Rupee payment for Iranian crude oil exempted from tax
Posted Date : 19-Jun-2012 , 07:53:21 am | Posted By CASANSAAR
The government has exempted refiners from paying withholding tax on the purchase of crude oil from Iran. This would reduce costs for Indian refiners, while facilitating payments to Iran in rupees.
The finance ministry issued a notification under the Income tax Act to exempt “in the na...
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Income Tax |
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RBI enhances export credit refinance limit; injects Rs 30K cr
Posted Date : 18-Jun-2012 , 03:19:10 pm | Posted By CASANSAAR
The Reserve Bank Monday decided to enhance the Export Credit Refinance (ECR) limit to 50 percent of the outstanding rupee export credit for banks, from 15 percent, a move that will inject Rs 30,000 crore into the system."With a view to enhancing the credit flow to the export sector, it has been deci...
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Income Tax |
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0 | Hits : 812
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RBI keeps repo rate, CRR unchanged to check inflation
Posted Date : 18-Jun-2012 , 12:35:30 pm | Posted By CASANSAAR
Reserve Bank of India left interest rates and the cash reserve ratio for banks unchanged on Monday, defying widespread expectations for a rate cut as it warned that doing so could worsen inflation, disappointing markets. The Reserve Bank of India kept its policy repo rate unchanged at 8% and le...
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RBI |
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House panel wants MCA to define
Posted Date : 18-Jun-2012 , 08:56:44 am | Posted By CASANSAAR
A parliamentary panel has recommended that the ministry of corporate affairs (MCA) define the concept of private placement in the proposed Companies Bill.
The ministry has refrained from defining the term as it believes that the concept of public offer is already provided for in the law. Ho...
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Corporate Law |
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IIT, IIM clients on Income Tax radar
Posted Date : 18-Jun-2012 , 08:53:01 am | Posted By CASANSAAR
Consultancy services taken from the elite IIMs and IITs and cash payments made to surgeons of large multi-speciality hospitals have come under the tax scanner as a country-wide Income Tax department probe has found that these transactions are largely escaping the tax net.
An elaborate 'anal...
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Income Tax |
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Cost Accountants Eligible for VAT Audit in Tamil Nadu
Posted Date : 18-Jun-2012 , 08:38:12 am | Posted By CASANSAAR
Tamil Nadu VAT (Third Amendment) Act, 2012, which received the assent of the Governor on 31st May, 2012 recognizes Cost Accountants for VAT Audit under the Act
TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY
The following Act of the Tamil Nadu Legislative Assembly r...
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VAT |
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RBI guideline to ease home loan payment process
Posted Date : 16-Jun-2012 , 11:51:18 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed state and central co-operative banks to stop levying penalty on pre-payment of home loans on floating interest rates with immediate effect.In a notification, it said though many banks had in the recent past voluntarily abolished pre-payment penalties on f...
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Banking |
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RBI may cut rates by 25 basis points
Posted Date : 16-Jun-2012 , 08:27:34 am | Posted By CASANSAAR
RBI's flip-flop on supporting growth has tempered the market perception of a sharp cut in the repo rate on Monday. Most bankers expect that RBI may cut rates by 25 basis points, if at all it chooses to reduce them.On Thursday night, RBI deputy governor D Subbarao said inflation cannot be controlled ...
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RBI |
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Status of Intervening Holidays during CA Examination - ICAI
Posted Date : 15-Jun-2012 , 07:33:19 am | Posted By CASANSAAR
ANNOUNCEMENTStatus of Intervening Holidays during CA Examination
The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period a...
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Income Tax |
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Indian money in Swiss banks rise for 1st time in 5 years
Posted Date : 14-Jun-2012 , 11:40:32 pm | Posted By CASANSAAR
Switzerland today said the quantum of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs 12,740 crore) at the end of 2011, rising for the first time in the past five years.
The total funds held by Indian individuals and entities include 2.025 billion Swiss ...
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International Business |
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I-T to begin internal audits for better revenue collection
Posted Date : 14-Jun-2012 , 11:36:59 pm | Posted By CASANSAAR
The Income Tax department is planning to start internal audits for its various tax collection arms after it was rapped by the CAG recently for non-recovery of tax arrears worth over Rs 4,500 crore from various entities.The tax department's idea through these audits is to plug any leakages ow...
