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Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives
Posted Date : 17-Jan-2013 , 08:13:12 pm | Posted By CASANSAAR

ollowing is the text of the Statement made by the Chairperson, CBDT to the media here today:                                  &nbs...

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Category : Income Tax | Comments : 0 | Hits : 250

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 17-Jan-2013 , 08:12:27 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.1/2013-CUSTOMS (N.T.), dated the 3rd January, 2013 vide number S.O.37(E), ...

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Category : Custom | Comments : 0 | Hits : 326

Sebi wants compulsory audit of key overseas subsidiaries of listed companies
Posted Date : 17-Jan-2013 , 09:11:21 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) may ask for a compulsory audit of the accounts of important overseas subsidiaries of Indian companies as fears of inflated profits and unreliable accounts grow in the wake of recent corporate scandals. The capital markets regulator may...

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Category : Auditing | Comments : 0 | Hits : 426

Budget will outline amendments to Constitution on GST: FM
Posted Date : 16-Jan-2013 , 07:10:43 pm | Posted By CASANSAAR

Finance Minister P Chidambaram today said he would outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech if there is consensus among states on the issue.   At his pre-Budget consultations with Finance Ministers of states , he is understood t...

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Category : Income Tax | Comments : 0 | Hits : 335

Former Haryana CM Chautala, his son, 53 others convicted in teachers' recruitment scam
Posted Date : 16-Jan-2013 , 02:18:42 pm | Posted By CASANSAAR

Former Haryana chief minister Om Prakash Chautala, his MLA son Ajay and 53 others were convicted on Wednesday by a court in New Delhi for the illegal recruitment of over 3000 junior basic trained (JBT) teachers in the state during his tenure. After the court pronounced its judgement, ...

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Category : General | Comments : 0 | Hits : 436

FM holding pre-budget consultations with state Fin Mins; GST to figure prominently at meet
Posted Date : 16-Jan-2013 , 02:07:47 pm | Posted By CASANSAAR

Finance Minister P Chidambaram is holding pre-Budget consultations with State Finance Ministers today.The issue of proposed Goods and Services Tax is likely to figure prominently in the meeting as the Centre is keen on early implementation of the tax regime.   He will also meet representative...

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Category : Income Tax | Comments : 0 | Hits : 232

Petrol price hiked by 35 paise
Posted Date : 16-Jan-2013 , 10:26:37 am | Posted By CASANSAAR

Petrol price was hiked Tuesday night by about 35 paise per litre in line with firming raw material cost. Petrol will cost Rs 67.56 per litre in Delhi with effect from midnight, industry sources said. Prices vary from city to city due to differential local sales tax or VAT rates. This is ...

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Category : General | Comments : 1 | Hits : 274

Tax evasion case: I-T dept summons Nokia auditors PWC
Posted Date : 16-Jan-2013 , 09:51:39 am | Posted By CASANSAAR

The income tax department has summoned senior officials of Nokia India Limitedand auditors from the multinational audit firmPrice Waterhouse and Company (PW&Co) to the Chennai I-T office later this week for clarifications in the aftermath of financial records seized in a raid...

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Category : Income Tax | Comments : 0 | Hits : 1026

FinMin finalises norms for new bank licenses, sends to RBI
Posted Date : 16-Jan-2013 , 09:42:12 am | Posted By CASANSAAR

The finance ministry has finalised norms for new bank licenses and has sent its comments to the Reserve Bank of India (RBI). Sources say the finance ministry has asked the RBI to delete the clause prohibiting realty and stock broking firm promoters from applying for bank licence. The ministry s...

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Category : Banking | Comments : 0 | Hits : 355

Tax-free bonds from Indian Railway Finance Corporation Ltd (IRFC)
Posted Date : 16-Jan-2013 , 09:36:25 am | Posted By CASANSAAR

Indian Railway Finance Corporation Ltd (IRFC) is launching a tax-free bond issue to raise Rs.8,886 crore to augment resources for buying rolling stock for the Indian railways.   As per Central Board of Direct Taxes (CBDT) notification, IRFC has been authorised to issue bonds up to Rs.10,000 c...

