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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0 | Hits : 859
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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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0 | Hits : 865
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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 : 1317
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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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Category :
Income Tax |
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0 | Hits : 675
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RBI penalises two cooperative sector banks
Posted Date : 28-Oct-2011 , 05:34:54 pm | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 5 lakh each on two cooperative sector lenders -- the Pravara Sahakari Bank and the Baroda Traders Co-operative Bank -- for violation of various norms. "RBI has imposed a monetary penalty of Rs 5 lakh on Pravara Sahakari Bank Ltd, Ahmednagar, Ma...
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RBI |
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Microsoft world's best company to work for: Great Places to Work Survey
Posted Date : 28-Oct-2011 , 04:55:27 pm | Posted By CASANSAAR
Software giant Microsoft has topped a list of the world's best multinational companies to work for, where all the top-ten positions have been bagged by American firms. Internet giant Google has been ranked at the fourth place in the list of compiled by human resources consultancy 'Great Place to ...
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International Business |
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Delhi HC dismisses Airtel plea against TDSAT
Posted Date : 28-Oct-2011 , 10:25:04 am | Posted By CASANSAAR
The Delhi High Court has dismissed Bharti Airtel's plea against telecom tribunal TDSAT that asked it to first pay half of the 50 crore fine imposed on it by DoT before the hearing.The Department of Telecom (DoT) had imposed 50 crore fine on the country's largest telecom operato...
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General |
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0 | Hits : 688
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SEBI allows sub-brokers to carry out
Posted Date : 28-Oct-2011 , 10:19:35 am | Posted By CASANSAAR
Market watchdog Securities and Exchange Board of India (SEBI) has allowed sub-brokers to carry out ‘in-person’ verification (IPV) of clients, reports PTI.“... the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done b...
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SEBI |
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0 | Hits : 745
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Arvind Kejriwal seeks more time on Income Tax Department notice asking to pay over Rs 9 lakh in dues
Posted Date : 28-Oct-2011 , 10:18:26 am | Posted By CASANSAAR
Team Anna member Arvind Kejriwal did not comply with the Income Tax Department notice asking him to pay over Rs nine lakh in dues, saying he was needed more time to decide on the issue as he was given "very little time". "I am consulting my friends and will take a decision in a week or ten days....
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Category :
Income Tax |
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0 | Hits : 668
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India's richest getting poorer, says Forbes
Posted Date : 27-Oct-2011 , 09:52:16 pm | Posted By CASANSAAR
India's richest are getting poorer, according to Forbes, as falling stock prices, corruption scandals in Asia's third-largest economy and a global slowdown wiped 20 percent off the total value of the country's 100 wealthiest in the last year. Mukesh Ambani, head of Reliance Industries, India's ...
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Category :
International Business |
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0 | Hits : 780
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Your private details on Facebook are at risk: Study
Posted Date : 27-Oct-2011 , 08:14:51 pm | Posted By CASANSAAR
Do you really know all your Facebook "friends"? Beware, if your answer is 'No', as researchers say you could be putting your private details at risk every time you say 'Yes' to an unknown friend request. A team at the University of British Columbia in Canada found a worrying way to evade Faceboo...
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International Business |
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Rajat Gupta pleads not guilty, released on $10-million bail
Posted Date : 27-Oct-2011 , 08:51:30 am | Posted By CASANSAAR
Former Goldman Sachs and P&G director Rajat Gupta appeared in a US court today after being arrested and was indicted on six criminal counts on securities fraud.
Gupta, 62, is accused of sharing confidential information with hedge fund manager Raj Rajaratnam, the Sri Lanka born found...
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International Business |
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0 | Hits : 764
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UK blacklists 2000 Indian banks from student visa process
Posted Date : 26-Oct-2011 , 05:45:16 pm | Posted By CASANSAAR
As of November 24 this year, around 1,940 banks — mostly cooperative ones — have been named as “financial institutions that do not satisfactorily verify financial statements,” according to the UK Border Agency.
It means that students who need to show evidence that they hav...
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Students Zone |
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0 | Hits : 1135
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India GDP growth to pip China: Ernst & Young
Posted Date : 26-Oct-2011 , 05:38:33 pm | Posted By CASANSAAR
India is expected to clock higher GDP growth than China in 2013-14. This has been stated in a report by Ernst and Young in its latest report. The forecast pegs India's GDP growth rate at 9.5 percent followed by nine percent by China in 2013. Similarly, the report says that India will record gro...
