Foreign companies may not need FIPB nod for minority stake in Indian arms; govt to raise FDI cap
Posted Date : 17-Jun-2013 , 08:48:03 am | Posted By CASANSAAR
Foreign companies may not need government approval to hold up to 49% equity in Indian arms in most sectors, with theManmohan Singh administration planning an overhaul of the foreign investment regime to attract overseas capital.A senior official said the government was considering raising the m...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 737
|
 |
Sebi finalising new anti-money laundering guidelines
Posted Date : 16-Jun-2013 , 07:08:53 pm | Posted By CASANSAAR
Regulator Sebi is finalising new Anti-Money Laundering guidelines covering entities such as brokers and mutual funds to put in place stronger checks against possible cleansing of funds through capital markets. The guidelines, expected to be ready within a few weeks...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 734
|
|
May not be mandatory to post paper copy of I-T e-filings: CBDT
Posted Date : 16-Jun-2013 , 05:28:50 pm | Posted By CASANSAAR
Millions of taxpayers filing electronic I-T returns will soon get relief from sending by post the mandatory paper verification form as the CBDT has decided to soon stop this practice. The Central Board of Direct Taxes (CBDT), administrative authority of the Income Tax d...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2050
|
|
Govt gets data on investments by Indians in tax havens
Posted Date : 16-Jun-2013 , 09:21:39 am | Posted By CASANSAAR
The Indian government has obtained data of investments made by hundreds of Indians in tax havens such as the British Virgin Islands, the Cook Islands and Cayman Islands, some of which was part of a global media expose on offshore investments and secret financial transactions two months ago.
...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 784
|
|
Petrol price hiked by Rs 2 per litre
Posted Date : 15-Jun-2013 , 10:59:08 pm | Posted By CASANSAAR
Petrol price was on Saturday hiked by a steep Rs 2 a litre, the second increase in rates this month, as devaluation of rupee against US dollar made imports costlier.
The hike, which is effective from midnight tonight, is excluding local sales tax or VAT and actual increase for consumers will b...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 645
|
|
Bansal
Posted Date : 15-Jun-2013 , 05:40:10 pm | Posted By CASANSAAR
Former railway minister Pawan Kumar Bansal's personal secretary Rahul Bhandari is facing a probe by the Punjab government for a Rs 97.5-lakh flat in Noida which he bought last year after taking a 'hefty loan' from Bansal's chartered accountant Sunil Gupta. A Punjab cadre IAS offi...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 837
|
|
Non-banking companies may hire 70,000 bank job aspirants
Posted Date : 15-Jun-2013 , 07:29:38 am | Posted By CASANSAAR
About 70,000 candidates shortlisted by the country's banking selection institute but still waiting for bank jobs may be absorbed by non-banking entities, which are planning to tap this ready pool of job seekersto avoid a lengthy and costly process ofhiring. The Institute of Banking Pe...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1317
|
|
India Inc foreign acquisitions can't be taxed locally, rules tribunal
Posted Date : 15-Jun-2013 , 07:24:39 am | Posted By CASANSAAR
A recent ruling by the Hyderabad income tax tribunal regarding taxation norms of Indian companies investing in their foreign counterparts has come as a big boost to India Inc's arguements. The corporate world has been trying to prove a point, debating, that transfer pricing rules...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 722
|
|
Sebi notifies norms for listing of preference shares
Posted Date : 15-Jun-2013 , 07:22:53 am | Posted By CASANSAAR
Market regulator Sebi has notified a new set of regulations to govern issuance and listing of non-convertible preference shares, a move expected to bring more transparency in raising of funds through such securities. To safeguard the interest of small investors from such high-risk sec...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 745
|
|
MNCs seek advance ruling to avoid tax rows
Posted Date : 15-Jun-2013 , 07:15:37 am | Posted By CASANSAAR
When Anglo-Dutch energy major Shell BV infused additional capital into its Indian arm Shell India by way of equity, it did not expect Shell India to be hit by a Rs 5,000-crore demand from the Income-Tax Department in India.
