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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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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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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Income Tax |
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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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International Business |
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No Tax Free Zones in Operation
Posted Date : 23-Nov-2012 , 11:01:19 pm | Posted By CASANSAAR
There is no concept called Tax Free Zones as such in operation. However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions. Both above schemes are administered by the Department of Commerce. In addition to above, package of incentives ...
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Income Tax |
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Tax rebate allowed on capital gains after property sale - ITAT
Posted Date : 22-Nov-2012 , 07:50:40 am | Posted By CASANSAAR
Income-Tax Appellate Tribunal (ITAT) ofChennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. The tribunal clarified that the interest paid on loans is certainly an expenditure that should be taken into account while co...
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Income Tax |
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RBI gives infrastructure lending status to host of sub-sectors
Posted Date : 21-Nov-2012 , 09:12:37 am | Posted By CASANSAAR
Giving a boost to key segments like roads and bridges, LNG and oil pipelines, water treatment plans, telecom towers, and three-star hotels, RBI today gave them 'infrastructure status' and paved way for them to avail easier funding from banks.
In a notification, RBI said the credit facility ...
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Income Tax |
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Sebi discontinues mini derivatives contracts to save investors
Posted Date : 21-Nov-2012 , 09:09:07 am | Posted By CASANSAAR
Market regulator Sebi today said it has decided to discontinue mini derivatives contracts on Sensex and Nifty indices, to discourage small investors from getting attracted to this segment.
The latest move revises Securities and Exchange Board of India's decision in December 2007 that allowed mini...
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SEBI |
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Govt
Posted Date : 21-Nov-2012 , 09:03:43 am | Posted By CASANSAAR
Amidst talks of a no-confidence motion or a vote on the FDI issue, the government has lined up key financial sector Bills including long-pending legislations for pension and insurance sector as well as the supplementary demand for grants for the forthcoming winter session of Parliament that begins o...
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General |
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Exposure Draft of Elements Specific for Power Sector Companies for Inclusion in C&I Taxonomy.
Posted Date : 20-Nov-2012 , 08:24:05 pm | Posted By CASANSAAR
Extensible Business Reporting Language (XBRL) India has issued the following Exposure Draft on Power Sector specific elements to be included in the taxonomy for filing of the Annual Financial Statements XBRL for power companies. These elements shall be included in the base taxonomy i.e. C&I...
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ICAI |
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Notification - Special Examination
Posted Date : 20-Nov-2012 , 08:22:52 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India[Set up by an Act of Parliament]Post Box No.7112, ICAI BHAWAN, Indraprastha MargNew Delhi - 110002
TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA19th November, 2012NOTIFICATION
No.13-CA(Exam)/N/2012/III: In partial modific...
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Income Tax |
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SEBI to Get Call Data Records in Specific Cases: PC
Posted Date : 20-Nov-2012 , 09:17:43 am | Posted By CASANSAAR
The government is making an arrangement for market regulator Sebi getting access to call data records of people being probed by it in specific cases, but it will not get power to directly tap the phone calls, Finance Minister P Chidambaram has said.
"... Some arrangement is being made that the call...
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SEBI |
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RBI bans loans to buy gold
Posted Date : 20-Nov-2012 , 09:15:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday notified a total ban on banks from advancing any loans to its customers for purchasing gold in any form, which includes primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds ( ETF) and units of gold mutual funds.&nb...
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RBI |
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Sahara moves SAT, seeks more time
Posted Date : 20-Nov-2012 , 09:13:30 am | Posted By CASANSAAR
Sahara Group on Monday moved the Securities Appellate Tribunal (SAT) against Sebi, seeking more time to submit documents related to about three crore investors in the case involving two group companies. Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation...
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General |
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Trading Ban on 40 companies for Demat Failure
Posted Date : 19-Nov-2012 , 08:51:39 am | Posted By CASANSAAR
BSE and NSE have restricted trading instocks of as many as 40 new companies on account of their failure in meeting the market regulator Sebi's direction on dematerialising of shares. The action comes after these companies failed to convert a mandatory 50% public shareholding...
