House panel agrees on raising I-T exemption limit
Posted Date : 24-Feb-2012 , 02:57:31 pm | Posted By CASANSAAR
The key Parliamentary Committee on Friday reached a consensus to raise income tax exemption limit to Rs 3 lakh from current Rs 1.8 lakh, say sources. Sources revealed that he Committee is of the opinion that the income tax exemption limit should be Rs 3 lakh. The committee, according to so...
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Income Tax |
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CA's Well-versed in taxes, not necessarily investments
Posted Date : 24-Feb-2012 , 08:33:25 am | Posted By CASANSAAR
The Securities and Exchange Board of India is quite clear about a chartered accountant's role and possibly, therefore, the mandate: Exclude him from the ambit of regulations for investment advisors. However, Financial Planning Standards Board (FPSB) India isn't nodding in agreement.
In fa...
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ICAI |
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1 | Hits : 822
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Sebi sets up a separate cell to detect corporate frauds
Posted Date : 24-Feb-2012 , 08:30:00 am | Posted By CASANSAAR
India's capital market regulator Sebi has formed a separate team to detect financial or corporate frauds in a bid to beef up its investigation process. The new unit, called Forensic Accounting Cell, will be part of the Securities and Exchange Board of India's corporate finance department that wi...
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SEBI |
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0 | Hits : 255
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RBI allows 926 bank branches to receive advance income tax
Posted Date : 24-Feb-2012 , 08:27:35 am | Posted By CASANSAAR
For hassle free income tax collection, the Reserve Bank of India (RBI) designated a total of 926 computerised branches of public and private sector banks to receive advance income tax for people residing in Mumbai and Navi Mumbai."These arrangements have been made for the convenience of th...
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Income Tax |
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0 | Hits : 529
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Citigroup to sell 9.9% stake in HDFC for up to $2.1 billion: Report
Posted Date : 23-Feb-2012 , 08:36:49 pm | Posted By CASANSAAR
Citigroup Inc plans to raise up to $2.1 billion by selling its entire stake in India's Housing Development Finance Corp (HDFC) on Friday, three source with direct knowledge of the deal told Reuters. Citigroup has launched the process to sell about 145 million shares, or a 9.9 percent stake, in H...
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International Business |
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0 | Hits : 275
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CEOs average salary in India crosses Rs 2-cr mark: Study
Posted Date : 23-Feb-2012 , 04:08:24 pm | Posted By CASANSAAR
The average annual compensation for a CEO in India stands at over Rs two crore and is nearly 2.6 times the pay package for other top business executives in the country, as per a new study.
According to the top executive compensation report 2011-12, released by global management consultancy Hay Gr...
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International Business |
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0 | Hits : 478
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GoM approves draft public procurement bill
Posted Date : 23-Feb-2012 , 07:58:14 am | Posted By CASANSAAR
The draft Public Procurement Bill was today approved by the panel of Ministers set up to tackle corruption. The bill is being brought to regulate government purchases using transparent bidding process. Minister of State for Personnel, V.Narayanaswamy told this to reporters after the meeting of the G...
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General |
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0 | Hits : 314
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SEBI announces lot sizes for SME public issues
Posted Date : 23-Feb-2012 , 07:47:28 am | Posted By CASANSAAR
Companies in the SME sector entering the capital markets will be prescribed ‘lot sizes' for shares in an initial public offering. In a circular released on Tuesday, the capital market regulator mandated specific lot sizes for IPOs in different price ban...
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SEBI |
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0 | Hits : 332
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RBI to buy govt securities worth Rs 12,000 cr
Posted Date : 23-Feb-2012 , 07:45:50 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today announced that it would purchase government securities worth Rs 12,000 crore through open market operations (OMOs) on Friday to ease the current liquidity crisis.
"Consistent with the stance of monetary policy and based on the current assessment of pr...
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RBI |
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0 | Hits : 229
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Centre working with states for implementation of GST: Pranab
Posted Date : 22-Feb-2012 , 01:27:44 pm | Posted By CASANSAAR
The Finance minister Pranab Mukherjee today said centre is working with states for the implementation of Goods and Services Tax - GST. Speaking at an investiture ceremony of Central Board of Excise and customs -CBEC, Mr. Mukherjee expressed hope that GST will be implemented very soon. The minis...
