RBI
Posted Date : 16-Jun-2011 , 08:02:32 am | Posted By CASANSAAR
The June Financial Stability Report of the Reserve Bank of India (RBI) has a section on stress testing of banks. RBI projected banks’ balance sheets for 2011-12 and finds that at end-March 2012, the level of gross non-performing assets (NPAs) will rise to 2.92% of advances, assuming the tighte...
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RBI |
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0 | Hits : 1002
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Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC)
Posted Date : 16-Jun-2011 , 08:00:13 am | Posted By CASANSAAR
Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in...
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Finance |
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1 | Hits : 1300
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Government to launch portal for suggestions on black money
Posted Date : 16-Jun-2011 , 07:57:08 am | Posted By CASANSAAR
With the difference in stance between opposition and experts on the government's plan to make tax evasion a criminal offence, the finance ministry has decided to launch a dedicated portal inviting suggestions on the issue from the public and all other stakeholders through email.
A formal an...
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General |
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0 | Hits : 820
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India Inc continues good show, Q1 advance tax payment up 15%
Posted Date : 16-Jun-2011 , 07:55:25 am | Posted By CASANSAAR
Indian companies paid about 15% higher advance tax in April-June compared to a year ago, belying apprehensions of a slowdown and indicating better corporate earnings ahead. Companies across sectors - manufacturing, FMCG, banking and finance - have paid higher advance tax in the first installment. "T...
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Income Tax |
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0 | Hits : 1055
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Cost Accounting Rules for Industry Steamlined...
Posted Date : 16-Jun-2011 , 04:17:54 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has done away with a 46-year system of prescribing sector-specific cost accounting record maintenance rules for 36 industrial segments. Instead, it has notified a common rule that outlines the broad principles companies need to follow.
The p...
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Income Tax |
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0 | Hits : 1191
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RBI rate hikes: 10 times in 15 months
Posted Date : 16-Jun-2011 , 02:07:38 am | Posted By CASANSAAR
Be prepared to pay more every month on your home, auto and other loans, as the Reserve Bank today, for the 10th time since March, 2010, raised key interest rates by 25 basis points in its effort to control spiralling inflation.The RBI has raised the short-term lending (repo) rate by 25 basis points ...
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RBI |
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0 | Hits : 1169
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MCA to probe shareholding pattern of 12 listed firms
Posted Date : 15-Jun-2011 , 10:12:48 am | Posted By CASANSAAR
MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern."Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info r...
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Corporate Law |
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2 | Hits : 921
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India and ADB Sign $132 Million Loan Agreement for Strengthening Bihar
Posted Date : 15-Jun-2011 , 10:08:39 am | Posted By CASANSAAR
The Government of India and Asian Development Bank (ADB) today signed a $132 million loan agreement for strengthening Bihar’s power sector. The signatories to the loan were Shri Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, on ...
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General |
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0 | Hits : 784
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Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified
Posted Date : 15-Jun-2011 , 10:06:54 am | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.38/2011-Customs (N.T.) dated June 15, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.
“T A B L E...
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Excise |
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0 | Hits : 1027
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Sebi asks rating agencies to adopt standard symbols
Posted Date : 15-Jun-2011 , 10:05:07 am | Posted By CASANSAAR
Market regulator Sebi today asked credit rating agencies (CRAs) to adopt standard symbols and definitions devised by it within four months, a move that will help investors to better understand financial health of firms."It has been felt that there need to be common rating symbols and definitio...
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SEBI |
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0 | Hits : 775
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Rising interest rates to hurt bank profitability: RBI
Posted Date : 15-Jun-2011 , 07:47:27 am | Posted By CASANSAAR
The Reserve Bank today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector."Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth is expected to slow down, which could adversely affect the profita...
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RBI |
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0 | Hits : 928
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Oil Minister Reddy meets PM to push for diesel, LPG price hike
Posted Date : 15-Jun-2011 , 07:44:41 am | Posted By CASANSAAR
With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices.
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee , which decide...
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General |
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0 | Hits : 733
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Maruti Suzuki agrees to new union
Posted Date : 15-Jun-2011 , 07:35:25 am | Posted By CASANSAAR
Maruti Suzuki on Tuesday agreed to a separate union at Manesar plant even as it took a "liberal view" on the sacking of 11 employees whose jobs were terminated for alleged indiscipline. The company, which has suffered huge losses due to the 11-day strike at the Manesar plant, said it looks at re-sta...
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General |
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0 | Hits : 1022
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RBI interest rate increase worries CBDT
Posted Date : 15-Jun-2011 , 07:14:14 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) is worried over interest rate rises by the Reserve Bank of India (RBI) to curb inflation impacting direct tax collections in this financial year.
CBDT officials told Business Standard that companies had indicated the rate rise was raising their cost ...
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Income Tax |
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0 | Hits : 852
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Facebook likely to file IPO by 1st quarter of 2012
Posted Date : 14-Jun-2011 , 12:35:01 pm | Posted By CASANSAAR
Social networking site Facebook is likely to file an IPO by the first quarter of 2012, with a valuation of over USD 100 billion, a media report said.Facebook is likely to go public by next spring, CNBC quoted people familiar with the matter as saying."The company's IPO, were it to happen by next...
