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  • Corporates rampantly using bogus bills to evade taxes: CBDT
    Posted Date : 15-Mar-2013 , 07:49:57 am | Posted By CASANSAAR

    The country's apex tax body, the CBDT or Central Board of Direct Taxes has expressed concern over the rampant involvement of corporates amongst other entities in a hawala racket where bogus bills are used to suppress taxable income. Speaking to ET NOW, KV Chowdary, Member, Invest...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 377

  • 35,000 more tax notices on way; FM asks defaulters to clear dues
    Posted Date : 14-Mar-2013 , 09:57:23 pm | Posted By CASANSAAR

    Dangling carrot and stick, the Income Tax Department today issued notices to 35,000 more assessees for failure to file tax returns while Finance Minister P Chidambaram offered them a penalty waiver if they chose to clear their dues. The government's initiatives have alr...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 300

  • Cobrapost expose: HDFC, ICICI, Axis Bank accused of money laundering
    Posted Date : 14-Mar-2013 , 12:36:31 pm | Posted By CASANSAAR

    A Cobrapost pan-India undercover investigation has accused HDFC Bank  , ICICI Bank   and Axis Bank   of running a vast, nation-wide money laundering racket.    Cobrapost, an online magazene, conducted a sting operation across various bran...

    Continue Reading... Category : Banking | Comments : 2 | Hits : 1050

  • IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March
    Posted Date : 14-Mar-2013 , 09:07:08 am | Posted By CASANSAAR

    The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on suc...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 382

  • Indirect tax collections rise by 20% to Rs 4.17 tn in Apr-Feb
    Posted Date : 14-Mar-2013 , 09:05:48 am | Posted By CASANSAAR

    Indirect tax collections has registered growth of 20 per cent to Rs 4.17 lakh crore in April-February period of the ongoing fiscal. The Budget targetted 27 per cent growth in the indirect tax collections in 2012-13 financial year. The excise duty collection during April-February ...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 295

  • Now, a phishing email in the name of RBI
    Posted Date : 14-Mar-2013 , 08:52:53 am | Posted By CASANSAAR

    Next time you get an email from the Reserve Bank of India think again?  An email allegedly from India's central bank, asking denizens to secure their bank account details with the RBI is fake, and an attempt by new-age fraudsters to con people into giving away bank account ...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 426

  • Income Tax department asks defaulters to clear dues by March 31
    Posted Date : 13-Mar-2013 , 06:48:12 pm | Posted By CASANSAAR

    Warning the defaulters of penal consequences, the Income Tax department today asked assesses, who pay taxes on the basis of self-assessment, to clear their dues by March 31.   The Revenue Department said 73,388 people have defaulted on payments of self-assessment tax aggregating to ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 565

  • Lok Sabha passes Railway Budget for 2013-14
    Posted Date : 13-Mar-2013 , 06:41:33 pm | Posted By CASANSAAR

    The Lok Sabha today passed the Rail Budget 2013-14 amidst an Opposition boycott. It provides for the withdrawal of 63 thousand and 363 crore rupees from the Consolidated Fund of India to achieve the targets announced in the budget.Replying to the discussion, Railway Minister Pawan Kumar Bansal assur...

    Continue Reading... Category : General | Comments : 0 | Hits : 300

  • Spanco gets notice for service tax evasion of Rs 27 crore
    Posted Date : 13-Mar-2013 , 02:02:15 pm | Posted By CASANSAAR

    The service tax department has detected a case of tax evasion running into nearly Rs 27 crore. A senior official of the service tax department said the case is murkier, considering that it is an issue in which the company has defaulted on depositing service tax after collecting i...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 419

  • Bank Audit Gone - Dil Hai Ki Manta Nahi.
    Posted Date : 13-Mar-2013 , 10:24:39 am | Posted By CASANSAAR

    When shall this fraternity believe the truth that their leaders has surrendered for the 20 Crores limit last year? The present council is the extension of old council. Very few council members lost on account of non performance. But who are there in the council were equally responsible for...

    Continue Reading... Category : Auditing | Comments : 4 | Hits : 3654

  • BSNL to start crash course for CA entrance exam
    Posted Date : 13-Mar-2013 , 08:25:59 am | Posted By CASANSAAR

    The Bharat Sanchar Nigam Limited (BSNL) on Monday announced to run a crash course for CA entrance examination -Common Proficiency Test (CPT)- aspirants. The public telecom giant would charge Rs 6750 per student and also offer chargeable hostel and mess facility.   BSNL Indore General Manger...

