Religious trusts protest abolition of tax exemption
Posted Date : 29-Jun-2011 , 08:37:03 am | Posted By CASANSAAR
It's rare to see leaders of various religious sects getting together for a common cause. On Tuesday, members of Hindu, Muslim, Jain, Parsee, Swaminarayan and Christian trusts came together under a federation to voice their protest against propositions in Direct Tax Code (DTC).
The soon to come new ...
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Income Tax |
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Now anyone can dream of becoming a Chartered Accountant
Posted Date : 29-Jun-2011 , 08:24:47 am | Posted By CASANSAAR
Now anyone can dream of becoming a Chartered Accountant. The Institute of Chartered Accountants of India (ICAI) is planning to allow students who have studied vocational courses or completed 12 years of basic education to appear in the Common Proficiency Test (CPT), an entrance exam to pursue Charte...
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Students Zone |
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Foreign banks must improve their reporting: RBI deputy governor
Posted Date : 29-Jun-2011 , 08:21:45 am | Posted By CASANSAAR
The Reserve Bank of India has expressed its dissatisfaction on the reporting standards of foreign banks operating in the country, which it says need improvement. RBI deputy governor KC Chakrabarty said: "You need technology if you have a large branch network. Foreign banks don't have very large netw...
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RBI |
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LIC acquires 10 pc stake in Andhra Bank
Posted Date : 28-Jun-2011 , 10:37:53 am | Posted By CASANSAAR
The country's largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10 per cent through stock market purchase. Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosu...
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Banking |
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Inflation cost Indians Rs 58,00,00,00,00,000 extra!
Posted Date : 28-Jun-2011 , 10:36:42 am | Posted By CASANSAAR
Indian households incurred an additional expenditure of whopping Rs 5.8 lakh crore (Rs 5.8 trillion) in the last three years, due to spiralling inflation and dearer food items, says a research report.
"The rise in inflation to 8 per cent per year during 2008-09 to 2010-11, from 5 per cent i...
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General |
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Former Citi exec charged with $19 mn fraud in US
Posted Date : 28-Jun-2011 , 10:35:18 am | Posted By CASANSAAR
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
Gary Foster, a former vice president at Citigroup's treasury finance department, has been arres...
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General |
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IRDA not keen on introducing solvency II norms for companies in India
Posted Date : 28-Jun-2011 , 09:51:41 am | Posted By CASANSAAR
Our country does not have the required statistical database to adopt solvency II norms that have been devised by the European community. Domestic insurers use factor-based process for arriving at solvency margins and we are comfortable with it. It has a set formula and there is no scope of variati...
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General |
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Sahara moves SC against Sebi order on refunds
Posted Date : 28-Jun-2011 , 09:49:44 am | Posted By CASANSAAR
A Sahara Group firm has moved the Supreme Court against market regulator Sebi’s order asking it to return money collected from investors through a scheme along with 15 per cent interest.
A vacation bench headed by Justice P Sathasivam directed the matter to be listed...
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SEBI |
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Commerce Ministry to move parliamentary panel on tax gains for SEZs
Posted Date : 28-Jun-2011 , 09:47:24 am | Posted By CASANSAAR
Its dream of creating special enclaves for exports in tatters because of changes in tax laws, the commerce ministry has decided to plead its case before the parliamentary standing committee looking into the direct taxes code bill during the monsoon session that begins in a month. An exporters' ...
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Income Tax |
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GST rates to be between 16-20 per cent: CBEC
Posted Date : 28-Jun-2011 , 03:38:12 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) on Tuesday said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16 per cent and 20 per cent.
“World over, GST rates are typically between 16 per cent and 20 per cent. In India it is likely ...
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GST |
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.....Pranab asks CMs to cut state levies on diesel, LPG, kerosene
Posted Date : 27-Jun-2011 , 10:32:33 am | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
Seeking their co-operation, the finance minister in a letter "urged state governments to reduce levies on ...
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VAT |
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Taxing aviation won't pay, experts warn government
Posted Date : 27-Jun-2011 , 10:30:31 am | Posted By CASANSAAR
India has come under criticism for imposing fresh taxes on international air travellers in the current budget, with global aviation experts terming it as an easy "financial grab" that would affect the economy in the long run. "While taxes provide a tangible short-term revenue boost to the gove...
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Income Tax |
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Customs Notification issued adding Philippines as A Country Covered under India and ASEAN PTA
Posted Date : 27-Jun-2011 , 10:29:10 am | Posted By CASANSAAR
The Department of Revenue, Ministry of Finance had issued Customs Notification No. 40/2011 Customs (N. T.) dated 24th June, 2011 notifying amendments in the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of th...
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Custom |
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Sebi to discuss afresh NSDL's role in IPO scam
Posted Date : 27-Jun-2011 , 07:57:54 am | Posted By CASANSAAR
Sebi is set to reopen its probe into multi-crore IPO scam of 2003-2006, after more than a year of declaring as 'null and void' the charges made by its own committee against depository NSDL and others in the matter. Sebi will discuss afresh in its next board meeting on June 30 a two-member committee'...
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SEBI |
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IB seeks details of private agency roped in by CBDT to sweep finance ministry premises of 'planted adhesives'
Posted Date : 27-Jun-2011 , 07:56:52 am | Posted By CASANSAAR
The government may be pulling all stops to dismiss the controversy over suspected bugging of finance minister's office as a "non-event", but the dust has not quite settled. After the media reports on Chewing Gum Gate, the Intelligence Bureau, or IB, has discreetly reopened the inquiry into facts tha...
