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RBI sets limit on MF investments
Posted Date : 06-Jul-2011 , 07:23:17 am | Posted By CASANSAAR

The Reserve Bank of India on Tuesday put a limit on how much banks can invest in liquid and short term schemes of mutual funds, a decision that can impact adversely the assets under management (AUM) of fund houses that rely heavily on money flows from banks.   The central bank said that a ban...

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Category : Income Tax | Comments : 0 | Hits : 331

Idea gets relief from paying Rs250-crore penalty
Posted Date : 06-Jul-2011 , 07:19:56 am | Posted By CASANSAAR

Telecom service provider Idea Cellular got a breather from hefty fine after a telecom tribunal on Tuesday restrained the department of telecom (DoT) from imposing penalty on the Aditya Birla Group firm. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT), a quasi-judicial body that solv...

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Category : General | Comments : 0 | Hits : 228

Hawala racket: 37 firms raided in Mumbai, Rs 6500 cr busted
Posted Date : 06-Jul-2011 , 07:18:08 am | Posted By CASANSAAR

Maharashtra Sales Tax department claimed to have unearthed a major hawala racket having a turnover of Rs 6,500 crore after raiding 37 firms in the city. "During our investigations, we found that transactions worth around Rs 6,500 crore were carried out by 37 companies since 2007. Almost all the firm...

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Category : VAT | Comments : 0 | Hits : 399

Idea faces Rs 50cr fine by DoT for hiding data in a circle
Posted Date : 05-Jul-2011 , 09:28:18 pm | Posted By CASANSAAR

The Department of Telecom may slap Rs 50 crore penalty on Aditya Birla group firm Idea Cellular for violation of licence agreement by allegedly suppressing actual subscriber/customer database in Andhra Pradesh circle. According to Department of Telecom (DoT) sources, while checking in the network of...

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Category : General | Comments : 0 | Hits : 360

■Govt to come out with negative list of service tax
Posted Date : 05-Jul-2011 , 09:25:30 pm | Posted By CASANSAAR

The government will come out with a draft 'negative list' for service tax in two weeks, meaning services which are not mentioned in it would be taxed under the proposed GST regime. "The draft paper (on negative list of services) is nearly ready and you should see this paper in two weeks," Joint Secr...

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Category : Service Tax | Comments : 0 | Hits : 501

HUL to seek shareholders' nod to demerge FMCG exports biz
Posted Date : 05-Jul-2011 , 05:08:03 pm | Posted By CASANSAAR

Hindustan Unilever (HUL) today said it will seek shareholders' approval to transfer certain assets, liabilities and properties of FMCG exports business division of the company to Unilever India Exports. In a filing to the Bombay Stock Exchange (BSE), HUL said it has been directed by the Bombay Hi...

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Category : General | Comments : 0 | Hits : 253

Banking services hit by bandh in Telangana, It will take three days for bank employees to clear the backlog,
Posted Date : 05-Jul-2011 , 01:40:39 pm | Posted By CASANSAAR

Banking and financial activities have come to a standstill in the Telangana region due to the two-day bandh call given today and tomorrow by various political parties demanding the formation of a separate state of Telangana. According to the All-India Bank Officers Association, banking transactio...

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Category : Banking | Comments : 0 | Hits : 378

Mumbai I-T Dept. to collect 17% more corporate tax this year
Posted Date : 05-Jul-2011 , 11:03:10 am | Posted By CASANSAAR

The Mumbai income-tax department, which accounts for 35-40 % of the country's total tax collections, is planning to collect 17.2% more corporate tax than last year, as revenue authorities expect buoyancy in the economy seen last year, to continue. The projected corporate tax collection from Mum...

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Category : Income Tax | Comments : 0 | Hits : 197

Firms can refinance foreign debt without RBI approval
Posted Date : 05-Jul-2011 , 07:28:22 am | Posted By CASANSAAR

The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank.   The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (F...

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Category : Finance | Comments : 0 | Hits : 367

Finance ministry opposes wider EPFO ambit
Posted Date : 05-Jul-2011 , 07:26:53 am | Posted By CASANSAAR

The finance ministry has opposed a labour ministry proposal to halve the threshold limit for the organisations covered under the employees' provident fund scheme from 20 employees at present. North Block says the enhanced safety net will increase the government burden because of the contribution it ...

