Income-Tax authorities serve notice to Jet Airways' Naresh Goyal on Tailwinds' foreign account
Posted Date : 27-Dec-2011 , 08:14:41 am | Posted By CASANSAAR
Naresh Goyal, founder-promoter of Jet Airways, has received two notices from Income Tax authorities over a Swiss bank account in the name of Tailwinds, three people familiar with the development told ET Now. Tailwinds is the Isle of Man-based parent of Jet Airways and owns 79.99% of the airl...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 738
|
 |
Anna Hazare to fast in Mumbai from tomorrow, govt asks him to 'wait'
Posted Date : 26-Dec-2011 , 06:14:25 pm | Posted By CASANSAAR
Showing no signs of relenting, Anna Hazare on Monday said he will go ahead with his three-day fast in Mumbai from tomorrow against a "weak" Lokpal Billwith his team raising the pitch for an independent probe agency for the ombudsman saying it was "non-negotiable" even as government as...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 749
|
|
Co Bill for refund of benefits in case of Satyam type frauds
Posted Date : 26-Dec-2011 , 10:46:46 am | Posted By CASANSAAR
In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated. According to the Companies Bill, which is awai...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 759
|
|
I-T dept to reopen returns of 'suspects'
Posted Date : 26-Dec-2011 , 10:45:24 am | Posted By CASANSAAR
Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.The Central Board of Direct Taxes (CBD...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 839
|
|
ICAI for branch-level audit of private sector banks
Posted Date : 25-Dec-2011 , 08:54:09 am | Posted By CASANSAAR
Banking and accounting regulators don’t see eye to eye, as RBI wants the practice relaxed even for public sector banks.
Private sector banks may have their branches statutorily audited by an RBI-approved panel, on the pattern of public sector bank audits, if the central bank accepts...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 949
|
|
Bank not responsible if ATM misused: Consumer forum
Posted Date : 24-Dec-2011 , 01:44:49 pm | Posted By CASANSAAR
A person cannot claim damages from bank if he fails to immediately block his lost ATM and money is unauthorisedly withdrawn by using the card, a district consumer forum has said.It said the bank would have been liable if the transaction of withdrawal of money took place after blockage of the card.A ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 977
|
|
Cos to gain from ICAI's proposed norms on forex derivatives
Posted Date : 24-Dec-2011 , 10:03:30 am | Posted By CASANSAAR
In what could be a major relief to India Inc, the accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years. The measure, according to sources, would prevent the companies ...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 796
|
|
Press Note by CBDT
Posted Date : 24-Dec-2011 , 10:02:32 am | Posted By CASANSAAR
It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased ‘raids’. It is informed that under the Income Tax Act, search and seizure is conducted o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 855
|
|
Supreme Court ruling on Vodafone tax case to have global implications
Posted Date : 24-Dec-2011 , 10:01:07 am | Posted By CASANSAAR
The Supreme Court ruling on the Vodafone tax case, which involves a tax demand of $2 billion, will have a major impact on tax regimes of various countries seeking to introduce rules covering cross-border acquisitions involving entities in their respective jurisdictions, according to senior tax o...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 881
|
|
Action against ex-CFO in Satyam case within a week: ICAI
Posted Date : 24-Dec-2011 , 09:59:58 am | Posted By CASANSAAR
Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. "The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalis...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 731
|
|
HC dismisses Hindalco plea against I-T order on transfer pricing issue
Posted Date : 24-Dec-2011 , 09:57:18 am | Posted By CASANSAAR
The Bombay High Court on Friday dismissed the plea of the Aditya Birla Group flagship Hindalco Industries which had challenged the income-tax (I-T) department's contention that tax should be levied on corporate guaranatees issued by the company. A division bench comprising justices DY Chandrach...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 687
|
|
I-T searches unearthed Rs 18700 crore in last 2 years
Posted Date : 24-Dec-2011 , 09:55:06 am | Posted By CASANSAAR
More than Rs 18,700 crore of unaccounted wealth has been unearthed across the country after searches were conducted by the income tax officials in the last two years, the Central Board of Direct Taxes said on Friday. The body has, however, denied any harassment has been caus...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 625
|
|
Delhi Court orders Facebook, Google, Youtube and other websites.
Posted Date : 23-Dec-2011 , 08:28:20 pm | Posted By CASANSAAR
Over the voices rose to keep a check on the content which has been published on the social networking sites, a Delhi trial court today asked several sites including, Facebook, Youtube and Google to delete the 'anti religious' or 'anti social' content which promotes hatred or communal harmony.The cou...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 982
|
|
No tax relief for Infy
Posted Date : 23-Dec-2011 , 08:33:37 am | Posted By CASANSAAR
Can an establishment seek a deduction under the Income-Tax Act with regard to a donation/ contribution made to police for regulating traffic? No way, says the Karnataka High Court. The division bench comprising late Justice V G Sabhahit and Justice Ravi Malimath in a recent judgment h...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 790
|
|
Spike in bad loans worries RBI
Posted Date : 23-Dec-2011 , 08:30:46 am | Posted By CASANSAAR
Bad loan growth in Indian banks this year has been over thrice the average growth in the preceding five years. While most bad loans are in retail, priority sector and infrastructure, RBI is worried about the power sector which is going through a high level of stress.&nb...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 738
|
|
Cabinet clears 4.5 per cent sub-quota for minorities in Govt. jobs and edu. Instt.
