Rs 72,000-cr income tax refunds in 2009-10: CBDT
Posted Date : 12-Apr-2011 , 09:28:29 am | Posted By CASANSAAR
The Income Tax department has refunded as much as Rs 72,000 crore to tax payers across the country in 2009-10, Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra said here.
"The Income Tax department has improved its tax refund rate and Rs 72,000 crore have been refunded to tax payers i...
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Income Tax |
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FinMin to DoT:Probe role of telcos in tape leakage
Posted Date : 12-Apr-2011 , 09:27:40 am | Posted By CASANSAAR
Amid controversy over leakage of telephonic conversations involving top industrialists, corporate lobbyist Niira Radia and others, the Finance Ministry has asked the DoT to enquire into the conduct of telecom operators and identify individuals involved in it.
"DoT (Department of Telecom) will hav...
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Finance |
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Aamir Khan In Times 100 Most Influential People List
Posted Date : 12-Apr-2011 , 08:06:30 am | Posted By CASANSAAR
It was just after India's World Cup Cricket triumph that a very important news did not get the coverage that it deserved from the media. Ironically, it was about the man whose first film as a producer, 'Lagaan', took cricket to the Oscars! Yes, it is non other than Hindi cinema's superstar Aamir Kha...
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Income Tax |
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Government to issue biometric PAN cards to taxpayers
Posted Date : 12-Apr-2011 , 08:05:36 am | Posted By CASANSAAR
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax ...
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Income Tax |
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CBDT cracks down on use of unaccounted money in polls
Posted Date : 12-Apr-2011 , 08:04:56 am | Posted By CASANSAAR
All airports, major hotels, railway stations, financial brokers and hawala operators in the five states where Assembly polls are being conducted, are under the vigil of the Income Tax Department.
The exercise is part of the Election Commission’s drive to check black money from being used ...
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Income Tax |
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Now you can claim income-tax deductions for fines paid to RTO
Posted Date : 12-Apr-2011 , 08:04:26 am | Posted By CASANSAAR
Now you can claim income-tax deduction for fines paid to the RTO that are compensatory in nature. In a recent order, Income-tax Appellate Tribunal , (ITAT) has held that fines paid to RTO is an allowable expenditure under the Income-tax Act.
According to the provisions of the Income-tax Act, if a...
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Income Tax |
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CAG itself needs an auditor: Shunglu panel
Posted Date : 12-Apr-2011 , 08:03:59 am | Posted By CASANSAAR
In a confidential report, the V K Shunglu committee on Commonwealth Games irregularities has recommended that the office of the Comptroller and Auditor General be itself audited by independent auditors appointed by a parliamentary panel.
In its report on "systemic changes" submitted to Prime Mini...
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Auditing |
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Vodafone-Essar deal now in RBI court
Posted Date : 09-Apr-2011 , 11:28:51 pm | Posted By CASANSAAR
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
Vodafone’s $5-billion confrontation with its Indian telecom joint venture partner, Essar, is now set to get embroiled in regulatory drama, as the ball...
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Income Tax |
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RBI extends special borrowing facility till 6 May
Posted Date : 09-Apr-2011 , 11:28:13 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday extended its special borrowing facility for banks till 6 May-the sixth time since it was introduced in October. Under the facility banks can borrow up to 1% of their deposits without paying any penal interest if there is a shortfall on their statutory liquid...
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RBI |
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CAG report on CWG in Monsoon session: Vinod Rai
Posted Date : 09-Apr-2011 , 11:27:34 pm | Posted By CASANSAAR
The government auditor CAG today said it will soon finalise its report on the conduct of Commonwealth Games which will be tabled in the next session of Parliament.
"Yes...certainly," the Comptroller and Auditor General (CAG) said when asked if the CWG report would be tabled in the Monsoon Session...
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CAG |
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SC notice to Indiabulls over SEBI plea
Posted Date : 09-Apr-2011 , 11:26:49 pm | Posted By CASANSAAR
The Supreme Court has issued a notice to Indiabulls Securities after SEBI challenged a Securities Appellate Tribunal order setting aside the penalty imposed against the firm by the market regulator for alleged manipulative and fraudulent practices in the F&O segment.
Issuing the notice to the I...
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SEBI |
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ICAI may propose fresh shares for subscribers of overpriced IPOs
Posted Date : 09-Apr-2011 , 11:26:03 pm | Posted By CASANSAAR
Concerned that scores of initial public offerings (IPOs) that hit the market of late appear to have been overpriced, the Institute of Chartered Accountants of India (ICAI) is considering recommending a formula for the companies to compensate their shareholders by doling out fresh shares.
The IC...
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ICAI |
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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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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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