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Maha expects Rs 15 crore entertainment tax revenue from IPL
Posted Date : 18-Apr-2011 , 08:14:56 pm | Posted By CASANSAAR

Maharashtra government is expecting an entertainment tax of Rs 15 crore from the 16 Indian Premier League (IPL) matches to be held in the state. "A deposit of Rs 7.3 crore has been collected for the IPL matches organised at the Wankhede stadium in the city out of the expected revenue of Rs 9.50 cror...

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Category : Income Tax | Comments : 1 | Hits : 821

Icai issues notice to Price Waterhouse
Posted Date : 17-Apr-2011 , 08:50:02 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of India (Icai) has asked Price Waterhouse (PWC) India to show reasons why it should not be deregistered in regard to its association as auditor to Satyam Computer Services Ltd. The notice by the institute, which regulates the profession of chartered accou...

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Category : ICAI | Comments : 0 | Hits : 1384

FinMin, industry to discuss takeover code on Thursday
Posted Date : 17-Apr-2011 , 08:46:29 pm | Posted By CASANSAAR

The finance ministry has called a meeting of industry chambers and chartered accountants on Thursday to seek their views on the revised takeover code that proposes to make acquisitions costlier. It has also called members of the panel that drafted the proposals for the meeting. The ministry wan...

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Category : ICAI | Comments : 0 | Hits : 740

New rules soon for better service to bank customers
Posted Date : 17-Apr-2011 , 11:15:27 am | Posted By CASANSAAR

Bank customers may soon expect better services and fast-track redressal of their grievances as RBI is likely to soon consider a fresh set of rules to improve the banks' customer service practices. Almost a year after RBI put in motion a process to improve banks' customer service practices, a high...

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Category : Banking | Comments : 0 | Hits : 754

Central tax collection exceeds Rs 7.92 lakh cr: Finmin
Posted Date : 17-Apr-2011 , 11:15:01 am | Posted By CASANSAAR

The central tax collection -- direct and indirect -- reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth. The total Budget estimate for direct and indirect tax collections was Rs 7.45 lakh crore for the last fiscal, which was rev...

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Category : Income Tax | Comments : 0 | Hits : 623

'RBI may hike key rates by 25 bps to check inflation'
Posted Date : 17-Apr-2011 , 11:14:28 am | Posted By CASANSAAR

With inflation showing no signs of moderation, economists expect the Reserve Bank to hike key policy rates by at least 25 basis points in its annual monetary policy to be unveiled on May 3. The headline inflation (WPI) stood at 8.98 per cent for March, much above the RBI's projection of 8 per cen...

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Category : RBI | Comments : 0 | Hits : 729

Transactions by cheques up 2.5 pc in Feb: RBI
Posted Date : 17-Apr-2011 , 11:13:44 am | Posted By CASANSAAR

Cheque transactions worth over Rs 7.97 lakh crore were carried out in the country during February, 2011, a growth of over 2.5 per cent from the same month last year. Banks had cleared cheques worth over Rs 7.77 lakh crore in February 2010, as per the latest data from the Reserve Bank.A total of 1,0...

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Category : RBI | Comments : 0 | Hits : 742

'Tax headquarter building to be ready in 24-30 months'
Posted Date : 16-Apr-2011 , 12:08:35 pm | Posted By CASANSAAR

Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today."I hope we will stick to the schedule," Mukherjee said while giving aways prizes to the suc...

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Category : Income Tax | Comments : 0 | Hits : 569

Zone Shifting of Candidates for May-2011 Chartered Accountants Examinations
Posted Date : 16-Apr-2011 , 12:05:40 pm | Posted By CASANSAAR

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Bangalore, Chennai, Delhi, Indore and Kolkata, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available.  In view of this, it is...

