-
Posted Date : 03-Mar-2013 , 09:38:08 am | Posted By CASANSAAR
Come April and the Indian Railways' online ticket booking portal IRCTC will start levying service tax on service charge for e-tickets booked through it. A letter to this effect was issued on February 27 by the railway ministry. The Indian Railway Catering and Tourism Corporation&...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 573
-
Posted Date : 03-Mar-2013 , 09:37:25 am | Posted By CASANSAAR
The government is tightening noose on tax evaders by strengthening its Tax Deducted at Source (TDS) system. The focus on technology-based processing is so much so that Finance Minister P Chidambaram did not wait for the Centralised Processing Cell (CPC) for TDS at Ghaziabad to become fully operation...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 631
-
Posted Date : 02-Mar-2013 , 07:09:05 pm | Posted By CASANSAAR
Diesel price for bulk consumers like the Railways and power plants has been hiked by up to Rs. 1.25 per litre as state-owned oil companies yet again exercised the newly bestowed pricing freedom. This means that the Railways and power plants will have to shell out more for the fuel, and it...
Continue Reading... Category : General | Comments : 0 | Hits : 219
-
Posted Date : 02-Mar-2013 , 06:41:41 pm | Posted By CASANSAAR
Bollywood filmmaker Karan Johar has moved the Bombay High Court challenging a notice issued by the Income Tax department which claimed that more than Rs two crore profits from his film 'Kabhi Alvida Na Kehna' were not disclosed during the assessment year 2006-07. In the petition, Johar said t...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 274
-
Posted Date : 02-Mar-2013 , 06:32:48 pm | Posted By CASANSAAR
An Indian American organisation has asked the Indian government to increase the limit ofduty free gold that an NRI couple can bring to India.The North American Punjabi Association (NAPA) in a statement has asked the Indian government to increase the limit to Rs 3 lakh from the current...
Continue Reading... Category : Custom | Comments : 0 | Hits : 234
-
Posted Date : 02-Mar-2013 , 08:41:46 am | Posted By CASANSAAR
The finance ministry on Friday issued a clarification on tax residency certificates (TRC) after concerns were expressed regarding the clause in the Finance Bill that amends Section 90 of the Income Tax Act. Section 90 deals with Double Taxation Avoidance Agreements (DTAA). Finmin clari...
Continue Reading... Category : Budget | Comments : 0 | Hits : 678
-
Posted Date : 02-Mar-2013 , 08:39:55 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (Sebi) has said reservation of 20 per cent will have to be made for retail investors during conversion of Indian Depository Receipts (IDRs) into underlying shares. The regulator today issued a detailed road map and framework for enabling partia...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 313
-
Posted Date : 02-Mar-2013 , 08:34:18 am | Posted By CASANSAAR
Three state-run lenders have raised their retail term deposit rates by 25-125 basis points. United Bank of India increased interest rates on domestic term deposits below Rs 5 crore by at least 25 basis points, effective immediately. The Kolkata-based lender will now pay nine per cent on term deposit...
Continue Reading... Category : Banking | Comments : 0 | Hits : 328
-
Posted Date : 01-Mar-2013 , 06:51:58 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore appro...
Continue Reading... Category : Finance | Comments : 0 | Hits : 282
-
Posted Date : 01-Mar-2013 , 06:21:41 pm | Posted By CASANSAAR
Indian Oil Corp, India's largest state-owned oil company, will hike the price of petrol by Rs. 1.40 effective midnight tonight, the company said in a statement. The company attributed this hike to increasing international crude prices and a falling rupee. "International prices have incre...
Continue Reading... Category : General | Comments : 0 | Hits : 238
-
Posted Date : 01-Mar-2013 , 02:53:25 pm | Posted By CASANSAAR
In order to check frauds, the RBI has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer. "All the active magstripe international cards issued by banks should have...
Continue Reading... Category : Banking | Comments : 0 | Hits : 261
-
Posted Date : 01-Mar-2013 , 08:29:10 am | Posted By CASANSAAR
Under the corporate tax, although there are no changes proposed to Income tax rates but the surcharge is proposed to increase from 5 to 10 % on domestic companies having income exceeding INR 10 crore. In case of foreign companies (if income exceeds INR 10 crores), surcharge will increase f...
Continue Reading... Category : Budget | Comments : 0 | Hits : 835
-
Posted Date : 01-Mar-2013 , 08:07:25 am | Posted By CASANSAAR
Union finance minister P Chidambaram in his budget 2013 has decided to levy a withholding tax of 20 % on profits distributed by unlisted companies to shareholders through buyback of shares. The move will deter unlisted companies opting for buyback of shares. Tax consultants ...
