Tax benefits cannot be withdrawn from a past date: Gujarat High Court
Posted Date : 04-Jul-2012 , 08:07:05 am | Posted By CASANSAAR
A Gujarat High Court verdict has thrown open the debate on constitutional validity of retrospective changes in the income tax laws. It has said that an amendment in income tax law, withdrawing benefits under a popular export incentive scheme, could not be done from a past date.A divis...
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Income Tax |
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Chartered Accountants are capable of putting a stop to corruption and black money - Narendra Modi
Posted Date : 04-Jul-2012 , 08:03:20 am | Posted By CASANSAAR
Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India's (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation towards...
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Income Tax |
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No service tax on remittances to India by NRIs: PM
Posted Date : 04-Jul-2012 , 07:55:54 am | Posted By CASANSAAR
Prime Minister Manmohan Singh has dismissed reports of any plan to bring under the service tax ambit foreign remittances by overseas Indians, Kerala Chief Minister Oommen Chandy said today.
Singh has also sought details from the Finance Ministry on the issue, said Chandy who raised objectio...
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Service Tax |
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0 | Hits : 911
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SBI waives minimum balance criteria for savings bank account
Posted Date : 03-Jul-2012 , 10:02:39 pm | Posted By CASANSAAR
In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving banks account. SBI said in an advertisement that the bank will not levy any charge for breaching minimum balance criteria. It said that the facility is available to existing customers ...
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Banking |
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0 | Hits : 1712
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CCI imposes penalty of more than Eight Crores on Multi System Operators Group (Fast Way Group)
Posted Date : 03-Jul-2012 , 10:01:20 pm | Posted By CASANSAAR
The Competition Commission of India has found Fast Way Group abusing its dominance in the cable TV service in the territory of Punjab and Chandigarh in violation of the provisions of the Competition Act, 2002. The order was passed pursuant to investigation carried out by the Director General upon in...
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Corporate Law |
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0 | Hits : 797
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Roadmap to create world class Professionals soon: Moily
Posted Date : 03-Jul-2012 , 07:57:30 am | Posted By CASANSAAR
A meeting between three bodies including ICAI and ICSI, will be convened soon to prepare a roadmap to create world class professionals, who should be on demand at global level, corporate affairs minister M Veerappa Moily today said.
The meeting with the representatives of the Institute...
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Income Tax |
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1 | Hits : 990
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Govt forms seven-member panel to frame model Central GST legislation
Posted Date : 03-Jul-2012 , 07:53:56 am | Posted By CASANSAAR
After introducing the negative list for services, a crucial step for the implementation of proposed Goods and Services Tax (GST), the government has now started moving towards preparing a law that will govern Central GST.
According to sources, the finance ministry has formed a committee of ...
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GST |
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0 | Hits : 979
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No accounting wrong doing in Reebok, says auditor
Posted Date : 03-Jul-2012 , 07:48:44 am | Posted By CASANSAAR
Reebok's auditor N Narasimhan & Co has informed the ICAI the there was no accounting wrong doing in the company which has filed Rs 870-crore fraud case against two of its former employees. "Narsimhan & Co has said they are both the tax auditors and statutory auditors of the fi...
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Accounts |
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0 | Hits : 2079
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Railways out of service tax net till September 30
Posted Date : 03-Jul-2012 , 07:46:13 am | Posted By CASANSAAR
Ahead of the Presidential election, the Trinamool Congress has successfully pressured the Union government into granting yet another term of exemption of service tax on high-end passenger fares and cargo freight for three months.
Prime Minister Manmohan Singh, in his capacity as Finance Min...
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Service Tax |
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0 | Hits : 866
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E-filing of returns must for people earning over 10 lakh
Posted Date : 02-Jul-2012 , 07:33:42 pm | Posted By CASANSAAR
People with income of ten lakh rupees per annum will have to file their tax returns electronically beginning 2011-12 Financial year.The Central Board of Direct Taxes CBDT has issued a notification making E-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu undivided f...
