'Financial reporting in XBRL enables better vigilance'
Posted Date : 21-May-2011 , 09:36:31 am | Posted By CASANSAAR
Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators nee...
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Corporate Law |
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Govt for holding AGM through video conferencing
Posted Date : 20-May-2011 , 12:05:11 pm | Posted By CASANSAAR
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs.Accordingly, a company would have to send a notice informing shareholders about "the availabi...
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Auditing |
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4 | Hits : 1493
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DMK MP Kanimozhi arrested in 2G scam case
Posted Date : 20-May-2011 , 04:17:58 am | Posted By CASANSAAR
DMK MP Kanimozhi, who was named co-conspirator in the 2G scam case was arrested today. CBI special court heard her bail plea, which was subsequently rejected earlier this afternoon.
Kanimozhi and Kalaignar TV managing director Sharad Kumar will be taken into custody.
CBI has charged Karunanidhi's ...
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General |
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Global accounting body flays India for postponing over IFRS
Posted Date : 19-May-2011 , 10:42:16 am | Posted By CASANSAAR
The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing.
"New Delhi needs to curb its anxiety to be different and stop mongering about the many u...
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IFRS |
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Excise, service tax evasion of Rs 5,000 crore in FY'11
Posted Date : 19-May-2011 , 10:30:21 am | Posted By CASANSAAR
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-s...
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Excise |
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RBI raises provisioning for bad loans
Posted Date : 18-May-2011 , 09:07:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10 per cent, a development that would impact bottom lines of banks.
Advances classified as sub-standard will attract a provision of 15 per cent ag...
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RBI |
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Clarification on Loan to Public Limited Companies Under Section 295 of the Companies Act
Posted Date : 18-May-2011 , 09:02:01 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior ap...
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Corporate Law |
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SEZ units need admin nod to claim service tax refund
Posted Date : 18-May-2011 , 09:00:08 pm | Posted By CASANSAAR
The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund.Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular.SEZ ...
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Service Tax |
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0 | Hits : 942
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Coins of denomination of 25 paise and below will cease to be legal tender from June 30, 2011
Posted Date : 18-May-2011 , 07:02:29 am | Posted By CASANSAAR
Reserve Bank today asked public to exchange 25 paise coins and those with lower denominations with banks before June 30, the day from which they would be demonetised or cease to be a legal tender for payment."Coins of denomination of 25 paise and below will cease to be legal tender from June 30, ...
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General |
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0 | Hits : 1032
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Rs 30,000 cr black money recovered by CBDT
Posted Date : 18-May-2011 , 05:09:49 am | Posted By CASANSAAR
Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.
The CBDT is in the process of creating a Directo...
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Category :
Income Tax |
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SBI Q4 Net dips 99%; rights issue round the corner
Posted Date : 17-May-2011 , 09:43:49 pm | Posted By CASANSAAR
Hit by higher provisioning for bad loans and increased tax outgo, the net profit of the country's largest lender State Bank of India (SBI) tanked by about 99 per cent to Rs 20.8 crore for the fourth quarter ended March, 2011.SBI's profit plunged for the March quarter of the last fiscal from Rs 1,866...
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Finance |
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CBDT Circular No-03/2011, Dated: May 13, 2011
Posted Date : 17-May-2011 , 09:35:02 pm | Posted By CASANSAAR
Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961.
http://casansaar.com/notification_details.php?id=135...
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Income Tax |
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0 | Hits : 3457
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RBI may have to sacrifice growth to tame inflation: RBI governor
Posted Date : 17-May-2011 , 09:27:58 pm | Posted By CASANSAAR
RBI governor D Subbarao has said the central bank may have to sacrifice growth to manage inflation. "High inflation negates prospects of growth," said Mr Subbarao, speaking at the Indira Gandhi Institute of Development Research in Mumbai on Monday. "For faster growth, we need to manage the growth-in...
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RBI |
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Tax arrears are zooming: CAG
Posted Date : 17-May-2011 , 09:16:33 pm | Posted By CASANSAAR
Comptroller and Auditor General of India (CAG) has expressed concern over a huge build-up of tax arrears due to a poor recovery mechanism and lack of staff in the income tax (I-T) department. According to a latest CAG's audit finding report, which is yet to be tabled in Parliament, shows due to lack...
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Category :
Income Tax |
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0 | Hits : 768
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Tax board targets Rs 5,30,000 crore collection in 2011-12
Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR
Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...
