FII cap in Government, corporate debt hiked by $5 billion
Posted Date : 18-Nov-2011 , 08:35:14 am | Posted By CASANSAAR
The Finance Ministry on Thursday raised the foreign investment limit in government and corporate debt by $5 billion each, hoping to solve the issue of poor investor response to government debt and the rupee depreciation. The existing foreign investment limit in government debt has already been e...
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Finance |
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No benefit to executives from management-union agreements: Supreme Court
Posted Date : 18-Nov-2011 , 08:32:22 am | Posted By CASANSAAR
The Supreme Court on Thursday ruled that once an employee was placed in the executive cadre, he would cease to be a workman, disentitling him to benefits accruing from a settlement arrived between the management and trade union of which he was a member prior to promotion.The judgment by a ...
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General |
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Claiming HRA? Get the house owner's PAN
Posted Date : 18-Nov-2011 , 08:28:40 am | Posted By CASANSAAR
Kalpana Sinha, a tenant in a Mumbai suburb, often tells her house owner that her payment of rentals — Rs 30,000 a month — do not allow her to claim tax benefits. While the owner is willing to give her a temporary receipt, it contains little detail about the owner.
Sinha would ...
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Income Tax |
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RBI to buy Rs 10k crore bonds to ease pressure on rates
Posted Date : 17-Nov-2011 , 08:23:10 am | Posted By CASANSAAR
The Reserve Bank of India said it will buy government bonds worth 10,000 crore from investors for the first time this fiscal, aiming to ease pressure on interest rates after three of the four bond sales this quarter did not have enough takers at the specified price.The move to ease the pressure o...
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RBI |
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CAG's role in social sector audit vital: Pranab
Posted Date : 17-Nov-2011 , 08:19:01 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Wednesday maintained that even as every decision of the government was not likely to be the most optimal, the possibility of institutional failures, oversight and ignorance could impact the decision-making process.
In his address at a concluding function here ...
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CAG |
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Ex can't use husband's name: Supreme Court
Posted Date : 17-Nov-2011 , 08:15:12 am | Posted By CASANSAAR
"Must a name mean something?" asks Alice as she travels through Wonderland whileWilliam Shakespeare famously asked "What's in a name?" To a Mumbai resident it definitely meant something as he fought a legal battle all the way to the Supreme Court to stop his ex-wife from using his sur...
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General |
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Revised concept paper on negative list of service tax soon
Posted Date : 17-Nov-2011 , 08:12:47 am | Posted By CASANSAAR
The government will come out in few days with revised concept paper on 'negative list' for service tax -- meaning services which are not mentioned in the list would be taxed under the proposed GST regime. "The revised concept paper (on negative list of services) is ready and you should se...
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Service Tax |
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16 economic legislations in coming Parliament session
Posted Date : 17-Nov-2011 , 08:10:52 am | Posted By CASANSAAR
Government will seek passage of several key economic legislations in the winter session of Parliament, pushing its reforms agenda and allaying concerns of policy paralysis among a section of the industry. The long-pending Pension Fund Regulatory and Development Authority (PFRDA) Bill, which will...
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General |
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SEBI asked to probe charges that NSE harming investors' interest
Posted Date : 17-Nov-2011 , 08:07:49 am | Posted By CASANSAAR
Stock market watchdog Securities and Exchange Board of India (SEBI) was today asked by the Delhi High Court to examine an investor group's allegation that National Stock Exchange was acting against investors to protect stock brokers's interests.
"The issue raised by the petitioner needs serious c...
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SEBI |
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Give names of top defaulters, CIC tells RBI
Posted Date : 17-Nov-2011 , 08:06:48 am | Posted By CASANSAAR
The Central Information Commission has directed RBI to reveal names and details of the top 100industrialists who have defaulted on loans from public sector banks. The CIC rejected RBI’s argument that it held the information in fiduciary capacity, and disclosing ...
