Allow customers to opt for electronic repayment:RBI to banks
Posted Date : 13-Apr-2012 , 07:55:03 pm | Posted By CASANSAAR
Following complaints from customers, the Reserve Bank has made it clear to banks that there are no restrictions in allowing use of electronic modes for various transactions including repayment of loans. "It is, therefore, advised that all banks should allow the customers to choose National Electr...
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Income Tax |
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SEBI : Private firms, PSUs must increase public holding by 25 % by August 2013
Posted Date : 13-Apr-2012 , 07:52:44 pm | Posted By CASANSAAR
Capital market regulator, SEBI today said both public and private sector companies will have to increase public shareholding to a minimum of 25 per cent by August 2013 and there will be no relaxation of the guidelines. SEBI Chairman Mr. U K Sinha told this to reporters on the sidelines of Bombay Sto...
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SEBI |
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Govt to infuse Rs. 1500 cr in public sector banks
Posted Date : 13-Apr-2012 , 07:51:19 pm | Posted By CASANSAAR
The government will infuse about 1,500 crore rupees in the public sector banks during the current fiscal to enhance their financial strength. This was stated by the Finance Minister Pranab Mukheerjee at the 118th foundation day function of Punjab National Bank in New Delhi.Speaking on the occassion....
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Banking |
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Jan IIP data revision totally baffling: Finance Minister
Posted Date : 13-Apr-2012 , 03:43:44 pm | Posted By CASANSAAR
Terming sharp revision in the industrial production data as "totally baffling", Finance MinisterPranab Mukherjee today said he has asked the authorities concerned to look into the issue. "I can understand if there is error in calculating 0.1 per cent of 0.2 per cent, but from...
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General |
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Govt to allow foreign direct investment from Pakistan
Posted Date : 13-Apr-2012 , 03:32:12 pm | Posted By CASANSAAR
India has decided to allow foreign direct investment from Pakistan, Trade Minister Anand Sharma said on Friday, hours before the two countries were due to open a trading post on the Wagah border in the latest sign of thawing economic ties.Liberalising heavily restricted trade and investment flows ...
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International Business |
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Chartered accountant caught accepting Rs 1.5 lakh bribe
Posted Date : 13-Apr-2012 , 07:51:45 am | Posted By CASANSAAR
A Rajkot-based chartered accountant, approved by the government for evaluating firms involved in commodity market, was caught by the anti-corruption bureau (ACB) officials for demanding and accepting Rs 1.5 lakh at a five-star hotel in Satellite on Thursday night.
Dilip Patel,...
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ICAI |
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Cabinet okays Public Procurement Bill to bring transparency and efficiency in mechanism
Posted Date : 13-Apr-2012 , 07:47:27 am | Posted By CASANSAAR
The United Progressive Alliance government has given its go-ahead to a law that seeks to regulate all state purchases above 50 lakh to bring transparency and efficiency in graft-laden procurement mechanism.
The union cabinet chaired by Prime Minister Manmohan Singh approved the Public Procuremen...
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General |
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Blackmoney: Government deputes 7 IRS officers for Income Tax units abroad
Posted Date : 13-Apr-2012 , 07:45:28 am | Posted By CASANSAAR
The government has deputed seven senior IRS officers to officiate as First Secretaries at the newly created Income Tax overseas units in countries like the US, the UK and Germany, as part of its efforts to curb the problem of blackmoney and illegal funds stashed abroad.The Income Tax officials, h...
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Income Tax |
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Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12
Posted Date : 13-Apr-2012 , 07:39:35 am | Posted By CASANSAAR
During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income e...
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Income Tax |
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0 | Hits : 724
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CLB refers Unitech, Uninor dispute to arbitration
Posted Date : 12-Apr-2012 , 06:21:58 pm | Posted By CASANSAAR
In a set back to Norwegian firm Telenor, the Company Law Board on Thursday allowed its estranged partner Unitech’s plea for settling dispute over control and transfer of assets of their joint venture Uninor through arbitration at Singapore.
