Baba Ramdev's trust asked to pay Rs 4.94 crore in service tax for yoga camps
Posted Date : 01-Jun-2012 , 07:20:43 am | Posted By CASANSAAR
Baba Ramdev's Patanjali Yogpeeth Trust is in more trouble. This time for service tax evasion of Rs 4.94 crore payable on the income generated from "yoga shivirs (camps)" organized across the country.The trust was issued notice by the Directorate of Central Excise Intelligence recently afte...
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Service Tax |
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Economy hits 9-year low growth in FY'12; prospects dim
Posted Date : 31-May-2012 , 10:32:35 pm | Posted By CASANSAAR
Reflecting the current economic woes, India's GDP growth rate slipped to 6.5% in 2011-12, the worst in nine years, on account of decline in almost all segments including agriculture and manufacturing.
For the quarter ended March, 2012, the economy expanded at 5.3%, again the slowest since 200...
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General |
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New Telecom policy approved: Roaming charges to go, one-nation-one-number cleared
Posted Date : 31-May-2012 , 01:28:16 pm | Posted By CASANSAAR
The cabinet on Thursday approved a new telecoms policy, Ambika Soni said, which will replace more than a decade-old rules. The cabinet approved the new policy with some changes from what was proposed earlier, Soni, the minister for information and broadcasting, told reporters after a ...
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General |
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ITAT rejects tax department use of retrospective amendments in case of royalties
Posted Date : 31-May-2012 , 08:31:52 am | Posted By CASANSAAR
In what is among the first of many legal battles over the controversial retrospective amendments to the income tax act, the Income Tax Appellate Tribunal has refused to accept the tax department's reliance on the restrospective amendments in the case of royalties. The ITAT, in a...
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Income Tax |
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DLF gets tax demand of Rs 457 crore from I-T dept
Posted Date : 31-May-2012 , 08:29:13 am | Posted By CASANSAAR
Country's largest realty firm DLF today said it has received an additional tax demand of Rs 457.39 crore from the Income Tax Department for the assessment year 2009-10, mainly on account of disallowance of profits from Special Economic Zone (SEZ). DLF has filed appeals before the appr...
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Category :
Income Tax |
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Reebok fraud Case, SFIO, ICAI to probe Auditors' role
Posted Date : 31-May-2012 , 07:37:09 am | Posted By CASANSAAR
The government and the country's accounting regulator will initiate separate probes into the role of Reebok India's auditors, widening the scope of investigation in the alleged Rs 870-crore fraud. "The Serious Fraud Investigation Office (SFIO) will look into the role of audi...
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ICAI |
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MCA sets up committee on investor issues
Posted Date : 31-May-2012 , 07:29:37 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has set up an experts committee under the chairmanship of Jaydeep N Shah, president of the Institute of Chartered Accountants of India (ICAI), for following up action points on several issues associated with investor education and grievances redressa...
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Corporate Law |
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Defunct exchanges must close shops within 2 years: SEBI
Posted Date : 31-May-2012 , 07:27:28 am | Posted By CASANSAAR
The defunct stock exchanges and those which are not able to maintain a turnover of Rs 1,000 crore will have to close shops within two years, market regulator Sebi said today.
"If stock exchange is not able to achieve the prescribed turnover of Rs 1,000 crore on continuous basis or does not ...
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SEBI |
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Viswanathan Anand crowned World Chess Champion for fifth time
Posted Date : 30-May-2012 , 08:55:34 pm | Posted By CASANSAAR
Indian Grandmaster Viswanathan Anand showed immense resilience to beat challenger Boris Gelfand of Israel in a tense rapid chess tie-breaker to win the World Championship crown for the fifth time and fourth in a row here today.
Anand won the second game and drew the other three to win the tit...
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General |
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Vodafone, others to get I-T notices soon
Posted Date : 30-May-2012 , 08:50:22 pm | Posted By CASANSAAR
The Income Tax authorities will soon send reminder notice to Vodafone and raise demands from other companies to recover similar tax dues, which may yield the exchequer a total of Rs 40,000 crore. "We will send reminder notice to Vodafone," a top Finance Ministry official said. There are ei...
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Income Tax |
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I-T dept not to reopen cases prior to April 1, 2012
Posted Date : 30-May-2012 , 02:35:57 pm | Posted By CASANSAAR
Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said the Income Tax Department will not re-open cases where assessment proceedings had been finalised before April 1, 2012.
"I gave a commitment in Parliament with regard to retrospective am...
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Income Tax |
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2 CA's in the CBI's latest list of 23 Undesirable Contact Men (UCM)
Posted Date : 30-May-2012 , 08:16:33 am | Posted By CASANSAAR
Some of India's most notorious arms dealers, well-connected chartered accountants and not so well-known consultants operating from various parts of the country have been named in the latest list of 23 "Undesirable Contact Men" (UCM) circulated within the government. The Central Bureau of Inves...
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ICAI |
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Police seek to hire CA for Reebok probe
Posted Date : 30-May-2012 , 08:07:54 am | Posted By CASANSAAR
Gurgaon Police have sought approval of the director general of police (DGP) to hire a CA to help them investigate the alleged fraud at Reebok . "We have sought approval of the DGP to hire a chartered accountant since this case involves financial intricacies. The CA can understand the irregularities ...
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ICAI |
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FM to inaugurate the biggest Income Tax building at New Delhi
Posted Date : 30-May-2012 , 08:00:15 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 O...
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Category :
Income Tax |
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Offline bit in online income tax filing to end
Posted Date : 30-May-2012 , 07:55:31 am | Posted By CASANSAAR
The one major irritant in online filing ofincome tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-Tdepartment's centralized pro...
