Salaried persons with less than Rs 5 lakh taxable income need not file returns
Posted Date : 24-Jun-2011 , 08:04:43 am | Posted By CASANSAAR
Salaried individuals with taxable income of less than Rs 5 lakh will not have to file income-tax returns in the current assessment year. The finance ministry notified the scheme on Thursday, spelling out the conditions for the exemption announced in the Budget for 2011-12. Individuals with total tax...
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Income Tax |
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Cost Inflation Index for Financial Year 2011-12 / Assessment year 2012-13
Posted Date : 24-Jun-2011 , 08:03:08 am | Posted By CASANSAAR
CBDT has vide Notification No. 35/2011 dated declared cost inflation Index for the financial year 2011-12. Cost inflation index for the financial year 2011-12 (Assessment year 2012-13) is 785. Full text of the Notification is as follows:-
COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12
NOTIFIC...
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Income Tax |
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Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter
Posted Date : 24-Jun-2011 , 07:49:01 am | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/11
June 23, 2011
Sub: Exclusion of certain topics in the CA Final Examination to be held in November, 2011 and thereafter
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On a review of the syllabus for the Final Course, the Council has decided to exclude the ...
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Students Zone |
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Period of Validation of Registration in Chartered Accountancy Course
Posted Date : 24-Jun-2011 , 07:45:47 am | Posted By CASANSAAR
Important Announcement for Chartered Accountancy Course Students
BoS/Announcement/227/11
June 23, 2011
Sub: Period of Validation of Registration in Chartered Accountancy Course
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In order to streamline the period of validity of registration for Common...
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Income Tax |
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Extension of date for registration for Integrated Professional
Posted Date : 24-Jun-2011 , 07:35:21 am | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/11
June 23, 2011
Sub: Extension of date for registration for Integrated Professional Competence Course (IPCC)
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In order to mitigate the hardship being faced by the students in registering for Integrated Professional Compete...
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Students Zone |
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0 | Hits : 384
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India Inc raises $2 bn in April through ECBs, FCCBs
Posted Date : 23-Jun-2011 , 09:51:34 am | Posted By CASANSAAR
India Inc raised over $ 2.06 billion from overseas markets in April through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank said. Around 55 companies raised over $ 1.54 billion for various projects through the automatic route, which does not req...
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Finance |
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Sebi to Sahara: Refund money raised via OFCDs with 15% interest
Posted Date : 23-Jun-2011 , 09:45:27 am | Posted By CASANSAAR
Market regulator SEBI on Thursday asked two Sahara group entities to return money collected from millions of investors through an instrument named Optionally Fully Convertible Debentures (OFCD), citing violation of regulatory norms.
As per a Sebi order, S...
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SEBI |
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Tax evasion: Govt authorises IT Department to initiate legal action
Posted Date : 23-Jun-2011 , 08:16:23 am | Posted By CASANSAAR
The Government has authorised the Income Tax Department to initiate legal action in tax evasion cases where Indian investments are located in foreign countries. Official sources said in New Delhi that the Central Board of Direct Taxes has issued an order that the Income Tax department does not need ...
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Income Tax |
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No excise duty on school uniforms, towels: CBEC
Posted Date : 23-Jun-2011 , 08:15:42 am | Posted By CASANSAAR
In a relief to the garment industry, the government today said no excise duty will be imposed on uniforms and items like towels if they merely bear logo of the institution or company they are made for.
".Such products would not merit treatment as branded products merely because the name of the sc...
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Income Tax |
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0 | Hits : 828
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Unitech gets CEI notice for defaulting on service tax
Posted Date : 23-Jun-2011 , 07:22:09 am | Posted By CASANSAAR
The Central Excise Intelligence (CEI) has issued a notice to a leading real estate company, Unitech Limited, for not paying service tax of over Rs 43 crore to the government, for several road maintenance projects.
The notice, demanding the service tax, was sent to the South City office of Unitech ...
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Service Tax |
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0 | Hits : 343
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Income Tax inquiry against former Chief Justice Balakrishnan
Posted Date : 23-Jun-2011 , 07:18:51 am | Posted By CASANSAAR
The Home Ministry has asked the revenue department for a report on allegations that former Chief Justice of India K G Balakrishnan acquired assets disproportionate to his known sources of income during his tenure as a Supreme Court judge and CJI.
Sources said the move to ask...
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Income Tax |
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0 | Hits : 286
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I-T dept to start prompt action against tax evaders
Posted Date : 23-Jun-2011 , 07:14:54 am | Posted By CASANSAAR
Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores.
The department has been asked to do away with the norm of ta...
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Income Tax |
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0 | Hits : 275
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CBDT Press Release on exemption from filing I-T return for persons with income up to Rs 5 lakh
Posted Date : 23-Jun-2011 , 05:54:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, aft...
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Income Tax |
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EPFO may offer 9.5% interest on PF this year too
Posted Date : 23-Jun-2011 , 04:34:49 am | Posted By CASANSAAR
There is more good news for provident fund subscribers after the higher 9.5% interest they got on their accumulations in the current year. The Employees' Provident Fund Organisation, or EPFO, says the surplus in the interest suspense account is more than the Rs 1,732 crore estimated initially...
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General |
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How to verify correctness of TDS Certificate (Form 16A) issued by the deductor
Posted Date : 22-Jun-2011 , 09:02:45 am | Posted By CASANSAAR
NSDL has recently started a online facility by which deductee can verify the correctness of TDS Certificate (Form 16A) issued by the deductor. To know the correctness deductee must have the following details or should have a copy of TDS certificate issued by the deductor as information from th...
