New foreign investment rules will maintain FII tax sops: Government
Posted Date : 24-Dec-2013 , 07:38:37 pm | Posted By CASANSAAR
Foreign portfolio investors in India would be subject to the same tax treatment as foreign institutional investors, the Securities and Exchange Board of India clarified on Tuesday.
India had approved new rules in October aimed at streamlining the registration process for foreign investo...
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International Business |
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Government okays 18,000 additional posts in indirect tax wing
Posted Date : 24-Dec-2013 , 08:50:08 am | Posted By CASANSAAR
Over 18,000 additional posts have been sanctioned in the Central Board of Excise and Customs (CBEC), the government wing tasked with the collection of service tax, excise and customs duty, as part of a cadre restructuring plan. The Union Cabinet recently gave its approval for the creation of th...
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General |
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New company law gives a big push to gender diversity at workplace
Posted Date : 24-Dec-2013 , 08:43:05 am | Posted By CASANSAAR
Earlier this month, when finance minister P Chidambaram rose to speak at The Economic Times Awards for Corporate Excellence, he started off by counting out the number of women seated in the first three rows. "I must specially thank the five women in the first row, the two in the second row, the five...
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Corporate Law |
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2 | Hits : 992
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Chandigarh Housing Board declares highest service tax under VCES
Posted Date : 24-Dec-2013 , 08:35:05 am | Posted By CASANSAAR
Government owned Chandigarh Housing Board (CHB) has declared highest service tax of Rs 9.6 crore under Centre's VCES, with total tax of Rs 68 crore being declared by defaulters in Punjab, Chandigarh and Himachal Pradesh. As Service Tax Voluntary Compliance Encouragement Scheme (VCES) gives an o...
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Service Tax |
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0 | Hits : 896
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CBEC relaxes export warehousing norms, bank guarantee not required
Posted Date : 23-Dec-2013 , 08:52:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes has relaxed the warehousing provisions for export warehousing.
Under the revised norms, exporters could submit letter of undertaking (LUT) in place of bank guarantee which no longer is a compulsory requirement for availing warehousing pr...
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Category :
Excise |
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0 | Hits : 980
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New customs form for Indians, foreigners from January 1
Posted Date : 22-Dec-2013 , 03:29:17 pm | Posted By CASANSAAR
Passengers flying into India will have to fill in a new customs form on their arrival from the new year while the need to fill immigration form for returning Indians is being done away with.
All passengers coming to India will be filling up an 'Indian Customs Declaration Form' seek details ...
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International Business |
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0 | Hits : 951
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Action for violating laws same for all culprits, big or small : SEBI
Posted Date : 22-Dec-2013 , 03:27:22 pm | Posted By CASANSAAR
In its crackdown against market manipulations and other violations, the Securities and Exchange Board of India (Sebi) has said that it goes by facts of the case and the culprits being a big corporate house or a little-known individual become irrelevant.
"The message and mantra for Sebi is that we g...
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SEBI |
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0 | Hits : 721
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Sebi issues paper on infrastructure investment trusts
Posted Date : 21-Dec-2013 , 08:58:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has issued a consultation paper for a separate investment vehicle to channelise investments into infrastructure. Comments have been invited till January 20.
Similar structures are in place in international markets, including Singapor...
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SEBI |
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Credit card dues for 90 days are NPAs: RBI
Posted Date : 21-Dec-2013 , 08:51:16 am | Posted By CASANSAAR
Tightening norms for credit card issuers, RBI today asked banks to treat outstandings as bad loans in case customers fail to pay the minimum due amount within a stipulated 90 period.
With a view to bringing consistency and inducing transparency, the RBI said, "it is advised that a credit ca...
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RBI |
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0 | Hits : 1096
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Petrol price hiked by 41 paise, diesel by 10 paise
Posted Date : 20-Dec-2013 , 10:01:18 pm | Posted By CASANSAAR
Petrol price was on Friday hiked by 41 paise a litre following the government's decision to raise commission paid to petrol pump dealers and firming global oil rates.
Simultaneously, diesel rates were increased by 10 paise per litre due to a hike in dealers commission.
The two incr...
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General |
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0 | Hits : 600
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Tax Information Exchange Agreement (TIEA) Signed Between India And San Marino
Posted Date : 20-Dec-2013 , 09:56:14 pm | Posted By CASANSAAR
India and San Marino signed a Tax Information Exchange Agreement (TIEA) at Rome, Italy yesterday. The Agreement has been signed on behalf of India by Mr.Basant K. Gupta, Ambassador of India to Italy with concurrent accreditation to San Marino and Ms. Daniela Rotondaro, Ambassador of San Marino to It...
