Finance Ministry detects Rs 2,280 crore black money routed through PPP
Posted Date : 25-Sep-2013 , 09:19:35 pm | Posted By CASANSAAR
About Rs 2,280 crore unaccounted income being allegedly routed through Private Placement Programme(PPP) has been detected by economic intelligence sleuths. The Central Economic Intelligence Bureau(CEIB), the nodal agency in the Finance Ministry for gathering and disseminatin...
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Income Tax |
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7th Pay Commission announced for Central Govt employees
Posted Date : 25-Sep-2013 , 01:31:16 pm | Posted By CASANSAAR
The government on Wednesday decided to finally announce the Seventh Pay Commission for central government employees and pensioners.
"Prime Minister Manmohan Singh approved the constitution of the 7th Pay Commission. Its recommendations are likely to be implemented with effect from January 1, ...
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General |
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Adopt uniform procedures for non-filers of I-T returns: CBDT
Posted Date : 25-Sep-2013 , 08:37:50 am | Posted By CASANSAAR
With an aim to check tax evasion, the Central Board of Direct Taxes(CBDT) has tightened norms to deal with 'no-filers' of income tax returns and asked its officers to follow uniform procedure in handling such cases. "The existing procedure for monitoring cases of '...
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Income Tax |
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RBI Issues Clarifications Regarding Applicability of Revised Guidelines in Respect of Overseas Direct Investment (ODI) to Facilitate Outward Investment Requirements of the Indian Companies
Posted Date : 25-Sep-2013 , 07:51:19 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has issued certain clarifications vide AP (DIR Series) Circular No. 30 dated September 04, 2013 with respect to the applicability of the revised guidelines in respect of Overseas Direct Investment (ODI) notified vide A.P. (DIR Series) Circular No.23 dated August 14, 2013 ...
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RBI |
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FT Auditor says FY13 accounts can't be relied upon, withdraws audit report
Posted Date : 24-Sep-2013 , 05:42:24 pm | Posted By CASANSAAR
Financial Technologies in a filing on the Bombay Stock Exchange have said that they will not discuss points one, two and five in tomorrow's AGM.
The first point says that the stand alone and consolidated financial statements of the company for the previous financial year shou...
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Auditing |
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No 0% interest EMI scheme: RBI
Posted Date : 24-Sep-2013 , 04:10:30 pm | Posted By CASANSAAR
The Reserve Bank of India has come down heavily on zero per cent or discounted interest rate schemes, and wants them stopped as it feels that consumers have been fooled by such schemes into believing that bank funding comes for free. "Such schemes only serve the purpose of (luring) and exploiting vu...
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RBI |
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India-born Watsa led Fairfax consortium to buy BlackBerry for $4.7 billion
Posted Date : 24-Sep-2013 , 03:00:28 pm | Posted By CASANSAAR
BlackBerry Limited today announced it has signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence.
Hyderabad-born Prem Watsa is the founder, chairman, and CEO of Fairfax Financia...
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International Business |
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CBDT releases updated version of ITR- 7
Posted Date : 24-Sep-2013 , 08:48:55 am | Posted By CASANSAAR
CBDT releases updated version of ITR- 7 and offline Forms (Other then ITR). updated version of ITR- 7 and offline Forms (Other then ITR) are available in the website on income tax www.incometaxindiaefiling.gov.in
Assessee may download and use the same....
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Income Tax |
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0 | Hits : 978
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Getting a job in Sebi is 10 times harder than in Google
Posted Date : 24-Sep-2013 , 07:33:30 am | Posted By CASANSAAR
A hundred thousand candidates have applied to the Securities and Exchange Board of India (Sebi) after it advertised for new officers to join the market watchdog.
This puts the number of candidates at over 1,300 for every opening, according to two people familiar with the matter — one Sebi off...
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General |
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Multiple agencies to start proceedings against NSEL
Posted Date : 24-Sep-2013 , 07:22:43 am | Posted By CASANSAAR
The report on the National Spot Exchange Limited (NSEL) crises has been submitted to Prime Minister via the Finance Minister and the FM is likely to take a decision on the matter.
The report lists that the NSEL crises has likely violated the Prevention of Money Laundering Act (PMLA Act), th...
