Sebi has power to direct unlisted firms, says SAT
Posted Date : 06-Sep-2011 , 08:01:24 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Monday observed that the Securities and Exchange Board of India (Sebi) has wider powers under the Sebi Act to issue directions to even unlisted firms to protect interest of investors in the securities market.
The SAT observation came in response to a S...
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SEBI |
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Parliament passes SBI Subsidiary Banks Bill
Posted Date : 05-Sep-2011 , 07:15:39 pm | Posted By CASANSAAR
Parliament on Monday passed a Bill which seeks to transfer powers to the Central Government from the Reserve Bank with regard to SBI subsidiary, State Bank of Hyderabad. The Lok Sabha approved the amendment made by the Rajya Sabha and passed the Bill. Though the Lok Sabha had already passe...
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Banking |
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0 | Hits : 1197
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Under Staffing in Competition Commission of India Question
Posted Date : 05-Sep-2011 , 07:14:02 pm | Posted By CASANSAAR
Out of the 156 posts sanctioned for the Competition Commission of India (CCI) and 41 posts sanctioned for Director General, CCI, 77 and 25 posts, respectively, are lying vacant. Till date, CCI has decided 102 cases, out of total number of 194 cases/information received by it under various secti...
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Corporate Law |
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0 | Hits : 739
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Expenditure on Corporate Social Responsibility
Posted Date : 05-Sep-2011 , 07:13:20 pm | Posted By CASANSAAR
The Government has not made it compulsory for every company to have a policy for Corporate Social Responsibility (CSR). However, the Department of Public Enterprises has issued comprehensive CSR guidelines for Central Public Sector Enterprises in April, 2010 wherein these enterprises, except those m...
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Corporate Law |
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0 | Hits : 725
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In letter to CBDT, Kejriwal admitted violating bond, for
Posted Date : 05-Sep-2011 , 07:32:59 am | Posted By CASANSAAR
Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his ...
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Income Tax |
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0 | Hits : 1007
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Indian IT hiring down 49 pc in August amid US, Europe crisis
Posted Date : 05-Sep-2011 , 07:27:09 am | Posted By CASANSAAR
Recruitment by Indian IT companies witnessed a slowdown in the month of August, owing to the crisis in the US and Europe region, but the overall hiring mood in the country is upbeat, says a survey. It might take 2-3 months for recruitment activities in the IT sector to gain momentum, accordin...
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International Business |
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0 | Hits : 786
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Not possible to have UK-type tax treaty with Switzerland: CBDT
Posted Date : 04-Sep-2011 , 04:33:14 pm | Posted By CASANSAAR
Unlike the United Kingdom, India cannot have a treaty with Switzerland under which the deposits of Indians in Swiss banks would be taxed by the European nation, says the Central Board of Direct Taxes (CBDT). "We cannot have such a treaty with Switzerland because the environment is not condu...
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Income Tax |
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0 | Hits : 896
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Women empowerment will bring socio-economic change : Pranab
Posted Date : 04-Sep-2011 , 04:26:31 pm | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee while addressing a gathering in Kolkata stated that women empowerment at the grass root level would bring the desired social economic change in the country.
He was addressing the audience on the launch of 'Sukanya' project on Saturday. Mukherjee reit...
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General |
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0 | Hits : 988
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CA aspirants await Centre nod to skip proficiency test
Posted Date : 04-Sep-2011 , 08:31:50 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), which had asked the Centre to exempt graduates securing more than 55% marks from writing the Common Proficiency Test (CPT), is still awaiting a response. "The Centre's delay has created confusion," said Archana Ravi, a ...
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Students Zone |
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0 | Hits : 1204
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Cabinet ministers declare assets; Kamal Nath richest with Rs 263 crore
Posted Date : 03-Sep-2011 , 03:59:58 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh, who had taken strong exception to a remark last month by a senior member of parliament on his personal integrity, led his council of ministers in declaring their personal assets on the official web site. His wealth is estimated at Rs.5 crore and he owns a Mar...
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General |
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0 | Hits : 985
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Instructions to examiners can be made public post exam: SC
Posted Date : 03-Sep-2011 , 10:04:17 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held.
The court pronounced the decision in the case between the Institut...
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Income Tax |
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0 | Hits : 1089
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Direct Taxes Code may come into force from April next year, says Pranab Mukherjee
Posted Date : 03-Sep-2011 , 10:01:38 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. "If we have it (the report of Standing Committee) in the Winter Session (of Parliament), I will have no problem in effec...
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Income Tax |
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0 | Hits : 1035
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I-T dept attempts to unlock direct tax worth Rs2 lakh crore
Posted Date : 03-Sep-2011 , 10:00:10 am | Posted By CASANSAAR
Income tax officials in Mumbai have been instructed by top authorities to recover tax blocked as arrears and locked in dispute, in order to achieve their revised targets. The motivation behind this is a whopping Rs 2 lakh crore of revenue. According to income tax (I-T) officials, the city has 2.1&nb...
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Income Tax |
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0 | Hits : 906
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I-T dept asks Kejriwal to pay dues of Rs 9 lakh
Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR
In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month.
