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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0 | Hits : 821
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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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RIL buyback gains pace; purchases shares worth Rs 1,481 crore
Posted Date : 27-May-2012 , 05:23:36 pm | Posted By CASANSAAR
After a slow start, Reliance Industries Ltd (RIL)'s share buyback programme seems to have gathered pace with the company having acquired stocks worth Rs 1,481 crore since launch of the share repurchase offer in February. According to the information available with the bourses, Mukesh ...
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Shares & Stock |
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Institute of Chartered Accountants of India offers to work with investigators to unearth black money
Posted Date : 27-May-2012 , 08:06:41 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has announced initiatives to help government investigators track unaccounted money stashed away overseas. The apex body of accountants has said it will also assist in audits of political parties, non-governmental organisations (NGOs) a...
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ICAI |
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Soon, GST in India: Sushil Modi
Posted Date : 27-May-2012 , 08:02:42 am | Posted By CASANSAAR
Deputy Chief Minister of Bihar and Chairperson of Empowered Committee of State Finance Ministers Sushil Kumar Modi, on Friday, said the country was “nearing the implementation of the goods and services tax (GST).”
Delivering the inaugural address at a one-day seminar on ‘Taxation ...
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GST |
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0 | Hits : 922
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Foreign companies pulling more money out of India, says Nomura
Posted Date : 26-May-2012 , 09:19:08 am | Posted By CASANSAAR
Foreign direct investment, the sort of sticky long-term money India craves to fund its current account deficit and build up its infrastructure, may not be so stable after all.
According to a Nomura report, multinational companies have been pulling money out of India at an accelerating rate, moving ...
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International Business |
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0 | Hits : 836
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Sebi won't settle insider trading through consent
Posted Date : 25-May-2012 , 11:08:30 pm | Posted By CASANSAAR
Securities and Exchange Board of India (Sebi) will not settle serious offenses including insider trading and front running by consent process.
“The defaults falling in the category of fraudulent and unfair trade practices, which in the opinion of Sebi are very serious and have caused ...
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SEBI |
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India and Netherlands sign Protocol Amending DTAC
Posted Date : 25-May-2012 , 11:06:07 pm | Posted By CASANSAAR
The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend...
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Income Tax |
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Income Tax department working on strategy to prevent corruption
Posted Date : 25-May-2012 , 08:24:45 am | Posted By CASANSAAR
The Income Tax Department is working on a comprehensive strategy to deal with corruptionwithin the organisation. The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation ha...
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Income Tax |
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0 | Hits : 834
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RBI, finance ministry differ over rural bank branches
Posted Date : 25-May-2012 , 08:21:46 am | Posted By CASANSAAR
The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing banking services at low cost to the disadvantaged, a difference of opinion be...
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Income Tax |
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Income Tax department scanning laptops, email records of Reebok top honchos
Posted Date : 25-May-2012 , 08:17:54 am | Posted By CASANSAAR
The Income Tax (I-T) department is scanning laptops and computersof top executives of Reebok India, including their email records, to find out details of the alleged financial irregularities. On May 2, a team of I-T officials raided Gurgaon office of the spo...
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Income Tax |
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0 | Hits : 820
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Zone-shifting of Candidates for June - 2012 CA - CPT Exams
Posted Date : 24-May-2012 , 08:02:15 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
May 23rd, 2012
Subject: Zone-shifting of candidates for June - 2012 CA – CPT Exams
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Kolkatta and Hyderabad, some of the candidates have bee...
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Income Tax |
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0 | Hits : 933
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New Study Reveals That Facebook Caused A Third Of Divorces In 2011
Posted Date : 24-May-2012 , 08:15:44 am | Posted By CASANSAAR
Facebook CEO Mark Zuckerberg got married on Saturday to his longtime girlfriend Priscilla Chan, but if the happy couple wants to stay together, they might want to consider staying off of Facebook.
According to a U.K. survey by Divorce Online, a legal services firm, more than a third of divo...
