Govt to set up agency to take suo-motto action against mis-leading ads
Posted Date : 21-Oct-2011 , 08:06:24 am | Posted By CASANSAAR
An independent agency is being set up to take suo-motto action against mis-leading advertisements. Consumer Affairs Minister K V Thomas told AIR that the agency will have experts from various fields to check the exaggerated claims about their products and services in their advertisements.Mr. Thomas ...
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General |
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Ashok Chawla takes oath as New Chairman of CCI
Posted Date : 21-Oct-2011 , 08:03:35 am | Posted By CASANSAAR
Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri...
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Corporate Law |
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Extension of date of submission of service tax half yearly returns
Posted Date : 20-Oct-2011 , 06:09:01 pm | Posted By CASANSAAR
In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read withnotification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to ...
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Service Tax |
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Reserve Bank of India warns of another global financial crisis
Posted Date : 20-Oct-2011 , 12:00:06 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) has warned of another financial crisis brewing, as global liquidity becomes a concern amidst central banks pegging their lending rates at near zero levels, leaving scope for another asset bubble to take down the global financial system. "There is, thus, incontrovertib...
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International Business |
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Prepay loan without fine to housing finance companies
Posted Date : 20-Oct-2011 , 08:18:37 am | Posted By CASANSAAR
In a development that will cheer thousands of home owners who have availed of loans from any of the 54 housing finance companies (HFCs), the National Husing Bank (NHB) has banned the levy of pre-payment penalty.The NHB, which is the housing finance regulator, has also asked HFCs to ensure ...
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Banking |
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Govt to complete capital infusion in public sector banks by March end
Posted Date : 20-Oct-2011 , 08:15:03 am | Posted By CASANSAAR
The government on Wednesday said public sector banks including, State Bank of India, requires about 20,000 crore rupees in the current fiscal and the capital infusion would be completed by the end of March.Replying questions on the sidelines of a function in New Delhi the Financial Services Secretar...
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Banking |
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Sustained efforts being made to unearth Black Money: FM
Posted Date : 20-Oct-2011 , 08:13:28 am | Posted By CASANSAAR
The government said it has started investigations into black money transactions by Indians. Inaugurating the Economic Editors' Conference in New Delhi on Wednesday, the Finance Minister Mr. Pranab Mukherjee said about ten thousand pieces of information have been received from different parts of the ...
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Finance |
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Direct Taxes Code will come next year: Finmin
Posted Date : 20-Oct-2011 , 08:10:55 am | Posted By CASANSAAR
The government on Wednesday expressed optimism that the Direct Taxes Code (DTC) would come into force from the next financial year.
Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament sessio...
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Income Tax |
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NRIs can hold accounts in any currency now: RBI
Posted Date : 19-Oct-2011 , 07:08:40 pm | Posted By CASANSAAR
The Reserve Bank on Wednesday said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible. The move is likely to help NRIs/Persons of India Origin as it will give them more options in the holding of accounts, and lessen the risk from &nbs...
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RBI |
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Centre asks Haryana govt to take steps to end Maruti strike
Posted Date : 19-Oct-2011 , 07:05:15 pm | Posted By CASANSAAR
The Centre on Wednesday asked the Haryana government to take steps to ensure that the strike at the Manesar plant of Maruti Suzuki India ends soon.Talking to reporters on the sidelines of a function in New Delhi, Union Labour Minister Mallikarjun Kharge, however, ruled out making a direct interventi...
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General |
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CA.Y.H. Malegam joined RBI Board
Posted Date : 19-Oct-2011 , 08:31:24 am | Posted By CASANSAAR
The Government of India has appointed two more members on the Central Board of Directors of the Reserve Bank of India. The new Directors are:
Shri Y.H. Malegam, who has been re-appointed from October 7, 2011 vice Shri H. P Ranina.
Prof. M.V. Rajeev Gowda who has been appo...
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RBI |
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Now, ICAI to turn transparency spotlight on itself
Posted Date : 19-Oct-2011 , 08:27:07 am | Posted By CASANSAAR
Like charity, scrutiny too, it seems, begins at home. After pitching for more disclosure norms for corporates, the Institute of Chartered Accountants of India (ICAI) now wants to usher in more transparency in its own functioning.
The accounting regulator...
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ICAI |
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TDSAT asks Bharti Airtel deposit Rs 25 Cr penalty with DoT
Posted Date : 19-Oct-2011 , 08:24:33 am | Posted By CASANSAAR
Telecom tribunal TDSAT on Tuesday directed Bharti Airtel to pay 50 per cent of the Rs 50 crore penalty imposed by theTelecom Ministry in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections.
Passing an interi...
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General |
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Finance ministry favours extending trading hours for currency futures till 7pm
Posted Date : 19-Oct-2011 , 08:21:42 am | Posted By CASANSAAR
Currency traders may be in for longer working hours if the government has its way. The ministry of finance is understood to be backing a proposal to extend trading hours for currency futures, even though exchanges and brokerages are divided on the subject. The issue cropped up at a recent mee...
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Shares & Stock |
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SAT tells Sahara firms to pay Rs 24k cr in six weeks
Posted Date : 19-Oct-2011 , 08:14:10 am | Posted By CASANSAAR
Group says ‘shocked’, to move Supreme Court.
