Transfer of shares without consideration doesn't attract capital gains tax: Authority for Advance Rulings
Posted Date : 05-May-2011 , 09:01:33 pm | Posted By CASANSAAR
Transfer of shares for the purpose of business reorganisation, if done without consideration, does not attract capital gains tax, according to a ruling by the Authority for Advance Rulings (AAR) in the case of US-based Goodyear Tire and Rubber Company .
In the ruling given on May 2, AAR, a quasi-j...
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Income Tax |
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CBI arrests Chief Parliamentary Secretary, Punjab and an official of Registrar, Firms & Societies, Punjab in a bribery case
Posted Date : 05-May-2011 , 08:52:17 pm | Posted By CASANSAAR
CBI has registered a case U/S 8 of Prevention of Corruption Act against an official of Registrar, Firms & Societies, Punjab on the basis of a complaint received from Secretary of an Association alleging demand of bribe of Rs.1.5 crore by the official, of Registrar, Firms & Societies, Punjab,...
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General |
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0 | Hits : 1309
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'Gift of property by a Muslim need not be registered'
Posted Date : 05-May-2011 , 08:47:52 pm | Posted By CASANSAAR
A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled.The apex court said though the TP Act mandates registration of a gift, the same would not apply to a Muslim d...
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Corporate Law |
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0 | Hits : 900
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I-T tracks frequent flyers to tax havens on Rs 1L income
Posted Date : 05-May-2011 , 08:41:02 pm | Posted By CASANSAAR
Tax sleuths tracking frequent flyers to international tax havens have found that some of these individuals have a declared annual income of as little as Rs 1 lakh and, in a few cases, no income at all!
This startling discovery was made after the Directorate of Income Tax Intelligence started scruti...
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Income Tax |
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1 | Hits : 937
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SC dissatisfied over IT probe into 2G scam
Posted Date : 05-May-2011 , 11:22:38 am | Posted By CASANSAAR
The tardy probe against corporate lobbyist Niira Radia and others for alleged tax evasion connected with 2G spectrum scam came in for sharp criticism from the Supreme Court which directed Income Tax department to be quicker and not to treat these cases in an "ordinary way."
The court said i...
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Income Tax |
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0 | Hits : 789
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Cancellation of HINDI MEDIUM Paper-3 of PCE and Paper-2 of IPCE of Chartered Accountants Examination-May 2011 scheduled to be held on 05 May 2011
Posted Date : 05-May-2011 , 11:17:38 am | Posted By CASANSAAR
Due to unavoidable reasons the examination of Paper –3- Law, Ethics and Communication of Professional Competence Examination and Paper -2- Business Laws, Ethics and Communications of integrated Professional Competence Examination which were scheduled to be held on 5th May 2011 (Thurs...
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Students Zone |
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2 | Hits : 846
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Sebi to outsource investor helpline to 3rd-party call centre
Posted Date : 05-May-2011 , 11:14:20 am | Posted By CASANSAAR
Market regulator Sebi has decided to outsource its investor helpline service to a third-party call centre, where at least 500 agents would be required to attend to investors' calls on issues like IPOs and trading.The decision to outsource its investor helpline comes within weeks of Sebi deciding to ...
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SEBI |
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0 | Hits : 806
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Individual taxpayers need not declare high-value transactions
Posted Date : 04-May-2011 , 09:16:21 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks, mutual funds, credit cards, etc via the income tax return forms. The newly notified income tax return forms for the Assessment Year 2011-12 - including Sahaj, Sug...
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Income Tax |
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1 | Hits : 1440
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I-T finds tax evasion in 2G scam; status report in SC tomorrow
Posted Date : 04-May-2011 , 09:13:00 am | Posted By CASANSAAR
The Income Tax department has found instances of alleged tax evasion and “multiple routing” of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow.
The department, according to official...
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Income Tax |
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0 | Hits : 777
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Govt mulling Rs 3/ltr diesel rate hike after Assembly polls
Posted Date : 04-May-2011 , 09:08:52 am | Posted By CASANSAAR
The government plans to hike diesel prices by up to Rs 3 a litre soon after the Assembly elections in five states are over next week, while an equivalent steep increase in petrol rates is also on card."An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is scheduled to...
