CBDT allows Mah Satyam to file revised returns for '03-07
Posted Date : 13-Jul-2011 , 07:28:19 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income.
Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came...
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Income Tax |
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TN revises sales tax rates, expects to rake in Rs 3,900 cr
Posted Date : 13-Jul-2011 , 07:25:37 am | Posted By CASANSAAR
The Tamil Nadu government today revised sales tax rates applicable to commodities such as tobacco products and electronic goods such as cellular phones and LCD/LED panels, as well as on textiles and textile products.
Effective July 12, the revised rates are expected to bring in an additiona...
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VAT |
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RIL replies to CAG report on KG-D6 field
Posted Date : 12-Jul-2011 , 05:12:48 pm | Posted By CASANSAAR
Reliance Industries (RIL) as well as the Oil Ministry and sector regulator DGH today gave detailed point-by-point reply to observations top auditor CAG had made in its draft report on the nation's largest gas field, KG-D6.
Besides Reliance, Cairn India and UK's BG Group too replied to aud...
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CAG |
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PM makes minor cabinet changes, Jairam Ramesh new rural development minister
Posted Date : 12-Jul-2011 , 12:03:37 pm | Posted By CASANSAAR
Prime Minister Manmohan Singh on Tuesday announced minor changes to his cabinet. In a surprise move Dr Singh moved Jairam Ramesh to the rural development ministry from environment. The Prime Minister has requested that the oath of office and secrecy be administered to the new ministers at 5....
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General |
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Payments to foreign companies for uploading ads not taxable: Income Tax Appellate Tribunal
Posted Date : 12-Jul-2011 , 07:07:57 am | Posted By CASANSAAR
Payments to a foreign company for uploading banner advertisements on portals are not liable to be taxed in India, the Income Tax Appellate Tribunal (ITAT) has ruled in an appeal filed by software company Yahoo India. Such payments are not in the nature of royalty and, therefore, do not come under th...
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Income Tax |
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LLPs can get membership of stock exchanges: Sebi
Posted Date : 11-Jul-2011 , 09:06:24 pm | Posted By CASANSAAR
Capital market regulator Sebi on Monday said Limited Liability Partnerships (LLPs), a hybrid between a partnership firm and company, can get membership of stock exchanges. Following requests from various stock exchanges to permit LLPs to be admitted as members to enable them to get registration as s...
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SEBI |
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ICAI to submit suggestions on black money by August end
Posted Date : 11-Jul-2011 , 09:01:07 pm | Posted By CASANSAAR
Accounting regulator ICAI today said it will submit to the government, its suggestions on the ways to deal with the menace of black money and retrieving illegal money stashed in tax havens and overseas banks by the end of August. "We (the Committee) have had our first meeting. Right now we are colle...
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ICAI |
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Mandatory CSR spend to cost India Inc Rs 8,700 cr a yr
Posted Date : 11-Jul-2011 , 08:58:42 pm | Posted By CASANSAAR
Indian companies may have to collectively spend close to $2 billion (about Rs 8,700 crore) a year on CSR programmes if the government makes it mandatory for them to spend 2% of profits on social responsibility programmes, a study said today.
Of late, the proposal from the Ministry of Corpor...
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Corporate Law |
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Guidelines for Declaring Financial Institution as Public Financial Institutions Under Section4a of The Companies Act,1956
Posted Date : 11-Jul-2011 , 08:55:06 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has framed following criteria for declaring any financial institution as a Public Financial Institution (PFI) under under section 4a of the Companies Act,1956:
decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally ...
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Corporate Law |
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1 | Hits : 851
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Integration of Director
Posted Date : 11-Jul-2011 , 08:52:22 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has been issuing two separate identification numbers as DIN to an individual for becoming a director of a company under Companies Act, 1956 and DPIN for a designated partner in a Limited Liability Partnership under Limited Liability Partnership (LLP) Act,2008.
To...
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Corporate Law |
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Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode
Posted Date : 11-Jul-2011 , 08:50:56 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has partially modified the Para 2 of its Circular No. 26/2011 issued on 18.05.2011. As per the modification the filing on MCA 21 in the XBRL mode will be effective in respect of financial statements closing on or after 31.03.2011 instead of the year 2011-12.
