Govt may soon appoint panel to clear asset buys abroad by PSUs
Posted Date : 26-Jul-2011 , 02:02:39 pm | Posted By CASANSAAR
The government is expected to soon appoint a high-power committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. Several public sector units (PSUs) in key infrastructure sectors like oil, coal and mines are scouting for ac...
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International Business |
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CAG says in process of finalising report on KG-D6 gas fields
Posted Date : 26-Jul-2011 , 02:01:06 pm | Posted By CASANSAAR
Government auditorCAG today said it is in the process of finalising its report on Reliance Industries'sKG-D6 gas fields. Refuting allegation by theReliance Industries that it was not given enough time to respond to the audit observations, Comptroller and Auditor General of India Vinod Rai said,...
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CAG |
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RBI Hikes Repo, Reverse Rpo by 50 BPS each, CRR Unchanged
Posted Date : 26-Jul-2011 , 11:23:42 am | Posted By CASANSAAR
RBI raised interest rates by a higher-than-expected 50 basis points on Tuesday, stepping up its fight against persistently high inflation despite slowing growth in Asia's third-largest economy. TheReserve Bank of India (RBI) increased therepo rate , at which it lends to banks, to 8 per cent, exceedi...
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Income Tax |
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SEBI to dilute open offer norms in mergers and acquisitions
Posted Date : 26-Jul-2011 , 07:23:13 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) is likely to approve a diluted version of the draft takeover code aimed at overhauling India’s corporate acquisition regime. The market regulator is likely to bring down the mandatory open offer to 51% of the total shares from the recommended 1...
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Merger & Acquisitions |
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Online Incorporation of Companies Within 24 Hours
Posted Date : 26-Jul-2011 , 07:17:19 am | Posted By CASANSAAR
In order to give ease to the corporate world to carry business within the country, the Ministry of Corporate Affairs has been simplifying the procedures under the Companies Act, 1956. Accordingly, to enable promoters to get their companies incorporated online within 24 hours, the incorporation proce...
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Category :
Corporate Law |
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ICAI - Handbook on "The Process of E-filing of Income Tax Returns"
Posted Date : 26-Jul-2011 , 07:13:08 am | Posted By CASANSAAR
A Handbook on "The Process of E-filing of Income Tax Returns"
For more detail click here...
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ICAI |
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ICAI - Procedure for verification of answer books of Chartered Accountants-Final, PCE, IPCE/ATE-Units, Examinations
Posted Date : 25-Jul-2011 , 09:54:32 pm | Posted By CASANSAAR
Candidates who are desirous of applying for verification of the marks obtained by them in the May 2011 exams are requested to note and follow the procedure detailed below
The application for verification of marks must be in the handwriting of the candidate. If the candidate had appeared in Hindi me...
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Category :
Students Zone |
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Clarification form Finance Ministry: Exemption from filing returns is voluntary
Posted Date : 25-Jul-2011 , 12:55:32 pm | Posted By CASANSAAR
The finance ministry’s decision to exempt salaried people with taxable income up to Rs 5 lakh from filing returns has become a bane for some taxpayers. Though the ministry had clarified that it was not mandatory for taxpayers to avail of this privilege, some taxpayers willing to file returns d...
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Income Tax |
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Audit firms may also face action in Satyam-like cases
Posted Date : 25-Jul-2011 , 08:08:40 am | Posted By CASANSAAR
New Companies Bill to propose equal responsibility of auditors, firms. Unlike in the multi-crore Satyam fraud, audit firms will not be able to wash their hands of corporate scams perpetrated by companies in connivance with their partner auditors.
The Companies Bill, 2011, being finalised by...
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Auditing |
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Service tax evaders under scanner
Posted Date : 25-Jul-2011 , 08:01:29 am | Posted By CASANSAAR
The government is set to crack down on nearly nine lakh service providers - constituting almost 60% of those registered with the tax department - for not filing returns.
A recent study by the finance ministry has revealed that of the 15 lakh service providers across the country, only six lakh are ...