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General |
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1 | Hits : 850
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Govt clears 21 FDI proposals
Posted Date : 03-May-2011 , 09:19:06 pm | Posted By CASANSAAR
The government has cleared 21 foreign direct investment, proposals worth 1,027 crore rupees. According to a Finance Ministry's statement a total of 47 FDI proposals were taken up by the Foreign Investment Promotion Board, in a meeting held on 20th of last month. The Board deferred decisions on 17 ap...
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FEMA |
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0 | Hits : 979
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Repo to be reference rate for monetary policy: RBI
Posted Date : 03-May-2011 , 11:11:28 am | Posted By CASANSAAR
In line with international practice, the RBI today decided to anchor monetary policy through a single short term lending rate known as repo rate.Unlike in the past, the rate at which the RBI borrows from banks (reverse-repo) will be the benchmarked 100 basis points below the repo rates.Accordi...
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RBI |
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1 | Hits : 912
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RBI ups repo, reverse repo by 50bps, CRR kept unchanged
Posted Date : 03-May-2011 , 03:41:56 am | Posted By CASANSAAR
In a bid to clamp down on resurgent inflation, the Reserve Bank of India, in its first monetary policy review of 2012, raised repo and reverse repo rates by 50 basis points, thus breaking its calibrated approach.
The cash reserve ratio (amount of funds that banks have to keep with RBI)...
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RBI |
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0 | Hits : 907
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PwC in $25.5 mn settlement over Satyam audit
Posted Date : 02-May-2011 , 09:36:53 pm | Posted By CASANSAAR
PricewaterhouseCoopers affiliates agreed to pay $25.5 million to former Satyam Computer Services Ltd investors to settle US litigation over the audit of the Indian outsourcing company.
The settlement came four weeks after PwC agreed to pay a record $7.5 million US penalty over its auditing work for...
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Category :
Auditing |
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1 | Hits : 1115
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RBI set to hike rates, loans will cost more
Posted Date : 02-May-2011 , 09:22:19 pm | Posted By CASANSAAR
Loans are expected to get more expensive both for corporates and individuals with Reserve Bank of India hinting that it is willing to sacrifice some growth in order to tame inflation. For markets, banks and economists , it is almost certain that RBI will raise interest rates by a minimum of 25 basis...
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RBI |
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0 | Hits : 841
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Country's exports went up by 37.55 %
Posted Date : 02-May-2011 , 09:19:48 pm | Posted By CASANSAAR
The country's exports went up by an impressive 37.55 per cent to 245.86 billion US Dollars during the last financial year 2010-11. An official press release said that demand for Indian merchandise increased not just in Western economies, but in new markets like Latin America and Africa as well. Acco...
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General |
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0 | Hits : 862
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SC adjourns Sahara case, allows more time to file documents
Posted Date : 02-May-2011 , 10:32:47 am | Posted By CASANSAAR
The Supreme Court today adjourned the hearing of the petition filed by the Sahara Group against the orders of the Allahabad High Court which necessitated the company to share full details of investors participating in its fund raising exercise with the market regulator SEBI.A three judges bench head...
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General |
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0 | Hits : 849
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Al-Qaeda leader Bin Laden 'dead'
Posted Date : 01-May-2011 , 10:10:55 pm | Posted By CASANSAAR
Al-Qaeda founder and leader Osama Bin Laden is dead, according to US media reports citing officials.
The US is in possession of Bin Laden's body, the reports say. President Barack Obama is due to make a statement shortly.
Mr Bin Laden is top of the US most wanted list.
He is accused of being behi...
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General |
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1 | Hits : 915
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Govt to come out with strategy to double exports
Posted Date : 01-May-2011 , 11:27:43 am | Posted By CASANSAAR
Government will come out with a strategy in next few days to double the country's export to USD 450 billion by 2014.Commerce and Industry Minister Anand Sharma said that within next three days, the government will come out with the "final strategy" for doubling the export in next three years.S...
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DGFT |
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0 | Hits : 1357
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Sebi wants IPO bankers to disclose past record
Posted Date : 01-May-2011 , 11:27:16 am | Posted By CASANSAAR
With an aim to rein in cases of over-pricing and over-hyping of IPOs by merchant bankers, market watchdog Sebi wants them to tell the investors about their past record in handling the public offers and also keep the prices at realistic levels.Sebi has expressed its displeasure in very clear te...
