RBI to banks: Compensate customers for cheque clearance delay
Posted Date : 14-Aug-2012 , 07:26:12 am | Posted By CASANSAAR
In a big relief to the bank customers, the Reserve Bank today asked the banks to compensate them for delay in clearance of local cheques.Banks, as per the RBI directive, will have to pay the compensation at savings bank interest rate in absence of a specified rate, for delayed cleara...
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Banking |
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Sebi allows Aadhaar as valid address proof for investors
Posted Date : 14-Aug-2012 , 07:25:43 am | Posted By CASANSAAR
Market regulator Sebi said investors can use 'Aadhaar' cards as a valid address proof for their accounts with brokerage firms, mutual funds, portfolio managers and other capital market entities. 'Aadhaar', a 12-digit individual identification number issued by UIDAI ( Un...
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SEBI |
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No exemption provided to any Sector under the Competition Act, 2002
Posted Date : 14-Aug-2012 , 07:24:33 am | Posted By CASANSAAR
The Competition Act, 2002 does not provide exemption to any sector including telecom and banking sectors from its ambit.This was stated in the Rajya Sabha by Shri R.P.N. Singh, Minister of State in the Ministry of Corporate Affairs in reply to an USQ question today. Department of Financial Serv...
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Corporate Law |
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Vodafone tax dispute: Govt can issue notice to Hutch, says Attorney General
Posted Date : 14-Aug-2012 , 07:22:35 am | Posted By CASANSAAR
The country's highest law official has said the government can raise a demand on Hong Kong-based Hutchison as it is liable to pay tax on the sale of its Indian assets to the UK's Vodafone Group in 2007, possibly opening a new front in the four-year-old tax dispute.
Attorney-General G...
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Income Tax |
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0 | Hits : 762
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Eligibility of a Paid Assistant Working with a Firm of Chartered Accountants for the Purpose of Engagement of Articled Assistants
Posted Date : 13-Aug-2012 , 10:50:10 pm | Posted By CASANSAAR
ANNOUNCEMENT
Eligibility of a paid assistant working with a firm of chartered accountants for the purpose of engagement of articled assistants - Amendment to the Regulation 43 of the Chartered Accountants Regulations, 1988This is to inform all concerned that with the issuance of the Not...
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ICAI |
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CCI Probe Against Malpractices of Google
Posted Date : 13-Aug-2012 , 10:46:13 pm | Posted By CASANSAAR
Competition Commission of India (CCI) has launched a probe against Goggle following a complaint by consumer advocacy group, Consumer Unity and Trust Society (CUTS) International, against anti-competitive practices adopted by the company.CCI has received information for contravention of section 4 of ...
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Corporate Law |
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0 | Hits : 741
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Sebi plans to increase minimum application amount for public issues
Posted Date : 13-Aug-2012 , 07:03:49 am | Posted By CASANSAAR
The Securities & Exchange Board of India plans to increase the minimum application amount for public issues to 15,000 from 10,000, and make it compulsory for companies to at least allot shares worth this amount to retail investors. The move is part of a slew of measures being contempla...
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SEBI |
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I-T to press laundering charges in HSBC case
Posted Date : 13-Aug-2012 , 07:02:11 am | Posted By CASANSAAR
Those named in the confidential list given to the government of Indians with allegedly illegal accounts abroad through the HSBC bank are to be also charged with money laundering.
The first complaints are expected to be filed in Delhi and Mumbai. The income tax (I-T) department has decided t...
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Income Tax |
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0 | Hits : 831
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Govt asks public sector banks to open one account for each family
Posted Date : 13-Aug-2012 , 07:00:34 am | Posted By CASANSAAR
The government has asked state- owned banks to ensure one account per family to facilitate direct transfer of subsidy under 32 central schemes. In a communication to the public sector banks, theFinance Ministry has asked them to use the latest voter list as a reference for verifying that every house...
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Banking |
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0 | Hits : 811
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5,000 files stolen from Income Tax office
Posted Date : 12-Aug-2012 , 08:32:56 am | Posted By CASANSAAR
Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into th...
