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IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds
Posted Date : 14-Mar-2011 , 12:20:17 pm | Posted By CASANSAAR

Various tax initiatives have been taken in the Union Budget 2011-12 for efficient tax administration. Presenting the Budget in the Lok Sabha, Finance Minister Pranab Mukherjee highlighted the initiatives including e-filing and e-payment of taxes, adoption of ‘Sevottam&rsq...

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Category : Service Tax | Comments : 0 | Hits : 354

CAG to conduct spectrum audit
Posted Date : 14-Mar-2011 , 12:19:02 pm | Posted By CASANSAAR

The comptroller & auditor general of India (CAG) will undertake a comprehensive audit of the country’s total available spectrum, as well as its strategic and commercial use. It will also determine whether the government has received fair value from the commercial use ...

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Category : Auditing | Comments : 0 | Hits : 360

Finmin denies I-T officials were behind Radia leak
Posted Date : 14-Mar-2011 , 12:18:13 pm | Posted By CASANSAAR

The finance ministry has refuted a media report that Income Tax officials were behind the leak of a corporate lobbyist's taped conversations. "This is to clarify that no official of the Income Tax department has ever communicated any recording of telephonic interc...

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Category : Income Tax | Comments : 0 | Hits : 766

Axis Bank launches income tax payment facility at ATMs
Posted Date : 14-Mar-2011 , 12:17:33 pm | Posted By CASANSAAR

Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press ...

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Category : Income Tax | Comments : 0 | Hits : 438

Sebi bars 6 entities from market, slaps Rs 36 crore penalty
Posted Date : 14-Mar-2011 , 12:16:54 pm | Posted By CASANSAAR

Sectoral regulator Sebi on Friday barred six market intermediaries from trading in securities for allegedly carrying out manipulations in various IPO issues and also slapped a penalty of Rs 36.09 crore. "Roopalben N Panchal, Devangi Panchal, Dipak Jashvantlal Panchal,...

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Category : SEBI | Comments : 0 | Hits : 352

Indian Accounting Standards Converged with IFRS Notified
Posted Date : 14-Mar-2011 , 12:16:20 pm | Posted By CASANSAAR

Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by...

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Category : IFRS | Comments : 0 | Hits : 578

I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:15:57 pm | Posted By CASANSAAR

The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is th...

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Category : Income Tax | Comments : 0 | Hits : 2554

I-T Dept slaps Rs 450 crore demand on Infosys
Posted Date : 14-Mar-2011 , 12:14:15 pm | Posted By CASANSAAR

The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is th...

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Category : Income Tax | Comments : 0 | Hits : 2546

Easy Exit Scheme 2011-Extension upto 30th April 2011
Posted Date : 14-Mar-2011 , 08:49:42 am | Posted By CASANSAAR

In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30th April, 2011. 2. All the terms of circular no. 6/2010 dated 03.12.2010 will ...

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Category : Corporate Law | Comments : 0 | Hits : 392

SBI plans merger of 5 associate banks in next 12-18 months
Posted Date : 14-Mar-2011 , 08:48:39 am | Posted By CASANSAAR

Country's largest lender State Bank of India (SBI) plans consolidation of remaining 5 associate banks with itself in the next 12-18 months.   "... the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 m...

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Category : General | Comments : 0 | Hits : 351

RBI defers implementation of guidelines on CEO compensation
Posted Date : 14-Mar-2011 , 08:46:39 am | Posted By CASANSAAR

The Reserve Bank on Wednesday said it has put off implementation of its guidelines on compensation including salary for CEOs and other top executives in private and foreign banks till 2012-13.   The guidelines had been due to be implemented in 2011/12 b...

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Category : RBI | Comments : 0 | Hits : 356

Naming of coop auditors gets transparent
Posted Date : 14-Mar-2011 , 08:45:25 am | Posted By CASANSAAR

The process of appointing auditors for cooperatives is expected to become more transparent. So far the chartered accountants taking up the audit of an urban cooperative bank or a cooperative society would directly get empanelled with the state's cooperation department. ...

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Category : Auditing | Comments : 0 | Hits : 583

Electronic payment of tax refund for deemed exports
Posted Date : 14-Mar-2011 , 08:44:36 am | Posted By CASANSAAR

Tax refund benefits relating to domestic transactions, considered as deemed exports, will now be processed electronically, the government said today. The Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, has asked its regional authoritie...

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Category : DGFT | Comments : 0 | Hits : 10618

Sebi wants IPO forms short & simple
Posted Date : 14-Mar-2011 , 08:39:46 am | Posted By CASANSAAR

As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs.   The market regulator is also considering a common I...

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Category : SEBI | Comments : 0 | Hits : 377

500 tax information exchange pacts signed: Pranab
Posted Date : 14-Mar-2011 , 08:38:53 am | Posted By CASANSAAR

Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money. Mukherjee, who is...

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Category : Income Tax | Comments : 0 | Hits : 333

Make CEOs of pvt firms eligible for appt of PSUs directors:DPE
Posted Date : 14-Mar-2011 , 08:37:59 am | Posted By CASANSAAR

Chief executives of private firms will be able to join PSU boards as independent directors if the proposal of the Department of Public Enterprises is accepted by the Department of Personnel and Training. At present, only retired CEOs of the private sector are allow...

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Category : Corporate Law | Comments : 0 | Hits : 373

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