India Against Corruption under I-T, ED scanner
Posted Date : 23-May-2012 , 08:11:17 am | Posted By CASANSAAR
The Delhi Police on Tuesday told a court here that it had written to the Income Tax Department and the Enforcement Directorate, asking them to audit the accounts, and examine funding from abroad, of India Against Corruption, the NGO behind Anna Hazare's anti-corruption crusade.
“Lette...
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Income Tax |
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GST to Make Goods and Services more Competitive both in Domestic and International Markets: FM
Posted Date : 22-May-2012 , 08:43:23 pm | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. ...
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GST |
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Final Guidelines on Basel III Capital Regulations Issued by RBI
Posted Date : 22-May-2012 , 08:39:28 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed tha...
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Income Tax |
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Tax Department detects concealed income of Rs 19,938 crore in last 2 years
Posted Date : 22-May-2012 , 08:39:28 am | Posted By CASANSAAR
The government today said the incometax department has detected concealed income of Rs 19,938 crore in the last two fiscals.
In 2010-11, the investigation wing of the Central Board of Direct Taxes ( CBDT) has detected concealed income of Rs 10,649.16 crore. This figure came down...
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Income Tax |
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ICAI to set up Centre of Excellence in Odisha's capital city
Posted Date : 22-May-2012 , 08:36:02 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has proposed the state government to set up a Centre of Excellence in Bhubaneswar. A team of ICAI members led by the ICAI All India President Jaydeep Narendra Shah met Chief Minister Naveen Patnaik at the State Secretariat here today and had a ...
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ICAI |
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RBI imposes restrictions on forex dealers as Re breaches 55-mark
Posted Date : 22-May-2012 , 08:32:31 am | Posted By CASANSAAR
The rupee breached the Rs 55 mark to the US dollar amid speculation a state-run company was buying greenback to repay overseas loans, and because of demand for oil imports.The central bank said capital inflows will determine the direction of the rupee and stepped in to arrest volatility in currency ...
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RBI |
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Black money in IPL: Sports Ministry asks Finance Ministry to order probe
Posted Date : 22-May-2012 , 08:27:25 am | Posted By CASANSAAR
Sports Ministry has asked the Finance Ministry to order an expeditious probe into charges of black money playing a part in the IPL cricket matches. Sports Minister Ajay Maken told the Lok Sabha today that the Sports Secretary has written a letter last week in this regard to the Revenue Secretary and...
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Income Tax |
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Revival of Closed Companies
Posted Date : 22-May-2012 , 08:26:08 am | Posted By CASANSAAR
No scheme has been formulated by the Government of India for revival of closed companies.
The number of com...
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Income Tax |
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FDI routed through Mauritius, Singapore to avoid taxes: Government
Posted Date : 21-May-2012 , 10:14:55 pm | Posted By CASANSAAR
The government today said huge foreign direct investments are routed through Mauritius and Singapore into the country to avoid taxes as well as conceal identities of real investors, who could actually be Indian residents. Official data show that Mauritius accounted for 41.80...
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Income Tax |
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Rupee touches record low, breaches 55 mark vs US dollar
Posted Date : 21-May-2012 , 06:13:28 pm | Posted By CASANSAAR
The rupee continued its downward spiral on Monday and breached the record low of the 55 mark against the American dollar, according to reports. Finance minister Pranab Mukherjee on Sunday had said the steep fall in the rupee was a matter of great concern and the centre was trying to ...
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International Business |
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Govt tables White Paper on black money in Parliament
Posted Date : 21-May-2012 , 06:10:25 pm | Posted By CASANSAAR
The government today tabled a White Paper on black money in Parliament as promised by the Finance Minister at the beginning of the Budget session. Tabled by Finance Minister Pranab Mukherjee in the Lok Sabha,the White Paper, made a strong case for setting up Lokpal and Lokayuktas to deal with the me...
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General |
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ICAI Muscat Chapter to host seminar on May 24
Posted Date : 21-May-2012 , 10:39:41 am | Posted By CASANSAAR
The Muscat Chapter of the Institute of Chartered Accountants of India (formed under the sponsorship of the College of Banking and Financial Studies) will host a seminar on the theme ‘Economic Growth & Need for Sustainability — Role of Financial Management’, at Shangri-La&rsqu...
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ICAI |
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Special unit to handle BCCI-IPL tax cases
Posted Date : 21-May-2012 , 07:35:21 am | Posted By CASANSAAR
The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.
Tax assessment of the BCCI for the financial years 2010-11, 2011-12, computation of exemption income as enjo...
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Income Tax |
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Banking Laws Bill in Parliament on Monday
Posted Date : 20-May-2012 , 11:17:25 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee will move an amended Banking Laws (Amendment) Bill in Parliament on Monday. The Bill is likely to cap shareholders’ voting rights in private banks at 26% irrespective of their total holding, diluting the provisions of the original bill which had proposed to al...
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Banking |
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GAAR pushed, but new tax rule may still drive FIIs away
Posted Date : 20-May-2012 , 11:13:25 pm | Posted By CASANSAAR
Foreign investors may be relieved over the controversial GAAR tax proposals being pushed back by a year but another new taxation framework could make their India investments riskier and expensive.
The proposals that are a part of the Finance Bill.
They state that capital gains arising from the t...