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Income Tax |
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1 | Hits : 1723
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Banking's big problem: NPAs and bad loans have returned to haunt banks
Posted Date : 12-Aug-2012 , 08:31:00 am | Posted By CASANSAAR
India's biggest bank, SBI, announced quarterly results earlier this week and the share price tanked. While the bank announced a big jump in net profit, its non-performing assets also rose sharply, confirming that weak growth and slowdown in key sectors such as power and steel were continui...
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Banking |
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2 | Hits : 1268
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RBI replaces
Posted Date : 11-Aug-2012 , 08:13:58 am | Posted By CASANSAAR
The Reserve Bank of India, on Friday, asked banks to drop the ‘no-frills’ tag from the basic saving accounts as the nomenclature has become a stigma.
It has asked banks to provide the zero balance facility in the basic banking accounts along with ATM-cum-debit cards without any ...
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Banking |
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1 | Hits : 1623
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Tax evasion of over Rs 600 cr detected
Posted Date : 11-Aug-2012 , 08:08:16 am | Posted By CASANSAAR
At a time when the government is facing flak from civil society activists over the issue of handling of black money cases, the finance ministry on Friday said tax evasion of a little over Rs 600-crore was detected, following processing of information received from Germany and France. Of this, taxes ...
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Income Tax |
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0 | Hits : 1055
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Raghuram Rajan appointed chief economic advisor
Posted Date : 11-Aug-2012 , 08:07:03 am | Posted By CASANSAAR
Former International Monetary Fund chief economist Raghuram Rajan has been appointed the chief economic advisor in the Ministry of Finance. The Appointments Committee of the Cabinet approved his name on Friday, a finance ministry official said. Rajan succeeds Kaushik Basu, who would return to a prof...
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Finance |
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RBI signs MoU with Central Bank of Russian Federation
Posted Date : 10-Aug-2012 , 05:17:28 pm | Posted By CASANSAAR
The Reserve Bank has signed a memorandum of understanding (MoU) with the Central Bank of the Russian Federation. RBI in a statement said that the Reserve Bank of India and the Central Bank of the
Russian Federation concluded a Memorandum of Understanding (MoU) to promote greater co-operatio...
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International Business |
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Initiatives Taken by the Government for Unearthing and Curbing Black Money: A Fact Sheet
Posted Date : 10-Aug-2012 , 05:15:35 pm | Posted By CASANSAAR
Initiatives taken by the Investigation Division of Central Board of Direct Taxes (CBDT) for unearthing black money :
I. The Government of India has commissioned a study on unacco...
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Income Tax |
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0 | Hits : 801
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Service tax relief for non-executive directors
Posted Date : 10-Aug-2012 , 09:49:13 am | Posted By CASANSAAR
Non-executive directors have got service tax reprieve. The Finance Ministry has said that the company –not the non-executive director – has to fork out service tax on payments to such directors.
The service tax will be entirely collected from the company concerned under a revers...
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Service Tax |
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Vodafone tax dispute: I-T authorities to take action soon
Posted Date : 10-Aug-2012 , 09:48:32 am | Posted By CASANSAAR
The finance ministry has said income-tax authorities will take appropriate action in the Vodafone tax dispute that could involve a potential Rs 20,000 crore claim on the company. "The assessing officer, as a quasi-judicial authority, will take appropriate action in the light of the Su...
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Income Tax |
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0 | Hits : 807
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IPCE Result of Roll No 310853 (DIVYA VASUDEVA)
Posted Date : 09-Aug-2012 , 08:06:31 pm | Posted By CASANSAAR
No. Secretary-ICAI/Exam/May-12
August 9, 2012
Announcement
The result of Group-II, Integrated Professional Competence Examination (IPCE) held in May 2012 of Ms. Divya Vasudeva (Roll No.310853) which was hosted on the Institute’s website on August 7, 2012 showed her as `pass&rsqu...
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Students Zone |
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Guidelines for Basel-III Capital Requirement Norms
Posted Date : 09-Aug-2012 , 08:02:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) released the final guidelines on Implementation of Basel III Capital Regulations in India on May 2, 2012 which are available at RBI website www.rbi.org.in. RBI has informed that Basel III will be implemented in India over a sufficiently long transition period to avoid...
