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Posted Date : 16-Jan-2013 , 07:10:43 pm | Posted By CASANSAAR
Finance Minister P Chidambaram today said he would outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech if there is consensus among states on the issue. At his pre-Budget consultations with Finance Ministers of states , he is understood t...
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Posted Date : 16-Jan-2013 , 02:18:42 pm | Posted By CASANSAAR
Former Haryana chief minister Om Prakash Chautala, his MLA son Ajay and 53 others were convicted on Wednesday by a court in New Delhi for the illegal recruitment of over 3000 junior basic trained (JBT) teachers in the state during his tenure. After the court pronounced its judgement, ...
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Posted Date : 16-Jan-2013 , 02:07:47 pm | Posted By CASANSAAR
Finance Minister P Chidambaram is holding pre-Budget consultations with State Finance Ministers today.The issue of proposed Goods and Services Tax is likely to figure prominently in the meeting as the Centre is keen on early implementation of the tax regime. He will also meet representative...
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Posted Date : 16-Jan-2013 , 10:26:37 am | Posted By CASANSAAR
Petrol price was hiked Tuesday night by about 35 paise per litre in line with firming raw material cost. Petrol will cost Rs 67.56 per litre in Delhi with effect from midnight, industry sources said. Prices vary from city to city due to differential local sales tax or VAT rates. This is ...
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Posted Date : 16-Jan-2013 , 09:51:39 am | Posted By CASANSAAR
The income tax department has summoned senior officials of Nokia India Limitedand auditors from the multinational audit firmPrice Waterhouse and Company (PW&Co) to the Chennai I-T office later this week for clarifications in the aftermath of financial records seized in a raid...
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Posted Date : 16-Jan-2013 , 09:42:12 am | Posted By CASANSAAR
The finance ministry has finalised norms for new bank licenses and has sent its comments to the Reserve Bank of India (RBI). Sources say the finance ministry has asked the RBI to delete the clause prohibiting realty and stock broking firm promoters from applying for bank licence. The ministry s...
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Posted Date : 16-Jan-2013 , 09:36:25 am | Posted By CASANSAAR
Indian Railway Finance Corporation Ltd (IRFC) is launching a tax-free bond issue to raise Rs.8,886 crore to augment resources for buying rolling stock for the Indian railways. As per Central Board of Direct Taxes (CBDT) notification, IRFC has been authorised to issue bonds up to Rs.10,000 c...
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Posted Date : 16-Jan-2013 , 09:34:13 am | Posted By CASANSAAR
Socialising clubs serving memberships to organisations including banks on a fee kept as fixed deposit by the new entrants are liable to pay tax on the interest accrued on the deposits. A Supreme Court ruling says tax is not exempted in case the arrangement between a club and member- banks l...
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Posted Date : 15-Jan-2013 , 09:34:59 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the Central Government has approved four (04) proposals of Foreign Direct Investment (FD...
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Posted Date : 15-Jan-2013 , 05:26:41 pm | Posted By CASANSAAR
Market regulator Sebi has notified new norms for 'associated persons' working as terminal users and sales personnel of brokers and other traders, making it mandatory for them to get necessary certifications to operate in the equity derivatives market. The term "associated p...
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Posted Date : 15-Jan-2013 , 09:35:48 am | Posted By CASANSAAR
More skeletons tumbled out at the central council meeting of Institute of Chartered Accountants of India (ICAI) on January 11. The members at the helm of the governing body for the profession, which calls itself the 'financial watchdog', hurled charges at each other, alleging vested intere...
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Posted Date : 15-Jan-2013 , 09:31:57 am | Posted By CASANSAAR
Mobile phone companies will have to seek written consent from consumers before activating value-added services such as caller tunes, cricket updates etc. All telcos would have to seek mandatory consent of a customer - through email, SMS, fax or in writing - before activating any VAS t...
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Posted Date : 15-Jan-2013 , 09:25:23 am | Posted By CASANSAAR
Banks will ask the Reserve Bank of India to allow them to pay interest on current account deposits at tomorrow’s meeting, in the run up to the central bank’s monetary policy review. Currently, banks don’t give interest on current accounts. Doing so, bankers believe, w...
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Posted Date : 14-Jan-2013 , 09:33:38 pm | Posted By CASANSAAR
The CBI today carried out searches at the office and residence of a deputy director at Income Tax in connection with allegations that search operations conducted by him in the probe of the Rs 500-crore Stock Guru scam were not genuine. A team of CBI officials searched the re...
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Posted Date : 14-Jan-2013 , 02:39:11 pm | Posted By CASANSAAR
Important Announcement BoS/Announcement/227/13 January 7, 2013 Sub: Discontinuation of Professional Competence Examination (PCE) reg. ------------ As notified in the ‘Implementation Schedule’ on the Institute website, studentswho are pursuing Professional Competence ...