    Continue Reading... Category : Students Zone | Comments : 0 | Hits : 1379

  • Pay advance tax before March 15: I-T department
    Posted Date : 13-Mar-2013 , 08:24:15 am | Posted By CASANSAAR

    The Income Tax department, on Tuesday, urged taxpayers to pay the last installment of advance tax on or before March 15. “It is seen that a large number of taxpayers defer their advance tax, which makes them liable for higher interest under Section 234(C) of Income Tax Act, 1961,” the d...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 352

  • Over Rs 4.18 lakh cr outstanding in income tax arrears till Dec: Chidambaram
    Posted Date : 12-Mar-2013 , 09:49:58 pm | Posted By CASANSAAR

    Income Tax arrears outstanding at the end of December, 2012 totalled over Rs 4.18 lakh crore, Finance Minister P Chidambaram said today.   "The total income tax arrears outstanding as on December 31, 2012 are Rs 4,18,696 crore," Chidambaram said in a written reply in the Rajya Sabha.   ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 237

  • Use double indexation to reduce tax outgo on debt fund returns
    Posted Date : 12-Mar-2013 , 08:13:18 am | Posted By CASANSAAR

    Many investors park their surplus fund in fixed maturity plans (FMPs) and other debt funds in March every year to take advantage of the double indexation benefit and to bring down the tax liability on returns. This year, these investors are also expecting capital appreciation on these&nbsp...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 573

  • Sebi makes certification mandatory for compliance officers
    Posted Date : 12-Mar-2013 , 08:06:06 am | Posted By CASANSAAR

    Market regulator Securities and Exchange Board of India (Sebi) on Monday notified new guidelines for ‘associated persons’ working as compliance officers of market intermediaries such as brokers and credit rating agencies, making it compulsory for them to get requisite certifications to o...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 382

  • Banks' borrowing crosses Rs 1-lakh-cr on tight liquidity
    Posted Date : 12-Mar-2013 , 08:04:17 am | Posted By CASANSAAR

    The liquidity in the system has come under pressure, with banks’ borrowing at the Reserve Bank of India’s (RBI) liquidity window crossing the Rs 1,00,000-crore mark, ahead of payment of final instalment of advance tax. This week, banks will draw more from RBI’s short-term liquidit...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 302

  • Another batch of 30,000 tax notices on its way
    Posted Date : 11-Mar-2013 , 09:27:45 pm | Posted By CASANSAAR

    After sending letters to 70,000 high value spenders who did not file their income tax returns, the tax department is all set to send another 30,000 notices this week. This may be the final batch of such letters in the current assessment year ending March 31, 2013. “Letters will be sent to 30,...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 571

  • No data with govt on CSR spending by cos at present: Pilot
    Posted Date : 11-Mar-2013 , 04:50:21 pm | Posted By CASANSAAR

    The government on Monday said at present it does not have data on money spent by companies voluntarily towards social welfare activities. The new Companies Bill, which is awaiting Rajya Sabha approval, requires certain class of firms to spend two per cent of their average profit over the last three...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 265

  • CASANSAAR Online Blood Bank - Donate or Receive Blood & Save Lives
    Posted Date : 11-Mar-2013 , 08:13:43 am | Posted By CASANSAAR

    - Every 2 Seconds, someone in the country is in need of blood.   - Every year our nation requires about 4 Crore units of blood.-   Out of which only a meager 5 Lakh units of blood are available.   CASANSAAR is here with AN EXTREME NOBLE CAUSE, CASANSAAR Online Blood Bank. &nbsp...

    Continue Reading... Category : General | Comments : 0 | Hits : 701

  • Record 72 amendments proposed in indirect tax clauses this year
    Posted Date : 11-Mar-2013 , 07:47:15 am | Posted By CASANSAAR

    As many as 72 indirect tax clauses are sought to be amended this year, against 43 last year, a closer look at the Finance Bill 2013-14 has revealed. Before this, in 2005-06, the government had amended 60 clauses and then, like now, P Chidambaram was the finance minister. On the other hand, amendme...

