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 ...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 707
|
 |
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 990
|
|
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...
Continue Reading...
Category :
Corporate Law |
Comments :
0 | Hits : 762
|
|
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...
Continue Reading...
Category :
CAG |
Comments :
0 | Hits : 916
|
|
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...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 867
|
|
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 ...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 914
|
|
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 ...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1232
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 740
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 664
|
|
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...
Continue Reading...
Category :
Excise |
Comments :
0 | Hits : 815
|
|
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...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 1552
|
|
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...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 778
|
|
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...
Continue Reading...
Category :
CAG |
Comments :
0 | Hits : 1001
|
|
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...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 714
|
|
ICFAI founder CA.N.J. Yasaswy dead
Posted Date : 10-Oct-2011 , 09:01:01 pm | Posted By CASANSAAR
CA. N.J. Yasaswy, founder of the ICFAI Group of educational institutions and a pioneer to promote higher education in the private sector, died on Saturday.
A chartered accountant, the 62-year-old Yasaswy built a network of 11 universities and six ICFAI Business-schools, with presence acro...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1678
|
|
Govt to introduce regulatory mechanism for MFIs
Posted Date : 10-Oct-2011 , 08:47:57 pm | Posted By CASANSAAR
Government will soon introduce an effective mechanism to regulate Micro Finance Institutions, MFIs in the country. Rural Development Minister Jairam Ramesh said that the system will keep a check on MFIs and strictly regulate their functioning to address the problems of indebtness and multiple borrow...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 712
|
|
Ghazal maestro Jagjit Singh passes away
Posted Date : 10-Oct-2011 , 10:53:52 am | Posted By CASANSAAR
Renowned ghazal singer Jagjit Singh, 70, passed away at 8 am in Lilavati Hospital on Monday morning. He was admitted to the Lilavati Hospital on September 23 after he suffered brain haemorrhage in suburban Bandra where a life-saving surgery was performed on him. He is survived by...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 1055
|
|
Icai wants RBI to name PSU bank auditors
Posted Date : 10-Oct-2011 , 08:32:03 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (Icai), the apex body of accounting professionals, wants the Reserve Bank of India (RBI) to appoint statutory auditors in state-run banks. The accountants’ body has sought the government intervention on this.
Till 2005, RBI was directl...
Continue Reading...
Category :
Income Tax |
Comments :
2 | Hits : 1313
|
|
President looks forward to greater flow of tax information after DTAA
Posted Date : 10-Oct-2011 , 08:27:15 am | Posted By CASANSAAR
Just back from Switzerland, President Pratibha Patil says she looks forward to a greater exchange of information on tax-related issues with that country. "Definitely. The Agreement(Amending Protocol to Double Taxation Avoidance Agreement) will further facilitate the flow of information once ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 760
|
|
e-Filing in F.Y 2011-12: Quick Statistics (as on 30th September 2011)
Posted Date : 08-Oct-2011 , 08:06:18 pm | Posted By CASANSAAR
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/9/2011)
COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR
FORM WISE RECEIPT OF E-RETURNS UPTO 30th SEPTEMBER
S.N.
FORM NAME
F.Y. 2010-11
F.Y. 2011-12
PERCENT GROWTH IN F.Y. 2011-12
1
ITR-1
13,77,444
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 907
|
|
Fin Min to reopen suspect assessees' IT returns upto 16 years
Posted Date : 08-Oct-2011 , 04:55:15 pm | Posted By CASANSAAR
Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases.A Finance Ministry official said in New Delhi that extending the period of reopening ret...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1137
|
|
Gross Direct Tax collections up 23%
Posted Date : 08-Oct-2011 , 04:54:24 pm | Posted By CASANSAAR
Gross Direct Tax collections during the first half of the current fiscal increased by 23% compared to the corresponding period last fiscal. The Net Direct Taxes in the same period grew by over seven percent. Net direct taxes are calculated by deducting refunds from the gross taxes. According to...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 732
|
|
Court upholds ICAI decision to bar auditor from practising
Posted Date : 07-Oct-2011 , 08:16:43 am | Posted By CASANSAAR
The Delhi High Court has upheld the decision of the Institute of Chartered Accountants of India (ICAI) to bar an auditor for Global Trust Bank (GTB) from practising accountancy for five years, according to the national professional accounting body.
It was last year that the capital-...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 1178
|
|
Sebi to study the impact of STT on stock market turnover
Posted Date : 07-Oct-2011 , 08:10:38 am | Posted By CASANSAAR
The Sebi is reviewing the impact on the stock market turnover from a possible scrapping of STT, which is levied on all sale and purchase in the equity market. The regulatory authority is in favour of a complete or phased withdrawal of the levy and it expects any such move to positively impact the...
Continue Reading...
Category :
Income Tax |
Comments :
1 | Hits : 763
|
|
IRDA slaps Rs 5 lakh fine on HDFC Standard Life
Posted Date : 06-Oct-2011 , 07:20:52 pm | Posted By CASANSAAR
Insurance regulator IRDA on Wednesday imposed a penalty of Rs 5 lakh on HDFC Standard Life for delaying settlement of claim and has asked the insurer to streamline its processes. "Considering the nature of the violation, the Authority has come to the conclusion that it is jus...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 811
|
|
RBI increases domestic money transfer limits
Posted Date : 06-Oct-2011 , 07:14:31 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has provided an impetus to financial inclusion by liberalising money transfer across the country. The apex bank has issued guidelines to open up the formal banking channel to facilitate fund transfers of small value, subject to monthly ceilings and monitoring....
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 908
|
|
Empowered Committee on GST to meet on Oct 14
Posted Date : 06-Oct-2011 , 03:31:12 pm | Posted By CASANSAAR
The Empowered Committee of State Finance Ministers on GST, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will meet here on October 14 to discuss issues related to the roll out of the ambitious indirect tax regime. "We will be discussing the GST and the Centr...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 907
|
|
Apple's Steve Jobs, visionary leader, dead at 56
Posted Date : 06-Oct-2011 , 09:47:44 am | Posted By CASANSAAR
The co-founder of Apple Inc, one of the world's great entrepreneurs, was surrounded by his wife and immediate family when he died in Palo Alto, California. Other details were not immediately available.
His death was announced by Apple and sparked an immediate outpouring of sadness and sympathy fr...
Continue Reading...
Category :
International Business |
Comments :
0 | Hits : 1111
|
|
Sebi announces uniform KYC norms for securities market
Posted Date : 05-Oct-2011 , 07:51:34 pm | Posted By CASANSAAR
"With a view to bring about uniformity in securities markets, it has also been decided that the same Know Your Customer (KYC) form and supporting documents shall also be used by all captioned SEBI registered intermediaries," the regulator said in a circular.
The new rule will be effective from Ja...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 845
|
|
HC grants Everonn MD, co-accused bail
Posted Date : 05-Oct-2011 , 04:37:19 pm | Posted By CASANSAAR
Providing a breather to families of two of the accused in the Everonn graft case, the Madras high court on Tuesday granted bail to P Kishore, managing director, Everonn Education Limited and businessman Uttam Chand Bohra, charged with being a middleman. Passing orders, Justice K B K Vasuki include...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 851
|
|
|