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Category : General | Comments : 0 | Hits : 297

Service tax evasion up three-fold to Rs 1651 cr in FY12 so far
Posted Date : 05-Jul-2011 , 07:24:44 am | Posted By CASANSAAR

India's service tax evasion, aided mainly by sectors like telecom and industrial construction, has jumped by a mammoth 200 per cent in the first quarter of the current fiscal touching Rs 1,651 crore. The probe in many cases, according to sources, has led the enforcement agencies to a chain of evasio...

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Category : Service Tax | Comments : 0 | Hits : 448

RBI imposes Rs 25 lakh fine on Citibank
Posted Date : 05-Jul-2011 , 07:22:43 am | Posted By CASANSAAR

The Reserve Bank of India on Monday imposed a penalty of 25 lakh on Citibank for violation of anti money laundering (AML) and know your customer norms that led to a 400-crore fraud at one of its branches in Gurgaon. "The failure in following the KYC/AML guidelines while opening accounts led to the p...

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Category : RBI | Comments : 0 | Hits : 419

SC appoints SIT to probe black money issue
Posted Date : 04-Jul-2011 , 02:40:02 pm | Posted By CASANSAAR

he Supreme Court on Monday criticised the Government for shoddy investigations into cases of black money stashed abroad and appointed a two-member Special Investigation Team (SIT) headed by former apex court judge BP Jeevan Reddy to investigate the issue. The second member of the team is former Su...

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Category : General | Comments : 0 | Hits : 305

Australia tax office takes aim at foreign companies on tax avoidance
Posted Date : 04-Jul-2011 , 02:35:39 pm | Posted By CASANSAAR

 Australia's tax-collector plans to target foreign companies in a renewed crackdown on tax avoidance, with special focus on firms that shift profits offshore to minimise local tax. The Australian Tax Office, one of the world's most aggressive tax agencies, outlined profit-shifting and mult...

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Category : Income Tax | Comments : 0 | Hits : 315

SC rejects Chautala brothers' plea in disproportionate assets case
Posted Date : 04-Jul-2011 , 11:44:29 am | Posted By CASANSAAR

The Supreme Court on Monday rejected the plea by Haryana legislators Abhay and Ajay Chautala that the Central Bureau of Investigation (CBI) needed prior permission of the assembly speaker before launching prosecution proceedings against them in a disproportionate assets case . With this, the co...

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Category : General | Comments : 0 | Hits : 316

RoC to submit report on Speak Asia by July 10
Posted Date : 04-Jul-2011 , 11:28:37 am | Posted By CASANSAAR

The Corporate Affairs Ministry has asked the Registar of Companies (RoC) to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10. The Singapore-based company Speak Asia, which is yet to be incorporated as a ...

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Category : Corporate Law | Comments : 0 | Hits : 710

CA gets 7-yr RI for forging I-T returns
Posted Date : 04-Jul-2011 , 07:27:08 am | Posted By CASANSAAR

L Vijayaraghavan, a city-based chartered accountant, has been sentenced to undergo rigorous imprisonment for seven years by the Additional Chief Metropolitan Magistrate (Economic Offences CourtI) in Egmore here, for forging a challan.   The charge against the CA was that while submitting his ...

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Category : Income Tax | Comments : 1 | Hits : 1977

''ICAI accounting format for parties to ensure transparency''
Posted Date : 04-Jul-2011 , 07:19:15 am | Posted By CASANSAAR

In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India, a top ICAI official has said.   The implementation of the unifo...

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Category : Income Tax | Comments : 0 | Hits : 319

Kerala's Sri Padmanabhaswamy temple could well be richest in country
Posted Date : 03-Jul-2011 , 10:10:04 pm | Posted By CASANSAAR

The Sri Padmanabhaswamy temple in Kerala could well be the richest in the country as unofficial estimates Saturday, the sixth day of preparing an inventory of treasures in its six chambers, suggested the value of its gold, diamond and other precious metals at close to Rs 1 lakh crore. The inventory ...

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Category : General | Comments : 0 | Hits : 684

Govt allows FIIs to buy domestic shares; boost for capital markets
Posted Date : 03-Jul-2011 , 10:05:02 pm | Posted By CASANSAAR

There is some good news for the capital markets . The government has allowed foreign individual investors to buy up to USD 10 billion worth of domestic shares cumulatively through domestic mutual funds. This has been initiated as a response to the recent decline in foreign direct investments. ...