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GST |
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0 | Hits : 380
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Three women IRS members in CBDT for the first time
Posted Date : 22-Feb-2012 , 08:33:42 am | Posted By CASANSAAR
The proverbial glass ceiling in the country's top direct tax collection authority -- CBDT -- has been broken with three senior women IRS officers occupying the post of members in the rank of special secretaries.With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Mem...
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Category :
Income Tax |
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0 | Hits : 782
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West Bangal Cabinet okays hike in base VAT rate to 5%
Posted Date : 22-Feb-2012 , 08:08:26 am | Posted By CASANSAAR
The State Cabinet has approved the revision in base VAT (Value Added Tax) rate from existing four per cent to five per cent, a move that is expected to generate Rs 400 crore additional revenue annually.
The revision in base VAT rate is going to be reflected in the State Budget for 2012-13...
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VAT |
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0 | Hits : 384
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Process on for consensus on FDI in multi-brand retail, says Pranab Mukherjee
Posted Date : 22-Feb-2012 , 07:51:08 am | Posted By CASANSAAR
The government said it is in the process of evolving a consensus on allowing 51 per cent foreign direct investment in the multi-brand retail sector. The policy to allow foreign retailers to open outlets in India, was put on hold by the government in the wake of strong objection from opposition an...
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International Business |
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0 | Hits : 271
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Rs 1,200-crore SBI lifeline for Kingfisher Airlines; DGCA not convinced with KFA's reply on cancellations
Posted Date : 22-Feb-2012 , 07:48:43 am | Posted By CASANSAAR
Beleaguered Kingfisher Airlines got some relief on Tuesday after banks gave some guarantees and working capital loans and the income tax department indicated that it may defreeze the airline's bank accounts. The State Bank of India threw in a lifeline of around Rs 1,200 crore to the troubled air...
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Category :
General |
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Budget 2012: Foreign bank deposits, paintings, watches may attract wealth tax under DTC
Posted Date : 21-Feb-2012 , 04:12:31 pm | Posted By CASANSAAR
Deposits in foreign banks, paintings, sculptures and expensive watches may come under the wealth tax net as part of the government's drive to unearth black money. The proposal to expand the ambit of the Wealth Tax forms part of the Direct Taxes Code (DTC) Bill which is being scrutinised by a Par...
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Budget |
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Black money: Income Tax dept may get to re-open returns beyond 6 years
Posted Date : 21-Feb-2012 , 08:30:41 am | Posted By CASANSAAR
Government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to l...
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Category :
Income Tax |
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0 | Hits : 615
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Tax revenues in Jammu and Kashmir touch a high of Rs 4,800 crore: Abdul Rahim Rather
Posted Date : 21-Feb-2012 , 08:28:48 am | Posted By CASANSAAR
The total tax revenue collected by the state has touched a high of Rs 4,800 crore this year, Jammu and Kashmir Minister for Finance and Ladakh Affairs Abdul Rahim Rather said today. "This year, the total tax revenue has touched a high of Rs 4,800 crore compared to Rs 3,400 crore during last year...
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Category :
VAT |
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0 | Hits : 242
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Share transfer among promoters amounts to equity sale, rules SEBI
Posted Date : 21-Feb-2012 , 08:22:17 am | Posted By CASANSAAR
Capital market regulator Sebi has said that any transfer of shares even within the promoter group of a company would be considered as an equity sale, when it comes to promoters getting a preferential treatment for allotment of fresh shares or warrants. Accordingly the promoters of a listed company w...
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SEBI |
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SC breather to banks on tax dispute
Posted Date : 21-Feb-2012 , 08:16:05 am | Posted By CASANSAAR
The Supreme Court has allowed the appeals of major banks in Kerala and dismissed the appeals by the Income Tax department in a dispute over the calculation of tax. The bench headed by Chief Justice S H Kapadia has asked the tax authorities to compute tax according to the principles laid down in th...
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Category :
Income Tax |
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Status of Admission to Company Secretaries (CS) Executive Programme
Posted Date : 20-Feb-2012 , 08:47:06 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India in a press release has notified that Admission to Company Secretaries (CS) Executive Programme is on. Graduates seeking admission till 29th February, 2012 will be eligible for Examination in December, 2012. B.A / B.Sc / B.Com Graduates of any discipline ...
