CBDT to come out with accounting norms for real estate
Posted Date : 08-Sep-2012 , 09:23:51 am | Posted By CASANSAAR
The Revenue department Thursday said it will soon come out with accounting standards for the real estate sector to bring about uniformity in reporting of financial results.
"We will shortly come forward with accounting standard in this regard (for real estate sector)," Central Board of Direct Taxes...
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Income Tax |
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RBI advises against gold investment
Posted Date : 08-Sep-2012 , 09:21:22 am | Posted By CASANSAAR
On a day gold prices touched a new high, the Reserve Bank of India (RBI) urged the public against choosing gold as an asset for savings or investment. "Because interest rates are very low, people are investing in gold. But the poor should never invest in gold for whenever they ha...
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RBI |
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Govt sends notices to pharma cos for non-payment of service tax
Posted Date : 08-Sep-2012 , 09:17:53 am | Posted By CASANSAAR
The government said it has served show cause notices to manufacturers of pharmaceutical products who have failed to pay service taxes worth hundreds of crores of rupees.
“Show cause notices have been issued to such manufacturers (of pharmaceutical products) for recovery of service tax...
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Service Tax |
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e-Payment of Customs Duty Made Mandatory
Posted Date : 07-Sep-2012 , 09:17:33 pm | Posted By CASANSAAR
In order to further reduce transaction cost of the importers and as a trade facilitation measure, it has been decided to make e-payment mandatory for importers registered under Accredited Clients Programme and importers paying customs duty of one lakh rupees or more per Bill of Entry with effec...
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Custom |
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Each minute of running Parliament in sessions costs Rs 2.5 lakh: Government
Posted Date : 07-Sep-2012 , 09:16:09 pm | Posted By CASANSAAR
Each minute of running Parliament during sessions costs the exchequer Rs 2.5 lakh. This was reminded by the government to the Oppostion as the monsoon session of parliament was almost completely washed out over the controversy on coal block allocations with BJP insistent on Prime Minister Manmo...
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General |
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RBI permits investment in Pakistan by Indian corporates
Posted Date : 07-Sep-2012 , 09:13:07 pm | Posted By CASANSAAR
Reserve Bank today permitted Indians to invest in Pakistan, a move which will help enhance bilateral trade and investment. The RBI notification comes on a day when Indian External Affairs Minister S M Krishna is visiting Pakistan aimed at strengthening bilateral relations. "It ha...
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International Business |
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'316 cos,73 audit firms guilty of violating accounting norms'
Posted Date : 07-Sep-2012 , 08:31:11 am | Posted By CASANSAAR
The government today said 316 companies and 73 audit firms have been found guilty for violating accounting principles and other financial irregularities in the last three years. "During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting...
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ICAI |
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CBDT promises tax refund in three months
Posted Date : 07-Sep-2012 , 08:30:24 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) today said it has reduced the time period for tax refunds to three months and would take steps to release arrear payment as fast as possible.
"We have brought down time for refund...Timing of rectification at the Central Processing Centre (CPC) level...
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Income Tax |
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Sebi relaxes KYC norms for foreign institutional investors
Posted Date : 07-Sep-2012 , 08:25:12 am | Posted By CASANSAAR
Sebi today relaxed the Know Your Clients (KYC) norms for various overseas entities includingforeign institutional investors, and has done away with in- person verification requirements for non-individual clients.
The market regulator has given the clarifications on KYC norms ...
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SEBI |
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CBDT asks to rectify incorrect demand uploaded on CPC within 30 days
Posted Date : 07-Sep-2012 , 08:17:59 am | Posted By CASANSAAR
Letter [DIT(S)-III/DMFortnight/2012-13], dated 3-9-2012
The issue of demand management continues to remain an area of grave concern. It has been found that in most of the cases demanduploaded is incorrect and incomplete. Such demands have been uploaded by AOs withoutdue dilig...
