Provisions of Section 40 (a) (ia) are retrospective in nature: ITAT
Posted Date : 21-Apr-2012 , 08:54:17 am | Posted By CASANSAAR
The Mumbai bench of the income tax appellate tribunal (ITAT) has passed an order in the case of one Piyush Mehta versus Asst Commissioner Income Tax in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amendment made by the Finance Act 2010. ...
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Income Tax |
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Ailing aviation industry can raise funds through ECBs: Fin Min
Posted Date : 20-Apr-2012 , 08:34:42 pm | Posted By CASANSAAR
In a move to help the ailing aviation sector of its immediate financing concerns, the Government has allowed aviation sector to raise one billion dollars to manage its working capital through External Commercial Borrowing, ECB route.However, the limit for individual companies has been fixed at 300 m...
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General |
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Accounting standards advisory panel reconstituted
Posted Date : 20-Apr-2012 , 03:51:29 pm | Posted By CASANSAAR
The Centre has reconstituted the National Advisory Committee on Accounting Standards (NACAS).
The panel advises on accounting standards and policies to be followed by corporates.
The Corporate Affairs Ministry has now said that Mr M.M. Chitale, a Chartered Accountant, will be the Chairman of NAC...
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Income Tax |
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0 | Hits : 773
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Govt approves FDI proposals worth Rs 586cr
Posted Date : 20-Apr-2012 , 01:46:06 pm | Posted By CASANSAAR
The government has approved 22 Foreign Direct Investment, FDI, Proposals amounting to over 586 Crore rupees. The proposals have been approved on the recommendations of Foreign Investment Promotion Board. According to an official release issued in New Delhi today, these include proposals from El...
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Finance |
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Posted Date : 20-Apr-2012 , 08:09:12 am | Posted By CASANSAAR
Avoid using your permanent account number (PAN) to book railway tickets under the tatkal scheme, as it can be misused to carry out benami transactions.
The Indian Railways accepts the PAN card as indentity proof to book tickets under the scheme, but anybody can access the details as they ar...
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Income Tax |
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Retrospective change in tax laws hurt investments, CEOs tell PM
Posted Date : 20-Apr-2012 , 08:06:04 am | Posted By CASANSAAR
A group of CEOs has told Prime Minister Manmohan Singh that retrospective changes in tax laws proposed in the Budget have seriously damaged the country's credibility as an investment destination. The CEOs, led by Godrej Group chairman Adi Godrej, communicated industry captains' concerns to Singh...
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Income Tax |
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Sarva Shiksha Abhiyan to outsource accounts works
Posted Date : 20-Apr-2012 , 08:02:01 am | Posted By CASANSAAR
Teachers in Dakshina Kannada government primary schools who used to spend hours auditing school expenses need not worry any more as Sarva Shiksha Abhiyan (SSA) has outsourced accounts work.As many as 20 account assistants will be visiting schools and accounts work.Dakshina Kannada district has 932 g...
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Accounts |
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Vodafone issue: Government rules out easy settlement for fear of political fallout
Posted Date : 20-Apr-2012 , 04:28:25 am | Posted By CASANSAAR
India will rebuff any move by Vodafone Plc to mutually settle their multi-billion-dollar tax dispute and is intent on pursuing its claim on the company, despite growing international pressure and repeated statements by the UK-headquartered telco that it is willing to amicably r...
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Income Tax |
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0 | Hits : 817
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ICICI Bank, PNB cut lending rates by 25 bps after RBI rate cut
Posted Date : 19-Apr-2012 , 08:41:33 pm | Posted By CASANSAAR
Country's largest private bank - ICICI Bank - and the second largest state run bank- Punjab National Bank - lowered their lending and deposit rates taking a cue from the cut in policy rate by the Reserve Bank of India (RBI). The reduction in lending rate or base rate - the minimum rate at which...
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Banking |
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0 | Hits : 823
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Companies in the Aviation Sector Allowed to Avail of ECBS for Working Capital Requirements
Posted Date : 19-Apr-2012 , 08:31:10 pm | Posted By CASANSAAR
The rapid growth of the Aviation sector in India has generated demand for additional finance for working capital and capacity expansion. High operating costs, particularly on account of high fuel costs, have put additional stress on the Airline Industry. In order to alleviate the immediate fina...