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Finance |
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0 | Hits : 894
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Multi- State Societies Registration Bill, 2012
Posted Date : 09-Aug-2012 , 08:02:01 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs is working on the Multi- State Societies Registration Bill, 2012. The Ministry has constituted an Expert Group on 11-05-2011 to study the legislative and regulatory architecture of the Societies Registration Act, 1860 and to suggest a Model Law on the subject a...
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Corporate Law |
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IFRS accounting norms to be implemented from next fiscal: MCA
Posted Date : 09-Aug-2012 , 08:07:15 am | Posted By CASANSAAR
The Corporate Affairs Ministry will press ahead with the implementation of global accounting norms IFRS from next fiscal, even if the Direct Taxes Code does not take effect."We have taken the initiative that irrespective of whenever the DTC comes...We are determined to ensure that IFRS is implemente...
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Corporate Law |
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Black money trail: No amnesty scheme to Indian account-holders of HSBC's Swiss unit
Posted Date : 09-Aug-2012 , 08:02:35 am | Posted By CASANSAAR
The government on Wednesday said the Central Board of Direct Taxes (CBDT) had not offered any tax amnesty scheme to Indian account-holders ofHSBC, Switzerland.
Minister of state for finance SS Palanimanickam replied in the negative to a written query in the Lok Sabha if the CBDT, the apex...
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International Business |
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Directorate of Enforcement issues Show Cause Notices for Alleged Contravention of Foreign Exchange Management Act (FEMA), 1999
Posted Date : 09-Aug-2012 , 07:51:34 am | Posted By CASANSAAR
The Directorate of Enforcement has issued Show Cause Notice for alleged contravention of Foreign Exchange Management Act, 1999 (FEMA) and the cases of prima-facie, offence of money laundering registered under Prevention of Money Laundering Act, 2002 (PMLA) against Private Companies/MNCs in the last ...
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Corporate Law |
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0 | Hits : 860
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May 2012 Examination CA PCC, IPCC Pass Percentage, Toppers
Posted Date : 08-Aug-2012 , 09:58:04 pm | Posted By CASANSAAR
The results of the Chartered Accountants IPCC Examination held in May 2012 was declared recently. The details of percentage of candidates passed in the above said examinations are given below; &nb...
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Students Zone |
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0 | Hits : 10737
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Govt detects Rs 5,995 cr central excise, service tax evasions
Posted Date : 08-Aug-2012 , 04:50:36 pm | Posted By CASANSAAR
The government today said it has detected alleged central excise and service tax evasions of about Rs 5,995 crore during 2011-12.
A total of 450 cases of service tax evasion involving Rs 5,012.90 crore and 350 cases of central excise evasion involving Rs 982.80 crore were registered in the ...
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Income Tax |
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1 | Hits : 1021
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Relaxation from compulsory e-filing of return of income for assessment year 2012- 13 - for representative assesses of non-residents and in the case of private discretionary trusts -reg
Posted Date : 08-Aug-2012 , 08:16:12 am | Posted By CASANSAAR
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electron...
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Income Tax |
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1 | Hits : 936
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Free samples to doctors to be now considered as taxable income
Posted Date : 08-Aug-2012 , 08:12:07 am | Posted By CASANSAAR
Doctors getting free samples of medicines, gifts or foreign trips from pharmaceutical or healthcare companies should now be prepared to pay tax as such freebies will be calculated as taxable income.Similarly, drug makers and allied healthcare companies will also be no longer get tax exemptions ...
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Income Tax |
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1 | Hits : 1421
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AMFI gets SEBI clearance for trading platform
Posted Date : 08-Aug-2012 , 08:07:17 am | Posted By CASANSAAR
Capital markets regulator SEBI has cleared the proposal for the launch of AMFI’s mutual fund transaction routing platform. The platform will provide investors with a common account number (CAN) so that investors can invest across schemes and fund houses using this number.
The MF utili...
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SEBI |
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0 | Hits : 765
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e-passbook facility for Provident funds
Posted Date : 08-Aug-2012 , 07:58:26 am | Posted By CASANSAAR
Minister for Labour and Employment Mallikarjun Kharge has said an e-passbook facility, in which individuals can view and print their employee provident fund passbooks without having to go through employers, would be launched by the Employee Provident Fund Organisation (EPFO).Speaking at the 200th me...
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General |
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