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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Income Tax |
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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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National CA Students' Convention - No answer for the question how 300 Students fialed in Final year exams become CA's after retotaling.
Posted Date : 25-Jun-2012 , 09:42:04 am | Posted By CASANSAAR
The Ludhiana Branch of the Institute of Chartered Accounts of India representing more than 1400 members and 4000 students hosted the first day of National CA Students' Convention in Ludhiana. The global business competitiveness intensifies the demand for improvements of communica...
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Income Tax |
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Ex-minister loses appeal in tax returns case
Posted Date : 25-Jun-2012 , 09:31:18 am | Posted By CASANSAAR
A division bench of the Madras high court has directed former agriculture minister Ku Pa Krishnan to appear before the assessing officer of the income tax department and present his case all over again. In August 1996, the I-T department estimated that Krishnan, who was the agriculture min...
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Income Tax |
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Indian Medical Association calls for nationwide strike today
Posted Date : 25-Jun-2012 , 09:30:11 am | Posted By CASANSAAR
The Indian Medical Association has called for a nationwide strike on Monday, protesting amendments made to Acts relating to clinical establishment and private practise. However, they have assured that emergency services will not be hit.
Medical services in Rajasthan are likely to rem...
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General |
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Income Tax department cracks whip on refund frauds
Posted Date : 25-Jun-2012 , 09:22:09 am | Posted By CASANSAAR
An internal probe by the Income Tax department, to detect the occurrence of a spate ofrefund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed "suspense" refunds were generated to siphon off the taxpayers hard-earned money.The department cracked t...
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Income Tax |
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Government to announce measures to improve market conditions
Posted Date : 25-Jun-2012 , 09:17:07 am | Posted By CASANSAAR
The government will take measures to check depreciation of rupee, Finance Minister Pranab Mukherjee told this to reporters in Kolkata on Sunday. On his comment on measures to improve the depressed market condition, he said, that he has spoken to the RBI Governor and Finance Secretary on the iss...
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Income Tax |
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CAs to audit MGNREGA accounts at village panchayat level from April
Posted Date : 23-Jun-2012 , 08:06:32 am | Posted By CASANSAAR
Chartered Accountants will begin certification of accounts under MGNREGA scheme at village panchayat level from April 2013.
Addressing presspersons on the sidelines of the 30-year celebrations of the Shri Kshetra Rural Development Project (SKDRDP) at Dharmasthala in Dakshina Kannada distric...
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ICAI |
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Refund excess tax despite 4 year limit period: CBDT to officials
Posted Date : 23-Jun-2012 , 07:57:11 am | Posted By CASANSAAR
Giving relief to taxpayers, the IncomeTax Department has asked its officials to take action to refund excess tax even if such applications are hit by limitation period of four years."After due verification of any such claim on merits, the assessing officer shall issue refund...
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Income Tax |
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MCA Notification on Investor Education
Posted Date : 23-Jun-2012 , 07:51:04 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has notified that Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, has mandated every company to file e-Form 5INV containing the information of unclaimed and unpaid amounts as ...
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Corporate Law |
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Rupee hits new low of 57.30 against dollar
Posted Date : 22-Jun-2012 , 02:36:41 pm | Posted By CASANSAAR
The rupee fell way past the psychological mark of 57 for the first time to 57.30 against the dollar on Friday on strong demand for the American currency from oil importers, increased capital outflows and concerns over slowdown in global economic growth.
Continuing its free fall, the rupee s...
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International Business |
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Moody's downgrades 15 of world's biggest banks
Posted Date : 22-Jun-2012 , 02:33:45 pm | Posted By CASANSAAR
Ratings agency Moody's downgraded 15 of the world's biggest banks on Thursday, lowering credit ratings by one to three notches to reflect the risk of losses they face from volatile capital markets activities, but banks criticized the move as backward looking.
Morgan Stanley(MS.N), one of th...
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Banking |
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No PAN needed for people outside income tax bracket: Karnataka High Court
Posted Date : 22-Jun-2012 , 07:50:19 am | Posted By CASANSAAR
People with income below taxable limit need not furnish Permanent Account Number (PAN), the Karnataka High Court ruled. The High Court order came as a relief to thousands of individuals who are asked to provide PAN despite having income below the taxable limit. Section ...
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Income Tax |
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Cos' audited reports with qualifications to face SEBI scrutiny
Posted Date : 22-Jun-2012 , 07:44:29 am | Posted By CASANSAAR
A committee set up by the Securities and Exchange Board of India, or SEBI, will scrutinise all auditor qualifications of balance sheets of listed companies and ask the management to restate numbers in case of violation of accounting rules. Top officials close to the development told ET thatSEBI...
