Inaccurate / False TDS returns may attract penalty from July 1
Posted Date : 03-May-2012 , 08:07:39 am | Posted By CASANSAAR
Attempting to raise revenue, the government has targeted Tax Deducted at Source (TDS) and proposed penal provisions for inaccurate details and ensuring filing of corrective returns from July 1. "From July 1, government may impose penalty of Rs 10,000 and Rs 1,00,000 for inaccurate TDS returns and...
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Income Tax |
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IT-enabled services a thrust area: ICAI
Posted Date : 03-May-2012 , 08:00:08 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has identified IT-enabled services, particularly enterprise resource planning (ERP), as a thrust area.
Mr Jaydeep Narendra Shah, president, ICAI, announced this here on the occasion of the 40th anniversary of the Thiruvananthapuram bran...
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ICAI |
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RBI issues Basel III norms
Posted Date : 03-May-2012 , 07:57:47 am | Posted By CASANSAAR
The Reserve Bank of India has laid out a six-year road map to make Indian banks safer and avoid recurrence of the 2008 crisis, but it will need an estimated Rs 1.5 lakh crore in capital at a time it is scarce. The central bank has raised the equity component in overall capital and restricted div...
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RBI |
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Clarification on Vodafone Tax Issue - CBDT
Posted Date : 02-May-2012 , 08:46:09 pm | Posted By CASANSAAR
A news report has appeared in the Financial Express, Delhi edition, 27th April, 2012 captioned “I-T didn’t warn Vodafone of tax burden or dispute deal format”. In this regard, the Central Board of Direct Taxes (CBDT) has issued the following clarification:- In this connection,...
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Income Tax |
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Feedback of Candidates on Question Paper-Chartered Accountants Examinations, May 2012
Posted Date : 02-May-2012 , 08:40:06 am | Posted By CASANSAAR
Examination DepartmentFeedback of Candidates on Question Paper-Chartered Accountants Examinations, May 2012.
The Institute has developed an online Feedback form on the Question Papers of Chartered Accountants Examinations to be held from 2nd May 2012 to 17th May 2012 at the link http://www.ica...
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Students Zone |
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Waiver of Transaction Charges for Online Payments to the Institute - ICSI
Posted Date : 02-May-2012 , 08:37:08 am | Posted By CASANSAAR
Dear Member,
As you are aware, the institute in its endeavour to provide instant services to the members, has already introduced various online services through the Institute’s websites www.icsi.edu / www.icsi.in
The Institute is continuously striving to in...
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ICSI |
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ICAI group on black money to submit report soon
Posted Date : 02-May-2012 , 08:35:04 am | Posted By CASANSAAR
An Institute of Chartered Accountants of India (ICAI) core group mining data on black money and benami transactions will submit its report to government soon.
Mr Jaydeep Narendra Shah, President, ICAI, announced this here on the occasion of the 40{+t}{+h} anniversary of the Thiruvananthapuram bra...
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ICAI |
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Employers can now submit EPF subscription on line
Posted Date : 01-May-2012 , 07:58:28 pm | Posted By CASANSAAR
Ending hassles of employers in payment of EPF subscription of employees, the government today started an electronic mechanism that promises to bring transparency and accessibility.
The initiative, launched by Labour and Employment Minister Mallikarjun Kharge, offers an opportunity to emplo...
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General |
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India's exports cross target
Posted Date : 01-May-2012 , 06:09:33 pm | Posted By CASANSAAR
India's exports grew 21 per cent and marginally crossed the exports target at 303.7 billion US Dollars in 2011-12 over the previous fiscal. According to the Commerce Ministry data released today, imports shot up by 32.1 per cent to 488.6 billion dollars, leaving highest-ever trade deficit of 184.9 b...
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International Business |
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Implementation of New GMCS Programme - ICAI
Posted Date : 01-May-2012 , 07:08:29 am | Posted By CASANSAAR
The Council has decided that the General Management and Communication Skills (GMCS) Programme, presently being organized for 15 days for the CA students should be organized twice during the period of articled training as under:(i) GMCS-I (15 days) - during...
