Tax interest on club membership fee: SC
Posted Date : 16-Jan-2013 , 09:34:13 am | Posted By CASANSAAR
Socialising clubs serving memberships to organisations including banks on a fee kept as fixed deposit by the new entrants are liable to pay tax on the interest accrued on the deposits.
A Supreme Court ruling says tax is not exempted in case the arrangement between a club and member- banks l...
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Income Tax |
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Four FDI Proposals Amounting to Rs. 1286.75 Crore Approved by FIPB
Posted Date : 15-Jan-2013 , 09:34:59 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the Central Government has approved four (04) proposals of Foreign Direct Investment (FD...
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Finance |
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Now, 'Associated Persons' require certifications: Sebi
Posted Date : 15-Jan-2013 , 05:26:41 pm | Posted By CASANSAAR
Market regulator Sebi has notified new norms for 'associated persons' working as terminal users and sales personnel of brokers and other traders, making it mandatory for them to get necessary certifications to operate in the equity derivatives market. The term "associated p...
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SEBI |
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Friction in ICAI top body over Nagpur land deal, Satyam issue
Posted Date : 15-Jan-2013 , 09:35:48 am | Posted By CASANSAAR
More skeletons tumbled out at the central council meeting of Institute of Chartered Accountants of India (ICAI) on January 11. The members at the helm of the governing body for the profession, which calls itself the 'financial watchdog', hurled charges at each other, alleging vested intere...
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ICAI |
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Mobile phone companies to seek written consent before activating value-added services
Posted Date : 15-Jan-2013 , 09:31:57 am | Posted By CASANSAAR
Mobile phone companies will have to seek written consent from consumers before activating value-added services such as caller tunes, cricket updates etc. All telcos would have to seek mandatory consent of a customer - through email, SMS, fax or in writing - before activating any VAS t...
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Finance |
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Bankers want RBI to allow interest on current accounts
Posted Date : 15-Jan-2013 , 09:25:23 am | Posted By CASANSAAR
Banks will ask the Reserve Bank of India to allow them to pay interest on current account deposits at tomorrow’s meeting, in the run up to the central bank’s monetary policy review.
Currently, banks don’t give interest on current accounts. Doing so, bankers believe, w...
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Banking |
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Stock guru scam: CBI searches premises of I-T official
Posted Date : 14-Jan-2013 , 09:33:38 pm | Posted By CASANSAAR
The CBI today carried out searches at the office and residence of a deputy director at Income Tax in connection with allegations that search operations conducted by him in the probe of the Rs 500-crore Stock Guru scam were not genuine. A team of CBI officials searched the re...
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Income Tax |
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Discontinuation of Professional Competence Examination (PCE) Reg.
Posted Date : 14-Jan-2013 , 02:39:11 pm | Posted By CASANSAAR
Important Announcement BoS/Announcement/227/13 January 7, 2013
Sub: Discontinuation of Professional Competence Examination (PCE) reg.
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As notified in the ‘Implementation Schedule’ on the Institute website, studentswho are pursuing Professional Competence ...
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Students Zone |
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Govt defers controversial GAAR norms to April 2016
Posted Date : 14-Jan-2013 , 02:32:11 pm | Posted By CASANSAAR
The General Anti-Avoidance Rules (GAAR), which will target companies and investors routing money through tax havens, had been scheduled to be implemented from April 2014. They will now come into effect from April 1, 2016.
Chidambaram said GAAR will not apply to foreign funds that are not ta...
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Income Tax |
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0 | Hits : 710
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ICAI tense over move to set up new watchdog
Posted Date : 14-Jan-2013 , 09:28:36 am | Posted By CASANSAAR
Aturf war is brewing in the accounting regulation space, currently governed by the Institute ofChartered Accountants of India (ICAI). A government plan to usurp the two big powers of ICAI — to set accounting standards and take disciplinary action against its 200,000 members...
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ICAI |
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PriceWaterhouseCoopers faces Income-Tax heat for role in Nokia tax issue
Posted Date : 14-Jan-2013 , 09:20:57 am | Posted By CASANSAAR
The role of the Indian arm of audit firmPricewaterhouseCoopers in relation to the alleged tax defaults by handset maker Nokia India is being probed by the taxman.
