Service tax offices to remain open on Dec 28-29
Posted Date : 27-Dec-2013 , 10:13:13 pm | Posted By CASANSAAR
All offices handling service tax will remain open tomorrow as well as the day after (Sunday) to avoid last minute for rush those who want to avail the benefit of one time service tax amnesty scheme.
The last date for filing declaration under Voluntary Compliance Encouragement Scheme (VCES...
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Service Tax |
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Taxmen to accept Aadhaar Card as valid identity, address proof for issuing PAN
Posted Date : 27-Dec-2013 , 08:50:04 am | Posted By CASANSAAR
The Income Tax Department will now accept Aadhaar Card as proof of identity and address for issuance of Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT) has issued a notification expanding the list of documents admissible as proof of identity and address by including Aadhaar ...
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Income Tax |
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Investors seek Forensic Audit of NSEL brokers
Posted Date : 27-Dec-2013 , 08:27:10 am | Posted By CASANSAAR
NSEL Investors’ Action Group, a breakaway faction of NSEL Investors’ Forum, has petitioned the Mumbai police for conducting a forensic audit of brokers of the National Spot Exchange Ltd in the case of the 55-bln-rupee payment defaults on the exchange.
“In a criminal breach...
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Auditing |
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Sebi simplifies account opening process for investors
Posted Date : 27-Dec-2013 , 08:19:42 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday simplified investor account opening procedures by doing away with details about income and occupation of the applicant for the purpose of a centralised KYC registration agency.
With this, the regulator is mo...
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SEBI |
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ICSI Announcement Regarding Paper-Wise Exemptions
Posted Date : 26-Dec-2013 , 10:30:54 pm | Posted By CASANSAAR
1. Students are required to apply forpaper wise exemption in desired subject through ‘Online Services’ on website www.icsi.edu and for procedure please follow the linkhttp://www.icsi.edu/webmodules/student/ONLINE%20REGISTRATION.pdf
2. Fee for paper wise exemption is Rs...
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ICSI |
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IT department serves notices to individuals refusing to share details of bank accounts with HSBC Geneva
Posted Date : 26-Dec-2013 , 08:12:51 am | Posted By CASANSAAR
The income-tax department has served prosecution notices on Indian nationals who have refused to share information on their undisclosed bank accounts with HSBC Geneva. The names of these individuals had figured in a list of more than 600 HSBC account-holders. The Indian government had received ...
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Income Tax |
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0 | Hits : 897
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IPO ads can be innovative, but risk disclosures must: SEBI
Posted Date : 26-Dec-2013 , 07:54:15 am | Posted By CASANSAAR
In their advertisements to attract investors to public offers, companies can be more creative and innovative as long as they are not misleading and contain necessary disclosures of associated risks and other facts, Sebi chief U K Sinha feels. Primary market has been mostly sluggish for last few...
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SEBI |
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Casio under taxman
Posted Date : 26-Dec-2013 , 07:38:25 am | Posted By CASANSAAR
The latest to feel the taxman’s heat is Casio India, a wholly-owned subsidiary of Casio Computer Company Ltd, Japan (Casio Japan).
Indian income tax authorities have invariably been “marking up” the advertising, marketing and promotion (AMP) expenses incurred by the Indian...
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Income Tax |
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Taxman
Posted Date : 26-Dec-2013 , 07:32:03 am | Posted By CASANSAAR
The Tax Department is stumped by SEBI’s tax treatment plan for foreign portfolio investors (FPIs).
According to a senior Revenue Department official, a notification on the tax treatment is yet to be finalised. FPI is a new investor category that will merge Foreign Institutional Invest...
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Income Tax |
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0 | Hits : 657
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Over 300 times increase in service tax revenue in two decades
Posted Date : 25-Dec-2013 , 06:34:19 pm | Posted By CASANSAAR
Revenue from service tax, which has become a new focus area for Finance Ministry, has grown up substantially by over 300 times in past about two decades. The Finance Ministry has earned revenue of about Rs 1.32 lakh crore in 2012-13 (provisional figures) compared to Rs 407 crore in 1994-95, acc...
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Service Tax |
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Regulatory action likely against NSEL Audit firms
Posted Date : 25-Dec-2013 , 08:53:18 am | Posted By CASANSAAR
After passing the ‘fit and proper’ order against National Spot Exchange (NSEL)-promoter Financial Technologies India Limited, the Forward Markets Commission (FMC) plans to move against audit firms and consultants associated with NSEL. The market regulator would issue an advisory on these...
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Auditing |
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Ignore safe harbour margins for transfer pricing Audits, CBDT tells officers
Posted Date : 25-Dec-2013 , 08:49:44 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed assessing officers/ transfer pricing officers to ignore safe harbour rates or margins while conducting transfer pricing audits.
“In cases where an assessee has not opted for safe harbour or the option has not been found to be valid...
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Category :
Income Tax |
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0 | Hits : 822
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StockGuru scam: CBI arrests Income Tax Deputy Commissioner
Posted Date : 25-Dec-2013 , 08:43:33 am | Posted By CASANSAAR
CBI has arrested an Indian Revenue Service officer for allegedly receiving bribes from the perpetrator of the StockGuru scam, Ulhas Prabhakar Khaire.
CBI sources said Yogendra Mittal, a 2006-batch IRS officer who was posted as the Deputy Commissioner of Income Tax, was arrested on the alleg...
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Income Tax |
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0 | Hits : 1017
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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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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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Category :
Service Tax |
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0 | Hits : 907
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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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Excise |
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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 : 959
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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 : 729
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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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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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Category :
General |
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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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Income Tax |
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0 | Hits : 758
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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 : 769
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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 : 1026
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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 : 1669
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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 : 1044
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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 : 1000
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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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