Fur...
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Corporate Law |
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High newsprint prices likely to hit Indian print media margins
Posted Date : 11-Jul-2011 , 03:39:32 pm | Posted By CASANSAAR
Increasing newsprint prices are likely to have a negative impact on profitability of the Indian print media industry in the short to medium term, according to a Fitch report.
The report expects that an increase in advertising revenues may partly offset the rising cost of newsprint. Newspa...
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General |
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Immovable property deals without PAN on income tax radar
Posted Date : 11-Jul-2011 , 12:11:36 pm | Posted By CASANSAAR
Empowered CIB to play lead role in recovering tax evaded.
Third-party information related to high-value transactions in immovable properties would be one of the focus areas of the Income Tax (I-T) Department this year, for tracking tax evasion and generating additional tax revenues.
...
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Income Tax |
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I-T Dept looks into Videocon-Datacom deal tax implications
Posted Date : 10-Jul-2011 , 10:18:01 pm | Posted By CASANSAAR
After Swan and Unitech Wireless, the Income Tax Department is looking into the tax implications of a deal between Datacom solutions and the Videocon Group after the former was allotted 2G licences in 21 circles for Rs 1,507 crore in 2008. In a complex structure, Videocon Telecommunications was origi...
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Income Tax |
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RBI fines 48 banks for violation of KYC, AML norms in six months
Posted Date : 10-Jul-2011 , 10:12:53 pm | Posted By CASANSAAR
At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 4...
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RBI |
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Recent Initiatives taken by the Ministry of Corporate Affairs
Posted Date : 10-Jul-2011 , 09:20:12 am | Posted By CASANSAAR
The Indian
economy has expanded at a rapid rate during the current decade and the corporate sector has been the biggest contributor in this growth story. A significant feature of this growth is the increasing integration of the Indian corporate economy into the global business environment.&n...
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Corporate Law |
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Now e-ticketing through SMS instead of normal print-outs.
Posted Date : 10-Jul-2011 , 08:34:24 am | Posted By CASANSAAR
Now railway passengers can get their e-tickets on their cell phones instead of normal print-outs.
Named as 'm-ticket', the mobile phone-based ticket booking system envisages a passenger to book his train ticket through mobile phones and carry the display ticket, sent to his cell phone throu...
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Income Tax |
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80,000 companies in Northern India are 'defaulters': MCA
Posted Date : 09-Jul-2011 , 06:58:33 pm | Posted By CASANSAAR
Asserting that Companies that have not filed annual returns and balance sheet to Ministry of Corporate Affairs (MCA) for past five years have been put on notice, a senior official of MCA today said there were 80,000 such companies in Northern India. "About 80000 defaulters (defaulting companies) are...
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Corporate Law |
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Announcement by ICAI for Review of Entry Requirements for Chartered Accountancy Courses
Posted Date : 09-Jul-2011 , 02:33:02 pm | Posted By CASANSAAR
ANNOUNCEMENT
8th July, 2011
Review of Entry Requirements for Chartered Accountancy Courses
The Council at its 306th meeting held from 7th to 9th June, 2011 had considered the recommendations of the Group Constituted by the President, in terms of the authority given to him at its 3...
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Students Zone |
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Finance Minister Releases New Series of Coins in the Denomination of 50 Paise and Rupees 1,2,5 And 10
Posted Date : 09-Jul-2011 , 12:30:39 pm | Posted By CASANSAAR
The Finance Minister Shri Pranab Mukherjee on 8th July 2011 released a new series of coins with improved design and revised size in the denomination of 50 paise, Rs. 1, 2, 5, and 10. Speaking on the occasion, Shri Mukherjee said that new coins will not only reduce the cost of moving materials ...
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General |
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NTPC to receive Rs 10,000-crore loan from SBI: The Highest loan ever by SBI
Posted Date : 09-Jul-2011 , 12:26:41 pm | Posted By CASANSAAR
tate-run power producer NTPC today said it had signed a loan agreement of Rs 10,000 crore with State Bank of India for financing its new as well as ongoing projects. The loan amount would be the largest extended by SBI to any Indian or foreign company.
