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Plea to extend date for I-T return filing
Posted Date : 29-Sep-2012 , 08:54:52 am | Posted By CASANSAAR

All India Federation of Tax Petitioners (AIFTP) has urged the Central Board of Direct Taxes for extension of income tax return filing date this year. It pointed out that the due date on September 30 is a Sunday.   AIFTP said CBDT should issue a clarification as it did in 1992. The half-yearl...

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Category : Income Tax | Comments : 0 | Hits : 1039

No service tax on railway tickets booked before Oct 1
Posted Date : 29-Sep-2012 , 08:52:25 am | Posted By CASANSAAR

Passengers who have booked AC train tickets before October 1 will not have to pay service tax imposed by the finance ministry, the railways clarified on Friday. Also, in case of cancellation of tickets booked on or after October 1, the refundable amount will include service tax. After a public out...

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Category : Service Tax | Comments : 0 | Hits : 337

ICAI Invites Applications from Highly Competent Candidates for the Positions of SECRETARY, TECHNICAL DIRECTOR and DIRECTOR (TAXATION)
Posted Date : 28-Sep-2012 , 03:44:32 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 of  SECRETARY,TECHNICAL DIRECTORand&n...

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Category : Income Tax | Comments : 0 | Hits : 546

Sahara agrees to refund Rs 24,000 crore to investors in 3 months
Posted Date : 28-Sep-2012 , 03:34:10 pm | Posted By CASANSAAR

Sahara Group on Friday assured the Supreme Court that its two companies which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors will refund the amount within three months.   “We will refund the amount. There is no question of going b...

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Category : General | Comments : 0 | Hits : 314

Finance Minister P Chidambaram to review Income Tax department's appeal-filing mechanism soon
Posted Date : 28-Sep-2012 , 08:18:57 am | Posted By CASANSAAR

Finance Minister P Chidambaram is likely to review the entire appeal-filing mechanism of the Income Tax department in view of concerns expressed by the Supreme Court recently over delays in revenue cases. The Minister may review the mechanism in the middle of next ...

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Category : Income Tax | Comments : 0 | Hits : 259

RBI extends interest rate ceiling on export credit to six months
Posted Date : 28-Sep-2012 , 08:14:49 am | Posted By CASANSAAR

The Reserve Bank today extended the interest rate ceiling on export credit with overseas banks to six months. "It has been decided that the interest rate ceiling on lines of credit with overseas banks will continue to be six months Libor/Euro Libor/Euribor plus 250...

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Category : RBI | Comments : 0 | Hits : 240

Same name, Birthday get 2 Men same PAN number
Posted Date : 28-Sep-2012 , 08:11:39 am | Posted By CASANSAAR

PAN numbers are supposed to be like fingerprints. No two people can have the same one. Well, the Income Tax department seems have made an exception. The I-T department issued the same Permanent Account Number (PAN) to two different persons with the same name. The aggr...

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Category : Income Tax | Comments : 0 | Hits : 840

Service tax refund may pose a problem to rail passengers
Posted Date : 28-Sep-2012 , 08:08:32 am | Posted By CASANSAAR

The notification, levying service tax on high-end railway passenger fares, cargo and auxiliary services from October 1 just might leave passengers in the lurch in case they prefer to cancel their tickets as it would not be the job of the railways to refund the levied tax.   The service tax on...

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Category : Service Tax | Comments : 0 | Hits : 450

Income Tax department defends retrospective tax in McLeod case
Posted Date : 28-Sep-2012 , 08:07:32 am | Posted By CASANSAAR

The Income Tax department has sought the dismissal of a plea filed by tea producer McLeod Russelagainst state's powers to tax transactions retrospectively.The department maintains that the state has powers to tax with retrospective effect and the amendments introduced in the Finance B...

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Category : Income Tax | Comments : 0 | Hits : 217

Sandeep Patil replaces K Srikkanth as chief BCCI selector, Mohinder Amarnath dropped
Posted Date : 27-Sep-2012 , 04:37:43 pm | Posted By CASANSAAR

Former Indian cricketer Sandeep Patil was on Thursday appointed the Chairman of the national selection committee, whileMohinder Amarnath was sacked after serving just one year in the panel. The 56-year-old Patil's appointment to the hot seat, replacing Kris Srikkanth, came as a ...

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Category : General | Comments : 0 | Hits : 277

Invitation to act as Checker for Chartered Accountants Examinations
Posted Date : 27-Sep-2012 , 08:22:05 am | Posted By CASANSAAR

Examination Department of the Institute would like to avail the services ofthe members of the Institute (upto 15 years of Experience) to act as Checker fortotaling etc. of marks awarded by examiner, other details are as under:   The Examination Department of the Institute avails the services ...

