Mah Satyam may approach AP HC over IT tax notice
Posted Date : 24-Aug-2011 , 07:19:26 am | Posted By CASANSAAR
IT consulting and outsourcing company, Mahindra Satyam, is poised to wage a legal battle against the income tax (I-T) department, which served draft notices on the company demanding payment of Rs 1,037.69 crore and Rs 1,075.73 crore for the 2002-03 and 2007-08 assessment years respectively, ...
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Income Tax |
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60 percent registered service tax payers not filing returns
Posted Date : 24-Aug-2011 , 07:02:19 am | Posted By CASANSAAR
The Revenue Department is trying to locate 9 lakh business entities which have stopped filing service tax returns, with a view to improving collections, meeting Rs 82,000-crore target in 2011-12 and to ascertain whether there is any tax evasion. There are 15 lakh registered service tax pay...
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Service Tax |
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CAG not taking our response in finalising report: RIL
Posted Date : 23-Aug-2011 , 09:46:09 pm | Posted By CASANSAAR
Days before CAG presents its final audit report to Parliament, Reliance Industries fears that the official auditor was not taking into account the reply it submitted to CAG's draft findings on eastern offshore KG-D6 gas fields. RIL Senior Vice President (Commercial) B Ganguly in a August 11, ...
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Auditing |
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Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the
Posted Date : 23-Aug-2011 , 05:13:07 pm | Posted By CASANSAAR
In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI “Tax Audit assignments under section 44A...
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ICAI |
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Only e-payments by PSBs from Sept 1
Posted Date : 22-Aug-2011 , 01:39:37 pm | Posted By CASANSAAR
Move aimed at speeding up process, checking corruption in funds’ transfer.
The Union finance ministry has told all state-owned banks and financial institutions to make payments only electronically from next month.
The move is aimed at checking corruption in transfer of funds ...
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Banking |
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Finance Ministry to launch a new scheme to refund service tax on goods exported
Posted Date : 22-Aug-2011 , 07:25:54 am | Posted By CASANSAAR
The country's biggest exporters, such as Bajaj Auto, Reliance Industries, Welspun, will soon receive electronic refund of service tax on inputs in goods exported. The finance ministry is all set to launch a new scheme to refund service tax to exporters on the lines of duty drawback scheme...
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Service Tax |
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PricewaterhouseCoopers India grappling with people issues even after two years of the Rs 7,000-crore Satyam fraud case
Posted Date : 22-Aug-2011 , 07:24:11 am | Posted By CASANSAAR
PricewaterhouseCoopers India, one of the largest and oldest professional services firms in the country, is grappling with people issues, including an inability to clearly specify the future role of a former chief and a failure to stem senior partner exits as clients fret on the possible impact...
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General |
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Gold rally makes govt richer by $5-bn in August so far
Posted Date : 21-Aug-2011 , 06:40:58 pm | Posted By CASANSAAR
The bullion traders and investors are not alone in reaping rich benefits from the glittering gold prices and the strategy of keeping a substantial holding of the yellow metal seems to be working well for the government too. A sharp rally of over 20 per cent in gold prices so far this month ha...
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General |
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FICCI seeks speedy implementation of GST to curb problem of black money
Posted Date : 20-Aug-2011 , 10:32:24 pm | Posted By CASANSAAR
Industry body FICCI has sought expeditious implementation of the proposed goods and service tax (GST) saying it could also help curb the cash economy in the country, and hence the problem of black money. "GST is a perfect platform to unearth black money....if somebody has to evade taxes u...
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GST |
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FM Reviews Economic Situation with RBI Governor and Chairman, Pmeac
Posted Date : 20-Aug-2011 , 12:13:32 pm | Posted By CASANSAAR
The Union Finance Minister, Shri. Pranab Mukherjee yesterday reviewed the global economic situation with RBI Governor, Dr. Subba Rao, and the Chairman of the Prime Minister’s Economic Advisory Council, Dr.C. Rangarajan. The discussions focused on the slow economic growth in the US and debt wor...