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SEBI |
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SEBI to auction over Rs 10,000 crore debt investment for FIIs
Posted Date : 19-Nov-2012 , 08:49:49 am | Posted By CASANSAAR
Enthused by growing interest of foreign investors in debt securities in the country, market regulator SEBI will conduct an auction this week for investment worth over Rs 10,000 crore by foreign investors.
The auction will be conducted on November 20 in both the government and corporate debt...
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SEBI |
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HSBC Geneva acts: Income tax dept approaches Swiss authorities
Posted Date : 19-Nov-2012 , 08:48:06 am | Posted By CASANSAAR
The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names.
The depart...
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Income Tax |
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Finmin urges corporate affairs ministry to notify to keep ailing banks, insurers out of CCI
Posted Date : 19-Nov-2012 , 08:42:45 am | Posted By CASANSAAR
The finance ministry has urged thecorporate affairs ministry to notify that ailing banks andinsurance companies will not come under the purview of the Competition Commission, a step that can help speed up issuance of new banking licences.In a letter to the corporat...
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Finance |
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GAAR amendments finalised, says Chidambaram
Posted Date : 19-Nov-2012 , 08:41:27 am | Posted By CASANSAAR
Amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised, Finance Minister P Chidambaram disclosed today."I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready ...
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Income Tax |
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Last Date for ST Return Filing 25.11.2012, File now to avoid inconvenience
Posted Date : 18-Nov-2012 , 09:11:13 am | Posted By CASANSAAR
To avoid inconvenience and delay,Service Tax assessees are requested not to wait till the last date for filing their ST3 returns. So far only about 6,000 returns are being filed per day in ACES in the new ST 3 format for the period April to June, 2012, out of about 16 lakh registered assessees....
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Service Tax |
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CA Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed
Posted Date : 18-Nov-2012 , 08:56:28 am | Posted By CASANSAAR
November 17, 2012
CHARTERED ACCOUNTANTS EXAMINATION
Due to unavoidable circumstances, the Final Examination in Paper 8 – Indirect Tax Laws, and the Post Qualification Course(s) Examination(s) in Management Accountancy, Corporate Management, Tax Management, and Insurance and R...
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Income Tax |
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Essar loses income tax appeal
Posted Date : 18-Nov-2012 , 08:55:31 am | Posted By CASANSAAR
Essar Oil Ltd has lost one more legal battle with the taxation department after the apex court directed the company to pay multi-crore sales tax dues to the state government.
Though the amount is not much this time around, the Gujarat high court concluded that the company had defa...
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Income Tax |
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0 | Hits : 801
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CBDT bats for penalty waiver in retro tax cases; boost for Vodafone?
Posted Date : 17-Nov-2012 , 07:51:17 am | Posted By CASANSAAR
In the first indication of a softening of stance from revenue authorities on the controversial retrospective tax laws introduced in budget 2012, the country's apexBSE 0.00 % tax body, the Central Board of Direct Taxes or CBDT has recommended waiver of penalties in cases...
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Income Tax |
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Final draft of GAAR to be made public in 10 days: Chidambaram
Posted Date : 17-Nov-2012 , 07:40:16 am | Posted By CASANSAAR
The government plans to announce within the next 10 days the final general anti-avoidance rules (GAAR), Finance Minister P Chidambaram said on Friday.
The rules, introduced in this year's budget to check tax evasion, provoked an outcry from foreign investors who feared excessive scrutiny ...
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Income Tax |
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Sebi allows mutual funds in CDS transactions
Posted Date : 16-Nov-2012 , 08:51:40 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has allowed mutual funds to participate in Credit Default Swap (CDS) transactions, which allow business entities to hedge risks associated with the bonds market.
Mutual funds are also allowed to invest in repo or short-...
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SEBI |
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FM asks RBI to bring out final bank licence norms
Posted Date : 16-Nov-2012 , 08:50:25 am | Posted By CASANSAAR
Finance Minister P Chidambaram has asked the Reserve Bank of India (RBI) to start working towards issuing the final guidelines for new banking licences and receiving applications from interested entities. The development comes even as the central bank insists on amending the Banking R...
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Banking |
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