I-T dept asks Kejriwal to pay dues of Rs 9 lakh
Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR
In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month.
The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh.
The notice was served a...
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Income Tax |
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2 | Hits : 590
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Wife can seek maintenance for adult offsprings, rules HC
Posted Date : 02-Sep-2011 , 07:53:14 am | Posted By CASANSAAR
The Bombay High Court has held that an estranged wife can seek maintenance from her husband for and on behalf of her adult daughter or son as long as the offspring is dependent on her.
"A daughter may have attained majority but so long as she is unmarried and de...
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General |
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0 | Hits : 518
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Payment for copyrighted goods not royalty: ITAT
Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR
The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai.
The income tax depa...
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Income Tax |
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0 | Hits : 400
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Independent auditing of cooperatives, NGOs needed: ICAI
Posted Date : 02-Sep-2011 , 07:21:49 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI President G Ramaswamy said revenue of NGOs, cooperatives and e...
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ICAI |
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0 | Hits : 516
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Govt's choice of sectors exempt from service tax is wrong
Posted Date : 02-Sep-2011 , 07:15:15 am | Posted By CASANSAAR
The finance ministry has proposed a list of service providers who will be not be taxed under the goods and services tax regime. A negative list - where some services will be exempt and others will be taxed - is a good idea. It will bring many untapped sectors under the net, reduce disputes ...
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Service Tax |
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0 | Hits : 435
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Good news for kidnappers -Ransom money is tax deductible says Court
Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR
If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...
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Income Tax |
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0 | Hits : 743
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Supreme Court directs 10 Delhi hospitals to treat poor free
Posted Date : 01-Sep-2011 , 08:17:39 pm | Posted By CASANSAAR
The Supreme Court Thursday directed 10 multi-specialty private hospitals in the national capital to provide free treatment to poor patients and recover the cost from sponsorship and endowments. An apex court bench of JusticeR V Narendran and Justice A K Patnaik said the hospitals w...
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General |
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0 | Hits : 385
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RBI cautions public against investing in unregistered NBFIs
Posted Date : 01-Sep-2011 , 08:12:56 pm | Posted By CASANSAAR
The Reserve Bank on Thursday cautioned public against investing in non-banking finance institutions (NBFI), including Forex Achievements, which are not registered with the central bank. "Public are hereby cautioned not to deposit money with such unincorporated bodies. Persons depositing m...
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RBI |
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0 | Hits : 319
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ED registers case against Baba Ramdev
Posted Date : 01-Sep-2011 , 02:12:32 pm | Posted By CASANSAAR
Yoga guru Ramdev and his Haridwar-based trusts have been booked by the Enforcement Directorate in a case of alleged foreign exchange violation, official sources said today. The ED registered the case on the basis of a report from the RBI and inputs from abroad on "suspicious" financia...
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FEMA |
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0 | Hits : 612
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Different transfer pricing method no ground for penalty: Income Tax Appellate Tribunal
Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR
In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from c...
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Income Tax |
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0 | Hits : 355
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ICAI to offer course in forensic accounting
Posted Date : 01-Sep-2011 , 07:32:19 am | Posted By CASANSAAR
In a month's time, the Institute of Chartered Accountants of India (ICAI) will launch a 100-hour certified course in ‘Forensic Accounting and Fraud Detection' using IT and Computer Aided Audit Tools, said its president G. Ramaswamy on Tuesday.
Talking to reporters, he said that the importan...
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ICAI |
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0 | Hits : 706
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No deal on GST, state FMs head to study European model
Posted Date : 01-Sep-2011 , 07:25:35 am | Posted By CASANSAAR
It's going to be a tough September for finance departments across the country with finance ministers from around 20 states - despite all of them not agreeing with the proposed Goods and Services Tax (GST) rollout - going to Europe to study the indirect tax regime. On September 7, the 20-od...
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GST |
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0 | Hits : 408
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Anna Hazare movement might become a case study for XLRI
Posted Date : 01-Sep-2011 , 07:21:26 am | Posted By CASANSAAR
Anna Hazare's success with his anti-corruption movement might soon become a case study for management students at the famed XLRI School of Business and Human Resources. "The movement is fit as case study for budding management students here and we are seriously contemplating to look into var...
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General |
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0 | Hits : 290
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Foreign IT firms use transfer-pricing provisions, double taxation treaties to minimise taxes in India
Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR
These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, ...
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Income Tax |
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0 | Hits : 287
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Eid Mubarak & Appeal to All CA's (Jobs for newly qualified CA's).
Posted Date : 31-Aug-2011 , 08:32:40 am | Posted By CASANSAAR
All of us are aware that this time result of our ICAI was awesome but campus was not so Good. Most of our new members have not got any opportunity in campus. So they are still unemployed and searching for good opportunities. So being the noble professionals don’t you think its our...
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General |
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16 | Hits : 6332
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CBDT warns foreign bank account holders
Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR
The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts.
In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...
