Gujarat’s direct tax collection highest in the country
Posted Date : 21-Dec-2011 , 08:10:57 am | Posted By CASANSAAR
Direct tax collection has gone skywards taking Gujarat to the top position in the country. This fact is aptly reflected in the fact that many income tax commissionerates in Gujarat have registered more than 50 per cent increase in net tax collection as compared to 2010.Here is an example: ...
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Income Tax |
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MCX 5th largest commodity exchange in the world
Posted Date : 21-Dec-2011 , 08:09:28 am | Posted By CASANSAAR
Multi Commodity Exchange (MCX) has taken the fifth spot among the global commodity bourses in terms of the number of futures contracts traded. Based on the latest data from Futures Industry Association (FIA), during the period between January and June this year, about 127.8 million future...
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Shares & Stock |
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Cap on Lending Rates to MFIs
Posted Date : 21-Dec-2011 , 08:07:50 am | Posted By CASANSAAR
As per Reserve Bank of India (RBI)’s Circular dated May 3, 2011, bank loans extended on or after 1st April, 2011 to MFIs have been given the status of priority sector advances subject to fulfillment of certain conditions like 85% of total assets of MFIs being in the nature of qualifying assets...
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Finance |
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Winter Session gets 3-day extension for Lokpal Bill
Posted Date : 21-Dec-2011 , 08:06:21 am | Posted By CASANSAAR
The Winter Session of Parliament will be extended for three days for smooth passage of Lokpal Bill. Parliamentary Affairs Minister Pawan Bansal told reporters outside Parliament that Business Advisory Committee, BAC has taken this decision. He, however, added that some MPs from opposition parties ha...
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Income Tax |
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Lokpal Bill approved by cabinet, to be tabled in Parliament on Dec 22
Posted Date : 20-Dec-2011 , 09:14:06 pm | Posted By CASANSAAR
In a much awaited decision, the Union Cabinet meeting on Tuesday cleared the Lokpal Bill, which may be tabled in Parliament on December 22. The final draft of the bill was okayed by Prime Minister Manmohan Singh earlier today. Not yielding to Anna Hazare's demand, government is understood to ha...
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Category :
General |
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kingfisher Airlines violated tax rules : Minister
Posted Date : 20-Dec-2011 , 07:03:56 pm | Posted By CASANSAAR
Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, a government minister told lawmakers on Tuesday.
Kingfisher has about Rs 103 crore tax deducted at source to be deposite...
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Category :
Income Tax |
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Parliament passes bills on CAs, Company secys and Cost accountants in a hurry
Posted Date : 20-Dec-2011 , 08:16:36 am | Posted By CASANSAAR
The three bills will allow chartered accountants, cost and works accountants and company secretaries to have a choice to form a business model of limited liability partnership (LLP).An amendment bill seeking to bring professionals for the management of national highways was also introd...
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ICAI |
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Income Tax returns: CPC likely to start functioning next year
Posted Date : 20-Dec-2011 , 08:08:48 am | Posted By CASANSAAR
The much delayed Centralised Processing Centres (CPCs) for bulk processing of I-T returns in the city is scheduled to commence next year.
According to officials from the Income Tax Department, the building is ready and everything should fall in place by April next...
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Income Tax |
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RBI allows MFIs to raise $10 mn through ECBs
Posted Date : 20-Dec-2011 , 08:06:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today allowed microfinance institutions (MFIs) to raise up to $10 million through external commercial borrowings (ECBs), as against the earlier limit of $5 million, a move that will widen their fund raising sources.
"Considering the specific needs of the mi...
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RBI |
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PMO declines to disclose former SEBI member's letters
Posted Date : 20-Dec-2011 , 08:05:10 am | Posted By CASANSAAR
he Government has declined to disclose two letters written to Prime Minister Manmohan Singh by former SEBI member K M Abraham, who had alleged in another communication, interference by some corporates and top Finance Ministry officials in the working of the market regulator. &nb...
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SEBI |
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CBDT to focus on big corporates to meet tax targets
Posted Date : 20-Dec-2011 , 08:02:19 am | Posted By CASANSAAR
With direct tax collection target of Rs 5.32 lakh crore looking difficult to meet, the Central Board of Direct Taxes (CBDT) today said it will concentrate on big corporates and salaried employees to mop up the revenue.
"There is a concern...IIP and GDP are down. It will be difficult to ac...
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Category :
Income Tax |
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Working of SFIO
Posted Date : 20-Dec-2011 , 07:59:48 am | Posted By CASANSAAR
SFIO was established for investigations falling with the following characteristics:
(i) of complex nature with inter -departmental and multi-disciplinary ramifications;
(ii) involving substantial public ...
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Category :
Corporate Law |
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0 | Hits : 263
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Enforcement Mechanism Against Corporate Frauds
Posted Date : 20-Dec-2011 , 07:58:13 am | Posted By CASANSAAR
Strengthening of enforce mechanism to deal with corporate frauds is an evolving process as aspects of fraud touch upon many jurisdictions. Based on the experience gained over the experience gained over the years, the existing provisions regarding inspection, enquiry and investigation are proposed to...
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Category :
Corporate Law |
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0 | Hits : 211
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Audit firms involved in scams face heavy fines
Posted Date : 19-Dec-2011 , 08:41:17 am | Posted By CASANSAAR
Jail up to 10 years and fines up to three times the scam amount await chartered accountants and audit firms found guilty in corporate frauds. Audit firms, including the global Big 4 - Pricewaterhouse, KPMG, Deloitte and Ernst & Young - for the first time face punitive ac...