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Income Tax |
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Govt oks changes in PFRDA Bill, allows 26% FDI in pension
Posted Date : 16-Nov-2011 , 03:31:34 pm | Posted By CASANSAAR
The government today approved amendments to the PFRDA Bill 2011 while agreeing to the proposed 26% foreign investment in the pension sector but refrained from providing assured returns to subscribers in the proposed law. The government had decided not to mention FDI cap in the legislation itself f...
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Finance |
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Govt approves amendment to Export-Import Bank Act
Posted Date : 16-Nov-2011 , 03:26:35 pm | Posted By CASANSAAR
The government on Wednesday approved amendments to the Export-Import Bank Act to improve its ability to increase credit to exporters and importers and said it would now be tabled in parliament. The Export-Import Bank of India (Amendment) Bill, 2011 seeks to increase the authorised capital of the&...
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Banking |
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ICAI to check No. of Tax Audit done by Each CA, Soon Members can view tax audit reports uploaded in their name
Posted Date : 16-Nov-2011 , 08:09:23 am | Posted By CASANSAAR
Dear Professional Colleague,
As you must be aware, recently the ICAI had represented before Central Board of Direct Taxes (CBDT) seeking tax audit data based on returns e-filed during the year 2010-11. I would like to inform you that in response to the repr...
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ICAI |
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ICSI to woo students with new infrastructure
Posted Date : 16-Nov-2011 , 08:05:29 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) is looking to woo more students by revamping its infrastructure. Chairman of the Southern India Regional Council, B Ravi, said that the centre has improved its infrastructure to make the course more interesting for the students. "We have added m...
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ICSI |
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Employees strike: I-T survey ops hit in Delhi
Posted Date : 16-Nov-2011 , 08:01:43 am | Posted By CASANSAAR
The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital.
I-T employees and officials, except those of the Indian ...
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Income Tax |
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State Oil Companies cut petrol prices by Rs 2.22 a litre in Delhi
Posted Date : 15-Nov-2011 , 08:02:28 pm | Posted By CASANSAAR
Petrol is cheaper by Rs 2.22 a litre in Delhi from Wednesday as state oil firms have decided to cut its rates for the first time in last 33 months under pressure from the ruling Congress, which demand an immediate roll-back of the recent price hike. "Indian Oil has decided to reduce petrol prices...
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General |
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Council Guidelines for conversion of CA firms into LLPs
Posted Date : 15-Nov-2011 , 07:44:01 pm | Posted By CASANSAAR
In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Accountants have been finalized which are applicable for conversion of CA firms into LLPs or formation of new...
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ICAI |
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Petrol prices slashed by Rs 1.90 per litre from midnight
Posted Date : 15-Nov-2011 , 07:27:13 pm | Posted By CASANSAAR
Petrol is expected to be cheaper by about Rs 1.90 a litre in Delhi from Tuesday midnight as state oil firms have decided to cut its rates for the first time in last 33 months under pressure from the ruling Congress, which demand an immediate roll-back of the recent price hike. Executives of India...
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General |
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Deloitte under ICAI scanner
Posted Date : 15-Nov-2011 , 08:27:11 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy, president of ICAI — the regulatory body of charte...
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ICAI |
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RBI cautions on rising NPAs from infra sector
Posted Date : 15-Nov-2011 , 08:25:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday raised concerns on rising bad loans of Indian banks, especially money given to infrastructure, retail and real estate companies, and said banks are likely to feel more pain from such loans in a high interest rate scenario unless they take “due care&r...
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RBI |
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State cricket federations may soon lose I-T exemption
Posted Date : 15-Nov-2011 , 08:20:22 am | Posted By CASANSAAR
In another blow to cricket federations in the country, Income Tax department has slapped show-cause notices to seven of them, affiliated to the Board of Control for Cricket in India (BCCI), just before withdrawing tax exemption to them. This will put these sporting bodies at par with...
