Sebi issues notice to NSE on code changes by brokers
Posted Date : 08-Aug-2011 , 07:35:47 am | Posted By CASANSAAR
In a first, the capital market regulator, the Securities and Exchange Board of India, has issued a show-cause notice to the country's leading stock exchange, National Stock Exchange, following a probe into alleged client code modifications by its broker members. The notice has asked the bourse to ex...
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SEBI |
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Telecom firms will pay service tax on sale of SIM cards: SC
Posted Date : 08-Aug-2011 , 07:30:19 am | Posted By CASANSAAR
The Supreme Court has held that telecom operators will have to pay service tax on the sale of SIM cards as these transactions entail their processing and activation for providing cellphone services.
Upholding the judgement of the Kerala high court, a bench of justices Mukundakam Sharma and A R Dav...
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Service Tax |
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Hyundai mulls legal action against DRI tax evasion notice
Posted Date : 08-Aug-2011 , 07:28:41 am | Posted By CASANSAAR
The country's second largest car maker Hyundai Motor India today said it is considering to take legal steps against the Rs 266-crore tax evasion notice issued by the Directorate of Revenue Intelligence (DRI). "Our legal team is in the process of preparing an appropriate response to the show cause no...
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Income Tax |
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e-Filing for AY 10-11 – Quick Statistics (as on 31st July 2011)
Posted Date : 08-Aug-2011 , 07:26:31 am | Posted By CASANSAAR
e-Filing for AY 10-11: Quick Statistics (as on 31st July 2011)
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 31/7/2011)
COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR
FORM WISE RECEIPT OF E-RETURNS UPTO 31st JULY
S.N.
FORM...
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Income Tax |
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0 | Hits : 446
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I-T dept to share PAN database with NATGRID
Posted Date : 07-Aug-2011 , 02:53:09 pm | Posted By CASANSAAR
The Income Tax department has decided to share it's PAN card database with the NATGRID -- a network aimed to initiate robust information sharing amongst law enforcement agencies to tackle terror threats at home and abroad.The department, after getting approval from the Central Board of Direct ...
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Income Tax |
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BSE Sensex: Stock crash erodes over Rs 1.3 lakh crore from investor wealth
Posted Date : 05-Aug-2011 , 10:11:59 pm | Posted By CASANSAAR
The investors were left poorer by over Rs 1.33 lakh crore after today's stock market crash, even as the market managed to recover nearly half of the losses suffered earlier during the day. The plunge in investors' wealth, which is notional in nature and is measured in terms of cumulative value of al...
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SEBI |
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11,69,238 Multiple Pan Cards Detected and Deleted
Posted Date : 05-Aug-2011 , 09:56:25 pm | Posted By CASANSAAR
No. of PAN CARD Holders:
As on 31.3.2009
8,09,21,993
As on 31.3.2010
9,59,26,877
As on 31.3.2011
12,10,45,706
No. of Returns filed during the financial year
FY 2008-09
3,38,69,567
FY 2009-10
3,27,36,625
...
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Income Tax |
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Be vigilant to check NPAs; don't choke credit: FM to banks
Posted Date : 05-Aug-2011 , 06:33:27 pm | Posted By CASANSAAR
Concerned over rising Non- performing Assets (NPAs) of public sector lenders, Finance Minister Pranab Mukherjee today said banks must tackle the problem seriously but without choking credit.
"NPAs in public sector banks have witnessed an upward trend. I had a meeting with chiefs of these ba...
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Banking |
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Government for reviewing DTA with Mauritius for better tax info
Posted Date : 05-Aug-2011 , 04:38:33 pm | Posted By CASANSAAR
The government is working to review the Double Taxation Avoidance Convention (DTAC) with Mauritius to further strengthen its provisions and have better exchange of information on tax matters with the island nation, which accounts for almost 36 per cent of FDI inflow to India. In a written reply to t...
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Income Tax |
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CWG scam: CAG report to be tabled in parliament
Posted Date : 05-Aug-2011 , 11:51:12 am | Posted By CASANSAAR
The Comptroller and Auditor General's (CAG) report on irregularities in the October 2010 Commonwealth Games will be tabled in parliament on Friday, according to the business listed for the two houses. The report, which has already caused much uproar after being leaked to the media, is expected ...
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CAG |
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RBI allows pre-paid cards for corporate reimbursements
Posted Date : 05-Aug-2011 , 11:37:54 am | Posted By CASANSAAR
Indian companies can now pay perks to their employees in plastic money. In a move that could pave the way for cashless settlements of perquisites and reimbursements, RBI on Thursday allowed banks to issue pre-paid payment instruments to corporates for onward issuance to their employees."...
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RBI |
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0 | Hits : 417
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Ministry of corporate affairs may levy annual duty on registered companies
Posted Date : 05-Aug-2011 , 11:36:22 am | Posted By CASANSAAR
The ministry of corporate affairs (( MCA)) is contemplating introducing an annual charge on all registered companies in the new Companies Bill with the twin aim of boosting its revenue and creating a system to track companies. The charge will most likely be based on the capital size of the com...
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Corporate Law |
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0 | Hits : 520
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Video Conferencing for AGMs
Posted Date : 05-Aug-2011 , 07:34:20 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has recognized participation by shareholders in the Annual General Meetings under the Companies Act, 1956 for all companies through video conference. Vide Circular dated 06.06.2011 issued by the Ministry, it is proposed to be mandatory for all listed companies for f...
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Corporate Law |
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Announcement of KYC Norms by ICAI
Posted Date : 04-Aug-2011 , 11:16:04 pm | Posted By CASANSAAR
All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at its 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and appl...