Observing that Telenor had gone “berserk&rdq...
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Category :
Corporate Law |
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SC upholds constitutional validity of RTE Act 2009
Posted Date : 12-Apr-2012 , 02:56:52 pm | Posted By CASANSAAR
The Supreme Court today upheld the constitutional validity of the Right to Education (RTE) Act, 2009, which mandates 25 per cent free seats to the poor in government and private unaided schools uniformly across the country. The apex court clarified that its judgement will come into force from today ...
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General |
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ICAI Zone-shifting of candidates for May
Posted Date : 11-Apr-2012 , 09:22:31 pm | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
April 11, 2012
Subject: Zone-shifting of candidates for May - 2012 CA Exams
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted ex...
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Income Tax |
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E-filing of return must for person with income over Rs 10 lakh
Posted Date : 11-Apr-2012 , 08:19:13 pm | Posted By CASANSAAR
The government has made it mandatory for individuals with income of over Rs 10 lakh to file their tax returns for 2011-12 electronically."e-filing has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income, or the total income in respect of w...
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Category :
Income Tax |
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Govt seeks details from foreign entities in India
Posted Date : 11-Apr-2012 , 08:17:43 pm | Posted By CASANSAAR
A circular from the Internal Security division of the Ministry makes it mandatory for the entities to furnish all the details of those employed for carrying out liaison work in the country.
The circular came against the backdrop of allegations that some of the foreign entiti...
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International Business |
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Now, prosecution of tax evaders made easier
Posted Date : 11-Apr-2012 , 07:39:19 am | Posted By CASANSAAR
Retrospective amendments to handle cases akin to the Vodafone deal and provisions to tackle black money as proposed in the Budget may have received huge attention, but that isn’t all about it. A ‘silent amendment’ to the Income Tax Act related to prosecution powers is being seen ...
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Income Tax |
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Committee Constituted to review the Scheme for Electronic Refund of Service Tax Paid on Taxable Services used for Export of Goods
Posted Date : 11-Apr-2012 , 07:34:40 am | Posted By CASANSAAR
A Committee has been constituted with Director General of Service Tax Smt. Sanghamitra Panda as Chairperson to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. Other members of the Committee are Commissioner of Service Tax, Mumbai-1, Shri Sush...
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Category :
Service Tax |
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CBEC detects Service tax & Excise Evasion of Rs. 10286.73 Crore
Posted Date : 11-Apr-2012 , 07:33:44 am | Posted By CASANSAAR
The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the investigation, Central Excise Duty and Service Tax amoun...
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Category :
Service Tax |
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Constitution of a Committee on Corporate Governance
Posted Date : 11-Apr-2012 , 07:32:43 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has constituted a Committee under the Chairmanship of Shri. Adi Godrej for framing a ‘National Corporate Governance Policy’ to suggest a comprehensive policy frame work to enable corporate governance of highest quality in all classes of companies without...
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Corporate Law |
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Govt to make Payment above Rs.25,000 directly to bank account of payee
Posted Date : 11-Apr-2012 , 07:30:20 am | Posted By CASANSAAR
Government to make payment Directly to the bank accounts of Payees; Measure to Enhance Transparency and Accountability in Public Dealings of the Central Government and also user Green Banking.
As part of the Government’s commitment to good governance and elimination of corrup...
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Category :
Finance |
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Govt announces new FDI norms for FIIs
Posted Date : 10-Apr-2012 , 07:54:50 pm | Posted By CASANSAAR
The government today announced new Foreign Direct Investment, FDI norms for Foreign Institutional Investors, FIIs. Under the new norms, FIIs can now invest up to 23 per cent in commodity exchanges without seeking prior approval of the government. The Department of Industrial Policy and Promotion, DI...
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FEMA |
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India launches 4G mobile services
Posted Date : 10-Apr-2012 , 07:52:13 pm | Posted By CASANSAAR
Telecom Minister Kapil Sibal today launched the country's first ever fourth generation mobile services in Kolkata. Today's launch is a major milestone for India and Bharti Airtel as it will result in India becoming one of the first countries in the world to commercially deploy the cutting-edge techn...