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Finance |
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DTC to be implemented from April 2013 DTC will replace the existing Indian Income Tax Act 1961
Posted Date : 19-Apr-2012 , 02:47:18 pm | Posted By CASANSAAR
India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told a television channel.
The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exem...
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Income Tax |
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FIPB asks Ministry of Corporate Affairs to clarify its stance on LLP Act
Posted Date : 19-Apr-2012 , 02:45:43 pm | Posted By CASANSAAR
After deferring approvals to several companies with foreign direct investment looking to convert to limited liability partnerships, FIPB has asked the Ministry of Corporate Affairs (MCA) and theDepartment of Industrial Policy and Promotion to clarify their stance and if needed ame...
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Corporate Law |
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0 | Hits : 857
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India successfully test fires Agni-V, takes a giant stride
Posted Date : 19-Apr-2012 , 01:22:01 pm | Posted By CASANSAAR
India today conducted a successful test-fire of its indigenously developed nuclear capable "Agni-V" ballistic missile with a strike range of over 5,000 km from a test range off Odisha coast. Chief of Defence Research and Development Organisation (DRDO), V K Saraswat said, the mission was successful....
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General |
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RBI prefers zero-balance accounts
Posted Date : 19-Apr-2012 , 07:26:29 am | Posted By CASANSAAR
You can open a zero-balance savings bank account anywhere in the country now, as the Reserve Bank of India (RBI) has mandated banks to offer a ‘basic savings bank deposit account’ with some minimum common facilities and not prescribe a minimum balance.Simply put, the basic banking curren...
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Banking |
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States want all-party meeting on GST The Bill will need support of the two-third majority and also has to be ratified by 50% of the state assemblies
Posted Date : 18-Apr-2012 , 10:12:29 pm | Posted By CASANSAAR
States have asked the Centre to call all-party meeting to build consensus on the passage of the Constitution Amendment Bill for rollout of Goods and Services Tax (GST) which is pending in Parliament.
"Yesterday, I suggested to Union Finance Minister [Pranab Mukherjee] to call all pa...
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GST |
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Probability of hiking policy rates not ruled out: RBI
Posted Date : 18-Apr-2012 , 04:39:35 pm | Posted By CASANSAAR
The Reserve Bank of India's governor, Duvvuri Subbarao, said on Wednesday the probability of raising interest rates is small but did not rule it out due to upside risks to inflation.
"I want to reiterate once again that the probability of hiking rates is not zero but it is small, just a...
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Banking |
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RBI asks banks to set up process to identify NPAs
Posted Date : 18-Apr-2012 , 02:12:15 pm | Posted By CASANSAAR
The Reserve Bank of India has asked banks to install a robust mechanism to identify stressed accounts and promptly restructure viable cases to preserve the economic value. The central bank has also mandated banks to have a proper system-generated segment-wise data on their NPA account...
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Banking |
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0 | Hits : 1034
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States talk 2013 date for GST rollout as centre agrees to review CST payments
Posted Date : 18-Apr-2012 , 11:26:14 am | Posted By CASANSAAR
Offering a fig leaf to the agitating states, the Centre has offered to review the compensation formula for the central sales tax, brightening prospects for the key indirect tax reform--goods and service tax. "We discussed the entire GST in detail, including the CST compensation......
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GST |
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0 | Hits : 977
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CBDT pegs tax refunds at Rs 1.25 lakh crore
Posted Date : 18-Apr-2012 , 08:57:36 am | Posted By CASANSAAR
The finance ministry issued tax refunds of Rs 98,000 crore (Rs 980 billion) in 2011-12, as against Rs 74,000 crore (Rs 740 billion) in the previous year, as about half the country's taxpayers filed their returns online. Higher online filing of returns that is expected in the ongoing financial y...
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Income Tax |
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0 | Hits : 839
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Vodafone issues notice to Indian govt over tax proposal
Posted Date : 17-Apr-2012 , 10:42:12 pm | Posted By CASANSAAR
Vodafone has served on the Government of India a notice of dispute under the India-Netherlands investment treaty, in the latest escalation of the controversy over proposals in the Finance Bill, 2012.
