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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0 | Hits : 1154
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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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0 | Hits : 864
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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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0 | Hits : 813
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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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0 | Hits : 769
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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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0 | Hits : 1457
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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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Service Tax |
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0 | Hits : 1437
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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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0 | Hits : 916
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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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0 | Hits : 1463
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Change in Tariff Value of Gold Notified
Posted Date : 07-Jun-2012 , 09:11:32 pm | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 48/2012-CUSTOMS (N. T.) dated June 07, 2012 and thereby notifying change in tariff value of Gold as shown in the tables below:
...
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Excise |
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0 | Hits : 854
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An appeal from President of ICSI
Posted Date : 07-Jun-2012 , 03:53:19 pm | Posted By CASANSAAR
An appeal from President of ICSI...Kindly Click the Link to see the information...
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ICSI |
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0 | Hits : 1179
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Govt approves Rs 632 cr capital infusion in regional rural banks
Posted Date : 07-Jun-2012 , 01:57:39 pm | Posted By CASANSAAR
Union Cabinet has approved capital infusion of 632 crore rupees in some Regional Rural Banks to improve their capital to risk waited assets ratio. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks by a...
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Banking |
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0 | Hits : 892
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Negative list of Services applicable w.e.f. 01.07.2012
Posted Date : 07-Jun-2012 , 07:52:11 am | Posted By CASANSAAR
(a) Services by Government or a local authority excluding the following services to the extent they are not covered elsewhere:
(i) services by the Department of Posts by way of speed post, express parcel post, life insurance and agency services provided to a person other...
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Service Tax |
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1 | Hits : 3412
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I-T dept, ICAI start probe into Reebok case
Posted Date : 07-Jun-2012 , 07:47:35 am | Posted By CASANSAAR
Accounting regulator Institute of Chartered Accountants of India (ICAI) has asked Reebok India’s auditor N Narasimhan & Co, and its former chief operating officer Vishnu Bhagat, one of the accused in the alleged Rs 870-crore fraud case, for various details such as whether the company has a...
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ICAI |
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0 | Hits : 1211
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All rural branches of banks to impart financial literacy: RBI
Posted Date : 07-Jun-2012 , 07:43:08 am | Posted By CASANSAAR
The Reserve Bank Wednesday said all rural branches of banks will have to impart financial literacy.This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas."Banks may consider setting up need based FLCs in ot...
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Banking |
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0 | Hits : 964
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Income Tax bribery case: Top IRS officer under scrutiny
Posted Date : 07-Jun-2012 , 07:41:14 am | Posted By CASANSAAR
Another top official has come under scrutiny in Kanpur's alleged bribery case, in which top Income Tax officials were arrested. Sources say the Central Bureau of Investigation (CBI) will soon be interrogating top IRS official SS Bajpayee. He is the Director General for Investigations in UP and Uttar...
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Income Tax |
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0 | Hits : 931
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V. S. Sampath is new Chief Election Commissioner
Posted Date : 07-Jun-2012 , 07:33:07 am | Posted By CASANSAAR
Election Commissioner V S Sampath was on Wednesday appointed the new Chief Election Commissioner who will preside over the next Lok Sabha general elections in 2014. 62-year-old Sampath will take over as CEC after incumbent S Y Quraishi demits office on June 10. Our correspondent reports, President P...
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General |
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Direct Tax Collections During Financial Year 2011-12 Up by 13.02 Percent at Rs. 5,90,077 Crore as Against Rs 5,22,104 Crore During Financial Year 2010-11
Posted Date : 06-Jun-2012 , 08:34:45 pm | Posted By CASANSAAR
Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at...
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Income Tax |
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0 | Hits : 695
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All services except 17 in the negative list, will be taxed from July 1
Posted Date : 06-Jun-2012 , 06:12:47 pm | Posted By CASANSAAR
All services except 17 in the negative list, will be taxed from July 1, the Finance Ministry has said. Under the 'negative list' approach, services specified in the list will remain outside the tax net.
The government has widened the definition of 'Services' to bring in more activities under the ta...
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Service Tax |
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0 | Hits : 2016
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Govt offers sops to boost exports
Posted Date : 06-Jun-2012 , 02:08:25 pm | Posted By CASANSAAR
The government on Tuesday unveiled a sevenpronged strategy, including subsidized loans and other sops, to boost exports, which are expected to rise a minimum 20% during the current financial year.
