Bank directors must furnish info on regulatory strictures: RBI
Posted Date : 23-May-2011 , 09:05:55 pm | Posted By CASANSAAR
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them.
The banking regulator has partially modified the format of ‘Declaration a...
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RBI |
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Non-profit sector under tax scanner
Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR
The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...
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Income Tax |
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Black money: Central Board of Direct Taxes on foreign bank account trail
Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...
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Income Tax |
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'Actor' Tendulkar allowed to claim tax deduction - ITAT
Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.
The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...
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Income Tax |
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RBI backs holding co for banks, NBFCs
Posted Date : 23-May-2011 , 08:53:55 pm | Posted By CASANSAAR
Conglomerates like ICICI Bank, SBI and HDFC will find it easier to raise capital for new financial activities with the Reserve Bank of India favouring a holding company structure for both banking and non-banking financial groups. The central bank in its proposed norms for holding companies has said ...
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RBI |
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2G: HC Rejects Bail Pleas of 5 Corporate Honchos
Posted Date : 23-May-2011 , 11:46:25 am | Posted By CASANSAAR
Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying "the gravity of offence itself is sufficient to deny bail".
Besides Chandra and Doshi,...
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General |
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New Initiatives of Ministry of Corporate Affairs for Corporate Governance
Posted Date : 23-May-2011 , 11:35:43 am | Posted By CASANSAAR
In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the companies under the provisions of the Companies Act, ...
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Corporate Law |
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Govt eases rules for incorporating not-for-profit companies
Posted Date : 23-May-2011 , 11:30:33 am | Posted By CASANSAAR
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences.Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affair...
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Corporate Law |
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Govt to soon finalise disinvestment roadmap, says DoD official
Posted Date : 23-May-2011 , 11:29:07 am | Posted By CASANSAAR
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.It will include sale of equity in blue chip companies like SAIL and ONGC."Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAI...
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Finance |
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SEC asks Wipro to prove its auditor KPMG India's independence
Posted Date : 22-May-2011 , 08:52:08 pm | Posted By CASANSAAR
US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document re...
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Auditing |
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I-T starts scrutiny of frozen IPO scam demat accounts
Posted Date : 22-May-2011 , 10:23:09 am | Posted By CASANSAAR
The Income Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts."Investigation and intelligence wings have started looking into the frozen accounts with...
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Income Tax |
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Finmin to set up criminal investigation unit by May
Posted Date : 22-May-2011 , 10:17:43 am | Posted By CASANSAAR
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month."A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black ...
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Finance |
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Inflationary pressures to continue: Pranab Mukherjee
Posted Date : 21-May-2011 , 09:38:55 am | Posted By CASANSAAR
The country will continue to face inflationary pressures due to the high global commodity and oil prices, Finance Minister Pranab Mukherjee today said."We are told that there could be pressure on commodity prices because of shortage in production of certain essential food items," Mukherjee told repo...
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Finance |
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'Financial reporting in XBRL enables better vigilance'
Posted Date : 21-May-2011 , 09:36:31 am | Posted By CASANSAAR
Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators nee...
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Corporate Law |
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Govt for holding AGM through video conferencing
Posted Date : 20-May-2011 , 12:05:11 pm | Posted By CASANSAAR
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs.Accordingly, a company would have to send a notice informing shareholders about "the availabi...
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Auditing |
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DMK MP Kanimozhi arrested in 2G scam case
Posted Date : 20-May-2011 , 04:17:58 am | Posted By CASANSAAR
DMK MP Kanimozhi, who was named co-conspirator in the 2G scam case was arrested today. CBI special court heard her bail plea, which was subsequently rejected earlier this afternoon.
Kanimozhi and Kalaignar TV managing director Sharad Kumar will be taken into custody.
CBI has charged Karunanidhi's ...
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General |
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Global accounting body flays India for postponing over IFRS
Posted Date : 19-May-2011 , 10:42:16 am | Posted By CASANSAAR
The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing.
"New Delhi needs to curb its anxiety to be different and stop mongering about the many u...
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IFRS |
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Excise, service tax evasion of Rs 5,000 crore in FY'11
Posted Date : 19-May-2011 , 10:30:21 am | Posted By CASANSAAR
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-s...
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Excise |
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RBI raises provisioning for bad loans
Posted Date : 18-May-2011 , 09:07:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10 per cent, a development that would impact bottom lines of banks.
Advances classified as sub-standard will attract a provision of 15 per cent ag...
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RBI |
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Clarification on Loan to Public Limited Companies Under Section 295 of the Companies Act
Posted Date : 18-May-2011 , 09:02:01 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior ap...
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Corporate Law |
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SEZ units need admin nod to claim service tax refund
Posted Date : 18-May-2011 , 09:00:08 pm | Posted By CASANSAAR
The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund.Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular.SEZ ...
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Service Tax |
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Coins of denomination of 25 paise and below will cease to be legal tender from June 30, 2011
Posted Date : 18-May-2011 , 07:02:29 am | Posted By CASANSAAR
Reserve Bank today asked public to exchange 25 paise coins and those with lower denominations with banks before June 30, the day from which they would be demonetised or cease to be a legal tender for payment."Coins of denomination of 25 paise and below will cease to be legal tender from June 30, ...
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General |
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Rs 30,000 cr black money recovered by CBDT
Posted Date : 18-May-2011 , 05:09:49 am | Posted By CASANSAAR
Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.
The CBDT is in the process of creating a Directo...
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Income Tax |
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SBI Q4 Net dips 99%; rights issue round the corner
Posted Date : 17-May-2011 , 09:43:49 pm | Posted By CASANSAAR
Hit by higher provisioning for bad loans and increased tax outgo, the net profit of the country's largest lender State Bank of India (SBI) tanked by about 99 per cent to Rs 20.8 crore for the fourth quarter ended March, 2011.SBI's profit plunged for the March quarter of the last fiscal from Rs 1,866...
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Finance |
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CBDT Circular No-03/2011, Dated: May 13, 2011
Posted Date : 17-May-2011 , 09:35:02 pm | Posted By CASANSAAR
Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.
http://casansaar.com/notification_details.php?id=135...
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Income Tax |
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RBI may have to sacrifice growth to tame inflation: RBI governor
Posted Date : 17-May-2011 , 09:27:58 pm | Posted By CASANSAAR
RBI governor D Subbarao has said the central bank may have to sacrifice growth to manage inflation. "High inflation negates prospects of growth," said Mr Subbarao, speaking at the Indira Gandhi Institute of Development Research in Mumbai on Monday. "For faster growth, we need to manage the growth-in...
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RBI |
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Tax arrears are zooming: CAG
Posted Date : 17-May-2011 , 09:16:33 pm | Posted By CASANSAAR
Comptroller and Auditor General of India (CAG) has expressed concern over a huge build-up of tax arrears due to a poor recovery mechanism and lack of staff in the income tax (I-T) department. According to a latest CAG's audit finding report, which is yet to be tabled in Parliament, shows due to lack...
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Income Tax |
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Tax board targets Rs 5,30,000 crore collection in 2011-12
Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR
Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...
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Income Tax |
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Trai may get more teeth; likely to be on par with Sebi
Posted Date : 17-May-2011 , 11:38:58 am | Posted By CASANSAAR
Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect.The Telecom Ministry is looking to give more powers to Trai, which will bring it on par ...
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General |
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Foreign cos to pay tax on all rev from seismic data contracts
Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR
Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...
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Income Tax |
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