For the current financial year, NTPC...
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Finance |
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CBI arrests an Income Tax Officer and a Chartered Accountant in a bribery case
Posted Date : 09-Jul-2011 , 07:57:30 am | Posted By CASANSAAR
The Central Bureau of Investigation has arrested an Income Tax Officer and a Chartered Accountant, both of Aurangabad for demanding and accepting a bribe of Rs.15,000/- from the complainant.
A complaint was received at CBI, ACB, Pune from the complainant against the ITO Ward (1)(2), Auranga...
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ICAI |
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FM asks public lenders to arrest rising NPAs
Posted Date : 09-Jul-2011 , 07:53:00 am | Posted By CASANSAAR
finance minister Pranab Mukherjee has cautioned all state run banks and financial institutions on the downward trend of asset quality. "They (banks) should to exert themselves to devise suitable strategies for containing and rolling back non performing assets," he said. Muk-herjee on Friday, took th...
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Banking |
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2G scam: ED slaps Rs 7,258 cr penalty on Etisalat DB for FDI norms violation
Posted Date : 09-Jul-2011 , 07:46:49 am | Posted By CASANSAAR
The Enforcement Directorate has issued showcause notices, under Foreign Exchange Management Act, to Etisalat DB Telecom and its five directors, including Shahid Usman Balwa and Vinod Goenka for alleged violations of FDI norms in the telecom sector. Besides Balwa and Goenka, copromoters of Swan Telec...
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Finance |
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Irda slaps Rs 70 lakh fine on SBI Life
Posted Date : 08-Jul-2011 , 10:01:31 pm | Posted By CASANSAAR
Insurance regulator Irda today imposed a fine of Rs 70 lakh on SBI Life Insurance for paying excess commission to the agents in violation of the group insurance guidelines.
"Considering the gross and continued nature of the violations, the Authority has come to the conclusion that it is just and pr...
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Banking |
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RBI slaps fine on Kolhapur bank for violating KYC norms
Posted Date : 08-Jul-2011 , 09:55:25 pm | Posted By CASANSAAR
he Reserve Bank today imposed a penalty Rs 5 lakh on Kolhapur District Central Co-operative Bank for violation of guidelines related to Know Your Customers (KYC) norms and Anti Money Laundering standards.
"The RBI has imposed a monetary penalty of Rs 5 lakh on Kolhapur District Central Co-operative...
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Banking |
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SBI denies funding to realty projects in disputed areas
Posted Date : 08-Jul-2011 , 09:52:46 pm | Posted By CASANSAAR
Adopting a cautious approach in the wake of Supreme Court asking the U P government to return land to original owners, country's largest lender SBI today said it will not finance real estate projects which are mired in disputes over acquisition of land.
"...If in a particular area where there has b...
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Banking |
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0 | Hits : 1011
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Mumbai, New Delhi among 5 cheapest places in world
Posted Date : 08-Jul-2011 , 09:38:36 pm | Posted By CASANSAAR
Government may be finding it difficult to battle soaring inflation in the country, but a global survey has found two key Indian cities -- Mumbai and New Delhi -- to be amongst the five cheapest places to live. In a Worldwide Cost of Living Survey , India's financial capital Mumbai has bee...
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General |
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Companies will have to disclose CSR contributions: MCA
Posted Date : 08-Jul-2011 , 07:17:57 pm | Posted By CASANSAAR
The government today said it would be mandatory for corporates to disclose to shareholders whether they have made a contribution of 2% of net profit toward corporate social responsibility activities.
"We have made it mandatory for all corporates to disclose (CSR spend of 2% to sharehol...
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Corporate Law |
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0 | Hits : 987
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SC declines Sahara plea to issue notice to govt on OFCD issue
Posted Date : 08-Jul-2011 , 04:42:21 pm | Posted By CASANSAAR
The Supreme Court today declined the Sahara Group's plea to issue a notice to the government in connection to a dispute with market regulator Sebi, which had directed the firm to return funds raised from investors under an OFCD scheme along with 15% interest.
"We do not want Union of Indi...
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SEBI |
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