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Category : Finance | Comments : 0 | Hits : 308

Service tax on rail freight deferred again
Posted Date : 03-Jul-2011 , 09:58:59 pm | Posted By CASANSAAR

The finance ministry, for the fifth time, has deferred service tax on rail freight by another six months. The cash-strapped government is likely to take a hit of Rs 1,000 crore in a year due to this.   The deferment has come as a surprise since the ministry was expected to give effect to th...

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Category : Service Tax | Comments : 0 | Hits : 386

Mutual funds may face Sebi fury over casual voting
Posted Date : 03-Jul-2011 , 09:50:35 pm | Posted By CASANSAAR

Mutual funds may soon face some tough questions from market regulator Sebi regarding the exercise of their vote on key business proposals of the companies in whose shares they have put in investors' money.    The market watchdog is irked by the casual approach adopted by most of the fu...

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Category : SEBI | Comments : 0 | Hits : 298

Facebook may launch Skype-powered video chat
Posted Date : 03-Jul-2011 , 06:44:20 pm | Posted By CASANSAAR

Social networking site Facebook is planning to launch a video chat function next week for its millions of users in association with Skype, says a report. "Facebook will launch a new video chat product, powered by Skype, that works in browser," technology blog TechCrunch said citing a source. Fac...

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Category : General | Comments : 0 | Hits : 461

Major PSU banks may raise lending rates soon
Posted Date : 03-Jul-2011 , 06:43:02 pm | Posted By CASANSAAR

Major public sector banks, including State Bank of India, Punjab National Bank and Bank of Baroda, are likely to soon raise lending rates making home, auto and commercial loans expensive.   As many as a dozen banks, including private sector leader ICICI Bank have already hiked their lending...

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Category : Income Tax | Comments : 0 | Hits : 229

Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
Posted Date : 02-Jul-2011 , 09:09:14 pm | Posted By CASANSAAR

Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12 Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby ...

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Category : Income Tax | Comments : 0 | Hits : 1058

BSE hopes to kickstart SME exchange Sep onwards
Posted Date : 02-Jul-2011 , 08:28:18 pm | Posted By CASANSAAR

The country's premier bourse Bombay Stock Exchange (BSE) is hopeful of launching its dedicated small-and-medium-enterprises (SME) exchange by September, 2011 onwards, a senior official said today.   "BSE SME platform is expected to be operational September 2011 onwards," BSE CEO (SME Exchange...

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Category : General | Comments : 0 | Hits : 464

Ambiguous tax treaties could hit FDI inflows: Ruia
Posted Date : 02-Jul-2011 , 08:26:07 pm | Posted By CASANSAAR

Leading industrialist and Essar Group Chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain "ambiguous". "The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the t...

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Category : Finance | Comments : 0 | Hits : 233

CA institute asked to define ‘presumptive loss'
Posted Date : 02-Jul-2011 , 07:27:26 am | Posted By CASANSAAR

The CA institute must delve deep into the concept of “presumptive loss” and look at defining it, Mr K. Rahman Khan, Deputy Chairman of the Rajya Sabha, has suggested.   “Now that the CAG has said that calculating presumptive loss and reporting it was very much within its dom...

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Category : ICAI | Comments : 0 | Hits : 563

TCS has not received any tax scrutiny notice: Ratan Tata
Posted Date : 02-Jul-2011 , 07:23:09 am | Posted By CASANSAAR

IT major TCS's Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services. "We have not received any such notice. I am not too sure of the veracity of that report. Unfortunately, people read these r...

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Category : Income Tax | Comments : 0 | Hits : 319

Round 2 of rate hikes; ICICI Bank loans 25 bps dearer
Posted Date : 02-Jul-2011 , 07:21:42 am | Posted By CASANSAAR

Banks have started hiking interest rates again following the recent Reserve Bank decision to hike key short-term rates by 25 basis points. After Canara Bank, Dena Bank, Indian Overseas Bank, ICICI Bank hiked its lending rates on Friday, making home, auto and personal loans costlier for customers. &...

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Category : Banking | Comments : 0 | Hits : 358

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