ICAI to submit report in Sept on black money
Posted Date : 13-Aug-2011 , 07:39:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money.
"A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreemen...
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ICAI |
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Direct tax kitty grows 27%
Posted Date : 13-Aug-2011 , 07:33:35 am | Posted By CASANSAAR
Sluggish industrial performance in the first few months of the current fiscal has had little impact so far on direct tax collection withcorporate tax rising 30% during April-July 2011. The total corporate tax collection in the first four months was estimated at Rs 85,222 crore, contri...
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Income Tax |
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Sebi for greater oversight of auditors, analysts
Posted Date : 12-Aug-2011 , 02:42:57 pm | Posted By CASANSAAR
With an aim to shielding investors from vested interests and potential corporate scams, market regulator the Securities and Exchange Board of India (Sebi) has proposed to frame a strict set of rules for research analysts and wants an independent oversight body for auditors.
At the s...
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SEBI |
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Govt owes Rs 3,500 crore to IT/BPO companies like Infosys, Mphasis, Wipro, in service tax refunds
Posted Date : 12-Aug-2011 , 01:07:05 pm | Posted By CASANSAAR
The IT/BPO sector says the government owes the industry over Rs 3,500 crore in service tax refunds for the past three years. With the amount continuing to grow, the matter is now being taken up by industry bodies Nasscom and the Confederation of Indian Industry (CII). Since 2008, com...
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Service Tax |
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SBI, ICICI Bank raise base rates by 50 bps to 10%
Posted Date : 12-Aug-2011 , 08:26:32 am | Posted By CASANSAAR
The country's top two banks, State Bank of India (SBI) and ICICI Bank, on Thursday announced 50-basis point increases in their minimum lending rates, or base rates, to 10 per cent. The rate rises are effective from Saturday.
The banks had kept their lending rates unchanged since early J...
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Banking |
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Only Sebi can allow MCX-SX equity trade, says court judge
Posted Date : 12-Aug-2011 , 08:24:27 am | Posted By CASANSAAR
The Bombay high court may ask Securities and Exchange Board of India (Sebi) to reconsider its decision to restrain MCX-SX Ltd from trading in equity and other exchange-traded products.
“We cannot direct Sebi to give you (MCX-SX) permission to trade; we can just ask them to recons...
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SEBI |
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Finance ministry to clear norms for new bank licences next week
Posted Date : 12-Aug-2011 , 08:21:48 am | Posted By CASANSAAR
The finance ministry will clear guidelines for new bank permits by next week, potentially setting the stage for the Reserve Bank to roll out licences after a gap of eight years. Once the finance ministry gives its go-ahead, RBI is expected to make the norms public and invite applications for ...
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Banking |
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DTC set to miss deadline again
Posted Date : 12-Aug-2011 , 08:18:37 am | Posted By CASANSAAR
The implementation of the Direct Taxes Code appears set to miss its deadline once again.
The Direct Taxes Code (DTC) Bill, introduced in Parliament on August 30 last year, proposes to replace the 50-year-old Income Tax Act.Initially proposed to come into force from April 2011, the c...
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Income Tax |
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Disinvestment of 10% paid up equity of National Buildings Construction Corporation Limited
Posted Date : 12-Aug-2011 , 08:10:32 am | Posted By CASANSAAR
The Union Cabinet today gave its approval for divestment of 10% of total paid up equity of National Buildings Construction Corporation Ltd. (NBCC) out of its holding through Initial Public Offering (IPO) in the domestic market. The Government of India holds 100% of the equity in the Company. This wi...
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General |
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Corporate Social Responsibility
Posted Date : 12-Aug-2011 , 08:09:41 am | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises have issued comprehensive guidelines on Corporate Social Responsibility (CSR) for Central Public ...
