CBI arrests an Additional Commissioner of Income Tax Andasu Ravindra and two others in a bribery case of Rs.50 lakh
Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR
CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyd...
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Income Tax |
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Economic growth to dip below 8 pc after slow first quarter: Industry
Posted Date : 30-Aug-2011 , 04:53:51 pm | Posted By CASANSAAR
The Indian economy is expected to grow at a lower rate than projected by the government in the current fiscal, industry lobbies said Tuesday, after official data showed the economy expanded at a slow 7.7 percent in the quarter ending June. The fresh data released by the Central Statistical O...
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General |
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0 | Hits : 673
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Auditors should be paid from a pool of funds
Posted Date : 30-Aug-2011 , 07:46:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India's ( ICAI) move to write a new code of ethics is welcome, but it can be effective only if it compels auditors to raise their standard of ethics and values. No large corporate fraud has been exposed by eagle-eyed accountants, but by insiders o...
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ICAI |
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2 | Hits : 1697
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RBI opening doors for corporates to enter banking industry but with conditions
Posted Date : 30-Aug-2011 , 07:44:23 am | Posted By CASANSAAR
After years of intense lobbying, business houses wanting to set up banks are spotting a ray of hope. The Reserve Bank of India is slowly opening the doors for corporates to enter the highly-regulated industry, but with caution, conditions and caveats. In draft guidelines issued on Monday, th...
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Banking |
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0 | Hits : 1205
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Train travel, passport fee, capitation fee may come under service tax net
Posted Date : 30-Aug-2011 , 07:42:43 am | Posted By CASANSAAR
Travel by train, passport fee, capitation fees to education institutions and non-compete fees given by companies may come under tax net as the government considers a 'negative list' model to tax services, which will boost its tax revenues significantly. Most countries follow the negative lis...
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Service Tax |
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0 | Hits : 1032
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I-T commissioner held for taking Rs 2 lakh bribe
Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR
Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-K...
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Income Tax |
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0 | Hits : 1098
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Service tax norms part of GST roadmap
Posted Date : 30-Aug-2011 , 07:30:10 am | Posted By CASANSAAR
The government has prepared a concept note to provide clarity on which services would be taxed and the ones that would be excluded. The move is part of the preparation being made for implementing a comprehensive Goods and Service Tax regime, which will shift the entire indirect tax levy to 16%....
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GST |
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0 | Hits : 1000
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Govt clears 123 FDI proposals worth 19,711 crore
Posted Date : 30-Aug-2011 , 07:28:08 am | Posted By CASANSAAR
The government on Monday said it has cleared 123 foreign direct investment (FDI) proposals worth over 19,711 crore rupees during the current fiscal till August 23. Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Lok Sabha that on August 23 this ...
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Finance |
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0 | Hits : 785
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Functioning of Independent Directors
Posted Date : 30-Aug-2011 , 07:24:52 am | Posted By CASANSAAR
The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of inte...
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Corporate Law |
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0 | Hits : 922
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Chartered accountants can become whistleblowers? ICAI council is divided over code of ethics
Posted Date : 29-Aug-2011 , 08:05:00 am | Posted By CASANSAAR
Chartered accountants, who are often blamed for helping clients sidestep the law and masking the truth behind numbers, will have a new code of ethics. After a marathon council meeting last week, the statutory body that makes the rules for the profession decided to overhaul the present code. Amid ...
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ICAI |
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0 | Hits : 1199
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Some banks to get capital infusion of RS 2,000 crore
Posted Date : 29-Aug-2011 , 07:46:24 am | Posted By CASANSAAR
The government has decided to sanction Rs 2,000 crore to some public sector banks as part of its recapitalisation drive.
“We are in the process of sanctioning Rs 2,000 crore to a few public sector banks, but the the disbursement would take place at later date,” officia...
