ICAI Muscat Chapter to host seminar on May 24
Posted Date : 21-May-2012 , 10:39:41 am | Posted By CASANSAAR
The Muscat Chapter of the Institute of Chartered Accountants of India (formed under the sponsorship of the College of Banking and Financial Studies) will host a seminar on the theme ‘Economic Growth & Need for Sustainability — Role of Financial Management’, at Shangri-La&rsqu...
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ICAI |
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Special unit to handle BCCI-IPL tax cases
Posted Date : 21-May-2012 , 07:35:21 am | Posted By CASANSAAR
The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.
Tax assessment of the BCCI for the financial years 2010-11, 2011-12, computation of exemption income as enjo...
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Income Tax |
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Banking Laws Bill in Parliament on Monday
Posted Date : 20-May-2012 , 11:17:25 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee will move an amended Banking Laws (Amendment) Bill in Parliament on Monday. The Bill is likely to cap shareholders’ voting rights in private banks at 26% irrespective of their total holding, diluting the provisions of the original bill which had proposed to al...
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Banking |
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GAAR pushed, but new tax rule may still drive FIIs away
Posted Date : 20-May-2012 , 11:13:25 pm | Posted By CASANSAAR
Foreign investors may be relieved over the controversial GAAR tax proposals being pushed back by a year but another new taxation framework could make their India investments riskier and expensive.
The proposals that are a part of the Finance Bill.
They state that capital gains arising from the t...
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Income Tax |
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0 | Hits : 802
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Forex reserves drop by $1.37 billion
Posted Date : 19-May-2012 , 11:00:16 pm | Posted By CASANSAAR
Foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed. The forex reserves has dropped sharply for the second consecutive week. It had declined b...
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Finance |
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FB now a $100 bn company; investors 'like' Facebook shares
Posted Date : 19-May-2012 , 07:23:39 am | Posted By CASANSAAR
Social networking site Facebook, whose 900 million user strength is only behind China and India's populations, went public on Friday as its much sought- after shares got listed at Nasdaq and the stock is trading at $41.10, much above its IPO price of $38 in early trade.
Facebook IPO...
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Shares & Stock |
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0 | Hits : 920
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Blockage of investors money: PIL filed in HC against SEBI
Posted Date : 19-May-2012 , 07:20:05 am | Posted By CASANSAAR
An investors group today moved the Delhi High Court seeking a direction to market regulator SEBI to take action against over 2,000 firms, barred from trading through NSE and BSE for allegedly not complying with the listing terms and leading to blockage of investors' fund worth Rs 1,00,000 crore. Jus...
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SEBI |
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Don't levy service tax on valuers: High court
Posted Date : 19-May-2012 , 07:14:54 am | Posted By CASANSAAR
The government cannot levyservice tax on land valuers because they are not necessarily consulting engineers, the Gujarat high court said while exempting the property assessors from paying service tax.
After the service tax was introduced in 1994 through an amendment in the Finance...
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Service Tax |
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Kingfisher Airlines owes Rs 269 crore income tax: Government
Posted Date : 19-May-2012 , 07:12:59 am | Posted By CASANSAAR
Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.
Kingfisher Airlines was found to have deducted tax at source (TDS) on sala...
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Income Tax |
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0 | Hits : 878
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RBI ask banks to reduce exposure to NBFC's giving gold loans
Posted Date : 18-May-2012 , 08:48:31 pm | Posted By CASANSAAR
Worried over a spurt in gold imports, the RBI today asked banks to reduce exposure to NBFCs, which give loan against the precious metal, at the earliest and bring it under the prescribed limit within six months.
"Banks which are currently having exposures to such NBFC's (giving gold loans...
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RBI |
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Rupee dives to 54.91, recovers
Posted Date : 18-May-2012 , 03:43:29 pm | Posted By CASANSAAR
The rupee on Friday hit a new low of 54.91 to the dollar in afternoon trade, hitting the third consecutive record low in three days, but recovered shortly to trade at 54.71.The tumble came on increased capital outflows and strong demand from importers for the American currency. Traders said tha...
