India to join new convention to fight black money
Posted Date : 04-Nov-2011 , 08:42:55 am | Posted By CASANSAAR
India told the G20 Summit that it has been an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb this menace.
"Tax evasion and illicit flows are serious problem and over the last two years, in o...
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Income Tax |
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I-T department raids Raymond premises across the nation
Posted Date : 04-Nov-2011 , 08:41:26 am | Posted By CASANSAAR
The income tax (I-T) department raided 15 locations, including residential and industrial premises of Raymond group head Gautam Singhania, spread across nine cities on Thursday.
The raids were conducted after the department received "reliable" information of under-representati...
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Income Tax |
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0 | Hits : 719
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Microfinance Bill likely in Winter Session
Posted Date : 04-Nov-2011 , 08:39:11 am | Posted By CASANSAAR
The government is likely to introduce a Bill that seeks to make it mandatory for all microfinance institutions to be registered with the Reserve Bank of India (RBI) and entrusts the task of regulating the sector to the central bank in the Winter Session of Parliament.
The Finance Ministry...
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Finance |
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0 | Hits : 680
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Petrol prices hiked by Rs 1.80 a litre
Posted Date : 03-Nov-2011 , 09:31:48 pm | Posted By CASANSAAR
Oil companies today yet again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier. After today's increase, petrol in Delhi will cost Rs 68.64 a litre. The rates will vary in other cities according to local levies. This is the se...
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General |
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Kejriwal clears I-T dues, sends cheque to PM
Posted Date : 03-Nov-2011 , 04:23:36 pm | Posted By CASANSAAR
Key Team Anna member Arvind Kejriwal, Thursday, sent a cheque of Rs 9.27 lakh – to clear his dues - to Prime Minister Manmohan Singh so that his resignation from the Indian Revenue Service is accepted. In a letter enclosed with the cheque, Kejriwal said that his move to clear the du...
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Income Tax |
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IIMs to face audit every three years
Posted Date : 03-Nov-2011 , 08:06:14 am | Posted By CASANSAAR
The IIMs will face an external social audit and peer review of their performance every three years, so that the government can “identify aberrations and take corrective measures”, HRD Minister Kapil Sibal said after a meeting of the heads of all 13 IIMs here on Wednesday.
This would m...
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Auditing |
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GST-N to bring about change in tax system
Posted Date : 03-Nov-2011 , 08:03:59 am | Posted By CASANSAAR
Deputy chief minister Sushil Kumar Modi here on Wednesday told the members of trade and industry at the Bihar Industries Association (BIA) office that the Goods and Services Tax-Network (GST-N) being created under information technology network by a committee headed by&nbs...
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GST |
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SEBI asks fund houses to display agent fees on websites
Posted Date : 03-Nov-2011 , 07:57:34 am | Posted By CASANSAAR
Market regulator Sebi has asked fund houses to publicly display the commission they pay distributors for selling mutual funds, a move aimed at bringing in transparency in fee structure. The regulator has asked asset management companies to disclose commission paid to distributors between April 1...
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SEBI |
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RBI relaxes norms for AMCs to open branches
Posted Date : 03-Nov-2011 , 07:56:23 am | Posted By CASANSAAR
The Reserve Bank of India has allowed authorised money changers (AMCs), including banks, to open additional branches in metros without adhering to the old criteria of maintaining a ratio in number of branches in metro and non-metros cities. "In order to provide more flexibility to authorised per...
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RBI |
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Task Force on an IT Strategy for PDS Submits Report to Finance Minister
Posted Date : 02-Nov-2011 , 05:41:53 pm | Posted By CASANSAAR
The Task Force on an IT strategy for PDS submitted its report to the Finance Minister today. Following the announcement by the Finance Minister in his Budget Speech for 2011-12, the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertiliser was constituted by t...
