Tax dept has unearthed $12.3 bn black money: Pranab
Posted Date : 15-Dec-2011 , 08:33:09 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee on Wednesday told Parliament that the tax authorities had unearthed Rs 660 billion of unaccounted money as part of the government's efforts to curb tax evasion.
Mukherjee was replying to a debate on black money in the Lok Sabha.
He further said that the go...
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Income Tax |
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Download Companies Bill as introduced in Lok Sabha on 14.12.2011
Posted Date : 15-Dec-2011 , 08:30:17 am | Posted By CASANSAAR
The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today. The 2011 Bill was introduced by Corporate Affairs Minister M Veerappa Moily after he...
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Corporate Law |
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CBEC de-freezes bank accounts of Kingfisher, Air India
Posted Date : 14-Dec-2011 , 09:19:46 pm | Posted By CASANSAAR
The government has de-freezed the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues. "As they (Kingfisher and Air India) have made part-payments of service tax dues, the department has Lifted freeze on their ...
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Service Tax |
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Petrol prices may go up by 65 paise from Friday
Posted Date : 14-Dec-2011 , 04:22:22 pm | Posted By CASANSAAR
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move.
While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline - agains...
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General |
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Rupee tumbles to all-time low of Rs 53.80
Posted Date : 14-Dec-2011 , 04:04:24 pm | Posted By CASANSAAR
The Indian rupee lost 57 paise to a fresh all-time low of Rs 53.80 per US dollar in early trade today amid persistent dollar demand from banks and importers in view of sustained foreign capital outflows.The rupee resumed lower at Rs 53.54 per dollar on the Interbank Foreign Exchange, as against its ...
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International Business |
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ICAI
Posted Date : 14-Dec-2011 , 07:59:47 am | Posted By CASANSAAR
Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to...
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ICAI |
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RBI panel to discuss raising of capital by urban co-op banks
Posted Date : 14-Dec-2011 , 07:56:51 am | Posted By CASANSAAR
The issue of getting a level-playing field for urban co-operative banks vis-à-vis commercial banks with regard to raising capital and lowering the threshold for statutory investments will be taken up at a meeting of the Reserve Bank of India's standing advisory committee next week.
Current...
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RBI |
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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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Category :
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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Category :
Service Tax |
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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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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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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 : 1012
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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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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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