63rd foundation day of the Institute of Chartered Accountants of India (ICAI)
Posted Date : 01-Jul-2011 , 10:14:51 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today celebrated its 63rd foundation day. It was on this day in 1949 the Chartered Accountants Act was passed by the Parliament. At a function organised in Vigyan Bhawan, New Delhi Shri Rameshwar Thakur, Pas...
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ICAI |
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Report fraud cases of Rs 1 cr and above to CBI: RBI to banks
Posted Date : 01-Jul-2011 , 10:09:11 am | Posted By CASANSAAR
In order to check banking frauds, the Reserve Bank of India (RBI) today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.
"Incidence of frauds, dacoities, robberies, etc, in banks is a matter o...
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RBI |
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Liberalise FDI policy in financial services sector: US
Posted Date : 01-Jul-2011 , 09:59:48 am | Posted By CASANSAAR
Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5 per cent to the country's economic growth. "India imposes substantial FDI caps in the financial services sector particularly in t...
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Finance |
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Amendments in Tariff Policy
Posted Date : 01-Jul-2011 , 01:11:59 am | Posted By CASANSAAR
The Union Cabinet on 30th June approved amendments in the existing provisions of the Tariff Policy for providing specific exemptions in the Hydro and Transmission Sectors from the mandatory tariff based competitive bidding which came into effect from 6.1.2011. The Cabinet also approved the pro...
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General |
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CBDT plans 11 more directorates for tax exemption cases
Posted Date : 30-Jun-2011 , 10:11:00 am | Posted By CASANSAAR
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country.
"CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates," a revenue officia...
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Income Tax |
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PAN mandatory for Rs 5 lakh and above jewellery purchases, for issuing debit cards ,LIP of more than 50k from tomorrow.
Posted Date : 30-Jun-2011 , 09:50:32 am | Posted By CASANSAAR
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1...
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Income Tax |
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Centralised system to identify tax defaults soon
Posted Date : 30-Jun-2011 , 09:17:50 am | Posted By CASANSAAR
In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government.
"This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at so...
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Income Tax |
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Petrol, diesel prices hiked again
Posted Date : 30-Jun-2011 , 09:11:39 am | Posted By CASANSAAR
The government has hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers.
The government approved raising dealer's commission paid on petrol from Rs 1.218 per kilolitre to Rs 1,499 per kl, res...
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General |
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India-Malaysia free trade agreement to be effective from tomorrow
Posted Date : 30-Jun-2011 , 09:07:10 am | Posted By CASANSAAR
The free trade agreement between India and Malaysia will come into force from Friday, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, truc...
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Finance |
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Sebi may cap fund licence to one year
Posted Date : 30-Jun-2011 , 07:44:47 am | Posted By CASANSAAR
Market regulator Sebi plans to cap the life of a mutual fund licence to just one year from the date of issue as it aims to avoid a firm with deteriorated finances to begin operations with a time lag which may put investors' money at risk, two people familiar with the development said.
Any company i...
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SEBI |
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FB to launch Facebook Credits for Indian users from July 1
Posted Date : 30-Jun-2011 , 01:53:57 am | Posted By CASANSAAR
Social networking site Facebook will next month introduce a payment system 'Facebook Credits' for Indian users who could spend the virtual currency across various games or applications they use on the popular website.
A virtual currency, Facebook Credits is already popular among gaming ...
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General |
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Got mechanisms to correct irregularity: PM on CAG report on gas
Posted Date : 29-Jun-2011 , 11:03:44 am | Posted By CASANSAAR
Amid the raging controversy that the Oil Ministry and its technical arm DGH favoured Reliance Industries (RIL), as pointed out by CAG, Prime Minister Manmohan Singh today said there were mechanisms to correct irregularities, if any.
Interacting with a group of editors here, Singh, however, ...
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Auditing |
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Maharashtra govt. reduces VAT on diesel, kerosene
Posted Date : 29-Jun-2011 , 10:53:31 am | Posted By CASANSAAR
In a bid to minimise the impact of recent fuel price hike on consumers, the Maharashtra government today reduced Value Added Tax (VAT) on diesel and kerosene by two per cent.
Chief Minister Prithviraj Chavan told reporters here after the cabinet meeting that the new rates of VAT on diesel i...
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VAT |
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India negotiating changes in Mauritius tax treaty: Pranab Mukherjee
Posted Date : 29-Jun-2011 , 10:46:24 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. "So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double t...
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Finance |
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French Finance Minister Christine Lagarde to head IMF
Posted Date : 29-Jun-2011 , 10:33:59 am | Posted By CASANSAAR
French Finance Minister Christine Lagarde has become the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
Lagarde, who succeeds Dominique Strauss-Kahn, is the first woman named to the top IMF post since the ...
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Finance |
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fone CFO says $2.6bn tax on deal with Hutchison unfair
Posted Date : 29-Jun-2011 , 10:29:17 am | Posted By CASANSAAR
Terming the USD 2.6 billion tax liability on the company as "inequitable", UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake.
Vodafone exuded confidence that there was no tax payable on its...