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Category :
Banking |
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0 | Hits : 954
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All eyes on Apple's new CEO Tim Cook to dish out next recipe for success
Posted Date : 29-Aug-2011 , 07:39:02 am | Posted By CASANSAAR
Tim Cook has big shoes to fill and he can't do it by just pushing out snazzier versions of the iPhone or iPad. Apples newly minted CEO needs a revolutionary product to prove he has the chops to succeed Steve Jobs, and that may be a full-on assault on the living-room space by as early as 2013,...
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International Business |
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0 | Hits : 887
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RBI to issue guidelines for Basel III implementation
Posted Date : 28-Aug-2011 , 04:52:53 pm | Posted By CASANSAAR
The RBI has said Indian banks will adhere to the globally agreed timeline for implementation of Basel III norms and guidelines in this regard will be issued in the near future. "The RBI is examining the Basel III regulations and will issue guidelines to the extent applicable for banks operating i...
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RBI |
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0 | Hits : 853
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Has Anna Hazare really come out a winner?
Posted Date : 28-Aug-2011 , 04:47:59 pm | Posted By CASANSAAR
"House bows to Anna whip", "Parliament yields to Anna", "Anna wins it for the people" are some of the screaming headlines in newspapers today. But has he really achieved? Opinion is divided among politicians, journalists and others with majority feeling that while the issue of corruption&n...
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Category :
General |
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0 | Hits : 821
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Anna Hazare ends fast, nation celebrates
Posted Date : 28-Aug-2011 , 10:57:52 am | Posted By CASANSAAR
Anna Hazare ended his fast on the 13th day by drinking cocunut water and honey. He will now spend some time an the Ramlila Maidan and then go straight to the hospital. A Team Anna member said the 74-year-old Gandhian will go to Medanta Medicity in Haryana's Gurgaon soon after he breaks his fa...
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General |
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0 | Hits : 1068
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Anna Hazare's next mission: India tour for clean leaders
Posted Date : 28-Aug-2011 , 08:37:10 am | Posted By CASANSAAR
Even before his ongoing fast could come to an end, Anna Hazare on Saturday announced he would soon launch another campaign to ensure that no tainted leader gets elected to the next Lok Sabha. Speaking after more than 38 hours, Anna declared he would tour the country and appeal to citizens ...
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General |
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0 | Hits : 876
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J-K removes VAT on state-made goods traded across LoC
Posted Date : 28-Aug-2011 , 08:25:44 am | Posted By CASANSAAR
Jammu and Kashmir Governor N N Vohra has promulgated an Ordinance introducing amendments to the VAT Act, 2005, making cross Line of Control (LoC) trade tax-free for goods manufactured in the state.The Ordinance was promulgated by the Governor yesterday on the recommendations of Chief Minister Omar A...
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VAT |
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0 | Hits : 850
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Nation Celebrates as Anna Promises to End Fast at 10 am on Sunday
Posted Date : 27-Aug-2011 , 10:14:53 pm | Posted By CASANSAAR
In what may be termed as one of the biggest victories for the people of India, the fight against corruption received a huge boost on Saturday August 27 when the nation's parliament accepted and agreed to adopt the three major points with regard to the Jan Lokpal Bill.
Considered a r...
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General |
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0 | Hits : 867
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Parliament passes unanimous resolution on Anna's demands
Posted Date : 27-Aug-2011 , 09:22:42 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today said Lok Sabha has adopts 'sense of House' on three key issues raised by Anna Hazare. The house was adjourned without voice vote. Rajya Sabha too was adjourned after it adopted 'sense of House' on three key issues raised by Anna Hazare.
The l...
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Category :
General |
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0 | Hits : 1041
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Obama declares emergency in New York, Virginia and Massachusetts as hurricane Irene approaches
Posted Date : 27-Aug-2011 , 12:00:22 pm | Posted By CASANSAAR
President Barack obama today declared emergency in three States of New York, Virginia and Massachusetts which empowered federal agencies to take all steps required to protect people and properties, as hurricane Irene with a sustained wind speed of 100 miles per hour gushed toward the eastern s...
