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 : 823
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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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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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VDIS scheme on disclosure of blackmoney in the offing
Posted Date : 14-Sep-2011 , 05:58:50 pm | Posted By CASANSAAR
A special voluntary disclosure scheme for bringing back blackmoney stashed away in tax havens abroad may be in the offing. The CBDT is understood to be "seriously considering" recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in...
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Income Tax |
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0 | Hits : 802
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ICAI to probe Everonn auditors
Posted Date : 14-Sep-2011 , 07:36:45 am | Posted By CASANSAAR
Chartered accountants' regulatory body, the Institute of Chartered Accountants of India (ICAI), has asked Everonn Education for its books, after the company got embroiled in a tax evasion and bribery case. The CBI arrested Everonn's founder and managing director P Kishore fo...
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ICAI |
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Finmin, SEBI push for e-IPO facility for cutting cost of funds and reduce listing time to 3-4 days
Posted Date : 14-Sep-2011 , 07:34:41 am | Posted By CASANSAAR
Investors will soon be able to avail of an e-IPO facility, with the finance ministry and market regulator Sebi pushing for a complete paperless system to raise capital. "We are actively looking at this...," a senior finance ministry told ET. The finance ministry has begun discussions with the co...
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SEBI |
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Rs 650 crore released from Harshad Mehta's assets
Posted Date : 14-Sep-2011 , 07:30:56 am | Posted By CASANSAAR
A Mumbai special court Tuesday ordered the release of Rs 650 crore to the Income Tax department and banks from the liquidated assets of late scamster Harshad Mehta's group, an official said. Special court's Justice D.K. Deshmukh, based on a distribution proposal submitted by the finance minis...
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Income Tax |
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MCX gets regulator`s approval for IPO
Posted Date : 12-Sep-2011 , 07:15:20 pm | Posted By CASANSAAR
India's Multi Commodity Exchange (MCX), the country's biggest commodity bourse by turnover, plans to list "sooner rather than later," after it got a regulatory nod for an initial share sale, a top executive said on Monday.
"We will try to do it sooner rather than later. At the same time there is ...
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SEBI |
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Cabinet to take up new Companies Bill soon: Moily
Posted Date : 12-Sep-2011 , 07:11:48 pm | Posted By CASANSAAR
Corporate Affairs Minister Veerappa Moily today said the Union Cabinet will take up the New Companies Bill for approval within the next fortnight and expressed hope that it will be passed by Parliament before the end of this year.
"The final draft of the New Companies Bill is ready and it h...
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Category :
Corporate Law |
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ICAI will train companies on new software
Posted Date : 12-Sep-2011 , 07:49:34 am | Posted By CASANSAAR
Move over HTML, welcome XBRL (eXtensible Business Reporting Language). This is the mantra that The Institute of Chartered Accountants of India (ICAI) is pushing for, given that the last date for filing of company's balance sheet and annual return for current fiscal is falling due during October an...
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ICAI |
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CAG seeks powers to audit Sebi, Trai
Posted Date : 12-Sep-2011 , 07:47:06 am | Posted By CASANSAAR
Government auditor CAG is seeking to widen the scope of its powers to audit the performance of regulators such as Sebi, Trai and Irda as part of the new legislation that will replace the CAG Act, 1971. The proposed CAG Bill, now under consideration of the finance ministry, i...
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CAG |
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IPL T20 2009 had plunged BCCI's profits to Rs 21.2 crore
Posted Date : 12-Sep-2011 , 07:45:08 am | Posted By CASANSAAR
The Indian Premier League T20 tournament has not exactly turned out to be the money spinner for the Board of Control for Cricket in India (BCCI) as everyone believes. The second edition of the widely followed IPL in 2009 that was held in South Africa made a Rs 41.9-crore loss for the BCCI,...
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Income Tax |
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0 | Hits : 713
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CAG raps Delhi govt for loss in tax collection
Posted Date : 12-Sep-2011 , 07:41:39 am | Posted By CASANSAAR
Inefficiency, under assessment, irregular claim of tax exemption and other lacunae in revenue collection system of Delhi government may have caused a whopping Rs 3,000 crore loss to the exchequer in 2009-10, according to the CAG. Rapping the government for the shortcomings, the national auditor said...