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Income Tax |
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Manpower shortage: IT dept employees launch protests
Posted Date : 02-Nov-2011 , 08:47:20 am | Posted By CASANSAAR
The Joint Action Council, Delhi Circle, comprising Income Tax Employees' Federation and Income Tax Gazetted Officers' Association, said on Tuesday that it had launched Protests from October 25 demanding filling up of 700 posts of assistant commissioners. A statement from the Joint Council ...
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Income Tax |
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CBDT Issues Clarification Regarding Investigations Relating to Banking Information from Overseas
Posted Date : 02-Nov-2011 , 08:43:53 am | Posted By CASANSAAR
Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance:“A section of the press has reported today that some investigations relating to banking information received from overseas have been referred to the Directorate of Cri...
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Income Tax |
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0 | Hits : 679
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TRAI extends limit to 200 sms per day
Posted Date : 01-Nov-2011 , 07:38:46 pm | Posted By CASANSAAR
Telecom Regulatory Authority of India, TRAI, has extended the 100 sms per day limit to 200 sms per day, per sim. Earlier, TRAI had restricted the number of commercial non-commercial sms that can be send from a sim, to 100. TRAI received representations from some of the service providers and con...
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General |
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Oil cos for another Rs 1.82/L hike in petrol prices
Posted Date : 01-Nov-2011 , 07:36:47 pm | Posted By CASANSAAR
State-owned oil companies are considering a Rs 1.82 per litre hike in petrol prices, as a fall in rupee has increased the cost of imports of the raw material (crude oil). Indian Oil, Hindustan Petroleum and Bharat Petroleum last hiked petrol prices by Rs 3.14 a litre on Septe...
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General |
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0 | Hits : 788
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Govt approves Public Procurement Policy
Posted Date : 01-Nov-2011 , 03:14:02 pm | Posted By CASANSAAR
The Cabinet today approved the public procurement policy to boost micro, small and medium enterprises. The policy aims at purchasing 20 percent of their products by Government agencies.Briefing reporters after the Cabinet meeting, the Information and Broadcasting Minister Mrs. Ambika Soni said that ...
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General |
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S.K.Goel Takes Over as Chairman, Central Board of Excise and Customs
Posted Date : 01-Nov-2011 , 08:30:41 am | Posted By CASANSAAR
Shri. S.K.Goel (IRS:1975) today took charge as the Chairman, Central Board of Excise & Customs (CBEC) on 31st October, 2011. He took charge from Shri S.Majumdar who demitted the office today on his superannuation. Shri Goel joined Indian Revenue Service (IRS) (Customs & Central Excise) in th...
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Excise |
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RBI raises housing loan limit for UCBs to Rs30 lakh
Posted Date : 01-Nov-2011 , 08:28:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday raised the cap onindividual housing loan an urban cooperative bank (UCB) can disburse to Rs30 lakh from Rs25 lakh, reports PTI.
The central bank also raised repayment period for such loans to 20 years.
The housing loan limi...
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RBI |
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Extant law: New Sebi takeover code to benefit shareholders
Posted Date : 01-Nov-2011 , 08:27:00 am | Posted By CASANSAAR
The new takeover code notified by the Sebi on September 23, 2011 has brought about various changes in the extant law aimed at benefitting shareholders. An important provision, which has been drafted, is the obligation of the board of directors to constitute a committee of independent director...
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SEBI |
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I-T crackdown on undisclosed Swiss account holders
Posted Date : 01-Nov-2011 , 08:22:55 am | Posted By CASANSAAR
In a first of its kind crackdown against those stashing unaccounted wealth overseas, the income tax department has launched an offensive against politicians and industrials who had parked money in HSBC Bank, Geneva.Under pressure to act against black money and money lau...
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Income Tax |
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e-payment system will reduce corruption: Pranab
Posted Date : 31-Oct-2011 , 06:46:13 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today expressed the hope that introduction of e-payment system by the government will help in increasing transparency and in reducing corruption. "A transparent payment trail would ensure the entire payment processes trackable ... this would be major initiative for ...
