Civil Aviation Ministry opposes hike in service tax
Posted Date : 26-Apr-2012 , 05:56:11 pm | Posted By CASANSAAR
Civil Aviation Ministry is learnt to have strongly opposed the budget proposal imposing a four-time hike in service tax on air travel, terming it a retrograde step that would hit fliers and airlines very hard. Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit S...
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Service Tax |
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FinMin hits back, says Vodafone was aware of tax liability
Posted Date : 25-Apr-2012 , 11:25:34 pm | Posted By CASANSAAR
The Finance Ministry on Wednesday hit back at Vodafone's claim that it was not told of the tax liability on the Hutchison deal, saying that the British telecom giant was provided a copy of the notice. "We have provided copies of the letter (about tax liability) to the concerne...
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Income Tax |
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Cheque bouncing may also give rise to cheating case, rules SC
Posted Date : 25-Apr-2012 , 11:20:22 pm | Posted By CASANSAAR
For issuing a cheque without sufficient fund in one's account, a person can be tried for both bouncing of his cheque and for cheating as the two trials do not breach double jeopardy doctrine, the Supreme Court has ruled.
A bench of justices B S Chauhan and J S Khehar gave ...
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Banking |
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Federal Bank cuts base rate by 0.20% to 10.45%
Posted Date : 25-Apr-2012 , 05:29:39 pm | Posted By CASANSAAR
Kerala-based Federal Bank today cut its base rate or the minimum lending rate by 0.20% to 10.45% following last week's RBI reduction in the key policy rate.
The bank action will be applicable from May 2, it said in a statement.
he Reserve Bank had surprised all by slashing the re...
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Banking |
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UK slides back into recession in first double dip since 1970s
Posted Date : 25-Apr-2012 , 05:26:03 pm | Posted By CASANSAAR
Britain's economy slid into its secondrecession since the financial crisis after official data unexpectedly showed a fall in output in the first three months of 2012, piling pressure on Prime Minister David Cameron's embattled coalition government. The Office for National Statistics s...
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General |
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133 government websites hacked in January-March: Sachin Pilot
Posted Date : 25-Apr-2012 , 05:21:28 pm | Posted By CASANSAAR
As many as 133 government websitesfell prey to hackers in the first three months of 2012, Minister of State for Communications and IT Sachin Pilot has said.
As per incidents reported to and tracked by theIndian Computer Emergency Response team (CERT), a total number of 92, 204...
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General |
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Credit rating agency S&P revises India economic outlook to negative
Posted Date : 25-Apr-2012 , 12:53:12 pm | Posted By CASANSAAR
Credit rating agency Standard & Poor has revised India’s outlook to negative. The agency has reaffirmed sovereign credit rating at investment grade but suggested that the probability of a downgrade is now higher than before.
The agency sees little progress on economic reforms and believ...
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International Business |
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2 USE directors quit as Sebi questions board structure
Posted Date : 25-Apr-2012 , 08:19:44 am | Posted By CASANSAAR
The Securities and Exchange Board of India's (Sebi) probe into United Stock Exchange (USE), alleging it of giving BSE more than permissible representation on its board, has led to the resignation of two directors.
Arun Ramanathan, public interest director (PID) at USE and chairman...
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Shares & Stock |
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Vodafone tax demand may exceed Rs 20,000 cr
Posted Date : 25-Apr-2012 , 08:13:34 am | Posted By CASANSAAR
After the enactment of retrospective amendments to the Income Tax Act next month, the government may ask Vodafone to pay in excess of Rs 20,000 crore — more than two and half times the tax amount the telecom major was “advised to withhold” on its $11-billion deal with Hutchison i...
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Income Tax |
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RBI to allow ECB for working capital for civil aviation sector
Posted Date : 25-Apr-2012 , 08:09:28 am | Posted By CASANSAAR
The Reserve Bank of India today decided to allow External Commercial Borrowings, ECB, for working capital as a permissible end-use for the civil aviation sector on certain conditions.
The notification issued by RBI in Mumbai stated that the overall ECB ceiling for the entire civil aviation...
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Finance |
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Govt to plough back disinvestment funds into PSUs
Posted Date : 24-Apr-2012 , 07:28:22 pm | Posted By CASANSAAR
In a move to strengthen the PSUs, government proposes to plough back funds raised through disinvestment proceeds into the state-owned firms.The Department of Disinvestment (DoD) has proposed to create special purpose funds out of the disinvestment proceeds to enable the public sector units (PSUs) bu...
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Finance |
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Retrospective change in I-T Act may yield around Rs 40,000 crore
Posted Date : 24-Apr-2012 , 04:03:17 pm | Posted By CASANSAAR
The controversial proposal to amend theIncome Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said today.
"The Income Tax department has made an estimation that the total tax im...
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Income Tax |
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2G case: SC extends deadline for licence cancellation to September 7
Posted Date : 24-Apr-2012 , 03:59:56 pm | Posted By CASANSAAR
Supreme Court on Tuesday refused to grant 400 days to the government to complete the process of fresh auctioning of the 2G spectrum licences but extended the deadline for it from June 2 to August 31, 2012. A bench of justices G S Singvhi and K S Radhakrishnan also said the exis...