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Posted Date : 14-Jan-2013 , 02:32:11 pm | Posted By CASANSAAR
The General Anti-Avoidance Rules (GAAR), which will target companies and investors routing money through tax havens, had been scheduled to be implemented from April 2014. They will now come into effect from April 1, 2016. Chidambaram said GAAR will not apply to foreign funds that are not ta...
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Posted Date : 14-Jan-2013 , 09:28:36 am | Posted By CASANSAAR
Aturf war is brewing in the accounting regulation space, currently governed by the Institute ofChartered Accountants of India (ICAI). A government plan to usurp the two big powers of ICAI — to set accounting standards and take disciplinary action against its 200,000 members...
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Posted Date : 14-Jan-2013 , 09:20:57 am | Posted By CASANSAAR
The role of the Indian arm of audit firmPricewaterhouseCoopers in relation to the alleged tax defaults by handset maker Nokia India is being probed by the taxman. A senior income-tax official, who wished anonymity, told ET that PwC would be called for questioning soon. ...
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Posted Date : 13-Jan-2013 , 09:22:31 pm | Posted By CASANSAAR
With two-third of companies in the country being family-owned, independent directors and minority investors need to play a stronger role in ensuring good corporate governance, Corporate Affairs Minister Sachin Pilot has said. "We as a government can only provide the regulatory mechani...
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Posted Date : 13-Jan-2013 , 03:48:36 pm | Posted By CASANSAAR
The finance ministry officials have found the US treasury bonds — valued at around Rs 25,000 crore — possessed by a Tamil Nadu-based trader to be fake. Now, he is under the scanner for making frequent trips to Myanmar. Sources said the Tirupur businessman TM Ra...
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Posted Date : 13-Jan-2013 , 09:07:56 am | Posted By CASANSAAR
Independent directors, in demand among Indian corporates on shortage of qualified individuals, might become even harder to find, say experts. The consultative paper on review of corporate governance norms in India released by the Securities and Exchange Board of India ( Sebi)...
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Posted Date : 13-Jan-2013 , 09:04:06 am | Posted By CASANSAAR
To increase broadband penetration by making it affordable for end-users, the Department of Telecommunications ( DoT) has proposed the Ministry of Finance abolish service tax on pure internet/ broadband services in Budget 2013-14. The high cost of internet, which attracts...
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Posted Date : 13-Jan-2013 , 09:01:03 am | Posted By CASANSAAR
The Income Tax department has issued summons to Bharatiya Janata Party (BJP) President (BJP) Nitin Gadkari to appear before it in connection with its investigation against him and some associated companies for alleged tax evasion. Top sources in the department said Mr Gadkari has be...
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Posted Date : 12-Jan-2013 , 09:30:51 am | Posted By CASANSAAR
The finance ministry has taken the first step towards setting up a holding company for public sector banks and will float a cabinet note for this shortly. Most international banks are held by a holding company and in the Indian context; this will help the government with equity infusion.  ...
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Posted Date : 11-Jan-2013 , 05:15:32 pm | Posted By CASANSAAR
The government on Friday said it has approved 14 FDI proposals worth about Rs 1,311 crore including that of Hindustan Port Ltd. “Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounti...
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Posted Date : 11-Jan-2013 , 03:29:52 pm | Posted By CASANSAAR
In more trouble for beleaguered Kingfisher Airlines, the Service Tax Department has issued a notice to the carrier, “impounding” all its aircraft, department sources said here tonight. According to the notice, the airline cannot fly outside the registere...
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Posted Date : 11-Jan-2013 , 10:33:02 am | Posted By CASANSAAR
An income-tax officer is bound to inform a taxpayer his reasons for reopening an income-tax assessment, so that the taxpayer is given an opportunity to file his objections to such reopenings, according to a recent order by the Income-tax Appellate Tribunal, Bangalore. Usually, income-tax department ...
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Posted Date : 10-Jan-2013 , 10:38:04 pm | Posted By CASANSAAR
Nearly 200 listed firms have come under regulatory scanner for discrepancies in their quarterly Corporate Governance Reports, wherein they are required to provide details of compliance with norms governing board of directors, use of public funds and CEO salaries. ...
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Posted Date : 10-Jan-2013 , 08:41:43 pm | Posted By CASANSAAR
The Cabinet today approved the proposal of the Department of Economic Affairs for amendment to Section 15M of the Securities and Exchange Board of India (SEBI) Act, 1992, to enlarge the field of selection for the post of Presiding Officer (PO) of the Securities Appellate Tribunal (SAT), by including...
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Posted Date : 10-Jan-2013 , 02:01:52 pm | Posted By CASANSAAR
The three financial sectors reforms laws, Prevention of MoneyLaundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012 have become law of the land with President Pranab Mukherjee giving assent to them. The Enforcement of Security Interest and Recovery of Debts Laws (A...
Continue Reading... Category : Finance | Comments : 0 | Hits : 379
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