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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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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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 : 821
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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 : 992
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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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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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Haryana asks I-T sleuths to curb pilferage of tax
Posted Date : 13-May-2011 , 11:10:02 am | Posted By CASANSAAR
Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release.The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64t...
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Income Tax |
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Result of Assembly Elections
Posted Date : 13-May-2011 , 10:57:47 am | Posted By CASANSAAR
Assembly Elections
West Bengal
Tamil Nadu
Party
Lead
Won
AITC + INC
2
223
Left Front
1
60
Others
0
8
Party
Lead
Won
DMK
3
27
AIADMK
16
187
Others
1
1
...
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General |
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'Harshad Mehta's assets likely to fetch 800-1000 cr'
Posted Date : 12-May-2011 , 09:34:49 pm | Posted By CASANSAAR
Government today said it expected Rs 800-1000 crore to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.The amount will be used to meet a large portion of the liability of the stock broker towards taxes and banks."With...
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General |
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Murli Deora Stresses to expedite the Process of Liquidation Of Companies
Posted Date : 12-May-2011 , 09:29:29 pm | Posted By CASANSAAR
Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expedi...
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Corporate Law |
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Investors feel cheated like in Harshad scam: SC to Sahara
Posted Date : 12-May-2011 , 09:22:18 pm | Posted By CASANSAAR
The Supreme Court asked the Security and Exchange Board of India to proceed with its probe into Sahara group’s OFCD scheme. The apex court said that it will wait for the market regulator to come up with its findings while observing that it does not want investors to feel “cheated” ...
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SEBI |
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Transfer/Termination of Articleship
Posted Date : 12-May-2011 , 07:24:46 am | Posted By CASANSAAR
ANNOUNCEMENT Transfer/Termination of Articleship[Regulation 56(1)] As informed earlier vide announcement dated 2nd July 2010, ICAI is allowing the articled assistants to seek transfer/termination of articleship only on permissible grounds and the articled assistants are advised to get the conse...
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Students Zone |
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4 | Hits : 3802
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CAG to review transfer pricing case, says I-T dept
Posted Date : 12-May-2011 , 06:49:13 am | Posted By CASANSAAR
The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of I...
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Income Tax |
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Funding to parties may come under CAG scanner
Posted Date : 11-May-2011 , 09:03:33 pm | Posted By CASANSAAR
The commission, which wants all such transactions to be done through cheques and demand drafts and audited by those in the CAG list, will take up the matter with all the political parties soon, sources said.
“There should be complete transparency in political funding. Payment sh...
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Auditing |
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Govt collects 'unprecedented' 7.90 lakh cr in taxes: FM
Posted Date : 11-May-2011 , 08:58:59 pm | Posted By CASANSAAR
The government has collected an "unprecedented" Rs 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said today.
"There has been an unprecedented collection of tax revenues in the financial year 2010...
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Income Tax |
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Foreign bank CEOs must ensure compliance: RBI
Posted Date : 11-May-2011 , 08:54:59 pm | Posted By CASANSAAR
Tightening its regulations over the operations of foreign banks in the country, the Reserve Bank of India (RBI) has asked their chief executive officers (CEO) to monitor the compliance system.
It is observed that operations of foreign banks functioning in India as branches of the pa...
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RBI |
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SBI to introduce green-channel banking at more branches
Posted Date : 11-May-2011 , 10:42:19 am | Posted By CASANSAAR
State Bank of India (SBI) will introduce "green-channel banking" at more of its branches to promote paperless work and to facilitate faster transactions for customers, SBI sources said.All major transactions, including withdrawals, deposits and remittances up to Rs 40,000, will be made through green...
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Banking |
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Govt set to allow FDI in LLPs
Posted Date : 10-May-2011 , 09:18:19 pm | Posted By CASANSAAR
The Cabinet is likely to approve a proposal to allow foreign direct investment (FDI) in Limited Liability Partnership firms on Wednesday. "The proposal to allow FDI in LLPs in on the agenda of the Cabinet. It is likely to be approved," a source said. The move will enable LLPs to choose among domesti...