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ICAI |
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ICAI- Period of validity of Registration in CA Course
Posted Date : 04-Aug-2011 , 10:50:17 pm | Posted By CASANSAAR
BoS/ Announcement/227/11
In continuation of Institutes Announcement dated June 23, 2011 on Institutes website and in the Chartered Accountants Students Journal (July, 2011 issue) regarding Period of Validation of Registration in Chartered Accountancy Course, it is info...
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Students Zone |
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No tax on Hutch deal under present laws: Vodafone in SC
Posted Date : 04-Aug-2011 , 10:21:12 pm | Posted By CASANSAAR
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions.
Senior advocate Harish Salve app...
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Income Tax |
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RBI forms panel on monetary policy
Posted Date : 04-Aug-2011 , 10:18:19 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today reconstituted the Technical Advisory Committee (TAC), which advises the apex bank on its monetary policy stance, in the light of macroeconomic and monetary developments.
The reconstituted committee would include eminent economists like Shankar Acharya...
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RBI |
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Per capita income has grown 120% between FY'05 and FY'11:Government
Posted Date : 04-Aug-2011 , 10:15:19 pm | Posted By CASANSAAR
The per capital income in the country has jumped over two-folds between 2004-05 and 2010-11 to touch Rs 54,835 per annum, Parliament was informed today. In a written reply to the Lok Sabha, Minister of State (Independent Charge) for Statistics and Programme Implementation Srikant Jena said that...
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General |
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0 | Hits : 331
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HDFC Bank starts income tax payment service through ATMs
Posted Date : 04-Aug-2011 , 07:19:10 am | Posted By CASANSAAR
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs.
“With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into ...
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Income Tax |
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0 | Hits : 514
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Sebi clears single-window clearance for prior approvals
Posted Date : 04-Aug-2011 , 07:17:30 am | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (Sebi) today approved a single-window clearance system for market entities, including stock brokers, merchant bankers and credit ratings agencies, for grant of prior approval for change in control of their management structures.
"W...
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SEBI |
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0 | Hits : 328
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HC verdict on service tax over lease today
Posted Date : 04-Aug-2011 , 07:15:16 am | Posted By CASANSAAR
The Bombay high court on Thursday will start dictating the judgment in a case related to the central government levying service tax payable on leasing, letting, licensing and renting of immovable properties for commercial purposes. The court was hearing several petitions moved by establisments such ...
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Service Tax |
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Gifts received by Mayawati from supporters cannot be included in tax return: Delhi HC
Posted Date : 04-Aug-2011 , 07:11:43 am | Posted By CASANSAAR
In a reprieve to UP Chief Minister Mayawati, the Delhi High Court has ruled that gifts she received from party supporters cannot be included in her tax return for 2003-04, as it was not taxable under provisions of the Income Tax Act. The court dismissed the appeal of the Revenue Department which had...
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Income Tax |
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1 | Hits : 523
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Release of Dos & Don'ts Manual by Chairman , CBDT
Posted Date : 03-Aug-2011 , 10:03:55 pm | Posted By CASANSAAR
Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011.
Click here to ...
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Income Tax |
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SC to hear Vodafone’s Rs 11000 crore tax dispute tomorrow
Posted Date : 03-Aug-2011 , 09:47:58 pm | Posted By CASANSAAR
The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expecte...
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Income Tax |
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States FMs panel on GST to meet on Aug 19: Pranab
Posted Date : 03-Aug-2011 , 09:44:03 pm | Posted By CASANSAAR
Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime.
"The next meeting is on 19th (August). They (panel members) will discuss various issues am...
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GST |
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No subsidised gas for people with income of Rs 6 lac/yr:Panel
Posted Date : 03-Aug-2011 , 05:33:42 pm | Posted By CASANSAAR
The government should end subsidised domestic cooking gas (LPG) for people with income of more than Rs 6 lakh per annum, a Parliamentary Panel has suggested. A 14.2-kg LPG cylinder in Delhi currently costs Rs 395.35. This is Rs 247 short of its market price. If the panel recommendation is accep...
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General |
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0 | Hits : 448
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Standing Committee on Finance questions Rs 45 crore tax exemption to ICC
Posted Date : 03-Aug-2011 , 08:05:19 am | Posted By CASANSAAR
A parliamentary committee has rapped the income tax department for letting the Indian cricket board enrich itself at the expense of the exchequer. In a report placed before the Lok Sabha on Tuesday, the Standing Committee on Finance said the income tax (IT) department had been "very lenient" w...
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Income Tax |
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0 | Hits : 308
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Gold hits new high of 23,690
Posted Date : 03-Aug-2011 , 08:03:44 am | Posted By CASANSAAR
Gold climbed 210 rupees, to a new all-time record of 23,690 rupees per ten grams at Delhi's bullion market, on Tuesday, on renewed domestic buying, driven by a firm overseas trend. Silver rose 600 rupees, to 58,600 rupees per kilo, on increased buying by speculators and industrial units. Silver coin...
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International Business |
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0 | Hits : 355
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IT SEZ units to get tax sops soon. Notification to settle pending issue likely this month.
Posted Date : 02-Aug-2011 , 04:01:50 pm | Posted By CASANSAAR
Information technology and IT-enabled service units in special economic zones are going to be allowed the same tax concessions as given to developers of SEZs.
The government is to soon issue the new norms, as more and more IT companies don the function of a developer, empowering them to eve...
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Income Tax |
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0 | Hits : 412
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E-filing of I-T returns jumps 140%
Posted Date : 02-Aug-2011 , 03:57:19 pm | Posted By CASANSAAR
5.3 mn e-returns filed till July 31, against 2.2 mn during the period last year.
The e-filing of income-tax returns has seen a major rise this year, with a 140 per cent jump in the number of filings till July 31, as compared to the same period in 2010-11.
A senior Income Tax Depa...
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Income Tax |
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