AG asks I-T Department for 'zero delay' in filing appeals
Posted Date : 09-Apr-2011 , 11:25:13 pm | Posted By CASANSAAR
Concerned over the rise in instances of delay in filing appeals by the Income Tax Department, Attorney General (AG) of India Goolam Vahanvati asked the Central Board of Direct Taxes (CBDT) to move towards a ‘zero delay regime’.
Following this, CBDT today put out a special and detail...
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Income Tax |
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Preparation of negative list for service tax likely to start soon
Posted Date : 09-Apr-2011 , 11:24:37 pm | Posted By CASANSAAR
The Finance Ministry expects to begin the compilation of the negative list for service tax soon. Negative list is a list of items on which tax will not be charged as compared to a positive list which the government already has.The government believes that service tax contribution to the overall tax ...
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Service Tax |
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Settlement in US: Satyam yet to get RBI nod for fund-transfer
Posted Date : 09-Apr-2011 , 11:24:04 pm | Posted By CASANSAAR
Mahindra Satyam -- brand identity of Satyam Computer Services Limited -- which recently announced that it had agreed to pay USD 125 million to settle class action suits in USA, is yet to get Reserve Bank's nod to transfer the funds, a senior company official said. "It (RBI) wanted some clarification...
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RBI |
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IPL to yield Rs 350 cr in taxes to government
Posted Date : 09-Apr-2011 , 11:23:06 pm | Posted By CASANSAAR
The government hopes to collect Rs 350 crore in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning tomorrow.
The revenue will accrue to the government as the organisations will be required to deduct tax at source (TDS) while making payments t...
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Income Tax |
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Hasan Ali
Posted Date : 06-Apr-2011 , 09:31:48 pm | Posted By CASANSAAR
Sunil Shinde, chartered accountant of Pune-based horse owner Hasan Ali Khan and suspect in the multi-crore hawala racket and tax evasion scam, on Wednesday sought police protection after receiving an anonymous threat letter in the morning.
Shinde and his counsel advocate Rahul Dinodokar approac...
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General |
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Tax collections-both direct and indirect-for 2010-11 exceeds: Finance ministry
Posted Date : 06-Apr-2011 , 09:31:17 pm | Posted By CASANSAAR
The government today said the total tax collections-both direct and indirect-for 2010-11 have exceeded even the revised estimate on the back of strong economic activities.
“I am reasonably sure that we will cross Rs 4.50 lakh crore in direct taxes…I am reasonably confident that it ...
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Income Tax |
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OBC launches Income Tax payment facility through ATMs
Posted Date : 06-Apr-2011 , 09:30:50 pm | Posted By CASANSAAR
State-owned Oriental Bank of Commerce (OBC) launched the Income Tax payment facility through ATMs for their customers.
The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in highe...
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Income Tax |
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SC orders status quo on 617 cr tax demand from Satyam
Posted Date : 06-Apr-2011 , 09:30:20 pm | Posted By CASANSAAR
The Supreme Court today ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer, while asking for a list of the actual liabilities of the scam-hit information technology (IT) firm.
A three-judge bench headed by Chief Jus...
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Income Tax |
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Indian Accounting Firm Is Fined $7.5 Million Over Fraud at Satyam
Posted Date : 06-Apr-2011 , 09:29:52 pm | Posted By CASANSAAR
The Indian affiliate of PricewaterhouseCoopers routinely failed to follow the most basic audit procedures, the United States Securities and Exchange Commission said Tuesday as it penalized the firm for its failed audits of Satyam Computer Services, the Indian company that falsely reported more than ...
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ICAI |
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SC to hear Vodafone plea against new tax penalty
Posted Date : 06-Apr-2011 , 09:29:09 pm | Posted By CASANSAAR
The Vodafone Group now has one more front to defend as it filed a petition in the Supreme Court to safeguard itself from more penalties from the local taxman on its Indian unit Vodafone Essar.
The tax department on March 23 sought to penalise Vodafone International, the holding company of Vodafon...