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Income Tax |
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Gold price pushes foreign exchange reserves to $320.78 billion high
Posted Date : 11-Sep-2011 , 07:41:40 am | Posted By CASANSAAR
Foreign exchange (forex) reserves rose by $1.61 billion to hit an all-time high of $320.78 billion for the week ended Sep 2 on the back of nearly $3 billion jump in the value of gold reserves, official data showed. The forex reserves kitty has risen for the third consecutive week. The rese...
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International Business |
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'ICAI studying effects of GST regime'
Posted Date : 10-Sep-2011 , 09:07:16 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is serious on its role as India prepares to usher in the goods and services tax (GST). Apart from seeking inputs from various users such as traders, commerce organisations and associations, ICAI has also asked its chartered accountant ...
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GST |
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Centre to move ahead with Companies Bill
Posted Date : 10-Sep-2011 , 09:04:34 am | Posted By CASANSAAR
As part of its effort to showcase its commitment to transparency and accountability, the government has decided to move forward with the Companies Bill, 2011. The Prime Minister's Office has stepped in asking the corporate affairs ministry to move ahead with the proposed legislation. The governme...
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Corporate Law |
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0 | Hits : 825
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ICICI Bank to hire 6,000 people this fiscal for biz expansion: Chanda Kochhar
Posted Date : 09-Sep-2011 , 04:21:33 pm | Posted By CASANSAAR
Country's largest private lender ICICI Bank will recruit up to 6,000 people this fiscal to help its business growth and expansion, a top official said today. "Our business is growing between 18 to 20 per cent and we are also adding branches...its expected that we would hire between five to s...
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Banking |
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Auditor to face disciplinary action after Oct 3 in Satyam scam
Posted Date : 09-Sep-2011 , 08:16:55 am | Posted By CASANSAAR
The clock is ticking for Talluri Srinivas, an auditor caught up in the multi-crore Satyam accounting fraud. The Institute of Chartered Accountants of India (ICAI), the apex body for accounting professionals in India, is all set to initiate disciplinary action against Srinivas, post October...
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Auditing |
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0 | Hits : 1012
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Sales tax on mobiles, not on SIM cards: HC
Posted Date : 09-Sep-2011 , 08:14:08 am | Posted By CASANSAAR
he state can collect sales tax on mobile phones but cannot collect the same on SIM cards because a phone piece is considered part of goods while a SIM is considered a service. The AP High Court pronounced a judgment to this effect on Thursday holding that imposition of sales tax ...
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Service Tax |
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Government breathes easy as direct tax collections rises 26% till August
Posted Date : 09-Sep-2011 , 08:10:53 am | Posted By CASANSAAR
The direct tax collections rose 26% in the first five months of the current fiscal, belying fears of a drop in government revenue because of the slowdown. The 2011-12 budget has assumed a 19% increase in direct tax collections. However, net tax collections were down in April-August 2011-12 t...
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Income Tax |
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0 | Hits : 726
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Total No. of Defunct Companies
Posted Date : 08-Sep-2011 , 07:27:22 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the total number of defunct companies, (those that have not filed their Annual Returns and Balance Sheets for the last three consecutive years or more) as per MCA records is 1,62,144.Total ...
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Category :
Corporate Law |
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0 | Hits : 937
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Companies of Baba Ramdev
Posted Date : 08-Sep-2011 , 07:24:30 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the LokSabha that as per latest information available, no company with Baba Ramdev as Director is registered in the country. However, 34 companies are registered in the country wit...
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Corporate Law |
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0 | Hits : 1584
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Due date for submission of ITR-V extended
Posted Date : 08-Sep-2011 , 12:44:11 pm | Posted By CASANSAAR
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later....
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Category :
Income Tax |
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2 | Hits : 1544
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2 Cr found at home of I-T commissioner's CA
Posted Date : 08-Sep-2011 , 08:08:10 am | Posted By CASANSAAR
The CBI found Rs 2.01 crore belonging to arrested Income Tax commissioner Daya Shankar from his chartered accountant's residence in Lucknow. The CBI also seized Rs 8.5 lakh from Shankar's Mumbai residence and Rs 4 lakh from his Ghaziabad house. Shanker was arrested on August 29 while accepting Rs ...
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Income Tax |
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0 | Hits : 1720
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