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Category : Income Tax | Comments : 0 | Hits : 889

Tax interest on club membership fee: SC
Posted Date : 16-Jan-2013 , 09:34:13 am | Posted By CASANSAAR

Socialising clubs serving memberships to organisations including banks on a fee kept as fixed deposit by the new entrants are liable to pay tax on the interest accrued on the deposits.   A Supreme Court ruling says tax is not exempted in case the arrangement between a club and member- banks l...

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Category : Income Tax | Comments : 0 | Hits : 285

Four FDI Proposals Amounting to Rs. 1286.75 Crore Approved by FIPB
Posted Date : 15-Jan-2013 , 09:34:59 pm | Posted By CASANSAAR

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the  Central Government has approved four (04) proposals of Foreign Direct Investment (FD...

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Category : Finance | Comments : 0 | Hits : 292

Now, 'Associated Persons' require certifications: Sebi
Posted Date : 15-Jan-2013 , 05:26:41 pm | Posted By CASANSAAR

 Market regulator Sebi has notified new norms for 'associated persons' working as terminal users and sales personnel of brokers and other traders, making it mandatory for them to get necessary certifications to operate in the equity derivatives market. The term "associated p...

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Category : SEBI | Comments : 0 | Hits : 314

Friction in ICAI top body over Nagpur land deal, Satyam issue
Posted Date : 15-Jan-2013 , 09:35:48 am | Posted By CASANSAAR

More skeletons tumbled out at the central council meeting of Institute of Chartered Accountants of India (ICAI) on January 11. The members at the helm of the governing body for the profession, which calls itself the 'financial watchdog', hurled charges at each other, alleging vested intere...

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Category : ICAI | Comments : 0 | Hits : 1074

Mobile phone companies to seek written consent before activating value-added services
Posted Date : 15-Jan-2013 , 09:31:57 am | Posted By CASANSAAR

Mobile phone companies will have to seek written consent from consumers before activating value-added services such as caller tunes, cricket updates etc. All telcos would have to seek mandatory consent of a customer - through email, SMS, fax or in writing - before activating any VAS t...

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Category : Finance | Comments : 1 | Hits : 640

Bankers want RBI to allow interest on current accounts
Posted Date : 15-Jan-2013 , 09:25:23 am | Posted By CASANSAAR

Banks will ask the Reserve Bank of India to allow them to pay interest on current account deposits at tomorrow’s meeting, in the run up to the central bank’s monetary policy review.   Currently, banks don’t give interest on current accounts. Doing so, bankers believe, w...

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Category : Banking | Comments : 0 | Hits : 493

Stock guru scam: CBI searches premises of I-T official
Posted Date : 14-Jan-2013 , 09:33:38 pm | Posted By CASANSAAR

The CBI today carried out searches at the office and residence of a deputy director at Income Tax in connection with allegations that search operations conducted by him in the probe of the Rs 500-crore Stock Guru scam were not genuine. A team of CBI officials searched the re...

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Category : Income Tax | Comments : 0 | Hits : 481

Discontinuation of Professional Competence Examination (PCE) Reg.
Posted Date : 14-Jan-2013 , 02:39:11 pm | Posted By CASANSAAR

Important Announcement BoS/Announcement/227/13 January 7, 2013   Sub: Discontinuation of Professional Competence Examination (PCE) reg. ------------   As notified in the ‘Implementation Schedule’ on the Institute website, studentswho are pursuing Professional Competence ...

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Category : Students Zone | Comments : 0 | Hits : 861

Govt defers controversial GAAR norms to April 2016
Posted Date : 14-Jan-2013 , 02:32:11 pm | Posted By CASANSAAR

The General Anti-Avoidance Rules (GAAR), which will target companies and investors routing money through tax havens, had been scheduled to be implemented from April 2014. They will now come into effect from April 1, 2016.   Chidambaram said GAAR will not apply to foreign funds that are not ta...

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Category : Income Tax | Comments : 0 | Hits : 256

ICAI tense over move to set up new watchdog
Posted Date : 14-Jan-2013 , 09:28:36 am | Posted By CASANSAAR

Aturf war is brewing in the accounting regulation space, currently governed by the Institute ofChartered Accountants of India (ICAI). A government plan to usurp the two big powers of ICAI — to set accounting standards and take disciplinary action against its 200,000 members...

