Mumbai I-T Dept. to collect 17% more corporate tax this year
Posted Date : 05-Jul-2011 , 11:03:10 am | Posted By CASANSAAR
The Mumbai income-tax department, which accounts for 35-40 % of the country's total tax collections, is planning to collect 17.2% more corporate tax than last year, as revenue authorities expect buoyancy in the economy seen last year, to continue. The projected corporate tax collection from Mum...
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Income Tax |
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Firms can refinance foreign debt without RBI approval
Posted Date : 05-Jul-2011 , 07:28:22 am | Posted By CASANSAAR
The Reserve Bank of India said on Monday companies can refinance their overseas borrowing without seeking any specific approval from the bank.
The ruling enables companies with outstanding debt to raise funds via fresh external commercial borrowings and foreign currency convertible bonds (F...
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Finance |
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Finance ministry opposes wider EPFO ambit
Posted Date : 05-Jul-2011 , 07:26:53 am | Posted By CASANSAAR
The finance ministry has opposed a labour ministry proposal to halve the threshold limit for the organisations covered under the employees' provident fund scheme from 20 employees at present. North Block says the enhanced safety net will increase the government burden because of the contribution it ...
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General |
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Service tax evasion up three-fold to Rs 1651 cr in FY12 so far
Posted Date : 05-Jul-2011 , 07:24:44 am | Posted By CASANSAAR
India's service tax evasion, aided mainly by sectors like telecom and industrial construction, has jumped by a mammoth 200 per cent in the first quarter of the current fiscal touching Rs 1,651 crore. The probe in many cases, according to sources, has led the enforcement agencies to a chain of evasio...
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Service Tax |
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0 | Hits : 986
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RBI imposes Rs 25 lakh fine on Citibank
Posted Date : 05-Jul-2011 , 07:22:43 am | Posted By CASANSAAR
The Reserve Bank of India on Monday imposed a penalty of 25 lakh on Citibank for violation of anti money laundering (AML) and know your customer norms that led to a 400-crore fraud at one of its branches in Gurgaon. "The failure in following the KYC/AML guidelines while opening accounts led to the p...
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RBI |
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SC appoints SIT to probe black money issue
Posted Date : 04-Jul-2011 , 02:40:02 pm | Posted By CASANSAAR
he Supreme Court on Monday criticised the Government for shoddy investigations into cases of black money stashed abroad and appointed a two-member Special Investigation Team (SIT) headed by former apex court judge BP Jeevan Reddy to investigate the issue. The second member of the team is former Su...
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General |
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Australia tax office takes aim at foreign companies on tax avoidance
Posted Date : 04-Jul-2011 , 02:35:39 pm | Posted By CASANSAAR
Australia's tax-collector plans to target foreign companies in a renewed crackdown on tax avoidance, with special focus on firms that shift profits offshore to minimise local tax. The Australian Tax Office, one of the world's most aggressive tax agencies, outlined profit-shifting and mult...
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Income Tax |
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0 | Hits : 800
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SC rejects Chautala brothers' plea in disproportionate assets case
Posted Date : 04-Jul-2011 , 11:44:29 am | Posted By CASANSAAR
The Supreme Court on Monday rejected the plea by Haryana legislators Abhay and Ajay Chautala that the Central Bureau of Investigation (CBI) needed prior permission of the assembly speaker before launching prosecution proceedings against them in a disproportionate assets case . With this, the co...
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General |
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RoC to submit report on Speak Asia by July 10
Posted Date : 04-Jul-2011 , 11:28:37 am | Posted By CASANSAAR
The Corporate Affairs Ministry has asked the Registar of Companies (RoC) to inspect the books of accounts of the controversial multi-level marketing company Speak Asia and submit its report to the government by July 10.
The Singapore-based company Speak Asia, which is yet to be incorporated as a ...
