Election 2012 - Inclusion of E-mail address in the List of Voters
Posted Date : 02-Aug-2012 , 06:38:40 am | Posted By CASANSAAR
As you may be aware, the next Elections to the Council and Regional Councils are scheduled to be held in the month of December 2012. For the purpose, a List of Voters as on 01.04.2012 is under preparation. As per Rule 6 read with clause (2) of Schedule 2 of the Chartered Accountants (...
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ICAI |
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Auditor watchdog: US directors can ask for inspection reports
Posted Date : 02-Aug-2012 , 06:32:44 am | Posted By CASANSAAR
In a bid to lift some of the secrecy around US audit firms, a watchdog board on Wednesday told corporate directors that they may seek out non-public information about auditor inspections. US law bars regulators from making public key parts of reports on inspections of audit firms. But the law d...
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Auditing |
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Results of CA PCC and IPCC Examinations held in May, 2012 are likely to be declared tentatively on Tuesday, the 7th August, 2012
Posted Date : 01-Aug-2012 , 09:24:52 pm | Posted By CASANSAAR
The results of the Chartered Accountants Professional Competence and IntegratedProfessional Competence Examinations held in May, 2012 are likely to be declared tentatively onTuesday, the 7th August, 2012 around 5.00 P.M. and the same as well as the merit list(candidates securing a minimum of 55...
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Students Zone |
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Govt permits FDI from Pakistan
Posted Date : 01-Aug-2012 , 07:54:36 pm | Posted By CASANSAAR
India on Wednesday decided to allow foreign direct investment from Pakistan in a move to boost bilateral economic relations."The government of India has reviewed the policy...And decided to permit a citizen of Pakistan or an entity incorporated in Pakistan to make investments in India, under the gov...
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International Business |
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CBEC issues Rate of Exchange of Foreign Currency into Indian Currency and Vice Versa Relating to Imported and Export Goods
Posted Date : 01-Aug-2012 , 07:52:04 pm | Posted By CASANSAAR
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.61/2012-CUSTOMS (N.T.), dated the 19th July, 2012 vide number S.O.1609 (E)...
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Custom |
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India Signs Tax Information Exchange Agreement with Monaco
Posted Date : 01-Aug-2012 , 07:51:20 pm | Posted By CASANSAAR
Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Pic...
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Income Tax |
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Authority for Advance Rulings orders can be challenged before HC: Supreme Court
Posted Date : 01-Aug-2012 , 06:31:28 am | Posted By CASANSAAR
The Supreme Court on Monday clarified that the orders of the Authority for Advance Rulings(AAR) can be challenged before the respective high courts through writ petitions, a move which could have tax implications for firms involved in cross-border deals.
Until Monday's ruling, an order...
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Income Tax |
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RBI slashes SLR, releases Rs. 60,000 cr
Posted Date : 01-Aug-2012 , 06:28:40 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Tuesday, kept the key indicative policy rates unchanged while it cut the gross domestic product (GDP) forecast for the current financial year from 7.3 per cent to 6.5 per cent and raised the inflation forecast from 6.5 per cent to 7 per cent.
However, the...
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RBI |
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India Signs Revised DTAA with Indonesia for the Avoidance of Double Taxation and for the Prevention of Fiscal Evasion with Respect to Taxes on Income
Posted Date : 31-Jul-2012 , 10:20:19 pm | Posted By CASANSAAR
The Government of the Republic of India signed a revised Double Taxation Avoidance Agreement (DTAA) with the Government of the Republic of Indonesia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th July, 2012 at Hyderabad House, Ne...
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Income Tax |
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CBDT Relaxes Compulsory E-Filing of Return of Income for Assessment Year 2012-13 - for Representative Assessees of Non-Residents and in the Case of Private Discretionary Trusts
Posted Date : 31-Jul-2012 , 10:19:50 pm | 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 electronically for the ...
