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New direct tax targets should be up by 20% YoY: CBDT
Posted Date : 19-Apr-2011 , 11:11:19 am | Posted By CASANSAAR

Recently, the Income Tax Department detected tax evasion to the tune of Rs 50-60 crore. As per the latest updates, the Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated.   CBDT has also lauded the Mumbai IT department on April 19,...

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Category : Income Tax | Comments : 0 | Hits : 225

Indian companies get a 15-% net return on employees: PwC report news
Posted Date : 19-Apr-2011 , 08:42:40 am | Posted By CASANSAAR

Indian firms on an average make a net profit of Rs15 on every Rs100 spent on an employee while they make a gross profit of Rs25 on each Rs100 earned by an employee, according to a report by Pricewaterhouse Cooper's (PwC).   The PwC report, which tries to measure the effectiveness of human cap...

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Category : General | Comments : 0 | Hits : 273

Sathya Sai Baba in critical condition
Posted Date : 19-Apr-2011 , 08:40:19 am | Posted By CASANSAAR

Sathya Sai Baba, who has been undergoing treatment for multi-organ dysfunction, continues to be in a critical condition, doctors attending on him said today.   “His vital systems including liver are showing minimal response to treatment, which is a cause of worry to the treating doctors...

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Category : Income Tax | Comments : 0 | Hits : 247

SBI hikes lending rates by 0.25%
Posted Date : 19-Apr-2011 , 08:31:45 am | Posted By CASANSAAR

Country's largest bank SBI on Tuesday announced a hike in its base rate by 25 basis points, making home and auto loans from the lender dearer. The lender also increased its benchmark lending rate by the same margin which would mean the existing borrowers also have to pay more for their loans. The ...

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Category : Finance | Comments : 0 | Hits : 240

File e-returns, get income-tax refunds in a month
Posted Date : 18-Apr-2011 , 08:27:40 pm | Posted By CASANSAAR

To speed up refunds and encourage electronic filing of tax returns, the Central Board of Direct Taxes has promised expeditious refunds. As on December 31, 2010, there were about 40 lakh refund cases pending with the tax department. Last year, a Comptroller and...

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Category : Income Tax | Comments : 0 | Hits : 1603

SEBI semay allow sovereign funds to invest more
Posted Date : 18-Apr-2011 , 08:24:19 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) is considering making changes to the takeover and foreign institutional investor (FII) regulations which would allow select sovereign wealth funds to invest beyond the current threshold limit of 10%.   This is being done to make the regulation...

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Category : SEBI | Comments : 0 | Hits : 274

CAG blames PMO for not acting against Kalmadi
Posted Date : 18-Apr-2011 , 08:21:59 pm | Posted By CASANSAAR

There could be more trouble in the offing for the Prime Minister’s Office on assorted corruption charges. The final report of the Comptroller and Auditor General into the Commonwealth Games has laid the blame for continuing with Suresh Kalmadi as the chief of the CWG Organising Committee on th...

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Category : CAG | Comments : 1 | Hits : 453

Finmin for re-negotiation of tax treaty with Mauritius
Posted Date : 18-Apr-2011 , 08:19:34 pm | Posted By CASANSAAR

The Finance Ministry favours re-negotiation of the tax treaty with Mauritius so that India could have access to banking details, besides tax-related information. With a view to prevent generation of black money and stop re-routing of funds through Mauritius, the Finance Ministry has recently asked ...

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Category : Finance | Comments : 0 | Hits : 301

Maha expects Rs 15 crore entertainment tax revenue from IPL
Posted Date : 18-Apr-2011 , 08:14:56 pm | Posted By CASANSAAR

Maharashtra government is expecting an entertainment tax of Rs 15 crore from the 16 Indian Premier League (IPL) matches to be held in the state. "A deposit of Rs 7.3 crore has been collected for the IPL matches organised at the Wankhede stadium in the city out of the expected revenue of Rs 9.50 cror...

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Category : Income Tax | Comments : 1 | Hits : 451

Icai issues notice to Price Waterhouse
Posted Date : 17-Apr-2011 , 08:50:02 pm | Posted By CASANSAAR

The Institute of Chartered Accountants of India (Icai) has asked Price Waterhouse (PWC) India to show reasons why it should not be deregistered in regard to its association as auditor to Satyam Computer Services Ltd. The notice by the institute, which regulates the profession of chartered accou...

