Need to move towards tech-driven tax administration: FM
Posted Date : 23-Feb-2013 , 04:04:16 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said there is need to move towards a technology driven tax administration and called on all assesses to file tax returns.
"We will have to get each one of the 28 lakh tax deductees (under TDS). The tax amount would be credited to the government...
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Income Tax |
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Private companies, PSUs can set up banks, says RBI
Posted Date : 23-Feb-2013 , 09:14:04 am | Posted By CASANSAAR
Almost three years after it was first promised in theUnion Budget of 2010-11, the Reserve Bank of India has allowed all private and public sector companies to apply for bank licences, paving the way for business houses such as the Tatas, Aditya Birla group, L&T, ADAG, Mahindr...
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Banking |
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MCA-21 glitches: Sachin Pilot says cos to get more time for filing
Posted Date : 22-Feb-2013 , 10:39:55 pm | Posted By CASANSAAR
The government will give extra time to waive the additional fees on companies following glitches in the electronic filings system MCA-21, Corporate Affairs Minister Sachin Pilot said today. The MCA 21 portal has been facing glitches since the maintenance contract has gone to Info...
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Corporate Law |
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Revised Passing Requirements for Common Proficiency Test (CPT) effective from June, 2013
Posted Date : 22-Feb-2013 , 07:43:00 pm | Posted By CASANSAAR
In terms of the decision of the Council taken at its 317thmeeting in pursuance ofNotification No. 1-CA(7)/145/2012 dated 1st August, 2012, it is notified for general information thatthe passing requirements of CPT effective from June, 2013 shall be as under:-
“A candidate for the...
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Students Zone |
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RBI issues guidelines for licensing of new banks in private sector
Posted Date : 22-Feb-2013 , 06:18:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) released final guidelines for issuing new bank licences on Friday, paving the way for corporate houses to enter the banking sector.
The RBI said it will allow applications for new bank licences until July 1, 2013, and in its statement did not exclude companies from a...
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Banking |
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FM to Dedicate Centralized Processing Cell for Tax Deducted at Source, CPC (TDS)
Posted Date : 22-Feb-2013 , 06:08:22 pm | Posted By CASANSAAR
The Union Finance Minister Shri P. Chidambaram, will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) to the nation tomorrow.
The CPC (TDS) will be situated at Aaya...
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Income Tax |
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Nearly 16,700 vacancy in Income Tax dept: Govt
Posted Date : 22-Feb-2013 , 06:04:57 pm | Posted By CASANSAAR
The Income Tax department has as many as 16,696 posts lying vacant but they are manned by existing employees by holding additional charge so that work is not affected, Parliament was informed today.
Vacancies arise on account of retirement/VRS, promotion, deputation and offic...
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Income Tax |
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Sebi 'cautions' investors, public against dealings with Sahara
Posted Date : 22-Feb-2013 , 01:05:03 pm | Posted By CASANSAAR
Close on the heels of ordering attachment of bank accounts, investments and all other assets of two Sahara group firms and their promoters, including group chief Subrata Roy, market watchdog Sebi today cautioned the investors and general public against transacting with these companies...
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SEBI |
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Supreme Court forms CBI-income tax team for Niira Radia tape scrutiny
Posted Date : 22-Feb-2013 , 08:48:01 am | Posted By CASANSAAR
The Supreme Court on Thursday constituted a team of CBI and income taxofficials to scan transcripts of 5,831 intercepted telephone conversations of former corporate lobbyist Niira Radia with politicians, industrialists and others to segregate those with criminality from inno...
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Income Tax |
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Banks NPAs soar 43.1% in first 3 quarters to Rs 1.79 tln: Care
Posted Date : 21-Feb-2013 , 10:36:32 pm | Posted By CASANSAAR
Ratings agency Care today said non-performing assets of banks have increased by 43.1 per cent to Rs 1.79 trillion in the first three quarters of the fiscal. "The major problem confronting banks remains to be NPAs which have grown by 43.1 per cent on top of a similar growth last year,"...