While retaining its focus on boosting exports to nontraditional markets in Latin America and Af...
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General |
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0 | Hits : 792
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Reebok fraud case: Adidas asked to file I-T returns in India
Posted Date : 06-Jun-2012 , 08:21:56 am | Posted By CASANSAAR
Adidas, the German headquartered sports goods maker, has more problems on its hands than tackling the alleged fraud in its Reebok India business.
The international tax division, a wing of the Central Board of Direct Taxes (CBDT), has asked the parent company to file income-tax r...
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Income Tax |
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0 | Hits : 1057
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RBI may slash repo rate by 0.25%: Nomura
Posted Date : 06-Jun-2012 , 08:18:45 am | Posted By CASANSAAR
Global financial services firm Nomura Tuesday said it expects 0.25 percent cut in short term lending rate by the Reserve Bank in its upcoming monetary policy review on June 18."We now expect a 25 basis points repo rate cut on June 18 due to weaker-than-expected real GDP growth of 5.3 percent in Q1 2...
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RBI |
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0 | Hits : 796
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Foreign trade policy: Govt announces steps to raise exports
Posted Date : 05-Jun-2012 , 05:18:40 pm | Posted By CASANSAAR
Faced with uncertain global environment, government on Tuesday announced a slew of measures, including extension of 2 percent interest subsidy by one year, as part of 7-point strategy to achieve 20 percent increase in exports to USD 360 billion in the current fiscal.
Unveiling the ann...
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General |
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0 | Hits : 936
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Change in accounting principles may hit companies' ability to borrow
Posted Date : 05-Jun-2012 , 08:03:13 am | Posted By CASANSAAR
Indian companies, grappling with slowing business environment and deferment of projects, will now have to contend with another challenge from a recent change in accounting principles that will increase their current liabilities and limit ability to borrow. The changes approved by the ...
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Corporate Law |
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0 | Hits : 1110
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Finance ministry to seek feedback on recent QFI relaxations
Posted Date : 05-Jun-2012 , 07:57:45 am | Posted By CASANSAAR
As part of the ongoing efforts to kick-start investments through the qualified foreign investor (QFI) route, the finance ministry has called for a meeting with top foreign institutional investors (FIIs), including Citi, JP Morgan and HSBC.
The meeting, to be held tomorrow, will be chaired b...
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Finance |
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0 | Hits : 836
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Senior income tax official from Kanpur arrested for 25-lakh bribe
Posted Date : 04-Jun-2012 , 07:53:57 pm | Posted By CASANSAAR
One of Kanpur's most senior income tax officers, the Commissioner of Investigations, has been arrested by the CBI. Kunal Singh of the Internal Revenue Service (IRS) was arrested this morning along with three other senior tax officials. They reportedly accepted bribes from the head of a re...
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Income Tax |
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0 | Hits : 944
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Pranab Mukherjee confident of meeting indirect tax collection target
Posted Date : 04-Jun-2012 , 04:09:10 pm | Posted By CASANSAAR
Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee on Monday exuded confidence that they will be able to meet indirect tax collection target of Rs5.05 lakh crore for 2012-13.
"They have done good job last year. This year also, I do hope it would be...
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Category :
Excise |
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0 | Hits : 787
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Amount of Reebok fraud appears inflated: SFIO
Posted Date : 04-Jun-2012 , 08:24:21 am | Posted By CASANSAAR
An initial probe by the Serious Fraud Investigation Office (SFIO), the investigative arm of the Ministry of Corporate Affairs, into the Reebok India scam suggested the amount of Rs 870 crore as alleged by the company’s German parent, appeared “exaggerated”.
“We have ...
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Corporate Law |
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0 | Hits : 962
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FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow
Posted Date : 03-Jun-2012 , 08:43:56 pm | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the All India Annual Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax here tomorrow. The two- day Conference at Vigyan Bhawan will deliberate in parallel sessions through four bre...
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Excise |
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0 | Hits : 847
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Gold hits all-time high, zooms past Rs 30,000-level
Posted Date : 03-Jun-2012 , 08:44:03 am | Posted By CASANSAAR
Gold prices on Saturday jumped sharply up to Rs 1,095 per 10 gram crossing the Rs 30,000 per 10 gram level, its all-time high, on account of rise in global prices of precious metal and weakening rupee.
The maximum jump in prices was seen in Chennai, where gold became costlier by Rs 1,095 at...
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Category :
International Business |
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0 | Hits : 833
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