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Category :
Service Tax |
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Farm debt waiver scheme: CAG seeks details from banks
Posted Date : 24-Jul-2011 , 09:38:09 pm | Posted By CASANSAAR
The government auditorCAG has sought details from all banks, including regional rural banks and cooperative banks, regarding the implementation of the Rs 71,000-crorefarm debt waiver scheme. The scheme provided relief to about four crore farmers. Information has been sought to examine how...
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CAG |
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Four Major construction PSUs likely to be merged : NBCC, NPCC, HPL, HSCL.
Posted Date : 24-Jul-2011 , 09:32:13 pm | Posted By CASANSAAR
Four major construction PSUs, of which two are sick, may be merged to achieve greater synergy between companies like National Buildings Construction Corporation (NBCC) and Hindustan Steelworks Construction (HSCL).
The companies which are being considered for merger are NBCC, Hindustan Pre...
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Merger & Acquisitions |
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RBI likely to raise policy rates by 25 basis points: Bankers
Posted Date : 24-Jul-2011 , 05:05:49 pm | Posted By CASANSAAR
Faced with inflation much above the comfort level, the Reserve Bank is likely to raise key interest rates by another 25 basis points in its first quarterly review of monetary policy 2011-12 on July 26. "There is a general perception that (policy) rates are going to go up by 25 basis point...
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RBI |
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Task force on GST to submit report in two weeks: CBEC
Posted Date : 23-Jul-2011 , 10:02:13 pm | Posted By CASANSAAR
The task force on Goods and Service Tax (GST) set up by the finance ministry will submit its report within two weeks, said Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder on Friday.
“By mid-September, we hope to finalise business rules. A dispute settlement autho...
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GST |
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Government prepares ground for TDS on services, to primarily impact B2B service providers, including IT majors like TCS, Infosys, Wipro, BPOs & consultancy services
Posted Date : 23-Jul-2011 , 02:37:08 pm | Posted By CASANSAAR
The finance ministry is exploring the option of introducing tax deduction at source, or TDS, in the services sector to stem tax evasion, though some experts say the move could raise transaction costs and lock up working capital. The proposed tax regime will be similar to the one in place for in...
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Category :
Service Tax |
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Newly Elected President & Vice President of ICWAI
Posted Date : 23-Jul-2011 , 12:41:20 pm | Posted By CASANSAAR
PRESIDENT
Shri M. Gopalakrishnan , has been elected as President of The Institute of Cost and Works Accountants of India, for the year 2011-12
VICE PRESIDENT
Shri Rakesh Singh, has been elected as Vice President of The Ins...
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ICWAI |
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I-T searches have no material implications: IRB Infra
Posted Date : 23-Jul-2011 , 12:37:39 pm | Posted By CASANSAAR
Highways developer IRB Infra today said searches conducted by the Income Tax (I-T) department at its premises has no material implications on the company.
"IRB Infrastructure Developers has cooperated with the authorities and various statements were recorded by the authorities during the ...
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Category :
Income Tax |
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IRDA mulls making listing of life insurance companies mandatory
Posted Date : 23-Jul-2011 , 12:36:27 pm | Posted By CASANSAAR
Insurance regulator Irda on Friday said it is mulling over making it mandatory for insurance companies to go public, even though the final IPO norms are still awaited and most players are not keen to hit the market. "The (Insurance) Act doesn't stipulate companies to go public, but the regulato...
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Category :
General |
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RBI to issue new coins of 50 paise to Rs 10 denomination
Posted Date : 23-Jul-2011 , 07:18:44 am | Posted By CASANSAAR
The Reserve Bank today said it will soon put into circulation new coins in five denominations, ranging from fifty paise to Rs 10. "The RBI will shortly put in circulation... coins of the fifty paise, one rupee , two rupees, five rupees and ten rupees denominations," the apex bank said in a statement...
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RBI |
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E-filling of income tax returns may cross 50% this year
Posted Date : 23-Jul-2011 , 07:17:50 am | Posted By CASANSAAR
E-filing of income tax returns has increased so substantially over the past two years that the income tax department believes paper filing of returns would soon become a negligible proportion of the total. The department also says that e-filing, combined with its highly efficient and automated centr...
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Income Tax |
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Govt to create a new technology platform for GST regime
Posted Date : 22-Jul-2011 , 09:30:08 pm | Posted By CASANSAAR
The government today said it is working on a special IT platform for smooth implementation of the proposed Goods and Services Tax (GST) -- a new regime that will subsume various levies imposed by centre and states.