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Income Tax |
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Finance Ministry under PM will very quickly resolve uncertainty among investors:Montek
Posted Date : 02-Jul-2012 , 03:09:01 pm | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the Finance Ministry under Prime Minister Manmohan Singh will very quickly resolve uncertainty among investors caused by anti-tax avoidance rules which were unveiled in the Budget.
In an interview to a TV channel, he said,...
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Finance |
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1 | Hits : 798
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Balanced view needed on allowing foreign auditors - Veerappa Moily
Posted Date : 02-Jul-2012 , 08:31:37 am | Posted By CASANSAAR
Amid the debate on allowing foreign audit firms like PwC and KPMG to practice in India, Corporate Affairs Minister Veerappa Moily has said his ministry will have to take a balanced view as domestic companies and even government is utilising their services."This is a issue we are constantly in dialog...
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Income Tax |
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0 | Hits : 895
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No clarity on service tax application to train fares
Posted Date : 02-Jul-2012 , 08:29:45 am | Posted By CASANSAAR
A rise in railway fares, under the new service tax regime, was not effected today due to a confusion over whether the railways had been exempted from it, officials said.
"No hike has been effected on rail passenger fares from today," said a railway ministry official.
If broug...
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Service Tax |
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0 | Hits : 827
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Jawahar Thakur is new Controller General of Accounts
Posted Date : 02-Jul-2012 , 08:24:16 am | Posted By CASANSAAR
Mr Jawahar Thakur has taken over as the new Controller General of Accounts (CGA).
A 1979-batch Indian Civil Accounts Service officer, Mr Thakur has played a key role in the area of developing an effective financial management information system, his latest initiative being the complete comp...
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CAG |
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E-filing of I-T returns expected to double this fiscal
Posted Date : 02-Jul-2012 , 08:19:37 am | Posted By CASANSAAR
The Income Tax department is expecting a 100 percent increase in e-filing of returns this fiscal as taxpayers whose annual salary exceeds Rs 10 lakh and holding assets abroad will have to mandatorily file their statements in the electronic format.The department which reported 1.64 crore e-returns du...
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Income Tax |
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1 | Hits : 693
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FinMin may ask Sebi to re-introduce entry load
Posted Date : 01-Jul-2012 , 09:49:55 pm | Posted By CASANSAAR
In order to promote the sagging mutual fund industry, Finance Ministry may advise the Sebi to consider re-introduction of commission for brokers known as entry load.
"We will meet representatives of mutual fund industry and Sebi officials and will advise them to consider measures including ...
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SEBI |
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0 | Hits : 735
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New service tax regime to make speed post, holidaying costlier
Posted Date : 01-Jul-2012 , 09:46:32 pm | Posted By CASANSAAR
Speed post and express parcel service of post office, earnings of TV and theatre artists will come under the 12% service tax bracket from Sunday with the government embracing the new service tax regime based on negative list. From now, with the exception of 38 services, which figure in the ...
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Service Tax |
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0 | Hits : 892
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HAPPY CHARTERED ACCOUNTANTS DAY (History of Chartered Accountants)
Posted Date : 01-Jul-2012 , 07:39:08 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an aud...
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ICAI |
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1 | Hits : 4968
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New service tax regime comes into force from tomorrow
Posted Date : 30-Jun-2012 , 10:50:04 pm | Posted By CASANSAAR
The new service tax regime comes in to force from tomorrow. All services except the 38 services figuring in the negative list will attract 12 per cent service tax. The government has widened the definition of 'Services' to bring in more activities under the tax net. Till now, 119 services has com...
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Service Tax |
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0 | Hits : 1084
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ICSI asks AP to recognise company secretaries for VAT-audit
Posted Date : 30-Jun-2012 , 08:21:23 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has requested the Andhra Pradesh Government to recognise company secretaries for Value Added Tax audit.
Speaking at the inaugural session of the southern India regional conference of the institute here on Friday, Mr Nesar Ahmad, President...
