DTC on track for April, 2012 rollout: Revenue Secy
Posted Date : 18-Mar-2011 , 10:42:18 am | Posted By CASANSAAR
The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST).
"DTC will be rolled out in April 2012 but for GST I think the date seems 'optimistic' under the present circums...
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Income Tax |
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India tax collection jumps 26 pc till March 12
Posted Date : 18-Mar-2011 , 10:41:39 am | Posted By CASANSAAR
India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up.
The total tax collection till Mar...
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Income Tax |
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Chartered Accountant faces Rs 100cr income tax demand
Posted Date : 18-Mar-2011 , 10:41:02 am | Posted By CASANSAAR
Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 cro...
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Income Tax |
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ICAI enhances Fees for Issue of Duplicate Mark Sheets
Posted Date : 18-Mar-2011 , 10:40:10 am | Posted By CASANSAAR
It is hereby informed that the Council has decided to enhance the fees for issue of duplicate mark sheets ( for various examinations conducted by the Institute of Chartered Accountants of India, including those relating to post qualification courses) from Rs 10/-(Rupees ten onl...
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Students Zone |
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RBI raises key rates by 25 bps to lid prices
Posted Date : 18-Mar-2011 , 10:38:31 am | Posted By CASANSAAR
The Reserve Bank of India raised policy rates for the eighth time in a year by the expected 25 basis points to tackle inflation that is running disproportionately higher with a potential to whittle down the government's cherished 9% economic growth.
Come Ap...
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RBI |
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PF deposits to earn 9.5% rate after FM nod
Posted Date : 18-Mar-2011 , 10:37:40 am | Posted By CASANSAAR
The Finance Ministry today ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February.
The move is likely to benefit about 4.71 crore EPFO subscribers on their depo...
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Finance |
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Cabinet okays PFRDA Bill; may go to Parliament soon
Posted Date : 18-Mar-2011 , 10:35:26 am | Posted By CASANSAAR
The Union Cabinet today approved a long-pending bill, which is aimed at giving statutory power to the pension regulator PFRDA, paving way for introduction of the same in the current session of Parliament.
The draft legislation is aimed at upgrading the status o...
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Finance |
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FinMin secures President's nod for GST Bill
Posted Date : 18-Mar-2011 , 10:33:46 am | Posted By CASANSAAR
The finance ministry on Wednesday moved a step closer to the proposed Goods and Services Tax (GST) by taking the President’s approval for introducing a Constitution Amendment Bill in Parliament. Even as some government departments have raised concerns on the Bill in its p...
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GST |
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I-T gets 2k cr from Harshad assets
Posted Date : 18-Mar-2011 , 10:33:03 am | Posted By CASANSAAR
In one of the biggest claims distributions in nearly two decades since the securities scam hit the market, Satish Loomba, custodian of Big Bull Harshad Mehta group (HMG), handed over a cheque for Rs 1,995.66 crore to the Income Tax department and Rs 200 crore to the SBI from th...
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Income Tax |
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'Why should tax payer pay for the better off under PDS'
Posted Date : 18-Mar-2011 , 10:25:38 am | Posted By CASANSAAR
The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line.
"We don't understand the logic as to why a person...
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Income Tax |
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Govt. may bring constitution amendment bill on GST this session
Posted Date : 15-Mar-2011 , 11:34:25 am | Posted By CASANSAAR
The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes.
It will try to introduce...
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GST |
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No routine tax scrutiny for senior citizens, small taxpayers
Posted Date : 15-Mar-2011 , 11:33:18 am | Posted By CASANSAAR
The Income Tax department today said the tax returns filed by senior citizens, who are above 60 years, and small taxpayers having a gross total income of less than Rs. 10 lakh, will not attract the routine scrutiny by the department.
“In order t...
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Income Tax |
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Tight liquidity forces banks to borrow more from RBI
Posted Date : 15-Mar-2011 , 11:32:43 am | Posted By CASANSAAR
Advance tax outflows worth Rs 80,000 - 90,000 crore, coupled with year-end pressures to shore up their books, forced banks to borrow up to Rs 94,250 crore from the Reserve Bank of India on the first day after the reporting Friday. Banks are always looking at strengthening their...
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Banking |
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Income Tax dept call Center to Solve taxpayers queries related to Refund, ITR V Status etc
Posted Date : 15-Mar-2011 , 11:31:51 am | Posted By CASANSAAR
Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following:
1. Status of receipt of ITR-V at CPC
2. Processing status...
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Income Tax |
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Payment of MCA fees –electronic mode-regarding
Posted Date : 15-Mar-2011 , 11:31:16 am | Posted By CASANSAAR
Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications.
Payment confirmation is found to be a major bottleneck in delivery of serv...
