Mukul Roy to be sworn in as Railways Minister today
Posted Date : 20-Mar-2012 , 08:13:18 am | Posted By CASANSAAR
After forcing the government to secure the resignation of railway minister Dinesh Trivedi, Trinamool Congress chief Mamata Banerjee on Monday persuaded Prime Minister Manmohan Singh to induct Mukul as the new Cabinet minister. Roy will be sworn in at 10 am on Tuesday, hours before the commencem...
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General |
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Delhi High Court quashes criminal case against Microsoft
Posted Date : 20-Mar-2012 , 08:08:11 am | Posted By CASANSAAR
The Delhi High Court on Friday quashed criminal proceedings against Microsoft India, a fortnight after the company was exempted by a trial court in a similar case for hosting objectionable content online. Microsoft India is the only company, out of the 21 websites, against whom both criminal and...
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International Business |
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SC to hear Centre's Vodafone review plea today
Posted Date : 20-Mar-2012 , 07:42:54 am | Posted By CASANSAAR
The Supreme Court will hear the Centre's plea for review of the Vodafone judgment on Tuesday at a time when the UPA government has proposed to amend the Income Tax Act to levy capital gains tax on domestic asset acquisition through merger and acquisition deals involving overseas companies....
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Income Tax |
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Don't start taking sleeping pills, Jaswant tells Pranab
Posted Date : 19-Mar-2012 , 10:07:09 pm | Posted By CASANSAAR
"Do not start consuming sleeping pills," this was the advice of former finance minister Jaswant Singh to the present incumbent in the finance ministry on the issue fiscal deficit. Making a brief remark before the Prime Minister's reply in the Lok Sabha to the Motion of ...
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Income Tax |
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Setting Up of NCLT and NCLA
Posted Date : 19-Mar-2012 , 10:04:50 pm | Posted By CASANSAAR
The Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT). Provisions have been incorporated in the Companies Bill, 2011 which has been introduced in the Lok Sabha on 14.12.2011. The establishment of NCLT and NCLAT as specialized ...
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Corporate Law |
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Delay in Implementation of IFRS
Posted Date : 19-Mar-2012 , 10:03:58 pm | Posted By CASANSAAR
Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholde...
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Accounts |
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CCI highlights the competition issues in public procurement
Posted Date : 19-Mar-2012 , 03:51:55 pm | Posted By CASANSAAR
Under the competition advocacy initiatives, the Competition Commission of India has been organizing meetings, seminars, workshops etc. with the various stake holders to spread awareness about the Competition Law and the Commission. As part of this initiative CCI organized a workshop on the topi...
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Corporate Law |
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After tax blow, Get ready for fuel price hike
Posted Date : 19-Mar-2012 , 08:30:07 am | Posted By CASANSAAR
Oil companies are considering an increase — a substantial one at that — in the prices of automobile and cooking fuels as early as next week after the budget session goes into a break on March 30. It will be another piece of bad news for consumers hit by costlier products and services fol...
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General |
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EC gives green signal to new auditing norms for political parties
Posted Date : 19-Mar-2012 , 08:22:06 am | Posted By CASANSAAR
In a step that will bring in transparency and help curb black money in the poll process, the Election Commission has given its nod to new auditing and accounting norms for political parties in the country.
The norms and guidelines, prepared by the Institute of Chartered Accountants of India (ICAI...
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Auditing |
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Service tax exemption to leave advertisers with surplus funds
Posted Date : 19-Mar-2012 , 08:19:58 am | Posted By CASANSAAR
Service tax exemption on advertising on media platforms, excluding TV and radio, could result in availability of up to Rs 1,500 crore more to advertisers for spending on campaigns, according to industry experts."Given that marketing budgets of companies always take into account the service tax ...
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Income Tax |
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Direct Tax Code likely to become effective from FY'14: Pranab
Posted Date : 19-Mar-2012 , 08:17:07 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed hope that the direct tax regime would become effective from 2013-14.
Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next yea...