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Corporate Law |
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CA gets 7-yr RI for forging I-T returns
Posted Date : 04-Jul-2011 , 07:27:08 am | Posted By CASANSAAR
L Vijayaraghavan, a city-based chartered accountant, has been sentenced to undergo rigorous imprisonment for seven years by the Additional Chief Metropolitan Magistrate (Economic Offences CourtI) in Egmore here, for forging a challan.
The charge against the CA was that while submitting his ...
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Income Tax |
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''ICAI accounting format for parties to ensure transparency''
Posted Date : 04-Jul-2011 , 07:19:15 am | Posted By CASANSAAR
In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India, a top ICAI official has said.
The implementation of the unifo...
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Income Tax |
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Kerala's Sri Padmanabhaswamy temple could well be richest in country
Posted Date : 03-Jul-2011 , 10:10:04 pm | Posted By CASANSAAR
The Sri Padmanabhaswamy temple in Kerala could well be the richest in the country as unofficial estimates Saturday, the sixth day of preparing an inventory of treasures in its six chambers, suggested the value of its gold, diamond and other precious metals at close to Rs 1 lakh crore. The inventory ...
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General |
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Govt allows FIIs to buy domestic shares; boost for capital markets
Posted Date : 03-Jul-2011 , 10:05:02 pm | Posted By CASANSAAR
There is some good news for the capital markets . The government has allowed foreign individual investors to buy up to USD 10 billion worth of domestic shares cumulatively through domestic mutual funds. This has been initiated as a response to the recent decline in foreign direct investments. ...
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Finance |
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0 | Hits : 871
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Service tax on rail freight deferred again
Posted Date : 03-Jul-2011 , 09:58:59 pm | Posted By CASANSAAR
The finance ministry, for the fifth time, has deferred service tax on rail freight by another six months. The cash-strapped government is likely to take a hit of Rs 1,000 crore in a year due to this.
The deferment has come as a surprise since the ministry was expected to give effect to th...
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Service Tax |
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0 | Hits : 911
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Mutual funds may face Sebi fury over casual voting
Posted Date : 03-Jul-2011 , 09:50:35 pm | Posted By CASANSAAR
Mutual funds may soon face some tough questions from market regulator Sebi regarding the exercise of their vote on key business proposals of the companies in whose shares they have put in investors' money.
The market watchdog is irked by the casual approach adopted by most of the fu...
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SEBI |
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0 | Hits : 833
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Facebook may launch Skype-powered video chat
Posted Date : 03-Jul-2011 , 06:44:20 pm | Posted By CASANSAAR
Social networking site Facebook is planning to launch a video chat function next week for its millions of users in association with Skype, says a report. "Facebook will launch a new video chat product, powered by Skype, that works in browser," technology blog TechCrunch said citing a source. Fac...
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General |
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0 | Hits : 962
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Major PSU banks may raise lending rates soon
Posted Date : 03-Jul-2011 , 06:43:02 pm | Posted By CASANSAAR
Major public sector banks, including State Bank of India, Punjab National Bank and Bank of Baroda, are likely to soon raise lending rates making home, auto and commercial loans expensive.
As many as a dozen banks, including private sector leader ICICI Bank have already hiked their lending...
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Income Tax |
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0 | Hits : 760
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Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
Posted Date : 02-Jul-2011 , 09:09:14 pm | Posted By CASANSAAR
Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12
Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011
In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby ...
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Income Tax |
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BSE hopes to kickstart SME exchange Sep onwards
Posted Date : 02-Jul-2011 , 08:28:18 pm | Posted By CASANSAAR
The country's premier bourse Bombay Stock Exchange (BSE) is hopeful of launching its dedicated small-and-medium-enterprises (SME) exchange by September, 2011 onwards, a senior official said today.
"BSE SME platform is expected to be operational September 2011 onwards," BSE CEO (SME Exchange...
