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Tax board targets Rs 5,30,000 crore collection in 2011-12
Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR

Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...

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Category : Income Tax | Comments : 0 | Hits : 221

Trai may get more teeth; likely to be on par with Sebi
Posted Date : 17-May-2011 , 11:38:58 am | Posted By CASANSAAR

Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect.The Telecom Ministry is looking to give more powers to Trai, which will bring it on par ...

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Category : General | Comments : 0 | Hits : 232

Foreign cos to pay tax on all rev from seismic data contracts
Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR

Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...

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Category : Income Tax | Comments : 0 | Hits : 459

Happy Buddha Purnima
Posted Date : 16-May-2011 , 09:11:00 pm | Posted By CASANSAAR

Buddham Sharanam GachamiOm Mani Padme HumMay Lord Buddha enlighten you on the path of love, peace and truth.Happy Buddha Purnima...

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Category : General | Comments : 1 | Hits : 297

2G scam: SC pulls up I-T dept for slow pace of probe
Posted Date : 16-May-2011 , 08:58:50 pm | Posted By CASANSAAR

The Supreme Court on Monday castigated the Income Tax Department for its inertia in dealing with telecom companies involved in 2G spectrum allocation scam. The I-T department, however, said that it has issued notices to the companies that have sold their controlling stakes after getting the allotmen...

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Category : Income Tax | Comments : 0 | Hits : 279

Stock brokers get Sebi relaxation on access to investor accounts
Posted Date : 16-May-2011 , 08:55:39 pm | Posted By CASANSAAR

Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking 'running account authorisation' from their clients at leas...

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Category : SEBI | Comments : 0 | Hits : 362

Govt signs up USD 150 mn loan with WB for e-gov
Posted Date : 16-May-2011 , 11:02:01 am | Posted By CASANSAAR

The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps."This loan will support critical policy measures within Government's overall e-Governance reform agenda leading to more robust implementation of NeGP, w...

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Category : Finance | Comments : 0 | Hits : 269

Income Tax notices to Bhave routine affair: CBDT
Posted Date : 16-May-2011 , 11:00:29 am | Posted By CASANSAAR

The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year.The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Se...

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Category : Income Tax | Comments : 0 | Hits : 310

Tax exemption on 9.5% interest on PF for 2010-11
Posted Date : 16-May-2011 , 10:58:41 am | Posted By CASANSAAR

Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11.The Finance Ministry notification last week raises the income tax exemption to 9.5 per cent interest income from 8.5 per cent.The decision clears t...

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Category : Income Tax | Comments : 0 | Hits : 360

SC grants 4 weeks to Skoda to pay Rs 30 cr to customs dept
Posted Date : 15-May-2011 , 09:01:34 pm | Posted By CASANSAAR

Skoda India has agreed before the Supreme Court to pay within four weeks Rs 30 crore to the Customs Department as pre-deposit money for initiating adjudication before the tax tribunal where it has challenged the imposition of duty of Rs 194 crore. A bench comprising justices D K Jain and H L Dattu a...

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Category : Custom | Comments : 0 | Hits : 434

Decision on diesel price hike next week
Posted Date : 15-May-2011 , 08:56:12 pm | Posted By CASANSAAR

Finance minister Pranab Mukherjee on Sunday said the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week. "A decision will be taken on raising prices of these items when the EGoM meets next week," Mukherjee told reporters here...

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Category : General | Comments : 0 | Hits : 267

Sebi mulls new incentive structure for MF agents
Posted Date : 15-May-2011 , 11:19:16 am | Posted By CASANSAAR

A panel set up by Sebi to boost mutual fund investments through distributors is considering a new incentive model, wherein investors could be asked to pay a service fee and commissions would be borne by fund houses.The proposals also involve a single-cheque payment for the combined amount of the agr...

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Category : SEBI | Comments : 0 | Hits : 258

SEBI to strengthen market surveillance mechanism
Posted Date : 15-May-2011 , 11:17:28 am | Posted By CASANSAAR

Capital market regulator Securities and Exchange Board of India (SEBI) has proposed to put in place a business intelligence gathering mechanism with an aim to enhance its surveillance and protect investors' interest."Surveillance is a vital link in the chain of activities performed by the regulator ...

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Category : SEBI | Comments : 0 | Hits : 219

Oil companies hike petrol price by Rs 5/litre
Posted Date : 14-May-2011 , 09:26:26 am | Posted By CASANSAAR

In the steepest hike ever, state- owned oil companies today increased petrol price by about Rs 5 per litre with effect from midnight tonight.The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after...

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Category : General | Comments : 3 | Hits : 342

India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income
Posted Date : 13-May-2011 , 09:16:04 pm | Posted By CASANSAAR

India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on beh...

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Category : Income Tax | Comments : 0 | Hits : 288

MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
Posted Date : 13-May-2011 , 11:11:14 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been re...

