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Taxman pins hope on TDS to meet target: first target Interest income and Salary to be next...
Posted Date : 20-Jun-2011 , 10:18:03 am | Posted By CASANSAAR

CBDT to keep an eye on interest earned from bank fixed deposits.   Amid apprehension over slowing corporation tax collections, the Central Board of Direct Taxes (CBDT) plans to increase the contribution of tax deducted at source (TDS) in the direct tax kitty from 37 per cent to 40 per cent....

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Category : Income Tax | Comments : 0 | Hits : 269

2G scam: MP Kanimozhi back in jail after SC rejects bail plea
Posted Date : 20-Jun-2011 , 01:28:15 am | Posted By CASANSAAR

In a major setback to DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar, the Supreme Court today dismissed their bail pleas in the 2G spectrum case.A special bench of justices G S Singhvi and B S Chauhan asked the two accused to wait till framing of charges before approaching the special CBI cour...

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Category : General | Comments : 0 | Hits : 244

I-T Dept probes tax violations by charitable, religious trusts
Posted Date : 19-Jun-2011 , 05:03:49 am | Posted By CASANSAAR

Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes.   A classified report prepared by the depar...

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Category : Income Tax | Comments : 0 | Hits : 457

Annual medical check-ups' expenses to be exempt from I-T
Posted Date : 19-Jun-2011 , 04:58:49 am | Posted By CASANSAAR

 In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups.The Central Board of Direct Taxes (CBDT) has issued a notification in this regard.As per the notification, no income tax will be le...

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Category : Income Tax | Comments : 0 | Hits : 456

Swiss banks' foreign assets fall by about Rs 5 lakh cr
Posted Date : 19-Jun-2011 , 04:58:06 am | Posted By CASANSAAR

The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India.The securities kept by foreign entities in Swiss banks were valued at 2.39...

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Category : Banking | Comments : 0 | Hits : 357

FDI in retail: State to have final say in opening stores
Posted Date : 19-Jun-2011 , 04:56:43 am | Posted By CASANSAAR

 In what could be a dampener to the global retail chains, the Centre is considering allowing 51 per cent FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said."The states' permission would be required, since the trade is ...

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Category : Finance | Comments : 0 | Hits : 288

DPE asks FinMin to make banks compete for PSUs' deposits
Posted Date : 19-Jun-2011 , 04:55:14 am | Posted By CASANSAAR

 PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said.In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that the...

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Category : Finance | Comments : 0 | Hits : 262

Access to info on Swiss accounts made easier
Posted Date : 18-Jun-2011 , 07:50:28 am | Posted By CASANSAAR

The Swiss Parliament today gave approval to amendments to tax treaties with countries, including India, that makes it easier for them to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss Parliament endorsed amendments to double-ta...

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Category : General | Comments : 0 | Hits : 340

Shares in demat form must for promoters
Posted Date : 18-Jun-2011 , 07:46:19 am | Posted By CASANSAAR

Market regulator Sebi on Friday said that the promoters of all the listed companies in India should dematerialize their holdings fully by September 30, 2011. Failing which, a Sebi notice said, the scrip will be shifted to tarde-to-trade segments of the bourses. "In order to further promote demater...

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Category : SEBI | Comments : 0 | Hits : 392

Fund raising case:MCA denies intervention in Sebi-Sahara
Posted Date : 18-Jun-2011 , 07:42:12 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) today washed off its hands from the ongoing dispute between Sebi and Sahara Group companies, which has been restrained by the market regulator from mobilising funds from the public.In a statement, the MCA has clarified that Sahara Prime City intended to go...

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Category : Corporate Law | Comments : 0 | Hits : 284

Pranab asks banks to improve asset quality
Posted Date : 17-Jun-2011 , 09:29:53 am | Posted By CASANSAAR

Expressing concern over the rising non-performing assets (NPAs), finance minister Pranab Mukherjee on Friday asked banks to adopt better risk management practices and improve the quality of their assets. "It is important for banks to constantly monitor and bring down the non-performing assets to t...

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Category : Banking | Comments : 0 | Hits : 360

RBI imposes monetary penalty on Kheda-based bank
Posted Date : 17-Jun-2011 , 09:21:37 am | Posted By CASANSAAR

The Reserve Bank has imposed a monetary penalty of Rs 1 lakh on Kheda-based Pij People's Cooperative Bank for violation of anti-money laundering guidelines."RBI has imposed a monetary penalty of Rs 1 lakh on the Pij People's Cooperative Bank Ltd... for not reporting cash transactions in excess of Rs...

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Category : RBI | Comments : 0 | Hits : 233

Slowdown in corporate tax collection worries finance secretary
Posted Date : 17-Jun-2011 , 07:19:26 am | Posted By CASANSAAR

 Finance secretary Sunil Mitra on Thursday expressed concern about slowdown in corporate tax collection. He said the rise in RBI policy rate has further compounded the problem.   "I am worried about the likelihood of a slight slowdown in the corporate tax growth rate. Now again, the RBI ...

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Category : Finance | Comments : 1 | Hits : 252

Now, lawyers can practise in all courts
Posted Date : 17-Jun-2011 , 07:17:40 am | Posted By CASANSAAR

Now, lawyers can practise, as a matter of right, in all courts and forums, including tribunals or any quasi-judicial authority.   Fifty years after the Advocates Act, 1961, came into force, the Centre has notified Section 30 of the Act — with effect from Wednesday — to enable advo...