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SEBI |
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I-T dept buys real estate worth Rs 2,500 cr in one yr
Posted Date : 01-May-2011 , 11:25:53 am | Posted By CASANSAAR
The Income Tax Department became one of the largest purchasers of real estate properties last year as it embarked on a mega expansion spree to spread its establishment for enhancing taxpayer services in the country.The department, which has recently begun a special drive to check prevalence of...
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Income Tax |
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0 | Hits : 791
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RBI likely to raise policy rates by 25 bps to tame inflation
Posted Date : 01-May-2011 , 11:23:45 am | Posted By CASANSAAR
Faced with stubborn inflation, RBI is likely to raised key policy rates by at least 25 basis points in its annual credit policy for 2011-12 to be announced on Tuesday to arrest the rate of price rise, say bankers."Given the macro economic conditions, it is expected that the RBI would hike rates by a...
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RBI |
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0 | Hits : 911
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Govt tells cos to send annual reports via e-mail, save paper
Posted Date : 01-May-2011 , 11:23:03 am | Posted By CASANSAAR
In its bid to promote environment friendly practices, the government has allowed the companies to cut their paper costs by sending annual reports and balance sheets to shareholders on e-mail.In the letter circulated to the Registrar of Companies and Regional Directors, the Corporate Affairs Mi...
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Corporate Law |
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1 | Hits : 944
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FDI in multi-brand retail may go to Cabinet after poll results
Posted Date : 01-May-2011 , 11:21:35 am | Posted By CASANSAAR
Industry Ministry's proposal to open multi-brand retail for foreign investment is likely to go to the Cabinet soon after assembly election results of four states and a Union Territory, taking on board job-related concerns of the Labour Ministry, sources said.The Cabinet note, circulated by the Depar...
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Finance |
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0 | Hits : 899
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KV Kamath is new Infosys chairman
Posted Date : 30-Apr-2011 , 08:13:50 am | Posted By CASANSAAR
It's the end of an era for Infosys. 30 years from its inception, founder and chief mentor Narayana Murthy will step down in August 2011 giving way to KV Kamath, the current non-executive Chairman of ICICI Bank. Kamath as been an independent director on the Infosys board since May 2009.
The ...
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General |
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0 | Hits : 978
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Gold climbs to new high of Rs 23,175/10 gram
Posted Date : 30-Apr-2011 , 06:17:58 am | Posted By CASANSAAR
Gold prices surged to a new peak and crossed the Rs 23,000 mark in the national capital today on sustained buying by speculators, triggered by a strong rally in overseas markets. Silver, however, dropped due to reduced offtake.The yellow gold spurted by Rs 655 to all-time high of Rs 23,175 per 10 gr...
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General |
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0 | Hits : 865
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Government faces cash crunch on tax refunds
Posted Date : 29-Apr-2011 , 09:38:36 pm | Posted By CASANSAAR
The government is facing a temporary cash crunch on account of tax refunds of nearly Rs 45,000 crore during April and May, prompting it to resort to short-term borrowing .
While tax refund is an annual affair, the use of electronic return filing and processing has resulted in faster refund of...
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Income Tax |
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0 | Hits : 927
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HC stays Centre''s notification levying service tax on lawyers
Posted Date : 29-Apr-2011 , 11:20:02 am | Posted By CASANSAAR
In a relief to advocates across the country, the Delhi High Court today stayed a Central government notification levying service tax on practising lawyers. "The notification is stayed," a bench comprising Chief Justice Dipak Misra and Sanjiv Khanna said, on a petition by Delhi High Court Bar Associa...
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Service Tax |
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0 | Hits : 1376
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RBI Governor meets Pranab ahead of credit policy
Posted Date : 29-Apr-2011 , 11:16:41 am | Posted By CASANSAAR
Amid concerns over high inflation and the possibility of hike in key policy rates, Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank's monetary policy next week."As a standard practice I had come to review the ma...
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RBI |
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0 | Hits : 984
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Govt will notify new M&A rules by May 5, says CCI
Posted Date : 29-Apr-2011 , 11:14:17 am | Posted By CASANSAAR
The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission's approval for high voltage deals, Chairman Dhanendra Kumar said today."By May 3-4, the rules will be finalised and by May 5...
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Finance |
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0 | Hits : 915
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