    Continue Reading... Category : Excise | Comments : 0 | Hits : 552

  • Finance Ministry asks PSUs to ensure payment of service tax by vendors
    Posted Date : 10-Mar-2013 , 04:23:26 pm | Posted By CASANSAAR

    The Finance Ministry has asked heads of all public sector entities to use their influence to ensure timely payment of service tax by their vendors. Revenue Secretary has written a letter to all CMDs of PSUs last week requesting them to ensure that service providers are ...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 258

  • Nothing is Impossible. Self-confidence, hard work & dedication are the keys to achieve success-CA topper Prema
    Posted Date : 10-Mar-2013 , 10:56:57 am | Posted By CASANSAAR

    “Nothing is impossible. Self-confidence, hard work and dedication are the keys to achieve success.” Motivating other students like her, said young Prema Jayakumar, daughter of an auto-rickshaw driver. Prema hit the headlines recently by surmounting many odds to emerge as the to...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 744

  • RBI to keep tabs on all export dealings
    Posted Date : 10-Mar-2013 , 10:47:11 am | Posted By CASANSAAR

    Major irregularities have surfaced in the country's external trade with about 65%-96% of export data found not matching against their corresponding banking transactions. A recent check was conducted by the central bank which revealed that the unmatched data is worth more than Rs 2 lakh crore of expo...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 180

  • Income tax department to initiate action against big TDS defaulters
    Posted Date : 10-Mar-2013 , 10:44:07 am | Posted By CASANSAAR

    The Income Tax department has decided to crack the whip on big companies and organisations that do not remit TDS money even after deducting it from their workers' salaries.   The Central Board of Direct Taxes (CBDT), the controlling and administrative authority of the department...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 245

  • Hundreds of Chinese couples divorce to avoid paying property tax
    Posted Date : 09-Mar-2013 , 09:03:38 pm | Posted By CASANSAAR

    At Shanghai's Zhabei District marriage registration centre, officials divorced a record 53 couples in a single day this week - that's about one every five minutes - as couples rushed to untie the knot to avoid tougher tax laws on home sales. There were similar scenes in Wuhan, Nanjing and Ningbo as...

    Continue Reading... Category : General | Comments : 0 | Hits : 301

  • I-T department gets a week to defend 'illegal' IBM tax charge
    Posted Date : 09-Mar-2013 , 05:18:57 pm | Posted By CASANSAAR

    The I-T Department on Friday sought one more week from the Supreme Court to defend the Karnataka HC order directing IBMto cough up by March 31, 2013, half of 1090-crore tax claim made by the department.   IBM counsel Harish Salve dubbed the demand "thoro...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 194

  • RBI sign first Currency Swap Agreement with Royal Monetary Authority of Bhutan
    Posted Date : 09-Mar-2013 , 05:16:20 pm | Posted By CASANSAAR

    The Reserve Bank of India - RBI today signed the first Currency Swap Agreement with the Royal Monetary Authority of Bhutan. A notification issued by RBI said the Royal Monetary Authority of Bhutan can draw US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of 100 million US do...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 221

  • CA Rajesh murder case: High Court stays final verdict
    Posted Date : 09-Mar-2013 , 08:44:42 am | Posted By CASANSAAR

    The Punjab and Haryana High Court on Friday stayed the final verdict against four accused in the murder of Rajesh Goyal, a chartered accountant, in his Sector-42 office. This was conveyed to the court of District and Sessions Judge on Friday.   Iqbal Singh Sabarwal, one of the witnesses and G...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 981

  • Sebi allows issuance of preference shares on stock exchanges
    Posted Date : 09-Mar-2013 , 08:44:27 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) has allowed issuance and listing of non-convertible redeemable preference shares on stock exchanges, making it easier for companies and banks to raise funds through this route.   In a series of decisions announced on Friday evening,Sebi a...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 390

  • Details of Share of States in Central Taxes
    Posted Date : 08-Mar-2013 , 09:36:32 pm | Posted By CASANSAAR

    As per accepted recommendations of 13th Finance Commission (FC-XIII), the States’ share has been fixed at 32% of the net proceeds of sharable Central Taxes for the period from 1.4.2010 to 31.03.2015, and accordingly, devolution is being made to the State Governments.     ...

    Continue Reading... Category : VAT | Comments : 0 | Hits : 353

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