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General |
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Aadhaar card must be voluntary, says Supreme Court
Posted Date : 23-Sep-2013 , 09:34:44 pm | Posted By CASANSAAR
In the middle of a working day, SM Rehman, a daily wage earner, is at the ration card office in Delhi's Ambedkar Nagar, trying to get a new ration card made for his family of six. His biggest stumbling block isn't the form but an Aadhaar card. Under the Delhi government's food security scheme, an Aa...
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General |
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Rs 3,000 Cr lost as tax rebates to NGOs, trusts: CAG
Posted Date : 23-Sep-2013 , 09:56:39 am | Posted By CASANSAAR
The government has given away more than Rs 3,000 crore by way of tax exemptions to some non-deserving big charitable organizations and trusts.
The revelations were made in a Comptroller and Auditor General (CAG) report which was submitted to the government for tabling in the monsoon sessi...
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Income Tax |
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1 | Hits : 773
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SEBI mulls new norms for CEO pay, whistleblower policy
Posted Date : 22-Sep-2013 , 06:32:53 pm | Posted By CASANSAAR
In a major overhaul of corporate governance norms, SEBI will soon put in place stringent checks against unjustifiable CEO salaries at listed companies and ask them to adopt a whistle-blower policy to protect the employees exposing any wrongdoings by the top management.
The capital market regulator ...
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SEBI |
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0 | Hits : 792
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Governor approves ordinances to levy Property Tax in Punjab
Posted Date : 22-Sep-2013 , 08:49:03 am | Posted By CASANSAAR
Property tax is all set to be introduced in Punjab after Governor Shivraj V Patil gave his nod to two ordinances clearing the path for its collection in cities with Municipal Councils and Corporations.
The ordinances concern amendments to Punjab Municipal Act, 1911, for areas with C...
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General |
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0 | Hits : 734
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8 Delhi engineering students get Rs. 70 lakh/annum Job offer
Posted Date : 21-Sep-2013 , 08:22:35 am | Posted By CASANSAAR
The placement season may have just started but eight students at the Delhi Technological University (DTU) have already bagged packages of Rs. 70 lakh per annum.
The US-based software firm, EPIC, has made the offer of $105,000 per annum to the students who will graduate ...
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Income Tax |
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Nothing religious about marriage, pay service tax - CESTAT
Posted Date : 21-Sep-2013 , 08:18:12 am | Posted By CASANSAAR
Marriage as a social institution existed much before religions came into being and, therefore, it is futile to argue that the marriage is a religious function— law itself recognizes registered marriages as a legally valid form of marriage and there is no religious sanctity attached to suc...
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Service Tax |
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0 | Hits : 1471
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Govt releases second set of draft rules for new Companies Act
Posted Date : 21-Sep-2013 , 08:08:44 am | Posted By CASANSAAR
The government today released the second set of draft rules for the implementation of landmark Companies Act, 2013, that will replace the nearly six-decade old legislation governing corporates in the country.
Draft rules for eight more chapters of the new Companies Act have ...
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Income Tax |
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0 | Hits : 886
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School bus, canteen, hostel exempt from service tax: Fin Min
Posted Date : 21-Sep-2013 , 07:33:50 am | Posted By CASANSAAR
The Finance Ministry on Friday clarified that "auxiliary educational services" like hostels, canteen and school buses will not attract 12 percent service tax.
"By virtue of the entry in the negative list and by virtue of the portion of the exemption notification, it will be clear that all services ...
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Service Tax |
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0 | Hits : 1072
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Promulgation of the Securities Laws (Amendment) Second Ordinance 2013
Posted Date : 20-Sep-2013 , 07:48:24 pm | Posted By CASANSAAR
The President was pleased to promulgate the Securities Laws (Amendment) Second Ordinance, 2013 (No. of 2013) under clause (1) of the Article 123 of the Constitution on September 16, 2013. This was consequent to the approval of the Cabinet, which met on September 12, 2013, to keep in force the amendm...
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Corporate Law |
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RBI hikes repo rate to 7.5%, reduces MSF rate to 9.5%
Posted Date : 20-Sep-2013 , 11:18:40 am | Posted By CASANSAAR
In his first monetary policy review after taking over as the Reserve Bank of India (RBI) governor, Raghuram Rajan on Friday reduced the MSF rate by 75 basis points to 9.5%. While reducing MSF, Rajan hiked repo rate to 7.5%. The central bank kept the Cash Reserve Ra...
