Petition filed challenging HC recommendation to elevate ITAT President
Posted Date : 06-Apr-2011 , 09:27:43 pm | Posted By CASANSAAR
A recommendation by the Delhi High Court Collegium to elevate RV Easwar, currently the President of the Income Tax Appellate Tribunal (ITAT) Mumbai has been opposed in a petition before the court.
The Collegium had recommended the name of RV Easwar for appointment and elevation as Additional Ju...
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Income Tax |
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India received USD 628 bn from abroad in Dec 2010
Posted Date : 06-Apr-2011 , 09:27:14 pm | Posted By CASANSAAR
Foreign investment in India rose by USD 22.7 billion in the quarter ending December 2010 to USD 628 billion, mainly on account of increase in portfolio investment and FDI.
Total foreign fund inflows, including FDI, portfolio investment and external commercial borrowings (ECB), rose to USD 628.6 b...
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Finance |
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Balance sheets of IPLs delayed
Posted Date : 06-Apr-2011 , 09:26:44 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will take a few more months to submit its report on the balance sheets of eight Indian Premier League (IPL) franchises, amid indications that accounting regulator has stumbled upon violations of auditing norms by some teams in the league.
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ICAI |
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FIIs invested Rs 10 lakh cr till FY'11: Sebi
Posted Date : 06-Apr-2011 , 09:25:25 pm | Posted By CASANSAAR
Betting high on Indian market, Foreign investors have purchased stocks and bonds worth Rs 10 lakh crore in the fiscal ending March 31.
Foreign institutional investors (FIIs) have purchased stocks and debt securities worth Rs 9,92,595.15 crore in the fiscal 2010-11, according to the latest available...
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SEBI |
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Investors want govt to keep Indian A/c standards close to IFRS
Posted Date : 06-Apr-2011 , 09:24:50 pm | Posted By CASANSAAR
Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young.
According to the report 'IFRS convergence: an investor's perspective', the firm...
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IFRS |
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ICICI a foreign firm, subject to FDI norms: Govt
Posted Date : 02-Apr-2011 , 08:38:35 am | Posted By CASANSAAR
The government on Thursday said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as foreign companies for the computation of foreign direct investment (FDI) in the country.
"ICICI is an Indian bank, but it is over 50 per cent (eq...
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Banking |
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Rabobank receives banking license in India
Posted Date : 02-Apr-2011 , 08:37:52 am | Posted By CASANSAAR
The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai.
Rabobank is present in India through a wholly owned subsidiary, Rabo India Finance (RIF), which is register...
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Banking |
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'Service tax on forex transactions cannot exceed Rs 5K'
Posted Date : 02-Apr-2011 , 08:37:15 am | Posted By CASANSAAR
The government has capped service tax on foreign exchange transactions at Rs 5,000, which is seen as a bid to pacify market players, who feared a significant drop in the country's forex volumes due to high levies on such transactions.
As per a notification, tax for foreign exchange transactions w...
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Service Tax |
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Bihar finance: CAG finds irregularities for 2009-10
Posted Date : 02-Apr-2011 , 08:36:24 am | Posted By CASANSAAR
Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10.
Talking to reporters, Principal Accountant General (Audit), Bihar, P Dinaraj said...
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CAG |
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Provisional Census 2011: Population touches 1.21 billion
Posted Date : 02-Apr-2011 , 08:34:22 am | Posted By CASANSAAR
The Union Cabinet on Thursday approved tax exemption for the 2011 ICC World Cup.
The cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961 in respect of income which is arising in the I...
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General |
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Facility of Income Tax Payment Through ATMS by Union Bank of India Launched
Posted Date : 02-Apr-2011 , 08:30:32 am | Posted By CASANSAAR
The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Su...
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Income Tax |
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Government liberalises FDI policy to boost inflows
Posted Date : 02-Apr-2011 , 08:26:47 am | Posted By CASANSAAR
Relaxing the rules for foreign direct investment (FDI) in the country, the government today decided to permit the issuance of equity to overseas firms against imported capital goods and machinery. Furthermore, the norms for overseas investment in production and developments of seeds have been libera...
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Finance |
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Vodafone to pay $5 billion for buying out Essar in India; company could consider IPO in India
Posted Date : 02-Apr-2011 , 08:26:07 am | Posted By CASANSAAR
Vodafone, the world's largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship.
Vodafone, which has faced a host of problems since entering the fiercely competitive market ...
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Finance |
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MCA breather for company directors
Posted Date : 02-Apr-2011 , 08:25:26 am | Posted By CASANSAAR
Directors in companies who have found themselves on the wrong side of the law for violations by their officers may now breathe easy.
The ministry of corporate affairs has issued a directive to all its Regional Directors, cautioning them against taking action on company directors unless it is conc...
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Corporate Law |
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NBFCs can't be partners in Partnership firms: RBI
Posted Date : 02-Apr-2011 , 08:24:47 am | Posted By CASANSAAR
The Reserve Bank today prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities.