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Category : ICAI | Comments : 0 | Hits : 1406

Service tax on AC and first class rail fares from Oct.1
Posted Date : 27-Sep-2012 , 08:06:11 am | Posted By CASANSAAR

Service tax will be levied on high-end passenger classes, freight and auxiliary services rendered at railway stations from October 1.   The decision was taken on Wednesday at a meeting between Railway Minister C.P. Joshi and Finance Minister P. Chidambaram.   Fares of air-conditioned c...

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Category : Service Tax | Comments : 0 | Hits : 436

Vodafone not ready to settle tax dispute at Rs 8,000 crore
Posted Date : 27-Sep-2012 , 08:01:43 am | Posted By CASANSAAR

 British telecom company Vodafone never said that it was ready to resolve its tax dispute with theIndian government if the interest and penalty on the tax liability is waived, a person close to the company said."Vodafone has never expressed a willingness to settle the t...

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Category : Income Tax | Comments : 0 | Hits : 367

Tax residency certificate now mandatory for foreign investors
Posted Date : 26-Sep-2012 , 09:54:40 pm | Posted By CASANSAAR

India has made it mandatory for all foreigners to furnish a tax residency certificate of their home country to claim benefits under the double taxation avoidance agreement. This will make the process of claiming tax credit easier for foreigners by removing the arbitrariness in the earlier regim...

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Category : Income Tax | Comments : 0 | Hits : 383

Sebi moves SC against Sahara Group
Posted Date : 26-Sep-2012 , 09:37:46 pm | Posted By CASANSAAR

Market regulator Sebi on Tuesday approached the Supreme Court accusing the Sahara Group of not complying with its order to furnish documents about its two companies which were directed to refund around Rs 24,000 crore to their investors.Sebi filed an application alleging that the...

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Category : SEBI | Comments : 0 | Hits : 348

RBI allows NRIs to pick up shares, debentures at face value
Posted Date : 26-Sep-2012 , 09:35:36 pm | Posted By CASANSAAR

The Reserve Bank of India today said non-residents, including NRIs, can make investment in an Indian company at the face value of shares or debentures subject to compliance with FDI scheme."It has been decided that in cases where non-residents (including NRIs) make investment in an Indian company in...

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Category : RBI | Comments : 0 | Hits : 317

Sebi notifies MF reforms; changes to be effective from Oct.
Posted Date : 26-Sep-2012 , 09:27:02 pm | Posted By CASANSAAR

Market regulator Sebi today notified wide-ranging reforms for mutual fund sector, which would provide incentives to fund houses for expanding to small cities but might result in additional costs for investors. The changes, which would come into effect from next month, would require fund houses to m...

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Category : SEBI | Comments : 0 | Hits : 190

MCA 21 Second Cycle to Benefit all the Companies and LLPS Registered in India . Dr. M.Veerappa Moily
Posted Date : 26-Sep-2012 , 09:24:09 pm | Posted By CASANSAAR

The MCA21 is considered as one of the most successful mission mode project (MMP) having implemented many innovations viz. internet payments, credit card payment, electronic issuance of stamp paper (e-stamp), use of adobe e-forms, end-to-end electronic work flow and digital signature (DSC) based elec...

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Category : Corporate Law | Comments : 0 | Hits : 297

Yahoo! names Ken Goldman as Chief Financial Officer
Posted Date : 26-Sep-2012 , 03:33:26 pm | Posted By CASANSAAR

Yahoo! today said Ken Goldman will join the company as chief financial officer (CFO) with effect from October 22, as recently appointed chief Marissa Mayer tries to turn around the Internet company.   In this role, he will be responsible for the company's global finance functions, including f...

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Category : International Business | Comments : 0 | Hits : 265

ED attaches Emaar MGF’s Delhi, Hyderabad properties for Money laundering
Posted Date : 26-Sep-2012 , 08:19:19 am | Posted By CASANSAAR

Enforcement Directorate has attached properties owned by Emaar MGF, the builder of Commonwealth Games Village in Delhi and several projects in Hyderabad, for alleged violation of Prevention of Money Laundering Act.  The attachment concerns the company's properties in Kalkaj...

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Category : Finance | Comments : 0 | Hits : 459

Govt proposing norms for independent directors at CPSEs
Posted Date : 26-Sep-2012 , 08:16:12 am | Posted By CASANSAAR

To improve corporate governance in state-owned companies, the Department of Public Enterprises (DPE) is proposing norms for independent directors that will define their roles and responsibilities.At present, there are no such guidelines for non-official directors who are being appointed on boards of...