The IT special purpose vehicle (SPV) christened as GST N (Network) will be o...
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GST |
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India to allow foreign investment in mutual funds from August 1
Posted Date : 22-Jul-2011 , 04:29:10 pm | Posted By CASANSAAR
India will allow qualified foreign investors to invest up to $10 billion in domestic mutual funds from August 1, a senior finance ministry official said on Friday. The government expects good inflows from qualified financial institutions into mutual funds in this fiscal year to March 2012, Thom...
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Finance |
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CAG's Audit Advisory Board Constituted
Posted Date : 22-Jul-2011 , 03:01:49 pm | Posted By CASANSAAR
A new Audit Advisory Board (AAB) has been constituted under Comptroller & Auditor General of India, Shri Vinod Rai, who is the ex-officio Chairman of the Board. The main function of the Board will be to advise the Comptroller and Auditor General of India in matters relating to audit and suggest ...
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CAG |
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Banks seek extension of deadline to adopt system to identify NPAs
Posted Date : 22-Jul-2011 , 03:00:22 pm | Posted By CASANSAAR
Public sector banks have requested the government to extend the deadline for moving towards the system of technology-based identification of non-performing assets. Banks have asked that the deadline, which was scheduled to expire on September 30, be extended for another six months.
Some b...
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Banking |
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0 | Hits : 1192
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IT raids at residences, offices of Malayalam superstars Mammootty and Mohanlal
Posted Date : 22-Jul-2011 , 02:57:33 pm | Posted By CASANSAAR
Income Tax officials today carried out simultaneous raids on the residences and offices of Malayalam superstars Mammootty and Mohanlal in Kerala , Tamil Nadu and Karnataka. According to IT sources, raids were being conducted on complaints that the stars had amassed wealth disproportionate...
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Category :
Income Tax |
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0 | Hits : 766
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2G spectrum scam: Court allows I-T dept to quiz Raja, 5 others
Posted Date : 22-Jul-2011 , 07:12:21 am | Posted By CASANSAAR
A Delhi court on Thursday allowed the income tax department to interrogate six accused, including former telecom minister A Raja , arrested for their alleged involvement in the 2G scam. The 2G trial also kicked off on Thursday with public prosecutor making opening statement, in which he accused Swan...
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Income Tax |
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Introduction of a Legislative Amendment Bill to amend the Customs Act, 1962 (52 of 1962) with retrospective effect to validate Show Cause Notices issued for demand of Customs duty
Posted Date : 21-Jul-2011 , 06:43:59 pm | Posted By CASANSAAR
The Union Cabinet today gave its approval for introducing a Legislative Amendment Bill to amend Section 28 of the Customs Act, 1962 (52 of 1962) to retrospectively recognize specified Customs officers as 'proper officers' for assessment of Customs duty thereby validating large number of Show Cause N...
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Custom |
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Cabinet approves draft of Benami Transaction Prohibition Bill 2011
Posted Date : 21-Jul-2011 , 06:37:36 pm | Posted By CASANSAAR
Enactment of a new legislation in place of Benami Transactions (Prohibition) Act, 1988 - Introduction of the Benami Transactions (Prohibition ) Bill, 2011
The Union Cabinet today approved the proposal for the enactment of a new legislation in the form of the Benami Tra...
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General |
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Voluntary CSR not working, to be made mandatory: Moily
Posted Date : 21-Jul-2011 , 07:17:45 am | Posted By CASANSAAR
Regretting that the concept of voluntary CSR has not picked up in India, Corporate Affairs Minister Veerappa Moily today said the new Companies Bill would make it mandatory for corporate to earmark part of their profit for corporate social responsibility (CSR) initiatives. India Inc, the new Ministe...
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Corporate Law |
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0 | Hits : 1096
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Sebi directs 14 cos to address investors' complaints
Posted Date : 20-Jul-2011 , 09:56:26 pm | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (Sebi) today directed 14 companies to act on pending investor complaints within 15 days, failing which a penalty of up to Rs 1 crore each would be imposed on them.
In two separate statements, the Sebi said it had received the com...
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SEBI |
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