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Finance |
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India holds 40% of Dubai export market
Posted Date : 20-Aug-2011 , 11:59:47 am | Posted By CASANSAAR
Dubai export markets by value are highly concentrated in India and Switzerland, comprising 40 per cent and 20 per cent, respectively, a government agency has said. According to Dubai Exports, an agency of the Department of Economic Development (DED), this has been due to the export of gol...
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International Business |
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Minimum monthly pension for members of EPF could soon increase to Rs 1,000
Posted Date : 20-Aug-2011 , 11:58:25 am | Posted By CASANSAAR
The embattled UPA government is set to give a bonanza to 60 million workers in the organised sector. The minimum monthly pension for members of the Employees' Provident Fund (EPF) could soon increase to Rs 1,000. Currently, most EPF pensioners receive less than Rs 500 a month, but for som...
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General |
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Date for Receipt of Applications for Pre-Matric and Post-Matric Scholarship Schemes Extended by the Ministry of Minority Affairs
Posted Date : 20-Aug-2011 , 11:56:16 am | Posted By CASANSAAR
The Ministry of Minority Affairs has extended the last date for receipt of applications from students by States / UTs for fresh cases of Pre-matric and Post-matric Scholarship Schemes up to 31st August, 2011. As per the time-line for Pre-matric and Post-matric Scholarship Schemes 2011-12 issued...
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General |
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Govt sets up panel to probe tax-related offences
Posted Date : 20-Aug-2011 , 11:54:27 am | Posted By CASANSAAR
The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today.
"The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal m...
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Income Tax |
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India amending Double Taxation Avoidance Agreement says, finance minister Pranab Mukherjee
Posted Date : 19-Aug-2011 , 04:52:06 pm | Posted By CASANSAAR
The government is amending the Double Taxation Avoidance Agreement it has with four countries and is also negotiating with 16 entities to improve information sharing on black money as part of the Tax Information Exchange Agreement. Finance minister Pranab Mukherjee said in response to a query during...
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Income Tax |
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EFCAI urges RBI to allow post offices function as banks
Posted Date : 19-Aug-2011 , 04:50:38 pm | Posted By CASANSAAR
Entrepreneurs and Finance Customer Association of India (EFCAI) has urged Reserve Bank of India (RBI) to allow post offices function as Banks. In a memorandum submitted to RBI deputy governor, H R Khan here, the EFCAI has pointed out that India has the world's largest postal network in India with ov...
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RBI |
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Bank of America to axe 3,500 jobs, more cuts in store: WSJ
Posted Date : 19-Aug-2011 , 04:46:25 pm | Posted By CASANSAAR
Bank of America Corp will slash 3,500 jobs in the current quarter and is working on broader restructuring that could eliminate thousands of additional positions, a media report says.
Citing people familiar with the situation, the Wall Street Journal said the cuts are expected to be comple...
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General |
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India Inc can soon tap CAs for arbitration services
Posted Date : 19-Aug-2011 , 04:44:23 pm | Posted By CASANSAAR
For corporates faced with commercial disputes, a cost effective mechanism that would also ensure their speedy disposal is on the anvil.
The Institute of Chartered Accountants of India (ICAI) is piloting a new initiative by empanelling its members as arbitrators.
This move could help bring down t...
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ICAI |
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Black Money: Business association and lobbies give a cold shoulder to provide views on how to tackle the issue
Posted Date : 19-Aug-2011 , 06:05:05 am | Posted By CASANSAAR
The government's efforts to get the industry involved on the hugely emotive issue of black money has been given a cold shoulder with none of the business association and lobbies coming forward to provide views on how to tackle black money. "We are now extending the deadline to September 15 and writi...
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Category :
Income Tax |
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Essar Steel Orissa Ltd charged with green violation
Posted Date : 19-Aug-2011 , 06:02:36 am | Posted By CASANSAAR
The Wildlife Society of Orissa (WSO) has accused the Orissa government of not asking Essar Steel Orissa Ltd to stop dredging sand from the bed of River Mahanadi near Paradip in complete violation of the Coastal Regulatory Zone (CRZ) Notification, 2011 and Forest (Conservation) Act, 1980. ESOL is set...