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Category :
Auditing |
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New direct taxes code unlikely in next Budget
Posted Date : 19-Dec-2011 , 08:34:37 am | Posted By CASANSAAR
The Direct Taxes Code (DTC), which will replace the Income Tax Act, 1961, is unlikely to be implemented from the next financial year as planned earlier. Unfazed, the finance ministry is considering announcing some DTC provisions in the Budget 2012-13.
The delay in the roll-out may o...
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Category :
Income Tax |
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Union Cabinet approved National Food Security Bill
Posted Date : 18-Dec-2011 , 09:20:08 pm | Posted By CASANSAAR
The Union Cabinet on Sunday evening approved the National Food Security Bill that will provide rice at Rs 3, wheat at Rs 2 and coarse grains at Re 1 per kg to over half of India's 1.2 billion population. The meeting was held at Prime Minister Manmohan Singh's 7, Race Course Road resid...
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Category :
Income Tax |
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CAG pulls up IT Dept for non-recovery of 4500 cr tax dues
Posted Date : 18-Dec-2011 , 07:44:13 pm | Posted By CASANSAAR
The Comptroller and Auditor General of India has pulled up the Income Tax Department for not recovering tax arrears worth over 4,500 crore rupees from various entities in past one year.In its latest report tabled in Parliament, the government auditor has said that over one lakh and fifty thousand ca...
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Category :
Income Tax |
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Audited bank books understate bad loans: RBI
Posted Date : 18-Dec-2011 , 08:36:34 am | Posted By CASANSAAR
Pointing to shortcomings in the quality of bank audits, the Reserve Bank of India (RBI) has said financial statements certified by accountants show lower non-performing assets than is actually the case.
There is a difference between the levels of non-performing assets (NPAs) found during ...
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Category :
Banking |
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ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money
Posted Date : 16-Dec-2011 , 08:08:15 am | Posted By CASANSAAR
The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12thDec 2011, by which the name was proposed to be ch...
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ICWAI |
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CBI allege MCA, DoT from failing to stop Loop to obtain mobile permits
Posted Date : 16-Dec-2011 , 08:01:44 am | Posted By CASANSAAR
The Central Bureau of Investigation has alleged that the corporate affairs ministry and telecom department failed to stop Loop Telecom from obtaining mobile permits that it was not entitled to. The chargesheet, a document which outlines the police case in detail, filed by the CBI says that the ...
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Category :
Corporate Law |
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Order imposing tax on foreign telecom networks may go
Posted Date : 16-Dec-2011 , 07:59:00 am | Posted By CASANSAAR
The finance ministry is set to withdraw a four-month-old directive that imposed service tax on use of foreign telecom networks. The directive dealt a blow to the cash flows of IT, IT-enabled services and telecom companies, requiring them to cough up not just the tax dues but also interest for th...
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Category :
Service Tax |
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RBI steps in as rupee tumbles
Posted Date : 16-Dec-2011 , 07:56:04 am | Posted By CASANSAAR
The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market.The Reserve ...
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RBI |
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NRIs make a beeline to send remittance back home
Posted Date : 15-Dec-2011 , 08:05:43 pm | Posted By CASANSAAR
As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary advances to remit money back home.Some have even resort...
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Category :
International Business |
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India Signs Loan agreement with ADB for First Tranche under the Himachal Pradesh Clean Energy Transmission Investment Programme
Posted Date : 15-Dec-2011 , 07:48:56 pm | Posted By CASANSAAR
The Government of India and the Asian Development Bank (ADB) today signed an agreement for the first tranche (US$ 113 million) under the US$ 350 million Himachal Pradesh Clean Energy Transmission Investment Programme which is a multi-tranche financing facility. The total estimated investment cost of...
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Finance |
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Draft Bank Branch Auditors' Panel for the year 2011-12
Posted Date : 15-Dec-2011 , 03:12:21 pm | Posted By CASANSAAR
Click Below to Check Your Status
Draft Bank Branch Auditor's Pannel for the Year 2011-12...
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Category :
Auditing |
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Sebi may keep family offices out of private capital norms
Posted Date : 15-Dec-2011 , 08:38:04 am | Posted By CASANSAAR
Capital market regulator Sebi is likely to keep family offices and special purpose vehicles (SPVs) out of the proposed regulations on private capital pools like private equity and real estate funds. "Sebi has received feedback that the definition is too broadly worded," said a person famil...
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SEBI |
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O K Balraj conferred 'Best CFO in Engineering & Capital Goods Sector' award by ICAI
Posted Date : 15-Dec-2011 , 08:36:47 am | Posted By CASANSAAR
OK Balraj, Chief Financial Officer of Escorts Limited, was conferred the 'Best CFO in Engineering & Capital Goods Sector' by the Institute of Chartered Accountants of India (ICAI), India's premier accounting and auditing body, at ICAI's 5th Annual Awards function at Palace Grounds, Bangalore....
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ICAI |
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Tax dept has unearthed $12.3 bn black money: Pranab
Posted Date : 15-Dec-2011 , 08:33:09 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Wednesday told Parliament that the tax authorities had unearthed Rs 660 billion of unaccounted money as part of the government's efforts to curb tax evasion.
Mukherjee was replying to a debate on black money in the Lok Sabha.
He further said that the go...
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Category :
Income Tax |
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Download Companies Bill as introduced in Lok Sabha on 14.12.2011
Posted Date : 15-Dec-2011 , 08:30:17 am | Posted By CASANSAAR
The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today. The 2011 Bill was introduced by Corporate Affairs Minister M Veerappa Moily after he...
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Corporate Law |
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CBEC de-freezes bank accounts of Kingfisher, Air India
Posted Date : 14-Dec-2011 , 09:19:46 pm | Posted By CASANSAAR
The government has de-freezed the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues. "As they (Kingfisher and Air India) have made part-payments of service tax dues, the department has Lifted freeze on their ...
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Category :
Service Tax |
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