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Income Tax |
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Foreign remittances come under scanner
Posted Date : 14-Jun-2012 , 08:16:45 am | Posted By CASANSAAR
The Income-Tax (I-T) Department has started looking at new areas in revenue mobilisation to substantially augment revenue collections in 2012-13. As part of this plan, the I-T Department is set to closely scrutinise tax deducted at source (TDS) on foreign remittances.
A senior finance minis...
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Income Tax |
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MCA issues fresh notices to three Tata group companies
Posted Date : 14-Jun-2012 , 07:37:46 am | Posted By CASANSAAR
In a new twist to the almost six-year-old dispute between the Tatas and the Aditya Birla Group over Idea Cellular Ltd, the ministry of corporate affairs (MCA) has issued fresh notices to three Tata group companies, asking them to furnish their shareholding details by June 13, according to a ministry...
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Corporate Law |
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HC admits NBFC's plea against RBI
Posted Date : 14-Jun-2012 , 07:28:35 am | Posted By CASANSAAR
The Bombay high court on Wednesday admitted a petition that has challenged an order of the Reserve Bank of India cancelling the Non Banking Financial Company (NBFC) licence of Alternative Investment and Credits Limited. The company is a ten year old NBFC operating on "Islami...
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RBI |
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Mehdi Hassan passes away in Karachi
Posted Date : 13-Jun-2012 , 02:52:44 pm | Posted By CASANSAAR
India-born Ghazal legend Mehdi Hassan, the melodious voice behind evergreen hits like 'Patta patta, boota boota' and 'Kab ke Bichhare', died today following multiple organ failure at the age of 84.Hassan, who had millions of fans in India and Pakistan, had been admitted to the Agha Khan Hospita...
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General |
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RBI allows banks to accept spectrum as collateral
Posted Date : 13-Jun-2012 , 09:17:45 am | Posted By CASANSAAR
The Reserve Bank of India has approved the proposal to allow mobile phone companies to mortgage airwaves, a move that will allow telcos to use spectrum as collateral and raise funds from banks for the upcoming auctions. The RBI has said that banks will be allowed to seize airwaves in ...
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Banking |
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Facebook testing technologies to link pages of kids under 13 with parents' accounts
Posted Date : 13-Jun-2012 , 09:01:49 am | Posted By CASANSAAR
If Facebook wants to open its doors to kids under 13 - as well as acknowledge the millions that are already there - it's going to need to tread cautiously.The social network is testing technologies that would link children's pages to those of their parents and enable parents to approv...
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International Business |
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HC reserves order on SEBI official
Posted Date : 13-Jun-2012 , 08:58:47 am | Posted By CASANSAAR
The Gujarat high court has kept its order reserved till Thursday on the CBI application demanding further remand of Avarjeet Singh, a senior official of Securities and Exchange Bureau of India (SEBI). Working as deputy general manager with SEBI, Singh was allegedly...
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SEBI |
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Maruti Suzuki to merge Suzuki Powertrain; Suzuki to up stake to 56.2%
Posted Date : 12-Jun-2012 , 02:31:10 pm | Posted By CASANSAAR
Maruti Suzuki today said its Japanese parent Suzuki Motor Corporation's stake in the company will go up to 56.2 per cent following merger of Suzuki Powertrain with India's largest carmaker."The Board of Directors of Maruti Suzuki India (MSI) today approved a proposal to merge Suz...
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Income Tax |
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Govt proposes to increase tax scrutiny, reduce refunds
Posted Date : 12-Jun-2012 , 07:17:33 am | Posted By CASANSAAR
With slowing economic growth impacting tax revenue collections, the finance ministry is proposing to make good the shortfall by shifting its focus to companies operating in the still rapidly growing consumer economy and a closer scrutiny of the top 100 assessees to check for any tax evasion.
...
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Income Tax |
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Audit firms like E&Y, PwC and Protiviti Consulting ramp up hiring for internal audit and risk advisory functions
Posted Date : 12-Jun-2012 , 07:12:00 am | Posted By CASANSAAR
Rising governance issues in companies and increasing corporate frauds have led to a surge in demand for talent in the internal audit arm of audit firms and companies. Audit firms like Ernst & Young,PricewaterhouseCoopers (PwC) and Protiviti Consulting are ramping up hiring fo...
