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 : 1364
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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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RBI nods to much frequent NRI remittance
Posted Date : 10-Jun-2012 , 08:06:05 am | Posted By CASANSAAR
The Reserve bank of India (RBI) has permitted NRIs to send remittances more frequently. According to a latest RBI circular released on Friday, resident Indians are now allowed to receive as many as 30 remittances from NRI friends and relatives during a year as against 12 earlier.In the circular addr...
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RBI |
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Kolkata bench of ITAT allows Rajarani Exports to claim benefit for bribe
Posted Date : 09-Jun-2012 , 07:48:24 am | Posted By CASANSAAR
Debunking a norm that income-tax laws in India strictly prohibit any allowance to illegal payments, including kickbacks, a Kolkata bench of the Income-Tax Appellate Tribunal (ITAT) has allowed deduction for illegal kickbacks paid by an Indian company to authorities in Iraq, on the ground t...
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Income Tax |
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States reject proposal for uniform accounting
Posted Date : 09-Jun-2012 , 06:52:57 am | Posted By CASANSAAR
Most state governments have rejected the Union Human Resource Development (HRD) Ministry proposal to adopt a uniform accounting standard in schools and institutes of higher learning, both government and privately run, in order to ensure greater transparency.The proposal was made at a recent meeting ...
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ICAI |
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Tax department
Posted Date : 09-Jun-2012 , 06:46:22 am | Posted By CASANSAAR
After a rush to retrospectively amend the I-T Act, tax authorities are going slow on raising a fresh demand on Vodafone as the government weighs the possible implications on the arbitration proceedings demanded by the British telecom giant. "We are moving cautiously," confirmed a senior governm...
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Income Tax |
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SEBI expresses urgent need to revive investor sentiment, faltering growth
Posted Date : 09-Jun-2012 , 06:42:39 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India - SEBI has expressed an urgent need to revive investor sentiment and faltering growth. Addressing the Skoch summit in Mumbai today, SEBI Chairman, Upendra Kumar Sinha said that the government should accelerate work on some of the urgent reform ...
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SEBI |
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RBI cuts RTGS deals threshold to Rs 1 lakh
Posted Date : 08-Jun-2012 , 05:50:46 pm | Posted By CASANSAAR
The Reserve Bank today said it has cut down the threshold limit in Real Time Gross Settlement System transactions to Rs 1 lakh from existing Rs 2 lakh until June 9, 2012 due to some technical issues.
"To ensure that customers were not unduly inconvenienced, the Reserve Bank temporarily bro...
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Finance |
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Service tax on railway freight from July 1
Posted Date : 08-Jun-2012 , 07:33:27 am | Posted By CASANSAAR
Close on the heels of railways increasing parcel rates by 25 per cent, the freight charges will go up by about 3.6 per cent from July 1 with imposition of service tax.
"The government had given service tax exemption on goods carried by railways till June 30, 2012. From July 1 using railways...
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Category :
Service Tax |
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RBI cancels Madhavpura bank licence; liquidator to be appointed
Posted Date : 08-Jun-2012 , 07:27:56 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) cancelled the licence of Madhavpura Mercantile Cooperative Bank (MMCB), bringing to an end its controversy-ridden 18-year operation as a multi-state cooperative bank.
In 2001, the bank faced a run on deposits following its alleged exposure to stock ...
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Banking |
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Guidelines for Conversion Of CA Firms into LLPs
Posted Date : 08-Jun-2012 , 07:25:05 am | Posted By CASANSAAR
ICAI COUNCIL GUIDELINES FOR CONVERSION OF CA FIRMS INTO LLPS
(Guidelines No.1-CA (7)/03/2011, dated 4th November, 2011)
In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Acco...
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ICAI |
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