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Category : Students Zone | Comments : 0 | Hits : 673

Mohandas Pai to step down from Infosys, wants new leadership
Posted Date : 16-Apr-2011 , 12:05:03 pm | Posted By CASANSAAR

India's second largest IT company Infosys today announced its board member and HR Director Mohandas Pai, who was once tipped to be the Chief Operating Officer, will step down in June this year. Pai said he was demitting office to provide an opportunity to a new set of people to lead the firm and br...

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Category : General | Comments : 0 | Hits : 753

SC to Satyam:Give 617 cr guarantee in tax dispute
Posted Date : 16-Apr-2011 , 12:04:25 pm | Posted By CASANSAAR

The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25. "Within two weeks the petitioner company (Mahindra Satya...

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Category : Income Tax | Comments : 0 | Hits : 652

SC to Vodafone: Appear before IT in tax case
Posted Date : 16-Apr-2011 , 12:01:50 pm | Posted By CASANSAAR

The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. A three-judge bench headed by Chief Justice ...

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Category : Income Tax | Comments : 0 | Hits : 695

Law Ministry to ensure no case remains pending beyond three years: Moily
Posted Date : 16-Apr-2011 , 12:01:17 pm | Posted By CASANSAAR

Union Law and Justice Minister M. Veerappa Moily on Thursday said the law ministry in collaboration with the judiciary is working towards ensuring that no case remains pending beyond three years. He said the ministry has been putting mechanism in place to ensure the same. "We have now decide...

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Category : General | Comments : 0 | Hits : 727

SAP planning to develop enterprise software in Hindi
Posted Date : 16-Apr-2011 , 12:00:36 pm | Posted By CASANSAAR

Global software major SAP plans to develop and localise its enterprise applications in Hindi, the most widely-spoken Indian language, to enable its domestic customers leverage technology for speedy delivery, the company said Wednesday. “The Hindi version of various applications such as hu...

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Category : General | Comments : 0 | Hits : 681

India may move WTO against US countervailing duty on steel
Posted Date : 15-Apr-2011 , 12:35:28 am | Posted By CASANSAAR

Govt to appeal amid fear that the US and EU may extend it to other products. Exporters of steel and, in turn, the Union ministry of commerce are getting worried at the increased resort by the US of countervailing duty (CVD) to bring down imports from India.   CVD is primarily used to counter ...

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Category : Custom | Comments : 0 | Hits : 953

Help Line Desk for C.A. Examinations, May, 2011
Posted Date : 14-Apr-2011 , 11:54:32 am | Posted By CASANSAAR

The Help Line Desk will be functional from 13th April to 10th MAY, 2011 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountant Examinations to be held in 10th MAY, 2011. The telephone Numbers of Help Line Desk are: 3054851 3...

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Category : Students Zone | Comments : 0 | Hits : 1278

Govt fixes revenue target at Rs 9 lakh crore this fiscal
Posted Date : 13-Apr-2011 , 10:34:33 am | Posted By CASANSAAR

The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today."We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12", Revenue Secretary Sunil Mitra saidHe said the revenue department had ...

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Category : Income Tax | Comments : 0 | Hits : 619

Sebi working on alternative of corporate governance
Posted Date : 13-Apr-2011 , 10:33:51 am | Posted By CASANSAAR

In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. "A committee is working on it. We have also asked the MCA (Ministry of Corporat...

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Category : SEBI | Comments : 0 | Hits : 660

JK govt detects 3,045 cases of tax evasion in '09-10
Posted Date : 12-Apr-2011 , 09:30:25 am | Posted By CASANSAAR

The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10. Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor General (CAG) of India has said that 2,357 cases of eva...

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Category : Income Tax | Comments : 0 | Hits : 653

Finance Ministry to meet PSU bankers on April 26
Posted Date : 12-Apr-2011 , 09:29:45 am | Posted By CASANSAAR

Finance Ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion. The meeting will chaired by Financial Services Secretary S K Sharma instead of the usual practice of Finance Minister c...