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Students Zone |
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Download ITR-1 (SAHAJ) Return Preparation Software
Posted Date : 01-May-2012 , 07:03:24 am | Posted By CASANSAAR
Income Tax Department has finally released Return Preparation Software for ITR-1 (SAHAJ) which is applicable for A.Y. 2012-13 or financial year 2011-12. The same can be used to file your return online.
Form Name
Return Preparation Software
...
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Income Tax |
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Global employment situation alarming: ILO
Posted Date : 30-Apr-2012 , 01:42:42 pm | Posted By CASANSAAR
The International Labour Organisation (ILO) today warned that the global employment situation is alarming and unlikely to improve soon. The agency said that austerity measures, especially in advanced economies, were hurting job creation.In a report, the ILO said the situation was likely to get worse...
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International Business |
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Chartered Accountant Shot at in Noida, Critical
Posted Date : 30-Apr-2012 , 07:35:41 am | Posted By CASANSAAR
A Kalkaji-based chartered accountant, who is also a builder, was shot at by assailants in Sector 63 in Noida on Sunday afternoon. Police said it seems to be a case of personal rivalry. The victim was shot in the chest and has been admitted in a city hospital. His condition is critical...
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ICAI |
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Toal Amount & No. of IT Cases Pending before CIT(A) to SC
Posted Date : 30-Apr-2012 , 07:24:40 am | Posted By CASANSAAR
The quantity of money locked in income tax disputes has seen a sharp rise in 2011, with more aggression by the tax department. The disputed amount jumped from Rs 2,43,603 crore to Rs 4,36,741 crore between January and December 2011.
The disclosure was made by the finance ministry...
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Category :
Income Tax |
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Sebi to announce new consent settlement norms soon
Posted Date : 30-Apr-2012 , 07:12:28 am | Posted By CASANSAAR
Market regulator Sebi is set to put in place a new and detailed mechanism for its 'consent' procedure -- an out-of-court-like settlement through which it settles cases of suspected irregularities by listed companies and various market entities.
The Securities and Exchange Board o...
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SEBI |
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FII earnings won’t be taxed as biz income under final GAAR rules
Posted Date : 30-Apr-2012 , 07:09:06 am | Posted By CASANSAAR
The primary concern of foreign institutional investors that they might be taxed for business income in India under the proposed GAAR regime will be addressed as the finance ministry finalises the rules.
Government sources said there was no reason for FIIs to worry about their earnings fr...
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Category :
Income Tax |
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IRCTC plans to start air ticket booking
Posted Date : 28-Apr-2012 , 10:16:13 pm | Posted By CASANSAAR
Divested of catering services, the Indian Railway Catering and Tourism Corporation (IRCTC) is now focusing more on online ticket booking system across the country.
Encouraged by sudden increase in the online ticket booking, the IRCTC has chalked out various steps to provide better servic...
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General |
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Rural banks told to double home loan limit for priority sector
Posted Date : 28-Apr-2012 , 08:22:57 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked all regional rural banks to double the limit for home loans to Rs 10 lakh from Rs 5 lakh for lending for priority sector. An RBI notification issued in Mumbai said that increase in the limit will be applicable for the bank loans extended to non-governme...
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Category :
Banking |
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SEBI to auction FII debt limits on 20th of every month
Posted Date : 28-Apr-2012 , 06:04:23 am | Posted By CASANSAAR
The stock market regulator SEBI has decided to auction debt limits for FIIs on the 20th of every month.
It would be held on the next working day in case 20th happens to be a holiday.
Auctions would be held if free limits greater than Rs1000 crore are available for any of the three categories &md...
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SEBI |
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Governance concerns weakened business sentiment in India: IMF
Posted Date : 28-Apr-2012 , 06:01:55 am | Posted By CASANSAAR
The International Monetary Fund (IMF) has said governance concerns have weakened business sentiment in India, calling for a revival in the reform process in its regional outlook released on Friday.Asia-Pacific Regional Economic Outlook said domestic factors have also played a role in India's gro...