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Category : Corporate Law | Comments : 0 | Hits : 298

Sebi seeks ASBA facility at all branches of designated banks
Posted Date : 26-Sep-2012 , 08:14:35 am | Posted By CASANSAAR

Market regulator Sebi today asked the banks, authorised to accept ASBA forms wherein bid amount for public offer shares remain in investors' accounts till allotment, at all their branches by the end of 2012. Sebi (Securities and Exchange Board of India) introduced ...

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Category : SEBI | Comments : 0 | Hits : 261

Ex-Reebok India MD, COO ‘fudged’ accounts: SFIO
Posted Date : 26-Sep-2012 , 08:10:46 am | Posted By CASANSAAR

The investigation arm of the ministry of corporate affairs (MCA), the Serious Fraud Investigation Office (SFIO), has found that Reebok India’s sacked managing director Subhinder Singh Prem and former chief operating officer (COO) Vishnu Bhagat had “fudged and fabricated” accounts o...

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Category : Corporate Law | Comments : 0 | Hits : 327

Finance Ministry for zero charges on e-transfer of funds up to Rs 1 lakh
Posted Date : 25-Sep-2012 , 07:46:10 pm | Posted By CASANSAAR

To promote cashless transactions, theFinance Ministry has asked public sector banks to take steps to reduce the fee to zero for electronic transfer of funds up to Rs one lakh. Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs 1 lakh from one a...

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Category : Banking | Comments : 0 | Hits : 373

Sebi imposes fine on CA Firm owner in BoR matter
Posted Date : 25-Sep-2012 , 08:23:54 am | Posted By CASANSAAR

Market regulator Sebi on Monday imposed a penalty of Rs 6 lakh on Dilip S Mehta, owner of a chartered accountancy firm, for failing to respond to summons issued by it in relation to a probe into the affairs of erstwhile Bank of Rajasthan.   The matter pertains to alleged irregularities commit...

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Category : ICAI | Comments : 0 | Hits : 792

Tax exemption to Political Parties Rs. 1,033 crore
Posted Date : 25-Sep-2012 , 08:19:53 am | Posted By CASANSAAR

Are political parties required to reveal the source of their funding under the Right to Information Act? While the CPI agreed to disclose its funding to an NGO, other parties have flatly refused to do so.  Association for Democratic Rights (ADR), sought the information under RTI, claiming that...

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Category : Income Tax | Comments : 0 | Hits : 392

VAT refund: Cases pile up in excise office
Posted Date : 25-Sep-2012 , 08:13:29 am | Posted By CASANSAAR

The excise and taxation department has so far failed to clear thousands of VAT refund cases prompting the industry in Ludhiana to call a meeting on October 1. Industrialists have also called the excise and taxation commissioner A Venuprasad for the meeting to find reasons for the delay and to urge t...

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Category : Excise | Comments : 0 | Hits : 327

New tax accounting standards to reduce litigation soon
Posted Date : 25-Sep-2012 , 08:11:32 am | Posted By CASANSAAR

From 2012-2013 onwards, companies may have to file their income-tax return as per the standards laid down by the Central Board of Direct Taxes (CBDT). The new standards will reduce the discretion which is currently available with the taxpayers under the standards prescribed by the Institute of Chart...

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Category : Income Tax | Comments : 0 | Hits : 506

Cabinet clears 7% hike in DA for Central Govt employees
Posted Date : 24-Sep-2012 , 08:57:16 pm | Posted By CASANSAAR

The Union Cabinet today approved a 7 per cent hike in the Dearness Allowance, DA, for central government employees. In its meeting chaired by Prime Minister Dr Manmohan Singh in New Delhi, the cabinet give its nod to hike in DA. The approval will benefit 80 lakh central government employees and pens...

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Category : General | Comments : 0 | Hits : 282

Continuation of MCA21 Project - e-Governance, Computerization and Networking of Ministry of Corporate Affairs and its Field Offices (MCA21 v2)
Posted Date : 24-Sep-2012 , 08:56:25 pm | Posted By CASANSAAR

The Cabinet Committee on Economic Affairs approved continuation of MCA21 Project for its second cycle from January, 2013 to July, 2021 as a Non-Plan Scheme at a total project outlay of Rs.357.81 crore including an outlay of Rs.54.42 crore for independent project management and certification over eig...

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Category : Corporate Law | Comments : 0 | Hits : 305

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