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Finance |
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'No service tax on hotel food sent up to rooms'
Posted Date : 10-May-2011 , 11:53:33 am | Posted By CASANSAAR
Food served in hotel rooms from their air conditioned restaurants with liquor licences will not attract service tax, the revenue department today said."When the food is served in the room, service tax cannot be charged under the restaurant service as the service is not provided in the premises...
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Service Tax |
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Draft norms on new banking licences soon: RBI official
Posted Date : 10-May-2011 , 11:49:46 am | Posted By CASANSAAR
Reserve Bank of India (RBI) would shortly come out with draft norms on new banking licences, a senior RBI official said."RBI will shortly come out with draft guidelines on new banking licenses", B Mahapatra, CGM in-charge of Department of Banking Operations and Development, RBI, said.Last year...
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RBI |
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RBI penalises two cooperative banks
Posted Date : 10-May-2011 , 11:48:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People's Cooperative Bank -- for violation of banking norms.The Gandhinagar-based Randheja Commercial Co-operative Bank has been penalised for violat...
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RBI |
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Sahara Group firm should provide details on OFCD scheme: SC
Posted Date : 09-May-2011 , 09:08:44 pm | Posted By CASANSAAR
The Supreme Court directed Sahara India Real Estate to furnish the format of the application for an OFCD scheme and a list of accredited agents raising money on its behalf after the firm claimed it was not liable if investors provided false address and other details.
A three-judge benc...
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General |
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Mukesh Ambani forgoes Rs 23.75 crore from salary
Posted Date : 09-May-2011 , 08:36:44 am | Posted By CASANSAAR
Billionaire industrialist Mukesh Ambani has decided to forego Rs 23.75 crore for the last fiscal from his annual compensation as chief of Reliance Industries while keeping his salary capped at Rs 15 crore for third year in a row. At the same time, the company's total remuneration for top managem...
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General |
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0 | Hits : 1066
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Supreme Court stays verdict on Ayodhya title suit
Posted Date : 09-May-2011 , 04:30:21 am | Posted By CASANSAAR
Calling it a strange and surprising order, the Supreme Court on Monday stayed the Allahabad High Court's verdict on the Babri Masjid-Ramjanmbhoomi disputed site by which it had directed the site be divided equally between the three contending parties. Assailing the judgment of the Lucknow bench ...
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General |
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Waiver from filing I-T returns to benefit 85 lakh tax payers
Posted Date : 08-May-2011 , 11:06:29 am | Posted By CASANSAAR
As many as 85 lakh tax payers will benefit from the government''s decision to exempt persons earning less than Rs 5 lakh a year from filing I-T returns, a finance ministry official said.
"The decision, which will come into effect from June 1, 2011, will reduce the compliance burden about 85 lakh sm...
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Income Tax |
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SC to hear Sahara plea against giving investor details to Sebi
Posted Date : 08-May-2011 , 11:02:26 am | Posted By CASANSAAR
The Supreme Court will tomorrow hear Sahara Group's petition against the orders of the Allahabad High Court, which directed the company to share with market regulator Sebi details of investors participating in its fund raising exercise.The matter will be heard by a 3-judge bench, headed by Chi...
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General |
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0 | Hits : 804
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RBI may make it mandatory for foreign banks to adopt WOS route
Posted Date : 08-May-2011 , 10:59:01 am | Posted By CASANSAAR
The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working.Initially, according to sources, the new banks and the existing ones ...
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RBI |
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SC to hear petition on NSDL role in the IPO scam
Posted Date : 08-May-2011 , 10:58:14 am | Posted By CASANSAAR
The Supreme Court will tomorrow hear a petition seeking directions to market regulator Sebi to take action on the report of a high-powered committee, which had probed the IPO scam of 2006 and NSDL's role in it.The matter would be heard by a bench comprising justices RV Raveendran and AK Patnaik.Sebi...
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SEBI |
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