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Corporate Law |
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Parliament permits government to mint Rs 1,000 denomination coins
Posted Date : 11-Aug-2011 , 05:23:31 pm | Posted By CASANSAAR
Parliament on Thursday permitted the government to mint coins of Rs 1,000 denomination even as nostalgia over withdrawal of 25 paise coins (chawani) was witnessed among Rajya Sabha members. The Coinage Bill, 2009 passed by the Upper House, limits payment by an individual through coins up to Rs ...
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General |
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Railways seeks service tax waiver to keep its finances in order
Posted Date : 11-Aug-2011 , 03:14:52 pm | Posted By CASANSAAR
Indian Railways is casting about for ways to cushion the impact of spiraling fuel prices and may raise passenger fares as a last-ditch measure. An increase in diesel prices in June has added to the worries of the state-run utility, whose finances are already strained by populist measures. ...
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Service Tax |
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More powers to Serious Fraud Investigation Office under the new Companies Bill: M Veerappa Moily, Minister of Corporate Affairs
Posted Date : 11-Aug-2011 , 03:13:16 pm | Posted By CASANSAAR
More powers to Serious Fraud Investigation Office under the new Companies Bill: M Veerappa Moily, Minister of Corporate Affairs He maintained that SFIO had filed 39 cases and all have gone in its favour. "We need to strengthen it by giving it powers of arrest, raid and seizure."
Governme...
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Corporate Law |
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Name change of ICWAI to ICMAI /ICAI
Posted Date : 11-Aug-2011 , 01:45:32 pm | Posted By CASANSAAR
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ICWAI |
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Indian deposits in Swiss banks show steady decline
Posted Date : 11-Aug-2011 , 08:17:02 am | Posted By CASANSAAR
The deposits of Indians in Swiss banks have shown a steady decline over the year. It has halved to 9,295 crore rupees last year from about 23,373 crore rupees in 2006.Finance Minister Pranab Mukherjee said this in a written reply to the Rajya Sabha quoting Swiss National Bank data.
Indians accounte...
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International Business |
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Cash economy on income tax radar
Posted Date : 11-Aug-2011 , 08:12:44 am | Posted By CASANSAAR
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
Under pressure to enhance tax realisation amid apprehensions of sluggish industrial growth, the Central Board of Direct Taxes has decided to target the cash economy in a big way to boost th...
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Income Tax |
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Finance Minister asks Officers of Indian Cost Accounts Service to Perform the Proactive Role to help the Government to Use Its Resources in Most Optimal and Efficient Manner
Posted Date : 11-Aug-2011 , 08:08:04 am | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee said that officers of Indian Cost Accounts Service (ICAS) have a major role to play in facilitating the government in its decision making process through their inputs in solving complex pricing and costing issues. Shri Mukherjee asked the ICAS officer...
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Excise |
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Supreme Court : Now, you can use RTI to re-evaluate answer-sheets
Posted Date : 10-Aug-2011 , 01:12:18 pm | Posted By CASANSAAR
The Supreme Court on Tuesday ruled that students aggrieved with their examination scores - class X and XII, entrance exam for professional courses as well as job recruitment tests - can now take a look at how they were evaluated by moving an application under the Right to Information A...
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General |
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Zero balance in a/c need not worry you anymore : RBI's decision to be out soon
Posted Date : 10-Aug-2011 , 11:54:27 am | Posted By CASANSAAR
The high court on Tuesday observed that banks recovering penal charges from customers not maintaining minimum balance in their accounts might have to pay back the amount with penal interest once the RBI comes out with its decision. The court's observation came following a public interest ...
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RBI |
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Mauritius & Singapore compete for preferred tax gateways to India
Posted Date : 10-Aug-2011 , 11:25:47 am | Posted By CASANSAAR
The equatorial island nations of Mauritius and Singapore are competing for the role of preferred gateway for foreign investments into India and other Asian countries. Think of it as a triangle, not of love, but of lucre. Companies and rich investors use gateway countries so they can earn profit...
