FinMin seeks industry views on tax rates for next Budget
Posted Date : 10-Nov-2011 , 07:58:06 am | Posted By CASANSAAR
The Finance Ministry is seeking inputs from industry on tax rates as it prepares the next budgetary proposals. "You may...send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same," an o...
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Income Tax |
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Now, pay income tax through ATM
Posted Date : 10-Nov-2011 , 07:56:34 am | Posted By CASANSAAR
Paying income tax may now be as easy as paying your credit card or phone bill. Central Board of Direct Taxes has now enabled payment of taxes through ATMs of certain designated banks using the Online Tax Accounting System (OLTAS).
...
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Income Tax |
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ICICI's Chanda Kochhar most powerful; Sun TV's Kavery Kalanithi highest paid woman in India: Fortune
Posted Date : 09-Nov-2011 , 05:54:43 pm | Posted By CASANSAAR
ICICI Bank chief executive Chanda Kochhar has been named as the most powerful woman in Indian business but when it comes to pay, Sun TV Network's joint MD Kavery Kalanithi is the highest earner with an annual salary of $ 13.09 million, according to Fortune magazine. With a pay packet of $ 13.66 ...
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General |
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Indian exports
Posted Date : 09-Nov-2011 , 08:08:59 am | Posted By CASANSAAR
Exports grew by 10.8 per cent to 19.9 billion US dollars in October this year. This is the lowest in the last two years.According to preliminary data released today, pushed by expensive crude oils and vegetable oils, imports grew at a faster rate of 21.7 per cent to 39.5 billion dollars leaving a tr...
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International Business |
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Draft Code of Conduct for CA Students
Posted Date : 08-Nov-2011 , 03:50:01 pm | Posted By CASANSAAR
November 8, 2011
Draft Code of Conduct for Chartered Accountancy Students
In order to govern the conduct of Chartered Accountancy&nbs...
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Students Zone |
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Switzerland ready to share bank account info with India
Posted Date : 08-Nov-2011 , 02:38:41 pm | Posted By CASANSAAR
Switzerland has indicated it is ready to cooperate with India on sharing information related to Swiss bank accounts held by Indians within the framework of amended double taxation treaty between the two countries. Swiss Ambassador to India Philippe Welti told reporters in New Delhi yesterday. H...
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Income Tax |
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Reserve Bank eases rules for repayment of fixed deposits
Posted Date : 08-Nov-2011 , 07:54:00 am | Posted By CASANSAAR
In yet another customer-friendly move, the Reserve Bank of India has said signatures of both depositors are not needed for repayment of fixed or term deposits on maturity if such accounts are opened with instructions "either or survivor". In a recent notification, the RBI sa...
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Banking |
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Government ensuring corporates do not delay tax payments to meet working capital needs
Posted Date : 08-Nov-2011 , 07:50:48 am | Posted By CASANSAAR
Income tax authorities will keep a close watch on tax payments by top corporates to ensure that they do not delay tax payments as part of the bouquet of measures being considered by the government to keep revenue growth on target. The advance tax payments by companies rose only 9.9% for the July...
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Income Tax |
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RBI considers SLR holdings for BASEL III
Posted Date : 07-Nov-2011 , 03:25:28 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is considering to what extent banks' holdings under the statutory liquidity ratio (SLR) can be used to meet capital requirements for Basel III global banking rules, a central banker said on Sunday.
SLR or the proportion of deposits that banks need to invest in gove...
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RBI |
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Transaction charges paid to BSE are taxable: HC
Posted Date : 07-Nov-2011 , 08:57:49 am | Posted By CASANSAAR
Noting that the BSE not only provides physical infrastructure, but also renders managerial services to its members, the Bombay High Court has held that transaction charges paid to the bourse are taxable at the source.
"It is obvious that the stock exchange has to manage the entire trading...
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General |
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Priority sector Bank lending grows lower in Sept 2011
Posted Date : 07-Nov-2011 , 08:49:44 am | Posted By CASANSAAR
Bank lending to the priority sector grew at a lower rate of 11.1 percent in September 2011, against the growth of 19.1 percent inthe same month last year, on account of lower offtake by agriculture and housing segments and fall in micro credit. According to the Reserve Bank of India data, credit dis...
