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Market regulator Securities and Exchange Board of India on Tuesday formed a panel to review insider trading rules to curb the rising menace of the illegal practice. Sebi appointed NK Sodhi, former chief justice of Karnataka High Court and former presiding officer of the...

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Category : SEBI | Comments : 0 | Hits : 218

The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).   This fa...

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Category : Banking | Comments : 0 | Hits : 398

Income Tax Department has detected undisclosed income of Rs 20,589.75 crore in searches and surveys conducted by it in 2011-12, government said today.  Minister of State for Finance S S Palanimanickam in a written reply to the Rajya Sabha said, "In the searches conducted by Income Tax Departme...

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Category : Income Tax | Comments : 0 | Hits : 240

The government will have to explain allegations of malpractices in one of its flagship schemes to waive the debts of farmers across the country, a promise which helped power the coalition's victory in 2009 .    The government's auditor or CAG has said that the 52,000-crore scheme was mar...

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Category : CAG | Comments : 0 | Hits : 479

Finance minister P Chidambaram on Monday said amendment to the retrospective tax rules would be sought from Parliament only after the Vodafone tax dispute is resolved. According to the rules set last year, the government can make retrospective tax claims on long-concluded corpora...

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Category : Income Tax | Comments : 0 | Hits : 281

The corporate affairs ministry today said investigations or inspections have been initiated against 87 companies following complaints against the entities for floating fraudulent investment schemes. Further, to crackdown on entities floating fraudulent investment schemes, the government has asked st...

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Category : Corporate Law | Comments : 0 | Hits : 370

Failure to pay excise duty and service tax could lead to arrest of defaulters, as per the provisions proposed in the Finance Bill 2013 introduced by Finance Minister P Chidambaram in the Lok Sabha.   As per the provisions, offences relating to excise and customs duty evasion of over Rs 50 lak...

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Category : Budget | Comments : 0 | Hits : 754

The government will issue so-called safe harbour rules by April 2013, a set of provisions that under certain conditions would enable tax authorities to accept companies transfer pricing claims without further scrutiny, Finance Minister P Chidambaram said on Monday. Transfer pricing is the valu...

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Category : Income Tax | Comments : 0 | Hits : 220

Financial inclusion plan will be an important criteria for getting new bank licences in the private sector, the Reserve Bank of India (RBI) said on Monday. The apex bank came out with new bank licence guidelines last month wherein it said the important criterion for processing application would be ...

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Category : Banking | Comments : 0 | Hits : 210

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002.  ICAI invites applications from highly competent candidates for the positions ofSECRETARY,TECHNICAL DIRECTORa...

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Category : ICAI | Comments : 0 | Hits : 513

India's first all-women bank will start operations from November this year through six branches spread across the length and breadth of the country, Finance Minister P Chidambaram said today.   "It will be inaugurated in November. Initially we should start with at least one branch in each maj...

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Category : Banking | Comments : 0 | Hits : 261

Finance Minister P Chidambaram said the revenue department will send tax notices to 35,000 assesses next week, beefing up efforts to reach the collection target for the fiscal.   "We have issued notices to 35,000 people saying that on the basis of information we have, you should have filed yo...

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Category : Income Tax | Comments : 0 | Hits : 1454

Come April and the Indian Railways' online ticket booking portal IRCTC will start levying service tax on service charge for e-tickets booked through it.    A letter to this effect was issued on February 27 by the railway ministry. The Indian Railway Catering and Tourism Corporation&...

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Category : Service Tax | Comments : 0 | Hits : 502

The government is tightening noose on tax evaders by strengthening its Tax Deducted at Source (TDS) system. The focus on technology-based processing is so much so that Finance Minister P Chidambaram did not wait for the Centralised Processing Cell (CPC) for TDS at Ghaziabad to become fully operation...

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Category : Income Tax | Comments : 0 | Hits : 588

Diesel price for bulk consumers like the Railways and power plants has been hiked by up to Rs. 1.25 per litre as state-owned oil companies yet again exercised the newly bestowed pricing freedom. This means that the Railways and power plants will have to shell out more for the fuel, and it...

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Category : General | Comments : 0 | Hits : 171

Bollywood filmmaker Karan Johar has moved the Bombay High Court challenging a notice issued by the Income Tax department which claimed that more than Rs two crore profits from his film 'Kabhi Alvida Na Kehna' were not disclosed during the assessment year 2006-07.  In the petition, Johar said t...

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Category : Income Tax | Comments : 0 | Hits : 231

An Indian American organisation has asked the Indian government to increase the limit ofduty free gold that an NRI couple can bring to India.The North American Punjabi Association (NAPA) in a statement has asked the Indian government to increase the limit to Rs 3 lakh from the current...

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Category : Custom | Comments : 0 | Hits : 162

The finance ministry on Friday issued a clarification on tax residency certificates (TRC) after concerns were expressed regarding the clause in the Finance Bill that amends Section 90 of the Income Tax Act. Section 90 deals with Double Taxation Avoidance Agreements (DTAA).   Finmin clari...

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Category : Budget | Comments : 0 | Hits : 600

Market regulator Securities and Exchange Board of India (Sebi) has said reservation of 20 per cent will have to be made for retail investors during conversion of Indian Depository Receipts (IDRs) into underlying shares. The regulator today issued a detailed road map and framework for enabling partia...

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Category : SEBI | Comments : 0 | Hits : 251

Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposit...

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Category : Banking | Comments : 0 | Hits : 270

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore appro...

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Category : Finance | Comments : 0 | Hits : 223

Indian Oil Corp, India's largest state-owned oil company, will hike the price of petrol by Rs. 1.40 effective midnight tonight, the company said in a statement. The company attributed this hike to increasing international crude prices and a falling rupee. "International prices have incre...

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Category : General | Comments : 0 | Hits : 189

In order to check frauds, the RBI has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer. "All the active magstripe international cards issued by banks should have...

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Category : Banking | Comments : 0 | Hits : 214

Under the corporate tax, although there are no changes proposed to Income tax rates but the surcharge is proposed to increase from 5 to 10 % on domestic companies having income exceeding INR 10 crore. In case of foreign companies (if income exceeds INR 10 crores), surcharge will increase f...

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Category : Budget | Comments : 0 | Hits : 764

Union finance minister P Chidambaram in his budget 2013 has decided to levy a withholding tax of 20 % on profits distributed by unlisted companies to shareholders through buyback of shares. The move will deter unlisted companies opting for buyback of shares. Tax consultants ...

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Category : Budget | Comments : 0 | Hits : 984

The Corporate Affairs Ministry will get higher budgetary allocation at Rs 255.28 crore in the next fiscal, with increased funding for think-tank IICAand investigation agency SFIO, among others. According to the Budget proposals, the government has earmarked Rs 255.28 cr...

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Category : Budget | Comments : 0 | Hits : 253

The proposed scheme to encourage voluntary compliance with service tax announced in the Union budget is a tool to broaden the tax base. It excludes cases where the assessees have disputed the levy, or against whom the government has initiated action.   What the Service Tax Voluntary Complianc...

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Category : Service Tax | Comments : 0 | Hits : 470

With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product. In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...

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Category : Banking | Comments : 0 | Hits : 274

The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultura...

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Category : Income Tax | Comments : 0 | Hits : 994

Indicating that his hands were tied because the economy is “challenged”, Finance Minister P Chidambaram on Thursday said more “measures and decisions” will be announced during the Budget passage in Parliament.   Addressing a post-Budget press conference, he said Budget...

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Category : Income Tax | Comments : 0 | Hits : 155