RBI allows pre-paid cards for corporate reimbursements
Posted Date : 05-Aug-2011 , 11:37:54 am | Posted By CASANSAAR
Indian companies can now pay perks to their employees in plastic money. In a move that could pave the way for cashless settlements of perquisites and reimbursements, RBI on Thursday allowed banks to issue pre-paid payment instruments to corporates for onward issuance to their employees."...
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RBI |
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Ministry of corporate affairs may levy annual duty on registered companies
Posted Date : 05-Aug-2011 , 11:36:22 am | Posted By CASANSAAR
The ministry of corporate affairs (( MCA)) is contemplating introducing an annual charge on all registered companies in the new Companies Bill with the twin aim of boosting its revenue and creating a system to track companies. The charge will most likely be based on the capital size of the com...
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Corporate Law |
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Video Conferencing for AGMs
Posted Date : 05-Aug-2011 , 07:34:20 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has recognized participation by shareholders in the Annual General Meetings under the Companies Act, 1956 for all companies through video conference. Vide Circular dated 06.06.2011 issued by the Ministry, it is proposed to be mandatory for all listed companies for f...
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Corporate Law |
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0 | Hits : 896
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Announcement of KYC Norms by ICAI
Posted Date : 04-Aug-2011 , 11:16:04 pm | Posted By CASANSAAR
All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at its 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and appl...
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ICAI |
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ICAI- Period of validity of Registration in CA Course
Posted Date : 04-Aug-2011 , 10:50:17 pm | Posted By CASANSAAR
BoS/ Announcement/227/11
In continuation of Institutes Announcement dated June 23, 2011 on Institutes website and in the Chartered Accountants Students Journal (July, 2011 issue) regarding Period of Validation of Registration in Chartered Accountancy Course, it is info...
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Students Zone |
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No tax on Hutch deal under present laws: Vodafone in SC
Posted Date : 04-Aug-2011 , 10:21:12 pm | Posted By CASANSAAR
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions.
Senior advocate Harish Salve app...
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Income Tax |
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RBI forms panel on monetary policy
Posted Date : 04-Aug-2011 , 10:18:19 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) today reconstituted the Technical Advisory Committee (TAC), which advises the apex bank on its monetary policy stance, in the light of macroeconomic and monetary developments.
The reconstituted committee would include eminent economists like Shankar Acharya...
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RBI |
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Per capita income has grown 120% between FY'05 and FY'11:Government
Posted Date : 04-Aug-2011 , 10:15:19 pm | Posted By CASANSAAR
The per capital income in the country has jumped over two-folds between 2004-05 and 2010-11 to touch Rs 54,835 per annum, Parliament was informed today. In a written reply to the Lok Sabha, Minister of State (Independent Charge) for Statistics and Programme Implementation Srikant Jena said that...
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General |
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HDFC Bank starts income tax payment service through ATMs
Posted Date : 04-Aug-2011 , 07:19:10 am | Posted By CASANSAAR
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs.
“With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into ...
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Income Tax |
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0 | Hits : 1006
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Sebi clears single-window clearance for prior approvals
Posted Date : 04-Aug-2011 , 07:17:30 am | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (Sebi) today approved a single-window clearance system for market entities, including stock brokers, merchant bankers and credit ratings agencies, for grant of prior approval for change in control of their management structures.
"W...
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SEBI |
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HC verdict on service tax over lease today
Posted Date : 04-Aug-2011 , 07:15:16 am | Posted By CASANSAAR
The Bombay high court on Thursday will start dictating the judgment in a case related to the central government levying service tax payable on leasing, letting, licensing and renting of immovable properties for commercial purposes. The court was hearing several petitions moved by establisments such ...
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Service Tax |
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Gifts received by Mayawati from supporters cannot be included in tax return: Delhi HC
Posted Date : 04-Aug-2011 , 07:11:43 am | Posted By CASANSAAR
In a reprieve to UP Chief Minister Mayawati, the Delhi High Court has ruled that gifts she received from party supporters cannot be included in her tax return for 2003-04, as it was not taxable under provisions of the Income Tax Act. The court dismissed the appeal of the Revenue Department which had...
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Income Tax |
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1 | Hits : 987
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Release of Dos & Don'ts Manual by Chairman , CBDT
Posted Date : 03-Aug-2011 , 10:03:55 pm | Posted By CASANSAAR
Manual of Dos & Don'ts covering various aspects of General Conduct, Financial administration, Tax administration and Vigilance Administration etc prepared by the Vigilance Directorate , was released by Shri Prakash Chandra, Chairman CBDT during the Video Conference on 29.07.2011.
Click here to ...
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Income Tax |
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0 | Hits : 977
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SC to hear Vodafone
Posted Date : 03-Aug-2011 , 09:47:58 pm | Posted By CASANSAAR
The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expecte...
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Income Tax |
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States FMs panel on GST to meet on Aug 19: Pranab
Posted Date : 03-Aug-2011 , 09:44:03 pm | Posted By CASANSAAR
Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime.
"The next meeting is on 19th (August). They (panel members) will discuss various issues am...
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GST |
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No subsidised gas for people with income of Rs 6 lac/yr:Panel
Posted Date : 03-Aug-2011 , 05:33:42 pm | Posted By CASANSAAR
The government should end subsidised domestic cooking gas (LPG) for people with income of more than Rs 6 lakh per annum, a Parliamentary Panel has suggested. A 14.2-kg LPG cylinder in Delhi currently costs Rs 395.35. This is Rs 247 short of its market price. If the panel recommendation is accep...
