Record errors: Taxpayers face harassment, tax demand
Posted Date : 31-Jan-2012 , 07:47:24 am | Posted By CASANSAAR
Despite settling his income tax (I-T) demand and getting a refund against it for the assessment year 2003-04, Delhi’s GD Saraswat (name changed) received another fresh tax notice of Rs 96,286 the following year. After resolving it as well, he received yet another notice in December 2011 for ...
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Income Tax |
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Govt approves Rs 7,900 crore capital infusion in SBI
Posted Date : 30-Jan-2012 , 09:47:02 pm | Posted By CASANSAAR
The capital infusion will "increase the issued capital by SBI by way of preferential allotment of equity shares to the government to the extent of approximately Rs 7,900 crore including premium," SBI said in a filing with the BSE.The Government of India conveyed its approval today, it said. With the...
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Banking |
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Refund of Statutory Fees Paid for Certain Services - MCA
Posted Date : 30-Jan-2012 , 07:37:43 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to refund the statutory fees paid for certain services. Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. New refund e-Form needs to be filed by the stakeholder applying fo...
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Corporate Law |
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Fraudsters find new tool in overseas calls
Posted Date : 30-Jan-2012 , 06:55:53 pm | Posted By CASANSAAR
Indian mobile users are being bombarded with massive numbers of spurious international missed calls originating from Pakistan, Czechoslovakia, Middle East and African countries and also from India routed through international numbers to defraud users who call back to these numbers. Such short and...
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International Business |
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Shah Rukh Khan beats up Farah Khans husband Shirish Kunder at Sanjay Dutt party
Posted Date : 30-Jan-2012 , 04:46:32 pm | Posted By CASANSAAR
Actor Shah Rukh Khan reportedly beat up scriptwriter/director Shirish Kunder, the husband of one his close friend and director Farah Khan, at a party thrown on Sunday night in Mumbai by actor Sanjay Dutt to celebrate the success of his filmAgneepath.
After the Shah Rukh-Salman brawl at Katrina Ka...
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General |
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Vodafone effect: Taxmen to seek Supreme Court advice on foreign bank accounts of Indians
Posted Date : 30-Jan-2012 , 08:27:05 am | Posted By CASANSAAR
Tax authorities and the finance ministry are contemplating moving the Supreme Court to figure out how they should go about handling information on undisclosed offshore bank accounts of Indians. With the tax office receiving information on thousands of such accounts, the government is in favour of...
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Income Tax |
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0 | Hits : 791
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Four companies skip IPO plans
Posted Date : 30-Jan-2012 , 08:23:50 am | Posted By CASANSAAR
Despite bullish stock markets so far this year, four companies have refrained from coming out with IPOs worth over Rs 700 cr, letting their regulatory approvals lapse. The companies which have let their approvals lapse include Micromax Mobiles, Pride Hotels, Betul Oil and Tara Jewels. Inte...
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Shares & Stock |
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0 | Hits : 774
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CA commits suicide over family dispute
Posted Date : 29-Jan-2012 , 07:53:27 am | Posted By CASANSAAR
A 40-year-old chartered accountant committed suicide at his house in Rohini in outer Delhi in the wee hours of Saturday, the police said. The deceased, identified as Bharat Bhushan Chawla, a resident of Rohini Sector 16, was apparently under stress over a family dispute.Bharat had been staying ...
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General |
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Direct Tax Code set for debut only in 2013
Posted Date : 29-Jan-2012 , 07:50:07 am | Posted By CASANSAAR
The bill, which seeks to replace the archaic Income Tax Act, 1961, was tabled in Parliament way back in 2010 and has already missed two deadlines. The bill aims at reducing tax rates by expanding the tax base and minimising exemptions.“We will be able to submit our report only by the budget se...
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Income Tax |
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0 | Hits : 838
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Aayakar Seva Kendra to make I-T filing easy
Posted Date : 28-Jan-2012 , 06:44:11 pm | Posted By CASANSAAR
Tax payers will no longer be facing hard times when it comes to paying tax or filing returns as the newAayakar Seva Kendra (ASK) has come into place to help them out.