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General |
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Ambiguous tax treaties could hit FDI inflows: Ruia
Posted Date : 02-Jul-2011 , 08:26:07 pm | Posted By CASANSAAR
Leading industrialist and Essar Group Chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain "ambiguous". "The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the t...
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Finance |
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0 | Hits : 823
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CA institute asked to define
Posted Date : 02-Jul-2011 , 07:27:26 am | Posted By CASANSAAR
The CA institute must delve deep into the concept of “presumptive loss” and look at defining it, Mr K. Rahman Khan, Deputy Chairman of the Rajya Sabha, has suggested.
“Now that the CAG has said that calculating presumptive loss and reporting it was very much within its dom...
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ICAI |
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TCS has not received any tax scrutiny notice: Ratan Tata
Posted Date : 02-Jul-2011 , 07:23:09 am | Posted By CASANSAAR
IT major TCS's Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services. "We have not received any such notice. I am not too sure of the veracity of that report. Unfortunately, people read these r...
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Income Tax |
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0 | Hits : 824
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Round 2 of rate hikes; ICICI Bank loans 25 bps dearer
Posted Date : 02-Jul-2011 , 07:21:42 am | Posted By CASANSAAR
Banks have started hiking interest rates again following the recent Reserve Bank decision to hike key short-term rates by 25 basis points. After Canara Bank, Dena Bank, Indian Overseas Bank, ICICI Bank hiked its lending rates on Friday, making home, auto and personal loans costlier for customers.
&...
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Banking |
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0 | Hits : 988
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Essar to exit Vodafone JV for $5.46 billion, deal value up by $460 mn
Posted Date : 02-Jul-2011 , 07:20:03 am | Posted By CASANSAAR
The Essar Group on Friday decided to sell its entire 33 per cent stake in the country’s second-largest GSM mobile operator Vodafone-Essar to the Vodafone Group for $5.46 billion. Essar will also pay a withholding tax of $880 million to the government, under protest. The deal will be completed ...
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Finance |
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0 | Hits : 905
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63rd foundation day of the Institute of Chartered Accountants of India (ICAI)
Posted Date : 01-Jul-2011 , 10:14:51 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) today celebrated its 63rd foundation day. It was on this day in 1949 the Chartered Accountants Act was passed by the Parliament. At a function organised in Vigyan Bhawan, New Delhi Shri Rameshwar Thakur, Pas...
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ICAI |
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0 | Hits : 1173
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Report fraud cases of Rs 1 cr and above to CBI: RBI to banks
Posted Date : 01-Jul-2011 , 10:09:11 am | Posted By CASANSAAR
In order to check banking frauds, the Reserve Bank of India (RBI) today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.
"Incidence of frauds, dacoities, robberies, etc, in banks is a matter o...
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RBI |
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0 | Hits : 1148
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Liberalise FDI policy in financial services sector: US
Posted Date : 01-Jul-2011 , 09:59:48 am | Posted By CASANSAAR
Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5 per cent to the country's economic growth. "India imposes substantial FDI caps in the financial services sector particularly in t...
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Finance |
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0 | Hits : 876
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Amendments in Tariff Policy
Posted Date : 01-Jul-2011 , 01:11:59 am | Posted By CASANSAAR
The Union Cabinet on 30th June approved amendments in the existing provisions of the Tariff Policy for providing specific exemptions in the Hydro and Transmission Sectors from the mandatory tariff based competitive bidding which came into effect from 6.1.2011. The Cabinet also approved the pro...
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General |
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CBDT plans 11 more directorates for tax exemption cases
Posted Date : 30-Jun-2011 , 10:11:00 am | Posted By CASANSAAR
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country.
"CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates," a revenue officia...
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Income Tax |
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0 | Hits : 773
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PAN mandatory for Rs 5 lakh and above jewellery purchases, for issuing debit cards ,LIP of more than 50k from tomorrow.
Posted Date : 30-Jun-2011 , 09:50:32 am | Posted By CASANSAAR
Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1...
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Income Tax |
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