Govt. suspends FDI in multi-brand retail till consensus; opposition welcomes
Posted Date : 07-Dec-2011 , 08:20:05 pm | Posted By CASANSAAR
The government has decided to suspend its decision on allowing 51 per cent Foreign Direct Investment (FDI) in the multi-brand retail sector. Making an announcement in the Lok Sabha today, the Finance Minister, Mr. Pranab Mukherjee said the government will withhold the decision till a consensus is re...
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International Business |
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HC notice to centre 200 SMS per day per SIM cap
Posted Date : 07-Dec-2011 , 07:47:40 pm | Posted By CASANSAAR
The union government was asked today by the Delhi High Court to explain its stand on a plea challenging a statutory regulation limiting the number of short messages ( SMs) sent through a SIM a day to a maximum of 200. A bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw issue...
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General |
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Direct tax code to come into force in April 2012: Pranab Mukherjee
Posted Date : 07-Dec-2011 , 01:24:45 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. "The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to c...
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Income Tax |
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Satyam scam: ICAI bars 2 CAs, slaps Rs 5 lakh penalty
Posted Date : 07-Dec-2011 , 08:40:06 am | Posted By CASANSAAR
Accounting regulator ICAI has barred two Lovelock & Lewes auditors from practice for life and slapped a penalty of Rs 5 lakh each on them for their role in the Rs 14,000-crore Satyam accounting scam. A probe by an ICAI "disciplinary committee has found Chartered Accountants Pulavarthi Siva P...
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ICAI |
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I-T dept has no record of tax collections for 2 months
Posted Date : 07-Dec-2011 , 08:36:28 am | Posted By CASANSAAR
The Income Tax (I-T) department has no record of its performance over the last two months. This is because of the ongoing nationwide agitation by I-T officials - from the level of income tax officer (ITO) to assistant commissioner of income tax (ACIT)/ deputy commissioner of income tax (DCIT).
&n...
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Income Tax |
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Black money: FinMin panel gets over 3,000 responses
Posted Date : 07-Dec-2011 , 08:32:35 am | Posted By CASANSAAR
The high-level Finance Ministry committee on curbing the menace of blackmoney has received more than 3,000 comments from general public suggesting ways to curb the generation of illicit funds.
The committee, headed by Chairman of the Central Board of Direct Taxes (CBDT), has received close to 3,3...
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Income Tax |
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Govt hopes to achieve indirect tax collection target of over 4 lakh crore for 2011-12
Posted Date : 07-Dec-2011 , 08:30:42 am | Posted By CASANSAAR
The government on Monday said it is confident of achieving indirect tax collection target of over 4 lakh crore for the current fiscal despite the slowdown in industrial activities. Chairman Central Board of Excise and Customs (CBEC) S K Goel told reporters on the sidelines of a meet in Ne...
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Excise |
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Kapil Sibal vows to stop offensive content on Facebook, Twitter & Google
Posted Date : 06-Dec-2011 , 09:10:32 pm | Posted By CASANSAAR
Telecom Minister Kapil Sibal on Tuesday vowed to stop offensive and defamatory content on internet sites as a controversy raged over government's move to monitor content in cyber space. Maintaining that the government does not want to interfere with the freedom of the press, he said if the socia...
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Income Tax |
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IRS officer, CA wife under scanner over Rs 57 lakh assets case
Posted Date : 06-Dec-2011 , 08:04:38 am | Posted By CASANSAAR
The dangers of clubbing incomes of husband-wife came to the fore in the Damle's case, but aside from that it may have unveiled their method of laundering black money.
A Delhi court has decided to put an IRS officer on trial along with h...
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Income Tax |
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Sebi seeks regulator to monitor Auditors
Posted Date : 06-Dec-2011 , 08:01:01 am | Posted By CASANSAAR
Market regulator Sebi has called for the creation of an independent regulator to oversee auditors, a move that is being opposed by the Institute of Chartered Accountants of India (ICAI), the industry body that self-regulates the auditing profession at present. "We have taken up the issue with th...