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Banking |
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India, US join hands to fight tax evaders
Posted Date : 07-Nov-2011 , 08:49:01 am | Posted By CASANSAAR
India and the US have joined hands to crack down tax evaders and bring to book those who have stashed black money in tax havens abroad. In a first of series of engagements between the two nations, a team of investigators drawn form investigation units in the Union Finance Ministry and the recen...
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Income Tax |
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Sebi chief's appointment under SC lens
Posted Date : 05-Nov-2011 , 04:02:02 pm | Posted By CASANSAAR
The central government on Friday told the Supreme Court that it was confident of being able to defend the appointment of UK Sinha as chairman of the market watchdog Sebi. The court was hearing a public interest litigation filed by a number of prominent individuals, including a former chief of the...
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SEBI |
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ICAI
Posted Date : 05-Nov-2011 , 08:59:37 am | Posted By CASANSAAR
In reply to the RTI application dated 21.09.2011 filed by Mr. Suresh Wadhwa, ICAI has held as follows:-
It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 ...
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ICAI |
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HC upholds Income Tax Department's view on taxing Infosys for onsite services
Posted Date : 05-Nov-2011 , 08:42:37 am | Posted By CASANSAAR
An old tax case has come back to haunt Infosys, the country's second-largest software company. In a ruling that backs the Income-Tax Department's claim of Rs 100 crore, the Karnataka High Court has upheld the view of tax authorities that the work carried out by Infosys for clients overseas, f...
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Income Tax |
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CAG to audit all rural ministry schemes
Posted Date : 05-Nov-2011 , 08:40:46 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) will now scrutinise all the schemes of Rural Development Ministry and Ministry of Drinking Water and Sanitation, Union Minister Jairam Ramesh said on Friday.
Announcing the decision, Mr. Ramesh said the two Ministries annually spend Rs 88,000 crore which ...
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CAG |
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RBI eases share transfer rules to woo foreign direct investment
Posted Date : 05-Nov-2011 , 08:35:23 am | Posted By CASANSAAR
Liberalising and rationalising the procedures and policies governing foreign direct investment (FDI) in India, the Reserve Bank of India (RBI) has said transfer of shares between Indians and non-residents will not require its permission in several key areas such ...
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RBI |
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G 20 Summit takes on board India
Posted Date : 05-Nov-2011 , 08:33:25 am | Posted By CASANSAAR
The sixth G20 Summit at cannes has taken on board the concerns raised by India to combat black money. Prime Minister Dr. Manmohan Singh said the Canes Summit Communiqué has also endorsed India's call to ensure transparency in Banking sector, exchange of information to combat tax fraud and ill...
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International Business |
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CBEC Observes Vigilance Awareness Week
Posted Date : 05-Nov-2011 , 08:32:40 am | Posted By CASANSAAR
As a part of the Vigilance Awareness Week being observed from 31st October to 5th November, 2011, the Central Board of Excise and Customs (CBEC),Ministry of Finance, organized an interaction with officers and staff, here today. This was presided over by Shri. S.K.Goel, Chairman, CBEC, who addressed ...
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Excise |
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Gross direct tax collection up by 20% in Apr-Oct
Posted Date : 04-Nov-2011 , 09:37:34 pm | Posted By CASANSAAR
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal.
The gross tax collection in the first seven months ...
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Income Tax |
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Supreme Court grants bail to Satyam founder Raju, brother
Posted Date : 04-Nov-2011 , 01:17:49 pm | Posted By CASANSAAR
Close on the heels of granting bail to four former employees of Satyam, the Supreme Court today granted bail to Satyam founder B Ramalinga Raju and his brother B Rama Raju. Former Chief Financial Officer Srinivas Vadlamani has also been granted bail.Mr Raju and his brother B Rama Raju had earlier ap...
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General |
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Disclose audit reports of cooperative banks: CIC to RBI
Posted Date : 04-Nov-2011 , 09:02:19 am | Posted By CASANSAAR
The Central Information Commission has directed the Reserve Bank to make public audit reports of co-operative banks, rejecting the arguments of the Bank that such disclosure could "lead to loss of faith in some banks" and adversely affect economic interests of th...
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Auditing |
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ICAI cracks the whip, says two sets of accounting standards confusing
Posted Date : 04-Nov-2011 , 08:48:43 am | Posted By CASANSAAR
The apex body of accounting professionals, Institute of Chartered Accountants of India (ICAI), has renewed its call to abolish the tax accounting standards, saying only its standards should be accepted.
The need to keep two sets of accounting records, one as per the requirements of the...
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ICAI |
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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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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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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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