Govt committee to probe tax-related criminal offences
Posted Date : 30-May-2011 , 11:14:47 am | Posted By CASANSAAR
The government today announced setting up of a special wing -- Directorate of Income Tax (Criminal Investigation) -- to investigate criminal offences under direct tax laws.The DCI, to be set up with immediate effect, would collect information about persons and transactions connected with criminal ac...
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Income Tax |
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I-T dept to publish & expose names of tax defaulters
Posted Date : 30-May-2011 , 05:48:36 am | Posted By CASANSAAR
With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers.The problem has been further compounded with several of the tax defaulters having ...
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Income Tax |
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0 | Hits : 770
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Delhi Court fines plantation firm for flouting SEBI norms
Posted Date : 30-May-2011 , 05:47:25 am | Posted By CASANSAAR
A plantation firm and its three directors have been slapped with a fine of Rs two lakhs by a Delhi court for raising huge fund from the public after promising them high returns without prior approval from market watchdog Securities and Exchange Board of India (SEBI).Additional Sessions Judge (ASJ) P...
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SEBI |
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Political parties to go corporate as EC mulls accounting rules
Posted Date : 29-May-2011 , 08:36:32 pm | Posted By CASANSAAR
In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance sheets annually.
The EC has received a hos...
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ICAI |
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I-T dept hits transparency button
Posted Date : 29-May-2011 , 08:31:35 pm | Posted By CASANSAAR
To bring in more transparency in Income Tax (I-T) search and survey operations, the Central Board of Direct Taxes has asked all officials attached to its investigation and assessment wings to compulsorily provide phone numbers of their seniors to taxpayers during an operation.
The move is intended...
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Income Tax |
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0 | Hits : 831
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FinMin sets up panel to suggest framework to seize black money
Posted Date : 28-May-2011 , 08:42:59 am | Posted By CASANSAAR
Facing flak from different quarters for not doing enough to deal with the black money menace, the Government of India on Saturday constituted a high-level committee of taxmen to suggest a legal framework for confiscating such wealth by declaring it as "national assets".The Government is under imm...
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Income Tax |
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Haryana attracts investment of Rs 1 lakh cr: Hooda
Posted Date : 28-May-2011 , 08:41:14 am | Posted By CASANSAAR
With its land acquisition policy acclaimed outside the state, Haryana has attracted investment commitments worth Rs 1 lakh crore, Chief Minister Bhupinder Singh Hooda said today.With just about 1.6 per cent geographical area of the country and 1.9 per cent of its population, Haryana has been able...
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Finance |
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Finance ministry okays norms for new bank licences
Posted Date : 27-May-2011 , 09:27:26 pm | Posted By CASANSAAR
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidel...
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Banking |
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0 | Hits : 1139
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Clarification Regarding Body Corporate for the Purpose of Section 226 (3) (A) of the Companies Act, 1956
Posted Date : 27-May-2011 , 09:25:07 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has clarified that Limited Liability Partnership of Chartered Accountants will not be treated as body corporate for the limited purpose of section226 (3) (a) under the Companies Act, 1956. Accordingly, a notification has been sent for publication by the Ministry.
...
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Corporate Law |
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1 | Hits : 1244
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Modification in the instruction regarding payment of MCA fees in electronic mode
Posted Date : 27-May-2011 , 09:24:09 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through “Pay Misc. Fee functionality”. This facility w...
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Corporate Law |
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0 | Hits : 1078
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RBI asks banks to reimburse failed ATM transactions in 7 days
Posted Date : 27-May-2011 , 06:54:42 am | Posted By CASANSAAR
The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation."The time limit for resolution of customer complaints by the issuing...
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RBI |
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0 | Hits : 900
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India inks DTAA with Ethiopia to check tax evasion
Posted Date : 26-May-2011 , 09:19:43 pm | Posted By CASANSAAR
India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information.The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the pre...
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Income Tax |
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0 | Hits : 1311
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EPFO to contest tax demand on PF from CBDT, CBEC
Posted Date : 26-May-2011 , 09:15:17 pm | Posted By CASANSAAR
The Employees Provident Fund Organisation (EPFO) is ready to take on the tax departments over the issue of income tax and service tax demands raised on the organisation.
The EPFO had approached the finance ministry for help, which advised it to go through the legal procedure. Accordingly, E...
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Income Tax |
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0 | Hits : 875
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Pay savings a/c interest quarterly: RBI to banks
Posted Date : 26-May-2011 , 11:36:15 am | Posted By CASANSAAR
After asking banks to calculate the savings deposit rates on day to day basis at 4%, the Reserve Bank of India wants banks to pay the interest to depositors at a uniform period of three months.