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Auditing |
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Direct Tax Code Bill likely to be tabled in monsoon session: Pranab
Posted Date : 12-Jun-2012 , 07:03:26 am | Posted By CASANSAAR
India hopes to introduce a bill for a direct tax code (DTC) during the monsoon session of Parliament, finance minister Pranab Mukherjee said on Monday.The monsoon session usually runs from July to August. The code, which will replace the existing Indian Income Tax Act 1961, inten...
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Income Tax |
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Indirect tax collections rise 16.1% to Rs 37,166 crore in May
Posted Date : 11-Jun-2012 , 10:09:28 pm | Posted By CASANSAAR
Indirect tax collections have increased by 16.1 per cent to Rs 37,166 crore in May on the back of rise in excise duty and service tax rates. The overall growth in indirect tax revenue collection during the month of May, 2012, is about 16.1 per cent which is 5.7 per cent high...
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Excise |
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LLP Registry is Now Merged with MCA-21 and Decentralization of LLP Approval to Various ROCs
Posted Date : 11-Jun-2012 , 10:05:33 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs, has achieved a new milestone by integrating e-Governance project for Limited Liability Partnership (LLP) under the platform of MCA21. This initiative has been taken on the advice of Union Corporate Affairs Minster Dr. M.Veerappa Moily. This will result in prov...
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Corporate Law |
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ICAI: CPT EXAM CENTRE CHANGE
Posted Date : 11-Jun-2012 , 04:51:05 pm | Posted By CASANSAAR
Important Announcement - CPT June 2012 Examination. - (11-06-2012) IMPORTANT ANNOUNCEMENT No. 13-CA(Exams)/CPT/June 2012/ June 11, 2012.
Due to unavoidable circumstances, the examination Centre of 200 candidates bearing Roll No. from 218290 to 218489 for CPT (Common Proficiency Test - Exami...
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ICAI |
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MCA: Introducing Limited Liability Partnership (LLP) Registration through Electronic Mode (E-Filing).
Posted Date : 11-Jun-2012 , 01:00:46 pm | Posted By CASANSAAR
Introducing Limited Liability Partnership (LLP) Registration through Electronic Mode (E-Filing).
A. LLP REGISTRY PROCESS FOR NEW UNITS
1. LLP registration process has been upgraded and aligned with MCA Portal 21. 2. Ministry has since decentralized this process. Hencefo...
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Corporate Law |
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1 | Hits : 1358
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NPA detail of Banks in Last Three Year
Posted Date : 11-Jun-2012 , 08:36:08 am | Posted By CASANSAAR
Finance ministry concerned over rising bad loans and wants a variety of actions to check these; Pranab to meet financial institutions’ chiefs on Tuesday to discuss the issue
Concerned at the spurt in bad loans of public sector banks (PSBs), the Union finance ministry has asked them to...
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Banking |
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ICAI plans 100-150 CMA support centres across country
Posted Date : 11-Jun-2012 , 08:29:37 am | Posted By CASANSAAR
The Institute of Cost Accountant Of India (ICAI) has drawn up plans to set up 100-150 CMA support centres across the country.
"We have decided to set up 100-150 CMA Support Centres in a year and the first will be in Gulbarga in Jammu & Kashmir," ICAI central council member Manas Kumar ...
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ICWAI |
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Mahindra Satyam shareholders approve merger with Tech Mahindra
Posted Date : 10-Jun-2012 , 09:46:35 pm | Posted By CASANSAAR
Mahindra Satyam today said its shareholders have approved the merger of the firm with its parent company Tech Mahindra. "The shareholders of both Tech Mahindra and Mahindra Satyam have unanimously approved the scheme of amalgamation and merger of Satyam Computer Services Ltd...
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Merger & Acquisitions |
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Tax fears make overseas investors pull out Rs 1 trillion from India
Posted Date : 10-Jun-2012 , 09:43:20 pm | Posted By CASANSAAR
Rich overseas entities, investing in Indian markets through 'participatory notes' (P-notes/PNs), are estimated to have pulled out over Rs 1 lakh crore (about USD 20 billion) in less than three months on fears of getting caught in the government's taxation net and its black money trail. As a res...
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International Business |
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