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Banking |
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ICAI asks independent directors to question high provisioning by banks
Posted Date : 31-Oct-2011 , 09:00:58 am | Posted By CASANSAAR
Taking a tough stand against the practice among banks to make high provisioning that often leads to a steep fall in profits — especially the move by the State Bank of India after the change of guard this year — the Institute of Chartered Accountants of India (...
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ICAI |
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Govt plans to bring corporate guarantees under tax net
Posted Date : 31-Oct-2011 , 08:31:11 am | Posted By CASANSAAR
The government may impose tax on companies giving guarantees for overseas acquisitions, but its efforts to plug a loophole may upset corporates eager to snap up cheap foreign assets. The Income-Tax Department reasons that corporate guarantees are given at a cost. Typically, a charge or fee is p...
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Income Tax |
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CBDT's extensive scrutiny of NGOs
Posted Date : 31-Oct-2011 , 08:16:31 am | Posted By CASANSAAR
The income tax department’s headline-making notices to non-governmental organisations (NGOs) associated with Kiran Bedi, the ex-police officer who is member of social activist Anna Hazare’s team, is part of an extensive national exercise, say officials.
The exercise being carried out ...
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Income Tax |
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Shunglu panel suggests changes in CAG, CVC
Posted Date : 30-Oct-2011 , 08:58:16 pm | Posted By CASANSAAR
Amidst a debate on controversies surrounding some of the CAG reports, the High Level Committee which went into the Commonwealth Games related projects, has suggested changes in the functioning and structure of top audit and vigilance bodies like the Comptroller and Auditor General making it a thre...
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CAG |
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RBI doubles transaction cap on small amount transfers
Posted Date : 30-Oct-2011 , 08:21:43 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has been making consistent efforts to achieve the objective of financial inclusion. There is a need to extend coverage to those who cannot open a bank account. It includes those working in far off places from home and have to transfer money to their families back ...
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Banking |
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NRIs liable to file tax returns too in India
Posted Date : 30-Oct-2011 , 08:17:11 am | Posted By CASANSAAR
From the perspective of tax liability, under the Income Tax Act, an individual is considered to be a resident of India if he meets either of these conditions - he should be present in India physically for 182 days or more in a tax year (April 1 to March 31), or for 60 days in a tax year and 3...
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Income Tax |
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Important message on Annual Filing
Posted Date : 29-Oct-2011 , 10:30:37 pm | Posted By CASANSAAR
Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011also without any additional fee, on account of Oct 30th 2011 being a Sunday.
File before October 31st Midnight and save additional fee
...
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Corporate Law |
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0 | Hits : 1313
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Sebi's will supersedes Companies Bill: Fin Min, MCA
Posted Date : 29-Oct-2011 , 09:55:41 am | Posted By CASANSAAR
The Finance Ministry and the Ministry of Corporate Affairs finally seem to have ironed out issues regarding the Companies Bill, especially with respect to clashes with market regulator Sebi's jurisdiction, reports CNBC-TV18’s Aakansha Sethi.
The Finance Ministry and SEBI had asked f...
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SEBI |
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ICAI finds move confusing, wants plan to be dropped
Posted Date : 29-Oct-2011 , 09:53:39 am | Posted By CASANSAAR
The apex accounting standards-setting body, Institute of Chartered Accountants of India (ICAI), will ask the finance ministry to drop plans for separate accounting standards for tax computation purposes.
The move comes in the backdrop of a recommendation made by an expert committee consti...
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ICAI |
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Income-Tax notices to two NGOs of Kiran Bedi
Posted Date : 29-Oct-2011 , 09:45:57 am | Posted By CASANSAAR
The Income-Tax Department has sent notices to the two NGOs run by Team Anna member Kiran Bedi to find out whether they are engaged in commercial activities. "We are not targeting any particular NGO or charitable trust. In fact, we have sent notices to several organisations, including those run by...
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Income Tax |
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