Govt plans 2% raise in excise duty, service tax
Posted Date : 29-Nov-2012 , 08:37:01 am | Posted By CASANSAAR
The finance ministry is considering a proposal to raise excise duty and service tax by two per cent to 14 per cent each in the Union Budget for 2013-14. The move is likely to help the ministry collect about Rs 30,000 crore. Certain exemptions may also be rolled back.
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Excise |
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Indian companies second worse in world on fraud after Africa
Posted Date : 29-Nov-2012 , 08:34:20 am | Posted By CASANSAAR
India has the highest number of fraud-hit companies after Africa, according to a report by global advisory firm Kroll.
Fraud risks in India remain above the global average and, outside Africa (77 per cent), the country has seen the highest number of companies affected by frauds at 68 per ce...
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International Business |
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HSBC secret accounts: IT dept to begin prosecution action
Posted Date : 29-Nov-2012 , 08:30:56 am | Posted By CASANSAAR
The income tax (I-T) department has decided to begin prosecution against those having “substantial” amounts in their bank accounts in HSBC’s Geneva branch.
The department has written to the finance ministry to suggest a benchmark for funds held on the basis of wh...
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Income Tax |
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Notice sent to Ramdev for alleged service tax evasion
Posted Date : 29-Nov-2012 , 08:28:09 am | Posted By CASANSAAR
A demand notice has been sent by the authorities to trusts run by Yoga guru Ramdev, for alleged service tax evasion on about Rs 1 crore received from a private TV broadcaster for airing his programme.
Official sources said a demand notice was sent to Patanjali Yoga Peeth and Divya Yoga Trus...
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Service Tax |
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SEBI announces additional KYC norms for investors effective December 1, 2012
Posted Date : 29-Nov-2012 , 08:23:33 am | Posted By CASANSAAR
SEBI has made a few changes to theKYC norms after January 1, 2012. These changes will be effective from December 1, 2012. So all investors who have complied with their KYC norms prior to January 1, 2012 need to complete the additional KYC formalities.What you need to doIf y...
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SEBI |
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ICAI clarifies on Nagpur land Deal
Posted Date : 28-Nov-2012 , 08:33:05 am | Posted By CASANSAAR
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
Facts on the proposed project of Centre of Excellence at Nagpur
This Statement of Facts as regards Centre of Excellence (COE) project at Nagpur is being issued for the general information of members in view of the ongoing di...
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ICAI |
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RBI amendments in FEMA to allow FDI in multi-brand retail may spell more trouble for UPA
Posted Date : 28-Nov-2012 , 08:30:38 am | Posted By CASANSAAR
Government may face fresh trouble in Parliament over the recent RBI amendments in FEMA to allow FDI in multi-brand retail, with CPI(M) today saying these have to be voted within a time-frame as laid down in law. The statement by senior CPI(M) leader Sitaram Yechury came on the fourth ...
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International Business |
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Companies with turnover of Rs 100 crore can set up tech institutes: Govt
Posted Date : 28-Nov-2012 , 08:28:03 am | Posted By CASANSAAR
Private and public companies with a turnover of at least Rs 100 crore per year over a 3-year period have been allowed to set up technical institutes from the next academic session to meet the increasing demand of such institutes.
They can establish new technical institution in eng...
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International Business |
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Govt to reintroduce sector-specific tax filing codes from December
Posted Date : 28-Nov-2012 , 08:24:10 am | Posted By CASANSAAR
The government will reintroduce sector-specific tax filing codes from December, reversing the single-code system it launched five months ago.
To make tax filing easy under a new service-tax regime that covered more sectors than before, the central board of excise and customs devised one...
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Service Tax |
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Fly to Vrindavan in a Pawan Hans chopper, service starts today
Posted Date : 28-Nov-2012 , 08:20:53 am | Posted By CASANSAAR
The Civil Aviation Ministry on Tuesday announced the start of a chopper service between Delhi and Vrindavan, Uttar Pradesh. The service, a joint effort with UP Tourism, will start from Wednesday.
The one-way ticket to the holy city will cost Rs 3,900 per person, while the ret...
