E-filing of I-T returns expected to double this fiscal
Posted Date : 02-Jul-2012 , 08:19:37 am | Posted By CASANSAAR
The Income Tax department is expecting a 100 percent increase in e-filing of returns this fiscal as taxpayers whose annual salary exceeds Rs 10 lakh and holding assets abroad will have to mandatorily file their statements in the electronic format.The department which reported 1.64 crore e-returns du...
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Income Tax |
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FinMin may ask Sebi to re-introduce entry load
Posted Date : 01-Jul-2012 , 09:49:55 pm | Posted By CASANSAAR
In order to promote the sagging mutual fund industry, Finance Ministry may advise the Sebi to consider re-introduction of commission for brokers known as entry load.
"We will meet representatives of mutual fund industry and Sebi officials and will advise them to consider measures including ...
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SEBI |
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New service tax regime to make speed post, holidaying costlier
Posted Date : 01-Jul-2012 , 09:46:32 pm | Posted By CASANSAAR
Speed post and express parcel service of post office, earnings of TV and theatre artists will come under the 12% service tax bracket from Sunday with the government embracing the new service tax regime based on negative list. From now, with the exception of 38 services, which figure in the ...
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Service Tax |
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HAPPY CHARTERED ACCOUNTANTS DAY (History of Chartered Accountants)
Posted Date : 01-Jul-2012 , 07:39:08 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an aud...
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ICAI |
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New service tax regime comes into force from tomorrow
Posted Date : 30-Jun-2012 , 10:50:04 pm | Posted By CASANSAAR
The new service tax regime comes in to force from tomorrow. All services except the 38 services figuring in the negative list will attract 12 per cent service tax. The government has widened the definition of 'Services' to bring in more activities under the tax net. Till now, 119 services has com...
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Service Tax |
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ICSI asks AP to recognise company secretaries for VAT-audit
Posted Date : 30-Jun-2012 , 08:21:23 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has requested the Andhra Pradesh Government to recognise company secretaries for Value Added Tax audit.
Speaking at the inaugural session of the southern India regional conference of the institute here on Friday, Mr Nesar Ahmad, President...
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ICSI |
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Education cess on service tax to continue under new regime
Posted Date : 30-Jun-2012 , 08:06:21 am | Posted By CASANSAAR
The education cess on service tax will continue to be imposed even after the switchover to the negative list system.
The Joint Secretary (Tax Research Unit) of the Central Board of Excise and Customs, Mr V.K. Garg, in a letter to all Chief Commissioners of Excise and Customs, clarified that...
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Service Tax |
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Chartered accountant is link between firms run by Thackerays and Tatkares
Posted Date : 30-Jun-2012 , 08:01:03 am | Posted By CASANSAAR
A chartered accountant is the only link between companies owned by the families of water resources minister Sunil Tatkare andShiv Sena leader Uddhav Thackeray. Chartered accountant Girish Amonkar is a director in some of the companies owned by Tatkare's son Aniket. However, he is also director ...
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ICAI |
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CBDT Invites Comments/Suggestions on Draft GAAR Guidelines
Posted Date : 29-Jun-2012 , 05:14:27 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the...
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Income Tax |
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Chartered Accountants’ Day Celebrations – 1st July, 2012 - Special Address by CA. Ved Jain, Past President, ICAI on Recent Issues in Direct Taxes – Two CPE Hours Credit – Register online
Posted Date : 29-Jun-2012 , 04:10:27 pm | Posted By CASANSAAR
The Chartered Accountants’ Day Celebrations will be held at 5.00 PM on 1st July, 2012 at Hotel The Ashok, Chanakyapuri, New Delhi. On that occasion, CA. Ved Jain, Past President, ICAI would deliver a Special Address on Recent Issues in Direct Taxes.Participation in the Programme is free of ...
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ICAI |
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Global accounting standards body itself in a tax bind in UK
Posted Date : 29-Jun-2012 , 08:39:10 am | Posted By CASANSAAR
The International Financial Reporting Standards Foundation, parent entity of the mighty International Accounting Standard Board, made a £460,000 (Rs 4.07 crore) provision last year for a potential tax settlement with Britain’s HM Revenue and Customs, in a case that could prove highly emb...
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International Business |
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Parliament to take up DTC Bill in monsoon session: FinMin
Posted Date : 29-Jun-2012 , 08:34:48 am | Posted By CASANSAAR
The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said today.
"We will also examine the recommendation of Parliamentary Standing Committee (PSC) and after that we will...
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Income Tax |
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RBI says banks mislead investors on bad loans, calls for Sebi action
Posted Date : 29-Jun-2012 , 08:31:56 am | Posted By CASANSAAR
Deputy Governor K C Chakrabarty says monetary policy to ease once inflation comes down The Reserve Bank of India (RBI) has lashed out at banks for attributing their higher bad loans to a fallout of the automated bad loan recognition system, and said the capital market regulator should look into the ...
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Banking |
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Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.
Posted Date : 29-Jun-2012 , 08:28:26 am | Posted By CASANSAAR
Background
The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GA...
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Income Tax |
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Petrol prices to be slashed by Rs. 2.46 per litre from midnight
Posted Date : 28-Jun-2012 , 08:59:29 pm | Posted By CASANSAAR
In a relief to inflation-battered common man, petrol price was on Thursday cut by Rs 2.46 per litre, the second reduction this month. Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oi...
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General |
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All eyes on PM as service tax on rail freight comes into force from July 1
Posted Date : 28-Jun-2012 , 08:54:48 am | Posted By CASANSAAR
Come July 1, rail freight users will have to fork out service tax on transport of goods by rail.
