Diesel price for bulk consumers hiked by up to Rs. 1.25 a litre
Posted Date : 02-Mar-2013 , 07:09:05 pm | Posted By CASANSAAR
Diesel price for bulk consumers like the Railways and power plants has been hiked by up to Rs. 1.25 per litre as state-owned oil companies yet again exercised the newly bestowed pricing freedom.
This means that the Railways and power plants will have to shell out more for the fuel, and it...
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General |
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Filmmaker Karan Johar moves HC challenging I-T notice
Posted Date : 02-Mar-2013 , 06:41:41 pm | Posted By CASANSAAR
Bollywood filmmaker Karan Johar has moved the Bombay High Court challenging a notice issued by the Income Tax department which claimed that more than Rs two crore profits from his film 'Kabhi Alvida Na Kehna' were not disclosed during the assessment year 2006-07.
In the petition, Johar said t...
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Income Tax |
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0 | Hits : 274
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Government asked to increase limit of duty free gold for NRIs
Posted Date : 02-Mar-2013 , 06:32:48 pm | Posted By CASANSAAR
An Indian American organisation has asked the Indian government to increase the limit ofduty free gold that an NRI couple can bring to India.The North American Punjabi Association (NAPA) in a statement has asked the Indian government to increase the limit to Rs 3 lakh from the current...
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Custom |
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Budget 2013: FinMin issues clarification on tax residency certificate
Posted Date : 02-Mar-2013 , 08:41:46 am | Posted By CASANSAAR
The finance ministry on Friday issued a clarification on tax residency certificates (TRC) after concerns were expressed regarding the clause in the Finance Bill that amends Section 90 of the Income Tax Act. Section 90 deals with Double Taxation Avoidance Agreements (DTAA).
Finmin clari...
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Budget |
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Sebi moots 20% reservation for retail investors in IDR redemptions
Posted Date : 02-Mar-2013 , 08:39:55 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) has said reservation of 20 per cent will have to be made for retail investors during conversion of Indian Depository Receipts (IDRs) into underlying shares. The regulator today issued a detailed road map and framework for enabling partia...
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SEBI |
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Govt banks raise retail term deposit rates
Posted Date : 02-Mar-2013 , 08:34:18 am | Posted By CASANSAAR
Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposit...
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Banking |
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Government Approves Nine Proposals of Foreign Direct Investment Amounting to About Rs.1140.14 Crore
Posted Date : 01-Mar-2013 , 06:51:58 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore appro...
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Finance |
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Petrol price hiked by Rs. 1.40 a litre from midnight
Posted Date : 01-Mar-2013 , 06:21:41 pm | Posted By CASANSAAR
Indian Oil Corp, India's largest state-owned oil company, will hike the price of petrol by Rs. 1.40 effective midnight tonight, the company said in a statement.
The company attributed this hike to increasing international crude prices and a falling rupee.
"International prices have incre...
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General |
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Impose limit on global transactions of cards, RBI tells banks
Posted Date : 01-Mar-2013 , 02:53:25 pm | Posted By CASANSAAR
In order to check frauds, the RBI has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer.
"All the active magstripe international cards issued by banks should have...
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Banking |
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0 | Hits : 261
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Budget 2013: Impact of corporate tax proposals
Posted Date : 01-Mar-2013 , 08:29:10 am | Posted By CASANSAAR
Under the corporate tax, although there are no changes proposed to Income tax rates but the surcharge is proposed to increase from 5 to 10 % on domestic companies having income exceeding INR 10 crore. In case of foreign companies (if income exceeds INR 10 crores), surcharge will increase f...
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Budget |
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Budget 2013: Buyback of shares by unlisted companies taxed
Posted Date : 01-Mar-2013 , 08:07:25 am | Posted By CASANSAAR
Union finance minister P Chidambaram in his budget 2013 has decided to levy a withholding tax of 20 % on profits distributed by unlisted companies to shareholders through buyback of shares. The move will deter unlisted companies opting for buyback of shares. Tax consultants ...
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Budget |
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Budget 2013: MCA to get higher allocation at Rs 255.28 cr for next fiscal
Posted Date : 01-Mar-2013 , 08:05:24 am | Posted By CASANSAAR
The Corporate Affairs Ministry will get higher budgetary allocation at Rs 255.28 crore in the next fiscal, with increased funding for think-tank IICAand investigation agency SFIO, among others. According to the Budget proposals, the government has earmarked Rs 255.28 cr...
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Budget |
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Scheme to promote voluntary compliance with service tax
Posted Date : 01-Mar-2013 , 08:00:53 am | Posted By CASANSAAR
The proposed scheme to encourage voluntary compliance with service tax announced in the Union budget is a tool to broaden the tax base. It excludes cases where the assessees have disputed the levy, or against whom the government has initiated action.