The I-T department launched this multifaceted mechanism to achieve 100% tax collection by helping people ...
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Income Tax |
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Expand mutual fund industry
Posted Date : 28-Jan-2012 , 06:42:26 pm | Posted By CASANSAAR
International Advisory Board (IAB) constituted by market regulator - Security and Exchange Board of India (SEBI) has suggested widening the reach of the mutual fund industry in the country.It has also emphasised that in order to enhance the participation of households, the mutual fund industry has t...
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SEBI |
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India must have independent regulator for auditors: PwC
Posted Date : 28-Jan-2012 , 07:50:27 am | Posted By CASANSAAR
Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business."It's a great suggestion on the Sebi's part, but the decision ha...
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International Business |
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0 | Hits : 950
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In Facebook IPO, bankers seek prestige over fees
Posted Date : 28-Jan-2012 , 07:49:08 am | Posted By CASANSAAR
Facebook's initial public offering is likely to set a new standard for how low investment banks are willing to go on advisory fees to win big business. The world's largest online social network is expected to tap public markets for $10 billion in the coming months in an offering that will value t...
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International Business |
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0 | Hits : 750
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India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
Posted Date : 27-Jan-2012 , 06:37:45 pm | Posted By CASANSAAR
India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Se...
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Income Tax |
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On-line Submission of Application for Verification of Answer Books
Posted Date : 27-Jan-2012 , 02:48:50 pm | Posted By CASANSAAR
25th January 2012
Candidates of November 2011 CA examinations Final, IPCE and PCE can submit their application for verification of answer books and also make payment of verification fees, on-line at http://icaiexam.icai.org.This facility will be in addition to the existing option...
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Students Zone |
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Online Registration Candidates Campus Placement Programme Feb-March 2012
Posted Date : 27-Jan-2012 , 09:21:51 am | Posted By CASANSAAR
Dear Newly Qualified Chartered Accountants,At the outset, let me on behalf of entire ICAI fraternity congratulate you on becoming a CA. It is indeed a proud achievement and I whole-heartedly welcome you to our elite Chartered Accountants' fraternity.You may be aware that our alma m...
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ICAI |
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Budget 2012 may make Corporate Social Responsibility mandatory for companies
Posted Date : 27-Jan-2012 , 08:14:18 am | Posted By CASANSAAR
A parliamentary panel has stuck to its position to make it mandatory for companies to spend a portion of net profit on corporate social responsibility (CSR).
The standing committee on finance also decided to take for scrutiny only the new clauses added to the Companies Bill, 2011, after t...
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Corporate Law |
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IRFC tax-free bonds issue to open on Friday
Posted Date : 27-Jan-2012 , 07:59:46 am | Posted By CASANSAAR
Indian Railway Finance Corporation Limited (IRFC), the financing arm of the Indian Railways, is proposing to issue Tax Free, Secured, Redeemable, Non-Convertible Bonds of face value of RS 1,000 each in the nature of Debentures.They will have benefits under the Income Tax Act, 1961 and aggregate to R...
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Category :
Income Tax |
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0 | Hits : 876
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Finance Ministry for higher excise duty on diesel cars
Posted Date : 26-Jan-2012 , 05:42:12 pm | Posted By CASANSAAR
Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March.In order to discourage consumption of subsidised diesel by personal vehicle owners, the Petroleum Mi...
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Category :
Excise |
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World economy in danger zone: IMF
Posted Date : 26-Jan-2012 , 05:39:54 pm | Posted By CASANSAAR
The International Monetary Fund (IMF) has said the world's economy is deeply into the danger zone because of risks from the eurozone.The IMF predicts the global economy will grow by 3.25% in 2012, down from an earlier forecast of 4%.The growth forecast for the UK economy has been cut to 0.6% from 1....
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International Business |
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Punjab candidates rope in CAs for managing poll expenses
Posted Date : 26-Jan-2012 , 09:19:31 am | Posted By CASANSAAR
With the Election Commission keeping a strict vigil on expenditure in the Assembly polls, many candidates have roped in tax experts like Chartered Accountants to ensure that their spending remains within the maximum limit.
