Selling ice-cream is Service, must be taxed more: Tax authorities
Posted Date : 26-Jun-2013 , 08:19:53 am | Posted By CASANSAAR
Is an ice-cream a product or a service? Well, you are in for a surprise if you think that it's a product. The tax authorities feel that the ice-cream served by the likes ofAmul, Vadilal, Kwality Walls, Baskin Robbins and a host of others retail vends or parlours constitute a ...
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Service Tax |
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CA seeks injunction on regional body meeting
Posted Date : 26-Jun-2013 , 07:17:39 am | Posted By CASANSAAR
Chartered accountant Arun Anandagiri has sought an injunction (compulsory relief) on the annual general meeting of the Western India Regional Council (WIRC) of Institute of Chartered Accountants of India (ICAI) scheduled to take place in Mumbai on Thursday.
Anandgiri has fi...
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ICAI |
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Companies must buy back at least 50 per cent under new sebi rules
Posted Date : 26-Jun-2013 , 07:03:03 am | Posted By CASANSAAR
Capital market regulator Sebi has tightened rules for share buybacks by mandating companies to purchase at least 50% of the offer size, failing which they will have to forfeit 2.5% of the total amount earmarked. The Sebi board which met on Tuesday cleared the new b...
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Corporate Law |
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CBEC Extends 24x7 Customs Clearance Facility for Export Cargo from 1ST July, 2013
Posted Date : 25-Jun-2013 , 04:28:41 pm | Posted By CASANSAAR
Beginning 1st July, 2013, Customs clearance of all export goods will take place on 24x7 basis from four major Air Cargo Complexes/airports i.e., Bangalore, Chennai, Delhi and Mumbai. Thus, all exports including those made under export incentives scheme as well as duty drawback scheme will now be abl...
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Custom |
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Mahindra Satyam merges with Tech Mahindra
Posted Date : 25-Jun-2013 , 01:28:39 pm | Posted By CASANSAAR
Software company Mahindra Satyam became a part of history after it was formally merged with its parent Tech Mahindra on Tuesday to create the country's fifth largest software services firm.
The board of Tech Mahindra and Mahindra Satyam had approved the merger on March 21, 2012....
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General |
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I-T department to keep tax returns in hi-tech, world-class swanky centres
Posted Date : 25-Jun-2013 , 06:44:00 am | Posted By CASANSAAR
Your taxes are dear to the income tax department, but your returns are even dearer, so the department has ensured that they are kept in world-class safe keeping. Iron Mountain, the safe-keeper of the wills of Princess Diana, Charles Darwin, Bill Gates' Corbis photographic collect...
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Category :
Income Tax |
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0 | Hits : 493
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Google best workplace in India, followed by Intel and American Express
Posted Date : 24-Jun-2013 , 06:08:41 pm | Posted By CASANSAAR
Flying in from all corners of the country, braving monsoon rains and traffic jams in Mumbai, the HR chiefs and CEOs of leading companies queued up at a suburban hotel last Friday, with one question in mind: How had they fared in the coveted list- India's Best Companies To Work For.
Give...
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General |
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0 | Hits : 375
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138 Pak MPs either paid no income tax,or govt has no such data
Posted Date : 24-Jun-2013 , 02:36:14 pm | Posted By CASANSAAR
A total of 138 members of Pakistan's new National Assembly, including four federal ministers, have either paid no income tax in 2012 or do not figure in official records of tax-payers, according to a media report today.
The figure accounts for almost 42.59 per cent of the 324 n...
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Category :
International Business |
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Procedure for Filling the Income Tax Return Form
Posted Date : 24-Jun-2013 , 08:06:42 am | Posted By CASANSAAR
Logged on to www.incometaxindia.gov.in, (you can also log on to incometaxindiaefiling.gov.in) and began by downloading the form. This is where you stumble on the first hurdle. Which form to download – ITR-1 Sahaj or ITR-2? The journey of demystification of filing of income tax return (ITR) thu...
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Category :
Income Tax |
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BSNL starts helpline to track pilgrims missing in Uttrakhand flash floods
Posted Date : 23-Jun-2013 , 09:22:47 pm | Posted By CASANSAAR
BSNL on Sunday started helpline to track pilgrims that went missing in flash floods and landslides in Uttrakhand.
BSNL will help the relatives of the victims of Uttrakhand’s natural calamity to track the last mobile phone location of the missing pilgrims.
The relatives of the missing pilgrim...