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Category :
Income Tax |
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Trai may get more teeth; likely to be on par with Sebi
Posted Date : 17-May-2011 , 11:38:58 am | Posted By CASANSAAR
Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect.The Telecom Ministry is looking to give more powers to Trai, which will bring it on par ...
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General |
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Foreign cos to pay tax on all rev from seismic data contracts
Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR
Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...
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Income Tax |
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0 | Hits : 945
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Happy Buddha Purnima
Posted Date : 16-May-2011 , 09:11:00 pm | Posted By CASANSAAR
Buddham Sharanam GachamiOm Mani Padme HumMay Lord Buddha enlighten you on the path of love, peace and truth.Happy Buddha Purnima...
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General |
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2G scam: SC pulls up I-T dept for slow pace of probe
Posted Date : 16-May-2011 , 08:58:50 pm | Posted By CASANSAAR
The Supreme Court on Monday castigated the Income Tax Department for its inertia in dealing with telecom companies involved in 2G spectrum allocation scam. The I-T department, however, said that it has issued notices to the companies that have sold their controlling stakes after getting the allotmen...
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Income Tax |
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0 | Hits : 738
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Stock brokers get Sebi relaxation on access to investor accounts
Posted Date : 16-May-2011 , 08:55:39 pm | Posted By CASANSAAR
Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking 'running account authorisation' from their clients at leas...
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SEBI |
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Govt signs up USD 150 mn loan with WB for e-gov
Posted Date : 16-May-2011 , 11:02:01 am | Posted By CASANSAAR
The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps."This loan will support critical policy measures within Government's overall e-Governance reform agenda leading to more robust implementation of NeGP, w...
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Finance |
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0 | Hits : 866
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Income Tax notices to Bhave routine affair: CBDT
Posted Date : 16-May-2011 , 11:00:29 am | Posted By CASANSAAR
The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year.The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Se...
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Income Tax |
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0 | Hits : 832
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Tax exemption on 9.5% interest on PF for 2010-11
Posted Date : 16-May-2011 , 10:58:41 am | Posted By CASANSAAR
Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11.The Finance Ministry notification last week raises the income tax exemption to 9.5 per cent interest income from 8.5 per cent.The decision clears t...
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Income Tax |
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0 | Hits : 883
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SC grants 4 weeks to Skoda to pay Rs 30 cr to customs dept
Posted Date : 15-May-2011 , 09:01:34 pm | Posted By CASANSAAR
Skoda India has agreed before the Supreme Court to pay within four weeks Rs 30 crore to the Customs Department as pre-deposit money for initiating adjudication before the tax tribunal where it has challenged the imposition of duty of Rs 194 crore. A bench comprising justices D K Jain and H L Dattu a...
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Custom |
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0 | Hits : 1059
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Decision on diesel price hike next week
Posted Date : 15-May-2011 , 08:56:12 pm | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Sunday said the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week. "A decision will be taken on raising prices of these items when the EGoM meets next week," Mukherjee told reporters here...
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General |
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Sebi mulls new incentive structure for MF agents
Posted Date : 15-May-2011 , 11:19:16 am | Posted By CASANSAAR
A panel set up by Sebi to boost mutual fund investments through distributors is considering a new incentive model, wherein investors could be asked to pay a service fee and commissions would be borne by fund houses.The proposals also involve a single-cheque payment for the combined amount of the agr...
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SEBI |
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0 | Hits : 807
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SEBI to strengthen market surveillance mechanism
Posted Date : 15-May-2011 , 11:17:28 am | Posted By CASANSAAR
Capital market regulator Securities and Exchange Board of India (SEBI) has proposed to put in place a business intelligence gathering mechanism with an aim to enhance its surveillance and protect investors' interest."Surveillance is a vital link in the chain of activities performed by the regulator ...
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SEBI |
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Oil companies hike petrol price by Rs 5/litre
Posted Date : 14-May-2011 , 09:26:26 am | Posted By CASANSAAR
In the steepest hike ever, state- owned oil companies today increased petrol price by about Rs 5 per litre with effect from midnight tonight.The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after...
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General |
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3 | Hits : 970
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India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income
Posted Date : 13-May-2011 , 09:16:04 pm | Posted By CASANSAAR
India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on beh...
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Income Tax |
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0 | Hits : 774
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MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
Posted Date : 13-May-2011 , 11:11:14 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been re...
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Income Tax |
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