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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0 | Hits : 872
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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 : 851
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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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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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Category :
Income Tax |
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0 | Hits : 737
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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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Corporate Law |
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0 | Hits : 963
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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 : 1596
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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 : 1557
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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 : 1731
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Renting of Immovable Property
Posted Date : 08-Sep-2011 , 08:02:24 am | Posted By CASANSAAR
Bombay High Court has extended the Stay until 30th September 2011, in the famous renting case – Retailers Association of India and others v Union of India ....
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Service Tax |
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0 | Hits : 1202
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RBI seeks one-time tax relief to arm MNC banks
Posted Date : 08-Sep-2011 , 07:56:14 am | Posted By CASANSAAR
The Reserve Bank of India has sought a one-off tax exemption from the government for foreign banks that convert into local subsidiaries as it intensifies efforts to ring-fence the domestic financial system from global shocks. The permission, if granted by the government that's already facin...
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Category :
Income Tax |
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0 | Hits : 716
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Tax target tough to realise, says CBDT
Posted Date : 08-Sep-2011 , 07:54:00 am | Posted By CASANSAAR
Till the other day, the Central Board of Direct Taxes (CBDT) was confident about meeting the direct tax collection targets. Now, though, it has turned apprehensive. Reason: Sluggish performance of manufacturing and other industry sectors.
The indications, as a senior CBDT official said, a...
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Category :
Income Tax |
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0 | Hits : 749
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Banks should keep strong vigil on loan portfolio: Pranab
Posted Date : 08-Sep-2011 , 07:48:23 am | Posted By CASANSAAR
Cautioning that the economy is passing through turbulent times, Finance Minister Pranab Mukherjee today asked banks to maintain a strict vigil on the quality of their loan portfolio.
"The commitment to moderate levels of inflation has led to higher interest rates. In this environment, banks need ...
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Banking |
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0 | Hits : 866
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Yahoo fires CEO Carol Bartz over the phone
Posted Date : 08-Sep-2011 , 07:45:49 am | Posted By CASANSAAR
nline media company Yahoo has fired chief executive officer Carol Bartz, who was brought on board two years ago to turn around the company's troubled fortunes, and named Chief Financial Officer Tim Morse as interim chief executive.
Under a 'leadership reorganisation' move, the California-based co...
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General |
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0 | Hits : 1027
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RBI moots lower reserve requirement
Posted Date : 07-Sep-2011 , 01:39:20 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has mooted the idea of lowering banks’ reserve requirements, which have remained high for the Indian banking sector. The move is aimed at making more resources available to market participants.
“Currently, the cash reserve ratio and the statutor...
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RBI |
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0 | Hits : 809
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Blast outside Delhi HC, many injured
Posted Date : 07-Sep-2011 , 10:45:53 am | Posted By CASANSAAR
An explosion was reported outside the Delhi High Court on Wednesday and 24 people were injured in the blast. The explosion took place outside Gate No. 5 of the Delhi High Court.
The injured were rushed to the nearest government hospital the RML Hospital.
Gate no. 5 of the Delhi High Court is whe...
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General |
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0 | Hits : 1147
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Govt rules out allowing foreign firms in auditing operations in country
Posted Date : 07-Sep-2011 , 08:09:52 am | Posted By CASANSAAR
Government has ruled out allowing foreign firms in auditing operations in the country. The State Minister of Finance, Mr. Namo Narain Meena today told Rajya Sabha in a written reply that the foreign firms cannot carry out auditing functions in the country. They can however, operate in areas as consu...
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Auditing |
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0 | Hits : 1107
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RBI comittee recommends increase in PPF Deposit Limit from Rs. 70,000 to Rs. One Lac
Posted Date : 07-Sep-2011 , 07:29:49 am | Posted By CASANSAAR
The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yie...