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Income Tax |
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Won’t resign unless given in writing by Mamata, says Trivedi
Posted Date : 17-Mar-2012 , 10:22:32 pm | Posted By CASANSAAR
Railway Minister Dinesh Trivedi says, he will not resign unless given in writing by Mamata Banerjee. He said he has a Constitutional duty to pilot the Railway Budget he had presented in Parliament. He said, there will be a discussion on Monday and he has to answer the discussion on railway budget.Tr...
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General |
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Taxing unaccounted income not VDIS, say FinMin Secy
Posted Date : 17-Mar-2012 , 10:20:52 pm | Posted By CASANSAAR
The government today maintained it has not come out with any kind of Voluntary Disclosure of Income Scheme (VDIS) by proposing changes in the Income Tax Act, which experts believe are some sort of concessions to tap black money.
"There is no intention of government to give any sop in form ...
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Income Tax |
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No service tax on metered taxis, amusement facilities, rail travel
Posted Date : 17-Mar-2012 , 10:18:21 pm | Posted By CASANSAAR
As per the budget proposal, metered taxis, entry to amusement facilities, second-class rail travel, and betting, gambling and lottery will not attract the 12 per cent Service Tax.
The negative list of services, on which the increased Service Tax of 12 per cent will not be levied, include a...
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Service Tax |
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Jewellers go on strike against duty hike on gold
Posted Date : 17-Mar-2012 , 10:04:49 am | Posted By CASANSAAR
Jewellers across the country will stay closed for three days from Saturday, to protest against the hike in excise duty on gold announced by union finance minister Pranab Mukherjee. The more than 5000 jewellers in Gujarat, including around 1,000 in Ahmedabad, will stay closed along with nearly 5 la...
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Budget |
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Government proposes taxing Vodafone-like deals retrospectively
Posted Date : 16-Mar-2012 , 06:59:03 pm | Posted By CASANSAAR
In a measure that will have far- reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore, the government today proposed amendment in the Income Tax Act retrospectively from April 1, 1962. Under the proposed amendment, all persons, whether resident ...
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Income Tax |
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Budget at a Glance (Complete Budget)
Posted Date : 16-Mar-2012 , 06:28:28 pm | Posted By CASANSAAR
Budget at a Glance [EXCEL]
Receipts [EXCEL]
Expenditure [EXCEL]
Central Plan Outlay [EXCEL]
Central Plan Outlay by Sectors...
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Budget |
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Budget 2012: TDS on property, gold sales to check black money
Posted Date : 16-Mar-2012 , 06:21:11 pm | Posted By CASANSAAR
To check the menace of black money, the government on Friday proposed a slew of measures, including I-T return assessment up to 16 years with regard to assets held abroad and tax deduction at source (TDS) on transfer of immovable property and gold purchase.
"I propose a series of measures to dete...
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Income Tax |
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Sachin Tendulkar finally hits 100th international century
Posted Date : 16-Mar-2012 , 05:42:09 pm | Posted By CASANSAAR
Indian cricket icon Sachin Tendulkar, treated like God by his fans, ended the long and tiring wait for his 100th international century on Friday at Dhaka's Shere Bangla National Stadium. Tendulkar, the leading run scorer in the history of both Test and one-day cricket, achieved the mo...
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General |
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One Page Common Return for Central Excise and Service Tax Proposed
Posted Date : 16-Mar-2012 , 03:24:00 pm | Posted By CASANSAAR
As a measure of harmonization between Central Excise and Service Tax, the Government has made a number of alignments. This was announced by the Finance Minister ShriPranab Mukherjee while presenting the Union Budget 2012-13 in LokSabha today.
These include a common simplified registration ...
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Service Tax |
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Union Budget Focuses on Rationalisation Measures in Indirect Taxes
Posted Date : 16-Mar-2012 , 03:18:01 pm | Posted By CASANSAAR
Presenting the General Budget for 2012-13 in LokSabha today, the Union Finance Minister ShriPranab Mukherjee has announced various rationalization measures like - Excise duty rationalized for packaged cement, whether manufactured by mini-cement plants or others. - Levy of excise duty of 1 ...