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Income Tax |
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UK's new immigration rules to hit Indian professionals
Posted Date : 06-Apr-2011 , 09:28:29 pm | Posted By CASANSAAR
Several Indian professionals will be adversely affected by Britain's new immigration rules that come into effect tomorrow as part of the David Cameron government's efforts to reduce migration from non-European Union countries.
The new immigration regime includes tighter rules for students, limits...
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General |
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Petition filed challenging HC recommendation to elevate ITAT President
Posted Date : 06-Apr-2011 , 09:27:43 pm | Posted By CASANSAAR
A recommendation by the Delhi High Court Collegium to elevate RV Easwar, currently the President of the Income Tax Appellate Tribunal (ITAT) Mumbai has been opposed in a petition before the court.
The Collegium had recommended the name of RV Easwar for appointment and elevation as Additional Ju...
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Income Tax |
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India received USD 628 bn from abroad in Dec 2010
Posted Date : 06-Apr-2011 , 09:27:14 pm | Posted By CASANSAAR
Foreign investment in India rose by USD 22.7 billion in the quarter ending December 2010 to USD 628 billion, mainly on account of increase in portfolio investment and FDI.
Total foreign fund inflows, including FDI, portfolio investment and external commercial borrowings (ECB), rose to USD 628.6 b...
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Finance |
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0 | Hits : 823
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Balance sheets of IPLs delayed
Posted Date : 06-Apr-2011 , 09:26:44 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will take a few more months to submit its report on the balance sheets of eight Indian Premier League (IPL) franchises, amid indications that accounting regulator has stumbled upon violations of auditing norms by some teams in the league.
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ICAI |
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FIIs invested Rs 10 lakh cr till FY'11: Sebi
Posted Date : 06-Apr-2011 , 09:25:25 pm | Posted By CASANSAAR
Betting high on Indian market, Foreign investors have purchased stocks and bonds worth Rs 10 lakh crore in the fiscal ending March 31.
Foreign institutional investors (FIIs) have purchased stocks and debt securities worth Rs 9,92,595.15 crore in the fiscal 2010-11, according to the latest available...
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SEBI |
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Investors want govt to keep Indian A/c standards close to IFRS
Posted Date : 06-Apr-2011 , 09:24:50 pm | Posted By CASANSAAR
Majority of investors want the government to keep national accounting standards as close to the international norms (called IFRS) as possible, says a survey conducted by the global accounting firm Ernst & Young.
According to the report 'IFRS convergence: an investor's perspective', the firm...
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IFRS |
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ICICI a foreign firm, subject to FDI norms: Govt
Posted Date : 02-Apr-2011 , 08:38:35 am | Posted By CASANSAAR
The government on Thursday said that ICICI Bank and other lenders whose more than 50 per cent equity is owned by overseas entities will be treated as foreign companies for the computation of foreign direct investment (FDI) in the country.
"ICICI is an Indian bank, but it is over 50 per cent (eq...
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Banking |
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Rabobank receives banking license in India
Posted Date : 02-Apr-2011 , 08:37:52 am | Posted By CASANSAAR
The Netherlands-based Rabobank on Friday said it has received approval from the Reserve Bank of India (RBI) to establish banking presence in the country through a maiden branch in Mumbai.
Rabobank is present in India through a wholly owned subsidiary, Rabo India Finance (RIF), which is register...
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Banking |
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'Service tax on forex transactions cannot exceed Rs 5K'
Posted Date : 02-Apr-2011 , 08:37:15 am | Posted By CASANSAAR
The government has capped service tax on foreign exchange transactions at Rs 5,000, which is seen as a bid to pacify market players, who feared a significant drop in the country's forex volumes due to high levies on such transactions.
As per a notification, tax for foreign exchange transactions w...
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Service Tax |
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0 | Hits : 923
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Bihar finance: CAG finds irregularities for 2009-10
Posted Date : 02-Apr-2011 , 08:36:24 am | Posted By CASANSAAR
Non-submission of detailed contingency (DC) bills worth Rs 11,854 crore, defalcation and loss to the tune of Rs 407.97 crore up to March 2010 are among the highlights of the CAG report on Bihar finances for 2009-10.