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Category : Income Tax | Comments : 0 | Hits : 373

Haryana asks I-T sleuths to curb pilferage of tax
Posted Date : 13-May-2011 , 11:10:02 am | Posted By CASANSAAR

Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release.The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64t...

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Category : Income Tax | Comments : 0 | Hits : 308

Result of Assembly Elections
Posted Date : 13-May-2011 , 10:57:47 am | Posted By CASANSAAR

Assembly Elections West Bengal Tamil Nadu Party Lead Won AITC + INC 2 223 Left Front 1 60 Others 0 8 Party Lead Won DMK 3 27 AIADMK 16 187 Others 1 1 ...

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Category : General | Comments : 0 | Hits : 243

'Harshad Mehta's assets likely to fetch 800-1000 cr'
Posted Date : 12-May-2011 , 09:34:49 pm | Posted By CASANSAAR

Government today said it expected Rs 800-1000 crore to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.The amount will be used to meet a large portion of the liability of the stock broker towards taxes and banks."With...

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Category : General | Comments : 0 | Hits : 313

Murli Deora Stresses to expedite the Process of Liquidation Of Companies
Posted Date : 12-May-2011 , 09:29:29 pm | Posted By CASANSAAR

Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expedi...

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Category : Corporate Law | Comments : 0 | Hits : 337

Investors feel cheated like in Harshad scam: SC to Sahara
Posted Date : 12-May-2011 , 09:22:18 pm | Posted By CASANSAAR

The Supreme Court asked the Security and Exchange Board of India to proceed with its probe into Sahara group’s OFCD scheme. The apex court said that it will wait for the market regulator to come up with its findings while observing that it does not want investors to feel “cheated” ...

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Category : SEBI | Comments : 0 | Hits : 285

Transfer/Termination of Articleship
Posted Date : 12-May-2011 , 07:24:46 am | Posted By CASANSAAR

ANNOUNCEMENT Transfer/Termination of Articleship[Regulation 56(1)] As informed earlier vide announcement dated 2nd July 2010, ICAI is allowing the articled assistants to seek transfer/termination of articleship only on permissible grounds and the articled assistants are advised to get the conse...

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Category : Students Zone | Comments : 4 | Hits : 3158

CAG to review transfer pricing case, says I-T dept
Posted Date : 12-May-2011 , 06:49:13 am | Posted By CASANSAAR

The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of I...

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Category : Income Tax | Comments : 0 | Hits : 602

Funding to parties may come under CAG scanner
Posted Date : 11-May-2011 , 09:03:33 pm | Posted By CASANSAAR

The commission, which wants all such transactions to be done through cheques and demand drafts and audited by those in the CAG list, will take up the matter with all the political parties soon, sources  said.   “There should be complete transparency in political funding. Payment sh...

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Category : Auditing | Comments : 0 | Hits : 291

Govt collects 'unprecedented' 7.90 lakh cr in taxes: FM
Posted Date : 11-May-2011 , 08:58:59 pm | Posted By CASANSAAR

The government has collected an "unprecedented" Rs 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said today.   "There has been an unprecedented collection of tax revenues in the financial year 2010...

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Category : Income Tax | Comments : 0 | Hits : 222

Foreign bank CEOs must ensure compliance: RBI
Posted Date : 11-May-2011 , 08:54:59 pm | Posted By CASANSAAR

Tightening its regulations over the operations of foreign banks in the country, the Reserve Bank of India (RBI) has asked their chief executive officers (CEO) to monitor the compliance system.     It is observed that operations of foreign banks functioning in India as branches of the pa...

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Category : RBI | Comments : 0 | Hits : 269

SBI to introduce green-channel banking at more branches
Posted Date : 11-May-2011 , 10:42:19 am | Posted By CASANSAAR

State Bank of India (SBI) will introduce "green-channel banking" at more of its branches to promote paperless work and to facilitate faster transactions for customers, SBI sources said.All major transactions, including withdrawals, deposits and remittances up to Rs 40,000, will be made through green...

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Category : Banking | Comments : 0 | Hits : 431

Govt set to allow FDI in LLPs
Posted Date : 10-May-2011 , 09:18:19 pm | Posted By CASANSAAR

The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms on Wednesday. "The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved," a source said. The move will enable LLPs to choose among domesti...

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Category : Finance | Comments : 0 | Hits : 263

'No service tax on hotel food sent up to rooms'
Posted Date : 10-May-2011 , 11:53:33 am | Posted By CASANSAAR

 Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said."When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises...

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Category : Service Tax | Comments : 0 | Hits : 612

Draft norms on new banking licences soon: RBI official
Posted Date : 10-May-2011 , 11:49:46 am | Posted By CASANSAAR

 Reserve Bank of India (RBI) would shortly come out with draft norms on new banking licences, a senior RBI official said."RBI will shortly come out with draft guidelines on new banking licenses", B Mahapatra, CGM in-charge of Department of Banking Operations and Development, RBI, said.Last year...

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Category : RBI | Comments : 0 | Hits : 315

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