The move enables Vodafone commence international arbitration proceedings should the yet-to-be-ena...
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International Business |
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No more pre-payment charges on home loans
Posted Date : 17-Apr-2012 , 10:37:23 pm | Posted By CASANSAAR
Providing relief to home loan borrowers, the Reserve Bank on Tuesday asked banks not to levy any penalty on pre-payment of loans taken on floating rate."Though many banks have, in the recent past, voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ...
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Banking |
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Interests of Investers Needs Protection-Dr. M.Veerappa Moily
Posted Date : 17-Apr-2012 , 10:35:20 pm | Posted By CASANSAAR
Union Corporate affairs Minister Dr. M. Veerappa Moily today held a meeting here in New Delhi with the representatives of leading trade & business chambers, professional institutes under the Ministry of Corporate Affairs, SEBI and RBI to workout the modalities of implementation of conclusions em...
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Corporate Law |
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Invitation to become Checker for Chartered Accountants Examinations
Posted Date : 17-Apr-2012 , 03:45:06 pm | Posted By CASANSAAR
Examination Department of the Institute would like to avail the services of the members of the Institute (upto 15 years of Experience) to act as Checker, other details are as under:
The Examination Department of the Institute avails the services of resource persons (members of&...
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ICAI |
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0 | Hits : 1429
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RBI cuts repo rate by 50 bps, keeps CRR unchanged
Posted Date : 17-Apr-2012 , 11:40:48 am | Posted By CASANSAAR
India's central bank cut interest rates on Tuesday for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to flagging economic growth but warned that there is limited scope for further rate cuts. The Reserve Bank of India cut its policy repo rate to 8.00 percen...
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RBI |
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MCD polls: BJP ahead in all three municipal corporations of Delhi
Posted Date : 17-Apr-2012 , 11:28:22 am | Posted By CASANSAAR
BJP was today ahead in all the three municipal corporations of Delhi as counting of votes progressed for the polls held two days ago. The counting for 272 wards is taking place in 33 centres across the city. Polling for all the 272 wards spread in three civic bodies -- East, South and North ...
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General |
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Income Tax department issues notice to Bharti-Airtel on overseas roaming operations
Posted Date : 17-Apr-2012 , 08:24:30 am | Posted By CASANSAAR
The Income Tax department has issued fresh notices to telecom giant Bharti Airtel in connection with taxation of overseas roaming charges for additional two financial years. The department has issued the notices for financial years 2001-02 and 2006-07 to the company after recently issuing a Rs 1...
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Income Tax |
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0 | Hits : 823
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World Bank selects Jim Yong Kim as its next President
Posted Date : 17-Apr-2012 , 08:22:35 am | Posted By CASANSAAR
US nominee Jim Yong Kim was Monday chosen as the next president of the World Bank, an appointment that continues the longstanding tradition of an American leading the Washington-based institution."Dr Jim Young Kim of the United States would be the next President of the World Bank," an official annou...
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International Business |
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Petrol pumps strike on April 23
Posted Date : 17-Apr-2012 , 08:20:59 am | Posted By CASANSAAR
Over 40,000 petrol pumps across the country will shut their outlets on next Monday to press their demand for raising their commission on petrol by about 27 paise per litre and diesel by 14 paise per litre as recommended by an official panel.
The association wants the government to implement th...
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General |
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ICAI moves SEBI for changes in company compliance norms
Posted Date : 16-Apr-2012 , 03:50:11 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has approached the capital market regulator - the Securities Exchange Board of India (SEBI) for a four-pronged change in company compliance norms. Last week, the accounting regulator met the SEBI chairman U K Sinha to apprise him on those issu...
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ICAI |
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0 | Hits : 999
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RBI may likely cut rates by 25 bps on growth concerns
Posted Date : 14-Apr-2012 , 08:50:36 pm | Posted By CASANSAAR
The RBI may cut the repo rate by 25 basis points as economic recovery continues to remain fragile, say economists.
With factory output growth, as measured by the index of industrial production (IIP), in the April 2011-February 2012 period slowing to 3.5 per cent, against 8.1 per cent in the year-...
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RBI |
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