CBDT Chairman divests tax investigation portfolio to member
Posted Date : 22-Sep-2011 , 07:38:46 am | Posted By CASANSAAR
Nine months after the responsibility for Income Tax investigations was taken over by the Chairman of the Central Board of Direct Taxes (CBDT), the portfolio has now once again been vested with a separate member, in sync with the practice of previous years. The present Chairman of the Central...
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Income Tax |
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Advance tax mop-up from top 100 cos grows 9.9% in Q2
Posted Date : 22-Sep-2011 , 07:35:27 am | Posted By CASANSAAR
Top companies and banks, including Bharti Airtel, Maruti Suzuki, SAIL and SBI, have paid lower advance taxes during the July-September quarter, reflecting the impact of slowdown. The other large companies which have paid lower taxes during the second quarter include IndianOil, Bh...
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Income Tax |
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0 | Hits : 659
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Sebi bans FIIs, brokers for GDR manipulation
Posted Date : 22-Sep-2011 , 07:33:36 am | Posted By CASANSAAR
Market regulator Sebi has banned five FIIs, five broking houses, six companies and several other related entities from the market for their role in stock price manipulation using the GDR route. In its 44 page order, released on Wednesday, Sebi directed India Focus Cardinal Fund, ...
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SEBI |
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Second Round of Consultations on the Revised Version of National Competition Policy Begins Tomorrow
Posted Date : 21-Sep-2011 , 05:36:52 pm | Posted By CASANSAAR
The Second round of consultations on the revised version of National Competition Policy will held tomorrow at FICCI, Federation House, Tansen Marg, New Delhi. The Union Minister for Corporate Affairs Dr. M.Veerappa Moily will chair the consultations. The consultations are a sequel to the consti...
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Corporate Law |
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XBRL: Accounting giants on backfoot
Posted Date : 21-Sep-2011 , 08:22:00 am | Posted By CASANSAAR
In what could come as a major blow to the big four accounting firms, companies filing their financial records and returns in XBRL —(extensible business reporting language)—a computer language for reporting financial statements—may be exempted from getting a certification on the s...
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Corporate Law |
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0 | Hits : 1146
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World economy enters 'dangerous new phase': IMF
Posted Date : 21-Sep-2011 , 08:20:44 am | Posted By CASANSAAR
The world economy has entered a ``dangerous new phase,'' according to the chief economist of the International Monetary Fund. As a result, the international lending organization has sharply downgraded its economic outlook for the United States and Europe through the end of next year. The IMF exp...
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International Business |
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Automatic service tax refund for exporters on anvil: CBEC
Posted Date : 21-Sep-2011 , 08:07:58 am | Posted By CASANSAAR
In a move that will bring cheers to exporters, the government today said it was working on a system to automatically transfer service tax refunds in their accounts.
"We are at a very advanced stage of preparing a software which would provide refunds of service tax to exporters automatical...
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Service Tax |
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Public procurement policy, companies Bills likely in winter session
Posted Date : 21-Sep-2011 , 08:05:02 am | Posted By CASANSAAR
This winter session of Parliament will see important Bills coming up for clearance to bring in transparency in procurement of raw materials in the government sector and efficiency in corporate governance.
The Government will introduce the Public Procurement Policy and the Company Law Bill in the ...
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Corporate Law |
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Govt lifts ban on onion export
Posted Date : 20-Sep-2011 , 07:06:37 pm | Posted By CASANSAAR
Faced with strong protests from the farmers and a demand from the Maharashtra Government, the Government on Tuesday announced lifting of ban on export of onions with immediate effect.
The decision to permit exports of onions was taken by the Empowered Group of Ministers (EGoM) on Food headed by F...
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International Business |
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CPC Bangalore
Posted Date : 20-Sep-2011 , 08:01:57 am | Posted By CASANSAAR
Centralized Processing Center (CPC), Bangalore has been actively processing of returnsfor AY 2010-11.
