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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MCA: Payment of stamp duty on increase of authorised capital
Posted Date : 26-Jul-2012 , 09:06:26 am | Posted By CASANSAAR
A Notification vide No. G.S.R. 716(E). dated 23.09.2011 was issued, in view of the order of the Hon’ble High Court of Delhi dtd. 21.04.2011 in the matter of M/s. S.E. Investment Limited Vs Union Of India and Others {W.P. (c) 2393/2010 and CM Appl. 4794/2011}, the Hon’ble Court ...
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Corporate Law |
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Petrol, diesel prices hiked in seven states on local tax adjustments
Posted Date : 26-Jul-2012 , 07:30:49 am | Posted By CASANSAAR
Just two days after petrol prices were hiked by 70 paise by oil marketing companies, prices of petrol and diesel went up in seven states, including West Bengal and Maharashtra, as the oil firms recalibrated rates to reflect changes in local levies.This hike is independent of Monday’s 70 paise ...
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Income Tax |
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13 cos under MCA scanner for alleged money circulation
Posted Date : 26-Jul-2012 , 06:41:09 am | Posted By CASANSAAR
Corporate Affairs Ministry has cracked the whip this time around on 13 companies most of which are in real estate. The registrar of companies is investigating allegations of money circulation and money laundering. In fact even the RBI has trained its guns on the alleged scams, reports CNBC-TV18's Ma...
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Corporate Law |
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Now just log on to EPFO website to check your monthly balance
Posted Date : 26-Jul-2012 , 06:40:15 am | Posted By CASANSAAR
Over 50 million subscribers of the retirement fund body EPFO can obtain e-passbook along with details of their updated accounts online from on Wednesday. "The EPFO subscribers can get their statement of accounts online from today," Central Provident FundCommissioner R C Mishra sa...
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General |
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Govt may appeal against Madras HC order on Esops
Posted Date : 26-Jul-2012 , 06:38:18 am | Posted By CASANSAAR
The government may appeal against a Madras high court judgement on employee stock options (Esops) that could have a bearing on how corporate tax is calculated. The appeal plan was disclosed by a senior income tax department official, who didn’t want to be identified.
In a 19 June judg...
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Income Tax |
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Bombay High Court rejects IT department's appeal against Amitabh Bachchan
Posted Date : 26-Jul-2012 , 06:32:51 am | Posted By CASANSAAR
Bombay High Court recently dismissed an Income Tax department appeal against an order in favour of actor Amitabh Bachchan, holding that the plea did not involve ‘any substantial question of law’.
On October 13, 2002, Bachchan had filed his income tax return, declaring his earnin...
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Income Tax |
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Announcement regarding IAASB
Posted Date : 26-Jul-2012 , 06:30:56 am | Posted By CASANSAAR
ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERSInternational Auditing and Assurance Standards Board’sInvitation to Comment, Improving the Auditor’s Report
The International Auditing and Assurance Standards Board (IAASB), has recently published an Invitation to ...
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Income Tax |
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Income Tax Department Starts Two More Taxpayer Friendly Initiatives :
Posted Date : 25-Jul-2012 , 07:09:49 am | Posted By CASANSAAR
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit th...
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Income Tax |
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Sebi warns investors against dealing with Trading India Portfolios Ltd
Posted Date : 25-Jul-2012 , 07:05:07 am | Posted By CASANSAAR
Sebi has warned investors against dealing with Trading India Portfolios Ltd (TIPL) and its chairman Ankush Srivastava after the regulator observed that the firm has placed false and misleading information related to portfolio management and stock broking services on its webs...
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SEBI |
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Imposing Fees on Certain E-Forms Filed with ROC, RD OR MCA(HQ) under MCA-21 Where at Present No Fee is Prescribed
Posted Date : 24-Jul-2012 , 09:01:07 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to impose a certain amount of fee on the following forms at the rates indicated in the table below:-
S.
No.
Form No.
Particulars of the Form
Fee Applicable
1
Form 1 of Investor Educati...
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Corporate Law |
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Foreign Investment Promotion Board Approves 14 FDI Proposals Worth Rs.1584.11 Crore
Posted Date : 24-Jul-2012 , 09:00:31 pm | Posted By CASANSAAR
Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on June 29, 2012, the Central Government has approved 14 Proposals of Foreign Direct Investment (FDI) amounting toRs.1584....
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International Business |
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