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Fin Min to taxpayers: Revenue to be collected in just & fair manner
Posted Date : 05-Feb-2013 , 07:33:53 pm | Posted By CASANSAAR

Finance Ministry today assured taxpayers that efforts would be made to end hostile relationships between officials and assesses and collect revenue in a just and fair manner.   Addressing officials of Central Board of Excise and Customs (CBEC) Finance Minister P Chidambaram said in New Delhi...

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Category : Income Tax | Comments : 0 | Hits : 213

IT dept slaps Rs 2300 crore tax demand on BCCI, Board looks for legal loopholes
Posted Date : 05-Feb-2013 , 07:29:06 pm | Posted By CASANSAAR

Income tax authorities have reopened old cases involving theIndian cricket Board and slapped taxes totalling about Rs. 2,300 crore for seven years after terming all its activities as "commercial", forcing the world's richest cricket body against the wall. Tax assessment cas...

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Category : Income Tax | Comments : 0 | Hits : 344

SEBI revises rules for amalgamation of companies
Posted Date : 05-Feb-2013 , 07:37:47 am | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) on Monday revised rules for merger and amalgamation of companies, which requires stricter valuation of entities.   In the recent past, SEBI said it “received applications seeking exemption from certain entities containing inadequate...

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Category : SEBI | Comments : 0 | Hits : 521

Mass resignation by central excise, service tax superintendents on April 30
Posted Date : 05-Feb-2013 , 07:34:01 am | Posted By CASANSAAR

All Central Excise and Service Tax superintendents will submit their resignations on April 30 over their demand for no promotions, lower salary and lack of working conditions.   They have been presenting their case to the concerned authorities regularly for more than two decades...

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Category : Service Tax | Comments : 0 | Hits : 622

Tamil Nadu chief minister gives Rs. 10 lakh to Chartered Accountancy topper
Posted Date : 04-Feb-2013 , 08:44:14 pm | Posted By CASANSAAR

Tamil Nadu Chief Minister Jayalalithaa on Monday gave away Rs. 10 lakh to Prema, an auto rickshaw driver's daughter from the state, who topped the nationwide Chartered Accountant examination. She gave the cheque to Prema, who was accompanied by her father and brother, ...

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Category : Students Zone | Comments : 0 | Hits : 686

Shell India says tax order contrary to FM'S FDI drive; to challenge strongly
Posted Date : 04-Feb-2013 , 08:40:01 pm | Posted By CASANSAAR

Global petrochemical and energy giant Shell's Indian arm is gearing up to challenge a recent transfer pricingorder by the income tax department order that has alleged underpricing of Rs 15,000 crores by Shell Indiawhile issuing shares to it's sole parent Shell Gas BV in March, 20...

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Category : Income Tax | Comments : 0 | Hits : 249

Facebook celebrates 9th birthday, Hapy Birthday Facebook
Posted Date : 04-Feb-2013 , 05:51:42 pm | Posted By CASANSAAR

Social networking site Facebook on Monday turned nine.   Today, Facebook has over one billion active users and the counting is going on rapidly.  The most popular social networking site was founded by Mark Zuckerberg and his four friends as a sophomore at the Harvard Unive...

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Category : General | Comments : 0 | Hits : 184

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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Category : Service Tax | Comments : 0 | Hits : 549

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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Category : Income Tax | Comments : 0 | Hits : 435

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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Category : Banking | Comments : 0 | Hits : 335

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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Category : Income Tax | Comments : 0 | Hits : 2315

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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Category : Income Tax | Comments : 0 | Hits : 125

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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Category : Students Zone | Comments : 0 | Hits : 570

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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Category : Service Tax | Comments : 0 | Hits : 669

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

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