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Income Tax |
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I-T dept targets 'forced voluntary disclosures'
Posted Date : 15-Nov-2011 , 08:18:06 am | Posted By CASANSAAR
Deciding against bringing in a voluntary disclosure of income scheme (VDIS), the income tax department has decided to use some force in this regard.
A senior Central Board of Direct Taxes (CBDT) official told Business Standard the department had initiated an extensive exercise under which...
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Income Tax |
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Global banking system is fraught with uncertainties: RBI
Posted Date : 14-Nov-2011 , 09:45:02 pm | Posted By CASANSAAR
The Reserve Bank today said the global banking system is fraught with many uncertainties due to the ongoing sovereign debt crisis in Eurozone and asked for concerted action from both the developed and the emerging economies ...
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RBI |
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2G scam: Rs 1.76 lakh crore loss is a mathematical guess, says lead auditor
Posted Date : 14-Nov-2011 , 09:40:10 pm | Posted By CASANSAAR
The lead auditor of the 2G telecom audit today stuck to his stand that the loss due to spectrum allocation was Rs 2,645 crore and he had signed the final report on the alleged scam on the direction of his superiors.Appearing before the Joint Parliamentary Committee (JPC) going into the 2G ...
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Accounts |
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Bankers ask Kingfisher to infuse Rs 800 cr fresh equity
Posted Date : 14-Nov-2011 , 07:12:52 pm | Posted By CASANSAAR
The Kingfisher Board also had a crucial meeting in Mumbai to work out a debt restructuring plan on the eve of the announcement of its latest financial results. The bankers have asked the troubled airline to come out with a "credible" plan.The lenders--a 13-bank consortium led by SBI, who were yet to...
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Finance |
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Crisis in Kingfisher will not impact our balance sheet: SBI
Posted Date : 14-Nov-2011 , 08:21:33 am | Posted By CASANSAAR
The country's largest public sector lender State Bank of India has said the prevailing crisis in Kingfisher Airlines would not have any impact on it's balance sheet due to small exposure to the beleagured company. "We have Rs 12 lakh crore balance sheet and our exposure in Kingfisher Airline was...
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Banking |
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I-T Department to regularise income of Indians with a/cs in HSBC Geneva
Posted Date : 14-Nov-2011 , 08:18:39 am | Posted By CASANSAAR
The income-tax department in Mumbai is all set to regularise the income disclosed by Indians named in the list of unreported account holders with HSBC Bank Geneva, by issuing notices under section 148 of the Income Tax Act. A notice under Section 148 of the I-T Act is usually served when the I-T ...
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Income Tax |
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Value of cheque transactions down 1.4% in September: RBI
Posted Date : 14-Nov-2011 , 08:16:17 am | Posted By CASANSAAR
The total value of transactions carried out using cheques across the country amounted to Rs7.64 lakh crore in September 2011, down by 1.4% over the same month last year, reports PTI.
Banks had cleared cheques worth Rs7.75 lakh crore in September 2010, according to Reserve Bank of India (RBI) data...
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Banking |
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Kingfisher Airlines woes: UB Group looses over $4 bn market wealth from one-year peak
Posted Date : 13-Nov-2011 , 03:58:18 pm | Posted By CASANSAAR
Billionaire Vijay Mallya-led UB Group, currently in the eye of a storm over troubles at its Kingfisher Airlines, has lost nearly half of its market value from its peak scaled in the past one year. As per the stock exchange data, the combined market value of the group's six listed firms -- K...
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General |
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CA aspirant to get marks break-up
Posted Date : 13-Nov-2011 , 09:19:22 am | Posted By CASANSAAR
The high court has vacated its earlier stay on disclosure of marks and answer sheets by the Institute of Chartered Accountants of India, and asked ICAI to give break up of marks secured by a candidate who had sought the same under the Right to Information Act.
HC granted the relief after i...
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Students Zone |
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