RBI calls for greater focus on state finances
Posted Date : 01-Apr-2012 , 07:58:56 pm | Posted By CASANSAAR
The Reserve Bank of India has called for greater attention on structural issues confronting state finances in the country. Releasing a publication today which focuses on the study of budgets of state finances, the RBI said there is need for greater focus on structural issues confronting state financ...
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Finance |
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Direct Tax Code to roll by next year, says Pranab Mukherjee
Posted Date : 01-Apr-2012 , 08:01:25 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Saturday said that the long-awaited Direct Tax Code (DTC) would be rolled out from next year. "Next year, I will introduce the DTC fully after examining the recommendations of the parliamentary standing committee. The recommendations of the parliamentary...
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Income Tax |
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FM defends amendment of IT Act with retrospective effect
Posted Date : 31-Mar-2012 , 09:43:28 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Saturday defended the move to amend the Income Tax Act with retrospective effect following which UK’s Vodafone may have to pay Rs. 11,000 crore as tax for a buyout deal involving Indian business. “First the Supreme Court told in the Vod...
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Income Tax |
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Statutory Bank Auditors should charge 12.36% Service tax on Audit Fees
Posted Date : 31-Mar-2012 , 06:58:05 am | Posted By CASANSAAR
Compliance Under Service Tax – 2012-13 – Bank Audit
The compliance under service tax provisions post Finance Bill 2012 may need clarity on 3 aspects which are discussed as under:
I. Small Service Provider Exemption
The basic exemption is available to t...
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Service Tax |
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0 | Hits : 1861
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Govt moves to make it pay Rs 11k tax unjust: Vodafone
Posted Date : 31-Mar-2012 , 06:54:31 am | Posted By CASANSAAR
Terming the move to tax cross-border deals with retrospective effect as “grossly unjust”, UK-based telecom giant Vodafone today said it is considering various courses of action to safeguard its position in India.
While Vodafone did not give details of possible recourse it may take, it...
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Income Tax |
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SEBI issues rules for algorithmic trading
Posted Date : 31-Mar-2012 , 06:51:06 am | Posted By CASANSAAR
The capital market regulator has put checks and balances in place for high-frequency trading. SEBI has issued detailed guidelines asking exchanges to contain possibilities of potential systemic risk caused by the use of sophisticated automated software by brokers to trade on stock exchanges....
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SEBI |
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New Income Tax Return Forms for Assessment Year 2012-13.
Posted Date : 30-Mar-2012 , 08:23:36 pm | Posted By CASANSAAR
CBDT notifies New Income Tax Return Forms for the Assessment Year 2012-13.
NEW RETURN FORMS FOR ASSESSMENT YEAR 2012-13
Notification English
Notification Hindi
Form No.
ITR-1 SAHAJ
Indian Individual Income ...
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Income Tax |
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Income Tax offices to remain open on March 31.
Posted Date : 30-Mar-2012 , 04:50:46 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has instructed all income tax offices to function on March 31, the last day of the financial year.
Accordingly, Income Tax offices will function from 9.30 am to 6 pm tomorrow to handle year-end rush.
Arrangements have been made to ...
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Income Tax |
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P-Notes holders not liable to pay tax in India: Pranab
Posted Date : 30-Mar-2012 , 03:03:30 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said that persons investing in stock markets through participatory notes, P-Notes, will not have to pay taxes in India. The assurance pushed up the stock market today. He told reporters in New Delhi that the Minister said, the income tax department would ...
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Income Tax |
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0 | Hits : 813
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Google launches 'Account Activity'
Posted Date : 30-Mar-2012 , 07:12:01 am | Posted By CASANSAAR
Search engine Google has launched 'Account Activity' -- a new service that collates activities of users on all Google-owned sites including the popular 'Gmail' and 'YouTube' offerings.
The service would provide information to the users on a monthly basis. "Sometimes it's helpful to step back and ...
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International Business |
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Muthoot Fincorp banned from taking deposits
Posted Date : 30-Mar-2012 , 07:09:49 am | Posted By CASANSAAR
The Reserve Bank of India has banned gold finance company Muthoot Fincorp from taking deposits from public, dealing yet another blow to the industry where regulatory attention is intensifying after blistering growth threatened system stability. The lender of money against gold has been, through ...
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Finance |
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0 | Hits : 1021
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BRICS countries sign pacts to initiate trade in local currencies
Posted Date : 30-Mar-2012 , 07:07:20 am | Posted By CASANSAAR
The BRICS countries India, China, Russia, Brazil and South Africa on Thursday signed two agreements to initiate trade in their local currencies . Following the fourth BRICS Summit in New Delhi on Thursday, the five emerging economies also agreed on a joint working group to set up a development bank ...
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International Business |
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RBI asks banks to improve NPA management
Posted Date : 29-Mar-2012 , 02:04:45 pm | Posted By CASANSAAR
The Reserve Bank today asked banks to improve their ability to manage stressed assets, but said there was nothing alarming about an unexpected rise in the NPA levels this fiscal. "Concerns (on NPA) are there. Banks have to improve their ability to manage NPAs. We have told banks what is their la...
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Banking |
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0 | Hits : 835
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RBI relaxes various norms on overseas direct investments
Posted Date : 29-Mar-2012 , 01:33:17 pm | Posted By CASANSAAR
The Reserve Bank of India has relaxed various norms on overseas direct investments to offer more flexibility to the Indian companies and individuals. The RBI said in a notification that proposals from the Indian party for creation of charge in the form of pledge or mortgage on the immovable or movab...