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SEBI |
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CBDT Clarification Regarding Information Received Under the DTAA With Germany
Posted Date : 05-Dec-2011 , 10:02:52 pm | Posted By CASANSAAR
It has been reported in some sections of the press that the Central Board of Direct Taxes (CBDT) has shared details of 18 individuals found to have stashed illegal funds abroad in LGT bank accounts. In this connection, it is clarified that the CBDT has not shared any information received under ...
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Income Tax |
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Banks, Hospitals can't run from residential plots in Noida: SC
Posted Date : 05-Dec-2011 , 10:02:18 pm | Posted By CASANSAAR
The Supreme Court today ruled that banks, hospitals and other commercial activities cannot be carried out from plots in Noida developed for residential purpose and ordered 21 banks and nursing homes in Sector 19 to immediately close their operations.
"That banking or nursing homes or any o...
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General |
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India to Host Fourth International Tax Dialogue Conference
Posted Date : 05-Dec-2011 , 10:00:06 pm | Posted By CASANSAAR
India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union ...
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Income Tax |
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Ministry steps in to reduce transfer pricing disputes
Posted Date : 05-Dec-2011 , 08:34:20 am | Posted By CASANSAAR
After the hue and cry by corporate India over huge transfer pricing orders slapped by the tax department running into thousands of crores, the government has stepped in with a key reform. The finance ministry has directed the Central Board of Direct Taxes (CBDT) to put in place a framework for an ...
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Income Tax |
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SEBI notifies guidelines for KYC Registration Agencies
Posted Date : 04-Dec-2011 , 07:29:55 pm | Posted By CASANSAAR
To prevent duplication in customer identification process, market regulator SEBI today issued guidelines for KYC Registration Agencies and said wholly-owned subsidiaries of stock exchanges and depositories would be eligible able to act in such a role.
The Securities and Exchange Board of Ind...
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SEBI |
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IT officials to go on nationwide strike
Posted Date : 04-Dec-2011 , 09:11:12 am | Posted By CASANSAAR
Over 8,000 income tax officials in the country including 1,000 from Mumbai will go on an indefinite strike from Monday against the pending promotions of officials from the rank of income tax officer (ITO) up to the rank of assistant commissioner of income tax (ACIT)/deputy commissioner of income&n...
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Income Tax |
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ICAI condemns threat to member
Posted Date : 04-Dec-2011 , 09:08:42 am | Posted By CASANSAAR
hairman of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI), Shriniwas Joshi, categorically denounced threats of physical violence made against one of the members of the chartered accountant community.
Joshi was speaking at the inaugural function...
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ICAI |
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Veteran actor Dev Anand no more
Posted Date : 04-Dec-2011 , 08:50:49 am | Posted By CASANSAAR
Hindi Cinema’s evergreen hero Dev Anand passed away early Sunday morning in London. The 88 year old legendary film personality suffered cardiac arrest.
In a career spanning over 65 years, Anand worked in films like `Kala Pani`, Guide`, `Hum Dono`, `Tere Ghar Ke Samne`, `Ga...
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General |
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Facebook to hire 'thousands' over next year
Posted Date : 03-Dec-2011 , 02:02:38 pm | Posted By CASANSAAR
Facebook has said it plans to hire thousands of employees over the next year and add an engineering team to its office in New York. "We will hire as many high quality engineers as we can here in New York," Facebook chief operating officer Sheryl Sandberg told reporters at an event also attended ...
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International Business |
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ICWAI sign MOU with CISI, UK
Posted Date : 03-Dec-2011 , 08:45:25 am | Posted By CASANSAAR
The Institute of Cost and Works Accountants of India (ICWAI) has signed a memorandum of understanding with the Chartered Institute for Securities and Investment (CISI), UK on awarding the membership of CISI to ICWAI members and concessional fee for ICWAI students. The MOU was signed by M. Gopalakris...