The existing service tax exemption, which is due to expire on June 30, will not be extended beyond the end of this month. This is because the Finance Ministry has gone ahead and notified a 70 pe...
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Service Tax |
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Only top-level Polish exececutives exempted from tax net: ITAT
Posted Date : 28-Jun-2012 , 08:37:45 am | Posted By CASANSAAR
The Income-Tax Appellate Tribunal, Ahmedabad has said that all management functions cannot be classified as top-level management functions unless they are senior officials with titles such as chairperson, chief executive officer, managing director, president and executive directors.Th...
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Income Tax |
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RBI for electronic payments, ushering in 'less-cash' economy
Posted Date : 28-Jun-2012 , 08:33:04 am | Posted By CASANSAAR
With an aim to make payment and settlement system more safe in the country, the Reserve Bank today proposed to proactively promote electronic transactions for ushering in a 'less-cash' economy. Seeking public comments on the 'Payments System Vision Document 2012-15', RBI said the docu...
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RBI |
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Government to approach UN for changes in tax convention
Posted Date : 28-Jun-2012 , 08:27:05 am | Posted By CASANSAAR
The government plans to approach the United Nations (UN) to get international taxation norms tweaked to make Web marketing companies and cloud computing-enabled firms, which do not have a permanent establishment in India and yet earn profits from Indian customers, pay tax in the country.
Th...
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Income Tax |
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Extension of Common Proficiency Course (CPC) Registration date upto 5th October, 2012
Posted Date : 27-Jun-2012 , 10:27:35 pm | Posted By CASANSAAR
Important Announcement
BoS/Announcement/227/12
June 27, 2012
Sub: Extension of Common Proficiency Course (CPC) registration date upto 5th October, 2012
In view of the closure of banks on account of half yearly closing on 29th September, 2012 followed by Su...
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Students Zone |
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PM reviews state of economy; presses for urgent revival of investor sentiment
Posted Date : 27-Jun-2012 , 10:25:38 pm | Posted By CASANSAAR
A day after taking charge of the Finance Ministry, Prime Minister Manmohan Singh on Wednesday sought to give a push to the sagging economy as he directed initiation of steps to reverse the climate of pessimism and revive investor sentiment. Dr. Singh reviewed the state of economy passing through dif...
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Finance |
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First Class and AC railway passengers to pay service tax from July 1
Posted Date : 27-Jun-2012 , 08:10:03 am | Posted By CASANSAAR
The Railways have decided to impose service tax on First Class, AC Classes and freight rates from July 1.
With the Finance Ministry not having included the Railways in the exemption list issued on Wednesday, the Railway Board is preparing to levy a 12 per cent service tax that was proposed ...
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Category :
Service Tax |
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Vodafone in new 1 billion pounds UK 'tax scandal'
Posted Date : 27-Jun-2012 , 08:05:10 am | Posted By CASANSAAR
The world's largest mobile phone company,Vodafone Group, has shaved 1 billion pounds, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units. A Reuters examination of statutory filings made by Voda...
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International Business |
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8 FDI Proposals Amounting to Rs. 100 Crore Approved
Posted Date : 27-Jun-2012 , 08:00:00 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 1, 2012, Government has approved 08 Proposals of Foreign Direct Investment amounting to Rs. 100.01 crore approxim...
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International Business |
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Pranab Mukherjee resigns as Finance Minister; PM to take additional charges
Posted Date : 26-Jun-2012 , 08:48:47 pm | Posted By CASANSAAR
Pranab Mukherjee met Prime Minister Manmohan Singh at his 7 Race Course Road residence and resigned as India's Finance Minister today. Dr Singh is expected to take additional charge of the crucial Finance Ministry, sources have said. An announcement is expected soon. Mr Mukherjee, the ruli...
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Finance |
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SEBI to make it mandatory for top 500 listed companies for e-voting
Posted Date : 26-Jun-2012 , 08:46:17 pm | Posted By CASANSAAR
Market regulator, SEBI today decided to make it mandatory for the top 500 listed companies to facilitate e-voting, making it easier for shareholders to participate in key decisions without being physically present at the meetings. SEBI's move is in line the budget proposal. SEBI said the decision wo...
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SEBI |
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Now file your Income Tax returns at a kiosk, mobile van near you!
Posted Date : 26-Jun-2012 , 07:51:39 am | Posted By CASANSAAR
For the first time, the Income Tax department has decided to set up special 'tax kiosks' in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.The initiative will ensure that the taxpayers are...
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Income Tax |
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Changes in service tax structure will have great impact on GST
Posted Date : 26-Jun-2012 , 07:50:55 am | Posted By CASANSAAR
The recent announcement by the government on the changes in the services tax structure will have a positive impact on the goods and services tax (GST), according to JM Kennedy, director of Tax Research Unit, a part of the Central Board of Excise & Customs (CBEC).
“As the country i...
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Service Tax |
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Policy Relating to FII Investments in Government Securities and Long-Term Infrastructure Bonds Rationalized; New Scheme for ECB Borrowings Introduced
Posted Date : 26-Jun-2012 , 07:38:42 am | Posted By CASANSAAR
The policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI have been reviewed and the following changes have been made therein.
Government Securities:
a. Currently FIIs ...
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Category :
Income Tax |
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0 | Hits : 232
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India raises foreign investment limit in govt bonds
Posted Date : 25-Jun-2012 , 05:19:37 pm | Posted By CASANSAAR
India took a handful of measures to prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by $5 billion to $20 billion, the central bank said.COMMENTARY JONATHAN CAVENAGH, SENIOR FOREX STRATEGIST, WESTPAC, SINGAPORE "Well not the 'shock an...
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Finance |
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