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Corporate Law |
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FM announces incentives for investment in education, health
Posted Date : 15-Mar-2011 , 11:30:02 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen.
Replying to the discussion on the ...
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Income Tax |
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CAG asks Punjab to restrict borrowings
Posted Date : 15-Mar-2011 , 11:28:39 am | Posted By CASANSAAR
Finding it difficult for Punjab to service rising debt liabilities in future, the Comptroller and Auditor General has asked the state government to restrict borrowings and further restrained it from using borrowed funds for paying past debts.
CAG has also asked...
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Finance |
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Rescheduling of PCE / IPCE Exams scheduled on 3rd May 2011 and 7th May 2011 at Kolkatta and Asansol
Posted Date : 14-Mar-2011 , 09:37:12 pm | Posted By CASANSAAR
In view of the Election to the West Bengal State Legislative Assembly, Paper-1, `Advanced Accounting’ of Professional Competence Examination and Paper-1, `Accounting’ of Integrated Professional Competence Examination scheduled to be held on Tuesday, the 3rd May, 201...
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Students Zone |
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Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) – Procedure simplified.
Posted Date : 14-Mar-2011 , 09:36:28 pm | Posted By CASANSAAR
The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...
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Corporate Law |
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No collateral required for loans to SC/ST: Mukherjee
Posted Date : 14-Mar-2011 , 09:36:09 pm | Posted By CASANSAAR
The government today said the provision of collateral security for getting loans from banks has been waived for SC/ST as part of measures to grant them easier access to credit.
"There is no need for collateral security for these sections for getting bank l...
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Finance |
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Process of incorporation of Companies ( Form-1) and establishment of principal place of business in India by Foreign Companies ( Form-44) – Procedure simplified.
Posted Date : 14-Mar-2011 , 09:35:01 pm | Posted By CASANSAAR
The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...
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Corporate Law |
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0 | Hits : 278
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SAT defers PwC-Sebi case to March 15
Posted Date : 14-Mar-2011 , 09:34:29 pm | Posted By CASANSAAR
The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said.
The matter came before SAT yesterday.
The case relates to the multi-crore rupee Satyam a...
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Category :
Auditing |
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1,360 crore unclaimed funds in banks
Posted Date : 14-Mar-2011 , 09:33:48 pm | Posted By CASANSAAR
An estimated Rs 1,360 crore is lying unclaimed dein foreign and national banks in India. Data provided by RBI in response to Right to Information queries said that the apex bank had asked banks to redouble their efforts in tracking down customers and their legal heirs.
...
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Banking |
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Net Direct Tax Collections during April-February-2011 Increase to Rs. 3,36,177 Crore, up by 20.75 %
Posted Date : 14-Mar-2011 , 09:33:14 pm | Posted By CASANSAAR
Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent.
Growth in Corporate Income Tax during thi...
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Income Tax |
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Govt concerned over quality of ind directors in PSUs
Posted Date : 14-Mar-2011 , 09:32:48 pm | Posted By CASANSAAR
The government today said it would come out with the guidelines on independent directors to improve the quality of representation on the boards of the state-run companies.
Heavy Industries and Public Sector Enterprises Minister Praful Patel said the quality of ...
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Corporate Law |
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Women to get one reserved seat on company boards
Posted Date : 14-Mar-2011 , 09:32:17 pm | Posted By CASANSAAR
All companies will have to reserve at least one seat in a board of directors for women candidates if the board comprises five or more independent directors.
The government would make the presence of women directors in a board mandatory by including a ...
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Corporate Law |
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Disclosure of tax returns, inherited property compulsory: EC
Posted Date : 14-Mar-2011 , 09:31:49 pm | Posted By CASANSAAR
Furnishing of income tax returns has been made mandatory for all candidates entering the poll fray and details of inherited property will also have to be provided under a new nomination affidavit brought out by the Election Commission (EC).
Candidates...
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General |
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I-T Dept keeping close watch on realty sector
Posted Date : 14-Mar-2011 , 09:31:00 pm | Posted By CASANSAAR
Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects.
"The focus of the Income Tax Department is...
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Income Tax |
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IT arrears decline despite rise in number of cases: Govt
Posted Date : 14-Mar-2011 , 09:30:25 pm | Posted By CASANSAAR
The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today.
The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on December 31, ...
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Income Tax |
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RBI tightens the grip on non-banking finance companies
Posted Date : 14-Mar-2011 , 09:29:58 pm | Posted By CASANSAAR
The Reserve Bank of India may further tighten the regulatory screws on non-banking finance companies. The reason: it appears that the stiff regulation for banks has increased the incentive for exploiting regulatory arbitrage by moving business to NBFCs.
...
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Income Tax |
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