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General |
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Twelfth five-year plan to aim at 9% growth rate
Posted Date : 19-Aug-2011 , 06:01:31 am | Posted By CASANSAAR
The next five-year plan is going to maintain its target growth rate at 9% despite recent events pointing to apprehensions of a downturn in western economies. The planning commission is due to firm up its approach to the twelfth plan (2012-17) on August 20 in a meeting chaired by Prime Minister Manmo...
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General |
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Benami transactions bill introduced in Parliament
Posted Date : 19-Aug-2011 , 05:59:26 am | Posted By CASANSAAR
The government on Thursday introduced in Parliament a comprehensive bill to clampdown on 'benami transactions'. The Benami Transactions (Prohibition) Bill 2011 provides for confiscation of such property and imprisonment. The new bill, introduced by finance minister Pranab Mukherjee, will replace the...
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General |
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Jan Lokpal Bill: Anna Hazare to fast at Ramlila Maidan from tomorrow
Posted Date : 18-Aug-2011 , 02:45:05 pm | Posted By CASANSAAR
Gandhian Anna Hazare will fast at Ramlila Maidan from tomorrow. Arvind Kejriwal, a civil society member said that Anna will leave Tihar only after taking stock of preparations. Team Anna members said that once Ramlila Maidan is ready, Anna will leave Tihar Jail. Meanwhile, Team Anna has gi...
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General |
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2 | Hits : 998
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Anti-dumping duty on Chinese chemical extended for 5 yrs
Posted Date : 18-Aug-2011 , 02:41:00 pm | Posted By CASANSAAR
The government has decided to continue imposing anti-dumping duty of up to $ 515.94 per tonne on imports of a chemical from China, used in industries like pharmaceuticals and dyeing, for five more years to protect domestic industry. The restrictive duty on Sodium Nitrite, which is also used in ...
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Custom |
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Coal India topples RIL as India's most valued firm
Posted Date : 18-Aug-2011 , 09:01:58 am | Posted By CASANSAAR
Coal India (CIL) has overtaken Reliance Industries (RIL) as the country’s most valuable company by market capitalisation.
At Wednesday’s closing price, Coal India’s market capitalisation stood at Rs2.51 lakh crore ($55 billion), while that of Reliance was at Rs2.47 lakh crore ($...
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Shares & Stock |
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0 | Hits : 836
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Now, govt eyes TDS in service tax
Posted Date : 18-Aug-2011 , 08:18:02 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) has proposed to introduce a Tax Deducted at Source (TDS) mechanism in collecting service tax.
TDS has been successfully used for direct taxes like the income tax. Although the proposal is at initial stage, the board has set up a study g...
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Service Tax |
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1 | Hits : 1194
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SEBI comes out with a proposed regulatory regime for AIF
Posted Date : 18-Aug-2011 , 08:14:33 am | Posted By CASANSAAR
Sebi recently came out with a proposed regulatory regime for alternative investment funds ( AIF). While the regulator has its heart in the right place, the proposals need to be thought through from the ground up. It would be useful to summarise briefly what Sebi is seeking to do with these p...
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SEBI |
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Pranab rejects Moily proposal of merging CBEC & CBDT
Posted Date : 18-Aug-2011 , 08:09:08 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has rejected the proposal of former law minister M Veerappa Moily to merge Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) to curb black money generation.
In his capacity as the law minister, Moily in a letter to Mukherje...
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Finance |
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Government suspends M Ramadoss as chairman of New India Assurance
Posted Date : 18-Aug-2011 , 08:06:13 am | Posted By CASANSAAR
The government has suspended M Ramadoss chairman of New India Assurance of the country's largest general insurance firm. Central Bureau of Investigation is examining Ramadoss' role in the irregularities in distribution of credit insurance cover to Paramount Airways.
This is the second inst...
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General |
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Statement of Prime Minister today in Lok Sabha on Anna Hazarre's movement for bringing Jan Lokpal Bill.
Posted Date : 17-Aug-2011 , 01:47:56 pm | Posted By CASANSAAR
Following is the text of the statement made by the Prime Minister, Dr. Manmohan Singh in the Lok Sabha today:
"Hon’ble Speaker,
2. It is my painful duty to report to this House certain events that took place yesterday in New Delhi.
3. Hon’ble Members are aware that after...
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General |
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