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Pranab withdraws proposal to levy service tax on healthcare
Posted Date : 22-Mar-2011 , 12:18:01 pm | Posted By CASANSAAR

Bowing to demand from all quarters, finance minister Pranab Mukherjee announced withdrawal of the proposed 5% service tax on airconditioned hospitals with more than 25 beds and on diagonistic services. He also provided some relief to readymade garment manu...

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Category : Service Tax | Comments : 0 | Hits : 282

CAG frowns over tax refund claim delays
Posted Date : 22-Mar-2011 , 12:16:30 pm | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) has expressed serious concern over sharp rise in accumulation of direct tax refund cases saying pendency of refund claims results in outflow of revenue from the government by way of interest.   For instance...

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Category : CAG | Comments : 0 | Hits : 458

Patel for making CSR spends by private companies mandatory
Posted Date : 22-Mar-2011 , 12:15:47 pm | Posted By CASANSAAR

Union Heavy Industries Minister Praful Patel today batted in favour of making CSR (corporate social responsibility) spends mandatory for private companies , saying it is necessary for the upliftment of people.   “I think the corporate sector ...

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Category : Corporate Law | Comments : 0 | Hits : 281

Wipro offers up to Rs 10 cr package to new CEO
Posted Date : 22-Mar-2011 , 12:15:12 pm | Posted By CASANSAAR

As per the terms of appointment of Kurien, salary is in the range of minimum of Rs 3 crore to a maximum of Rs 10 crore a year, Wipro said in a filing to the Bombay Stock Exchange. This would include periodic increments, variable pay (based on performance criteria), lea...

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Category : Finance | Comments : 0 | Hits : 304

Over Rs 3 lakh cr of direct taxes locked up in litigation: CAG
Posted Date : 22-Mar-2011 , 12:14:37 pm | Posted By CASANSAAR

"The amount locked up in appeal cases with CIT (A) was Rs 2.2 lakh crore in 2009-10...", said the report of Comptroller and Auditor General (CAG).   It added that Rs 2.2 lakh crore locked up in appeals with CIT (A) is equivalent to 66.9 per cent o...

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Category : CAG | Comments : 0 | Hits : 329

Acceptance of e-TDS/TCS statements in Pen Drive
Posted Date : 22-Mar-2011 , 12:13:55 pm | Posted By CASANSAAR

Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing  option  of CD.   Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before s...

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Category : Income Tax | Comments : 0 | Hits : 291

India sitting over Rs. 1 lakh cr of unused external aid: CAG
Posted Date : 18-Mar-2011 , 10:44:02 am | Posted By CASANSAAR

India is sitting on unused foreign aid of over Rs. 1 lakh crore reflecting inadequate planning by ministries like urban development, water resources and energy, a report by government auditor Comptroller and Auditor-General of India (CAG) has said.   &l...

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Category : CAG | Comments : 0 | Hits : 373

DTC on track for April, 2012 rollout: Revenue Secy
Posted Date : 18-Mar-2011 , 10:42:18 am | Posted By CASANSAAR

The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). "DTC will be rolled out in April 2012 but for GST I think the date seems 'optimistic' under the present circums...

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Category : Income Tax | Comments : 0 | Hits : 356

India tax collection jumps 26 pc till March 12
Posted Date : 18-Mar-2011 , 10:41:39 am | Posted By CASANSAAR

India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till Mar...

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Category : Income Tax | Comments : 0 | Hits : 260

Chartered Accountant faces Rs 100cr income tax demand
Posted Date : 18-Mar-2011 , 10:41:02 am | Posted By CASANSAAR

Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 cro...

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Category : Income Tax | Comments : 0 | Hits : 252

ICAI enhances Fees for Issue of Duplicate Mark Sheets
Posted Date : 18-Mar-2011 , 10:40:10 am | Posted By CASANSAAR

It is hereby informed that the Council has decided to enhance the fees for issue of duplicate mark sheets ( for various examinations conducted by the Institute of Chartered Accountants of India, including those relating to post qualification courses) from Rs 10/-(Rupees ten onl...

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Category : Students Zone | Comments : 0 | Hits : 664

RBI raises key rates by 25 bps to lid prices
Posted Date : 18-Mar-2011 , 10:38:31 am | Posted By CASANSAAR

The Reserve Bank of India raised policy rates for the eighth time in a year by the expected 25 basis points to tackle inflation that is running disproportionately higher with a potential to whittle down the government's cherished 9% economic growth. Come Ap...

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Category : RBI | Comments : 0 | Hits : 285

PF deposits to earn 9.5% rate after FM nod
Posted Date : 18-Mar-2011 , 10:37:40 am | Posted By CASANSAAR

The Finance Ministry today ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February. The move is likely to benefit about 4.71 crore EPFO subscribers on their depo...

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Category : Finance | Comments : 0 | Hits : 242

Cabinet okays PFRDA Bill; may go to Parliament soon
Posted Date : 18-Mar-2011 , 10:35:26 am | Posted By CASANSAAR

The Union Cabinet today approved a long-pending bill, which is aimed at giving statutory power to the pension regulator PFRDA, paving way for introduction of the same in the current session of Parliament. The draft legislation is aimed at upgrading the status o...