The CAs are not only helping election candidates in avoiding the "...
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Category :
ICAI |
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0 | Hits : 818
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HUDCOs Rs 4685 crore bond issue opens on January 27
Posted Date : 26-Jan-2012 , 09:14:41 am | Posted By CASANSAAR
State-run Housing and Urban Development Corporation (HUDCO) today said its public issue of tax-free bonds will hit the market on January 27 with a target of raising up to Rs 4,685 crore. "HUDCO is issuing tax-free bonds with a face value of Rs 1,000 each... aggregating Rs 2,000 crore with an opt...
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General |
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Budget 2012 may include DTC norms to avoid Vodafone like disputes
Posted Date : 26-Jan-2012 , 09:09:23 am | Posted By CASANSAAR
To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13. "The Direct Taxes Code Bill contains a proposal to tax similar transactions... We...
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Income Tax |
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0 | Hits : 707
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TRAI grants relief to business houses on 200 SMS limit
Posted Date : 25-Jan-2012 , 10:05:43 pm | Posted By CASANSAAR
The business houses will longer have to worry about the limit of 200 SMS per day per SIM to inform the customers about their services as Telecom Authority of India (TRAI) on Wednesday decided to exempt machine to machine and person to machine messages from the limit of 200 SMS per day per SIM.
&n...
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General |
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0 | Hits : 698
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Sebi moves Supreme Court against PW in Satyam case
Posted Date : 25-Jan-2012 , 08:01:23 am | Posted By CASANSAAR
Sebi on Monday moved the Supreme Court seeking stay on the sectoral tribunal’s order that allowed audit firm Price Waterhouse to cross-examine the accused in the Rs 7,000-crore Satyam Computer Services scam, including Satyam founder B Ramalinga Raju.
The Securities Appellate Tribunal in Jun...
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SEBI |
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0 | Hits : 749
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Companies Bill: MPs root for compulsory CSR
Posted Date : 25-Jan-2012 , 07:56:54 am | Posted By CASANSAAR
Members of the standing committee of finance are not happy about the fact that corporate social responsibility (CSR) has not been made mandatory is the Companies Bill. Several queries have been raised by the MPs and ministry of corporate affairs (MCA) has been given 15 days to respond
A cruc...
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Category :
Corporate Law |
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0 | Hits : 730
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Presidential Awards for Officers of Customs & Central Excise and Directorate of Enforcement
Posted Date : 24-Jan-2012 , 08:46:26 pm | Posted By CASANSAAR
The officers of the Customs & Central Excise Department are considered for grant of Presidential Award of Appreciation Certificate for exceptionally meritorious service rendered at the risk of life and specially distinguished record of service on their achieving and maintaining excel...
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Category :
Custom |
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New Initiatives under MCA 21 System
Posted Date : 24-Jan-2012 , 08:45:07 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has established an added facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval. In addition, the XBRL reporting format has been in...
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Corporate Law |
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0 | Hits : 821
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RBI cuts CRR by 50 bps; interest rates unchanged
Posted Date : 24-Jan-2012 , 11:17:02 am | Posted By CASANSAAR
The Reserve Bank of India in its quarterly review meet on Tuesday cut the cash reserve ratio (CRR) by 50 bps to ease tight liquidity pressure in the banking system. RBI kept repo and reverse repo rates unchanged at 8.5% and 7.5% respectively, despite mounting anxiety over slowdown in growth. The...
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RBI |
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CA loses Rs 1.41 lakh in net banking fraud
Posted Date : 24-Jan-2012 , 08:49:42 am | Posted By CASANSAAR
A chartered accountant employed with a Gurgaon-based MNC and resident of Vasant Kunj in New Delhi alleged that he was fleeced of R1.31 lakh through internet banking fraud.
According to victim Harsh Mehta, 27, the money was siphoned off from his salary account in the Gurgaon branch of...
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ICAI |
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0 | Hits : 1653
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