Breather for IT cos: CBDT withdraws a controversial circular
Posted Date : 29-Jun-2013 , 10:27:36 pm | Posted By CASANSAAR
In a breather to the IT industry, the Income Tax Department today announced withdrawal of a controversial circular and modification of another one relating to taxation of R&D centres, which play a key role in software development. While the circular relating to adoption ...
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Income Tax |
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P Sathasivam to be new Chief Justice of India
Posted Date : 29-Jun-2013 , 10:08:39 pm | Posted By CASANSAAR
Justice P Sathasivam will replace Altamas Kabir as the new chief justice of India when the latter steps down on July 19, 2013. A formal notification to this effect is expected anytime soon from Rashtrapati Bhavan.Sathasivam, who was elevated to the top court on August 21, 2007, w...
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General |
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Five easy steps to book rail ticket through SMS
Posted Date : 29-Jun-2013 , 04:40:19 pm | Posted By CASANSAAR
Indian Railways on Friday launched SMS-based ticketing system to tackle the rush at the booking counters.
Indian Railways Catering and Tourism Corporation (IRCTC) launched the ticket booking which can be done through non-internet based mobile.
Government is hoping that this new system will h...
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General |
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0 | Hits : 1860
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Service tax on film distribution, sale of rights to TV upheld
Posted Date : 29-Jun-2013 , 11:29:47 am | Posted By CASANSAAR
The Madras High Court has upheld the levy of service tax on income generated from temporary transfer of rights to use cinematographic films. This means that service tax has to be paid for distribution of films and selling of rights to television. Such “temporary transfer” or permission t...
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Service Tax |
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Banks should have separate wealth management unit: RBI draft
Posted Date : 29-Jun-2013 , 11:28:19 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed tough norms for banks involved in wealth and portfolio management services (W/PMS), mandating them to segregate sales and advisory activity, and threatened to bar them from money markets for violation of guidelines. It plans to put a blanket ban on t...
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Banking |
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ICAI councils fight shy of transparency clause
Posted Date : 28-Jun-2013 , 08:38:41 am | Posted By CASANSAAR
Two regional bodies within Institute ofChartered Accountants of India (ICAI), the apex body of chartered accountants supposed to enforce transparency in financial world, have shown themselves wary of similar transparency. They steered clear of a proposal to impose a disclosure norm for their el...
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ICAI |
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RBI cautions banks against mis-selling insurance products
Posted Date : 28-Jun-2013 , 08:34:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), in its financial stability report has raised concern about the conduct of banks while distributinginsurance products. RBI said in some cases, it was observed banks did not have a clear segregation of duties of marketing personnel from other branch...
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RBI |
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Income Tax reminders on way to 12 lakh assessees for not filing returns
Posted Date : 27-Jun-2013 , 10:54:51 pm | Posted By CASANSAAR
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said."The I-T department has started follow up of around 12 lakh asses...
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Income Tax |
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CA Day Celebrations of the ICAI - 1st July, 2013
Posted Date : 27-Jun-2013 , 08:39:02 am | Posted By CASANSAAR
ICAI celebrates its Foundation Day as the Chartered Accountants’ Day on 1st July every year. This year, the Chartered Accountants’ Day Celebrations of the ICAI will be held at 4.00 P.M. on 1st July, 2013 in the `Plenary Hall’, Vigyan Bhawan, New Delhi. H...
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ICAI |
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Download ITR
Posted Date : 27-Jun-2013 , 08:32:39 am | Posted By CASANSAAR
Income Tax Department has releasedIncome Tax Return (ITR ) 5 as Applicable for Partnership Firms, AOPs, LLPs and BOIs for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website https://incometaxindiaefili...
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Income Tax |
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Tax relief for investments by Sebi-okayed angel funds
Posted Date : 27-Jun-2013 , 08:30:06 am | Posted By CASANSAAR
Sebi's formal recognition on June 25 to a separate class of investors—angel investor funds— resolves to a certain extent the problem of "angel tax". However, if a high networth angel individual invests at a premium in a startup, this tax issue continues to exist.
The Finance...
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SEBI |
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RBI allows use of ECB fund for import of services
Posted Date : 27-Jun-2013 , 08:27:23 am | Posted By CASANSAAR
Amid declining value of rupee, the Reserve Bank today relaxed ECB norms and allowed companies to use the overseas debt to pay for import of services, technical know-how and licence fee as part of capital goods imports.
Currently, eligible entities can raise ECB (external commercial borrowing) ...
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SEBI |
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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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Income Tax |
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0 | Hits : 934
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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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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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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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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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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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Income Tax |
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Indians to pay
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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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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Income Tax |
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0 | Hits : 732
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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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General |
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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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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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Income Tax |
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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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Income Tax |
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0 | Hits : 1800
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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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ICAI |
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