Firms get govt breather on forex earnings
Posted Date : 17-Oct-2011 , 08:12:05 am | Posted By CASANSAAR
The ministry of corporate affairs, or MCA, has given Indian firms another year to spread their liabilities on account of foreign exchange borrowings accruing from fluctuations in foreign exchange, or forex, rates.
While getting more time to amortize such liabilities will come as a breather fo...
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ICAI |
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EC ropes in I-T dept to check poll funding
Posted Date : 17-Oct-2011 , 08:05:56 am | Posted By CASANSAAR
In a bid to check suspicious transactions, the Election Commission has rolled out fresh guidelines for monitoring of poll funding during the forthcoming elections in five states, including Uttar Pradesh, and has roped in the income tax department and the financial intelligence unit for...
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Income Tax |
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RBI raises per transaction limit to 3,000 USD for exporters
Posted Date : 16-Oct-2011 , 09:18:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD.RBI in a statement issued in Mumbai on Friday said the decision has been taken for export related remittances received through Online Payme...
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RBI |
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Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
Posted Date : 16-Oct-2011 , 09:09:45 am | Posted By CASANSAAR
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change. "India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence fall...
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Income Tax |
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Govt committed to make RTI more effective instrument: PM
Posted Date : 15-Oct-2011 , 09:58:11 am | Posted By CASANSAAR
he Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration.Elaborating the need to strike a balance between request for information and limited time and resources available wi...
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General |
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Taxmen to bank on high profit segments to meet target
Posted Date : 15-Oct-2011 , 09:51:20 am | Posted By CASANSAAR
Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today.
"These are difficult targets to achieve...We will check sections of the economy where profit...
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Banking |
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Value-added tax to be levied on sugar, textiles from April
Posted Date : 15-Oct-2011 , 09:49:03 am | Posted By CASANSAAR
Come April, and you may have to pay more for sugar and textiles.
All the States have arrived at a consensus to levy the Value Added Tax (VAT) on these two items from April 1, 2012.
The Centre had allowed them to levy it from April 1, 2006 in lieu of additional excise duty (AED) on sugar and text...
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VAT |
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IIM-B has a week accounting system
Posted Date : 14-Oct-2011 , 03:15:57 pm | Posted By CASANSAAR
Urging autonomous bodies to incorporate better accounting practices, Director General, Office of the Comptroller and Accounting General of India, K P Sasidharan said that even Indian Institute of Management, Bangalore (IIM-B) has a weak accounting system.
“Institutions like IIM-B are capabl...
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Accounts |
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Mahindra Satyam can deposit nominee directors' salaries in Treasury: CLB
Posted Date : 14-Oct-2011 , 03:05:22 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the Government after a multi-crore accounting fraud was exposed at the IT firm in the Government treasury.
Filing a reply before the Company Law Board, the Ministry of Co...
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Corporate Law |
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Commodity, bullion trade to come under the I-T radar
Posted Date : 14-Oct-2011 , 08:15:30 am | Posted By CASANSAAR
A tardy progress in tax collection has triggered this reform. The government has decided to bring mining along with bullion and commodity trade on the income tax radar in the current financial year so as to promptly detect tax evasion and garner additional revenue.
The Income Tax de...
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Income Tax |
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Govt paves way for easy loan recovery by banks
Posted Date : 14-Oct-2011 , 08:12:02 am | Posted By CASANSAAR
The Cabinet on Thursday cleared two amendment Bills paving the way for banks to recover loans from errant borrowers. The move would also help the financial institutions to reduce their non-performing assets and release funds for home, retail or corporate credit needs.
The Bills to a...
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Banking |
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New SBI management under govt scanner
Posted Date : 14-Oct-2011 , 08:10:13 am | Posted By CASANSAAR
The performance of the new State Bank of India Management is under the scanner, given the steep rise in the provisioning levels and the manner in which the country's largest lender handled the Moody's ratings downgrade. Top government officials are blaming the new management comprisin...
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Banking |
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Working hours of the Articled Assistants doing CA
Posted Date : 14-Oct-2011 , 08:07:46 am | Posted By CASANSAAR
The Council has considered the issue regarding the working hours of the articled assistants . The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the scheme framed by the ICA...
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Students Zone |
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Helpline for November, 2011 CA Examinations
Posted Date : 13-Oct-2011 , 08:32:13 pm | Posted By CASANSAAR
Help Line Desk - Admit Card Do you have any query about NOVEMBER, 2011 examination? The Help Line Desk will be functional from 11th October to 11th NOVEMBER, 2011 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountan...
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Students Zone |
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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved
Posted Date : 13-Oct-2011 , 08:24:47 pm | Posted By CASANSAAR
The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursemen...
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Finance |
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Govt unveils new policy to help PSUs buy overseas assets
Posted Date : 13-Oct-2011 , 08:23:10 pm | Posted By CASANSAAR
The government on Thursday unveiled a new policy which accords greater autonomy to profit-making PSUs in acquiring raw material assets abroad, and said it will also consider setting up a sovereign wealth fund."While some countries have already taken the lead in acquiring the sources of raw material ...
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International Business |
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Govt. announces package to offset impact of global financial meltdown
Posted Date : 13-Oct-2011 , 08:22:02 pm | Posted By CASANSAAR
Government has announced a package of over 900 crore rupees to cushion the exports and offset the impact of global financial meltdown in US and Europe. Commerce and Industry Minister Anand Sharma announced the new measures that are part of the annual supplement of the Foreign Trade Policy. The ...