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Banking |
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Exposure Draft of Excel Template of Taxonomy for Non-Banking Financial Companies (NBFCs)
Posted Date : 21-Feb-2013 , 10:12:21 pm | Posted By CASANSAAR
While the filing of the financial statements in XBRL format had begun for a class of companies, NBFCs were kept outside the purview, despite the fact that these companies also followed the Schedule VI format. Owing to peculiar nature of business as compared to the other Commercial ...
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ICAI |
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Bharat Bandh losses to Indian economy may amount to Rs 26,000 cr, says Assocham
Posted Date : 21-Feb-2013 , 07:47:05 am | Posted By CASANSAAR
Industry body Assocham today expressed the fears that the loss toIndian economy due to the two-day trade union-sponsored Bharat Bandh strike by central trade unions could be about Rs 26,000 crore, higher than its initial estimate of Rs 15,000-20,000 crore.
"Against initial es...
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General |
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RBI tightens norms for import of precious, semi-precious stone
Posted Date : 21-Feb-2013 , 07:41:14 am | Posted By CASANSAAR
The Reserve Bank tightened norms for import of precious and semi-precious stones by imposing a limit of 90 days towards letter of credit.
"It is clarified that Suppliers' and Buyers' Credit (trade credit) including the usance period of Letters of Credit opened for import ofprecious stones...
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RBI |
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CS December 2012 Exam results likely on 25.02.2013
Posted Date : 20-Feb-2013 , 10:30:55 pm | Posted By CASANSAAR
COMPANY SECRETARIES EXAMINATION RESULTS DECEMBER, 2012
The Result Of Foundation Programme (Old Syllabus), Executive Programme And Professional Programme Examinations Held In December, 2012 Is Scheduled To Be Declared At 11.00 A.M. On 25th February, 2013. The Results Alongwith...
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ICSI |
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Average salary hikes of Indian companies expected to be around 10%: Aon Hewitt
Posted Date : 20-Feb-2013 , 09:13:05 pm | Posted By CASANSAAR
Indian companies are expected to dole out an average salary hike of 10.3% this year according to estimates released by a global HR consulting firm on Wednesday. This will be lowest hike post the financial crisis of 2008-09.
The study conducted by Aon Hewitt shows a wide variance o...
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General |
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Bharat bandh: public transport, banking services hit; 1 dead in clashes in Ambala
Posted Date : 20-Feb-2013 , 09:19:30 am | Posted By CASANSAAR
A two-day nationwide strike by 11 major trade unions began this morning, severely impacting banking services and crippling public transport in cities. One person died in clashes between the police and striking workers in Ambala. Trade unionists claim 10 crore workers will be taking...
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General |
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MCA ropes in TCS to help Infosys manage portal
Posted Date : 20-Feb-2013 , 09:14:37 am | Posted By CASANSAAR
In an interesting turn of events, the Ministry of Corporate Affairs (MCA) has roped in Tata Consultancy Services (TCS) as a consultant for smooth running of its portal, MCA21.
TCS was in charge of development and management of the portal for seven years, until MCA decided to hand the work of i...
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Corporate Law |
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Akhilesh budget levies no new tax, gives boost to populist schemes
Posted Date : 20-Feb-2013 , 09:10:58 am | Posted By CASANSAAR
With an eye on the next Lok Sabha election — which Samajwadi Party (SP) president Mulayam Singh Yadav has already said may be held in September — Chief Minister Akhilesh Yadav substantially increased allocation for the populist schemes of his government in the state's...
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Budget |
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Revised Audit Report Formats for bank/ bank branch audit
Posted Date : 19-Feb-2013 , 09:51:42 pm | Posted By CASANSAAR
Applicability of the Revised AuditReport Formats (including for bank/bank branch audit reports) and Reporting in respect of Memorandum of Changes in Bank Audit Reports
As you would be aware, the Institute of Chartered Accountants of India had pursuant to t...
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Auditing |
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Govt makes fresh appeal to bank employees not to join strike
Posted Date : 19-Feb-2013 , 04:15:02 pm | Posted By CASANSAAR
The government has again appealed to the bank employees not to join the two-day nationwide strike from tomorrow saying there is "really no reason" for them to go ahead with it.
The Government, in a statement today, said that it is disappointed to note that a section of the bank employees have decid...
