Ramdev's trust accused of running a club, slapped Rs 12 crore service tax
Posted Date : 09-Nov-2012 , 08:16:02 am | Posted By CASANSAAR
Yoga guru Baba Ramdev’s Patanjali Yogpeeth and Divya Yog MandirTrust have been charged of running a club under the grab of a trust. The DirectorGeneral Of Central Excise Intelligence has imposed a service tax of Rs 12 crore on Ramdev's trust after alleging that it was ...
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Service Tax |
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CBDT disagrees with Shome panel, wants GAAR from next fiscal
Posted Date : 09-Nov-2012 , 08:13:42 am | Posted By CASANSAAR
Disagreeing with the Shome panel's recommendation, the CBDT is believed to have favoured implementation of the anti-tax avoidance rules GAARfrom the next financial year. The Central Board of Direct Taxes (CBDT), which submitted its report to Finance Minister P Chidambar...
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Income Tax |
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Panels to deal with CST compensation, GST framework issues: Chidambaram
Posted Date : 09-Nov-2012 , 08:12:21 am | Posted By CASANSAAR
With the States firm on seeking a settlement on the Central Sales Tax (CST) compensation issue before moving ahead with rollout of the Goods and Service Tax (GST), Finance Minister P. Chidambaram on Thursday announced that two committees would be constituted to address the conten...
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GST |
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Govt approves disinvestment of 10% stake in Hindustan Aeronautics
Posted Date : 08-Nov-2012 , 10:54:29 pm | Posted By CASANSAAR
A proposal for disinvestment of 10% of government equity in the country's only state-owned aerospace firmHindustan Aeronautics Limited was approved by the Union Cabinet on Thursday.
"The Cabinet Committee on Economic Affairs (CCEA) has approved divestment of 10% equity in&nbs...
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Category :
Finance |
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Direct tax collections rise 6.59 percent in April-October
Posted Date : 08-Nov-2012 , 10:49:16 pm | Posted By CASANSAAR
Subdued corporate tax realisation on account of slow economic activity kept growth in gross directtax collection at a mere 6.59 per cent during the April-October period of the current fiscal.The collection during the first seven months of 2012-13 was Rs 3.02 lakh crore, up from R...
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Category :
Income Tax |
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Disinvestment of 10 percent paid up equity of Hindustan Aeronautics Limited
Posted Date : 08-Nov-2012 , 10:46:04 pm | Posted By CASANSAAR
The Cabinet Committee on Economic Affairs has approved to divest 10 percent equity in Hindustan Aeronautics Limited (HAL) out of its holding of 100 percent through an Initial Public Offer (IPO) in the domestic market as per the Securities and Exchange Board of India (SEBI) Rules and Regulations. Fiv...
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Finance |
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Can't check every company filing: MCA
Posted Date : 08-Nov-2012 , 08:16:05 am | Posted By CASANSAAR
The Corporate Affairs Ministry has said that it is "neither intended nor feasible" for the Registrar of Companies to check content of every filing made by the firms.
Noting that there are more than eight lakh companies registered with various Registrars of Companies (RoCs) in the ...
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Category :
Corporate Law |
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Sebi allows FIIs to reinvest half of investment in debt holdings
Posted Date : 08-Nov-2012 , 08:09:58 am | Posted By CASANSAAR
Easing norms for foreign investors, Sebi on Wednesday allowed them to re-invest half of their investments in debt holdings to the next calendar year, starting from January 2014.Once the relaxation is in place, Foreign Institutional Investors (FIIs) and their sub-accounts can re-invest 50 per cent of...
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Income Tax |
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Government flags concerns about cost auditing at companies
Posted Date : 08-Nov-2012 , 08:08:49 am | Posted By CASANSAAR
Taking a tough stance against shortcomings in the auditing procedures of a large number of companies, the government has said that the corporates and their 'cost auditors' are not doing their job seriously. To address the issue and ensure highest quality standards, the Ministry of Corporat...
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ICWAI |
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RBI issues guidelines on liquidity management
Posted Date : 08-Nov-2012 , 08:08:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday said banks should fix a lower limit for their IBL (inter-bank liability).