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Category :
General |
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Companies paying over Rs 10 cr advance tax may be asked to join LTU
Posted Date : 23-Jun-2013 , 07:50:27 pm | Posted By CASANSAAR
Government is considering making it mandatory for companies paying advance tax of over Rs 10 crore annually to register with the LTU (Large Taxpayers Unit), a move likely to augment and streamline tax collection.
A four-member committee has been set up to look into the various aspects of LT...
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Category :
Income Tax |
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0 | Hits : 481
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Indians to pay £3,000 cash bond deposit for UK visa
Posted Date : 23-Jun-2013 , 07:31:15 pm | Posted By CASANSAAR
India has been put on a list of HIGH-RISK Asian and African countries whose citizens would be required to deposit a £3,000 cash bond when they apply for a British visa.
The money would be forfeited if they overstay.
Controversially, the move is targeted only at people from no...
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Category :
General |
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Difficult to recover 97% of Rs 4.82 lakh crore tax arrears: Central Board of Direct Taxes
Posted Date : 23-Jun-2013 , 06:08:33 pm | Posted By CASANSAAR
In a startling revelation, the Central Board of Direct Taxes ( CBDT) has reported that 97 per cent of Income Tax demand arrears, quantified over Rs 4.66 lakh crore, is "difficult" to be recovered.
The total arrears amount to be recovered, stuck because of a variety of reasons l...
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Category :
Income Tax |
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0 | Hits : 300
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Uttarakhand floods: Rahul Gandhi missing in action, again
Posted Date : 22-Jun-2013 , 06:39:07 pm | Posted By CASANSAAR
At a time when almost every prominent politician has expressed concern over the devastating floods in Uttarakhand and other parts of north India, Congress vice president Rahul Gandhi’s absence and complete silence over the tragedy has led to sharp criticism.
The social networking websit...
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Category :
General |
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0 | Hits : 294
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Now pay online for your passport; challan option also available
Posted Date : 22-Jun-2013 , 02:40:34 pm | Posted By CASANSAAR
Starting June 21, you can pay your passport processing fees online and book an appointment with the passport office.
In a major step that would reduce absenteeism of around 20% passport applicants per day, who take appointment but do not turn up and prevent alleged block booking ofappoi...
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Category :
General |
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UBS to surrender its banking licence in India
Posted Date : 22-Jun-2013 , 01:40:01 pm | Posted By CASANSAAR
Swiss bank UBS AG has decided to exit from its banking business in India and is planning to surrender its licence to the Reserve Bank of India (RBI) next week.
“UBS has decided to exit its fixed income business in India. The bank will continue its equity and investment banking&...
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Category :
Income Tax |
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0 | Hits : 360
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Income-tax department may allow filing of returns without digital signatures
Posted Date : 22-Jun-2013 , 08:50:29 am | Posted By CASANSAAR
You may soon not need digital signatures to file income-tax returns. The income-tax department is looking at giving electronic pin (personal identification numbers) to taxpayers, which will make electronic return filing a hassle-free task.
The new system, which will benefit over t...
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Category :
Income Tax |
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0 | Hits : 1357
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Fake CA's revenge: Files dodgy returns
Posted Date : 22-Jun-2013 , 08:38:36 am | Posted By CASANSAAR
Crime branch's cyber cell arrested a man, Jagat Parikh, on Friday for filing fakeincome tax returns on behalf of BJ Medical College. On interrogation he revealed that he used to have the contract to file IT returns on behalf of the institute for two years. He tried to frame the institute by fil...
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Category :
ICAI |
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0 | Hits : 1773
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Service tax defaulters to pay dues sans penalty?
Posted Date : 21-Jun-2013 , 07:56:52 pm | Posted By CASANSAAR
The service tax department of the Government of India is coming up with a one-time amnesty scheme called Voluntary Compliance Encouragement Scheme (VCES), to benefit service tax defaulters from July this year.
In this scheme, the professionals will have to pay their due without any penalty or...
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Category :
Service Tax |
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0 | Hits : 602
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Last date for payment of Annual Membership Fee and steps for Online Payment - ICSI
Posted Date : 21-Jun-2013 , 07:33:57 pm | Posted By CASANSAAR
The Annual Membership fee/Certificate of Practice fee for the year 2013-14 became due for payment w.e.f. 1st April, 2013 and the last date for payment of the same is 30th June, 2013.We wish to inform you that the Annual Membership fee and Certificate of Practice fee payable is as under:-(i...