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Income Tax |
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P Chidambaram gets Finance Ministry, Sushil Kumar Shinde Home Ministry, Veerappa Moily gets Power portfolio
Posted Date : 31-Jul-2012 , 10:15:34 pm | Posted By CASANSAAR
In a minor Cabinet reshuffle on Tuesday, Home Minister P Chidambaram was moved to the Finance Ministry, which was being handled by Prime Minister Manmohan Singh while current Power Minister Sushil Kumar Shinde took over as the new Home Minister. Corporate Affairs Minister Veerappa Moily has been giv...
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General |
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Due date for filing IncomeTax return extended to 31st august
Posted Date : 31-Jul-2012 , 03:20:24 pm | Posted By CASANSAAR
F.No.225/163/2012/ITA.I1
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, the 31st July 2012.
Order under Section 119 of the Income Tax Act. 1986
On consideration of the reports of disturbance of general life caused due to
f...
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Income Tax |
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Filing of Form 23B without Payment of Fee
Posted Date : 31-Jul-2012 , 08:06:28 am | Posted By CASANSAAR
As you may be aware, the Ministry of Corporate Affairs vide its circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Subsequently, the Ministry vide its circular number 19/2012 dated 27.07.2012 has extended the last date for f...
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Corporate Law |
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Tax payers rush to file e-returns, I-T site crashes
Posted Date : 31-Jul-2012 , 07:59:01 am | Posted By CASANSAAR
The volume of income-tax applications has increased after the department has made it mandatory for all those who earn over Rs 10 lakh per annum or own assets abroad to file their returns online, causing the department's website to crash intermittently as several assessees try to register before the ...
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Income Tax |
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RBI: Persistence of inflation, slow growth major challenge for monetary policy
Posted Date : 30-Jul-2012 , 09:50:09 pm | Posted By CASANSAAR
The Reserve Bank of India has said that persistence of inflation and slow growth have emerged as a major challenge for the monetary policy.In a report on macroeconomic and monetary developments, the RBI has said that there are increased risks on inflation scenario and lack of action on the fiscal fr...
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RBI |
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Filing of Cost Audit Report and Compliance Report in the Extensible Business Reporting Language (XBRL) Mode
Posted Date : 30-Jul-2012 , 09:47:20 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode,...
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Corporate Law |
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PM sets up panel to review taxation of development centres, IT
Posted Date : 30-Jul-2012 , 02:40:12 pm | Posted By CASANSAAR
In yet another move to provide clarity on taxation issues, Prime Minister Manmohan Singh today set up a committee to look into such matters pertaining to IT sector and research and development related activities.
The panel, headed by former Central Board of Direct Taxes (CBDT) chairman N Ra...
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Income Tax |
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New evidence, materials must to reopen Income-tax assessments: High Court
Posted Date : 30-Jul-2012 , 07:57:37 am | Posted By CASANSAAR
The Income-tax department cannot reopen an assessment on the sole basis of a change in the opinion of its officers, the Bombay High Court has said in a significant judgement.New materials and evidence are pre-requisites to reopen assessments, the court has said. The high court or...
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Income Tax |
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India detects Rs 565 crore worth undisclosed income in France
Posted Date : 30-Jul-2012 , 07:53:10 am | Posted By CASANSAAR
Undisclosed income of Indians totalling Rs 565 crore has been detected in France, according to Income Tax authorities, indicating that the Double Taxation Avoidance Agreementis showing results. The figure was disclosed in the information that India received from France on Indians havi...
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Income Tax |
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Institute of Chartered Accountant of India to organize a tax awareness camp
Posted Date : 30-Jul-2012 , 07:51:29 am | Posted By CASANSAAR
Department of Income Tax(Range IV & V, Chandigarh) in association with the Institute of Chartered Accountant of India (ICAI) will jointly organize a Tax Awareness and Facilitation Camp on Monday, July 30 at Rajasthan Bhawan, Sector 33, Chandigarh.BS Sandhu, IRS, Commissioner of Income Tax, ...