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Category :
International Business |
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0 | Hits : 764
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RBI hikes repo rate by 25 basis points; home, auto loans likely to get costlier
Posted Date : 25-Oct-2011 , 01:02:31 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday raised the repo rate by 25 basis points to 8.5 per cent. The rate hike is the 13th since early 2010 but the RBI said it was likely to hold off on further increases as it expects high inflation to ease beginning December. The central bank also der...
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RBI |
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New PAN Application Form 49AA for resident/non-resident Individual, LLP, Company, Firm, AOP, BOI
Posted Date : 25-Oct-2011 , 08:38:22 am | Posted By CASANSAAR
Income Tax Department has released a New PAN application Form No. 49AA for Individuals not being a citizen of India, LLP registered outside India, Company registered outside India, Firm formed or registered outside India, Association of persons(Trusts) formed outside India...
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Income Tax |
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Cabinet to take up Companies Bill on October 25
Posted Date : 25-Oct-2011 , 08:26:28 am | Posted By CASANSAAR
Corporate Affairs Minister Veerappa Moily on Monday said the new Company Law Bill is likely to come up before the Cabinet for approval on Tuesday."The bill is likely to come tomorrow in the Union Cabinet. I hope it gets passed," Moily told reporters here. The Bill has already been vetted by the Parl...
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Corporate Law |
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0 | Hits : 736
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2G scam: ICSI shares MCA's view on date for capital enhancement
Posted Date : 25-Oct-2011 , 08:25:15 am | Posted By CASANSAAR
The apex body of company secretaries, ICSI, is likely to endorse the view of Ministry of Corporate Affairs (MCA) on the issue of effective date for enhancement of authorised capital that is crucial in the 2G spectrum scam case.
It is learnt that the Institute of Company Secretaries ...
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ICSI |
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NCM to take up with par panel issue of tax on donations
Posted Date : 25-Oct-2011 , 08:23:01 am | Posted By CASANSAAR
The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it.
A delegation led b...
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Income Tax |
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0 | Hits : 891
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CBI arrests ITO and CA in Bribery Case
Posted Date : 24-Oct-2011 , 10:01:40 pm | Posted By CASANSAAR
An Income Tax officer and a chartered accountant (CA) were arrested on Wednesday by the Central Bureau of Investigation's (CBI) Anti-Corruption Bureau (ACB) Mumbai for demanding and accepting a bribe.
The officer, Ranjan Prakash, and the CA, Vimal Patangia, were n...
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Income Tax |
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0 | Hits : 1131
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Plan Panel forms Committee to fix financial conditions of power companies
Posted Date : 24-Oct-2011 , 07:17:06 pm | Posted By CASANSAAR
The Planning Commission has set up a Committee headed by its Member B K Chaturvedi to improve the financial health of power distribution companies in the country which is reeling under huge losses.The Committee also includes representatives from the Union Finance Ministry, the Reserve Bank of In...
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Income Tax |
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0 | Hits : 682
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Monetary policy review: RBI Governor D Subbarao likely to raise repo rate
Posted Date : 24-Oct-2011 , 08:51:24 am | Posted By CASANSAAR
A sliding rupee, the government's deteriorating finances and the persistence of a cheap money policy in the West may prompt Reserve Bank of India (RBI) governor Duvvuri Subbarao to toughen his stance against the call for a pause in raising interest rates on Tuesday, despite a dozen increases sinc...
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RBI |
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0 | Hits : 706
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Revenue Department takes notice of 9 lakh entities stop filing returns
Posted Date : 23-Oct-2011 , 03:44:30 pm | Posted By CASANSAAR
The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing.According to...
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Category :
Service Tax |
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0 | Hits : 966
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EU leaders meet in Brussels to prevent financial crisis
Posted Date : 23-Oct-2011 , 03:43:22 pm | Posted By CASANSAAR
All the 27 European Union leaders are meeting in Brussels today to decide measures to prevent Europe's financial crisis from spiraling out of control. British Prime Minister is set to join the EU leaders. Ahead of the meeting in Brussels, German Chancellor Angela Merkel said she believed the leaders...
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International Business |
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0 | Hits : 745
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Swan Telecom was just a mask for Reliance Telecom: court
Posted Date : 23-Oct-2011 , 03:41:35 pm | Posted By CASANSAAR
Anil Dhirubhai Ambani Group (ADAG)-led Reliance Telecom Ltd (RTL) was today put on trial in 2G spectrum allocation scam case by a Delhi court which said Shahid Balwa-promoted Swan Telecom Pvt Ltd (STPL) was "just a mask" for RTL. Special CBI Judge O P Saini dismissed the contention of RTL th...
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General |
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