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Category :
ICSI |
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BlackBerry finally sets up server in Mumbai
Posted Date : 20-Feb-2012 , 08:45:50 pm | Posted By CASANSAAR
After much controversy, BlackBerry has finally set up its server in Mumbai following intense pressure from the government to provide a mechanism for lawful interception of its messenger services and Nokia has been asked to follow suit.
During a high-level meeting at the Union Home Ministry recent...
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International Business |
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0 | Hits : 251
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Govt to cover exempt sectors in second phase of XBRL roll-out
Posted Date : 20-Feb-2012 , 08:39:00 am | Posted By CASANSAAR
Banks, non-banking financial companies (NBFCs), insurers and power utilities will be brought under the ambit of eXtensible Business Reporting Language (XBRL), a digital format for filing financial statements, in the second phase of its roll-out in India.
The sectors were exempted from fil...
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Category :
Corporate Law |
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Assessing officer can't be part of tax appellate body deciding the appeal
Posted Date : 20-Feb-2012 , 08:32:33 am | Posted By CASANSAAR
An income-tax commissioner, responsible for an assessment order, cannot be a part of the body that decides the appeal against the same order, a tax tribunal has said. The Income Tax Appellate Tribunal (ITAT), the second appellate forum that decides on tax disputes, said that involving a tax ...
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General |
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RBI asks banks to formulate UCI code for customers
Posted Date : 20-Feb-2012 , 08:29:35 am | Posted By CASANSAAR
The Reserve Bank of India has advised banks to consider putting in place unique customer identification (UCI) numbers for customers and filter out multiple banking facilities availed by them through a de-duplication exercise.
Currently, the Reserve Bank guidelines permit the use of Aadhaar ...
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RBI |
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1 | Hits : 356
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Parliamentary Panel to take up Companies Bill after report on DTC
Posted Date : 19-Feb-2012 , 07:14:55 pm | Posted By CASANSAAR
A parliamentary panel will take up the Companies Bill 2011, which will replace the half-a- century old company law, after finalising the report on the Direct Taxes Code (DTC). "We first want to complete the report on DTC, after that we will take up the Companies Bill," a source said. The Parliam...
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Income Tax |
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0 | Hits : 317
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BCCI owes Rs 373 cr in taxes for 2009-10: I-T dept
Posted Date : 19-Feb-2012 , 07:13:40 pm | Posted By CASANSAAR
The Income Tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10, of which only Rs 41 crore have been paid. This was revealed in response to an RTI query.
The department said BCCI used to get income t...
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Category :
Income Tax |
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0 | Hits : 303
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ICAI Requests Members to Share Hardship Being Faced with Regard to TDS Returns.
Posted Date : 19-Feb-2012 , 07:12:02 pm | Posted By CASANSAAR
The Direct Taxes Committee of ICAI makes suitable representations to the Central Board of Direct Taxes or other appropriate bodies on various issues arising out of direct tax laws from time to time which are brought to the notice of the Committee by the members. Recently, it has been brought to...
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ICAI |
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Get Professional Updation via SMS/email from CASANSAAR
Posted Date : 17-Feb-2012 , 08:13:49 pm | Posted By CASANSAAR
Now receive SMS/email alerts on the go from CASANSAAR.COM. This free subscription will entitle you to faster complete updates with no advertisements. Receive Professional, Tax and Career related updates in your mobile/email inbox and stay ahead in your professional life.
So...
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General |
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Tax department seeks review of Supreme Court ruling in Vodafone case
Posted Date : 17-Feb-2012 , 06:49:32 pm | Posted By CASANSAAR
The Union government filed a request on Friday for a review of a Supreme Court ruling dismissing a $2.2-billion tax bill imposed on British phone giant Vodafone.The Supreme Court ruled in January that Indian tax authorities "had no jurisdiction to tax Vodafone" over it...
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Category :
Income Tax |
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0 | Hits : 417
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Search against Ponty Chadha still on: CBDT
Posted Date : 17-Feb-2012 , 08:35:50 am | Posted By CASANSAAR
Faced with the growing suggestion that the income tax department's much-publicized "search and survey" operation against Ponty Chadha was actually a fizzle, the Central Board of Direct Taxes on Thursday claimed that the exercise with regard to the politically resourceful liquor baron was n...
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Income Tax |
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