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Category : Banking | Comments : 0 | Hits : 728

Mukesh Ambani gets Bank of America shares as director fees
Posted Date : 12-Apr-2011 , 09:29:05 am | Posted By CASANSAAR

Bank of America has given shares worth nearly Rs 11 lakh to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist, who joined the US banking giant's board last month. Ambani may get a total of over Rs 1 crore of annual compensation in cash and stocks, going by the bank's d...

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Category : Corporate Law | Comments : 0 | Hits : 687

Rs 72,000-cr income tax refunds in 2009-10: CBDT
Posted Date : 12-Apr-2011 , 09:28:29 am | Posted By CASANSAAR

The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers i...

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Category : Income Tax | Comments : 0 | Hits : 635

FinMin to DoT:Probe role of telcos in tape leakage
Posted Date : 12-Apr-2011 , 09:27:40 am | Posted By CASANSAAR

Amid controversy over leakage of telephonic conversations involving top industrialists, corporate lobbyist Niira Radia and others, the Finance Ministry has asked the DoT to enquire into the conduct of telecom operators and identify individuals involved in it. "DoT (Department of Telecom) will hav...

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Category : Finance | Comments : 0 | Hits : 674

Aamir Khan In Times 100 Most Influential People List
Posted Date : 12-Apr-2011 , 08:06:30 am | Posted By CASANSAAR

It was just after India's World Cup Cricket triumph that a very important news did not get the coverage that it deserved from the media. Ironically, it was about the man whose first film as a producer, 'Lagaan', took cricket to the Oscars! Yes, it is non other than Hindi cinema's superstar Aamir Kha...

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Category : Income Tax | Comments : 0 | Hits : 640

Government to issue biometric PAN cards to taxpayers
Posted Date : 12-Apr-2011 , 08:05:36 am | Posted By CASANSAAR

The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax ...

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Category : Income Tax | Comments : 0 | Hits : 609

CBDT cracks down on use of unaccounted money in polls
Posted Date : 12-Apr-2011 , 08:04:56 am | Posted By CASANSAAR

All airports, major hotels, railway stations, financial brokers and hawala operators in the five states where Assembly polls are being conducted, are under the vigil of the Income Tax Department. The exercise is part of the Election Commission’s drive to check black money from being used ...

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Category : Income Tax | Comments : 0 | Hits : 646

Now you can claim income-tax deductions for fines paid to RTO
Posted Date : 12-Apr-2011 , 08:04:26 am | Posted By CASANSAAR

Now you can claim income-tax deduction for fines paid to the RTO that are compensatory in nature. In a recent order, Income-tax Appellate Tribunal , (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act. According to the provisions of the Income-tax Act, if a...

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Category : Income Tax | Comments : 0 | Hits : 610

CAG itself needs an auditor: Shunglu panel
Posted Date : 12-Apr-2011 , 08:03:59 am | Posted By CASANSAAR

In a confidential report, the V K Shunglu committee on Commonwealth Games irregularities has recommended that the office of the Comptroller and Auditor General be itself audited by independent auditors appointed by a parliamentary panel. In its report on "systemic changes" submitted to Prime Mini...

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Category : Auditing | Comments : 0 | Hits : 795

Vodafone-Essar deal now in RBI court
Posted Date : 09-Apr-2011 , 11:28:51 pm | Posted By CASANSAAR

Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue. Vodafone’s $5-billion confrontation with its Indian telecom joint venture partner, Essar, is now set to get embroiled in regulatory drama, as the ball...

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Category : Income Tax | Comments : 0 | Hits : 709

RBI extends special borrowing facility till 6 May
Posted Date : 09-Apr-2011 , 11:28:13 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday extended its special borrowing facility for banks till 6 May-the sixth time since it was introduced in October. Under the facility banks can borrow up to 1% of their deposits without paying any penal interest if there is a shortfall on their statutory liquid...

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Category : RBI | Comments : 0 | Hits : 690

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