Indian taxmen had argued that the Indian company had undervalued it...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 726
|
|
Tax scrutiny of multinational companies to increase
Posted Date : 14-Jun-2013 , 08:19:30 am | Posted By CASANSAAR
income-tax (I-T) department has notified a revised form to check for transfer pricing infractions, something that could intensify the scrutiny on their books.The new form explicitly requires companies to disclose specific international transactions even i...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 931
|
|
Govt gives Sebi, RBI access to call data records
Posted Date : 14-Jun-2013 , 08:14:16 am | Posted By CASANSAAR
Centre has decided to include Sebiand RBI among the nine agencies which will be authorized to accesss call data records (CDRs).
Sources in the home ministry, which is finalizing the new norms for interception in concert with the department of telecom, said that t...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 779
|
|
Taxmen slap fresh demand of Rs. 816 crore on Wipro
Posted Date : 13-Jun-2013 , 07:28:55 pm | Posted By CASANSAAR
India's third largest software firm Wipro has been slapped with a claim of over Rs. 816 crore by the tax department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate.
The Bangalore-headquartered company said the "draft assessme...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 755
|
|
ICAI clarification regarding news on Bank Branch Audit Limit.
Posted Date : 13-Jun-2013 , 12:36:52 pm | Posted By CASANSAAR
June 12, 2013
ICAI PRESS RELEASE
The Institute of Chartered Accountants of India (ICAI) woild like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneosly reported in some sections of the media. ...
Continue Reading...
Category :
ICAI |
Comments :
3 | Hits : 3268
|
|
I.T.Department released ITR- 4 E Filing Utility for AY 2013-14 / FY 2012-13
Posted Date : 13-Jun-2013 , 10:05:30 am | Posted By CASANSAAR
Income Tax department releases the online return filing software utility in respect of ITR-4 for A.Y. 2013-14 which can be downloaded from www.incometaxindiaefiling.gov.in
Download Income Tax Return (ITR) 4 for assessment year 2013-2014. ITR 4 is applicable to by an individua...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1952
|
|
PMO refer the case of ICAI while rejecting RTI on Robert Vadra-DLF Deal
Posted Date : 13-Jun-2013 , 08:33:27 am | Posted By CASANSAAR
The Prime Minister's Office (PMO) has turned down the request of a Lucknow based Right to Information (RTI) activist to provide information in regards with the progress in the case relating to Congress President Sonia Gandhi's son-in-law Robert Vadra's connection with the DLF.
The P...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1522
|
|
SEBI recommends easing rules for foreign investors
Posted Date : 13-Jun-2013 , 08:29:03 am | Posted By CASANSAAR
A committee set up by the Securities and Exchange Board of India (SEBI) has recommended merging foreign investment in India's stock markets into a single investor class as well easing registration norms for foreign buyers, in a move aimed at appeasing foreign investors.
A panel set up b...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 666
|
|
In SMS, email age, Telegram service ends July 15
Posted Date : 13-Jun-2013 , 07:58:59 am | Posted By CASANSAAR
Come July 15, one of India’s oldest communication services — the telegram — will become history. Financial constraints have forced the Bharat Sanchar Nigam Ltd to wind up the telegraphic service, which would be remembered mainly as a historically inexpensive but relatively quick me...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 860
|
|
Finance Ministry Increased Bank Branch Audit Limit to Rs.50 Cr. for Current F.Y.- ICAI President
Posted Date : 12-Jun-2013 , 03:41:31 pm | Posted By CASANSAAR
Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to Rs 50 crore turnover in the current financial year as per Statement of ICAI President Subodh Kumar Agrawal.
He further said, adding ICAI demanded this audit limit be reduced to its original lim...
Continue Reading...
Category :
Auditing |
Comments :
13 | Hits : 5832
|
|
IRCTC to launch SMS-based ticketing service from July 1
Posted Date : 12-Jun-2013 , 11:37:41 am | Posted By CASANSAAR
To tide over the limited Internet penetration and make use of high mobile phone user base in the country, IRCTC will launch SMS-based ticketing service from July 1. It will soon announce a dedicated number for the service.