A senior income-tax official, who wished anonymity, told ET that PwC would be called for questioning soon. ...
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Income Tax |
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Independent directors, investors key to good governance: Sachin Pilot
Posted Date : 13-Jan-2013 , 09:22:31 pm | Posted By CASANSAAR
With two-third of companies in the country being family-owned, independent directors and minority investors need to play a stronger role in ensuring good corporate governance, Corporate Affairs Minister Sachin Pilot has said. "We as a government can only provide the regulatory mechani...
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Corporate Law |
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Tamil Nadu businessman
Posted Date : 13-Jan-2013 , 03:48:36 pm | Posted By CASANSAAR
The finance ministry officials have found the US treasury bonds — valued at around Rs 25,000 crore — possessed by a Tamil Nadu-based trader to be fake. Now, he is under the scanner for making frequent trips to Myanmar.
Sources said the Tirupur businessman TM Ra...
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International Business |
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Sebi may make independent director post unattractive
Posted Date : 13-Jan-2013 , 09:07:56 am | Posted By CASANSAAR
Independent directors, in demand among Indian corporates on shortage of qualified individuals, might become even harder to find, say experts.
The consultative paper on review of corporate governance norms in India released by the Securities and Exchange Board of India ( Sebi)...
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SEBI |
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Abolish service tax on broadband services: DoT
Posted Date : 13-Jan-2013 , 09:04:06 am | Posted By CASANSAAR
To increase broadband penetration by making it affordable for end-users, the Department of Telecommunications ( DoT) has proposed the Ministry of Finance abolish service tax on pure internet/ broadband services in Budget 2013-14.
The high cost of internet, which attracts...
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Service Tax |
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Income Tax department summons Nitin Gadkari
Posted Date : 13-Jan-2013 , 09:01:03 am | Posted By CASANSAAR
The Income Tax department has issued summons to Bharatiya Janata Party (BJP) President (BJP) Nitin Gadkari to appear before it in connection with its investigation against him and some associated companies for alleged tax evasion.
Top sources in the department said Mr Gadkari has be...
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Income Tax |
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0 | Hits : 819
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FinMin to float cabinet note to set up holding co for PSBs
Posted Date : 12-Jan-2013 , 09:30:51 am | Posted By CASANSAAR
The finance ministry has taken the first step towards setting up a holding company for public sector banks and will float a cabinet note for this shortly. Most international banks are held by a holding company and in the Indian context; this will help the government with equity infusion.
...
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Banking |
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Govt approves 14 FDI proposals worth over Rs 1,300 cr
Posted Date : 11-Jan-2013 , 05:15:32 pm | Posted By CASANSAAR
The government on Friday said it has approved 14 FDI proposals worth about Rs 1,311 crore including that of Hindustan Port Ltd.
“Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounti...
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Finance |
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Service Tax Dept issues notice to Kingfisher, 'impounds' all aircraft
Posted Date : 11-Jan-2013 , 03:29:52 pm | Posted By CASANSAAR
In more trouble for beleaguered Kingfisher Airlines, the Service Tax Department has issued a notice to the carrier, “impounding” all its aircraft, department sources said here tonight.
According to the notice, the airline cannot fly outside the registere...
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Service Tax |
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0 | Hits : 927
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I-T Officer must give taxpayer reasons for reopening case: Income-tax Appellate Tribunal
Posted Date : 11-Jan-2013 , 10:33:02 am | Posted By CASANSAAR
An income-tax officer is bound to inform a taxpayer his reasons for reopening an income-tax assessment, so that the taxpayer is given an opportunity to file his objections to such reopenings, according to a recent order by the Income-tax Appellate Tribunal, Bangalore. Usually, income-tax department ...
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Income Tax |
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0 | Hits : 901
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Nearly 200 firms found lacking on corporate governance norms
Posted Date : 10-Jan-2013 , 10:38:04 pm | Posted By CASANSAAR
Nearly 200 listed firms have come under regulatory scanner for discrepancies in their quarterly Corporate Governance Reports, wherein they are required to provide details of compliance with norms governing board of directors, use of public funds and CEO salaries.