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Category : General | Comments : 0 | Hits : 631

I-T Dept to provide political parties'' tax return details
Posted Date : 16-Jun-2011 , 10:11:17 am | Posted By CASANSAAR

The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of t...

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

Post Office savings accounts to be taxed from current fiscal
Posted Date : 16-Jun-2011 , 10:09:58 am | Posted By CASANSAAR

The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of in...

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Category : Income Tax | Comments : 0 | Hits : 746

RBI by Raising Repo Rate by 25 Basis Points Seeks to Maintain an Interest Rate Environment That Moderates Inflation : FM
Posted Date : 16-Jun-2011 , 09:26:08 am | Posted By CASANSAAR

Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance M...

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Category : Finance | Comments : 0 | Hits : 264

SEBI relaxes norms on changing names by listed firms
Posted Date : 16-Jun-2011 , 09:24:30 am | Posted By CASANSAAR

Relaxing provisions for change in names by companies, regulator SEBI today said any listed firm seeking to undertake such an exercise can do so provided that the amount invested in new projects associated with change of profile is at least 50 per cent of their assets.As per the earlier rule, at leas...

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Category : SEBI | Comments : 0 | Hits : 259

RBIís non-performing asset projections for march í12
Posted Date : 16-Jun-2011 , 08:02:32 am | Posted By CASANSAAR

The June Financial Stability Report of the Reserve Bank of India (RBI) has a section on stress testing of banks. RBI projected banks’ balance sheets for 2011-12 and finds that at end-March 2012, the level of gross non-performing assets (NPAs) will rise to 2.92% of advances, assuming the tighte...

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Category : RBI | Comments : 0 | Hits : 371

Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) ó should be merged for tackling black money effectively.
Posted Date : 16-Jun-2011 , 08:00:13 am | Posted By CASANSAAR

Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in...

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Category : Finance | Comments : 1 | Hits : 738

Government to launch portal for suggestions on black money
Posted Date : 16-Jun-2011 , 07:57:08 am | Posted By CASANSAAR

With the difference in stance between opposition and experts on the government's plan to make tax evasion a criminal offence, the finance ministry has decided to launch a dedicated portal inviting suggestions on the issue from the public and all other stakeholders through email.   A formal an...

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Category : General | Comments : 0 | Hits : 340

India Inc continues good show, Q1 advance tax payment up 15%
Posted Date : 16-Jun-2011 , 07:55:25 am | Posted By CASANSAAR

Indian companies paid about 15% higher advance tax in April-June compared to a year ago, belying apprehensions of a slowdown and indicating better corporate earnings ahead. Companies across sectors - manufacturing, FMCG, banking and finance - have paid higher advance tax in the first installment. "T...

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Category : Income Tax | Comments : 0 | Hits : 557

Cost Accounting Rules for Industry Steamlined...
Posted Date : 16-Jun-2011 , 04:17:54 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has done away with a 46-year system of prescribing sector-specific cost accounting record maintenance rules for 36 industrial segments. Instead, it has notified a common rule that outlines the broad principles companies need to follow.     The p...

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Category : Income Tax | Comments : 0 | Hits : 717

RBI rate hikes: 10 times in 15 months
Posted Date : 16-Jun-2011 , 02:07:38 am | Posted By CASANSAAR

Be prepared to pay more every month on your home, auto and other loans, as the Reserve Bank today, for the 10th time since March, 2010, raised key interest rates by 25 basis points in its effort to control spiralling inflation.The RBI has raised the short-term lending (repo) rate by 25 basis points ...

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Category : RBI | Comments : 0 | Hits : 543

MCA to probe shareholding pattern of 12 listed firms
Posted Date : 15-Jun-2011 , 10:12:48 am | Posted By CASANSAAR

MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern."Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info r...

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Category : Corporate Law | Comments : 2 | Hits : 373

India and ADB Sign $132 Million Loan Agreement for Strengthening Biharís Power Sector
Posted Date : 15-Jun-2011 , 10:08:39 am | Posted By CASANSAAR

The Government of India and Asian Development Bank (ADB) today signed a $132 million loan agreement for strengthening Bihar’s power sector. The signatories to the loan were Shri Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, on ...

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Category : General | Comments : 0 | Hits : 302

Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified
Posted Date : 15-Jun-2011 , 10:06:54 am | Posted By CASANSAAR

Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.38/2011-Customs (N.T.) dated June 15, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.      “T A B L E...

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Category : Excise | Comments : 0 | Hits : 500

Sebi asks rating agencies to adopt standard symbols
Posted Date : 15-Jun-2011 , 10:05:07 am | Posted By CASANSAAR

 Market regulator Sebi today asked credit rating agencies (CRAs) to adopt standard symbols and definitions devised by it within four months, a move that will help investors to better understand financial health of firms."It has been felt that there need to be common rating symbols and definitio...

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Category : SEBI | Comments : 0 | Hits : 228

Rising interest rates to hurt bank profitability: RBI
Posted Date : 15-Jun-2011 , 07:47:27 am | Posted By CASANSAAR

The Reserve Bank today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector."Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth is expected to slow down, which could adversely affect the profita...

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Category : RBI | Comments : 0 | Hits : 307

Oil Minister Reddy meets PM to push for diesel, LPG price hike
Posted Date : 15-Jun-2011 , 07:44:41 am | Posted By CASANSAAR

With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee , which decide...

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Category : General | Comments : 0 | Hits : 258

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