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International Business |
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GAAR provisions to be part of DTC, to come into effect in April 2013
Posted Date : 18-May-2012 , 08:36:04 am | Posted By CASANSAAR
The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is a...
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Income Tax |
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0 | Hits : 899
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Reliance Power asks CAG to drop audit note on 'undue benefits
Posted Date : 18-May-2012 , 08:31:43 am | Posted By CASANSAAR
Reliance Power has requested theComptroller and Auditor General (CAG) that the audit report on coal blocks should not refer to 'undue benefits' to the company due to surplus coal from Sasan and Tilaiya power projects as a panel of ministers had already reviewed the matter based on the adv...
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Auditing |
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0 | Hits : 902
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Baba Ramdev told to pay Rs 58-cr Income Tax
Posted Date : 18-May-2012 , 08:28:44 am | Posted By CASANSAAR
Yoga guru Ramdev’s trusts have lost their Income-Tax exemption and have been slapped a Rs 58-crore notice on the sale of their ayurvedic medicines.
The I-T notice, for the assessment year 2009-10, on Haridwar-based Patanjali Yogpeeth Trust, Divya Yoga Mandir Trust and Bharat Swabhiman Trust h...
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Income Tax |
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0 | Hits : 1099
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Facebook IPO: Issue priced at $ 38 per share, set for listing today
Posted Date : 18-May-2012 , 08:24:33 am | Posted By CASANSAAR
Facebook is set to raise up to $18.4 billion in its initial public offering (IPO) and become the first US company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday.
Frenzied demand, especially from indi...
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International Business |
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Village panchayats to give CA's certificate on NREGA spendings
Posted Date : 17-May-2012 , 08:22:02 am | Posted By CASANSAAR
The government has made it mandatory for village panchayats to attach a Chartered Accountant's certificate on spendings incurred under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the Rajya Sabha was informed today.
Rural Development Minister Jairam Ramesh said during Q...
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ICAI |
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Net direct tax collections rise 7-fold in April
Posted Date : 17-May-2012 , 08:14:44 am | Posted By CASANSAAR
The net direct tax collections rose to a whopping Rs14,812 crore in April this year, a seven fold increase compared to the same period of last fiscal.
Net direct tax collections, gross collections minus refunds, was at Rs1,992 crore in April 2011.
The net collection was higher mainly due t...
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Income Tax |
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0 | Hits : 757
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RBI announces SAARC swap arrangement
Posted Date : 17-May-2012 , 08:04:04 am | Posted By CASANSAAR
The Reserve Bank of India announced that India will offer Swap Arrangement of two billion dollars both in foreign currency and Indian currency. Speaking at the 24th SAARC, Finance Governors meeting in Pokhara on Wednesday, the Governor of RBI, Dr. D. Subbarao made this announcement and said the arra...
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RBI |
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0 | Hits : 811
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CA student Commit Suicide on failure in Exam
Posted Date : 16-May-2012 , 12:38:50 pm | Posted By CASANSAAR
A girl student allegedly committed suicide by hanging herself with a ceiling fan after she remained unsuccessful in Chartered Accountant (CA) exams in Kathua district of Jammu and Kashmir.
“The girl, identified as Priya Padwal, resident of Ward number 1,...
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Students Zone |
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300 students fail Chartered Accountant final exam, but pass after retotalling
Posted Date : 16-May-2012 , 08:47:12 am | Posted By CASANSAAR
Students and lecturers have complained that there were many errors in totalling and that past questions were repeated in the final exams conducted by the Institute of Chartered Accountants of India last November. Around 300 final-year students from all over the country cleared eithe...
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Income Tax |
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Bank account nominee not legal heir: Gujarat high court
Posted Date : 16-May-2012 , 08:38:18 am | Posted By CASANSAAR
In an important verdict, the Gujarat high court has ruled that the nominee to a bank account does not have the rights of a legal heir of the original account holder. Hence, he cannot claim money or deposits lying with the bank on the death of the original account holder.
