Government Approves Fifteen (15) Proposals of Foreign Direct Investment Amounting to About Rs. 2000.49 Crore
Posted Date : 27-Sep-2013 , 06:33:34 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on August 27, 2013, the Central Government has approved 15 proposals of Foreign Direct Investment (FDI) amounting to Rs. 2000.49 crore approximately.
In addition, two proposals viz., M/s...
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Finance |
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Company
Posted Date : 27-Sep-2013 , 06:30:27 pm | Posted By CASANSAAR
The Court of the Special Judge, Economic offences, Nampally, Hyderabad has sentenced the Managing Director of M/s Kitty Steels Ltd., Hyderabad to rigorous imprisonment for 3 months along with the fine of Rs. 5000/- each for the two offences committed under section 276B and 276C of the Income Ta...
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Income Tax |
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Supreme Court gives voters right to reject all Candidates in a Poll
Posted Date : 27-Sep-2013 , 11:08:35 am | Posted By CASANSAAR
In a landmark judgement, theSupreme Court on Friday asked the Election Commission to provide voters right to reject all candidates in elections.
The apex court directed the Election Commission to make 'none of the above' option available for voting.
"Negative v...
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General |
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New bank licences: RBI could ease initial equity capital requirement of Rs 500 crore
Posted Date : 27-Sep-2013 , 08:01:28 am | Posted By CASANSAAR
The Reserve Bank of India may be open to relaxing the initial equity capital requirement of Rs 500 crore for setting up a bank if it fails to find enough "fit and proper" candidates during the screening process.
The intention is to allow a greater number of players qualify, a senior officia...
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RBI |
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Sachin, Dhoni, Shah Rukh and Salman's IT accounts too hacked by CA Student
Posted Date : 26-Sep-2013 , 08:24:53 pm | Posted By CASANSAAR
Mumbai Police, which is probing the alleged hacking by a CA student into Anil Ambani's e-filing of Income-Tax returns account, has stumbled upon another CA student who not only accessed the top industrialist's account, but also of popular cricketers and film stars including Sachi...
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Students Zone |
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No change in the ITR filing due date. Tax Audit must be filed Physically on or before 30th Sept 13 if not submitted electronically
Posted Date : 26-Sep-2013 , 02:37:23 pm | Posted By CASANSAAR
This is to inform that there is no change in the ITR filing due date. Tax Audit must be filed physically on or before 30thSeptember 2013 if not submitted electronically. For more details on this please read below Notification F.No. 225/117/2013/ITA.II issued by Central Board of Dire...
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Income Tax |
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Tax audit report due date for e-filing extended to 31.10.2013
Posted Date : 26-Sep-2013 , 01:08:48 pm | Posted By CASANSAAR
F.No. 225/117/2013/ITA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated- 26th September, 2013
Order under Section 119 of the Income-tax Act. 1961.
CBDT in exercise of power under sec 119(2)(a) of the IT Act, 1961 read with Se...
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Income Tax |
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Service tax on skill development companies rolled back
Posted Date : 26-Sep-2013 , 08:48:37 am | Posted By CASANSAAR
In a big relief for youth pursuingvocational training courses to land a job,Finance Minister P Chidambaram has rolled back the 12.36% service tax on skill development and training firms imposed in the Finance Bill of 2013-14. Experts had warned that ...
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Service Tax |
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ICAI begins probing Financial Tech, NSEL issues
Posted Date : 26-Sep-2013 , 08:17:39 am | Posted By CASANSAAR
With the auditors withdrawing their audit report on crisis-hit NSEL’s promoter Financial Technologies, the accounting watchdog ICAI has begun looking into the matter and has sought all available details from the stakeholders concerned.
“There are certain provisions in the auditi...
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ICAI |
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Directors' fees pose transfer pricing challenge for companies
Posted Date : 26-Sep-2013 , 08:15:14 am | Posted By CASANSAAR
India Inc, which has to comply with domestic transfer pricing provisions for the first time since the norms were introduced by the Finance Act, 2012, faces compliance challenges. The top-most concern is substantiating that directors' fees paid by companies are at an 'arm's length' — which...
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Corporate Law |
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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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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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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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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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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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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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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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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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