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General |
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To Promote Investment, Weighted Deduction for Expenditure in R&D and AGRI-Extension Services Proposed Sunset Date for Tax Exemption in Power Sector Extended
Posted Date : 16-Mar-2012 , 03:16:23 pm | Posted By CASANSAAR
In the General Budget 2012-13 presented by the Union Finance Minister ShriPranab Mukherjee in LokSabha here today, it has been proposed to provide weighted deduction for expenditure in several sectors with the objective of promoting investment and facilitating growth.
&nb...
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Income Tax |
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STT Proposed to be Reduced by 20 % & Levy of Alternate Minimum Tax Proposed to be Extended
Posted Date : 16-Mar-2012 , 03:14:20 pm | Posted By CASANSAAR
In the General Budget 2012-13presented by theUnion Finance Minister ShriPranab Mukherjeein LokSabha here today, it has been proposed to reduce the Securities Transaction Tax (STT) on cash delivery transactions by 20 per cent, from 0.125 per cent to 0.1 per cent, in or...
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Income Tax |
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Rajiv Gandhi Equity Savings Scheme Launched
Posted Date : 16-Mar-2012 , 03:12:31 pm | Posted By CASANSAAR
A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to encourage flow of saving in financial instruments and improve the depths of domestic capital market. The Union Finance Minister ShriPranab Mukherjee in his Budget speech in LokSabha today said that...
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Income Tax |
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Service Tax Exempted for Items on Negative List
Posted Date : 16-Mar-2012 , 03:01:09 pm | Posted By CASANSAAR
Health Care, Services Provided by Charities, Religious Persons, Independent Journalists, Sportspersons Among Others also Exempted from Service Tax
In his Budget Speech, the Union Finance Minister ShriPranab Mukherjee said that the Government has proposed to tax all services except...
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Service Tax |
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Union Budget 2012-13 Summary
Posted Date : 16-Mar-2012 , 02:57:57 pm | Posted By CASANSAAR
GENERAL BUDGET 2012-13
BUDGET IDENTIFIES FIVE OBJECTIVES RELATING TO GROWTH, INVESTMENT, SUPPLY BOTTLENECKS,
GOVERNANCE, AND REMOVING MALNUTRITION
AMENDMENT TO FRBM ACT INTRODUCED AS PART OF FINANCE BILL
...
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Budget |
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Budget 2012 – Changes in Service Tax
Posted Date : 16-Mar-2012 , 02:44:32 pm | Posted By CASANSAAR
I. RATE OF SERVICE TAX:
1) The rate of service tax is being increased from 10% to 12%.
2) Consequent to change in the rate of service tax, changes are also being made in specific and compounding rates of tax for the following:
a) Service in relation to purchase and sale...
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Service Tax |
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Finance Bill 2012 (Chapter I to Chapter VII)
Posted Date : 16-Mar-2012 , 02:00:50 pm | Posted By CASANSAAR
Chapter I
Preliminary
Chapter II
Rates of Income Tax
Chapter III
Income Tax
Wealth Tax
Chapter IV
Customs
Excise
Chapter V
Service Tax
Chapter VI
Amendments to the FRBM Act, 2003
Chapter VII
...
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Income Tax |
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Budget Highlights - Live updates on Union Budget 2012
Posted Date : 16-Mar-2012 , 09:34:47 am | Posted By CASANSAAR
Government services and public transport exempted from services tax
Compulsory reporting of assets sold abroad
Eating out in restaurants to cost more
Excise duty on big cars raised to 24%
Luxury items to cost more
Air travel to get expensive
Big cars to get dearer
Cuts securities transactio...
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Budget |
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Budget 2012: EPF rate cut from 9.5% to 8.25% for 2011-12
Posted Date : 16-Mar-2012 , 09:14:18 am | Posted By CASANSAAR
Government has slashed interest rate on deposits in Employees Provident Fund from 9.5% to 8.25% for 2011-12 affecting over 4.7 crore subscribers.
This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said.
The Employees' Provident Fu...
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Budget |
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