The central bank also asked NBFCs, which have already contributed capital or are partner in such firms, to exit from such arrangemen...
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RBI |
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Service tax on rail freight deferred by 3 months to July 1
Posted Date : 02-Apr-2011 , 08:23:48 am | Posted By CASANSAAR
Under pressure from Railway Minister Mamata Banerjee and concerned over rising inflation, the government has once again deferred a decision on levying service tax on transport of goods by rail to July 1.
This is the fourth time that the government is postponing a decision on service tax on rail...
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Service Tax |
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MOU Signed Between ICWAI-MARF and Department of Post
Posted Date : 02-Apr-2011 , 08:23:10 am | Posted By CASANSAAR
Management Accounting Research Foundation of ICWAI (ICWAI-MARF) has been appointed as an advisor to the Department of Post, Ministry of Communications and IT (DOP) and a MOU has been signed to that effect. This appointment as per the MOU will be in vogue for a period of 24 months during which I...
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ICWAI |
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No IFRS, but strict norms take over
Posted Date : 02-Apr-2011 , 08:22:28 am | Posted By CASANSAAR
The implementation of the International Financial Reporting Standards , or IFRS , has been put off for now, but the government is pressing ahead with the reforms in the way companies present their financials.
The Corporate Affairs Ministry has made it mandatory for large companies to prepare th...
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IFRS |
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Tax returns can be made public: CIC
Posted Date : 02-Apr-2011 , 08:21:27 am | Posted By CASANSAAR
The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case.
"We direct the CPIO to provid...
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Income Tax |
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Govt push to 49% FDI in insurance
Posted Date : 02-Apr-2011 , 08:20:49 am | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Sunday said the government is talking to political parties to garner support required to push through a bill that allows 49% FDI in the insurance sector.
Speaking on the sidelines of an event to commemorate the centenary of Central Bank of India, Mukherjee said:...
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Finance |
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ICAI panel to guide, support cooperative sector
Posted Date : 02-Apr-2011 , 08:19:33 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has formed a committee to guide and support the cooperative sector in streamlining their audit procedures and raise governance levels, President G Ramasamy said today.
The ICAI has suggested replicating the successful laws in the sector in ...
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ICAI |
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Voda seeks Sebi role in fight with Essar
Posted Date : 26-Mar-2011 , 10:30:43 pm | Posted By CASANSAAR
The differences between British telecommunications group Vodafone and Essar Group in their joint venture-Vodafone Essar- escalated further on Friday with Vodafone seeking to bring market regulator Sebi into the case as a party.
That's n...
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SEBI |
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No decision yet on FDI in multi-brand retail : FM
Posted Date : 26-Mar-2011 , 10:30:06 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Friday said that the government will not take an ‘off the cuff’ decision on the contentious issue of allowing FDI in multi-brand retail.
Given the...
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Finance |
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Satyam restrained from operating its accounts
Posted Date : 26-Mar-2011 , 10:29:32 pm | Posted By CASANSAAR
The Income-Tax department and Mahindra Satyam were restrained by the A.P. High Court till March 31from operating the accounts that the company has in various banks.
A Division Bench on Friday made the interim order in a writ ...
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Accounts |
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Suggestions of ICAI Accepted in the Finance Bill, 2011
Posted Date : 26-Mar-2011 , 10:28:27 pm | Posted By CASANSAAR
Direct Tax- Suggestions of ICAI considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha
Indirect Tax- Suggestions of ICAI considered in the amendments to Finance Bill, 2011 as passed in the Lok Sabha
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ICAI |
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Gujarat not ready for GST implementation: state govt
Posted Date : 26-Mar-2011 , 10:25:26 pm | Posted By CASANSAAR
Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it.
Minister of State for Industries, Saurabh Patel, told the House that state government was n...
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GST |
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CAG for tighter tax norms for film and TV industry
Posted Date : 26-Mar-2011 , 10:24:55 pm | Posted By CASANSAAR
Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore.
Concerned over tax evasion and the need to widen tax base, the Comptroller and A...
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CAG |
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Azim Premji slams Govt's proposed CSR law
Posted Date : 26-Mar-2011 , 10:24:21 pm | Posted By CASANSAAR
Wipro Chairman Azim Premji on Thursday came out strongly against the idea of formulating laws on mandatory spending by industry on corporate social responsibility .
"I don't think you generate CSR by putting statutory requirements. I think there is enough...
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Corporate Law |
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Budget '11-12' Parliament Completes Approval Exercise
Posted Date : 26-Mar-2011 , 10:23:31 pm | Posted By CASANSAAR
Parliament completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India.
The Rajya Sabha returned the Finance ...
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Budget |
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Govt introduces Bill to give statutory power to PFRDA
Posted Date : 26-Mar-2011 , 10:21:46 pm | Posted By CASANSAAR
Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security.
The Bill, introduced by Finance Minister Pranab...
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General |
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