ICAI asks govt to extend longer period to amortise forex losses
Posted Date : 14-Dec-2011 , 07:54:20 am | Posted By CASANSAAR
With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses'. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) as...
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ICAI |
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Black Money: Finance Ministry to ask tax havens for past banking info
Posted Date : 14-Dec-2011 , 07:50:26 am | Posted By CASANSAAR
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number...
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Income Tax |
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FM to Inaugurate the International Conference on Economic Policies for Emerging Economies
Posted Date : 14-Dec-2011 , 07:49:13 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the International Conference on “Economic Policies for Emerging Economies” tomorrow i.e. December 14, 2011. Shri Mukherjee will also deliver the Inaugural Address on the occasion. This International Conference is marked as the...
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Finance |
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New Pension Scheme (NPS)
Posted Date : 14-Dec-2011 , 07:48:31 am | Posted By CASANSAAR
New Pension Scheme (NPS) is a defined contribution scheme, its pay out depends upon the amount of contribution and the growth on the investment over a period of time for an individual while defined benefit schemes pay out is defined and is based on salary and number of years in service etc. at the t...
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Finance |
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CWAs rechristened Cost Accountants
Posted Date : 13-Dec-2011 , 07:55:12 am | Posted By CASANSAAR
Cost and Works Accountants will now only be known as Cost Accountants, with Parliament approving amendments to the existing legislation earlier today.
Also, there will be some brand confusion as the Institute of Cost and Works Accountants of India will now be called the Institute of Cost Accounts...
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ICWAI |
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RBI, SEBI looking into Satyam auditors' lapses
Posted Date : 13-Dec-2011 , 07:49:43 am | Posted By CASANSAAR
The Government today said that accounting regulator ICAI has examined the alleged role of auditors in the Satyam scam and RBI and SEBI are looking into the issue. Minister for Corporate Affairs Veerappa Moily, referring to the multi-crore scam in Satyam Computer Services, said the Institute ...
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Auditing |
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RBI caps bank equity investments in non-core business
Posted Date : 13-Dec-2011 , 07:47:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday for the first time imposed a cap on banks' direct or indirect equity investments in non-financial service companies, seeking to make banks focus more on their core business. The rules cap equity investments by banks in a non-financial services entity at ...
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RBI |
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Central Board of Direct Taxes raises questions on CAG
Posted Date : 13-Dec-2011 , 07:40:54 am | Posted By CASANSAAR
Tax authorities have informed a parliamentary panel that the concept of "presumptive loss" that the national auditor used to calculate the 2G spectrum losses at Rs 1.76 lakh crore does not appear in any statutory provision of the income-tax laws. Further, the field offices of the Income-Tax Depar...
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Income Tax |
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Kingfisher Airlines' Vijay Mallya meets CBEC chief
Posted Date : 12-Dec-2011 , 10:17:32 pm | Posted By CASANSAAR
Vijay Mallya on Monday met Central Board of Excise and Customs (CBEC) chief SK Goel, with regard to de-freezing of Kingfisher Airlines' accounts. The CBEC had frozen 11 accounts of Kingfisher Airlines last week for allegedly defaulting on service tax that it has collected from passengers. ...
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Service Tax |
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2G case: CBI files chargesheet against five promoters of ESSAR, Loop Telecom
Posted Date : 12-Dec-2011 , 10:15:01 pm | Posted By CASANSAAR
The CBI on Monday filed chargesheet against five persons including two promoters of a Mumbai based private Telecom Group in a Delhi Court in connection with the 2G Spectrum allocation scam. Essar Group promoters Anshuman and Ravi Ruia were among the five persons.Besides Ruias, the CBI also charged E...
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General |
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Govt. to discuss Lokpal Bill tomorrow
Posted Date : 12-Dec-2011 , 10:12:02 pm | Posted By CASANSAAR
Government will hold discussions with its alliance partners on the Lokpal Bill on Tuesday ahead of tabling the Bill in Parliament. While the government says it is committed to pass the Bill in the current session to deal with corruption effectively, opposition is in favour of bringing Prime Minister...