Posted Date : 23-Dec-2011 , 08:27:32 am | Posted By CASANSAAR
Union Cabinet has approved 4.5 per cent sub-quota for minorities within the 27 per cent reservation for other Backward Classes, (OBC). Top government sources said that the decision to this effect was taken at a cabinet meeting last evening. This decision will pave the way for reservation i...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 800
|
|
Cabinet approves Electronic Delivery of Services Bill 2011
Posted Date : 22-Dec-2011 , 06:17:19 pm | Posted By CASANSAAR
The government is believed to have approved a Bill to bring in transparency and prevent corruption in delivery of public services, like driving licence and permit, through use of electronic medium, particularly Internet.
The Union Cabinet, chaired by Prime Minister Manmohan Singh, today clear...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1006
|
|
US Bill on outsourcing cause of concern: India
Posted Date : 22-Dec-2011 , 04:44:03 pm | Posted By CASANSAAR
India today expressed concern over the proposed US Call Centre Bill but said that it is premature to assess the impact of the decision on the domestic IT industry. A bipartisan bill has been tabled in the US House of Representatives to make companies, that move call centres overseas, ineligible f...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 859
|
|
Government withdrew Companies Bill, Pension Fund Regulatory and Development Authority Bill
Posted Date : 22-Dec-2011 , 08:20:13 am | Posted By CASANSAAR
Two important bills slated for passage this session have been yanked back from Parliament for fresh tweaks, in another embarrassing climbdown by a government attempting to convey an impression of decisiveness after being pilloried for months over paralysis in policymaking. The government withdrew...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 991
|
|
2G scam: CAG defends presumptive loss calculation
Posted Date : 22-Dec-2011 , 08:15:30 am | Posted By CASANSAAR
Faced with an aggressive Congress attack over there being no provision for "presumptive loss" in the statute, comptroller and auditor general Vinod Rai cited three income tax assessment orders to argue that the procedure was not just notional as dues had been recovered from assesses. ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 696
|
|
UPA ministers owe Air India Rs 435 crore
Posted Date : 21-Dec-2011 , 05:24:52 pm | Posted By CASANSAAR
Union Cabinet Ministers have accumulated dues of Rs 435 crore on the cash-strapped Air India, which is 93 per cent of the total bills incurred by them during their visits abroad, Lok Sabha was informed on Wednesday.
Responding to a question, Minister of State in the Prime Minister's Office V Naraya...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 806
|
|
Companies bill bars non-audit operations of auditors
Posted Date : 21-Dec-2011 , 08:40:45 am | Posted By CASANSAAR
Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies as the government plans to prohibit such activities to checkany conflict of interest, leading to a potential fraud. The move, in line with rules proposed by th...
Continue Reading...
Category :
Auditing |
Comments :
1 | Hits : 1407
|
|
Termination of contractual job can be challenged in court, says Supreme Court
Posted Date : 21-Dec-2011 , 08:25:47 am | Posted By CASANSAAR
In view of changing nature of employment in the commercial world, the Supreme Court has said that courts can interfere even in the case of contractual job if the decision taken by the management is arbitrary. A bench of justices Cyriac Joseph and T S Thakur, however, said that scope of such judic...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 931
|
|
RBI penalises 19 banks for flouting derivative norms
Posted Date : 21-Dec-2011 , 08:17:33 am | Posted By CASANSAAR
The Reserve Bank has imposed penalties on 19 commercial banks, including SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, Parliament was informed. RBI has informed that they had imposed penalties on 19 commercial banks on April 26, 2011, for contravention of various...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 679
|
|
Govt finally accepts Arvind Kejriwal
Posted Date : 21-Dec-2011 , 08:14:24 am | Posted By CASANSAAR
Six years after he quit, Team Anna member Arvind Kejriwal's resignation from the Indian Revenue Service was accepted by the government. The acceptance of resignation came 45 days after Kejriwal deposited over Rs 9 lakh as dues to settle the issue. "The govern...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 758
|
|
Tax notices to over 100 Swiss bank account holders in Mumbai
Posted Date : 21-Dec-2011 , 08:12:40 am | Posted By CASANSAAR
More than 100 individuals in Mumbai, including a few corporate biggies, have received notices from the Income-Tax Department this month for holding undisclosed bank accounts with HSBC Geneva. They are among the 700 Swiss bank account holders whose names figure in the list shared by the French au...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 727
|
|
Gujarat
Posted Date : 21-Dec-2011 , 08:10:57 am | Posted By CASANSAAR
Direct tax collection has gone skywards taking Gujarat to the top position in the country. This fact is aptly reflected in the fact that many income tax commissionerates in Gujarat have registered more than 50 per cent increase in net tax collection as compared to 2010.Here is an example: ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 918
|
|
MCX 5th largest commodity exchange in the world
Posted Date : 21-Dec-2011 , 08:09:28 am | Posted By CASANSAAR
Multi Commodity Exchange (MCX) has taken the fifth spot among the global commodity bourses in terms of the number of futures contracts traded. Based on the latest data from Futures Industry Association (FIA), during the period between January and June this year, about 127.8 million future...
Continue Reading...
Category :
Shares & Stock |
Comments :
0 | Hits : 665
|
|
Cap on Lending Rates to MFIs
Posted Date : 21-Dec-2011 , 08:07:50 am | Posted By CASANSAAR
As per Reserve Bank of India (RBI)’s Circular dated May 3, 2011, bank loans extended on or after 1st April, 2011 to MFIs have been given the status of priority sector advances subject to fulfillment of certain conditions like 85% of total assets of MFIs being in the nature of qualifying assets...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 642
|
|
Winter Session gets 3-day extension for Lokpal Bill
Posted Date : 21-Dec-2011 , 08:06:21 am | Posted By CASANSAAR
The Winter Session of Parliament will be extended for three days for smooth passage of Lokpal Bill. Parliamentary Affairs Minister Pawan Bansal told reporters outside Parliament that Business Advisory Committee, BAC has taken this decision. He, however, added that some MPs from opposition parties ha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 629
|
|
|