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RBI |
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RBI permits banks to open branches without its nod
Posted Date : 20-Sep-2013 , 08:40:44 am | Posted By CASANSAAR
Within days of new RBI Governor Raghuram Rajan making comments to this effect, the central bank today allowed lenders to open branches, including in big cities, without its permission provided they fulfil certain conditions.
With the objective of further liberalising and rationalising the b...
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Banking |
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Tax officers would need intensive training on transfer pricing
Posted Date : 20-Sep-2013 , 08:38:39 am | Posted By CASANSAAR
The government has done well to firm up simple rules that software and other MNCs can follow in pricing services when they do business with their parent outfits or subsidiaries. It has fixed a mark-up on costs, known as safe harbour, for six sectors, including information technology (IT), IT-enabled...
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Income Tax |
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0 | Hits : 747
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Govt to release next set of Companies Act draft rules tomorrow
Posted Date : 19-Sep-2013 , 05:50:32 pm | Posted By CASANSAAR
The government is expected to come out tomorrow with the second set of draft rules for implementation of the new Companies Act, that replaces nearly six-decades old legislation governing corporates.
The Corporate Affairs Ministry, on September 9, came out with the first tranche of draft r...
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Corporate Law |
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0 | Hits : 850
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FinMin asks CBDT to clarify taxes on offshore fund managers
Posted Date : 19-Sep-2013 , 08:17:15 am | Posted By CASANSAAR
In what could result in a huge relief for the Indian fund industry, the finance ministry has nudged the CBDT (Central Board of Direct Taxes) to issue a clarification on the taxation of fund managers of an offshore fund. The ministry believes that fund managers managing offshore funds are being drive...
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Income Tax |
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NSEL Auditor related to Jignesh Shah, allege investors
Posted Date : 19-Sep-2013 , 08:14:14 am | Posted By CASANSAAR
Investors of the crisis-hit National Spot Exchange (NSEL), in their complaint to the Economic Offences Wing (EOW), have alleged that the bourse appointed a little-know audit firm, Mukesh P Shah & Co, as its statutory auditors since the proprietor of the firm was related to Jignesh Shah.
...
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Auditing |
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0 | Hits : 952
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Govt Releases Safe Harbour Rules for 5 Assessment Years Beginning from AY. 2013-14
Posted Date : 19-Sep-2013 , 07:47:00 am | Posted By CASANSAAR
Section 92CB of the Income-tax Act provides for framing of safe harbour rules. The determination of arms length price u/s 92C or 92CA of the Act is subject to these safe harbour rules. The definition of safe harbour rule provided in section 92CB means circumstances in which the Income-tax Authority ...
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Income Tax |
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0 | Hits : 849
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Bhartiya Mahila Bank to recruit 115 probationary officers
Posted Date : 18-Sep-2013 , 07:34:23 pm | Posted By CASANSAAR
Bhartiya Mahila Bank, the first nationalised bank for women expected to be operational from November, intends to recruit 115 officers initially.The bank has invited applications through online mode from female candidates for 115 posts. Candidates may apply online till September 30.Female a...
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General |
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Extension of the Date for Sending Suggestions on 2014 Guidance Note on Audit of Banks
Posted Date : 18-Sep-2013 , 01:57:48 pm | Posted By CASANSAAR
Please note that the last date for sending suggestions on the 2014 Guidance Note on Audit of Banks has been extended from 15th September 2013 to 07th October 2013. The suggestions can be sent at aasbsecretariat@icai.in
ICAI...
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ICAI |
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0 | Hits : 715
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Customs Duty on Articles of Jewellery and of Goldsmiths
Posted Date : 18-Sep-2013 , 08:00:34 am | Posted By CASANSAAR
As part of measures to contain the current account deficit, the customs duty on gold has been revised upwards periodically in the past two years. Prior to 17th January 2012, the import duty on standard gold (of purity 99.5% & above) was Rs. 300 per 10 gm. The duty was raised to 2% w.e.f. 17th Ja...
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Custom |
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0 | Hits : 1857
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Close accounts using cards for online forex trading: RBI to banks
Posted Date : 18-Sep-2013 , 07:56:50 am | Posted By CASANSAAR
RBI today asked banks to close accounts of customers using credit or debit card for online forex trading transactions, which are prohibited.
As and when any bank comes across any prohibited transaction undertaken by its credit card or online banking customer, the bank will immediately close...
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Banking |
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0 | Hits : 762
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