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International Business |
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Back-dated I-T law will not override tax treaties: Pranab
Posted Date : 27-Apr-2012 , 11:19:03 pm | Posted By CASANSAAR
The proposed retrospective changes in the income tax law are only ‘clarificatory' and will not override double tax avoidance pacts, the Finance Minister, Mr Pranab Mukherjee, has said.
Mr Mukherjee's statement is unlikely to bring any relief to telecom major, Vodafone, in the ...
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Income Tax |
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Requirement of Additional Director in Technical Directorate of ICAI
Posted Date : 27-Apr-2012 , 11:11:07 pm | Posted By CASANSAAR
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIARequiresAdditional Director (Technical)For its Technical Directorate whic...
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ICAI |
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RBI asks banks to allow intra-bank account portability
Posted Date : 27-Apr-2012 , 10:57:56 pm | Posted By CASANSAAR
The Reserve Bank of India on Friday asked banks to allow intra-bank account portability in cases where full KYC (know your customer) details of the concerned account have been ascertained.The facility would enable the customers to shift their account to any of the desired branch any number of t...
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Category :
Banking |
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India's financial system is strong: RBI
Posted Date : 27-Apr-2012 , 07:17:28 am | Posted By CASANSAAR
A day after global credit rating agency, S&P cut India's outlook to negative, the Reserve Bank of India today said the country's financial system is strong, and sometimes these ratings are discounted by the markets.RBI Deputy Governor K. C. Chakrabarty also said the Reserve Bank will intervene i...
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RBI |
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EPF interest rate raised to 8.6% for current fiscal
Posted Date : 27-Apr-2012 , 06:58:30 am | Posted By CASANSAAR
Interest rate on employees' provident fund will be increased to 8.6 per cent in the current fiscal from 8.25 per cent now. Labour Minister Mallikarjun Kharge said in the Rajya Sabha while replying a debate on working of Labour Ministry. He said next time, it will be 8.6 per cent.The Employees' Provi...
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General |
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Cabinet Approves Banking Law Amendment Bill
Posted Date : 26-Apr-2012 , 08:50:57 pm | Posted By CASANSAAR
The Cabinet on Thursday okayed the Banking Laws (Amendment) Bill seeking to raise voting rights ceilings in private banks.
The cabinet chaired by Prime Minister Manmohan Singh cleared the bill as recommended by the parliamentary standing committee on finance.
The Banking Laws (Amendment) Bill, 2...
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Income Tax |
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Sachin Tendulkar as Rajya Sabha MP? Prime Minister recommends nomination
Posted Date : 26-Apr-2012 , 05:59:07 pm | Posted By CASANSAAR
Sachin Tendulkar has reportedly been recommended to be nominated as a member of Rajya Sabha. Sources say Prime Minister Manmohan Singh has written a letter to the President on this matter. The letter is expected to be forwarded by the Home Ministry. Sources have told NDTV that ...
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General |
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Civil Aviation Ministry opposes hike in service tax
Posted Date : 26-Apr-2012 , 05:56:11 pm | Posted By CASANSAAR
Civil Aviation Ministry is learnt to have strongly opposed the budget proposal imposing a four-time hike in service tax on air travel, terming it a retrograde step that would hit fliers and airlines very hard. Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit S...
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Category :
Service Tax |
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FinMin hits back, says Vodafone was aware of tax liability
Posted Date : 25-Apr-2012 , 11:25:34 pm | Posted By CASANSAAR
The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. "We have provided copies of the letter (about tax liability) to the concerne...
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Category :
Income Tax |
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Cheque bouncing may also give rise to cheating case, rules SC
Posted Date : 25-Apr-2012 , 11:20:22 pm | Posted By CASANSAAR
For issuing a cheque without sufficient fund in one's account, a person can be tried for both bouncing of his cheque and for cheating as the two trials do not breach double jeopardy doctrine, the Supreme Court has ruled.
A bench of justices B S Chauhan and J S Khehar gave ...
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Banking |
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