...
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Corporate Law |
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0 | Hits : 928
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Amendment to Section 15M of Securities and Exchange Board of India (SEBI) Act, 1992
Posted Date : 10-Jan-2013 , 08:41:43 pm | Posted By CASANSAAR
The Cabinet today approved the proposal of the Department of Economic Affairs for amendment to Section 15M of the Securities and Exchange Board of India (SEBI) Act, 1992, to enlarge the field of selection for the post of Presiding Officer (PO) of the Securities Appellate Tribunal (SAT), by including...
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SEBI |
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President gives assent to money laundering, banking bills
Posted Date : 10-Jan-2013 , 02:01:52 pm | Posted By CASANSAAR
The three financial sectors reforms laws, Prevention of MoneyLaundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012 have become law of the land with President Pranab Mukherjee giving assent to them.
The Enforcement of Security Interest and Recovery of Debts Laws (A...
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Finance |
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Govt approves Rs 12,200 cr re-capitalization programme for Public Sector Banks
Posted Date : 10-Jan-2013 , 01:59:31 pm | Posted By CASANSAAR
Government today approved 12,200 crore rupee recapitalisation programme for public sector banks.
The decision was taken in a Cabinet meeting held in New Delhi today.The recapitalisation programme has been undertaken with a view to redress the financial health of public sector banks.
&nbs...
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Banking |
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Black money could account for 10% of GDP (above Rs. 10 Lakh Crore) : Study
Posted Date : 10-Jan-2013 , 01:45:44 pm | Posted By CASANSAAR
A study commissioned by the government last year on quantifying black money generated in the country has estimated that the illicit wealth is likely to exceed 10% ofGDP or anywhere above Rs 10 lakh crore, given the size of the economy.
The 1,000-page report was submitted to the...
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Finance |
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Taking foreign tax credit set to become easier from 2013-14
Posted Date : 10-Jan-2013 , 09:18:38 am | Posted By CASANSAAR
Good news for all individuals and companies facing difficulties in taking legitimate tax credits in India for the tax paid in other countries: The hassles in taking credit from the Income-Tax Department for the tax payments on their income in other countries is set to subside.
The Central B...
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Income Tax |
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0 | Hits : 792
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FinMin to reply to Vodafone
Posted Date : 09-Jan-2013 , 08:36:27 pm | Posted By CASANSAAR
The Revenue department will soon send a reply to Vodafone over the representation received from the company on its rejoinder notice. The notice had asked the British firm to clear the tax dues, estimated at around Rs 11,200 crore.
“We will be replying to Vodafone’s reply to our ...
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Income Tax |
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0 | Hits : 685
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Full Text of the New Companies Bill available on the website of the Ministry of Corporate Affairs
Posted Date : 09-Jan-2013 , 08:34:22 pm | Posted By CASANSAAR
The Companies Bill, 2012, as passed by the Lok Sabha on 18th December 2012 is now available on the website of the Ministry of Corporate Affairs at www.mca.gov.in . The Bill is proposed to be considered and passed by the Rajya Sabha in the coming Budget Session of the Parliament. The Rules to be...
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Corporate Law |
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0 | Hits : 898
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Supreme Court rejects Sahara's review plea
Posted Date : 09-Jan-2013 , 08:27:13 pm | Posted By CASANSAAR
The Supreme Court of India has rejected an appeal by the Sahara conglomerate seeking a review of the court's order last year to repay billions of dollars it raised from small investors by selling outlawed bonds, according to an order posted on the court's website.
A spokesman for Sahara...
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Income Tax |
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0 | Hits : 712
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SEBI notifies regulations to set up SRO for MF distribution biz
Posted Date : 09-Jan-2013 , 03:57:52 pm | Posted By CASANSAAR
In a move to regulate mutual fund distribution business, SEBI on Wednesday said it has notified regulations to set up a Self Regulatory Organisation (SRO) to monitor distributors of mutual fund and portfolio management products.
“...the Securities and Exchange Board of India...
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SEBI |
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