At present, each bank follows its own schedule including monthly, quarterly and and half ...
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Banking |
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3 | Hits : 1715
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RBI to soon release guidelines on new bank branches
Posted Date : 26-May-2011 , 11:31:03 am | Posted By CASANSAAR
The Reserve Bank will soon release guidelines for implementing its proposal to locate at least a quarter of the new bank branches in the unbanked areas, which generally fall in the rural areas."RBI will issue guidelines for 25 per cent rural branches soon," said a banker present at the central...
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Banking |
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1 | Hits : 878
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DLF gets Rs 1,700 crore tax notice
Posted Date : 25-May-2011 , 08:48:46 pm | Posted By CASANSAAR
Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these deman...
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Category :
Income Tax |
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0 | Hits : 746
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NSE pronounced guilty by CCI for unfair trade practices
Posted Date : 25-May-2011 , 11:26:21 am | Posted By CASANSAAR
Competition watchdog CCI today pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading.However, the quantum of fine to be levied on NSE is yet to be ascertained."The Commission has ...
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Category :
General |
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1 | Hits : 1010
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RBI panel for tighter reporting norms for derivatives
Posted Date : 25-May-2011 , 11:20:37 am | Posted By CASANSAAR
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives.The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of In...
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RBI |
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1 | Hits : 971
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Clarification on Applicability of Provisions of Section 108 A to 108 I of the Companies Act, 1956
Posted Date : 25-May-2011 , 11:17:01 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued following clarification on applicability of provisions of Section 108A to 108 I of the Companies Act, 1956:
“Sections 108A to 108 I of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practic...
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Corporate Law |
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0 | Hits : 949
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Income below Rs 5 lakh? You need not file returns
Posted Date : 24-May-2011 , 09:51:46 pm | Posted By CASANSAAR
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns.
A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee when he presented the Budget in February.
On Tuesday, Pranab M...
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Income Tax |
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3 | Hits : 4941
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Finance ministry may delay income-tax refunds
Posted Date : 24-May-2011 , 09:32:45 pm | Posted By CASANSAAR
The finance ministry may delay income-tax refunds to cushion strained resources as it fears a drop in revenue collection because of rising inflation and moderation in growth. "I would like to sound a note of caution in respect of targets for direct taxes that have been set for this year at Rs 5.32 l...
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Income Tax |
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0 | Hits : 929
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CBDT plans to use third parties to recover tax dues
Posted Date : 24-May-2011 , 09:28:30 pm | Posted By CASANSAAR
Agencies to help get data on assets of taxpayers. The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears.
The plan has been envisaged because insufficient information on assets of taxpayers is ...
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Income Tax |
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FM prods I-T dept to strive hard to achieve tax collection target
Posted Date : 24-May-2011 , 09:22:54 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has asked income tax officials to strive hard to achieve the collection target for the financial year 2011-12 that may be difficult due to slowing economy. "International economic situation is not very conducive and highly uncertain... The targets are very steep and...
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Income Tax |
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0 | Hits : 789
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Govt cautious in allowing FDI in LLPs: Experts
Posted Date : 24-May-2011 , 06:44:22 am | Posted By CASANSAAR
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today.The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under th...
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Finance |
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0 | Hits : 950
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'Amended DTAAs to help dealing with black money'
Posted Date : 24-May-2011 , 05:18:34 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money."Income Tax Department is engaged in ways to tackle with black money," he told reporter...
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Income Tax |
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0 | Hits : 736
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Bank directors must furnish info on regulatory strictures: RBI
Posted Date : 23-May-2011 , 09:05:55 pm | Posted By CASANSAAR
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them.
The banking regulator has partially modified the format of ‘Declaration a...
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RBI |
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0 | Hits : 904
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Non-profit sector under tax scanner
Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR
The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...
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Income Tax |
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0 | Hits : 794
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Black money: Central Board of Direct Taxes on foreign bank account trail
Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...
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Income Tax |
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0 | Hits : 1095
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'Actor' Tendulkar allowed to claim tax deduction - ITAT
Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements.
The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...
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Income Tax |
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1 | Hits : 1152
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RBI backs holding co for banks, NBFCs
Posted Date : 23-May-2011 , 08:53:55 pm | Posted By CASANSAAR
Conglomerates like ICICI Bank, SBI and HDFC will find it easier to raise capital for new financial activities with the Reserve Bank of India favouring a holding company structure for both banking and non-banking financial groups. The central bank in its proposed norms for holding companies has said ...
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RBI |
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0 | Hits : 1012
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