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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Category :
Income Tax |
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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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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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Category :
Income Tax |
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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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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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Category :
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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Category :
Income Tax |
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0 | Hits : 796
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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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Category :
Income Tax |
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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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Category :
Corporate Law |
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0 | Hits : 902
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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 : 714
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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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Train fare hike from January 21 midnight; prices up by 2 to 10 paise per km
Posted Date : 09-Jan-2013 , 03:49:42 pm | Posted By CASANSAAR
Train fares will be increased from midnight January 21, said Railways minister Pawan Kumar Bansal.
The price of train tickets had not been increased for a decade, he said. The minister said the fares, which he described as modest and reasonable, will not be increased when the Railways Budget i...
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Category :
General |
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There is prima facie case against Nokia: I.Tax Dept
Posted Date : 09-Jan-2013 , 11:00:07 am | Posted By CASANSAAR
There is a prima facie case against Nokia India on income-tax default to the tune of Rs 2,500 crore to Rs 3,000 crore, the Income-Tax Department concluded after its investigation at the company's Sriperumbudur factory.
The I-T department officials concluded their investigation after a 24-ho...
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Category :
Income Tax |
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Nokia accused of tax evasion, Income Tax department launches 'survey'
Posted Date : 08-Jan-2013 , 08:17:47 pm | Posted By CASANSAAR
Income Tax department officials today conducted a survey operation on the premises of Finnish cellphone major Nokia in Chennai on charges of alleged tax evasion.
Sources in the department said the survey operation was conducted at the company's premises in the Tamil Nadu capital (unde...
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Category :
Income Tax |
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Supreme Court issues notice to Amitabh Bachchan in Income Tax case
Posted Date : 08-Jan-2013 , 01:47:46 pm | Posted By CASANSAAR
The Supreme Court today issued a notice to megastar Amitabh Bachchan on a petition from the Income Tax department. The IT department says the megastar owes 1.66 crores in taxes for his show Kaun Banega Crorepati for the year 2002-03.
In July 2012, the Bombay High Court had granted r...
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Category :
Income Tax |
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0 | Hits : 1381
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Diesel price may be hiked by Rs 2 per litre, say sources as PM hints at fuel price hike
Posted Date : 08-Jan-2013 , 12:12:55 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh has warned that the government must raise diesel, kerosene and cooking gas prices in a phased manner as India's fuel prices are well below international prices. Sources have told Network 18 that the government may consider hiking diesel prices by Rs 2 to 3 per...
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General |
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Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May / June 2013
Posted Date : 08-Jan-2013 , 09:24:07 am | Posted By CASANSAAR
The Institute intends to draw a Panel from amongst its Members for acting as Observer atthe examination centres in various cities during the Chartered Accountants Examinations tobe held from 2nd to 16th May, 2013 and the Common Proficiency Test to be held on 16thJune, 2013 (Sunday).
...
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ICAI |
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RBI permits repo in CPs, CDs, NCDs
Posted Date : 08-Jan-2013 , 09:20:07 am | Posted By CASANSAAR
The corporate bond market was in for a boost on Monday as the Reserve Bank of India (RBI) allowed repo transactions in commercial papers (CPs), certificates of deposits (CDs) and non-convertible debentures (NCDs) maturing in less than one year.
While companies issue CPs, banks issue CDs to ...
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RBI |
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Cut lock-in period for tax saving deposits to 3yrs: Bankers
Posted Date : 07-Jan-2013 , 10:58:26 pm | Posted By CASANSAAR
Bankers demanded that lock-in period for tax saving deposits be brought down to three years from five years to channelise more funds into the banking sector. In a pre-budget consultation with Finance Minister P Chidambaram, bankers also sought permission to issue tax-free bonds like other financial ...
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Category :
Budget |
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Govt seeking to amend controversial tax rules next month
Posted Date : 07-Jan-2013 , 10:56:35 pm | Posted By CASANSAAR
The government is likely to approach parliament next month to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, a move that may help settle British-based Vodafone Group Plc's long-runnning $2 billion tax dispute.
Vodafone, the la...
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Category :
Income Tax |
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0 | Hits : 729
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RBI cancels registration of two NBFCs
Posted Date : 07-Jan-2013 , 10:54:53 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today said it has cancelled registration of two non-banking financial companies — Emcorp Finance Ltd andCare Credit and Investments Company Pvt Ltd.
“Following cancellation of the registration certificate the companies cannot transa...
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RBI |
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TDS shortfall due to an error is no reason to disallow it: HC
Posted Date : 07-Jan-2013 , 09:49:01 am | Posted By CASANSAAR
A shortfall in the tax deducted at source (TDS) because of a bonafide error in applying the provisions of the Income-tax Act, is not a valid reason to disallow the entire amount, according to a recent judgment by the Calcutta High Court.
The division bench that made the ruling comprised Jus...
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Income Tax |
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