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General |
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Tech Mahindra-Satyam aims at 10,000 new hires this yea
Posted Date : 10-Apr-2012 , 03:02:45 pm | Posted By CASANSAAR
The combined entity resulting from the merger of Tech Mahindra Ltd andSatyam Computer Services Ltd may hire as many as 10,000 new employees in the current fiscal year, said Vineet Nayyar, CEO of Tech Mahindra.
“We are trying to secure more efficiencies internally, we’ll see how i...
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General |
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CAG should appoint auditors for parties: ICAI
Posted Date : 10-Apr-2012 , 08:35:18 am | Posted By CASANSAAR
With a view to bringing in more transparency and accountability in their financial dealings, the Comptroller and Auditor General of India (CAG) could be asked to appoint independent auditors for accounting financial details of political parties. The Institute of Chartered Accountants of India, ...
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ICAI |
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Ministry wants bank audit panels to get more time to vet earnings
Posted Date : 10-Apr-2012 , 08:32:18 am | Posted By CASANSAAR
The Union finance ministry has proposed that banks give their balance sheet to their respective audit committees at least two days before their boards of directors meet for finalising the results.
In a recent communication to banks, the proposal was suggested and feedback sought. The mini...
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Category :
Income Tax |
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0 | Hits : 888
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RBI allows cooperative banks, RRBs to transfer funds online
Posted Date : 10-Apr-2012 , 08:30:10 am | Posted By CASANSAAR
To popularise electronic transfer of funds, the Reserve Bank of India (RBI) on Monday allowed regional rural banks (RRBs) and cooperative banks to participate in the centralised payment systems.
With this, all the banks can now transfer funds electronically through real time gross settlem...
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Banking |
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E-filing taxpayers won't have to acquire a digital signature
Posted Date : 10-Apr-2012 , 08:24:55 am | Posted By CASANSAAR
The income tax department is set to introduce a free-of-cost and easy-to-operate electronic signature facility to file income tax returns electronically.
The facility will help taxpayers who do not have a digital signature. It will save them from the mandatory requirement of sending a har...
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Income Tax |
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0 | Hits : 1765
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Study Team set-up to examine the possibility of a Common Tax Code for Service Tax and Central Excise
Posted Date : 09-Apr-2012 , 09:13:01 pm | Posted By CASANSAAR
As announced by the Union Finance Minister, Shri Pranab Mukherjee in his Budget speech, a Study Team has been set-up by the Government, under the leadership of Shri. M. K. Gupta to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize th...
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Category :
Service Tax |
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0 | Hits : 731
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Centre for CAG audit of NRHM
Posted Date : 09-Apr-2012 , 09:43:07 am | Posted By CASANSAAR
After the multi-crore National Rural Health Mission (NRHM) scam in Uttar Pradesh, the Centre has decided to tighten financial management of the states. In a move that will ensure transparency, for the first time ever the government has proposed annual audits of its flagship scheme NRHM by the Comptr...
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Category :
Auditing |
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Govt panel proposes additional taxes on personalised vehicles
Posted Date : 09-Apr-2012 , 09:38:29 am | Posted By CASANSAAR
A government sub-committee looking into probable sources of funds for urban transport projects in the 12th Plan has suggested the creation of a national fund, resource for which can be generated through taxes on vehicles and petrol consumption. The recent report of the Sub-Committee on Financing ...
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Income Tax |
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0 | Hits : 826
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Pranab expresses satisfaction over increase in direct tax base
Posted Date : 09-Apr-2012 , 09:35:23 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has expressed satisfaction over increase in direct tax base. Speaking after inaugurating the Direct Taxes Training Institute in Bangalore on Sunday, the Minister said the country's heavy dependence on indirect taxes earlier was worrying, but now direct tax base has ...
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Income Tax |
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