This methodology will allow you to book tickets from anywhere and an...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1261
|
|
Bombay HC upholds retro amendment to VAT law
Posted Date : 12-Jun-2013 , 08:03:08 am | Posted By CASANSAAR
The Bombay high court has upheld the constitutional validity of a retrospective amendment to the Maharashtra Value Added Tax Laws, which restricts the VAT incentives available to eligible industrial units, based on prescribed proportionality formula. With thisfavourable orde...
Continue Reading...
Category :
VAT |
Comments :
0 | Hits : 952
|
|
RBI hikes cap for online repatriation of export proceeds
Posted Date : 12-Jun-2013 , 08:01:38 am | Posted By CASANSAAR
With an aim to arrest rupee slide by boosting forex inflows, RBI today raised the limit for online repatriation of export proceeds by over three-fold to $ 10,000 and made it mandatory for units in Special Economic Zones to repatriate full value of exports with...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 828
|
|
Rupee hits new low at 58.98 against dollar
Posted Date : 11-Jun-2013 , 07:17:46 pm | Posted By CASANSAAR
The Indian rupee fell for the second straight day on Tuesday, slumping to 58.98 against a dollar on continuing worries over current account deficit and increased demand for the US currency from importers.
The partially convertible rupee weakened by 80 paise to hit a new low of 5...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 890
|
|
Man stunned to see Barack Obama's picture on his admit card for engineer's exam, one he did not even apply for
Posted Date : 11-Jun-2013 , 02:13:51 pm | Posted By CASANSAAR
Lalu Lal Meena of Rambas village of Dausa district was shocked to see the picture of Obama on the admit card on his name.
Would US president Barack Obama be interested in a job of junior engineer in India? At least the Staff Selection Commission (SSC) under the Union Ministry of Personn...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1147
|
|
ICICI, Axis, HDFC Bank fined over Rs. 10 crore for violating KYC norms
Posted Date : 10-Jun-2013 , 06:53:11 pm | Posted By CASANSAAR
The Reserve Bank of India on Monday said it had imposed penalties on Axis Bank, HDFC Bank and ICICI Bank for violating guidelines related to details of customer identity known as "know your customer" rules.
The central bank investigated the banks following an investigation ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1176
|
|
Direct entry into CA Intermediate (Integrated Professional Competence) Course
Posted Date : 10-Jun-2013 , 12:46:09 pm | Posted By CASANSAAR
It was earlier decided by ICAI to exempt Graduates/Post Graduates with specified percentage of marks andIntermediate level Examination passedstudents of The Cost Accountants of India and The Institute of Company Secretaries of India from passing the Common Proficiency Test (CPT)....
Continue Reading...
Category :
Students Zone |
Comments :
3 | Hits : 4062
|
|
Having sex with woman on false promise of marriage is rape: HC
Posted Date : 10-Jun-2013 , 08:46:50 am | Posted By CASANSAAR
Having sexual relations with a woman on false promise of marriage amounts to rape, the Delhi High court has said."Having sexual relations with a woman against her will or without her consent also amounts to rape under the IPC. If the consent was obtained on a fals...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1668
|
|
ICAI to set up 'accountancy museum' in 25 cities
Posted Date : 10-Jun-2013 , 08:39:40 am | Posted By CASANSAAR
For better documentation and archiving in accountancy and audit, the Institute of Chartered Accountancy of India (ICAI) will set up "accountancy museums" in 25 cities across the country.
ICAI, which already has such a museum at Noida on Delhi's outskirts, will now hav...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1247
|
|
Fin Min detects tax evasion of over Rs 4,500 cr
Posted Date : 10-Jun-2013 , 08:30:27 am | Posted By CASANSAAR
Increased efforts to check revenue leakage by the Finance Ministry have resulted in detection of over Rs 4,500 crore in service tax, excise and customs duty evasion during last year.
Out of the total Rs 4,744.92 crore of indirect tax evasion detected during April and December last year, officials m...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 948
|
|
Claiming benefit under DTAA contingent on income received in Singapore: Tribunal
Posted Date : 09-Jun-2013 , 08:22:32 am | Posted By CASANSAAR
A tax tribunal has ruled that the treaty benefit in the form of concessional tax under the double taxation avoidance agreement (DTAA) between India and Singapore will be available to companies if income is actually received in the southeast Asian country.
The ruling came in a hearing of a...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 681
|
|
|