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Category : ICAI | Comments : 0 | Hits : 994

FinMin, industry to discuss takeover code on Thursday
Posted Date : 17-Apr-2011 , 08:46:29 pm | Posted By CASANSAAR

The finance ministry has called a meeting of industry chambers and chartered accountants on Thursday to seek their views on the revised takeover code that proposes to make acquisitions costlier. It has also called members of the panel that drafted the proposals for the meeting. The ministry wan...

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Category : ICAI | Comments : 0 | Hits : 326

New rules soon for better service to bank customers
Posted Date : 17-Apr-2011 , 11:15:27 am | Posted By CASANSAAR

Bank customers may soon expect better services and fast-track redressal of their grievances as RBI is likely to soon consider a fresh set of rules to improve the banks' customer service practices. Almost a year after RBI put in motion a process to improve banks' customer service practices, a high...

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Category : Banking | Comments : 0 | Hits : 319

Central tax collection exceeds Rs 7.92 lakh cr: Finmin
Posted Date : 17-Apr-2011 , 11:15:01 am | Posted By CASANSAAR

The central tax collection -- direct and indirect -- reached about Rs 7.92 lakh crore in 2010-11, exceeding even the revised estimate, on the back of strong economic growth. The total Budget estimate for direct and indirect tax collections was Rs 7.45 lakh crore for the last fiscal, which was rev...

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Category : Income Tax | Comments : 0 | Hits : 257

'RBI may hike key rates by 25 bps to check inflation'
Posted Date : 17-Apr-2011 , 11:14:28 am | Posted By CASANSAAR

With inflation showing no signs of moderation, economists expect the Reserve Bank to hike key policy rates by at least 25 basis points in its annual monetary policy to be unveiled on May 3. The headline inflation (WPI) stood at 8.98 per cent for March, much above the RBI's projection of 8 per cen...

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Category : RBI | Comments : 0 | Hits : 275

Transactions by cheques up 2.5 pc in Feb: RBI
Posted Date : 17-Apr-2011 , 11:13:44 am | Posted By CASANSAAR

Cheque transactions worth over Rs 7.97 lakh crore were carried out in the country during February, 2011, a growth of over 2.5 per cent from the same month last year. Banks had cleared cheques worth over Rs 7.77 lakh crore in February 2010, as per the latest data from the Reserve Bank.A total of 1,0...

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Category : RBI | Comments : 0 | Hits : 281

'Tax headquarter building to be ready in 24-30 months'
Posted Date : 16-Apr-2011 , 12:08:35 pm | Posted By CASANSAAR

Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today."I hope we will stick to the schedule," Mukherjee said while giving aways prizes to the suc...

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Category : Income Tax | Comments : 0 | Hits : 208

Zone Shifting of Candidates for May-2011 Chartered Accountants Examinations
Posted Date : 16-Apr-2011 , 12:05:40 pm | Posted By CASANSAAR

Due to paucity of accommodation in some Zones opted by the candidates in the cities of Bangalore, Chennai, Delhi, Indore and Kolkata, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available.  In view of this, it is...

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Category : Students Zone | Comments : 0 | Hits : 312

Mohandas Pai to step down from Infosys, wants new leadership
Posted Date : 16-Apr-2011 , 12:05:03 pm | Posted By CASANSAAR

India's second largest IT company Infosys today announced its board member and HR Director Mohandas Pai, who was once tipped to be the Chief Operating Officer, will step down in June this year. Pai said he was demitting office to provide an opportunity to a new set of people to lead the firm and br...

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Category : General | Comments : 0 | Hits : 314

SC to Satyam:Give 617 cr guarantee in tax dispute
Posted Date : 16-Apr-2011 , 12:04:25 pm | Posted By CASANSAAR

The Supreme Court today directed Mahindra Satyam to make its presentation before the Central Board of Direct Taxes (CBDT) relating to its tax dispute within two weeks, and also asked it to furnish a bank guarantee of Rs 617 crore by April 25. "Within two weeks the petitioner company (Mahindra Satya...

