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Delhi, Mumbai airport development fee without ‘authority of law’: SC
Posted Date : 26-Apr-2011 , 09:12:49 pm | Posted By CASANSAAR

The levy and collection of development fees (DF) from airline passengers in Delhi and Mumbai by the private operators of these airports is illegal, the Supreme Court said today.     The court barred the Mumbai airport operator — Mumbai International Airport Limited (MIAL) — ...

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Category : General | Comments : 0 | Hits : 327

Now, quote PAN to buy gold in cash
Posted Date : 26-Apr-2011 , 09:01:04 pm | Posted By CASANSAAR

UNDER attack for not being able to curb black money transactions, the finance ministry is planning to make quoting of the permanent account number (PAN) mandatory for more transactions. The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery...

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Category : Income Tax | Comments : 0 | Hits : 487

SBI rules out merger of affiliates this year
Posted Date : 26-Apr-2011 , 08:54:31 pm | Posted By CASANSAAR

Finance Minister Pranab Mukherjee will review the performance of all public sector banks next month after they announce financial results for 2010-11, a senior official said.  "We will have a review meeting next month with the finance minister...may be towards the end of May," Department of Fi...

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Category : Banking | Comments : 0 | Hits : 771

Rs 40,000 cr I-T refunds in fiscal beginning itself
Posted Date : 26-Apr-2011 , 08:51:42 pm | Posted By CASANSAAR

The Income Tax Department will refund about 40,000 crore by the end of April or early May, as part of the initiative by the Central Board of Direct Taxes (CBDT) to complete the entire refunding process in the very first month of a fiscal year. This initiative comes as a big relief to taxpayers who ...

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Category : Income Tax | Comments : 0 | Hits : 299

RBI slaps Rs1.95 cr on 19 banks for flouting derivative norms
Posted Date : 26-Apr-2011 , 11:59:55 am | Posted By CASANSAAR

The Reserve Bank (RBI) today slapped a penalty of Rs1.95 crore on 19 banks, including heavyweights SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, an instrument used to hedge financial risks.   The fine has been imposed on the banks for selling derivative products...

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Category : RBI | Comments : 0 | Hits : 568

ICAI plans online knowledge base
Posted Date : 26-Apr-2011 , 11:58:14 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India is all set to start its online facility aimed at enhancing knowledge base and updating the skills of chartered accountants across India.     “To enhance the knowledge base of members and chartered accountancy firms, the ICAI has init...

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Category : ICAI | Comments : 1 | Hits : 838

SEBI settles case against Dena Bank for Rs 10 lakh
Posted Date : 26-Apr-2011 , 11:52:51 am | Posted By CASANSAAR

The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms.The case relates to Dena Bank's trading in shares of Alka Securities wherein it allegedly breached the r...

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Category : SEBI | Comments : 0 | Hits : 322

Print Specifications for SAHAJ and SUGAM
Posted Date : 26-Apr-2011 , 08:19:54 am | Posted By CASANSAAR

    1.      Printing of the forms should be according to the standards set below: ·         No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, pape...

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

Merger, acquisition regime under Competition Act to be effective from June1: Deora
Posted Date : 25-Apr-2011 , 08:50:09 pm | Posted By CASANSAAR

The regulations governing mergers, acquisitions and combinations under the Competition Act would be finalised by May 1, and implemented from June 1, said Minister for Corporate Affairs, Murli Deora, here on Monday.   “The revised draft of regulations is in the final stages and we expect...

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Category : Income Tax | Comments : 0 | Hits : 426

No tapping to only detect tax evasion: Cabinet secy
Posted Date : 25-Apr-2011 , 08:46:21 pm | Posted By CASANSAAR

Reacting to the controversy on whether the Central Board of Direct Taxes (CBDT) should have powers to intercept telephone calls, the cabinet secretary today answered in the negative. K M Chandrasekhar clarified that the law does not permit telephone tapping and monitoring of conversations to merely ...

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Category : Income Tax | Comments : 0 | Hits : 697

CBDT mulling punishment for misuse of employees TDS
Posted Date : 25-Apr-2011 , 08:42:00 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) is currently contemplating a policy that will help prevent corporate houses from misusing the TDS (Tax Deducted at Source) of their employees.   Such a rule is likely to see the light of day in the near future, CBDT chairman Sudhir Chandra, who was in ...

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Category : Income Tax | Comments : 0 | Hits : 335

CWG scam: Suresh Kalmadi arrested by CBI
Posted Date : 25-Apr-2011 , 08:26:58 am | Posted By CASANSAAR

Suresh Kalmadi, sacked CWG organising committee chief, was today arrested by the CBI over alleged irregularities in the conduct of the sporting extravaganza, ending months of speculation.Official sources said 67-year-old Kalmadi, who was called to the agency's new swanky headquarters for questioning...

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Category : General | Comments : 1 | Hits : 287

I-T seeks addl 22,000 staff to strengthen operations
Posted Date : 25-Apr-2011 , 08:26:06 am | Posted By CASANSAAR

 Aiming to give more teeth to the investigation against black money, Income Tax Department hit by staff shortage today said it has sought an additional 22,000 staff to strengthen its various operations.Besides, the tax department will redeploy its existing manpower towards intelligence gatherin...

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Category : Income Tax | Comments : 0 | Hits : 347

SEBI modifies norms to appoint internal auditors
Posted Date : 24-Apr-2011 , 08:38:48 am | Posted By CASANSAAR

SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years.The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securit...