The statistics for AY 2009-10, AY 2010-11 and 2011-12 are (as of 7th September,2011)-
AY09-10
AY10-11
AY11-12
No. of ret...
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Income Tax |
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BCCI makes net surplus of Rs 190 crore
Posted Date : 20-Sep-2011 , 07:58:15 am | Posted By CASANSAAR
The Cricket Board has made a net profit of Rs 189.72 crore in 2010-11, a 200 per cent increase in its surplus in the previous fiscal, BCCI treasurer M P Pandove said in his annual report. The net surplus, amounting to an increase of over Rs 126.5 crore from 2009-10, included...
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General |
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CBDT cell to track poll expenditure
Posted Date : 20-Sep-2011 , 07:55:33 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will soon have a dedicated cell to monitor election-related expenditure by political parties and donations made to them. "A special cell is being created under CBDT to look at election funding," said a finance ministry official. The new cell will be heade...
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Income Tax |
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0 | Hits : 693
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Frequently Asked Questions (FAQs) on
Posted Date : 20-Sep-2011 , 07:51:26 am | Posted By CASANSAAR
Frequently Asked Questions (FAQs) on “Exemption in a Paper's” ...
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Category :
Students Zone |
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Govt sanctions two new investigation units for CBDT
Posted Date : 20-Sep-2011 , 07:46:39 am | Posted By CASANSAAR
In a bid to give more teeth to financial investigation and tracking down black money, the finance ministry has cleared two new units for the Central Board of Direct Taxes (CBDT). The two special investigation units, in addition to the three existing units, will widen the investigat...
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Income Tax |
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Global companies answerable to Indian consumer courts: SC
Posted Date : 19-Sep-2011 , 09:50:24 pm | Posted By CASANSAAR
International companies are answerable to Indian consumer courts for service deficiency, the Supreme Court has ruled, upholding the apex consumer forum's direction to a Lebanese international courier company to pay 71,615.75 US dollars compensation to a Mumbai-based firm. A benc...
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International Business |
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SEBI's decision to revise penalty upsets traders
Posted Date : 19-Sep-2011 , 08:46:53 am | Posted By CASANSAAR
Market regulator Sebi's recent decision to revise penalty on stock brokers and their clients for their failure to deposit margins fully or partially has left the market participants worried about its implications. Most brokers fear that the move will adversely impact participation of investor...
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SEBI |
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Satyam case: CBI seeks more time to complete trial
Posted Date : 19-Sep-2011 , 08:45:45 am | Posted By CASANSAAR
Unable to stick to the time frame to complete proceedings in the trial against former Satyam chief B Ramalinga Raju and nine others accused in the multi-crore Satyam accounting fraud case, CBI has approached the Supreme Court seeking more time to complete the task.
In an interim appl...
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General |
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GST: Empowered Committee to decide on rate soon
Posted Date : 19-Sep-2011 , 08:35:58 am | Posted By CASANSAAR
Kerala Finance Minister K. M. Mani said here on Sunday that the Empowered Committee on Goods and Services Tax (GST) would soon decide on whether to go in for one or two rates of GST in the country.
Mr. Mani, who is a member of the Committee comprising of State finance ministers, said in an articl...
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GST |
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SEBI wants a self-regulatory body to supervise financial advisers
Posted Date : 19-Sep-2011 , 08:33:48 am | Posted By CASANSAAR
The Securities and Exchange Board of India, or Sebi, has finalised new rules for regulating investment advisers on the lines of the structure in the mutual fund industry to prevent growing complaints from investors about being short-changed. The securities market regulator wants a self-regula...
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SEBI |
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Govt unveils new duty draw back scheme to give incentives to exporters
Posted Date : 19-Sep-2011 , 08:30:20 am | Posted By CASANSAAR
The government has announced a new duty draw back scheme to give incentives to exporters. Speaking to media in New Delhi, Finance Secretary R S Gujral said the Duty Entitlement Pass Book (DEPB) Scheme for exporters will end after 30th of this month. The new scheme comes into force from 1st October.&...
