel divided over strictures against its chief
Posted Date : 29-Jan-2013 , 08:18:40 am | Posted By CASANSAAR
The fact-finding team of Institute of Chartered Accountants of India (ICAI), which is investigating a Rs100 crore land deal involving its president, is said to be divided over the action to be recommended to the central governing body. City-based CA Jaideep Shah is the current pr...
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ICAI |
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Advertising, Marketing & Promotional (AMP) expenses incurred by their Indian arms to promote the brand & trademarks of the MNC will be taxable in India
Posted Date : 29-Jan-2013 , 08:14:41 am | Posted By CASANSAAR
In a severe blow to multinational corporations ( MNCs) operating in India, a special bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a significant portion of advertising, marketing and promotional (AMP) expenses incurred by their Indian arms to promote the brand and t...
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Income Tax |
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Consensus over key issues of GST
Posted Date : 29-Jan-2013 , 08:07:31 am | Posted By CASANSAAR
States have agreed to the compensation formula suggested by the Centre for their CST (Central Sales Tax) revenue loss for implementing the Goods and Services Tax (GST), said Sushil Kumar Modi, Chairman of the Empowered Committee of State Finance Ministers, and Deputy Chief Minister of Biha...
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GST |
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4 FDI Proposals Amounting to Rs. 280.00 Crore Approved by FIPB
Posted Date : 28-Jan-2013 , 07:28:59 pm | Posted By CASANSAAR
Further to Para 5 of the Press Release dated January 11, 2013 regarding Foreign Direct Investment (FDI) proposals approved by FIPB, wherein it was stated that decision in case of the Five (5) proposals will be communicated separately, the Central Government has now approved the following Four (...
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International Business |
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One lakh students join CA every year: ICAI president
Posted Date : 28-Jan-2013 , 02:49:59 pm | Posted By CASANSAAR
More than one lakh students join the chartered accountancy course every year with 45 to 50 per cent of them being girls. This was mainly due to the lower education costs for pursuing CA when compared to other professional courses, according to the Institute of Chartered Accountan...
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Students Zone |
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