“The IBL of a bank should not exceed 200 per cent of its net worth as on March 31 of the previous year. However, individual banks may, with the approval of their board ...
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RBI |
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High Court dismisses Income-Tax department’s tax claim on Reliance Communication
Posted Date : 08-Nov-2012 , 08:00:28 am | Posted By CASANSAAR
The Bombay High Court dismissed an Income-Tax Department's appeal on tax claim onReliance Communication on nearly Rs 5,635 crore of revenues. The court upheld the Income Tax Appellate Tribunal order that some alleged transactions do not qualify to be taxed."The finding of th...
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Category :
Income Tax |
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Hinduja owned Gulf Oil to acquire US-based Houghton International for $1.05 bn
Posted Date : 07-Nov-2012 , 09:01:05 pm | Posted By CASANSAAR
In the second biggest acquisition by an Indian company this year, Hinduja Groupowned Gulf Oil Corporation on Wednesday announced acquisition of US-based speciality chemicals maker Houghton International Inc for $1.05 billion (about Rs. 5,670 crore).
Gulf Oil will buy 100 per ...
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Category :
International Business |
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Business leaders welcome Obama’s re-election as US President
Posted Date : 07-Nov-2012 , 08:57:37 pm | Posted By CASANSAAR
Leaders of India Inc today welcomed the re-election of Barack Obama as the US President saying that continuity will be good for bilateral relations, but some of them expressed concerns over the outsourcing issue.
Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World...
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International Business |
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RBI to NBFCs: Replace post-dated cheques with standardised norm
Posted Date : 07-Nov-2012 , 08:49:51 am | Posted By CASANSAAR
The Reserve Bank today asked non- banking financial companies (NBFCs) to replace post-datedcheques issued to them by customers with new standardised cheques with improved security features.NBFCs accept post-dated cheques from their customers for future monthly installment payments. For the...
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RBI |
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Supreme Court asks Income Tax department to transcribe Radia tapes in 2 months
Posted Date : 07-Nov-2012 , 08:47:25 am | Posted By CASANSAAR
The Supreme Court today granted two more months to the Income Tax department to transcribe the entire intercepted telephone conversations of corporate lobbyist Niira Radia. A Bench of justices G S Singhvi and S J Mukhopadhaya said that the department must place the transcrip...
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Income Tax |
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CCI finds no contravention of Competition Act by Yash Raj Films
Posted Date : 07-Nov-2012 , 08:46:40 am | Posted By CASANSAAR
The Competition Commission of India has held that there is no contravention of the provisions of the Act by the alleged agreement between Yash Raj Films Private Limited and its various associated enterprises. The Competition Commission of India passed its order in the case filed by Ajay Devgn Films ...
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Corporate Law |
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I-T dept tightens noose on tax evaders in Gujarat
Posted Date : 07-Nov-2012 , 08:31:17 am | Posted By CASANSAAR
The demand for real estate units might be at its lowest since 2009, but for tax sleuths the sector remains at the top when it comes to unveiling unaccounted income. In the last two months, income tax department has searched and surveyed more than 50 realty firms in the state, hig...
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Category :
Income Tax |
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RBI may ease monetary policy
Posted Date : 07-Nov-2012 , 08:27:52 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, may ease monetary policy as early as January as price pressures ease in Asia's third-largest economy in the first part of next year on the back of slower growth.
RBI Governor Subbarao said this on Monday. Growth in India has slumped to around 5.5 p...
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RBI |
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From Jan 1, all non-CTS cheques will bounce
Posted Date : 06-Nov-2012 , 08:34:05 am | Posted By CASANSAAR
Starting January 1, 2013, banks will not accept cheques that do not conform to the new standards under the cheque truncation system (CTS).
As per a directive from the Reserve Bank of India (RBI), all lenders are mandated to phase out all non-CTS cheques by the end of December.
Indi...