The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh.
The notice was served a...
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Income Tax |
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2 | Hits : 1072
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Wife can seek maintenance for adult offsprings, rules HC
Posted Date : 02-Sep-2011 , 07:53:14 am | Posted By CASANSAAR
The Bombay High Court has held that an estranged wife can seek maintenance from her husband for and on behalf of her adult daughter or son as long as the offspring is dependent on her.
"A daughter may have attained majority but so long as she is unmarried and de...
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General |
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0 | Hits : 999
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Payment for copyrighted goods not royalty: ITAT
Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR
The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai.
The income tax depa...
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Income Tax |
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0 | Hits : 890
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Independent auditing of cooperatives, NGOs needed: ICAI
Posted Date : 02-Sep-2011 , 07:21:49 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI President G Ramaswamy said revenue of NGOs, cooperatives and e...
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ICAI |
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0 | Hits : 1067
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Govt's choice of sectors exempt from service tax is wrong
Posted Date : 02-Sep-2011 , 07:15:15 am | Posted By CASANSAAR
The finance ministry has proposed a list of service providers who will be not be taxed under the goods and services tax regime. A negative list - where some services will be exempt and others will be taxed - is a good idea. It will bring many untapped sectors under the net, reduce disputes ...
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Service Tax |
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0 | Hits : 995
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Good news for kidnappers -Ransom money is tax deductible says Court
Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR
If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...
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Income Tax |
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0 | Hits : 1213
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Supreme Court directs 10 Delhi hospitals to treat poor free
Posted Date : 01-Sep-2011 , 08:17:39 pm | Posted By CASANSAAR
The Supreme Court Thursday directed 10 multi-specialty private hospitals in the national capital to provide free treatment to poor patients and recover the cost from sponsorship and endowments. An apex court bench of JusticeR V Narendran and Justice A K Patnaik said the hospitals w...
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General |
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0 | Hits : 877
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RBI cautions public against investing in unregistered NBFIs
Posted Date : 01-Sep-2011 , 08:12:56 pm | Posted By CASANSAAR
The Reserve Bank on Thursday cautioned public against investing in non-banking finance institutions (NBFI), including Forex Achievements, which are not registered with the central bank. "Public are hereby cautioned not to deposit money with such unincorporated bodies. Persons depositing m...
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RBI |
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0 | Hits : 868
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ED registers case against Baba Ramdev
Posted Date : 01-Sep-2011 , 02:12:32 pm | Posted By CASANSAAR
Yoga guru Ramdev and his Haridwar-based trusts have been booked by the Enforcement Directorate in a case of alleged foreign exchange violation, official sources said today. The ED registered the case on the basis of a report from the RBI and inputs from abroad on "suspicious" financia...
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FEMA |
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0 | Hits : 1140
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Different transfer pricing method no ground for penalty: Income Tax Appellate Tribunal
Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR
In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from c...
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Income Tax |
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0 | Hits : 847
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ICAI to offer course in forensic accounting
Posted Date : 01-Sep-2011 , 07:32:19 am | Posted By CASANSAAR
In a month's time, the Institute of Chartered Accountants of India (ICAI) will launch a 100-hour certified course in ‘Forensic Accounting and Fraud Detection' using IT and Computer Aided Audit Tools, said its president G. Ramaswamy on Tuesday.
Talking to reporters, he said that the importan...
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ICAI |
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0 | Hits : 1351
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No deal on GST, state FMs head to study European model
Posted Date : 01-Sep-2011 , 07:25:35 am | Posted By CASANSAAR
It's going to be a tough September for finance departments across the country with finance ministers from around 20 states - despite all of them not agreeing with the proposed Goods and Services Tax (GST) rollout - going to Europe to study the indirect tax regime. On September 7, the 20-od...
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GST |
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0 | Hits : 963
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Anna Hazare movement might become a case study for XLRI
Posted Date : 01-Sep-2011 , 07:21:26 am | Posted By CASANSAAR
Anna Hazare's success with his anti-corruption movement might soon become a case study for management students at the famed XLRI School of Business and Human Resources. "The movement is fit as case study for budding management students here and we are seriously contemplating to look into var...
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General |
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0 | Hits : 743
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Foreign IT firms use transfer-pricing provisions, double taxation treaties to minimise taxes in India
Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR
These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, ...
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Income Tax |
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0 | Hits : 769
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Eid Mubarak & Appeal to All CA's (Jobs for newly qualified CA's).
Posted Date : 31-Aug-2011 , 08:32:40 am | Posted By CASANSAAR
All of us are aware that this time result of our ICAI was awesome but campus was not so Good. Most of our new members have not got any opportunity in campus. So they are still unemployed and searching for good opportunities. So being the noble professionals don’t you think its our...
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General |
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16 | Hits : 6808
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CBDT warns foreign bank account holders
Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR
The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts.
In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...
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Income Tax |
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0 | Hits : 741
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Tax Worth Rs.249 Crore Recovered from BCCI
Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR
As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....
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Category :
Income Tax |
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0 | Hits : 828
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