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General |
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ICAI invites applications from highly competent candidates for the position of Joint Secretary (HUMAN RESOURCES)
Posted Date : 27-Nov-2012 , 10:45:31 pm | Posted By CASANSAAR
ICAI, the second largest accounting body in the world, set up by an Act of Parliament, is looking for a high profile and multi-faceted personality with leadership qualities, excellent communication, interpersonal and motivational skills for the position of Joint Secretary (Human Resources). This is ...
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ICAI |
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Satyam merger swap ratio opposed in HC
Posted Date : 27-Nov-2012 , 10:43:44 pm | Posted By CASANSAAR
A group of minority shareholders of Mahindra Satyam (formerly Satyam Computer Services) has filed a petition in the Andhra Pradesh High Court opposing, the proposed share-swap ratio, among other things, for merger with Tech Mahindra.
The petitioners have requested the court to revise...
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Merger & Acquisitions |
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0 | Hits : 711
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RBI relaxes borrowing rules for mobile auction winners
Posted Date : 27-Nov-2012 , 08:53:25 am | Posted By CASANSAAR
The Reserve Bank of India ( RBI) has relaxed overseas borrowing rules for successful bidders in the country's cellphone airwaves auction, making it easier for them to raise money to pay the cash-strapped government.
The RBI said on Monday the winning bidders could use short-t...
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RBI |
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How companies are misusing
Posted Date : 27-Nov-2012 , 08:27:15 am | Posted By CASANSAAR
From non-descript companies that bagged coal blocks to shell companies related to BJP president Nitin Gadkari's business interests, the use of 'share application money' is emerging as a convenient way for promoters to channel equity investments into their companies to guise questionable, p...
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Finance |
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I-T dept extends filing deadline for ITR-V forms
Posted Date : 27-Nov-2012 , 08:21:53 am | Posted By CASANSAAR
The Director General of Income Tax (System) as per powers assigned to it under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized Processing of Returns Scheme, 201 T, issued as per C B D T Notification No. SO 16(E) dated 4.1.2012, has decided to extend the time limit for...
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Income Tax |
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Banking services on your palm Just dail a no. from any handset
Posted Date : 27-Nov-2012 , 08:16:28 am | Posted By CASANSAAR
Checking your bank balances or placing a request for a cheque book has been made as simple and hassle-free as dialling *99# from your mobile.
Just dial *99# from your mobile of any make, every banking service, be it fund transfer or checking balances, comes at platter.
Formally rol...
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Banking |
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No objection from Cos on CSR norms in Companies Bill: Govt
Posted Date : 26-Nov-2012 , 11:12:11 pm | Posted By CASANSAAR
The Corporate Affairs Ministry today said it has not received any objection from the companies to the provision of spending of at least 2 per cent of net profit on corporate social responsibility (CSR) activities in the Companies Bill."The ministry has not received any communicat...
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Corporate Law |
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Chitra Ramakrishna to become MD & CEO of NSE on 1st April 2013
Posted Date : 26-Nov-2012 , 11:10:24 pm | Posted By CASANSAAR
Chitra Ramakrishna will be the Managing Director and CEO of National Stock Exchange from 1st April 2013, while its current chief Ravi Narain will assume the role of Vice-Chairman in a non-executive role. At a meeting held in Mumbai on Monday, the board of the National Stock Exchange decided that Ram...
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Shares & Stock |
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0 | Hits : 748
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RBI considering four alternatives to gold
Posted Date : 26-Nov-2012 , 08:59:40 am | Posted By CASANSAAR
Given Indians’ yen for gold and the pressure on the current account due to its import, the Reserve Bank of India is considering introducing four gold-related instruments to ease the physical demand for the yellow metal.
The instruments are modified gold-deposit scheme (GDS),...
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Category :
Income Tax |
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0 | Hits : 880
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FIU asked to track service tax evaders
Posted Date : 26-Nov-2012 , 08:57:04 am | Posted By CASANSAAR
The Financial Intelligence Unit (FIU), country’s nodal agency for gathering, analysing and disseminating information related to suspicious financial transaction, has been asked to work with theDirectorate General of Central Excise Intelligence (DGCEI) to go after over 65,000 non...