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Income Tax |
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IT & BPO see maximum employment in first quarter
Posted Date : 29-Jun-2011 , 10:24:11 am | Posted By CASANSAAR
IT and BPO sectors saw the maximum increase in employment opportunities at about 3 lakh during the first quarter of this year, a government survey said today.
"The maximum increase of 2.87 lakh in employment was in the IT/BPO sector during January-March 2011 over September-December quarter ...
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General |
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Religious trusts protest abolition of tax exemption
Posted Date : 29-Jun-2011 , 08:37:03 am | Posted By CASANSAAR
It's rare to see leaders of various religious sects getting together for a common cause. On Tuesday, members of Hindu, Muslim, Jain, Parsee, Swaminarayan and Christian trusts came together under a federation to voice their protest against propositions in Direct Tax Code (DTC).
The soon to come new ...
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Income Tax |
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Now anyone can dream of becoming a Chartered Accountant
Posted Date : 29-Jun-2011 , 08:24:47 am | Posted By CASANSAAR
Now anyone can dream of becoming a Chartered Accountant. The Institute of Chartered Accountants of India (ICAI) is planning to allow students who have studied vocational courses or completed 12 years of basic education to appear in the Common Proficiency Test (CPT), an entrance exam to pursue Charte...
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Students Zone |
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Foreign banks must improve their reporting: RBI deputy governor
Posted Date : 29-Jun-2011 , 08:21:45 am | Posted By CASANSAAR
The Reserve Bank of India has expressed its dissatisfaction on the reporting standards of foreign banks operating in the country, which it says need improvement. RBI deputy governor KC Chakrabarty said: "You need technology if you have a large branch network. Foreign banks don't have very large netw...
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RBI |
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LIC acquires 10 pc stake in Andhra Bank
Posted Date : 28-Jun-2011 , 10:37:53 am | Posted By CASANSAAR
The country's largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10 per cent through stock market purchase. Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosu...
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Banking |
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Inflation cost Indians Rs 58,00,00,00,00,000 extra!
Posted Date : 28-Jun-2011 , 10:36:42 am | Posted By CASANSAAR
Indian households incurred an additional expenditure of whopping Rs 5.8 lakh crore (Rs 5.8 trillion) in the last three years, due to spiralling inflation and dearer food items, says a research report.
"The rise in inflation to 8 per cent per year during 2008-09 to 2010-11, from 5 per cent i...
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General |
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Former Citi exec charged with $19 mn fraud in US
Posted Date : 28-Jun-2011 , 10:35:18 am | Posted By CASANSAAR
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
Gary Foster, a former vice president at Citigroup's treasury finance department, has been arres...
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General |
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IRDA not keen on introducing solvency II norms for companies in India
Posted Date : 28-Jun-2011 , 09:51:41 am | Posted By CASANSAAR
Our country does not have the required statistical database to adopt solvency II norms that have been devised by the European community. Domestic insurers use factor-based process for arriving at solvency margins and we are comfortable with it. It has a set formula and there is no scope of variati...
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General |
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Sahara moves SC against Sebi order on refunds
Posted Date : 28-Jun-2011 , 09:49:44 am | Posted By CASANSAAR
A Sahara Group firm has moved the Supreme Court against market regulator Sebi’s order asking it to return money collected from investors through a scheme along with 15 per cent interest.
A vacation bench headed by Justice P Sathasivam directed the matter to be listed...
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SEBI |
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Commerce Ministry to move parliamentary panel on tax gains for SEZs
Posted Date : 28-Jun-2011 , 09:47:24 am | Posted By CASANSAAR
Its dream of creating special enclaves for exports in tatters because of changes in tax laws, the commerce ministry has decided to plead its case before the parliamentary standing committee looking into the direct taxes code bill during the monsoon session that begins in a month. An exporters' ...
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Income Tax |
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GST rates to be between 16-20 per cent: CBEC
Posted Date : 28-Jun-2011 , 03:38:12 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) on Tuesday said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16 per cent and 20 per cent.
“World over, GST rates are typically between 16 per cent and 20 per cent. In India it is likely ...
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GST |
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.....Pranab asks CMs to cut state levies on diesel, LPG, kerosene
Posted Date : 27-Jun-2011 , 10:32:33 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
Seeking their co-operation, the finance minister in a letter "urged state governments to reduce levies on ...
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VAT |
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Taxing aviation won't pay, experts warn government
Posted Date : 27-Jun-2011 , 10:30:31 am | Posted By CASANSAAR
India has come under criticism for imposing fresh taxes on international air travellers in the current budget, with global aviation experts terming it as an easy "financial grab" that would affect the economy in the long run. "While taxes provide a tangible short-term revenue boost to the gove...
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Income Tax |
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Customs Notification issued adding Philippines as A Country Covered under India and ASEAN PTA
Posted Date : 27-Jun-2011 , 10:29:10 am | Posted By CASANSAAR
The Department of Revenue, Ministry of Finance had issued Customs Notification No. 40/2011 Customs (N. T.) dated 24th June, 2011 notifying amendments in the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of th...
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Custom |
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