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International Business |
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Income tax raids against Chinar, Manmohan groups yield Rs 4.34 cr
Posted Date : 18-Sep-2011 , 07:23:32 am | Posted By CASANSAAR
The Income Tax ( Investigations), Panchkula, today disclosed that in search operations being carried out at the Chinar Group and Manmohan Singh & Company premises on September 8 and 9, there has been a seizure of Rs 4.34 crore. “It includes Rs 3.36 crore in cash and jewellery worth Rs 98...
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Income Tax |
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No TDS on compensation for farmland, clarifies government
Posted Date : 17-Sep-2011 , 08:07:28 am | Posted By CASANSAAR
Farmers will not have to cough up any tax upfront on the compensation money they receive for their land acquired by the government. The rural development ministry has clarified after complaints that in absence of clear rules the harshest provisions were being imposed. "We have issued orders t...
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Income Tax |
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India slashes tax incentives for exporters
Posted Date : 17-Sep-2011 , 08:05:21 am | Posted By CASANSAAR
Tax incentives for exporters will be lowered from Oct 1 as the government said Friday it will do away with the popular tax refund scheme, Duty Entitlement Pass Book (DEPB), and bring them under an existing duty drawback scheme from the beginning of next month. At the same time, the number of...
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International Business |
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NRIs can now open joint accounts with resident Indians
Posted Date : 16-Sep-2011 , 05:39:57 pm | Posted By CASANSAAR
Liberalising the foreign exchange rules, the Reserve Bank today allowed NRIs to hold joint account with Indian residents, a move that would help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax de...
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Banking |
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Repo rate, reverse repo rate hiked by RBI; home, auto loan EMIs to go up
Posted Date : 16-Sep-2011 , 03:03:45 pm | Posted By CASANSAAR
All loans are set to become costlier, with the Reserve Bank on Friday hiking the key interest rate for the 12th time since March, 2010, by 25 basis points to rein in high inflation. With today's decision, the short-term lending (or repo) rate at which banks borrow from the RBI stands increas...
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RBI |
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Advance tax nos show confidence
Posted Date : 16-Sep-2011 , 07:48:54 am | Posted By CASANSAAR
A cursory look at the advance tax payments by leading corporates during the July-September quarter showed most of them are sanguine about raking in handsome profits despite fears of a slowdown. However, the overall tax collection target for this fiscal might not be met.
Led by Rel...
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Income Tax |
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0 | Hits : 808
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Petrol prices hiked by Rs 3.14 per litre effective midnight
Posted Date : 15-Sep-2011 , 06:47:45 pm | Posted By CASANSAAR
State-owned oil firms raised petrol prices by Rs 3.14 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil. The hike will be effective from midningt. "Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Toge...
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General |
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0 | Hits : 933
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Tamil Nadu govt imposes tax on IPL, DTH
Posted Date : 15-Sep-2011 , 09:28:20 am | Posted By CASANSAAR
The Tamil Nadu government on Wednesday decided to impose entertainment tax on direct-to-home (DTH) service providers and the Indian Premier League (IPL) cricket matches. A Bill, which was passed unanimously in the assembly, said DTH services will attract 30% entertainment tax, while 25% ta...
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VAT |
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Govt announces series of measures to expedite corruption cases
Posted Date : 14-Sep-2011 , 10:03:08 pm | Posted By CASANSAAR
The government today announced a series of measures to expedite the process to deal with corruption cases against public servants. Out of 71 fast-track special CBI courts being set up, 44 have already started are already working. Government has also fixed a limit of three months to grant sanction fo...
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General |
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RBI not interferes in foreign exchange market: Gopalan
Posted Date : 14-Sep-2011 , 06:12:59 pm | Posted By CASANSAAR
Government on Wednesday said that Reserve Bank of India's policy of not interfering in the foreign exchange market is the proper way of correcting international imbalances. Speaking to reporters on the sidelines of a function in New Delhi, Secretary, Economics Affairs, R Gopalan said that exchange r...
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RBI |
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