What the Service Tax Voluntary Complianc...
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Service Tax |
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0 | Hits : 533
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Banks can act as insurance brokers, KYC norms simplified
Posted Date : 28-Feb-2013 , 09:34:00 pm | Posted By CASANSAAR
With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product.
In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...
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Banking |
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0 | Hits : 321
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Amendment in definition of Capital Asset – Agricultural Land
Posted Date : 28-Feb-2013 , 09:21:11 pm | Posted By CASANSAAR
The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultura...
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Income Tax |
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More decisions will be announced: Chidambaram
Posted Date : 28-Feb-2013 , 07:42:16 pm | Posted By CASANSAAR
Indicating that his hands were tied because the economy is “challenged”, Finance Minister P Chidambaram on Thursday said more “measures and decisions” will be announced during the Budget passage in Parliament.
Addressing a post-Budget press conference, he said Budget...
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Income Tax |
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Penalty u/s. 271FA for non-filing of Annual Information Return
Posted Date : 28-Feb-2013 , 06:19:19 pm | Posted By CASANSAAR
Section 285BA mandates furnishing of annual information return by the specified persons in respect of specified transactions within the time prescribed under sub-section (2) thereof. Sub-section (5) of the section empowers the Assessing Officer to issue notice if the annual ...
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Income Tax |
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Govt to enable online filing of Wealth Tax Returns
Posted Date : 28-Feb-2013 , 06:13:15 pm | Posted By CASANSAAR
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, repor...
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Income Tax |
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Exclusion of time in computing period of limitation for completion of assessments & reassessments
Posted Date : 28-Feb-2013 , 06:03:53 pm | Posted By CASANSAAR
The existing provisions of section 153, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer.
Explanation to section 153 provides that certain periods specified therein shall be excluded while computing the p...
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Income Tax |
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ROI filed without payment of Self Assessment tax to be treated as defective return
Posted Date : 28-Feb-2013 , 06:01:43 pm | Posted By CASANSAAR
The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fif...
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Income Tax |
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0 | Hits : 557
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Highlights of the Union Budget 2013-14
Posted Date : 28-Feb-2013 , 02:17:15 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at higher growth rate leading to inclusive and sustainable development as ‘mool mantra’.
· Finance Minister makes three promises: to women, youth and the poor.
· ...
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Budget |
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Budget Summary
Posted Date : 28-Feb-2013 , 02:16:10 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at ‘higher growth leading to inclusive and sustainable development.’ With this asmool mantra, the Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the f...
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Budget |
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Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh
Posted Date : 28-Feb-2013 , 02:14:38 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a relief of Rs.2000 to every person who has a total income upto Rs.5 lakh in a financial year.
Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that 1.80 crore taxpayers are expected to benefit to the value o...
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Budget |
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Surcharge of 10 Per Cent on Persons with Taxable Income Exceeding Rs.1 Crore
Posted Date : 28-Feb-2013 , 02:12:59 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said...
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Budget |
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Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer
Posted Date : 28-Feb-2013 , 02:12:05 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a...
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Budget |
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2 | Hits : 616
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Securities Transaction Tax (STT) Reduced
Posted Date : 28-Feb-2013 , 01:59:45 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed the fol...
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Budget |
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Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt
Posted Date : 28-Feb-2013 , 01:55:16 pm | Posted By CASANSAAR
The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future contracts at the same rate as on equity futu...
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Budget |
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No Change in the Normal Rates of Excise Duty and Service Tax
Posted Date : 28-Feb-2013 , 01:53:23 pm | Posted By CASANSAAR
There is no change in the peak rate of basic customs duty of 10% for non-agricultural products. Presenting the Union Budget in Lok Sabha today, the Finance Minister announced that there will be no change in the normal rate of excise duty of 12% and the normal rate of service tax of 12%....
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Budget |
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Fiscal Deficit for the Year 2013-14 Estimated at 4.8 Per Cent, to be Brought Down to 3 Per Cent by 2016-17
Posted Date : 28-Feb-2013 , 01:52:24 pm | Posted By CASANSAAR
The fiscal deficit for the current year has been contained at 5.2 per cent and the fiscal deficit for the year 2013-14 is estimated at 4.8 per cent. Presenting the Budget 2013-14 in Parliament today, the Finance Minister Sh. P. Chidambaram said that the revenue deficit for the current year will...
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Budget |
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0 | Hits : 227
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Modified Provisions of General Anti-Avoidance Rules(GAAR) to Come into Effect from 1ST April, 2016
Posted Date : 28-Feb-2013 , 01:51:04 pm | Posted By CASANSAAR
The Finance Bill 2013 proposes to bring the modified provisions of General Anti-Avoidance Rules (GAAR) into effect from 1.4.2016. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that Finance Act 2012 introduced GAAR. A number of representations were r...
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Budget |
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