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Category : ICAI | Comments : 0 | Hits : 2055

PriceWaterhouseCoopers faces Income-Tax heat for role in Nokia tax issue
Posted Date : 14-Jan-2013 , 09:20:57 am | Posted By CASANSAAR

The role of the Indian arm of audit firmPricewaterhouseCoopers in relation to the alleged tax defaults by handset maker Nokia India is being probed by the taxman. A senior income-tax official, who wished anonymity, told ET that PwC would be called for questioning soon. ...

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Category : Income Tax | Comments : 0 | Hits : 677

Independent directors, investors key to good governance: Sachin Pilot
Posted Date : 13-Jan-2013 , 09:22:31 pm | Posted By CASANSAAR

With two-third of companies in the country being family-owned, independent directors and minority investors need to play a stronger role in ensuring good corporate governance, Corporate Affairs Minister Sachin Pilot has said. "We as a government can only provide the regulatory mechani...

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Category : Corporate Law | Comments : 0 | Hits : 275

Tamil Nadu businessman’s Rs 25,000 crore US bonds fake
Posted Date : 13-Jan-2013 , 03:48:36 pm | Posted By CASANSAAR

The finance ministry officials have found the US treasury bonds — valued at around Rs 25,000 crore — possessed by a Tamil Nadu-based trader to be fake. Now, he is under the scanner for making frequent trips to Myanmar.  Sources said the Tirupur businessman TM Ra...

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Category : International Business | Comments : 0 | Hits : 405

Sebi may make independent director post unattractive
Posted Date : 13-Jan-2013 , 09:07:56 am | Posted By CASANSAAR

Independent directors, in demand among Indian corporates on shortage of qualified individuals, might become even harder to find, say experts.   The consultative paper on review of corporate governance norms in India released by the Securities and Exchange Board of India ( Sebi)...

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Category : SEBI | Comments : 0 | Hits : 347

Abolish service tax on broadband services: DoT
Posted Date : 13-Jan-2013 , 09:04:06 am | Posted By CASANSAAR

To increase broadband penetration by making it affordable for end-users, the Department of Telecommunications ( DoT) has proposed the Ministry of Finance abolish service tax on pure internet/ broadband services in Budget 2013-14.   The high cost of internet, which attracts...

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Category : Service Tax | Comments : 0 | Hits : 353

Income Tax department summons Nitin Gadkari
Posted Date : 13-Jan-2013 , 09:01:03 am | Posted By CASANSAAR

The Income Tax department has issued summons to Bharatiya Janata Party (BJP) President (BJP) Nitin Gadkari to appear before it in connection with its investigation against him and some associated companies for alleged tax evasion.  Top sources in the department said Mr Gadkari has be...

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

FinMin to float cabinet note to set up holding co for PSBs
Posted Date : 12-Jan-2013 , 09:30:51 am | Posted By CASANSAAR

The finance ministry has taken the first step towards setting up a holding company for public sector banks and will float a cabinet note for this shortly. Most international banks are held by a holding company and in the Indian context; this will help the government with equity infusion.  ...

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Category : Banking | Comments : 0 | Hits : 267

Govt approves 14 FDI proposals worth over Rs 1,300 cr
Posted Date : 11-Jan-2013 , 05:15:32 pm | Posted By CASANSAAR

The government on Friday said it has approved 14 FDI proposals worth about Rs 1,311 crore including that of Hindustan Port Ltd.   “Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounti...

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Category : Finance | Comments : 0 | Hits : 341

Service Tax Dept issues notice to Kingfisher, 'impounds' all aircraft
Posted Date : 11-Jan-2013 , 03:29:52 pm | Posted By CASANSAAR

In more trouble for beleaguered Kingfisher Airlines, the Service Tax Department has issued a notice to the carrier, “impounding” all its aircraft, department sources said here tonight.   According to the notice, the airline cannot fly outside the registere...

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Category : Service Tax | Comments : 0 | Hits : 377

I-T Officer must give taxpayer reasons for reopening case: Income-tax Appellate Tribunal
Posted Date : 11-Jan-2013 , 10:33:02 am | Posted By CASANSAAR

An income-tax officer is bound to inform a taxpayer his reasons for reopening an income-tax assessment, so that the taxpayer is given an opportunity to file his objections to such reopenings, according to a recent order by the Income-tax Appellate Tribunal, Bangalore. Usually, income-tax department ...

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Category : Income Tax | Comments : 0 | Hits : 450

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