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General |
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KPMG in India ropes in former PwC consulting head
Posted Date : 19-Feb-2013 , 01:56:01 pm | Posted By CASANSAAR
The churning in Big 4 consulting firms seems to be continuing. And now KPMG has roped in Ambarish Dasgupta, PwC India’s former national consulting leader and executive director as head of management consulting. According to officials in the country’s consulting circles, a much larger exo...
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General |
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Now Private universities under I-T lens for service tax evasion
Posted Date : 19-Feb-2013 , 08:32:40 am | Posted By CASANSAAR
Various private universities have come under the scanner of the central revenue department for alleged service tax evasion worth several crores.
The Directorate General of Central Excise Intelligence and Central Economic Intelligence Bureau have started a discreet probe ...
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Service Tax |
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SEBI approves India's first social venture fund in Gujarat
Posted Date : 19-Feb-2013 , 08:26:02 am | Posted By CASANSAAR
Ahmedabad-based Incube Ventures Pvt. Ltd.'s newly launched 'Incube Connect Fund' has received the distinction of being the firstsocial venture fund in the country to be accorded registration by SEBI under SEBI (AIF), Regulations, 2012.
Having recently received SEBI approval as country's first ...
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SEBI |
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Budget 2013: Tax amendments you can expect in rent allowance, LTA & gift tax
Posted Date : 18-Feb-2013 , 07:30:09 pm | Posted By CASANSAAR
The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws. The union budget for the FY 2013-14 will be presented before the Parliament on 28th February 2013 and the finance minister has promised many reforms expected to co...
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Budget |
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PFC's Rs 100 crore tax-free bonds issue opens today
Posted Date : 18-Feb-2013 , 08:58:01 am | Posted By CASANSAAR
State-run Power Finance Corp (PFC) plans to raise Rs 100 crore through tax-free bonds issue that begins today.The proposed issue is part of its plan to garner Rs 5,000 crore by way of issuing tax-free securities in the current fiscal (2012-13). Out of the total target, Rs 1,110 crore has a...
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Income Tax |
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Two-day bank strike from February 20
Posted Date : 17-Feb-2013 , 08:41:05 am | Posted By CASANSAAR
There may be no banking transaction for two whole days in the country, as "not just the nationalised bank unions including their officers but even some of the private banks except ICICI Bank, have agreed to strike work on February 20 and 21," said CPI leader and AITUC general secretary&nbs...
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Banking |
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Payments for certification tests not liable to tax: ITAT
Posted Date : 17-Feb-2013 , 08:40:19 am | Posted By CASANSAAR
Payments for carrying out tests for the purpose of certification do not amount to Fees for Technical Services (FTS) under the Income-Tax Act, and therefore, not liable to tax in India, according to a recent order by the Income-tax Appellate Tribunal (ITAT) Mumbai, a quasi-judicial bod...
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Income Tax |
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Registration of Articled/ Audit Assistants within the stipulated period as specified under Regulation 46/ 69 of the Chartered Accountants Regulations, 1988
Posted Date : 16-Feb-2013 , 10:06:24 pm | Posted By CASANSAAR
BoS/Announcement/227/13
February 15, 2013
Sub: Registration of Articled/ Audit Assistants within the stipulated period as specified under Regulation 46/ 69 of the Chartered Accountants Regulations, 1988 reg.
It is brought to the notice of those students’ who have complet...
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Students Zone |
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No capital gains tax on Sanofi for Shantha deal: HC
Posted Date : 16-Feb-2013 , 08:54:42 am | Posted By CASANSAAR
In what showed the limitation of India's recent retrospective amendments in tax laws concerning indirect transfers abroad of Indian assets, the Andhra Pradesh High Court on Friday ruled that notwithstanding the bolstered law, French drug multinational Sanofi need not pay capital gains tax ...
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Income Tax |
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Petrol price up by Rs. 1.50, diesel by 45 paise
Posted Date : 15-Feb-2013 , 07:18:38 pm | Posted By CASANSAAR
Petrol price was on Friday hiked by Rs. 1.50 per litre and diesel by 45 paise a litre with effect from midnight on Friday.
While petrol rates have been revised in step with the steep rise in international rates, oil firms used the newly accorded freedom to increase diesel price in...
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General |
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