A bench of justice Akil Kur...
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General |
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0 | Hits : 951
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PAN must for gold buys exceeding Rs 2 lakh
Posted Date : 16-May-2012 , 08:36:35 am | Posted By CASANSAAR
Customers will no longer be able to buy gold bars or coins worth more than Rs 2 lakh – even by paying cash – without furnishing an Income-Tax Permanent Account Number (PAN).
That is because it is now mandatory on the part of the seller to collect tax at source on such sales. The buyer's...
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Income Tax |
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0 | Hits : 910
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Change in CA Final Exam Venue at Patna
Posted Date : 16-May-2012 , 08:29:11 am | Posted By CASANSAAR
Important Announcement
No.13-CA(Exams)/May, 2012/CoC-Patna May 15, 2012
In view of setting up of polling booth(s) in T.P.S. College, Chirraiya Tand, Patna – 800 001 for election to the Patna Municipal Corporation on 17th May, 2012, the Chartered Accountants Final Examination&n...
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Students Zone |
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0 | Hits : 1090
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Bharti Airtel under Enforcement Directorate scanner for money laundering
Posted Date : 15-May-2012 , 07:04:26 pm | Posted By CASANSAAR
Authorities are investigating top mobile phone carrier Bharti Airtel under provisions of the country's money launderingand foreign exchange rules, a minister said, sending its shares down as much as 5.1 per cent.The Directorate of Enforcement is investigating cases against Bharti...
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General |
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0 | Hits : 992
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DTC Bill in Monsoon Session of Parl: Pranab
Posted Date : 15-May-2012 , 07:01:01 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said Direct Tax Code, DTC Bill will be introduced in the Monsoon session of Parliament. He stated this while introducing the Appropriation No-3 Bill 2012 along with the Finance Bill 2012 in the Rajya Sabha. The Finance Minister announced the roll back of the e...
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Income Tax |
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0 | Hits : 902
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Increase in Number of Tax Payers
Posted Date : 15-May-2012 , 06:58:44 pm | Posted By CASANSAAR
The number of effective income tax assesses as well as the number of registered Central Excise and Service Tax assesses during the years 2006-07 to 2010-11 are as under:
Financial Year
Income Tax Assesses
Central Excise
Service Tax
2006-07
31903137
...
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Income Tax |
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0 | Hits : 819
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Amendments Proposed in Provisions Relating to GAAR
Posted Date : 15-May-2012 , 06:57:17 pm | Posted By CASANSAAR
The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012.i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduc...
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Income Tax |
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0 | Hits : 646
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A Raja gets bail in 2G spectrum case
Posted Date : 15-May-2012 , 03:41:46 pm | Posted By CASANSAAR
Over 15 months after his arrest, former telecom minister A Raja was on Tuesday granted bail by a Delhi court in the 2G spectrum case.
"The bail application is allowed," Special CBI Judge O P Saini said.
The court granted bail to the DMK MP on a personal bond of Rs 20 lakh a...
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General |
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0 | Hits : 741
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Enough CAs under ICAI to Meet Global Requirements
Posted Date : 15-May-2012 , 08:51:35 am | Posted By CASANSAAR
There is no shortage of Chartered Accountants in the country to meet the Global challenges. As on 1st May, 2012, 1,93,500 Chartered Accountants (CAs) were registered with the Institute of Chartered Accountants of India (ICAI). The ICAI, a statutory body established by an Act of Parliament ...
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ICAI |
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0 | Hits : 2744
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Company Secretary clarifies on his e-mail for 2 firms
Posted Date : 15-May-2012 , 08:49:34 am | Posted By CASANSAAR
A Company Secretary here has clarified that he had filed returns of two companies, over which questions were raised in Parliament, to the Registrar of Companies under his e-mail id for his administrative convenience.
“I am a qualified practising Company Secretary. As a practising Company Se...
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Corporate Law |
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