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Category :
Income Tax |
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0 | Hits : 409
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Gold touches record high of Rs 32,300 per ten grams
Posted Date : 06-Sep-2012 , 09:19:01 pm | Posted By CASANSAAR
Gold surged 320 rupees, to cross the 32,000-rupee mark for the first time ever, and hit a fresh record high of 32,300 rupees per ten grams at Delhi's bullion market, today. Gold rose on increased buying by stockists ahead of the marriage season, amid rising gold prices, globally. The precious metal ...
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General |
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High Powered Committee (HPC) of ICAI
Posted Date : 06-Sep-2012 , 09:16:25 pm | Posted By CASANSAAR
The Institute of Charted Accounts of India (ICAI) has not constituted any high powered committee to look into the entire gamut of financial reporting etc. Out of the 171 Indian Chartered Accountant (CA) Firms who have reported to the High Powered Committee (HPC) constituted by the Council of th...
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ICAI |
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IT Platform to Integrate Central and State Indirect Taxes Regime
Posted Date : 06-Sep-2012 , 09:15:32 pm | Posted By CASANSAAR
The Government has approved a proposal to set up an IT platform to integrate Central and State indirect tax regime in the context of implementation of Goods and Services Tax (GST) in the context of implementation requires a strong IT Infrastructure and Service backbone to enable capture, processing ...
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VAT |
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0 | Hits : 206
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Multilateral Convention in Tax Matter
Posted Date : 06-Sep-2012 , 09:14:49 pm | Posted By CASANSAAR
India signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (Multilateral Convention) on 26th January, 2012 and ratified it as on 2nd February, 2012. The Multilateral Convention has come in to effect for India on 1st June, 2012. At present 38 countries have signed the...
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Income Tax |
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0 | Hits : 158
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Rate of Exchange of Conversion of Foreign Currency into Indian Currency or Vice Versa Relating to Imported and Export Goodsnotified
Posted Date : 06-Sep-2012 , 09:13:58 pm | Posted By CASANSAAR
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.75/2012-CUSTOMS (N.T.), dated the 16th August, 2012 vide number S.O.1851 (...
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Custom |
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NPA of Nationalized Banks
Posted Date : 06-Sep-2012 , 09:13:00 pm | Posted By CASANSAAR
The Gross Non-Performing Assets (GNPAs) of Nationalized Banks as on June 2012 were Rs.73,038 crore which amount to 2.94% of Gross Advances. Data Reporting System of Reserve Bank of India (RBI) does not generate State wise details.
Banks are required to monitor their NPA...
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Banking |
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Now, make your bank transactions through Facebook
Posted Date : 06-Sep-2012 , 08:06:27 am | Posted By CASANSAAR
Third largest lender ICICI Bank on Monday said it is working towards allowing its customers to make transactions through social networking site Facebook.
The Mumbai-based bank's chief technology officer Mukesh KumarJain said the bank has Facebook likes close to 8&nb...
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Banking |
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Admission to PCE/IPCE November 2012 Examination - ICAI
Posted Date : 06-Sep-2012 , 08:03:24 am | Posted By CASANSAAR
Announcement
The Institute has recently announced Direct Entry Scheme for admission to Intermediate (IPC) course for graduates/post graduates with specified marks and Intermediate level passed students of the Institute of Company Secretaries of India and the Institute of Cost Accountants of I...
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Students Zone |
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SEBI Bill withdrawn in Lok Sabha after objections from Parliamentary panel
Posted Date : 06-Sep-2012 , 07:58:32 am | Posted By CASANSAAR
Facing opposition from a Parliamentary panel, government today withdrew a bill which sought to raise the retirement age of members of a tribunal which adjudicates on appeals against decisions of the Securities and Exchange Board of India (SEBI). Minister of State for Finance Namo Narain Me...
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SEBI |
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FM P Chidambaram asks Income Tax department to monitor advance tax collection
Posted Date : 06-Sep-2012 , 07:55:34 am | Posted By CASANSAAR
Finance Minister P Chidambaram has asked each zonal office of the Income Tax departmentto monitor advance tax collection and achieve the targets fixed."Each region has been allocated target of tax collections. Each assessing officers is required to monitor the advance ...