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Income Tax |
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Guidelines for Declaring a Financial Institution as Public Financial Institution Under Section 4a of the Companies Act, 1956
Posted Date : 30-May-2012 , 07:51:58 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:- (a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act...
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Corporate Law |
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Govt clears 25 FDI proposals worth Rs 2,973 crore
Posted Date : 29-May-2012 , 04:05:50 pm | Posted By CASANSAAR
The government today said it has cleared 25 foreign direct investment (FDI) proposals, including that of AIF III of Mauritius and Mumbai based Microqual Techno, worth Rs 2,973.40 crore.
The applications were cleared after recommendations of the Foreign Investment Promotion Board (FIPB) head...
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Finance |
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MCA refers Reebok fraud case to SFIO
Posted Date : 29-May-2012 , 01:38:54 pm | Posted By CASANSAAR
Corporate Affairs Minister Veerappa Moily today said "something wrong" has been found in the books of Reebok India, which has accused two of its former top executives of a Rs 870-crore fraud.
The minister also said the matter has now been referred to the Serious Fraud Investigation Office (...
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Corporate Law |
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Finance Act, 2012 as Assented by President
Posted Date : 29-May-2012 , 08:45:17 am | Posted By CASANSAAR
FINANCE ACT, 2012
[Act No. 23 of 2012]
An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.
BE it enacted by Parliament in the Sixty-third Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
Short title ...
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Income Tax |
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Vodafone to opt for international arbitration against Indian tax authorities
Posted Date : 29-May-2012 , 07:43:07 am | Posted By CASANSAAR
British telecom giant Vodafone is likely to rely on international arbitration under the India-Netherlands investment protection agreement rather than approach Indian courts as its epic dispute with the Indian tax authorities looks set to resume soon with the passa...
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Category :
Income Tax |
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Joint Entrance Exam for IITs, NITs & IIITs from 2013
Posted Date : 28-May-2012 , 09:51:43 pm | Posted By CASANSAAR
Government has announced a Joint Entrance Examination, JEE from 2013 for admission into the central funded engineering institutions such as Indian Institute of Technology (IITs) , National Institutes of Technolgy (NITs) and Indian Institute of Information Technology (IIITs).Joint Councils of these i...
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General |
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Andhra HC strikes down minority sub quota
Posted Date : 28-May-2012 , 06:05:58 pm | Posted By CASANSAAR
In a significant development, the Andhra Pradesh High Court on Monday rejected the Centre’s move to create a sub-quota for minorities on religion basis.
A division bench of the High Court comprising Chief Justice Madan B Lokur and Justice PV Sanjay Kumar said that there was no rationale...
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General |
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Delhi government cuts petrol price by Rs 1.26 per litre
Posted Date : 28-May-2012 , 06:02:08 pm | Posted By CASANSAAR
Petrol will be Re 1.26 per litre cheaper in the capital soon. The Congress government of Sheila Dikshit in Delhi has decided not to impose 20 per cent Value Added Tax (VAT) on petrol prices.
State-run oil marketing firms had last Wednesday announced the steepest-ever hike in petrol prices - D...
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VAT |
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Facebook smartphone to be 'released next year'
Posted Date : 28-May-2012 , 05:45:05 pm | Posted By CASANSAAR
Social networking giant Facebook is to launch its own smartphone by next year, reports have suggested.
The New York Times cited unnamed sources, including Facebook employees, suggesting that the network had been hiring several smartphone engineers.
Facebook recently admit...
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General |
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RBI & 926 bank branches to collect advance income tax
Posted Date : 28-May-2012 , 05:37:02 pm | Posted By CASANSAAR
The Reserve Bank and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long queues and inconvenience to the tax assesses, RBI said on Monday.
"As many as 926 computerised branches of public and private sector banks will receive...Thes...
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Income Tax |
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Indian companies paying less for Audit Fees
Posted Date : 28-May-2012 , 07:42:19 am | Posted By CASANSAAR
How much did auditors charge companies to certify that their financial records are in order? Just Rs 16 for every Rs 1 lakh of the company's turnover in 2011, suggests a report by the Chennai-based chartered accountancy training centre, Prime Academy. Audit fees are actually down f...
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Auditing |
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Black money cases: I-T dept forms lawyer teams for prosecution
Posted Date : 28-May-2012 , 07:39:18 am | Posted By CASANSAAR
The Income Tax department has initiated a special country-wide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. Finance Minister Pranab Mukherjee, in his white paper on black money tabled during the recently conc...
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Income Tax |
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Sebi keeps consent window open to settle serious offences
Posted Date : 28-May-2012 , 07:35:02 am | Posted By CASANSAAR
A high-powered advisory committee or panel of whole-time members may settle violations excluded from the new framework
Despite shutting the consent route on serious market offences like insider trading and front running, the Securities and Exchange Board of India (Sebi) has left a window op...
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SEBI |
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Demands on IT companies to be relaxed by the Income-Tax department?
Posted Date : 28-May-2012 , 07:30:09 am | Posted By CASANSAAR
There is a flicker of hope for Indian software companies battling a barrage of claims from theIncome-Tax Department.
In the last few days, the Central Board of Direct Taxes, an arm of the finance ministry, has asked tax offices in cities where the software firms are based...
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Income Tax |
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Revised CBDT Instruction on Grant of TDS Credit For AY 2011-12
Posted Date : 28-May-2012 , 07:20:00 am | Posted By CASANSAAR
Section 143 of the Income-tax Act, 1961 – Assessment – General – Processing of returns of A.Y. 2011-12 – Steps to clear backlog – Withdrawal of Instruction No. 1/2012, dated 2-2-2012
Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012
T...
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Income Tax |
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