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ICSI |
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Whom did the Indian rupee hurt, whom did it heal?
Posted Date : 21-Jun-2013 , 06:19:27 pm | Posted By CASANSAAR
The Indian rupee’s free fall would see both gainers and losers among Indian companies, depending on their business model, foreign debt vis-a-vis earnings and hedging strategies.
For instance, according to a Bank of America Merrill Lynch report, rupee depreciation is a positive for ea...
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Category :
General |
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Sebi makes certification mandatory for 'associated persons'
Posted Date : 21-Jun-2013 , 08:16:04 am | Posted By CASANSAAR
Market regulator Sebi (Securities and Exchange Board of India) has notified guidelines for investment advisers and their 'associated persons', making it compulsory for them to get requisite certifications to operate in the stock markets.
The investment advisers and their associated persons,...
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SEBI |
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Indian money in Swiss banks dips to record low at Rs. 9,000 Cr
Posted Date : 20-Jun-2013 , 06:14:41 pm | Posted By CASANSAAR
Deposits by Indians in Swiss banks have fallen to a record low level of about Rs. 9,000 crore (1.42 billion Swiss francs) as a global clampdown against the famed secrecy wall of Switzerland banking system made it unattractive for their global clients.
The total funds held by Indian indivi...
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Category :
International Business |
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Rupee hits life-time low, Government steps in
Posted Date : 20-Jun-2013 , 06:05:33 pm | Posted By CASANSAAR
The Indian rupee slumped to another record low of 59.93 against the dollar on Thursday, after the US Federal Reserve signalled an end to its monetary stimulus that would help in further strengthening of the greenback.
The partially convertible rupee opened sharply lower and hit the record l...
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Category :
Income Tax |
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0 | Hits : 405
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Sebi to auction Rs 42,022 crore government bonds for foreign investors
Posted Date : 20-Jun-2013 , 06:17:15 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) will conduct on Thursday an auction for grant of investment limits to foreign investors in government debt securities worth over Rs. 42,000 crore - the biggest sale of G-Secs so far this year.
It would be first auction for debt securities ...
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SEBI |
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Food from McDonalds, Dominoes & Pizza Hut to get cheaper as FinMin may cut service tax on takeaway, home-delivery
Posted Date : 20-Jun-2013 , 05:50:08 am | Posted By CASANSAAR
The finance ministry may soon clarify that takeaway and home delivery of food will not attract service tax, a move that will be welcomed by the likes of McDonalds, Dominoes and Pizza Hut."The ministry is examining the issue. There is a strong view that takeaways and home deliveries should ...
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Category :
Service Tax |
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0 | Hits : 905
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Finance Ministry to notify Commodity Transaction Tax soon
Posted Date : 20-Jun-2013 , 05:47:37 am | Posted By CASANSAAR
Finance Ministry will soon notify implementation of Commodity Transaction Tax (CTT) which will be levied primarily on processed agricultural commodities, including sugar, soya oil and mentha oil. About 11 processed farm commodities would attract CTT, which will be levied at the r...
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Category :
Finance |
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Government Approves 1 Proposal of Foreign Direct Investment Amounting to About Rs.7.00 Crore
Posted Date : 19-Jun-2013 , 10:13:26 pm | Posted By CASANSAAR
Further to para 5 of the Press Release dated May 31, 2013, wherein it was stated that decision of the 2 (Two) proposals will be communicated separately, Government has approved 1 Proposal of Foreign Direct Investment amounting to Rs. 7.00 crore approximately.
...
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Category :
Finance |
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0 | Hits : 226
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E-filing of tax returns made simple
Posted Date : 19-Jun-2013 , 08:32:53 am | Posted By CASANSAAR
As July 31 - the last date for filing your incometax returns - approaches, it's time to brace yourself for the annual ritual. However, this year, you will not have the luxury of simply gathering all the relevant documents and handing them over to your tax consultant. You will have to adopt a mo...
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Category :
Income Tax |
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0 | Hits : 1766
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ISKCON Mumbai misused audit reports of ISKCON Bangalore - ICAI
Posted Date : 19-Jun-2013 , 08:26:54 am | Posted By CASANSAAR
In what could be a setback to Mumbai ISKCON's legal fight with Bangalore ISKCON over ownership, Institute of Chartered Accountants of India (ICAI) in its recent report observed that Mumbai ISKCON has misused and misinterpreted the audit reports of BangaloreISKCON, while...
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Category :
Income Tax |
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0 | Hits : 757
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