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Category : Finance | Comments : 0 | Hits : 268

FinMin secures President's nod for GST Bill
Posted Date : 18-Mar-2011 , 10:33:46 am | Posted By CASANSAAR

The finance ministry on Wednesday moved a step closer to the proposed Goods and Services Tax (GST) by taking the President’s approval for introducing a Constitution Amendment Bill in Parliament. Even as some government departments have raised concerns on the Bill in its p...

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Category : GST | Comments : 0 | Hits : 302

I-T gets 2k cr from Harshad assets
Posted Date : 18-Mar-2011 , 10:33:03 am | Posted By CASANSAAR

In one of the biggest claims distributions in nearly two decades since the securities scam hit the market, Satish Loomba, custodian of Big Bull Harshad Mehta group (HMG), handed over a cheque for Rs 1,995.66 crore to the Income Tax department and Rs 200 crore to the SBI from th...

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Category : Income Tax | Comments : 0 | Hits : 251

'Why should tax payer pay for the better off under PDS'
Posted Date : 18-Mar-2011 , 10:25:38 am | Posted By CASANSAAR

The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. "We don't understand the logic as to why a person...

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Category : Income Tax | Comments : 0 | Hits : 263

Govt. may bring constitution amendment bill on GST this session
Posted Date : 15-Mar-2011 , 11:34:25 am | Posted By CASANSAAR

The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes.   It will try to introduce...

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Category : GST | Comments : 0 | Hits : 422

No routine tax scrutiny for senior citizens, small taxpayers
Posted Date : 15-Mar-2011 , 11:33:18 am | Posted By CASANSAAR

The Income Tax department today said the tax returns filed by senior citizens, who are above 60 years, and small taxpayers having a gross total income of less than Rs. 10 lakh, will not attract the routine scrutiny by the department.   “In order t...

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Category : Income Tax | Comments : 0 | Hits : 272

Tight liquidity forces banks to borrow more from RBI
Posted Date : 15-Mar-2011 , 11:32:43 am | Posted By CASANSAAR

Advance tax outflows worth Rs 80,000 - 90,000 crore, coupled with year-end pressures to shore up their books, forced banks to borrow up to Rs 94,250 crore from the Reserve Bank of India on the first day after the reporting Friday. Banks are always looking at strengthening their...

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Category : Banking | Comments : 0 | Hits : 346

Income Tax dept call Center to Solve taxpayers queries related to Refund, ITR V Status etc
Posted Date : 15-Mar-2011 , 11:31:51 am | Posted By CASANSAAR

Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following:   1. Status of receipt of ITR-V at CPC 2. Processing status...

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Category : Income Tax | Comments : 0 | Hits : 899

Payment of MCA fees –electronic mode-regarding
Posted Date : 15-Mar-2011 , 11:31:16 am | Posted By CASANSAAR

Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of serv...

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Category : Corporate Law | Comments : 1 | Hits : 370

FM announces incentives for investment in education, health
Posted Date : 15-Mar-2011 , 11:30:02 am | Posted By CASANSAAR

Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen. Replying to the discussion on the ...

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Category : Income Tax | Comments : 0 | Hits : 244

CAG asks Punjab to restrict borrowings
Posted Date : 15-Mar-2011 , 11:28:39 am | Posted By CASANSAAR

Finding it difficult for Punjab to service rising debt liabilities in future, the Comptroller and Auditor General has asked the state government to restrict borrowings and further restrained it from using borrowed funds for paying past debts. CAG has also asked...

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Category : Finance | Comments : 0 | Hits : 260

Rescheduling of PCE / IPCE Exams scheduled on 3rd May 2011 and 7th May 2011 at Kolkatta and Asansol
Posted Date : 14-Mar-2011 , 09:37:12 pm | Posted By CASANSAAR

In view of the Election to the West Bengal State Legislative Assembly, Paper-1, `Advanced Accounting’ of Professional Competence Examination and Paper-1, `Accounting’ of Integrated Professional Competence Examination scheduled to be held on Tuesday, the 3rd May, 201...

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Category : Students Zone | Comments : 0 | Hits : 882

Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) – Procedure simplified.
Posted Date : 14-Mar-2011 , 09:36:28 pm | Posted By CASANSAAR

The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...

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Category : Corporate Law | Comments : 0 | Hits : 281

No collateral required for loans to SC/ST: Mukherjee
Posted Date : 14-Mar-2011 , 09:36:09 pm | Posted By CASANSAAR

The government today said the provision of collateral security for getting loans from banks has been waived for SC/ST as part of measures to grant them easier access to credit. "There is no need for collateral security for these sections for getting bank l...

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Category : Finance | Comments : 0 | Hits : 281

Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) – Procedure simplified.
Posted Date : 14-Mar-2011 , 09:35:01 pm | Posted By CASANSAAR

The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...

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Category : Corporate Law | Comments : 0 | Hits : 265

SAT defers PwC-Sebi case to March 15
Posted Date : 14-Mar-2011 , 09:34:29 pm | Posted By CASANSAAR

The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said.   The matter came before SAT yesterday.   The case relates to the multi-crore rupee Satyam a...

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Category : Auditing | Comments : 0 | Hits : 333

1,360 crore unclaimed funds in banks
Posted Date : 14-Mar-2011 , 09:33:48 pm | Posted By CASANSAAR

An estimated Rs 1,360 crore is lying unclaimed dein foreign and national banks in India. Data provided by RBI in response to Right to Information queries said that the apex bank had asked banks to redouble their efforts in tracking down customers and their legal heirs. ...

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Category : Banking | Comments : 0 | Hits : 286

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