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Income Tax |
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0 | Hits : 1246
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No pre-payment fee on floater loans, says RBI
Posted Date : 07-Sep-2011 , 07:22:10 am | Posted By CASANSAAR
It's good news for those thinking of prepaying their home loans to lessen the EMI burden. The Reserve Bank of India (RBI) on Tuesday directed banks not to impose pre-payment charges on floating rate loans, a decision taken at its annual conference on banking ombudsman held on Monday.
Banks can, h...
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Banking |
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Govt receives info about 7700 cases of blackmoney: FinMin
Posted Date : 07-Sep-2011 , 07:18:34 am | Posted By CASANSAAR
The government today said it has collected specific information from treaty countries on 7,704 cases where payments were received from non-residents in various countries over the past two years and was investigating the cases.
"In the last 24 months Income Tax Department have collected 7,704...
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Finance |
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0 | Hits : 739
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Cambridge remains world's top University, Harvard, MIT follow
Posted Date : 06-Sep-2011 , 10:43:54 pm | Posted By CASANSAAR
University of Cambridge has retained the number one spot ahead of Harvard, while MIT has jumped to the third place ahead of Yale and Oxford in the eighth QS World University Rankings.
The US takes 13 of the top 20 spots and 70 of top 300 places in the latest world rankings of Universities compi...
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Income Tax |
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No evidence to suggest rise in tax evasion: Government
Posted Date : 06-Sep-2011 , 10:38:50 pm | Posted By CASANSAAR
The government on Tuesday said there is no evidence to suggest any increase in incidence of tax evasion over the previous years. "There is no evidence to suggest that there has been a rise in evasion of income tax over the previous years," Minister of State for Finance S S Palanimanickam said...
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Income Tax |
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0 | Hits : 696
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Amar Singh arrested, sent to judicial custody
Posted Date : 06-Sep-2011 , 03:53:05 pm | Posted By CASANSAAR
Former SP general secretary Amar Singh has been arrested in connection with the cash-for-vote scam. Delhi court rejected his bail petition and sent him to judicial custody.
He can file for regular bail on September 16. Mahavir Bhagora has also been arrested. Earlier, he claimed claimed that...
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General |
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0 | Hits : 808
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Yes Bank appoints CA. Asit Oberoi as Sr President and COO
Posted Date : 06-Sep-2011 , 08:27:10 am | Posted By CASANSAAR
Private sector lender Yes Bank today said it has appointed CA.Asit Oberoi as its Senior President and Chief Operating Officer. Oberoi will be responsible for overall operations and service delivery at the bank, according to a bank statement issued here. A chartered accountant, Oberoi has 20 ...
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Income Tax |
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1 | Hits : 1042
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Supreme Court notice to government on IFCI chief appointment
Posted Date : 06-Sep-2011 , 08:23:09 am | Posted By CASANSAAR
The Supreme Court on Monday issued notice to the central government on a plea challenging the appointment of Atul Kumar Rai as the chief executive officer and managing director of Industrial Finance Corporation of India (IFCI) despite his alleged involvement in "serious corrupt practices". T...
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Finance |
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0 | Hits : 771
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DTH service like a cinema ticket, Delhi govt can tax: HC
Posted Date : 06-Sep-2011 , 08:14:46 am | Posted By CASANSAAR
Direct-To-Home (DTH) television subscribers in Delhi will continue to pay more. The Delhi High Court on Monday said the DTH service was like a cinema ticket providing continuous entertainment to viewers and hence, liable to be taxed by the state government.
The division bench of Justic...
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Service Tax |
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0 | Hits : 1008
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Swiss banks like Credit Suisse, UBS vow to protect secrecy amid US ultimatum
Posted Date : 06-Sep-2011 , 08:05:18 am | Posted By CASANSAAR
Switzerland must solve a dispute with the United States over wealthy citizens using secret Swiss accounts to dodge taxes under existing laws and should continue to protect bank secrecy, the Swiss Bankers Association head said on Monday. The association's president, Patrick Odier, made the commen...
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Income Tax |
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0 | Hits : 686
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