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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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Category : Budget | Comments : 0 | Hits : 469

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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Category : Banking | Comments : 0 | Hits : 1149

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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Category : Students Zone | Comments : 0 | Hits : 354

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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Category : Income Tax | Comments : 0 | Hits : 970

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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Category : General | Comments : 0 | Hits : 157

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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Category : Income Tax | Comments : 0 | Hits : 440

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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Category : Corporate Law | Comments : 0 | Hits : 575

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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Category : Income Tax | Comments : 0 | Hits : 658

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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Category : General | Comments : 0 | Hits : 269

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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Category : ICAI | Comments : 0 | Hits : 1606

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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Category : Budget | Comments : 0 | Hits : 568

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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Category : Income Tax | Comments : 0 | Hits : 280

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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Category : Income Tax | Comments : 0 | Hits : 276

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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Category : GST | Comments : 0 | Hits : 766

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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Category : Corporate Law | Comments : 0 | Hits : 733

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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Category : Auditing | Comments : 0 | Hits : 663

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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Category : Budget | Comments : 0 | Hits : 415

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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Category : RBI | Comments : 0 | Hits : 151

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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Category : ICAI | Comments : 0 | Hits : 1177

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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Category : Income Tax | Comments : 0 | Hits : 488

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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Category : GST | Comments : 0 | Hits : 354

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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Category : International Business | Comments : 0 | Hits : 216

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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Category : Students Zone | Comments : 0 | Hits : 1062

CBDT manual aims to plug leakages in cross-border transfers
Posted Date : 28-Jan-2013 , 08:27:58 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) is pushing for exchange of information among tax administrators globally to tap tax leakage in cross-border transactions, even as the government is struggling to contain the fiscal deficit by boosting tax collection and paring expenditure. The foreign ...

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Category : Income Tax | Comments : 0 | Hits : 225

FM to launch Rajiv Gandhi Equity Scheme in Mumbai
Posted Date : 27-Jan-2013 , 12:31:52 pm | Posted By CASANSAAR

Aiming to attract first-time stock market investors, Finance Minister P Chidambaram will launch the much-awaitedRajiv Gandhi Equity Savings Scheme (RGESS) in Mumbai on February 9.  "He (Chidambaram) is going to Mumbai next month and will formally launch the Rajiv Gandh...

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Category : Income Tax | Comments : 0 | Hits : 200

Now, get 50% tax rebate on road safety donation
Posted Date : 27-Jan-2013 , 12:24:46 pm | Posted By CASANSAAR

The government has allowed income tax exemption on 50% of the amount that people/ entities contribute for road safety activities. The road transport and highways ministry notified this recently, though the finance ministry had had approved this in May last year. This is likely to...

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Category : Income Tax | Comments : 0 | Hits : 512

CA loses Rs 85 lakh to online lottery scam
Posted Date : 26-Jan-2013 , 10:34:18 am | Posted By CASANSAAR

Falling prey to an online lottery scam, chartered accountant Pankaj Kumar (name changed), 25, transferred nearly Rs 85 lakh to account numbers provided by the cyber criminals, who duped him by showing frivolous dreams having won lottery money of 10 lakh pounds. Now, all his efforts to cont...

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Category : ICAI | Comments : 1 | Hits : 1387

Budget 2013: Govt may introduce new tax slab for incomes above Rs 5cr
Posted Date : 26-Jan-2013 , 10:28:22 am | Posted By CASANSAAR

P.Chidambaram, Finance Minister said, "There is an argument that when the eco, the government requires more resources the very rich should willingly pay a little more". Among the options being considered are, one a surcharge on income tax above a significantly high threshold, two rejigging...

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Category : Budget | Comments : 0 | Hits : 772

Late Rajesh Khanna, Jaspal Bhatti among Padma-2013 awardees
Posted Date : 25-Jan-2013 , 10:10:13 pm | Posted By CASANSAAR

President has approved the conferment of108 Padma Awards. These comprise 04 Padma Vibhushan, 24 Padma Bhushan and80 Padma Shri Awards. 24 of the awardees are women and the list also includes 11 persons in the category of Foreigners, NRIs, PIOs andPosthumous awardees.   Padma Awards, the count...

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Category : General | Comments : 0 | Hits : 176

Results of CA PCC & IPCC Examinations held in November, 2012 are likely to be declared on Tuesday, the 5th February, 2013 around 5.00 P.M.
Posted Date : 25-Jan-2013 , 09:31:28 pm | Posted By CASANSAAR

IMPORTANT ANNOUNCEMENT   The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2012 are likely to be declared onTuesday, the 5th February, 2013 around 5.00 P.M. and the same as well as the meritlist (candida...

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Category : Students Zone | Comments : 0 | Hits : 795

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