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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0 | Hits : 724
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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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0 | Hits : 956
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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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0 | Hits : 1065
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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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0 | Hits : 1179
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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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0 | Hits : 982
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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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0 | Hits : 1007
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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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0 | Hits : 929
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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 : 1165
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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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0 | Hits : 936
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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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8 | Hits : 2003
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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 : 821
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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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0 | Hits : 900
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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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0 | Hits : 874
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Cos to give details of CSR initiatives to shareholders
Posted Date : 08-May-2011 , 10:57:07 am | Posted By CASANSAAR
The new company law will make it mandatory for companies to disclose details of social sector initiatives, called CSR, in addition to money spent, to shareholders in their annual reports.Not just how much, but companies will also have to disclose to their shareholders where they have spent the...
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Category :
Corporate Law |
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0 | Hits : 843
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UCO Bank moves HC against IT order levying fine on it
Posted Date : 08-May-2011 , 10:54:46 am | Posted By CASANSAAR
The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.A bench of Chief Justice Dipak Misra and Justice Sa...
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Income Tax |
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0 | Hits : 762
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Happy Mother's Day
Posted Date : 07-May-2011 , 11:04:16 pm | Posted By CASANSAAR
When you feel you are alone in the crowd,When you think No.1 can understand you,When your love is rejected by others,& when you hate your Life,Just close your eyes, & see, her face who loves you...more than any 1 else,who care for you in loneliness,& dies when you cry.She is no 1...
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General |
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0 | Hits : 796
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I-T issues Rs 25,000 cr refunds; to issue more
Posted Date : 06-May-2011 , 09:26:56 pm | Posted By CASANSAAR
The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and...
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Category :
Income Tax |
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0 | Hits : 786
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Public debate on negative list for tax on services initiated
Posted Date : 06-May-2011 , 09:25:48 pm | Posted By CASANSAAR
The Finance Ministry on Friday sought to initiate a public debate on the issue of evolving a small negative list for tax on services, as was announced by Finance Minister Pranab Mukherjee in the course of his speech while presenting the budget for the current fiscal.
The net impact of a neg...
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Service Tax |
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0 | Hits : 1209
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CCBCAF & SMP initiative for prescribing the Minimum Recommended Scale of Fees for the Professional Assignments done by the Chartered Accountants
Posted Date : 06-May-2011 , 11:25:34 am | Posted By CASANSAAR
The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI (CCBCAF & SMP) has taken a major initiative for prescribing the Minimum Recommended Scale of Fees for the professional assignments done by our members of ICAI. The recommendation is about the fee to be cha...
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ICAI |
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0 | Hits : 1452
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DMK MP Kanimozhi's bail plea adjourned
Posted Date : 06-May-2011 , 07:50:34 am | Posted By CASANSAAR
Tension gripped the DMK camp today as a Delhi court adjourned the hearing on bail plea of Chief Minister M Karunanidhi's daughter Kanimozhi, named co-conspirator in the chargesheet in 2G scam case, with the top leadership remaining huddled throughout the day.Responding to its summons, Kanimozhi,...
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General |
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0 | Hits : 854
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ED seeks contempt proceedings against Sahara chief
Posted Date : 06-May-2011 , 07:49:01 am | Posted By CASANSAAR
The Enforcement Directorate on Friday moved the Indian apex court seeking initiation of contempt of court proceedings against multi-business conglomerate Sahara group CMD Subrato Roy for allegedly interfering into the investigation of the 2G spectrum scam.The petition filed by the ED investigatin...
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General |
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0 | Hits : 826
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Black money case: ED charge sheets Hasan Ali, Tapuriah for money laundering
Posted Date : 06-May-2011 , 07:44:31 am | Posted By CASANSAAR
The Enforcement Directorate today chargesheeted Pune-based stud farm owner Hasan Ali Khan and his associate Kashinath Tapuriah in a case of alleged money laundering.
Khan (53), is alleged to have stashed huge amount of black money abroad including over USD 8 billion in the Union Bank of Switzerl...
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FEMA |
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0 | Hits : 991
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Cancelled HINDI MEDIUM Paper-3 of PCE and Paper-2 of IPCE of CA Examination-May 2011 held on 05 May 2011.The said exam will now be held on 17th May
Posted Date : 06-May-2011 , 04:14:23 am | Posted By CASANSAAR
5th May, 2011
IMPORTANT ANNOUNCEMENT CANCELLATION OF EXAMINATION OF GROUP-I, PAPER-3, LAW, ETHICS AND COMMUNICATION OF PROFESSIONAL COMPETENCE EXAMINATION AND GROUP-I, PAPER - 2, BUSINESS LAWS, ETHICS AND COMMUNICATIONS OF INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION HELD ON 5TH MAY - 2011 IN ...
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Students Zone |
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0 | Hits : 907
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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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0 | Hits : 1762
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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 : 1340
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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 : 964
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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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Category :
Income Tax |
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1 | Hits : 955
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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 : 804
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