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Category :
Income Tax |
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0 | Hits : 287
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Tax Worth Rs.249 Crore Recovered from BCCI
Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....
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Income Tax |
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0 | Hits : 286
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CBI arrests an Additional Commissioner of Income Tax Andasu Ravindra and two others in a bribery case of Rs.50 lakh
Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR
CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyd...
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Income Tax |
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0 | Hits : 1006
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Economic growth to dip below 8 pc after slow first quarter: Industry
Posted Date : 30-Aug-2011 , 04:53:51 pm | Posted By CASANSAAR
The Indian economy is expected to grow at a lower rate than projected by the government in the current fiscal, industry lobbies said Tuesday, after official data showed the economy expanded at a slow 7.7 percent in the quarter ending June. The fresh data released by the Central Statistical O...
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Category :
General |
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0 | Hits : 217
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Auditors should be paid from a pool of funds
Posted Date : 30-Aug-2011 , 07:46:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India's ( ICAI) move to write a new code of ethics is welcome, but it can be effective only if it compels auditors to raise their standard of ethics and values. No large corporate fraud has been exposed by eagle-eyed accountants, but by insiders o...
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ICAI |
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2 | Hits : 1201
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RBI opening doors for corporates to enter banking industry but with conditions
Posted Date : 30-Aug-2011 , 07:44:23 am | Posted By CASANSAAR
After years of intense lobbying, business houses wanting to set up banks are spotting a ray of hope. The Reserve Bank of India is slowly opening the doors for corporates to enter the highly-regulated industry, but with caution, conditions and caveats. In draft guidelines issued on Monday, th...
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Banking |
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0 | Hits : 608
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Train travel, passport fee, capitation fee may come under service tax net
Posted Date : 30-Aug-2011 , 07:42:43 am | Posted By CASANSAAR
Travel by train, passport fee, capitation fees to education institutions and non-compete fees given by companies may come under tax net as the government considers a 'negative list' model to tax services, which will boost its tax revenues significantly. Most countries follow the negative lis...
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Category :
Service Tax |
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0 | Hits : 473
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I-T commissioner held for taking Rs 2 lakh bribe
Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR
Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-K...
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Income Tax |
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0 | Hits : 592
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Service tax norms part of GST roadmap
Posted Date : 30-Aug-2011 , 07:30:10 am | Posted By CASANSAAR
The government has prepared a concept note to provide clarity on which services would be taxed and the ones that would be excluded. The move is part of the preparation being made for implementing a comprehensive Goods and Service Tax regime, which will shift the entire indirect tax levy to 16%....
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GST |
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0 | Hits : 364
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Govt clears 123 FDI proposals worth 19,711 crore
Posted Date : 30-Aug-2011 , 07:28:08 am | Posted By CASANSAAR
The government on Monday said it has cleared 123 foreign direct investment (FDI) proposals worth over 19,711 crore rupees during the current fiscal till August 23. Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha that on August 23 this ...
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Finance |
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0 | Hits : 268
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Functioning of Independent Directors
Posted Date : 30-Aug-2011 , 07:24:52 am | Posted By CASANSAAR
The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of inte...
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Corporate Law |
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0 | Hits : 417
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Chartered accountants can become whistleblowers? ICAI council is divided over code of ethics
Posted Date : 29-Aug-2011 , 08:05:00 am | Posted By CASANSAAR
Chartered accountants, who are often blamed for helping clients sidestep the law and masking the truth behind numbers, will have a new code of ethics. After a marathon council meeting last week, the statutory body that makes the rules for the profession decided to overhaul the present code. Amid ...
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ICAI |
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0 | Hits : 671
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Some banks to get capital infusion of RS 2,000 crore
Posted Date : 29-Aug-2011 , 07:46:24 am | Posted By CASANSAAR
The government has decided to sanction Rs 2,000 crore to some public sector banks as part of its recapitalisation drive.
“We are in the process of sanctioning Rs 2,000 crore to a few public sector banks, but the the disbursement would take place at later date,” officia...
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Category :
Banking |
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0 | Hits : 366
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All eyes on Apple's new CEO Tim Cook to dish out next recipe for success
Posted Date : 29-Aug-2011 , 07:39:02 am | Posted By CASANSAAR
Tim Cook has big shoes to fill and he can't do it by just pushing out snazzier versions of the iPhone or iPad. Apples newly minted CEO needs a revolutionary product to prove he has the chops to succeed Steve Jobs, and that may be a full-on assault on the living-room space by as early as 2013,...
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Category :
International Business |
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0 | Hits : 347
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RBI to issue guidelines for Basel III implementation
Posted Date : 28-Aug-2011 , 04:52:53 pm | Posted By CASANSAAR
The RBI has said Indian banks will adhere to the globally agreed timeline for implementation of Basel III norms and guidelines in this regard will be issued in the near future. "The RBI is examining the Basel III regulations and will issue guidelines to the extent applicable for banks operating i...
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RBI |
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0 | Hits : 268
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