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Income Tax |
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Forex reserves drop by $1.37 billion
Posted Date : 19-May-2012 , 11:00:16 pm | Posted By CASANSAAR
Foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed. The forex reserves has dropped sharply for the second consecutive week. It had declined b...
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Finance |
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FB now a $100 bn company; investors 'like' Facebook shares
Posted Date : 19-May-2012 , 07:23:39 am | Posted By CASANSAAR
Social networking site Facebook, whose 900 million user strength is only behind China and India's populations, went public on Friday as its much sought- after shares got listed at Nasdaq and the stock is trading at $41.10, much above its IPO price of $38 in early trade.
Facebook IPO...
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Shares & Stock |
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Blockage of investors money: PIL filed in HC against SEBI
Posted Date : 19-May-2012 , 07:20:05 am | Posted By CASANSAAR
An investors group today moved the Delhi High Court seeking a direction to market regulator SEBI to take action against over 2,000 firms, barred from trading through NSE and BSE for allegedly not complying with the listing terms and leading to blockage of investors' fund worth Rs 1,00,000 crore. Jus...
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SEBI |
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Don't levy service tax on valuers: High court
Posted Date : 19-May-2012 , 07:14:54 am | Posted By CASANSAAR
The government cannot levyservice tax on land valuers because they are not necessarily consulting engineers, the Gujarat high court said while exempting the property assessors from paying service tax.
After the service tax was introduced in 1994 through an amendment in the Finance...
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Service Tax |
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Kingfisher Airlines owes Rs 269 crore income tax: Government
Posted Date : 19-May-2012 , 07:12:59 am | Posted By CASANSAAR
Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.
Kingfisher Airlines was found to have deducted tax at source (TDS) on sala...
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Income Tax |
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RBI ask banks to reduce exposure to NBFC's giving gold loans
Posted Date : 18-May-2012 , 08:48:31 pm | Posted By CASANSAAR
Worried over a spurt in gold imports, the RBI today asked banks to reduce exposure to NBFCs, which give loan against the precious metal, at the earliest and bring it under the prescribed limit within six months.
"Banks which are currently having exposures to such NBFC's (giving gold loans...
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RBI |
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Rupee dives to 54.91, recovers
Posted Date : 18-May-2012 , 03:43:29 pm | Posted By CASANSAAR
The rupee on Friday hit a new low of 54.91 to the dollar in afternoon trade, hitting the third consecutive record low in three days, but recovered shortly to trade at 54.71.The tumble came on increased capital outflows and strong demand from importers for the American currency. Traders said tha...
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International Business |
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GAAR provisions to be part of DTC, to come into effect in April 2013
Posted Date : 18-May-2012 , 08:36:04 am | Posted By CASANSAAR
The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is a...
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Income Tax |
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Reliance Power asks CAG to drop audit note on 'undue benefits
Posted Date : 18-May-2012 , 08:31:43 am | Posted By CASANSAAR
Reliance Power has requested theComptroller and Auditor General (CAG) that the audit report on coal blocks should not refer to 'undue benefits' to the company due to surplus coal from Sasan and Tilaiya power projects as a panel of ministers had already reviewed the matter based on the adv...
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Auditing |
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Baba Ramdev told to pay Rs 58-cr Income Tax
Posted Date : 18-May-2012 , 08:28:44 am | Posted By CASANSAAR
Yoga guru Ramdev’s trusts have lost their Income-Tax exemption and have been slapped a Rs 58-crore notice on the sale of their ayurvedic medicines.
The I-T notice, for the assessment year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust h...
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Income Tax |
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Facebook IPO: Issue priced at $ 38 per share, set for listing today
Posted Date : 18-May-2012 , 08:24:33 am | Posted By CASANSAAR
Facebook is set to raise up to $18.4 billion in its initial public offering (IPO) and become the first US company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday.
Frenzied demand, especially from indi...
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International Business |
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Village panchayats to give CA's certificate on NREGA spendings
Posted Date : 17-May-2012 , 08:22:02 am | Posted By CASANSAAR
The government has made it mandatory for village panchayats to attach a Chartered Accountant's certificate on spendings incurred under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the Rajya Sabha was informed today.
Rural Development Minister Jairam Ramesh said during Q...
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ICAI |
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Net direct tax collections rise 7-fold in April
Posted Date : 17-May-2012 , 08:14:44 am | Posted By CASANSAAR
The net direct tax collections rose to a whopping Rs14,812 crore in April this year, a seven fold increase compared to the same period of last fiscal.
Net direct tax collections, gross collections minus refunds, was at Rs1,992 crore in April 2011.
The net collection was higher mainly due t...
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Income Tax |
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RBI announces SAARC swap arrangement
Posted Date : 17-May-2012 , 08:04:04 am | Posted By CASANSAAR
The Reserve Bank of India announced that India will offer Swap Arrangement of two billion dollars both in foreign currency and Indian currency. Speaking at the 24th SAARC, Finance Governors meeting in Pokhara on Wednesday, the Governor of RBI, Dr. D. Subbarao made this announcement and said the arra...
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RBI |
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CA student Commit Suicide on failure in Exam
Posted Date : 16-May-2012 , 12:38:50 pm | Posted By CASANSAAR
A girl student allegedly committed suicide by hanging herself with a ceiling fan after she remained unsuccessful in Chartered Accountant (CA) exams in Kathua district of Jammu and Kashmir.
“The girl, identified as Priya Padwal, resident of Ward number 1,...
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Students Zone |
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