RBI to clarify doubts on new bank licences
Posted Date : 08-Mar-2013 , 07:57:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said it would clarify the issues raised by banking aspirants regarding the final norms on new bank licences. The clarifications would be put up on the central bank’s website, rbi.org.in.
“RBI has been receiving queries from intending applicants, see...
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RBI |
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Govt firm on arresting indirect tax evaders
Posted Date : 08-Mar-2013 , 07:49:55 am | Posted By CASANSAAR
The government is firm on going ahead with the proposed amendments that will empower tax authorities to arrest those who collect service tax but do not deposit it with the government within the specified time.
The finance ministry's determination to steer the amendments comes agains...
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Service Tax |
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Delhi govt initiates drive to nab tax evaders, zeroes in on 60,000 businessmen
Posted Date : 07-Mar-2013 , 06:59:00 pm | Posted By CASANSAAR
The Delhi government has initiated one of the biggest crackdowns on tax evaders to claim hundreds of crores of unpaid taxes.The trade and taxes departmentof the state government has zeroed in on over 66,000 businessmen after discrepancies in their accounts showed up while analysing th...
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VAT |
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Subrata Roy appeals to SAT over attachment of personal assets
Posted Date : 07-Mar-2013 , 06:45:26 pm | Posted By CASANSAAR
Subrata Roy, head of the Sahara group, appealed against the attachment of his personal properties in the Securities Appellate Tribunal (SAT) on Thursday.
Tribunal member Jog Singh moved the hearing to Monday citing the absence of a presiding officer.
PK Malhotra, SAT's acting presiding offi...
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SEBI |
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CA's in Demand, Initial pay package for newly qualified CA's Rs. 6 to 7 Lakh - ICAI Vice President
Posted Date : 07-Mar-2013 , 02:48:19 pm | Posted By CASANSAAR
Referring to placements for CAs, K. Raghu the newly elected Vice-President of the ICAI said there has been campus recruitment across 22 locations in 350 colleges where newly qualified CAs are offered a initial pay packet in the range of Rs 6 to 7 lakhs.
Qualified CAs not only get good ...
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ICAI |
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CBEC extends the date of e-filing of the new Service Tax Return (ST-3) for the period from 1st July 2012 to 30th September 2012, from 25th March, 2013 to 15th April, 2013
Posted Date : 07-Mar-2013 , 02:48:07 pm | Posted By CASANSAAR
CBEC extends the date of e-filling of the new Service Tax Return ST-3 for the period 1stJuly'2012 to 30 Sep'2012 from 25 March' 2013 to 15th April'2013.
The electronic version of the ST-3 form is under process and likely to be available on ACES around 20th March'2013.
Order...
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Service Tax |
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KPMG at risk of losing vital HSBC audit
Posted Date : 07-Mar-2013 , 07:51:10 am | Posted By CASANSAAR
KPMG could lose the biggest audit contract in corporate Britain after HSBC decided to consider bringing in a fresh pair of eyes to vet its accounts.
The bank said it would put its audit contract out to tender for the first time in more than two decades in the most striking sign ye...
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Auditing |
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Budget 2013: Parliamentarians oppose jail for service tax evaders with dues above Rs 50 lakh
Posted Date : 07-Mar-2013 , 07:45:47 am | Posted By CASANSAAR
Attempts by tax officials to garner power of arrest over individuals guilty of not paying service taxexceeding Rs 50 lakh has run into opposition from members of Parliament (MPs) across parties. Finance Minister P Chidambaram's proposal in the Budget to introduce Section 91, which wil...
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Budget |
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Cadbury slapped with Rs 250-cr notice for excise duty evasion
Posted Date : 06-Mar-2013 , 06:31:04 pm | Posted By CASANSAAR
Cadbury India Ltd has been slapped a notice for a demand of over Rs 250 crore in excise duty allegedly evaded by it by claiming exemption for a ‘ghost’ production unit.
The Directorate-General of Central Excise Intelligence has issued the show-cause notice after its investigatio...
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Excise |
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E-filing of tax returns must if annual income above Rs 5 lakh: Finance Ministry
Posted Date : 06-Mar-2013 , 08:34:26 am | Posted By CASANSAAR
A senior Finance Ministry official on Tuesday clarified that taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form.
"Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. This is a move towards using technolo...
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Income Tax |
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Unclaimed, Rs 22,636 crore in dormant provident fund accounts
Posted Date : 06-Mar-2013 , 08:30:02 am | Posted By CASANSAAR
If you thought every rupee was valued in these days of rising prices, think again. A huge sum of Rs 22,636 crore is lying in inoperative accounts with the Employee Provident Fund Organization (EFPO).
These funds are linked to accounts that are lying dormant for more than 36 months and are e...
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Accounts |
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Rs 3,000 crore service tax refund stuck in red tape for indian tech companies
Posted Date : 06-Mar-2013 , 08:25:09 am | Posted By CASANSAAR
Software companies are miffed that the government is dragging its feet on refunding at least Rs3,000 crore in service tax despite promises to do so. While on one hand the government has said it will crack down on tax dodgers, it is unwilling to return the money it owes to information techn...
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Service Tax |
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0 | Hits : 846
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Sebi forms panel on insider trading
Posted Date : 06-Mar-2013 , 08:22:47 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India on Tuesday formed a panel to review insider trading rules to curb the rising menace of the illegal practice. Sebi appointed NK Sodhi, former chief justice of Karnataka High Court and former presiding officer of the...