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Category : Income Tax | Comments : 0 | Hits : 284

SC to Vodafone: Appear before IT in tax case
Posted Date : 16-Apr-2011 , 12:01:50 pm | Posted By CASANSAAR

The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax Department which had instructed the company to pay penalty in the USD 2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar. A three-judge bench headed by Chief Justice ...

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Category : Income Tax | Comments : 0 | Hits : 277

Law Ministry to ensure no case remains pending beyond three years: Moily
Posted Date : 16-Apr-2011 , 12:01:17 pm | Posted By CASANSAAR

Union Law and Justice Minister M. Veerappa Moily on Thursday said the law ministry in collaboration with the judiciary is working towards ensuring that no case remains pending beyond three years. He said the ministry has been putting mechanism in place to ensure the same. "We have now decide...

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Category : General | Comments : 0 | Hits : 276

SAP planning to develop enterprise software in Hindi
Posted Date : 16-Apr-2011 , 12:00:36 pm | Posted By CASANSAAR

Global software major SAP plans to develop and localise its enterprise applications in Hindi, the most widely-spoken Indian language, to enable its domestic customers leverage technology for speedy delivery, the company said Wednesday. “The Hindi version of various applications such as hu...

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Category : General | Comments : 0 | Hits : 247

India may move WTO against US countervailing duty on steel
Posted Date : 15-Apr-2011 , 12:35:28 am | Posted By CASANSAAR

Govt to appeal amid fear that the US and EU may extend it to other products. Exporters of steel and, in turn, the Union ministry of commerce are getting worried at the increased resort by the US of countervailing duty (CVD) to bring down imports from India.   CVD is primarily used to counter ...

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Category : Custom | Comments : 0 | Hits : 517

Help Line Desk for C.A. Examinations, May, 2011
Posted Date : 14-Apr-2011 , 11:54:32 am | Posted By CASANSAAR

The Help Line Desk will be functional from 13th April to 10th MAY, 2011 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountant Examinations to be held in 10th MAY, 2011. The telephone Numbers of Help Line Desk are: 3054851 3...

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Category : Students Zone | Comments : 0 | Hits : 906

Govt fixes revenue target at Rs 9 lakh crore this fiscal
Posted Date : 13-Apr-2011 , 10:34:33 am | Posted By CASANSAAR

The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today."We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12", Revenue Secretary Sunil Mitra saidHe said the revenue department had ...

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Category : Income Tax | Comments : 0 | Hits : 247

Sebi working on alternative of corporate governance
Posted Date : 13-Apr-2011 , 10:33:51 am | Posted By CASANSAAR

In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance. "A committee is working on it. We have also asked the MCA (Ministry of Corporat...

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Category : SEBI | Comments : 0 | Hits : 264

JK govt detects 3,045 cases of tax evasion in '09-10
Posted Date : 12-Apr-2011 , 09:30:25 am | Posted By CASANSAAR

The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10. Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor General (CAG) of India has said that 2,357 cases of eva...

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Category : Income Tax | Comments : 0 | Hits : 251

Finance Ministry to meet PSU bankers on April 26
Posted Date : 12-Apr-2011 , 09:29:45 am | Posted By CASANSAAR

Finance Ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion. The meeting will chaired by Financial Services Secretary S K Sharma instead of the usual practice of Finance Minister c...

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Category : Banking | Comments : 0 | Hits : 272

Mukesh Ambani gets Bank of America shares as director fees
Posted Date : 12-Apr-2011 , 09:29:05 am | Posted By CASANSAAR

Bank of America has given shares worth nearly Rs 11 lakh to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist, who joined the US banking giant's board last month. Ambani may get a total of over Rs 1 crore of annual compensation in cash and stocks, going by the bank's d...

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Category : Corporate Law | Comments : 0 | Hits : 282

Rs 72,000-cr income tax refunds in 2009-10: CBDT
Posted Date : 12-Apr-2011 , 09:28:29 am | Posted By CASANSAAR

The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here. "The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers i...

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Category : Income Tax | Comments : 0 | Hits : 250

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