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RBI |
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Income Tax department mulling prosecution of HSBC bank in black money cases
Posted Date : 29-Mar-2012 , 08:08:51 am | Posted By CASANSAAR
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad. The department, which had received more than 700 names in a list of black money account holders in HSBC bank in Geneva reportedly provided b...
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Income Tax |
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0 | Hits : 805
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Foreign funding tougher for retailers; new norm to hinder Indian brands
Posted Date : 29-Mar-2012 , 08:02:11 am | Posted By CASANSAAR
A new norm stipulating that only the 'owner of the brand' can invest in Indian retailers selling goods under a single brand threatens to derail their overseas fund-raising plans. The Foreign Investment Promotion Board, the nodal agency that clears investments entering India, is considering the...
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FEMA |
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Centre stays hanging of Balwant Singh Rajoana, assassin of former Punjab Chief Minister Beant Singh.
Posted Date : 28-Mar-2012 , 07:49:08 pm | Posted By CASANSAAR
The Centre on Wednesday stayed the hanging of Balwant Singh Rajoana, assassin of former Punjab Chief Minister Beant Singh, reports said. The Chandigarh trial court on Tuesday had returned the death warrant of Balwant Singh Rajoana, convicted for assassinating former Punjab chief minister Beant ...
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General |
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Income Tax department attaches Unitech's shares in Uninor for outstanding tax dues
Posted Date : 28-Mar-2012 , 05:49:14 pm | Posted By CASANSAAR
The IT department has attached the shares of three companies through which realty firm Unitech Ltd holds about 33% stake in mobile phone company Unitech Wireless for alleged outstanding income tax dues.Realty firm Unitech acknowledged the development and clarified that the demand orders we...
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Income Tax |
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0 | Hits : 772
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India not a tax haven: Pranab Mukherjee on Vodafone controversy
Posted Date : 28-Mar-2012 , 06:56:52 am | Posted By CASANSAAR
In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.
"India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of...
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Income Tax |
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0 | Hits : 914
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Invite Applications for Visiting/Regular Faculty for Certificate Course in Master in Business Finance (MBFCC)
Posted Date : 27-Mar-2012 , 09:42:32 pm | Posted By CASANSAAR
Invite Applications for Visiting/Regular Faculty for Certificate Course in Master in Business Finance (MBFCC) At New Delhi, Mumbai, Chennai, and Kolkata.
Click Here for Details
www.icai.org...
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Income Tax |
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0 | Hits : 936
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SBI hikes fixed deposit rates by upto 1%
Posted Date : 27-Mar-2012 , 09:38:13 pm | Posted By CASANSAAR
Country's largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rate...
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Banking |
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Tax Concession on Education Loan
Posted Date : 27-Mar-2012 , 09:34:47 pm | Posted By CASANSAAR
Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any financial institution or any approved charitable inst...
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Income Tax |
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0 | Hits : 850
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Rs 2.73 lakh cr of I-T dues locked up in disputes: Govt
Posted Date : 27-Mar-2012 , 04:00:07 pm | Posted By CASANSAAR
As much as Rs 2.73 lakh crore of outstanding income tax dues are locked up in tax disputes at various levels, Parliament was informed today.
"As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximatel...
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Income Tax |
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0 | Hits : 699
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Now, have an enemy list on your Facebook account
Posted Date : 27-Mar-2012 , 03:01:41 pm | Posted By CASANSAAR
Facebook is not just about reaching out to friends but also foes as a new application allows you to add enemies to your profile.
EnemyGraph is a new application, available for free to all Facebook users, which lets you add enemies to your Facebook profile, including real victims from your friends...
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General |
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0 | Hits : 1049
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RBI slams banks on term deposit rates
Posted Date : 27-Mar-2012 , 02:59:01 pm | Posted By CASANSAAR
RBI has asked banks to avoid offering sharply different rates on deposits with similar maturities, saying that something is wrong with lenders if their retail and bulk deposit rates vary too much.
"If it (the difference between retail and bulk deposit rates) varies too much...
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RBI |
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0 | Hits : 812
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RBI tells NBFCs to notify clients before auctioning jewellery
Posted Date : 27-Mar-2012 , 07:59:53 am | Posted By CASANSAAR
Non-banking finance companies (NBFC) will now have to send "adequate prior notice" to their gold loan borrowers, if they plan to auction the jewellery kept as collateral, due to non-repayment of loans, according to the Reserve Bank of India's (RBI) guidelines on the fair practices code for the sec...
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Finance |
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0 | Hits : 811
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Revision of Interest Rates for Small Savings Schemes with Effect from 1st April 2012
Posted Date : 26-Mar-2012 , 08:34:00 pm | Posted By CASANSAAR
Based on the decisions taken by the Government on the recommendations of the Shyamala Gopinath Committee for Comprehensive Review of National Small Savings Fund (NSSF), the interest rates for small saving schemes are to be notified every financial year, before 1st April of that...
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Finance |
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0 | Hits : 1077
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Some persons having A/c in Swiss banks paid Rs 180cr as tax: Pranab Mukherjee
Posted Date : 26-Mar-2012 , 08:30:58 pm | Posted By CASANSAAR
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name. Mukherjee said the government has received information from France and Germany under Double Taxation Avoidanc...
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Income Tax |
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0 | Hits : 773
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XBRL Implementation
Posted Date : 26-Mar-2012 , 08:04:44 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabhathat the Ministry has set up a committee in November 2011 comprising of XBRL experts and representatives from the corporate sector as well as the Institute of Charter...
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Corporate Law |
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1 | Hits : 1231
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Regulation of Foreign Chartered Accountant Firms
Posted Date : 26-Mar-2012 , 07:59:56 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Indian Chartered Accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act, 1949 and the Ru...
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Corporate Law |
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0 | Hits : 956
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