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Category :
Income Tax |
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RBI to soon allow Aadhaar for banking transactions
Posted Date : 26-Nov-2012 , 08:56:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Sunday said it will soon allow Aadhaar card as an identity proof for banking transactions that will enable banks to ease the KYC (know-your-customer) process for millions of customers.
The central bank will soon issue a circular allowing the use of the Aadhaar as ...
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RBI |
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600,000 Pakistanis didn't pay tax last year
Posted Date : 26-Nov-2012 , 08:53:49 am | Posted By CASANSAAR
Around 600,000 people in Pakistan did not pay their taxes in the past one year, which highlights the "incompetence and mismanagement" of the country's top tax machinery, a daily said Sunday. The Federal Bureau of Revenue (FBR) claims 1.44 million people regularly file tax returns, but there are...
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Category :
Income Tax |
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Finance minister P Chidambaram asks CEOs of PSU banks to cut margins
Posted Date : 26-Nov-2012 , 08:52:26 am | Posted By CASANSAAR
Finance minister P Chidambaram has told the chief executives of state-owned banks not to be obsessed with higher margins and instead attract borrowers with lower interest rates. Bank managements, according to him, should be happy with a 3% margin - a suggestion that has not gone down...
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Finance |
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SEBI plans including individual traders in definition of illegal practice
Posted Date : 25-Nov-2012 , 10:49:42 pm | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (SEBI) is looking at reviewing regulations on the illegal trade practice of front-running in the capital market to plug legal loopholes in the existing regulation and safeguard investor interest.
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SEBI |
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0 | Hits : 787
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Sebi extends bid deadline for verification job in Sahara case
Posted Date : 25-Nov-2012 , 10:46:50 pm | Posted By CASANSAAR
Market watchdog the Securities and Exchange Board of India (Sebi) has extended the deadline by one month for submission of bids by public sector banks and KYC registration agencies (KRAs) to conduct in-person verification of about three crore investors in the high-profile Sahara case to ascertain th...
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SEBI |
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ICAI chief in the dock for Rs 100 crore land deal
Posted Date : 24-Nov-2012 , 08:58:39 am | Posted By CASANSAAR
A land deal worth Rs 100 crore involving the Institute of Chartered Accountants of India ( ICAI) has landed its president Jayadeep Narendra Shah in a spot. Shah, a native of Nagpur, signed a deal for purchasing a nine-acre plot in that city for setting up a study centre of the institu...
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ICAI |
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Tax panel formed to go after 20,000 evaders
Posted Date : 24-Nov-2012 , 08:52:25 am | Posted By CASANSAAR
Finance minister P Chidambaram has formed a team of revenue intelligence officials to track over 20,581 cases of high networth individuals and entities who have not filed their income tax returns, and get them to pay the amount they are suspected to have evaded.
The list was compi...
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Income Tax |
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Nov 27 deadline for service tax dues on over Rs 10-lakh rental income
Posted Date : 24-Nov-2012 , 08:51:00 am | Posted By CASANSAAR
Those who are yet to pay their service tax dues (as on March 6, 2012) on rent received in excess of Rs 10 lakh a year from immovable property are liable to pay a penalty after November 27.
The tax applies to renting of commercial property, where the rental amount exceeds the exemption ...
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Category :
Service Tax |
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Web Based Status Tracking Facility Launched to Check Corruption in Income Tax Refunds
Posted Date : 23-Nov-2012 , 11:02:59 pm | Posted By CASANSAAR
Instances of alleged corruption for settlement of refund claims and complaints come to notice from time to time. Whenever any such instance or complaints comes to notice, the same is verified and if it is found to be correct, the concerned officers/officials have to face penal consequences depending...
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Category :
Income Tax |
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0 | Hits : 906
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Foreign National to Open Banks in India
Posted Date : 23-Nov-2012 , 11:02:10 pm | Posted By CASANSAAR
As per the “Draft Guidelines for Licencing of New Banks in Private Sector” issued by the Reserve Bank of India (RBI) on 29.08.2011, only entities/groups in the private sector that are owned and controlled by residents shall be eligible to promote banks. RBI has formulated the Know Y...
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Category :
International Business |
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