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Income Tax |
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No service tax on late payment charges by stock investors
Posted Date : 12-Dec-2011 , 07:47:34 am | Posted By CASANSAAR
Stock market investors would not have to pay any service tax on any late payment charges paid by them to their brokers, provided such fines are shown separately in the account statement. The Ministry of Finance has clarified the matter to the capital market regulator Sebi (Securities and Exchang...
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Service Tax |
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0 | Hits : 1024
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Ministry to appoint 3 new members to CLB
Posted Date : 12-Dec-2011 , 07:43:35 am | Posted By CASANSAAR
In its bid to institute a strong company law tribunal, the ministry of corporate affairs (MCA) has begun the process to appoint three more members to the Company Law Board to strengthen the quasi-judicial body.
CLB has been running sho...
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Corporate Law |
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0 | Hits : 944
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CBDT, DRI & ED told to probe exports to tax havens Bahamas & Cyprus
Posted Date : 12-Dec-2011 , 07:40:27 am | Posted By CASANSAAR
The finance ministry has asked three of its investigating arms to probe all exports to tax havens Bahamas and Cyprus, an official in the ministry told ET on the condition of anonymity. The ministry is concerned about the sudden surge in exports to the tax havens and has asked the agencies to asce...
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Income Tax |
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0 | Hits : 911
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Over 30,000 pieces of info on black money under I-T scanner
Posted Date : 11-Dec-2011 , 10:20:50 pm | Posted By CASANSAAR
More than 30,000 pieces of information about black money in India have come under the scanner of the Income Tax Department. The Financial Intelligence Unit (FIU), under the Finance Ministry, has gathered voluminous data on suspicious transactions, the department informed a global OECD confere...
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Income Tax |
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Infosys to hire 10,000 by March 2012: CEO
Posted Date : 11-Dec-2011 , 06:45:47 pm | Posted By CASANSAAR
IT major Infosys Technologies will start construction work on its first software development centre in West Bengal, at Rajarhat near here, in three to six months, a top company official said today.
"W...
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General |
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Max Healthcare starts blackberry app for patients
Posted Date : 11-Dec-2011 , 06:40:48 pm | Posted By CASANSAAR
Max Healthcare has rolled out a unique solution to help its patients reach out to their doctors, even at odd hours, with just one click on their BlackBerry phones. Developed by Gurgaon-based MphRx, the cloud-based solution 'MphRx Connect' securely connects an archive of radiology images, lab rep...
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General |
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I-T Dept invites fresh bids for Manesar, Pune CPCs
Posted Date : 11-Dec-2011 , 06:39:14 pm | Posted By CASANSAAR
The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest.
Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another...
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Income Tax |
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0 | Hits : 997
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Audit bodies go for quality check
Posted Date : 11-Dec-2011 , 09:11:29 am | Posted By CASANSAAR
Three professional institutions — Institute of Chartered Accountants of India (ICAI), Institute of Companies Secretaries of India (ICSI) and the Institute of Cost and Work Accountants of India (ICWAI) — are trying to make the best of their quality review boards (QRBs). Thanks to the gove...
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Auditing |
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0 | Hits : 824
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Lokpal Bill row: Anna to sit on day-long fast at Jantar Mantar today
Posted Date : 11-Dec-2011 , 09:04:33 am | Posted By CASANSAAR
Gandhian Anna Hazare will observe a day-long fast at Jantar Mantar here on Sunday to protest against the Lokpal draft prepared by the Parliamentary Standing Committee and to push for a strong Lokpal Bill. Anna is expected to pay tribute to Mahatma Gandhi at Rajghat and then move to Jantar Manta...
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General |
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Pranab asks eastern region govts to release 200 cr for RRBs
Posted Date : 11-Dec-2011 , 09:02:19 am | Posted By CASANSAAR
The Finance Ministry today asked state governments of the eastern region to release about 200 crore rupees as part of their share for recapitalisation of Regional Rural Banks, RRBs in the country. Addressing Chief Ministers and Bankers of the eastern region at a meeting in Kolkata, the Finance ...