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Income Tax |
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0 | Hits : 813
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Indirect tax mopup rises 16.4% to Rs 31.5k cr in July
Posted Date : 10-Aug-2011 , 10:03:08 am | Posted By CASANSAAR
Four months into the new fiscal, the indirect tax collections are holding up well, suggesting that the slowdown is yet to impact tax collections materially. Indirect tax collections in July were up 16.4% from a year ago. In the April-July period the kitty was up 27% from a year ago. "Overall central...
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Income Tax |
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0 | Hits : 673
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Switch over to base rate from PLR system
Posted Date : 09-Aug-2011 , 09:57:40 pm | Posted By CASANSAAR
Following the announcement in the Annual Policy Statement for the year 2009-10, Reserve Bank of India (RBI) constituted a Working Group on Benchmark Prime Lending Rate (BPLR) to review the present BPLR system and suggest changes to make credit pricing more transparent. Based on the recommendations o...
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Banking |
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Govt permits foreign investors to invest up to $13 bn in MFs
Posted Date : 09-Aug-2011 , 09:55:00 pm | Posted By CASANSAAR
The government today allowed foreign investors to invest up to $ 13 billion in equity and debt schemes of mutual funds, a move aimed at enhancing depth in the capital market. The announcement comes at a time when there are concerns over the flight of foreign capital and is expected to provide muc...
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Shares & Stock |
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Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011
Posted Date : 09-Aug-2011 , 09:39:08 pm | Posted By CASANSAAR
The Gross Non-performing Assets (NPA) of Public Sector Banks (PSBs) for the period ending March, 2011 stood at Rs. 71,047 crore.
The Gross NPA of State Bank of India for the period ending March, 2011 was Rs. 23,074 crore which constitutes 32% of total Gross NPAs of the PSBs.
This infor...
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Banking |
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Tax arrears of Rs 3.89 lakh cr not realised in FY11
Posted Date : 09-Aug-2011 , 09:35:48 pm | Posted By CASANSAAR
Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11.
Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 5...
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Income Tax |
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I-T zeroes in on 50 high-value tax defaulters
Posted Date : 09-Aug-2011 , 04:50:14 pm | Posted By CASANSAAR
Under pressure to unearth blackmoney, the Income Tax department has tracked down over 50 high-value defaulters, who had declared their assets to be zero, with tax liability of over Rs 10 crore. The department has collected information about these defaulters from various sources and will soon in...
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Income Tax |
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0 | Hits : 819
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D Subbarao gets 2-year extension as RBI Governor
Posted Date : 09-Aug-2011 , 04:46:24 pm | Posted By CASANSAAR
Ending months of suspense, Prime Minister Manmohan Singh today gave a two-year extension to RBI Governor D Subbarao beyond September. "The Prime Minister approved the extension to D Subbarao, Governor of RBI, for two years," a PMO spokesman said. The extension will be with effect fro...
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RBI |
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Important Instructions for Online Exam Applications - November, 2011
Posted Date : 09-Aug-2011 , 04:43:23 pm | Posted By CASANSAAR
Closing Dates for Online Submission of Exam Application Form for NOVEMBER 2011 Exams are 30th August, 2011 without late fee and 6th September, 2011 with late fee. No New Registrations will be accepted after 17.30 hours (IST) of 6th September, 2011.
DO NOT OPEN MORE THAN ONE SESSION AT THE SAME T...
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Students Zone |
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CAs should audit social welfare schemes: ICAI
Posted Date : 09-Aug-2011 , 08:21:30 am | Posted By CASANSAAR
The Centre and the state governments must allow certified Chartered Accountants to audit the financial expenses of social welfare schemes and cooperative societies, said G Ramaswamy, president, Institute of Chartered Accountants of India (ICAI).
"We have sent the proposal to respe...
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ICAI |
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How to track your income tax refund
Posted Date : 09-Aug-2011 , 08:18:21 am | Posted By CASANSAAR
The Income Tax Department entertains queries for all assessees regarding the refunding of income tax through the Tax Information Network (TIN). The SBI has been appointed as the refund banker, which processes refunds and routes them to the assessees' bank accounts. If the assessee does not choose di...
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Income Tax |
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