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International Business |
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Income Tax deptt starts scrutinising high-value transactions
Posted Date : 13-Oct-2011 , 08:48:04 am | Posted By CASANSAAR
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. "The Central Board of Direct Taxes (CBDT) will verify all high-value transactions.
Directorate of Revenue Intelligence has been given all powers und...
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Income Tax |
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MCA confident of meeting deadline for XBRL filing
Posted Date : 13-Oct-2011 , 08:37:16 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) is expected to meet its 30 November deadline of making 30,000 companies file their income statements and balance sheets in eXtensible Business Reporting Language (XBRL) format—a computer language for reporting financial statements.
The deadlin...
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Corporate Law |
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CAG advises Oil Ministry of caution on RIL's KG-D6
Posted Date : 13-Oct-2011 , 08:33:31 am | Posted By CASANSAAR
The CAG has advised Oil Ministry to allow Reliance Industries to recover expenditure on its eastern offshore KG-D6 field only after it has been audited. Stating that the Comptroller and Auditor General's (CAG) letter to the ministry was to "flag the critical issues so as to facilitate adequat...
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CAG |
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Satyam Scam: SC grants bail to four former employees of Satyam Computers and a former auditor of PWC
Posted Date : 13-Oct-2011 , 08:32:03 am | Posted By CASANSAAR
The Supreme Court on Wednesday granted bail to four former employees of Satyam Computers and a former auditor of PriceWaterhouseCoopers (PWC) in multi-crore accounting fraud. "On the totality of the circumstances, we deem it appropriate to release them on bail on a personal bond of Rs 2 lakh an...
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General |
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100% FDI for new pharma ventures to continue
Posted Date : 12-Oct-2011 , 08:19:31 am | Posted By CASANSAAR
India will continue to allow 100 percent Foreign Direct Investment for new ventures in the pharma sector. The decision was taken at a high level meeting chaired by Prime Minister Dr Manmohan Singh to discuss the FDI policy in drugs and pharmaceutical sector held in New Delhi last night. An official ...
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Finance |
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ICAI wants standard norms for internal auditing by companies
Posted Date : 12-Oct-2011 , 08:18:20 am | Posted By CASANSAAR
Accounting regulator Institute of Chartered Accountants of India has asked the government to standardise the internal auditing procedures adopted by domestic companies to prevent a repeat of Satyam-like frauds. These benchmark norms would reduce corporate risk manifold and ensure a standard and ...
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ICAI |
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Govt expands CBDT committee on black money
Posted Date : 12-Oct-2011 , 08:14:41 am | Posted By CASANSAAR
The government has expanded the CBDT Chairman led committee on black money by adding one more member to it -- Member Investigation of the Income Tax department.
Senior IRS officer S.S. Rana has recently taken over as the Member (Investigation) in the Central Board of Direct Taxes (CBDT) and with ...
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Income Tax |
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Finmin ups direct tax target by 53k cr
Posted Date : 12-Oct-2011 , 08:13:32 am | Posted By CASANSAAR
The finance ministry has revised the Budget estimate of direct tax collection upwards by Rs 53,000 crore to Rs 5.85 lakh crore. The higher target is an increase of 31% over last yearas collection of Rs 4.46 lakh crore. The increase is intended to bridge the shortfall that might occur due to reduct...
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Income Tax |
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Maruti strike costs exchequer Rs 350 cr in excise duty
Posted Date : 11-Oct-2011 , 06:15:07 pm | Posted By CASANSAAR
A series of strikes at the country's largest carmaker Maruti Suzuki India's Manesar plant since June this year has resulted in excise revenue losses to the tune of nearly Rs 350 crore for the government, while the company has already suffered a hit of up to Rs 1,540 crore.
Since the first...
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Excise |
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India and ADB Mark 25 years of Partnership with Eminent Persons
Posted Date : 11-Oct-2011 , 06:10:51 pm | Posted By CASANSAAR
India and the Asian Development Bank (ADB) will join hands to commemorate 25 years of their partnership at a forum that will discuss Asia’s remarkable economic growth and the challenges it still has to overcome to realize its full potential.Finance Minister Shri Pranab Mukherjee and ADB Presid...
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Finance |
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Revised Indo-Swiss taxation treaty comes into effect
Posted Date : 11-Oct-2011 , 03:39:28 pm | Posted By CASANSAAR
The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011. The revised taxation pact between the two countries came into force yesterday, at a time when th...
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Income Tax |
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Jairam Ramesh asks CAG to audit Rs 100k-cr allocation to rural schemes
Posted Date : 11-Oct-2011 , 08:37:17 am | Posted By CASANSAAR
Jairam Ramesh on Monday broke off from his CAG-bashing ministerial colleagues and asked the agency to audit the over Rs 1,00,000-crore annual allocation by his department to rural development schemes. In a letter to the CAG, Jairam Ramesh has sought the appointment of special accountant gene...
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CAG |
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DLF appeals to Competition Tribunal against CCI order
Posted Date : 11-Oct-2011 , 08:28:55 am | Posted By CASANSAAR
DLF Ltd, a leading real estate developer, has filed an appeal with the Competition Appellate Tribunal (Compat) against the August 16 order of the Competition Commission of India that imposed a fine of Rs 630 crore on the company for “abuse of dominant market position”. The tribunal reg...
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General |
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