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Finance |
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Posted Date : 10-Dec-2011 , 08:12:59 pm | Posted By CASANSAAR
The Government has said that the proposed Companies Bill will update the Company Law in line with the best global practices. Addressing a seminar in New Delhi Minister of State for Corporate Affairs, Mr. R. P. N. Singh said once an Act, the Bill would introduce new ideas such as corporate social res...
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Income Tax |
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ICSI Foundation Day Celebrtions
Posted Date : 10-Dec-2011 , 12:11:23 pm | Posted By CASANSAAR
Shri R P N Singh , Minister of State for Corporate Affairs, While delivering the ICSI FOUNDATION DAY Lecture here today has said that ,” The professionals like Company Secretaries have been playing an important role in shaping modern Corporate India .He appreciated the efforts of ...
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ICSI |
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Indirect tax rises 16.8%, CBEC optimistic of meeting target
Posted Date : 09-Dec-2011 , 08:43:50 pm | Posted By CASANSAAR
Indirect tax collections rose 16.8% during the first eight months of the current fiscal to Rs 2,52,544 crore, prompting the Central Board of Excise and Customs (CBEC) to express "optimism" in achieving the revised Budget estimate target.
However, Central Excise collections dropped by 6.5% to Rs 1...
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Excise |
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Bank-wise/category-wise number of Directors in Public Sector Banks
Posted Date : 09-Dec-2011 , 08:40:51 pm | Posted By CASANSAAR
Bank-wise/category-wise number of Directors in Public Sector Banks including State Bank of India, as per Reserve Bank of India (RBI) record, is annexed. Government Nominee Directors are appointed as per extant Guidelines. Non-Governmental Directors are elected under Section 9(3)(i) of t...
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Banking |
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0 | Hits : 982
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4TH Global Conference on
Posted Date : 09-Dec-2011 , 08:38:42 pm | Posted By CASANSAAR
India successfully hosted the three day 4th International Tax Dialogue Conference on “Tax and Inequality”. The conference was inaugurated by the Finance Minister of India Mr Pranab Mukherjee on 7th December. More than 400 senior tax policymakers and administrators from almost 90 countrie...
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Income Tax |
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0 | Hits : 704
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Rs 68,994 cr paid as I-T refunds till Nov this year: Govt
Posted Date : 09-Dec-2011 , 08:36:59 pm | Posted By CASANSAAR
The government today said it paid Rs 68,994 crore as income tax refunds till November this fiscal as compared to Rs 75,160 crore for the entire 2010-11. In a written reply to Lok Sabha, Minister of State for Finance S S Palanimanickam also said the number of refund claims pending as on October 1...
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Income Tax |
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0 | Hits : 820
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Air India, Kingfisher Airlines accounts frozen by service tax dept for non-payment of dues
Posted Date : 09-Dec-2011 , 08:16:41 am | Posted By CASANSAAR
The service tax department has frozen the bank accounts of Air India and Kingfisher Airlines for non-payment of dues. This shows the extent of cash crunch the aviation industry is facing, making defaults in payment almost routine. While the state-run carrier has dues of Rs 170 crore, the Vijay ...
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Income Tax |
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0 | Hits : 1237
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MCA tightens warning system to scrutinise companies
Posted Date : 09-Dec-2011 , 08:13:55 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it has tightened its Early Warning System (EWS) to scrutinise activities of companies, including those that raised money through initial public offerings.
Balance sheets of companies with a paid-up capital of Rs 50 crore and more and those having...
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Corporate Law |
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0 | Hits : 983
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Govt seeks PSU banks' aviation credit data; banks hope for relief
Posted Date : 09-Dec-2011 , 08:10:57 am | Posted By CASANSAAR
The government has asked PSU banks for data on loans given to airlines industry, a move which has sparked some hopes among banks that the Centre may step in to protect their interest. There are fears that banks may have to set aside cash as a provision against the loans turning bad. Banks have...
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Banking |
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