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Category :
Income Tax |
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Rs. 86,000 Crore Indirect Tax Revenue Locked up in Litigation
Posted Date : 06-Sep-2012 , 07:51:44 am | Posted By CASANSAAR
An amount of Rs.86,000 crores indirect tax revenue of Central Board of Excise and Customs has been locked up in litigation.
Success rate of departmental litigation in Courts and Tribunal during the last four y...
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General |
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Increase in Number of Foreign Companies
Posted Date : 06-Sep-2012 , 07:51:09 am | Posted By CASANSAAR
As per the 55th Annual Report on the working and administration of the Companies Act 1956 for the year ended March 2011, the number of foreign companies has increased from 2609 as on 31.3.2008 to 3127 as on 31.3.2011. There has been consistent increase in the number of foreign companies which have a...
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Category :
Corporate Law |
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Income Tax Overseas Units
Posted Date : 06-Sep-2012 , 07:50:30 am | Posted By CASANSAAR
Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and...
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Income Tax |
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0 | Hits : 308
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Relaxation of NBFC Norms
Posted Date : 06-Sep-2012 , 07:48:40 am | Posted By CASANSAAR
In view of the problems being faced by NBFC in complying with the extant this criteria on account of their existing portfolio, the RBI modified its directions on August 03, 2012 to include within the definition of ‘qualifying asset’ only those assets which originated on or after 1st Janu...
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Finance |
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ICAI Election - 2012
Posted Date : 05-Sep-2012 , 08:50:15 am | Posted By CASANSAAR
ICAI Election to the Twenty Second Council and Twenty First Regional Councils to be held on 7th and 8th December, 2012.
Nomination Form for election to Council
Nomination Form for election to Regional Councils
Election Related Notifications
Election Code of Conduct
Notification regarding...
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ICAI |
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0 | Hits : 1556
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Basel III capitalisation needs Rs.90,000 crore: R
Posted Date : 05-Sep-2012 , 08:45:01 am | Posted By CASANSAAR
To fulfil the capital requirements under Basel III, the government will have to infuse up to Rs90,000 crore into state-owned banks by March 2018, RBI governor D Subbarao said on Tuesday. The capital infusion will keep the government’s shareholding at current levels, he said.
“Pr...
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Banking |
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0 | Hits : 399
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Cos can't file IT returns and then move AAR: Delhi High Court
Posted Date : 05-Sep-2012 , 08:42:00 am | Posted By CASANSAAR
If a company files an Income-tax return it would lose the right to seek a ruling from the Authority for Advance Ruling (AAR), a quasi judicial body which gives advance rulings on tax implications of transactions involving foreign companies, the Delhi High Court ruled re...
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Income Tax |
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0 | Hits : 341
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Diesel rates may rise by Rs 4-5 per litre after Sept 7; petrol price to go up too
Posted Date : 04-Sep-2012 , 05:57:46 pm | Posted By CASANSAAR
The petroleum ministry plans to raisediesel rates by Rs 4-5 per litre after the parliament session ends on September 7 as oil firms' revenue loss has soared to almost half the retail price, but it expects stiff resistance from the ruling coalition, having tough time defending the government on ...
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General |
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ICAI expands teaching facilities in UAE
Posted Date : 04-Sep-2012 , 04:34:29 pm | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) has expanded its teaching facilities in the UAE, buoyed by a higher demand for such facilities among chartered accountant hopefuls.
The expanded campus of the ICAI was inaugurated here recently by Jaydeep Narain Shah, President of ICAI, in the pres...
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ICAI |
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0 | Hits : 413
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Cabinet approves Bill providing quota in promotions for SC/ST in govt jobs
Posted Date : 04-Sep-2012 , 04:31:41 pm | Posted By CASANSAAR
The Union Cabinet today approved the proposed Bill to provide quota for Scheduled Castes and Scheduled Tribes, SCs and STs, in promotions, which would require certain changes in the Constitution.
The proposed Bill seeks to amend at least four articles of the Constitution to enable the gove...
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General |
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0 | Hits : 356
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