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Income Tax |
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Companies to pay service tax on insurance, phone and transport perks
Posted Date : 30-Jul-2012 , 07:47:39 am | Posted By CASANSAAR
Firms providing insurance cover, phone or car for personal use to its staff as part ofcompensation package will have to pay service tax on the benefit extended.Independent directors would also be liable to service tax on the remuneration paid to them, according to changes propose...
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Service Tax |
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Over Rs 2,400 crore lying in inoperative bank accounts: RBI
Posted Date : 29-Jul-2012 , 07:35:20 pm | Posted By CASANSAAR
More than Rs 2,400 crore is lying as unclaimed deposits in the over one crore bank accounts across the country, the RBI has said in an RTI reply.
According to the data revealed by the RBI, the State Bank group has over Rs 233 crore unclaimed funds in its 10 lakh accounts, public sector bank...
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Banking |
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Income tax returns: Users face problems in online filing
Posted Date : 29-Jul-2012 , 08:59:08 am | Posted By CASANSAAR
With the last date for filing income tax returns fast approaching on Monday, the I-T department as well as assessees are facing problems with online data entry.
This year onward, it is mandatory for all those who earn over Rs 10 lakh per annum to file their returns online, and this has caus...
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Income Tax |
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SEBI nod to online bonds subscription
Posted Date : 29-Jul-2012 , 08:55:00 am | Posted By CASANSAAR
Market regulator SEBI today allowed online subscription of bonds, a move that will reduce timeline for completion of the process.In a notification issued in Mumbai on Friday, the market regulator said in order to facilitate a system to reduce the timelines of the issue process for public issue of de...
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SEBI |
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Income tax department gets nod to prosecute employees at HSBC Geneva
Posted Date : 28-Jul-2012 , 11:34:34 am | Posted By CASANSAAR
The income tax department plans to initiate prosecution proceedings against employees ofHSBC Switzerland for allegedly helping Indians stash away illegal wealth in Swiss banks.The finance ministry has given permission to the income tax department to initiate a...
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Income Tax |
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India & Indonesia sign double taxation avoidance agreement
Posted Date : 27-Jul-2012 , 06:26:22 pm | Posted By CASANSAAR
India and Indonesia today signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.The agreement was signed by the visiting Indonesian Foreign Affairs Minister Marty Natalegawa and his Indian Counterpart S.M Krishna at the Hyderabad house ...
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Income Tax |
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FM's power to nominate members to SEBI Chairman selection Board: SC
Posted Date : 27-Jul-2012 , 06:25:22 pm | Posted By CASANSAAR
The Supreme Court today issued notice to the Centre on a PIL challenging the Finance Minister's power to nominate two members in the search and selection board for appointment of SEBI chairman and full time members. A bench headed by S S Nijjar, however, refused to stay Rule 3 (5)(e) of Securit...
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SEBI |
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India Inc's reporting standards under ICAI scanner
Posted Date : 27-Jul-2012 , 08:23:17 am | Posted By CASANSAAR
India's accounting regulator will look into the standards being followed by some of the country's leading companies, a move that comes in the wake of serious concerns raised by several analyst firms.Global analyst firm Veritas had downgraded Reliance Communications over...
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ICAI |
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E Governance in DRTs/ DRATs
Posted Date : 26-Jul-2012 , 09:50:08 pm | Posted By CASANSAAR
Department of Financial Services , Ministry of Finance is considering implementation of e-governance in the Debt Recovery Tribunals (DRTs)/Debt Recovery Appellate Tribunals (DRATs) for which the services of National Institute of Smart Governance (NISG) are being utilised as Consultants.
The...
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Finance |
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Admission Notice for the Company Secretaries Executive Programme
Posted Date : 26-Jul-2012 , 09:48:28 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has notified that admission to Company Secretaries (CS) Executive Programme is on. In a Press Release the Institute has made it clear that Graduates seeking admission till 31st August, 2012 will be eligible for Examination in June 2013. B.A /...
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ICSI |
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