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ICAI’S annual international meet begins in Dubai
Posted Date : 28-Apr-2011 , 11:09:58 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI)’s annual international meet started in Dubai on Thursday. More than 800 delegates from various GCC countries attended the inaugural session of the two-day conference hosted by Dubai chapter of the Institute. Held under the theme “Wo...

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Category : ICAI | Comments : 0 | Hits : 334

PAC meeting on 2G scam remains inconclusive; 11 of 21 members reject draft report
Posted Date : 28-Apr-2011 , 11:02:01 am | Posted By CASANSAAR

The Public Accounts Committee meeting on Thursday remained inconclusive. Eleven out of 21 members of the Committee rejected the draft report on 2-G scam prepared by the Chairman of the Committee Dr. Murli Manohar Joshi.   The Committee was scheduled to submit its report by Saturday. Dr. M M J...

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Category : General | Comments : 0 | Hits : 273

Wipro's Azim Premji concerned over various scandals
Posted Date : 28-Apr-2011 , 10:47:41 am | Posted By CASANSAAR

IT czar Azim Premji today expressed concern over various scandals that have surfaced in the country during the last one year and said good leadership in politics, bureaucracy, business and society would help end corruption in India. "In the last one year we witnessed the Telecom scandal, CWG and me...

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Category : General | Comments : 0 | Hits : 225

Income Tax dept to give transcript of Radia tapes to CBI, ED:SC
Posted Date : 27-Apr-2011 , 09:00:57 pm | Posted By CASANSAAR

The Supreme court on Wednesday directed the Income Tax department to provide a transcript of tapped conversations of corporate lobbyist Neera Radia with corporate honchos, politicians and bureaucrats to CBI and ED which are probing 2G scam case. A bench of Justices GS Singhvi and AK Ganguly passed ...

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Category : Income Tax | Comments : 0 | Hits : 253

Raja refuses to disclose I-T details under RTI
Posted Date : 27-Apr-2011 , 08:58:57 pm | Posted By CASANSAAR

Former union telecom minister A Raja, who is in Tihar jail in the spectrum scam, has objected to the disclosure of his tax returns by the income-tax department under the Right To Information (RTI) Act. Acting on his objection, the department has rejected the RTI application filed by V Gopalakrishna...

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Category : Income Tax | Comments : 0 | Hits : 364

Kochi Tuskers in tax-evasion row
Posted Date : 27-Apr-2011 , 11:13:38 am | Posted By CASANSAAR

Trouble for Kochi Tuskers Kerala never seems to end -- a fresh row has broken out now between the franchise and Cochin Corporation over alleged tax evasion on ticket sales. Ahead of Wednesday night's match, when the tickets were brought to the corporation for sealing, a new batch of tickets priced ...

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Category : Income Tax | Comments : 0 | Hits : 267

US seeks changes in India's DTH satellite policy
Posted Date : 27-Apr-2011 , 11:11:26 am | Posted By CASANSAAR

The US has said it will "encourage" India to change its policies which give exclusive rights to the Indian Space Research Organisation (ISRO) for selling the satellite capacity to the lucrative direct-to-home television market.In a report, the US Trade Representative (USTR) raised concerns over Indi...

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Category : General | Comments : 0 | Hits : 251

Wipro to hike wages by 12-15 pc for staff in India
Posted Date : 27-Apr-2011 , 11:10:25 am | Posted By CASANSAAR

 The country's third largest software exporter Wipro today said it will hike salaries for its employees in India by 12-15 per cent as it looks to counter high attrition.The wage hike, effective June 1, will be to the tune of 2-4 per cent for onsite staff (at the customer site).Announcing Q4 201...

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Category : General | Comments : 1 | Hits : 313

I-T can reopen file if income not assessed properly
Posted Date : 27-Apr-2011 , 05:54:18 am | Posted By CASANSAAR

The Delhi High Court has ruled that the Revenue can reopen the assessment proceedings on change of opinion that the income of the assessee has escaped assessment. Such re-opening of the assessment by the Income Tax department is legal where no return has been filed by the assessee for the assessment...

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Category : Income Tax | Comments : 3 | Hits : 610

Obama seeks to end tax subsidies for oil companies
Posted Date : 27-Apr-2011 , 05:44:26 am | Posted By CASANSAAR

US President Barack Obama on Tuesday urged Congressional leadership to take immediate action to eliminate unwarranted tax breaks for the oil and gas industry and to use those dollars to invest in clean energy and reduce America's dependence on foreign oil.Obama shot off a letter to the Congressional...

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Category : General | Comments : 0 | Hits : 301

Indian names in Swiss bank data list : Assange
Posted Date : 26-Apr-2011 , 09:19:13 pm | Posted By CASANSAAR

In comments that could fuel a fresh controversy over the black money issue, WikiLeaks founder Julian Assange today said there are Indian names in the Swiss bank data list that are going to be made public. "Yes, there are Indian names in the data that we have already published or are going to publis...

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Category : Income Tax | Comments : 1 | Hits : 737

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 : 330

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 : 488

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 : 773

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 : 300

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 : 570

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 : 840

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 : 324

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 : 559

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 : 427

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 : 698

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 : 336

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 : 289

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 : 348

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 : 894

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 : 1173

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 : 352

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 : 353

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 : 11956

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 : 379

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