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ICWAI |
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ICAI committee to decide on Satyam fraud case soon
Posted Date : 03-Dec-2011 , 08:44:27 am | Posted By CASANSAAR
Institute of Chartered Accountants of India president G. Ramaswami said that the department enquiry was continuing against the auditors facing trial in the Satyam fraud case and the ICAI Disciplinary Committee would meet on December 18 to take the final decision.
Addressing a press conference her...
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ICAI |
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Sebi clears system to facilitate single KYC for all trades
Posted Date : 03-Dec-2011 , 08:43:17 am | Posted By CASANSAAR
Investors will no longer need to go through the know-your-customer (KYC) scrutiny process multiple times to invest in stock markets. This process will be done through a single knowyour-customer clearance window soon, Sebi said on Friday. At present, if an investor intends to open accounts with d...
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SEBI |
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RBI starts a new lender clan
Posted Date : 03-Dec-2011 , 08:41:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put out guidelines for a new category of non-banking finance companies (NBFCs), which would be involved only in micro lending.
NBFCs which have minimum net owned funds of up to `5 crore and over 85% of their net assets in the nature of ‘qualifying assets&...
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RBI |
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Forex reserves plunge to 9-month low; may continue slide through June 2012
Posted Date : 03-Dec-2011 , 08:34:38 am | Posted By CASANSAAR
India's forex reserves fell to a nine-month low despite a temporary reprieve to the rupee which, if inflows don't revive, may resume its slide through June 2012 as more than a $100 billion of debt repayments begin to unfold. Currency strategists HSBC to CLSA are forecasting the Indian rupee to t...
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Finance |
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0 | Hits : 782
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Tata Steel partly shuts Wales strip mill, cuts 115 jobs
Posted Date : 03-Dec-2011 , 08:32:41 am | Posted By CASANSAAR
Tata Steel on Friday said it has temporarily shut down its hot strip mill partly in South Wales and has cut 115 jobs at the plant due to poor demand from within Britain. "Tata Steel is temporarily to mothball the hot strip mill at its Llanwern site in Newport, South Wales, wi...
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International Business |
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Mandatory Publication of Central Government and Public Sector Tender Enquiries on the Central Public Procurement Portal
Posted Date : 03-Dec-2011 , 08:30:21 am | Posted By CASANSAAR
In pursuance of the recommendations of the Committee on Public Procurement headed by Shri Vinod Dhall and the decisions thereon of the Group of Ministers constituted to consider measures to tackle corruption and ensure transparency, the Department of Expenditure, Ministry of Finance has on 30th Nove...
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General |
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Do not to process over 3-month old cheques: RBI
Posted Date : 02-Dec-2011 , 06:32:07 pm | Posted By CASANSAAR
The Reserve Bank of India on Friday directed primary urban cooperative banks not to make payments on cheques and other financial instruments that are over three months old, with effect from April next year. "RBI directs that with effect from April 1, 2012, banks should not make payment of chequ...
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RBI |
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Companies worried about transfer pricing, says KPMG survey
Posted Date : 02-Dec-2011 , 08:38:38 am | Posted By CASANSAAR
India's bureaucratic tax system, more than tax rate, impacts investment decisions by foreign companies planning to set shop in the country. Unclear tax policies coupled with lengthy filing processes have made the country's tax regime moderately conducive for business, according to a survey conduc...
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Income Tax |
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0 | Hits : 1212
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Govt hopeful of House panel report on DTC in winter session
Posted Date : 02-Dec-2011 , 08:36:52 am | Posted By CASANSAAR
The Government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. "Right now, the Bill is before the standing commit...
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Income Tax |
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0 | Hits : 658
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ICAI to sign deal with New Zealand body
Posted Date : 02-Dec-2011 , 08:35:35 am | Posted By CASANSAAR
The CA institute plans to ink a mutual recognition agreement (MRA) with the New Zealand Institute ofChartered Accountants (NZICA) in January next year.
“We are in the final stages. The agreement may be signed during an ...
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Income Tax |
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