Talking to reporters, Principal Accountant General (Audit), Bihar, P Dinaraj said...
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CAG |
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Provisional Census 2011: Population touches 1.21 billion
Posted Date : 02-Apr-2011 , 08:34:22 am | Posted By CASANSAAR
The Union Cabinet on Thursday approved tax exemption for the 2011 ICC World Cup.
The cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket World Cup 2011 from income tax under section 10(39) of the Income Tax Act 1961 in respect of income which is arising in the I...
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General |
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Facility of Income Tax Payment Through ATMS by Union Bank of India Launched
Posted Date : 02-Apr-2011 , 08:30:32 am | Posted By CASANSAAR
The Minister of State for Finance Shri Namo Narain Meena launched facility of Income Tax payment through ATMs by Union Bank of India here today. Senior officials from Ministry of Finance including Shri Sunil Mitra, Revenue Secretary, Shri Shashi Shekhar Sharma, Secretary, Financial Services, Shri Su...
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Income Tax |
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Government liberalises FDI policy to boost inflows
Posted Date : 02-Apr-2011 , 08:26:47 am | Posted By CASANSAAR
Relaxing the rules for foreign direct investment (FDI) in the country, the government today decided to permit the issuance of equity to overseas firms against imported capital goods and machinery. Furthermore, the norms for overseas investment in production and developments of seeds have been libera...
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Finance |
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Vodafone to pay $5 billion for buying out Essar in India; company could consider IPO in India
Posted Date : 02-Apr-2011 , 08:26:07 am | Posted By CASANSAAR
Vodafone, the world's largest mobile operator by revenue, is to pay $5 billion in cash to buy out Essar Group from their Indian joint venture and bring an end to their increasingly fractious relationship.
Vodafone, which has faced a host of problems since entering the fiercely competitive market ...
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Finance |
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MCA breather for company directors
Posted Date : 02-Apr-2011 , 08:25:26 am | Posted By CASANSAAR
Directors in companies who have found themselves on the wrong side of the law for violations by their officers may now breathe easy.
The ministry of corporate affairs has issued a directive to all its Regional Directors, cautioning them against taking action on company directors unless it is conc...
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Corporate Law |
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NBFCs can't be partners in Partnership firms: RBI
Posted Date : 02-Apr-2011 , 08:24:47 am | Posted By CASANSAAR
The Reserve Bank today prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities.
The central bank also asked NBFCs, which have already contributed capital or are partner in such firms, to exit from such arrangemen...
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RBI |
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Service tax on rail freight deferred by 3 months to July 1
Posted Date : 02-Apr-2011 , 08:23:48 am | Posted By CASANSAAR
Under pressure from Railway Minister Mamata Banerjee and concerned over rising inflation, the government has once again deferred a decision on levying service tax on transport of goods by rail to July 1.
This is the fourth time that the government is postponing a decision on service tax on rail...
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Service Tax |
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MOU Signed Between ICWAI-MARF and Department of Post
Posted Date : 02-Apr-2011 , 08:23:10 am | Posted By CASANSAAR
Management Accounting Research Foundation of ICWAI (ICWAI-MARF) has been appointed as an advisor to the Department of Post, Ministry of Communications and IT (DOP) and a MOU has been signed to that effect. This appointment as per the MOU will be in vogue for a period of 24 months during which I...
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ICWAI |
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No IFRS, but strict norms take over
Posted Date : 02-Apr-2011 , 08:22:28 am | Posted By CASANSAAR
The implementation of the International Financial Reporting Standards , or IFRS , has been put off for now, but the government is pressing ahead with the reforms in the way companies present their financials.
The Corporate Affairs Ministry has made it mandatory for large companies to prepare th...
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IFRS |
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Tax returns can be made public: CIC
Posted Date : 02-Apr-2011 , 08:21:27 am | Posted By CASANSAAR
The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case.
"We direct the CPIO to provid...
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Income Tax |
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