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SEBI |
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All bank branches to exchange damaged notes: RBI
Posted Date : 05-Mar-2013 , 10:23:47 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).
This fa...
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Banking |
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IT dept digs up Rs20K cr undisclosed income in FY12
Posted Date : 05-Mar-2013 , 05:53:12 pm | Posted By CASANSAAR
Income Tax Department has detected undisclosed income of Rs 20,589.75 crore in searches and surveys conducted by it in 2011-12, government said today.
Minister of State for Finance S S Palanimanickam in a written reply to the Rajya Sabha said, "In the searches conducted by Income Tax Departme...
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Income Tax |
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CAG finds lapses in Rs 52000 cr farm debt waiver scheme
Posted Date : 05-Mar-2013 , 05:50:03 pm | Posted By CASANSAAR
The government will have to explain allegations of malpractices in one of its flagship schemes to waive the debts of farmers across the country, a promise which helped power the coalition's victory in 2009 .
The government's auditor or CAG has said that the 52,000-crore scheme was mar...
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CAG |
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Government to seek parliament nod to change tax rules after resolving Vodafone dispute: FM
Posted Date : 05-Mar-2013 , 08:28:00 am | Posted By CASANSAAR
Finance minister P Chidambaram on Monday said amendment to the retrospective tax rules would be sought from Parliament only after the Vodafone tax dispute is resolved. According to the rules set last year, the government can make retrospective tax claims on long-concluded corpora...
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Income Tax |
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87 companies under scanner for fraudulent investment schemes: Pilot
Posted Date : 05-Mar-2013 , 08:22:07 am | Posted By CASANSAAR
The corporate affairs ministry today said investigations or inspections have been initiated against 87 companies following complaints against the entities for floating fraudulent investment schemes. Further, to crackdown on entities floating fraudulent investment schemes, the government has asked st...
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Corporate Law |
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0 | Hits : 899
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Failure to pay excise, service tax may lead to arrest: Finance Bill 2013
Posted Date : 04-Mar-2013 , 06:48:55 pm | Posted By CASANSAAR
Failure to pay excise duty and service tax could lead to arrest of defaulters, as per the provisions proposed in the Finance Bill 2013 introduced by Finance Minister P Chidambaram in the Lok Sabha.
As per the provisions, offences relating to excise and customs duty evasion of over Rs 50 lak...
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Budget |
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Government will issue transfer pricing rules by April, says P.Chidambaram
Posted Date : 04-Mar-2013 , 05:48:57 pm | Posted By CASANSAAR
The government will issue so-called safe harbour rules by April 2013, a set of provisions that under certain conditions would enable tax authorities to accept companies transfer pricing claims without further scrutiny, Finance Minister P Chidambaram said on Monday.
Transfer pricing is the valu...
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Income Tax |
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0 | Hits : 753
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RBI says financial inclusion plan key criteria for new bank licence
Posted Date : 04-Mar-2013 , 03:16:27 pm | Posted By CASANSAAR
Financial inclusion plan will be an important criteria for getting new bank licences in the private sector, the Reserve Bank of India (RBI) said on Monday.
The apex bank came out with new bank licence guidelines last month wherein it said the important criterion for processing application would be ...
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Banking |
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ICAI Invites Applications from Highly Competent Candidates for the Positions of SECRETARY, TECHNICAL DIRECTOR and DIRECTOR (TAXATION)
Posted Date : 04-Mar-2013 , 02:45:16 pm | Posted By CASANSAAR
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002.
ICAI invites applications from highly competent candidates for the positions ofSECRETARY,TECHNICAL DIRECTORa...
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ICAI |
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All-women bank to start operations from November: Chidambaram
Posted Date : 03-Mar-2013 , 04:54:05 pm | Posted By CASANSAAR
India's first all-women bank will start operations from November this year through six branches spread across the length and breadth of the country, Finance Minister P Chidambaram said today.
"It will be inaugurated in November. Initially we should start with at least one branch in each maj...
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Banking |
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Tax dept to send notices to 35,000 assesses next week: Chidambaram
Posted Date : 03-Mar-2013 , 09:40:50 am | Posted By CASANSAAR
Finance Minister P Chidambaram said the revenue department will send tax notices to 35,000 assesses next week, beefing up efforts to reach the collection target for the fiscal.
"We have issued notices to 35,000 people saying that on the basis of information we have, you should have filed yo...
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Income Tax |
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0 | Hits : 1949
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IRCTC passes service tax on to passengers
Posted Date : 03-Mar-2013 , 09:38:08 am | Posted By CASANSAAR
Come April and the Indian Railways' online ticket booking portal IRCTC will start levying service tax on service charge for e-tickets booked through it.
A letter to this effect was issued on February 27 by the railway ministry. The Indian Railway Catering and Tourism Corporation&...
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Service Tax |
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0 | Hits : 1108
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New CPC for TDS to help nab tax evaders
Posted Date : 03-Mar-2013 , 09:37:25 am | Posted By CASANSAAR
The government is tightening noose on tax evaders by strengthening its Tax Deducted at Source (TDS) system. The focus on technology-based processing is so much so that Finance Minister P Chidambaram did not wait for the Centralised Processing Cell (CPC) for TDS at Ghaziabad to become fully operation...
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Income Tax |
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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 : 724
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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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