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Category : Auditing | Comments : 0 | Hits : 892

Cos not to pay stamp duty on increased capital: HC
Posted Date : 24-Apr-2011 , 08:36:59 am | Posted By CASANSAAR

The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital.A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which challenged the direction of the Registrar of Companies (RO...

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Category : Corporate Law | Comments : 1 | Hits : 1172

SEBI to establish toll free helpline for investors
Posted Date : 24-Apr-2011 , 08:35:26 am | Posted By CASANSAAR

To resolve investors' grievances and spread financial literacy, market regulator SEBI will set up a toll free helpline to respond to queries of investors and help track the status of their complaints.The investors, according a strategic action plan approved by the SEBI Board earlier, will be able to...

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Category : SEBI | Comments : 0 | Hits : 350

Sri Sathya Sai Baba dies in Puttaparthi
Posted Date : 23-Apr-2011 , 11:58:38 pm | Posted By CASANSAAR

Spiritual leader Sri Sathya Sai Baba died at the Sathya Sai super speciality hospital at Puttaparthi in Andhra Pradesh's Anantapur district today. The 84-year-old was admitted to hospital on March 28 with breathing and heart problems. Early on Thursday morning, doctors had said his condition wa...

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Category : General | Comments : 0 | Hits : 351

File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Posted Date : 21-Apr-2011 , 09:28:37 pm | Posted By CASANSAAR

Rule 7C Prescribe the Penalty which Assessee has to Pay if there is delay in filing of service Tax Return. Where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Centr...

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Category : Service Tax | Comments : 13 | Hits : 11953

Madras HC rejects Vodafone plea against Essar Tele, India Securities merger
Posted Date : 21-Apr-2011 , 09:25:10 pm | Posted By CASANSAAR

In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has loc...

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Category : Finance | Comments : 0 | Hits : 377

ICAI prepares draft accounting standards for political parties
Posted Date : 21-Apr-2011 , 09:02:51 pm | Posted By CASANSAAR

Accounting regulator Institute of Chartered Accountants of India today said it has prepared draft accounting standards for political parties on a request from the Election Commission. "The council has approved uniform financial statement and accounting and auditing framework for political parties," ...

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Category : ICAI | Comments : 0 | Hits : 464

I-T seizes Rs 28 cr in states in poll bound states: CBDT
Posted Date : 21-Apr-2011 , 08:59:29 pm | Posted By CASANSAAR

Income Tax Department on Thursday said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. "The maximum cash -- Rs 17.5 crore was seized from Tamil Nadu and (Union Territory of) Puducherry," a CBDT offica...

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Category : Income Tax | Comments : 0 | Hits : 347

Govt withdraws 10 pc excise duty on jute products
Posted Date : 21-Apr-2011 , 11:06:04 am | Posted By CASANSAAR

The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year."The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags," an official source said here today."W...

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Category : Excise | Comments : 0 | Hits : 854

Companies Bill to be taken up in Monsoon Session
Posted Date : 21-Apr-2011 , 11:03:24 am | Posted By CASANSAAR

 The new Companies Bill that seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon session of Parliament."The Companies Bill will come in for discussion in Parliament in the Monsoon Session," Corporate Affairs Minister Murli Deora told reporters on the si...

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Category : Corporate Law | Comments : 1 | Hits : 431

SC cancels bails of PwC partner Gopalakrishnan
Posted Date : 21-Apr-2011 , 11:02:30 am | Posted By CASANSAAR

The Supreme Court today cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them t...

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Category : Auditing | Comments : 0 | Hits : 500

Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
Posted Date : 21-Apr-2011 , 06:13:05 am | Posted By CASANSAAR

The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examinatio...

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Category : Students Zone | Comments : 2 | Hits : 442

No service tax on visa facilitators: CBEC
Posted Date : 20-Apr-2011 , 11:21:17 am | Posted By CASANSAAR

The Finance Ministry today said the assistance provided by visa facilitators to applicants does not come under the purview of service tax."Visa facilitators, while providing visa assistance directly to individuals do not act on behalf of the embassies as agents of the principal and hence service tax...

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Category : Service Tax | Comments : 1 | Hits : 437

Govt to deploy officials in tax havens to check evasion
Posted Date : 20-Apr-2011 , 11:20:15 am | Posted By CASANSAAR

The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said.Concerns have been raised in the recent past over suspicion of round tripping or routing of Indi...

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Category : Income Tax | Comments : 0 | Hits : 305

Govt committed to FDI policy in retail: Scindia
Posted Date : 20-Apr-2011 , 11:19:25 am | Posted By CASANSAAR

The government today said it is committed to come out with a policy on FDI in retail but foreign investment must be linked with the development of back-end facilities."The policy we come out with must involve back-end to front-end linkages in terms of capacity augmentation and investment," Minister ...

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Category : Finance | Comments : 0 | Hits : 288

FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 11:18:46 am | Posted By CASANSAAR

Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow.The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the cod...

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Category : Finance | Comments : 0 | Hits : 289

Govt cannot ban exports with retrospective effect
Posted Date : 20-Apr-2011 , 11:16:48 am | Posted By CASANSAAR

In a significant order, the Bombay High Court has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder.It also said that such restriction cannot be applied to concluded contracts where let...

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Category : General | Comments : 0 | Hits : 311

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