The Securities Appellate Tribunal (SAT) on Tuesday directed two Sahara group firms to refund a sum of Rs 24,029 crore to 29.6 million investors who had subscribed to its optionally fully convertible debentures (OFCDs).
...
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SEBI |
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Formula 1 : SC notice to UP govt on tax exemption
Posted Date : 18-Oct-2011 , 05:14:57 pm | Posted By CASANSAAR
India's Formula One ambition has hit its first hurdle just two weeks ahead of the first Indian Grand Prix.
The Supreme Court sought explanation from the Uttar Pradesh government for granting tax exemption to Jaypee group, the company organising Formula 1 event in Greater Noida.
A bench headed by...
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Income Tax |
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Cos need not maintain 2 account books: FinMin proposal
Posted Date : 18-Oct-2011 , 08:09:58 am | Posted By CASANSAAR
Companies wanting to migrate to international auditing norms, IFRS, may be spared from maintaining two books of accounts - one under the Companies Act and the other for taxation purposes, if a Finance Ministry proposal gets implemented.
The proposal, which was floated in a Discussion Paper on Tax...
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Corporate Law |
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CBDT releases discussion Paper on Tax Accounting Standards
Posted Date : 18-Oct-2011 , 08:01:34 am | Posted By CASANSAAR
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes
1. Background
1.1 Section 145 of the Income-tax Act, 1961 („the Act‟) provides that the method of accountin...
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Income Tax |
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FinMin meets Sebi, market players for STT consultation
Posted Date : 18-Oct-2011 , 07:54:09 am | Posted By CASANSAAR
As the demands for lowering statutory levy on share trading get the backing of the Securities and Exchange Board of India (Sebi), the finance ministry today held a meeting to discuss the rationalisation of the Securities Transaction Tax (STT).
However, the final proposal will be...
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Income Tax |
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MCA in favour of corporate governance index
Posted Date : 17-Oct-2011 , 08:48:39 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it is in favour of introducing a corporate governance index that will offer rankings to companies adopting governance standards.
"I would like to introduce a corporate governance index and am working on an award scheme for corporates," Corporate Affair...
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Corporate Law |
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India and Philippines to Sign DTAA Soon: FM
Posted Date : 17-Oct-2011 , 08:47:18 pm | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral ...
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Income Tax |
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No govt jobs for those with criminal record: SC
Posted Date : 17-Oct-2011 , 08:17:25 am | Posted By CASANSAAR
A person facing criminal cases cannot be considered suitable for appointment in government service unless acquitted of the charges, the Supreme Court has held. Quashing the appointment of constable SK Nazrul Islam, the apex court said, "Surely, the authorities entrusted with the responsibility of ...
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General |
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Firms get govt breather on forex earnings
Posted Date : 17-Oct-2011 , 08:12:05 am | Posted By CASANSAAR
The ministry of corporate affairs, or MCA, has given Indian firms another year to spread their liabilities on account of foreign exchange borrowings accruing from fluctuations in foreign exchange, or forex, rates.
While getting more time to amortize such liabilities will come as a breather fo...
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ICAI |
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EC ropes in I-T dept to check poll funding
Posted Date : 17-Oct-2011 , 08:05:56 am | Posted By CASANSAAR
In a bid to check suspicious transactions, the Election Commission has rolled out fresh guidelines for monitoring of poll funding during the forthcoming elections in five states, including Uttar Pradesh, and has roped in the income tax department and the financial intelligence unit for...
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Income Tax |
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RBI raises per transaction limit to 3,000 USD for exporters
Posted Date : 16-Oct-2011 , 09:18:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD.RBI in a statement issued in Mumbai on Friday said the decision has been taken for export related remittances received through Online Payme...
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RBI |
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Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
Posted Date : 16-Oct-2011 , 09:09:45 am | Posted By CASANSAAR
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change. "India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence fall...
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Income Tax |
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Govt committed to make RTI more effective instrument: PM
Posted Date : 15-Oct-2011 , 09:58:11 am | Posted By CASANSAAR
he Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration.Elaborating the need to strike a balance between request for information and limited time and resources available wi...
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General |
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Taxmen to bank on high profit segments to meet target
Posted Date : 15-Oct-2011 , 09:51:20 am | Posted By CASANSAAR
Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today.
"These are difficult targets to achieve...We will check sections of the economy where profit...
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Banking |
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Value-added tax to be levied on sugar, textiles from April
Posted Date : 15-Oct-2011 , 09:49:03 am | Posted By CASANSAAR
Come April, and you may have to pay more for sugar and textiles.
All the States have arrived at a consensus to levy the Value Added Tax (VAT) on these two items from April 1, 2012.
The Centre had allowed them to levy it from April 1, 2006 in lieu of additional excise duty (AED) on sugar and text...
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VAT |
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IIM-B has a week accounting system
Posted Date : 14-Oct-2011 , 03:15:57 pm | Posted By CASANSAAR
Urging autonomous bodies to incorporate better accounting practices, Director General, Office of the Comptroller and Accounting General of India, K P Sasidharan said that even Indian Institute of Management, Bangalore (IIM-B) has a weak accounting system.
“Institutions like IIM-B are capabl...
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Accounts |
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