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Banking |
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Bombay HC's verdict: RComm escapes tax net on Rs 5600cr
Posted Date : 06-Nov-2012 , 08:28:16 am | Posted By CASANSAAR
Reliance Communications heaved a sigh of relief with a recent Bombay HC order that restrained the I-T department from taxing Rs 5600 crore of alleged income, reports CNBC-TV18's Ashmit Kumar.
A recent Bombay High Court order has allowed Rel Comm to escape a tax liability. Now important...
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Income Tax |
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SC refuses to interfere with policy on FDI in retail
Posted Date : 05-Nov-2012 , 09:19:48 pm | Posted By CASANSAAR
The Supreme Court today refused to interfere with the policy on FDI in retail, saying that if it does not stand in Parliament then it would be at government’s peril.A Bench of Justices R.M. Lodha and A.R. Dave said that the policy making is the sole prerogative of the executive and refused to ...
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Finance |
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CIC to seek political parties' asset details from Income Tax department
Posted Date : 05-Nov-2012 , 08:23:43 am | Posted By CASANSAAR
The CIC will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of&nb...
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Income Tax |
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Now a star rating system for tax paying units in Punjab
Posted Date : 05-Nov-2012 , 08:20:40 am | Posted By CASANSAAR
Deputy Chief Minister Sukhbir Singh Badal recently announced that the Excise and Taxation department will be introducing a star rating system for industrial units based on their track record of tax payment. Sukhbir explained the system to industries in the second edition of &lsqu...
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VAT |
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Sebi seeks help from banks, KRAs to verify Sahara investors
Posted Date : 05-Nov-2012 , 08:16:48 am | Posted By CASANSAAR
Market regulator Sebi has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about 3 crore investors in the high-profile Sahara case. Sebi (Securities and Exchange Board of India) is already in...
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SEBI |
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MCA for strong measures to check misuse of FDI money
Posted Date : 05-Nov-2012 , 08:12:05 am | Posted By CASANSAAR
The Corporate Affairs Ministry has asked the Finance Ministry for strong measures to keep a tab on utilisation of money coming through foreign direct investment (FDI) route, amid instances of possible misuse. The development comes at a time when the gover...
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Corporate Law |
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0 | Hits : 223
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'J&K not to implement GST unless stakeholders are consulted'
Posted Date : 05-Nov-2012 , 08:09:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has said it will not implement the Goods and Services Tax(GST) in the state unless consulting the stakeholders, including the traders community. "The proposed Goods and Service Tax (GST) will not be implemented in the state unl...
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GST |
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CVC detects Rs 1,000 crore tax evasion in CWG projects
Posted Date : 05-Nov-2012 , 08:06:13 am | Posted By CASANSAAR
The Central Vigilance Commission has detected tax evasion of about Rs 1,000 crore by government departments and private companies in carrying out Commonwealth Games-related works. Vigilance Commissioner R Srikumar said Rs 1,000 crore evasion was detected with the help of a multi-jurisdiction investi...
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Income Tax |
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Excise evasion: Cadbury under scanner
Posted Date : 05-Nov-2012 , 08:04:58 am | Posted By CASANSAAR
Confectionery firm Cadbury India Limited has come under the scanner of financial intelligence sleuths for alleged excise duty evasion of about Rs 100 crore.
In an inquiry being conducted by the Department of Revenue, the firm was allegedly found to have wrongfully claimed 'ar...
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Excise |
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Dr Rakesh Mohan Takes Charge as Executive Director, IMF
Posted Date : 03-Nov-2012 , 08:11:28 pm | Posted By CASANSAAR
Dr. Rakesh Mohan has assumed charge as Executive Director on the Board of the International Monetary Fund (IMF). In addition to India, Dr. Mohan will also be representing three other countries in the constituency, viz. Bangladesh, Sri Lanka and Bhutan on the Board of the IMF. Dr. Mohan was earl...
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International Business |
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RBI changes definition of sickness for assessing MSE viability
Posted Date : 03-Nov-2012 , 08:53:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has modified the definition of sickness and a procedure for assessing the viability of sick micro and small enterprises (MSEs). According to a notification issued by RBI on Thursday, “An MSE is considered sick when any of the borrowal account of the en...
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RBI |
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