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Income Tax |
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8 Indian-origin persons among 40 young global telecom leaders
Posted Date : 26-Jun-2011 , 11:49:43 am | Posted By CASANSAAR
As many as eight Indian-origin persons, including those working with Tatas and Bharti group, have been named among 40 young leaders of the global telecom industry.
Indians featured in the '40 under 40' list by Global Telecoms Business (GTB), a telecommunications magazine, include Srin...
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General |
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Haryana govt waives 5 pc VAT on kerosene
Posted Date : 26-Jun-2011 , 09:27:34 am | Posted By CASANSAAR
Haryana Chief Minister Bhupinder Singh Hooda today announced the decision of the state government to waive off the 5 per cent value added tax (VAT) on kerosene. The decision to make kerosene VAT-free would make it cheaper by 70 paise per litre.
Now, the consumer in Haryana would have to pay...
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VAT |
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Govt modifies norms for filling board-level vacancies in PSUs
Posted Date : 26-Jun-2011 , 09:18:50 am | Posted By CASANSAAR
The government has modified the guidelines for filling board-level vacancies in state-owned companies in time and also to help the Central Public Sector Enterprises (CPSEs) to improve performance.
Under the new guidelines issued by the Public Enterprises Selection Board (PESB), the exercise...
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General |
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EPFO to appoint fund managers by July-end
Posted Date : 26-Jun-2011 , 09:16:26 am | Posted By CASANSAAR
Retirement fund body EPFO will appoint the multiple fund managers to manage its huge corpus of Rs 3.5 lakh crore by July 31, a month ahead of its latest deadline. "Employees' Provident Fund Organisation (EPFO) will be able to wind up the process of appointment of fund managers by July 31," a Labour ...
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General |
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Taxpayers can now file returns through mobile phones
Posted Date : 25-Jun-2011 , 07:52:11 am | Posted By CASANSAAR
Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset.
"After introducing the eFile by eMail option where customers need to just send us an email with a few deta...
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Income Tax |
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RBI warns banks on real estate valuation frauds
Posted Date : 25-Jun-2011 , 07:41:41 am | Posted By CASANSAAR
Alarmed by inflated valuations of real estate properties for the purpose of loans, the Reserve Bank of India (RBI) has asked all banks to submit an action-taken report on the issue.
The matter was raised last week by RBI Governor D Subbarao during a meeting of the Board for Financial Superv...
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RBI |
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Core debt funds allowed to take shape of MF, NBFC
Posted Date : 25-Jun-2011 , 07:35:57 am | Posted By CASANSAAR
The government has set the ball rolling on the proposed infrastructure debt funds to leverage foreign resources for a sector that needs over a trillion dollars in the Twelfth Five-Year Plan. The finance ministry on Friday put in place the framework and structure for infrastructure debt funds (IDFs),...
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Finance |
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India amends tax treaty with Singapore
Posted Date : 25-Jun-2011 , 07:33:47 am | Posted By CASANSAAR
India and Singapore on Friday amended their Double Taxation Avoidance Agreement (DTAA) to enable more effective mutual exchange of banking and tax related information.
Under the DTAA amendment protocol, which was signed here by Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra a...
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Income Tax |
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XBRL set to bring in more transparency
Posted Date : 25-Jun-2011 , 07:31:27 am | Posted By CASANSAAR
The implementation of XBRL (eXtensible Business Reporting Language) which has been made mandatory from April 1, 2011, is expected to bring in more transparency in how companies declare their financials.
K Raghu, Central Council Member, ICAI, and Director, XBRL India, said, “In the com...
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Corporate Law |
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MCX to seek Rs 300-400 cr damages from NSE
Posted Date : 25-Jun-2011 , 07:24:46 am | Posted By CASANSAAR
A day after the Competition Commission of India (CCI) imposed a penalty of Rs 55.5 crore on the National Stock Exchange after finding the bourse guilty of abusing its dominant market position, its rival MCX Stock Exchange on Friday said it’s planning to make a claim for costs and damages suffe...
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General |
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Bharti Airtel to merge mobile, DTH & telemedia businesses; 2,000 jobs may be lost
Posted Date : 25-Jun-2011 , 02:07:05 am | Posted By CASANSAAR
Bharti Airtel has embarked on a restructuring exercise that will merge three separate businesses, triggering a large-scale job cull for the first time in the services sector since the 2008 economic slowdown.
Under this exercise, Bharti Airtel plans to merge its mobile, satellite TV ...
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General |
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Diesel gets dearer by Rs 3/lt, LPG by Rs 50/cylinder
Posted Date : 24-Jun-2011 , 10:13:38 am | Posted By CASANSAAR
The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have been hiked by Rs 2 per litre while LPG rates have b...
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Finance |
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Private PF trusts may have to hand over responsibility for investing funds to the EPFO
Posted Date : 24-Jun-2011 , 10:11:40 am | Posted By CASANSAAR
Companies managing provident fund accumulations of their employees in-house may soon have to hand over the entire corpus to employees' provident fund organisation, or EPFO, as government looks for ways to ensure retirement saving of workers are protected.
The Central Board of Trustees...
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General |
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Exempt professionals from social security tax: India to US
Posted Date : 24-Jun-2011 , 10:02:50 am | Posted By CASANSAAR
India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year.
Both the sides are negotiating Bilateral Totalisation Agreement (BTA), which once signed, would benefit lakhs o...
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General |
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India to overtake US as world's second largest trading nation: Citibank
Posted Date : 24-Jun-2011 , 10:01:10 am | Posted By CASANSAAR
In less than 40 years India will overtake the US as the world's second-largest trading nation , pushing today's superpower into third place and Europe in to the little leagues, according to a new report by Citigroup .
"According to our projections, world trade in goods and services wi...
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General |
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