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General |
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0 | Hits : 923
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In crises, banks may replenish ATMs by RBI borrowings
Posted Date : 27-Aug-2011 , 11:49:54 am | Posted By CASANSAAR
The Reserve Bank of India on Friday said banks can now replenish their automated teller machines (ATMs) with cash by borrowing up to 100 million rupees at one go from the central bank if a banking sector strike or any natural calamity creates a situation where ATMs may run out of cash.
"Depending...
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Category :
Banking |
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0 | Hits : 966
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RBI doubles reserves for contingencies this fiscal
Posted Date : 27-Aug-2011 , 11:48:57 am | Posted By CASANSAAR
The Reserve Bank of India has more than doubled its reserves for contingencies this fiscal amid fears of the return of financial instability, such as the one in 2008, due to the worsening European sovereign crisis and flagging US economic recovery. Financial market troubles had eroded the...
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RBI |
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0 | Hits : 862
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RBI says NPAs likely to rise more
Posted Date : 27-Aug-2011 , 08:03:33 am | Posted By CASANSAAR
Banking and monetary regulator Reserve Bank of India has indicated that there is probability of further rise in NPA level of banks. The concern was expressed by Anand Sinha, deputy governor, RBI. He however said that there is still no chance of any kind of systemic risk arising.
Systemic risk ref...
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RBI |
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0 | Hits : 802
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I-T to probe banks helping people hide black money
Posted Date : 26-Aug-2011 , 11:11:54 pm | Posted By CASANSAAR
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. "We have found instances where banks are running multiple accounts of certain customers for the purpose...
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Category :
Income Tax |
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0 | Hits : 968
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Collecting data on I-T returns of political parties: FinMin
Posted Date : 26-Aug-2011 , 06:00:22 pm | Posted By CASANSAAR
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament.
"The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the...
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Category :
Income Tax |
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0 | Hits : 776
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Unwanted calls, SMS's will get stopped from October 1st: TRAI
Posted Date : 26-Aug-2011 , 08:15:55 am | Posted By CASANSAAR
Telecom regulator TRAI has said that from first of October unwanted calls and SMS's will get stopped. TRAI Chairman J S Sarma said at a function in New Delhi that a new Telecom regulatory policy will come into force from October.Mr. Sarma asked leading telecom service providers, including Bharti air...
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General |
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0 | Hits : 1217
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Resolve investor complaints within a month: Sebi to brokers
Posted Date : 26-Aug-2011 , 08:12:30 am | Posted By CASANSAAR
Capital markets regulator Sebi today directed stock brokers and sub-brokers to redress investor complaints within a month of receiving them, saying that failure to do so would make them liable for penal action. The direction comes a day after it announced that all investor complaints should be forwa...
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SEBI |
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0 | Hits : 785
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Delhi HC inquires whether CAG can audit discoms' accounts
Posted Date : 26-Aug-2011 , 08:10:57 am | Posted By CASANSAAR
The Delhi High Court today issued notices to the private discoms -- BSES Rajdhani, BSES Yamuna and North Delhi Power Limited (NDPL) and asked them to file their response on a petition seeking audit of their accounts by the Comptroller and Auditor General (CAG). Taking note of the petition filed...
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Auditing |
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0 | Hits : 847
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Finmin readies GST for 2012-13 rollout
Posted Date : 26-Aug-2011 , 08:08:29 am | Posted By CASANSAAR
Implementation of a nationwide goods and services tax (GST) in 2012-13 suddenly seems possible, with the assertion of the chairman of the empowered committee of state finance ministers, Sushil Modi, to work towards meeting the April 2012 deadline.
A senior finance ministry official ...
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Service Tax |
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0 | Hits : 1076
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NSE to launch futures and options contracts on S&P 500 and futures on Dow Jones from August 29
Posted Date : 26-Aug-2011 , 08:04:53 am | Posted By CASANSAAR
Come Monday, Indian investors will be able to directly place bets on two of the leading US equity indices, without worrying about foreign currency. The National Stock Exchange (NSE) will go live with rupee-denominated derivative contracts on S&P500 and Dow Jones Industrial Average (DJIA) indices...
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Category :
Shares & Stock |
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0 | Hits : 778
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