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Category :
Income Tax |
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0 | Hits : 733
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Sebi eases norms for FIIs using complex models to invest in India
Posted Date : 20-Dec-2013 , 08:23:38 am | Posted By CASANSAAR
Relaxing its norms for foreign investors, Sebi on Thursday allowed overseas entities using complex multi-fund structures to invest in India, if they need to use such models due to regulations in their home country and they are ready to provide details of actual beneficiary of funds. Fearing pos...
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SEBI |
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0 | Hits : 762
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Industry rises against mandatory cost audits, but government firm
Posted Date : 20-Dec-2013 , 08:19:42 am | Posted By CASANSAAR
Indian businesses have opposed mandatory cost audits proposed in draft rules prepared by the ministry of corporate affairs (MCA), saying that the companies are conscious about cost structures and such checks shouldn't be made compulsory. But the ministry is unlikely to be swayed on the subject. ...
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Category :
Auditing |
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0 | Hits : 1015
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Chartered Accountant's bank account hacked, Rs 3 lakh withdrawn
Posted Date : 19-Dec-2013 , 08:47:04 am | Posted By CASANSAAR
The crime branch is investigating the hacking of a chartered accountant's bank account from which the fraudster withdrew Rs 3 lakh. Police said the victim, Diwakar Vaish from Noida, said his phone SIM card was reissued using fake documents. "His SIM card was blocked so he could not get an SMS a...
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ICAI |
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0 | Hits : 1658
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Vodafone gets Rs3,700 crore I-T notice in transfer pricing case
Posted Date : 19-Dec-2013 , 08:35:45 am | Posted By CASANSAAR
The income tax (I-T) department has slapped a Rs 3,700-crore final order on telecom major Vodafone, on a transfer pricing case. The claim includes the interest on the tax for assessment year 2008-09; it does not include a penalty.
The high court here had dismissed a case fi...
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Category :
Income Tax |
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1 | Hits : 1031
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Historic Lokpal Bill passed in Lok Sabha, will become law soon
Posted Date : 18-Dec-2013 , 01:32:51 pm | Posted By CASANSAAR
The historic Lokpal Bill today took a giant step towards enactment after a 40-year wait, with the Lok Sabha passing it a day after the anti-corruption measure sailed through the Rajya Sabha with the support of opposition parties.
At the village Ralegan Sidhi in Maharashtra, Gandhian activist Anna H...
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General |
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0 | Hits : 972
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RBI surprises market, keeps interest rates unchanged
Posted Date : 18-Dec-2013 , 11:40:42 am | Posted By CASANSAAR
In a surprise move, the Reserve Bank on Wednesday kept the repo rate- the rate at which the central bank lends money to commercial banks- unchanged at 7.75 percent in its mid-quarter review of monetary policy.
Similarly the reverse repo rate too stays at 6.75 percent, the cash reserve ratio (...
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RBI |
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0 | Hits : 841
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Landlord PAN must for rent over Rs 1 lakh
Posted Date : 18-Dec-2013 , 10:53:24 am | Posted By CASANSAAR
The landlord’s Permanent Account Number (PAN) must be mentioned by employees claiming tax exemption under house rent allowance if the annual sum exceeds Rs 1 lakh.
“An employee claiming exemption from tax with respect to house rent allowance received is now required to report th...
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Category :
Income Tax |
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1 | Hits : 1601
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Amendments to the Company Secretaries Act, 1980
Posted Date : 18-Dec-2013 , 08:40:51 am | Posted By CASANSAAR
The Council in its meeting held on November 22, 2013 unanimously decided to approach Central Government seeking the following amendments to the Company Secretaries Act, 1980 on priority:
a. While the name of the Institute remains ICSI, its members may be named as governance&n...
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ICSI |
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CBI arrests Joint Commissioner of Income Tax
Posted Date : 18-Dec-2013 , 08:24:11 am | Posted By CASANSAAR
CBI on Tuesday arrested two Income Tax officials including Joint Commissioner of Income Tax S Shivanandan in Odisha while allegedly receiving bribe of Rs five lakh for closing tax penalty proceedings against a person and recovered documents of properties worth crores of rupees.
CBI sources ...
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Income Tax |
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0 | Hits : 1308
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RBI outlines action plan to tackle NPAs
Posted Date : 18-Dec-2013 , 08:20:21 am | Posted By CASANSAAR
The Reserve Bank of India, on Tuesday, outlined a corrective action plan to minimise rising non-performing assets (NPAs). The plan would include incentivising early identification of problem cases, timely restructuring of accounts, which are considered to be viable, and taking prompt steps by banks ...