Continue Reading... Category : Budget | Comments : 0 | Hits : 1098
-
Posted Date : 01-Mar-2013 , 08:05:24 am | Posted By CASANSAAR
The Corporate Affairs Ministry will get higher budgetary allocation at Rs 255.28 crore in the next fiscal, with increased funding for think-tank IICAand investigation agency SFIO, among others. According to the Budget proposals, the government has earmarked Rs 255.28 cr...
Continue Reading... Category : Budget | Comments : 0 | Hits : 330
-
Posted Date : 01-Mar-2013 , 08:00:53 am | Posted By CASANSAAR
The proposed scheme to encourage voluntary compliance with service tax announced in the Union budget is a tool to broaden the tax base. It excludes cases where the assessees have disputed the levy, or against whom the government has initiated action. What the Service Tax Voluntary Complianc...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 533
-
Posted Date : 28-Feb-2013 , 09:34:00 pm | Posted By CASANSAAR
With an aim to increase insurance sector's penetration, the government today said banks can act as brokers to sell policies and also simplified KYC norms for buying the product. In a boost to the sagging insurance sector, Finance Minister P Chidambaram in his Budget also announced that insurance co...
Continue Reading... Category : Banking | Comments : 0 | Hits : 321
-
Posted Date : 28-Feb-2013 , 09:21:11 pm | Posted By CASANSAAR
The existing provisions contained in clause (14) of section 2 of the Income-tax Act define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultura...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1049
-
Posted Date : 28-Feb-2013 , 07:42:16 pm | Posted By CASANSAAR
Indicating that his hands were tied because the economy is “challenged”, Finance Minister P Chidambaram on Thursday said more “measures and decisions” will be announced during the Budget passage in Parliament. Addressing a post-Budget press conference, he said Budget...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 195
-
Posted Date : 28-Feb-2013 , 06:19:19 pm | Posted By CASANSAAR
Section 285BA mandates furnishing of annual information return by the specified persons in respect of specified transactions within the time prescribed under sub-section (2) thereof. Sub-section (5) of the section empowers the Assessing Officer to issue notice if the annual ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 655
-
Posted Date : 28-Feb-2013 , 06:13:15 pm | Posted By CASANSAAR
Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, repor...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 301
-
Posted Date : 28-Feb-2013 , 06:03:53 pm | Posted By CASANSAAR
The existing provisions of section 153, inter alia, provide the time limit for completion of assessment and reassessment of income by the Assessing Officer. Explanation to section 153 provides that certain periods specified therein shall be excluded while computing the p...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 333
-
Posted Date : 28-Feb-2013 , 06:01:43 pm | Posted By CASANSAAR
The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fif...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 557
-
Posted Date : 28-Feb-2013 , 02:17:15 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at higher growth rate leading to inclusive and sustainable development as ‘mool mantra’. · Finance Minister makes three promises: to women, youth and the poor. ·  ...
Continue Reading... Category : Budget | Comments : 0 | Hits : 1920
-
Posted Date : 28-Feb-2013 , 02:16:10 pm | Posted By CASANSAAR
The Union Budget for 2013-14 aims at ‘higher growth leading to inclusive and sustainable development.’ With this asmool mantra, the Finance Minister Shri P Chidambaram has sought to increase allocation to key areas and provide incentives for investments and savings while containing the f...
Continue Reading... Category : Budget | Comments : 1 | Hits : 1755
-
Posted Date : 28-Feb-2013 , 02:14:38 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a relief of Rs.2000 to every person who has a total income upto Rs.5 lakh in a financial year. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that 1.80 crore taxpayers are expected to benefit to the value o...
Continue Reading... Category : Budget | Comments : 0 | Hits : 746
-
Posted Date : 28-Feb-2013 , 02:12:59 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said...
Continue Reading... Category : Budget | Comments : 0 | Hits : 322
-
Posted Date : 28-Feb-2013 , 02:12:05 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a...
Continue Reading... Category : Budget | Comments : 2 | Hits : 616
-
Posted Date : 28-Feb-2013 , 01:59:45 pm | Posted By CASANSAAR
The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed the fol...
Continue Reading... Category : Budget | Comments : 0 | Hits : 424
-
Posted Date : 28-Feb-2013 , 01:55:16 pm | Posted By CASANSAAR
The Finance Bill 2013 proposes to introduce Commodities Transaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future contracts at the same rate as on equity futu...
Continue Reading... Category : Budget | Comments : 0 | Hits : 405
-
Posted Date : 28-Feb-2013 , 01:53:23 pm | Posted By CASANSAAR
There is no change in the peak rate of basic customs duty of 10% for non-agricultural products. Presenting the Union Budget in Lok Sabha today, the Finance Minister announced that there will be no change in the normal rate of excise duty of 12% and the normal rate of service tax of 12%....
Continue Reading... Category : Budget | Comments : 0 | Hits : 268
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