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General |
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Standing Committee on Finance questions Rs 45 crore tax exemption to ICC
Posted Date : 03-Aug-2011 , 08:05:19 am | Posted By CASANSAAR
A parliamentary committee has rapped the income tax department for letting the Indian cricket board enrich itself at the expense of the exchequer. In a report placed before the Lok Sabha on Tuesday, the Standing Committee on Finance said the income tax (IT) department had been "very lenient" w...
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Income Tax |
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0 | Hits : 770
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Gold hits new high of 23,690
Posted Date : 03-Aug-2011 , 08:03:44 am | Posted By CASANSAAR
Gold climbed 210 rupees, to a new all-time record of 23,690 rupees per ten grams at Delhi's bullion market, on Tuesday, on renewed domestic buying, driven by a firm overseas trend. Silver rose 600 rupees, to 58,600 rupees per kilo, on increased buying by speculators and industrial units. Silver coin...
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International Business |
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IT SEZ units to get tax sops soon. Notification to settle pending issue likely this month.
Posted Date : 02-Aug-2011 , 04:01:50 pm | Posted By CASANSAAR
Information technology and IT-enabled service units in special economic zones are going to be allowed the same tax concessions as given to developers of SEZs.
The government is to soon issue the new norms, as more and more IT companies don the function of a developer, empowering them to eve...
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Income Tax |
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0 | Hits : 887
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E-filing of I-T returns jumps 140%
Posted Date : 02-Aug-2011 , 03:57:19 pm | Posted By CASANSAAR
5.3 mn e-returns filed till July 31, against 2.2 mn during the period last year.
The e-filing of income-tax returns has seen a major rise this year, with a 140 per cent jump in the number of filings till July 31, as compared to the same period in 2010-11.
A senior Income Tax Depa...
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Income Tax |
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Entitlement of number of trainees by Company Secretary in Practice
Posted Date : 02-Aug-2011 , 07:43:28 am | Posted By CASANSAAR
The Council at its 201st meeting held on 23rd-24th June, 2011, in supersession of its earlier decision which was notified in October, 2008 issue of Chartered Secretary, has decided that with effect from 24th June, 2011, for the purpose of clause (c) of Regulation 48 of the Company Secretaries Regula...
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ICSI |
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SC asks ICAI to proceed against Satyam auditor after October 3
Posted Date : 01-Aug-2011 , 09:55:45 pm | Posted By CASANSAAR
The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K Ganguly asked the Institute of Chartered Accountants of I...
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ICAI |
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0 | Hits : 1038
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M.C. Joshi Takes Over as Chairman, CBDT
Posted Date : 01-Aug-2011 , 09:47:06 pm | Posted By CASANSAAR
Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax, Uttaranchal, after having served in the Income Tax d...
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Income Tax |
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0 | Hits : 1098
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5 banks including Indian Bank, Andhra Bank and Bank of Maharashtra hike lending rates
Posted Date : 01-Aug-2011 , 09:42:50 pm | Posted By CASANSAAR
Five banks, including Indian Bank, Andhra Bank and Bank of Maharashtra, have raised lending rates by up to 50 basis points in line with other lenders. The hike in interest rates come within a week of the RBI raising its key policy rates by a hefty 50 basis points to check high inflation. With the hi...
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Banking |
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0 | Hits : 1034
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Indian Railways has not paid service tax on catering and advertising for years
Posted Date : 01-Aug-2011 , 04:45:35 pm | Posted By CASANSAAR
Chances are the authorities would immediately go after you if you refuse to pay taxes. But if you are Indian Railways, they could choose to look the other way. Well, that's what has been happening with the Indian Railways which has not paid service tax on catering and advertising for years, despite ...
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Service Tax |
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1 | Hits : 998
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India japan CEPA comes into force Commerce Secretary calls it a Major Step for a larger East Asian Partnership
Posted Date : 01-Aug-2011 , 04:38:58 pm | Posted By CASANSAAR
The Commerce Secretary, Shri Rahul Khullar has said that India and Japan Comprehensive Economic Partnership Agreement (CEPA) is a major step in the direction of larger vision of an East Asia partnership. He was speaking after co-Charing the first meeting of Joint Committee of India Japan CEPA with M...
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International Business |
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0 | Hits : 904
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Naved Masood takes over as new Secretary, Ministry of Corporate Affairs
Posted Date : 01-Aug-2011 , 04:36:44 pm | Posted By CASANSAAR
Sh. Naved Masood, IAS (UP:77) has taken over as new Secretary in the Ministry of Corporate Affairs here today. Prior to it he was Special Secretary and Financial Advisor, Department of Health and Family Welfare in the Ministry of Health and Family Welfare. Sh. Masood replaces Sh. D.K.Mittal IAS (UP:...
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Corporate Law |
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0 | Hits : 1018
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HSBC to cut 30,000 jobs, posts surprise rise in H1 profit
Posted Date : 01-Aug-2011 , 03:31:56 pm | Posted By CASANSAAR
HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said on Monday after it reported a surprise rise in first-half profit. Shares in HSBC rose over 4 percent after it unveiled first-half pretax profits of $11.5 billion, up from $11.1...
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International Business |
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1 | Hits : 965
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Now, promoters asked to disclose share dealings
Posted Date : 01-Aug-2011 , 11:37:59 am | Posted By CASANSAAR
With an aim to rein in insider trading by promoters without investors' knowledge, Sebi has decided to make it mandatory for all promoter entities to disclose any considerable purchase or sale of shares by them.
The decision would remove a major anomaly from the Sebi's insider trading proh...
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SEBI |
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0 | Hits : 909
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Sebi amends rule to check black money, tax evasion in market
Posted Date : 01-Aug-2011 , 07:38:35 am | Posted By CASANSAAR
With an aim to check flow ofblack money and evasion of taxes through stock market, market regulatorSebi has decided to imposehefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by sto...
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SEBI |
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