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SEBI |
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RBI: No penalty on pre-payment of home Loans
Posted Date : 22-Jun-2012 , 07:41:00 am | Posted By CASANSAAR
In a relief to borrowers, the Reserve Bank of India (RBI) has asked banks to immediately stop charging penalty on pre-payment of home loans taken on floating interest rates. The RBI noted that the Damodaran Committee had observed that foreclosure charges levied by banks on pre-payment of h...
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RBI |
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CCI issues order against Cement Manufacturers, Imposes penalty of more than six thousand crores on 11 Cement companies
Posted Date : 22-Jun-2012 , 07:37:23 am | Posted By CASANSAAR
The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by B...
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Income Tax |
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Sebi to question MFs for non-performance of schemes
Posted Date : 21-Jun-2012 , 03:51:31 pm | Posted By CASANSAAR
Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday said it will question top officials of fund houses about non- performance of mutual fund schemes and probe their non-compliance with the stated investment objectives.
Concerned over the non-performance of som...
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SEBI |
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Rupee hits record low against dollar; RBI steps in 'mildly'
Posted Date : 21-Jun-2012 , 03:50:19 pm | Posted By CASANSAAR
The rupee fell to a record low against thedollar on Thursday, as the euro and other risk assets were hit by disappointment about the size of bond purchases announced by the Federal Reserve and by weak economic data in China and Germany.The Reserve Bank of India made what tra...
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International Business |
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14 more services come under tax-exempt negative list
Posted Date : 21-Jun-2012 , 08:35:09 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Wednesday announced tax exemption for 14 more services, which have been included in the negative list that is set to kick in on July 1. Sale of businesses, services of lawyers to small firms and construction of metro and monorail will not attract service tax. Als...
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Service Tax |
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ICAI holds two more CAs guilty in Satyam scam
Posted Date : 21-Jun-2012 , 08:33:03 am | Posted By CASANSAAR
The country’s accounting regulator, the Institute of Charterd Accountants of India (ICAI), has finally passed its order on the remaining two chartered accountants — S Gopalakrishnan and V Prabhakar Gupta — involved in the R14,000-crore Satyam fraud, thereby closing its investigatio...
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ICAI |
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RBI extends 2% interest subsidy scheme to small scale sectors
Posted Date : 21-Jun-2012 , 08:30:48 am | Posted By CASANSAAR
The Reserve Bank has extended the 2 per cent interest subsidy scheme by another year on rupee export credit to the labour-oriented and small scale sectors.
The RBI, in its circular, said that exporters of handicrafts, handlooms, readymade garments, processed agriculture products and carpets...
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RBI |
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FM releases booklet on new law relating to service tax – new exemptions announced
Posted Date : 21-Jun-2012 , 08:28:07 am | Posted By CASANSAAR
STEP CLOSER TO THE GOODS AND SERVICE TAX (GST)
PRESS RELEASE, dated 20-6-2012
1. In a function held today (20-6-2012) in North Block, Hon’ble Finance Minister released the Guidance Paper on the new approach to service tax. The public release of the Guidance Paper marks the culminatio...
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Service Tax |
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Income Tax department probe against political parties, trusts to check evasion
Posted Date : 21-Jun-2012 , 08:21:11 am | Posted By CASANSAAR
The Income Tax department has launched a probe against a number of political parties as well as charitable and religious trusts after it found that they were receiving "huge funds" beyond the exemption cap for filing tax returns. The department has compiled a list of those non-filers of I-T returns ...
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Income Tax |
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RBI permits non-bank entities to set-up ATM
Posted Date : 21-Jun-2012 , 08:18:23 am | Posted By CASANSAAR
In a major RBI move to spread ATM network, non-banking entities with a minimum networth of Rs 100 crore have been allowed to set up, own and operate money dispensing machines on behalf of banks.
The Reserve Bank of India (RBI) in a notification said the automatic teller machines (ATMs...
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RBI |
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Postpone implementation of new service tax regime: CBEC panel
Posted Date : 20-Jun-2012 , 07:11:58 am | Posted By CASANSAAR
A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework. Under the new regime, service tax will be levied on all but 17 services -- lottery, betting and gamblin...
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Service Tax |
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BBM, Nokia's Ovi, online retailers under Income Tax department lens in India
Posted Date : 20-Jun-2012 , 07:09:43 am | Posted By CASANSAAR
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive&nb...
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Income Tax |
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