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Income Tax |
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Govt resumes talks on tax treaty: FM
Posted Date : 22-Jun-2011 , 08:57:10 am | Posted By CASANSAAR
A day after the stocks fell over 300 points, the government on Tuesday said it has resumed talks with Mauritius for re-negotiation of the 30-year-old Double Taxation Avoidance Agreement (DTAA).
"As far as DTAA with Mauritius is concerned, it is nothing new. It is an old one. For some time ta...
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Income Tax |
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0 | Hits : 292
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GST regime unlikely; states oppose draft bill
Posted Date : 22-Jun-2011 , 08:52:51 am | Posted By CASANSAAR
Introduction of indirect tax reforms through the common goods and services tax, or GST, from the next fiscal appears uncertain with fresh opposition pouring in from BJP-ruled states who claim that it would reduce their status to that of municipalities and corporations. "The kind of draft that they (...
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Income Tax |
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0 | Hits : 376
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Employers to have compulsory insurance for foreign workers
Posted Date : 22-Jun-2011 , 08:50:21 am | Posted By CASANSAAR
All South Korean companies hiring foreign manual workers will be required from later this year to subscribe to the departure-expiration insurance to pay their retirement benefits, the labor ministry said today.
Owners of smaller firms hiring at least five foreigners with E-9 or H-2 visas ar...
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General |
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0 | Hits : 290
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Lokpal meet unsuccessful, Anna will fast from Aug 16
Posted Date : 21-Jun-2011 , 09:27:57 am | Posted By CASANSAAR
Government and civil society exercise to work out an agreed draft of the Lokpal Bill ended in failure tonight after which Anna Hazare announced that he will go ahead with his fast from August 16 to "teach the government a lesson".After nine meetings spread over two months, the joint drafting committ...
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General |
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Pranab for citizen-friendly govt accounting system
Posted Date : 21-Jun-2011 , 09:21:47 am | Posted By CASANSAAR
With civil society mounting pressure for transparency in governance, Finance Minister Pranab Mukherjee today called for a government accounting system that enables citizens and social activists to assess performance of public service delivery."In this age of awareness and information revolution, an ...
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Accounts |
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1 | Hits : 583
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Online filing of income tax returns jumps 80 pc
Posted Date : 21-Jun-2011 , 09:20:02 am | Posted By CASANSAAR
Online filing of tax returns in India jumped 80 per cent to 91.57 lakh in 2010-11 and is projected to zoom to to 7.5 crore in five years, according to an online service portal. SNK ETax Solutions Chairman Sanjay N Kapadiaa said in 2010-11, the number of tax returns filed was 4.4 crore, compared to 3...
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Income Tax |
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Fraud go undetected for longest period in Asia:KPMG
Posted Date : 21-Jun-2011 , 09:16:26 am | Posted By CASANSAAR
Fraudsters go undetected for a longer duration in Asia, with a survey revealing that frauds in the region sometimes do not come into the light for ten years or more.In Asia, it takes longer to detect frauds than any other region in the world, says a global consultancy KPMG report, released today."Th...
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General |
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0 | Hits : 349
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Pranab for citizen-friendly govt accounting system
Posted Date : 21-Jun-2011 , 09:15:28 am | Posted By CASANSAAR
With civil society mounting pressure for transparency in governance, Finance Minister Pranab Mukherjee today called for a government accounting system that enables citizens and social activists to assess performance of public service delivery."In this age of awareness and information revolution, an ...
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Accounts |
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0 | Hits : 504
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Hero Honda shareholders approves the changing of name to Hero MotoCorp
Posted Date : 21-Jun-2011 , 08:10:11 am | Posted By CASANSAAR
The shareholders of the country’s largest two wheeler maker Hero Honda has approved the changing of the name of the company to Hero MotoCorp Ltd, post the exit of Japan’s Honda from the firm.
At an extraordinary general meeting of the company held last Friday, the shareholders a...
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Income Tax |
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0 | Hits : 362
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FDI grows by 43% in April to USD 3.12 billion
Posted Date : 21-Jun-2011 , 08:08:40 am | Posted By CASANSAAR
Following three months of consecutive decline, foreign direct investment (FDI) flows into India grew by about 43 per cent to USD 3.12 billion in April, 2011.
The country received USD 2.17 billion worth of FDI in April, 2010.
“The figure is showing a recovery in the global mar...
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Income Tax |
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0 | Hits : 266
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Govt. forms panel to boost exports of manufacturing sector
Posted Date : 21-Jun-2011 , 08:06:28 am | Posted By CASANSAAR
The government has set up a committee to recommend measures to boost exports of manufacturing sector. The development comes close on the heels of Prime Minister Manmohan Singh giving an in-principal approval to a new manufacturing policy that aims at creating 10 crore jobs by 2025. Official sources ...
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General |
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FM to Address State Finance Ministers on Reforms in Financial Reporting
Posted Date : 21-Jun-2011 , 08:04:18 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for...
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Finance |
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Direct tax collections crosses Rs one trillion in Q1
Posted Date : 21-Jun-2011 , 07:59:44 am | Posted By CASANSAAR
Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in Apr...
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Income Tax |
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0 | Hits : 249
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New CAG norms for govt accounting to be unveiled on Tuesday
Posted Date : 21-Jun-2011 , 07:58:06 am | Posted By CASANSAAR
The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday.
In line with the recommendations of the 12th and 13th Finance Commissions and the second Admini...
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Finance |
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0 | Hits : 324
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FinMin resumes tax treaty talks with Mauritius
Posted Date : 21-Jun-2011 , 03:47:24 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee said on Tuesday India has resumed talks with Mauritius on a double taxation avoidance agreement.
"So far as the Mauritius double taxation avoidance agreement negotiations are concerned, it is an old one. For some time the talks were suspended; now it has ...
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Income Tax |
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0 | Hits : 222
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