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General |
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3 | Hits : 1054
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Pranab calls for immediate end to secrecy at banks
Posted Date : 14-Jun-2011 , 07:21:59 am | Posted By CASANSAAR
India on Monday made a strong pitch to end banking secrecy and sought more teeth in multilateral measures to deal with abusive transfer pricing. "We cannot say with certainty that bank secrecy is over in all cases," Finance Minister Pranab Mukherjee said at a tax conference jointly organised by his ...
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Finance |
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1 | Hits : 905
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Earnings from bribe may be made criminal offence under IT Act
Posted Date : 14-Jun-2011 , 07:20:28 am | Posted By CASANSAAR
In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. "The income earned from illegitimate means could be classified as a criminal ...
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Income Tax |
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1 | Hits : 941
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Transactions by cheques up marginally in April: RBI
Posted Date : 14-Jun-2011 , 07:14:47 am | Posted By CASANSAAR
Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank . However, the tota...
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RBI |
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0 | Hits : 916
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'Have toolbox to deal with tax havens not sharing info'
Posted Date : 14-Jun-2011 , 06:59:25 am | Posted By CASANSAAR
Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary."We have developed a toolbox... We have enabled ourselves to ...
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Income Tax |
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0 | Hits : 700
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Inflation crosses 9%,RBI could further hike interest rates
Posted Date : 14-Jun-2011 , 05:56:03 am | Posted By CASANSAAR
Resuming its upward climb, the headline inflation in May rose to 9.06 per cent on costlier fruits, petrol and manufactured goods and heightened fears of another hike in interest rates by the RBI on Thursday.Even as the increasing prices of essential items pushed up the inflation rate during the repo...
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RBI |
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0 | Hits : 833
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CA aspirants need not clear CPT, Removing extra 15 mnts ..
Posted Date : 13-Jun-2011 , 07:03:03 am | Posted By CASANSAAR
ICAI president G Ramaswamy told the media on Saturday that students who have completed two years of graduation can directly appear for Intermediate Proficiency Competency Course (IPCC) - which is the final step in becoming a CA - after doing apprenticeship. Even those students ...
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Students Zone |
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29 | Hits : 12660
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DEPB to stay for 3 more months, but no more extensions: Finmin
Posted Date : 12-Jun-2011 , 09:38:59 am | Posted By CASANSAAR
The finance ministry has given a three-month extension to the popular export incentive scheme , the Duty Entitlement Passbook or DEPB, offering solace to its beneficiaries such as Bajaj Auto, TVS Suzuki , Reliance Industries and Bharat Forge . The ministry has, however, made it clear that it would n...
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Finance |
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0 | Hits : 894
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73,000 villages to have banking facility by 2012: FM
Posted Date : 12-Jun-2011 , 09:36:17 am | Posted By CASANSAAR
Union Finance Minister Pranab Mukherjee today said 73,000 villages in the country would have banking facility by next year."By March 31, 2012, banking facility will be available in 73,000 villages across the country going by the current pace of work," Mukherjee said after inaugurating a Punjab Natio...
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Banking |
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0 | Hits : 851
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'Tax offences can be criminal only in cases of illegal income'
Posted Date : 11-Jun-2011 , 08:26:56 am | Posted By CASANSAAR
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But "if it is a tax evasion alone, it is a civil offence," the official said He, however, asserted that "if there is a...
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Income Tax |
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0 | Hits : 784
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ICAI wants SBI to explain clean-up act
Posted Date : 11-Jun-2011 , 08:25:49 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will write to State Bank of India (SBI) in a week asking the country’s largest commercial bank to explain the high provisioning it made in the fourth quarter of the fiscal 2010-11. SBI’s huge provisioning resulted in a plunge in its ...
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ICAI |
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0 | Hits : 890
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Video conference mandatory for AGM from next fiscal - MCA
Posted Date : 11-Jun-2011 , 08:21:03 am | Posted By CASANSAAR
The Ministry of Corporate Affairs on Thursday said it would be mandatory for listed companies to provide the option of video conferencing for shareholders to participate in the annual general meeting from next fiscal.
“In respect of shareholders' meetings to be held during 2011-12, th...
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Corporate Law |
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0 | Hits : 1018
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MCA has initiated enquiry against 12 Practicing Professionals for wrong eForm filing
Posted Date : 11-Jun-2011 , 08:18:39 am | Posted By CASANSAAR
MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies
The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had cert...
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Corporate Law |
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0 | Hits : 1061
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Panel on tackling black money to seek public views
Posted Date : 09-Jun-2011 , 09:27:37 pm | Posted By CASANSAAR
Criminal charges on tax evaders and modification in existing laws to tackle the menace of black money topped the agenda of the first meeting of the high level committee appointed by the Finance Ministry . The panel would also seek public comments on ways to unearth black money. "The committee held i...
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General |
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1 | Hits : 766
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Clarification Regarding Participation by Shareholders or Directors in Meetings Under the Companies Act, 1956 Through Electronic Mode
Posted Date : 09-Jun-2011 , 09:24:46 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has clarified that :
(i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing.
(ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for sh...
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Corporate Law |
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0 | Hits : 869
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Difficult to recover taxes from Hasan Ali: I-T official
Posted Date : 09-Jun-2011 , 12:01:35 pm | Posted By CASANSAAR
The Income Tax Department today expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets."Hasan Ali does not have enough assets to meet the tax liability," an I-T department official said.Khan, who is accused ...
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Category :
Income Tax |
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1 | Hits : 772
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