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RBI |
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0 | Hits : 874
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Lokpal Bill passed in Rajya Sabha, debate in Lok Sabha tomorrow
Posted Date : 17-Dec-2013 , 06:20:23 pm | Posted By CASANSAAR
The anti-corruption Lokpal Bill moved a step closer to enactment after it was passed in the Rajya Sabha today after a debate that took place in an atmosphere of rare political consensus. The Bill will be taken up in the Lok Sabha tomorrow, the government announced soon after its ally Samajwadi Party...
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General |
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Decisions Taken On Indirect Tax Issues by the Forum Chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister
Posted Date : 17-Dec-2013 , 06:17:10 pm | Posted By CASANSAAR
In July 2013, the Union Finance Minister Shri P.Chidambaram constituted a Forum for exchange of views between industry groups and Government on tax related issues or tax related disputes. The Forum is chaired by Dr. Parthasarathi Shome, Adviser to the Finance Minister and supported by officers of th...
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Category :
Service Tax |
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0 | Hits : 715
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Circular by January 15 for levying excise on goods sold below cost: Finance Ministry
Posted Date : 17-Dec-2013 , 06:12:39 pm | Posted By CASANSAAR
The Finance Ministry has said it will come out with a circular by January 15 to implement a Supreme Court decision regarding valuation of goods sold below the cost price for levying excise duty.
The Supreme Court in a recent decision - in the case of CCE, Mumbai versus Fiat India (P) Ltd - held tha...
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Category :
Excise |
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0 | Hits : 998
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Vacancy Circular for the posts of Technical Member (CA / CS / CMAs), National Company Law Tribunal - 14 Post (Sr.Level)
Posted Date : 17-Dec-2013 , 09:18:45 am | Posted By CASANSAAR
1. Following posts of Member, National Company Law Tribunal to be constituted under Section 408 of the Companies Act, 2013:-
Technical Member - 14(fourteen) posts (8 Unreserved, 2 reserved for SCs, 1 reserved for STs and 3 reserved for OBCs)
2. The selected candidates...
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General |
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0 | Hits : 2390
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Armaan Kohli arrested from the 'Bigg Boss 7' house
Posted Date : 17-Dec-2013 , 08:51:00 am | Posted By CASANSAAR
'Bigg Boss' season 7 participant Armaan Kohli was arrested by Lonavla city police on Monday night for allegedly assaulting British-Pakistani actress Sofia Hayat. Hayat has filed a complaint alleging Kohli of physical abuse during her stay at Lonavala-based bungalow for the shooting of reality show '...
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General |
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2 | Hits : 1365
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RBI restricts FIIs' purchase of additional shares in HDFC Bank
Posted Date : 17-Dec-2013 , 08:42:53 am | Posted By CASANSAAR
The Reserve Bank of India on Monday restricted foreign institutional investors (FIIs) from buying additional shares in HDFC Bank, the country's second-largest private lender, as their shareholding has exceeded the limit.
Stakes held by overseas investors, including FIIs, non-residen...
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Banking |
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0 | Hits : 791
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Sebi mulls new rule for promoters turning public shareholders
Posted Date : 17-Dec-2013 , 08:41:46 am | Posted By CASANSAAR
In the past one year, promoters of a few companies chose to re-classify themselves as public shareholders to comply with the rule that any listed firm must have a minimum public holding of 25%. The strategy did not go down well with the capital markets regulator, which feels that promoters took the ...
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SEBI |
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0 | Hits : 743
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Bank unions to go on strike on Dec 18, PSU banks to be Hit
Posted Date : 16-Dec-2013 , 09:29:25 pm | Posted By CASANSAAR
Operations at public sector banks are likely to be hit on December 18 as trade unions have decided to go on day-long strike to press for wage revision and other demands.
The conciliation meeting before the Chief Labour Commissioner between the unions and IBA has failed to find an amicable...
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Banking |
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0 | Hits : 1011
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NSEL scam: Enforcement Directorate attaches assets worth Rs.100 crore
Posted Date : 16-Dec-2013 , 12:06:38 pm | Posted By CASANSAAR
The Enforcement Directorate has attached a fresh estimated Rs. 100 crore assets of a borrower company and its associates in connection with money laundering probe in the National Spot Exchange Limited (NSEL) scam case.
The agency's latest action, under Prevention of Money Laundering (PMLA...
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General |
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0 | Hits : 820
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