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General |
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Chartered accountants exams to be made more transparent: Jaydeep Shah
Posted Date : 24-May-2012 , 08:08:34 am | Posted By CASANSAAR
While addressing a gathering during the inauguration of the new building of the Nashik branch of Western India Regional Council of the Institute of Chartered Accountants of India (ICAI), its presidentJaydeep Shah said that the exam system for chartered accountants would be m...
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Students Zone |
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Service tax trouble for BCCI
Posted Date : 24-May-2012 , 08:05:15 am | Posted By CASANSAAR
The service tax department believes the Board of Control for Cricket in India (BCCI) owes it Rs. 368 crore, largely arising from the sale of media rights for matches, including those that are part of the Indian Premier League (IPL). It has written to the Central Board of Excise and Customs...
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Income Tax |
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White paper on Black money Proposes to Enhance Auditors Accountability
Posted Date : 24-May-2012 , 08:01:26 am | Posted By CASANSAAR
Following is the extract (Page 63) from the “white paper on black money” issued by Govt. in Parliament on 21-05-2012. This is the part of Supportive measures which Govt. intends to take.
D.2 Enhancing the Accountability of Auditors
5.2.75 Unlike many developed...
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Auditing |
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Income Tax surveys at Pune Warriors, Royal Challengers offices
Posted Date : 24-May-2012 , 07:50:58 am | Posted By CASANSAAR
The Income Tax department has reportedly carried out surveys at the offices of Indian Premier League (IPL) teams the Sahara Pune Warriors India, and Royal Challengers Bangalore in Mumbai and Bangalore. Sources said the surveys were in connection with allegations of the use of black money in the cash...
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Income Tax |
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0 | Hits : 746
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Cabinet set to okay national portability, end of roaming
Posted Date : 24-May-2012 , 07:45:17 am | Posted By CASANSAAR
The government is set to pave the way for an end to mobile roaming within the country and usher in a country-wide number portability scheme along with faster broadband speed proposed in the New Telecom Policy. The Union Cabinet is scheduled to discuss the New Telecom Policy, which w...
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Income Tax |
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0 | Hits : 739
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Reebok India: Corporate Affairs Ministry orders scrutiny of books
Posted Date : 23-May-2012 , 10:33:03 pm | Posted By CASANSAAR
The Corporate Affairs Ministry today ordered a scrutiny of the books of accounts ofsportswear maker Reebok's Indian arm over complaints of an alleged Rs 870-crore fraud. "We have ordered an enquiry under section 234 of the Companies Act, which is a non-invasive scrutiny. The Regi...
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Corporate Law |
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0 | Hits : 1101
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Petrol price hiked by a massive Rs 7.54 a litre
Posted Date : 23-May-2012 , 10:18:15 pm | Posted By CASANSAAR
The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.
The hike, the third in one year, came a day after end of the Budget se...
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Income Tax |
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0 | Hits : 742
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Govt raises interest rate on GPF to 8.8% for 2012-13
Posted Date : 23-May-2012 , 05:34:49 pm | Posted By CASANSAAR
In a move which will benefit millions of employees, the government has hiked interest rate on contributions to general provident fund (GPF) and other similar funds to 8.8 per cent for 2012-13.
The benefit of increased interest rate will be available to subscribers of &nb...
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General |
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0 | Hits : 718
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India Against Corruption under I-T, ED scanner
Posted Date : 23-May-2012 , 08:11:17 am | Posted By CASANSAAR
The Delhi Police on Tuesday told a court here that it had written to the Income Tax Department and the Enforcement Directorate, asking them to audit the accounts, and examine funding from abroad, of India Against Corruption, the NGO behind Anna Hazare's anti-corruption crusade.
“Lette...
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Income Tax |
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0 | Hits : 872
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GST to Make Goods and Services more Competitive both in Domestic and International Markets: FM
Posted Date : 22-May-2012 , 08:43:23 pm | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. ...
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GST |
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