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ICSI |
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0 | Hits : 935
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Education cess on service tax to continue under new regime
Posted Date : 30-Jun-2012 , 08:06:21 am | Posted By CASANSAAR
The education cess on service tax will continue to be imposed even after the switchover to the negative list system.
The Joint Secretary (Tax Research Unit) of the Central Board of Excise and Customs, Mr V.K. Garg, in a letter to all Chief Commissioners of Excise and Customs, clarified that...
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Service Tax |
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0 | Hits : 865
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Chartered accountant is link between firms run by Thackerays and Tatkares
Posted Date : 30-Jun-2012 , 08:01:03 am | Posted By CASANSAAR
A chartered accountant is the only link between companies owned by the families of water resources minister Sunil Tatkare andShiv Sena leader Uddhav Thackeray. Chartered accountant Girish Amonkar is a director in some of the companies owned by Tatkare's son Aniket. However, he is also director ...
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ICAI |
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0 | Hits : 1032
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CBDT Invites Comments/Suggestions on Draft GAAR Guidelines
Posted Date : 29-Jun-2012 , 05:14:27 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the...
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Income Tax |
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0 | Hits : 755
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Chartered Accountants
Posted Date : 29-Jun-2012 , 04:10:27 pm | Posted By CASANSAAR
The Chartered Accountants’ Day Celebrations will be held at 5.00 PM on 1st July, 2012 at Hotel The Ashok, Chanakyapuri, New Delhi. On that occasion, CA. Ved Jain, Past President, ICAI would deliver a Special Address on Recent Issues in Direct Taxes.Participation in the Programme is free of ...
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ICAI |
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0 | Hits : 1144
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Global accounting standards body itself in a tax bind in UK
Posted Date : 29-Jun-2012 , 08:39:10 am | Posted By CASANSAAR
The International Financial Reporting Standards Foundation, parent entity of the mighty International Accounting Standard Board, made a £460,000 (Rs 4.07 crore) provision last year for a potential tax settlement with Britain’s HM Revenue and Customs, in a case that could prove highly emb...
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International Business |
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0 | Hits : 828
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Parliament to take up DTC Bill in monsoon session: FinMin
Posted Date : 29-Jun-2012 , 08:34:48 am | Posted By CASANSAAR
The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said today.
"We will also examine the recommendation of Parliamentary Standing Committee (PSC) and after that we will...
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Income Tax |
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0 | Hits : 749
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RBI says banks mislead investors on bad loans, calls for Sebi action
Posted Date : 29-Jun-2012 , 08:31:56 am | Posted By CASANSAAR
Deputy Governor K C Chakrabarty says monetary policy to ease once inflation comes down The Reserve Bank of India (RBI) has lashed out at banks for attributing their higher bad loans to a fallout of the automated bad loan recognition system, and said the capital market regulator should look into the ...
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Banking |
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3 | Hits : 1130
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Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961.
Posted Date : 29-Jun-2012 , 08:28:26 am | Posted By CASANSAAR
Background
The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GA...
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Category :
Income Tax |
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0 | Hits : 760
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Petrol prices to be slashed by Rs. 2.46 per litre from midnight
Posted Date : 28-Jun-2012 , 08:59:29 pm | Posted By CASANSAAR
In a relief to inflation-battered common man, petrol price was on Thursday cut by Rs 2.46 per litre, the second reduction this month. Petrol price in Delhi will cost Rs 67.78 per litre with effect from midnight tonight as compared to Rs 70.24 a litre rate now, state-owned oi...
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Category :
General |
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0 | Hits : 839
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All eyes on PM as service tax on rail freight comes into force from July 1
Posted Date : 28-Jun-2012 , 08:54:48 am | Posted By CASANSAAR
Come July 1, rail freight users will have to fork out service tax on transport of goods by rail.
The existing service tax exemption, which is due to expire on June 30, will not be extended beyond the end of this month. This is because the Finance Ministry has gone ahead and notified a 70 pe...
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Category :
Service Tax |
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0 | Hits : 950
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