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Govt withdraws 10 pc excise duty on jute products
Posted Date : 21-Apr-2011 , 11:06:04 am | Posted By CASANSAAR

The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year."The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags," an official source said here today."W...

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Category : Excise | Comments : 0 | Hits : 855

Companies Bill to be taken up in Monsoon Session
Posted Date : 21-Apr-2011 , 11:03:24 am | Posted By CASANSAAR

 The new Companies Bill that seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon session of Parliament."The Companies Bill will come in for discussion in Parliament in the Monsoon Session," Corporate Affairs Minister Murli Deora told reporters on the si...

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Category : Corporate Law | Comments : 1 | Hits : 432

SC cancels bails of PwC partner Gopalakrishnan
Posted Date : 21-Apr-2011 , 11:02:30 am | Posted By CASANSAAR

The Supreme Court today cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them t...

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Category : Auditing | Comments : 0 | Hits : 503

Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
Posted Date : 21-Apr-2011 , 06:13:05 am | Posted By CASANSAAR

The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examinatio...

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Category : Students Zone | Comments : 2 | Hits : 443

No service tax on visa facilitators: CBEC
Posted Date : 20-Apr-2011 , 11:21:17 am | Posted By CASANSAAR

The Finance Ministry today said the assistance provided by visa facilitators to applicants does not come under the purview of service tax."Visa facilitators, while providing visa assistance directly to individuals do not act on behalf of the embassies as agents of the principal and hence service tax...

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Category : Service Tax | Comments : 1 | Hits : 439

Govt to deploy officials in tax havens to check evasion
Posted Date : 20-Apr-2011 , 11:20:15 am | Posted By CASANSAAR

The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said.Concerns have been raised in the recent past over suspicion of round tripping or routing of Indi...

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Category : Income Tax | Comments : 0 | Hits : 306

Govt committed to FDI policy in retail: Scindia
Posted Date : 20-Apr-2011 , 11:19:25 am | Posted By CASANSAAR

The government today said it is committed to come out with a policy on FDI in retail but foreign investment must be linked with the development of back-end facilities."The policy we come out with must involve back-end to front-end linkages in terms of capacity augmentation and investment," Minister ...

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Category : Finance | Comments : 0 | Hits : 291

FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 11:18:46 am | Posted By CASANSAAR

Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow.The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the cod...

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Category : Finance | Comments : 0 | Hits : 290

Govt cannot ban exports with retrospective effect
Posted Date : 20-Apr-2011 , 11:16:48 am | Posted By CASANSAAR

In a significant order, the Bombay High Court has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder.It also said that such restriction cannot be applied to concluded contracts where let...

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Category : General | Comments : 0 | Hits : 313

FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 10:52:09 am | Posted By CASANSAAR

Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow. The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the c...

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Category : Finance | Comments : 0 | Hits : 286

2G case: Five corporate honchos arrested, sent to Tihar Jail
Posted Date : 20-Apr-2011 , 06:36:05 am | Posted By CASANSAAR

Five corporate executives, named as accused by the Central Bureau of Investigation in the 2G scam, were today arrested and taken to Tihar Jail after a Delhi court rejected their bail pleas, saying the agency’s apprehensions that they may tamper with evidence and influence witnesses cannot be r...

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Category : General | Comments : 0 | Hits : 385

2G scam: DB Realty, Unitech, Reliance Comm fall as court rejects bail pleas
Posted Date : 20-Apr-2011 , 06:31:09 am | Posted By CASANSAAR

A Delhi court on Wednesday rejected the bail plea of five corporate honchos including promoter of Etisalat DB, Sanjay Chandra, in connection with the 2G spectrum case. The order came on the bail applications of Swan Telecom Director Vinod Goenka, Unitech MD Sanjay Chandra, and three top officials o...

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Category : General | Comments : 0 | Hits : 261

SEBI to set up forensic accounting cell for checking fraud
Posted Date : 19-Apr-2011 , 08:30:57 pm | Posted By CASANSAAR

Security Exchange Board of India (SEBI) will soon set up a forensic accounting cell to identify any bungling in the books and regulatory filings of listed firms and market entities. The market watchdog would also churn out new investigative methods with an aim to catch fraudsters early in their sin...

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Category : SEBI | Comments : 0 | Hits : 730

Status of Quarterly TDS/TCS Statement now available by SMS
Posted Date : 19-Apr-2011 , 08:23:42 pm | Posted By CASANSAAR

NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS: Accepted: This  status is provided if the s...

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Category : Income Tax | Comments : 0 | Hits : 951

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 : 241

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 : 1604

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 : 302

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 : 452

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

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