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...
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Income Tax |
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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...
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ICAI |
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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...
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Income Tax |
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0 | Hits : 713
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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...
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Income Tax |
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0 | Hits : 640
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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...
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General |
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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...
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Income Tax |
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0 | Hits : 809
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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...
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RBI |
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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...
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General |
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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...
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General |
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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...
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International Business |
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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...
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Corporate Law |
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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. ...
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Income Tax |
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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...
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General |
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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...
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Auditing |
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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...
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General |
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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...
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RBI |
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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...
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General |
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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...
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Income Tax |
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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: ...
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Category :
Income Tax |
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0 | Hits : 943
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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...
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Shares & Stock |
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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...
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Finance |
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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...
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Income Tax |
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Lokpal Bill approved by cabinet, to be tabled in Parliament on Dec 22
Posted Date : 20-Dec-2011 , 09:14:06 pm | Posted By CASANSAAR
In a much awaited decision, the Union Cabinet meeting on Tuesday cleared the Lokpal Bill, which may be tabled in Parliament on December 22. The final draft of the bill was okayed by Prime Minister Manmohan Singh earlier today. Not yielding to Anna Hazare's demand, government is understood to ha...
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General |
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kingfisher Airlines violated tax rules : Minister
Posted Date : 20-Dec-2011 , 07:03:56 pm | Posted By CASANSAAR
Cash-strapped carrier Kingfisher Airlines has not deposited with the government most of the income tax it deducted from its employees' salaries for the last two fiscal years, a government minister told lawmakers on Tuesday.
Kingfisher has about Rs 103 crore tax deducted at source to be deposite...
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Income Tax |
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0 | Hits : 756
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Parliament passes bills on CAs, Company secys and Cost accountants in a hurry
Posted Date : 20-Dec-2011 , 08:16:36 am | Posted By CASANSAAR
The three bills will allow chartered accountants, cost and works accountants and company secretaries to have a choice to form a business model of limited liability partnership (LLP).An amendment bill seeking to bring professionals for the management of national highways was also introd...
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ICAI |
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Income Tax returns: CPC likely to start functioning next year
Posted Date : 20-Dec-2011 , 08:08:48 am | Posted By CASANSAAR
The much delayed Centralised Processing Centres (CPCs) for bulk processing of I-T returns in the city is scheduled to commence next year.
According to officials from the Income Tax Department, the building is ready and everything should fall in place by April next...
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Income Tax |
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RBI allows MFIs to raise $10 mn through ECBs
Posted Date : 20-Dec-2011 , 08:06:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today allowed microfinance institutions (MFIs) to raise up to $10 million through external commercial borrowings (ECBs), as against the earlier limit of $5 million, a move that will widen their fund raising sources.
"Considering the specific needs of the mi...
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RBI |
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PMO declines to disclose former SEBI member's letters
Posted Date : 20-Dec-2011 , 08:05:10 am | Posted By CASANSAAR
he Government has declined to disclose two letters written to Prime Minister Manmohan Singh by former SEBI member K M Abraham, who had alleged in another communication, interference by some corporates and top Finance Ministry officials in the working of the market regulator. &nb...
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SEBI |
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CBDT to focus on big corporates to meet tax targets
Posted Date : 20-Dec-2011 , 08:02:19 am | Posted By CASANSAAR
With direct tax collection target of Rs 5.32 lakh crore looking difficult to meet, the Central Board of Direct Taxes (CBDT) today said it will concentrate on big corporates and salaried employees to mop up the revenue.
"There is a concern...IIP and GDP are down. It will be difficult to ac...
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Income Tax |
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0 | Hits : 742
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Working of SFIO
Posted Date : 20-Dec-2011 , 07:59:48 am | Posted By CASANSAAR
SFIO was established for investigations falling with the following characteristics:
(i) of complex nature with inter -departmental and multi-disciplinary ramifications;
(ii) involving substantial public ...
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Category :
Corporate Law |
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0 | Hits : 734
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