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General |
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Nestle India could face Rs 100 cr addl tax in FY13
Posted Date : 24-Apr-2012 , 10:11:59 am | Posted By CASANSAAR
FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation.
"...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximat...
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Income Tax |
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RBI permits all financial institutions to participate in CDS
Posted Date : 24-Apr-2012 , 08:17:19 am | Posted By CASANSAAR
The Reserve Bank on Monday allowed all financial institutions to participate in the credit default swap (CDS) market to help such entities to protect their risk."It has now been decided to permit all India financial institutions, namely, EXIM Bank, NABARD, NHB and SIDBI to participate in the CDS mar...
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RBI |
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Parliament likely to take up new Companies Bill this session, says Veerappa Moily
Posted Date : 24-Apr-2012 , 08:05:50 am | Posted By CASANSAAR
The much-awaited Companies Bill 2011 is likely to be taken up in this parliamentary session, said Union minister for corporate affairs M Veerappa Moily. The new Companies Bill, which will replace a half-a-century-old Act, has made provisions for class action suit and corporate social resp...
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Corporate Law |
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Income tax act amendment proposal not in line with global norms: Vodafone
Posted Date : 24-Apr-2012 , 08:02:09 am | Posted By CASANSAAR
Amid controversy over the government's decision to amend I-T Act with retrospective effect to bring into tax net overseas deals involving domestic assets, the British telecom major Vodafone on Monday said that the proposal is not in line with the international tax norms. "...the proposal to tax...
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International Business |
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SBI, 4 other banks cut fixed deposit rates up to 1 pc
Posted Date : 23-Apr-2012 , 08:54:43 pm | Posted By CASANSAAR
Led by SBI, five more banks on Monday cut interest rates on loans and deposits upto one per cent, following reduction in the short-term policy rates by Reserve Bank last week.While banks have tweaked rates differently, the net effect is that depositors lose more than the gains accruing to borrowers ...
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Income Tax |
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FinMin may cut capital gains tax on PE investments
Posted Date : 23-Apr-2012 , 05:09:29 pm | Posted By CASANSAAR
In order to attract foreign capital, the Finance Ministry may cut long-term capital gain tax from 20 per cent to 10 per cent on investments made by private equity funds into shares of unlisted companies. Several PE investors have appealed to the ministry to bring them at par with the Fo...
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Income Tax |
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Banks' earning to come under pressure due to Basel-III: Anand Sinha
Posted Date : 23-Apr-2012 , 05:04:59 pm | Posted By CASANSAAR
Earnings of banks are likely to come under pressure due to the higher capital requirements for the implementation of Basel-III norms, Reserve Bank of India Deputy Governor Anand Sinha said in Mumbai.
"There is going to be pressure on banks' earnings, not only in India but across the world. That's...
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Banking |
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Some companies in a fix over new financial account format, may postpone earnings announcement
Posted Date : 23-Apr-2012 , 08:08:30 am | Posted By CASANSAAR
Securities and Exchange Board of India's recent decision mandating companies to present financial results in a new format may force some firms to work overtime or postpone their earnings announcement for the March quarter.
On April 16, the capital market regulator proposed change...
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Accounts |
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GAAR fear: Separate tax threshold likely for FIIs
Posted Date : 23-Apr-2012 , 08:03:43 am | Posted By CASANSAAR
In an attempt to assuage apprehensions of tax payers regarding the proposed general anti-avoidance rules (GAAR), the government will put in place a threshold to ensure that tax payers and foreign investors don’t attract the GAAR provisions. In fact, foreign institutional investors (FIIs) will ...
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Income Tax |
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Petrol pump dealers defer nationwide strike; govt to consider demands
Posted Date : 22-Apr-2012 , 09:52:13 pm | Posted By CASANSAAR
Petrol pump dealers have deferred a nationwide strike from Monday after Oil Minister S Jaipal Reddy has agreed to consider their demands that include levying charges for providing facilities such as air pressure checking, drinking water and toilets, dealers Federation said.
The Federation of All ...
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General |
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MICR, IFSC code must on passbook, a/c statement: RBI
Posted Date : 22-Apr-2012 , 09:06:10 am | Posted By CASANSAAR
The Reserve Bank has made it mandatory for all banks to print the MICR and IFSE code on the passbook and statement of account of the customers."Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that information shoul...
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Banking |
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Tea to be declared national drink: Montek Singh Ahluwalia
Posted Date : 22-Apr-2012 , 09:03:28 am | Posted By CASANSAAR
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said tea would be declared as national drink by April next year. "The drink would be accorded national drink status by April 17 next year to coincide with the 212th birth anniversary of first Assamese tea planter and Sepoy Mutiny le...
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General |
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India seeks membership of nuclear export control regimes
Posted Date : 21-Apr-2012 , 03:52:11 pm | Posted By CASANSAAR
Citing its non-proliferation record, India told the UN Security Council that given its ability and willingness to promote global non-proliferation objectives, its membership of the four nuclear export control regimes should be "the next logical step."
India's Permanent Representative to t...
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General |
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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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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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