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Posted Date : 04-Dec-2012 , 07:29:39 am | Posted By CASANSAAR
A Bench of justices T.S. Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 548
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Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent. &nbs...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 273
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Posted Date : 04-Dec-2012 , 07:22:41 am | Posted By CASANSAAR
The Supreme Court has stayed Telecom Disputes Settlement and Appellate Tribunal ,TDSAT's order, which had quashed the sector regulator TRAI's circular limiting the number of SMSes to 200 per day per SIM.In a brief hearing on Monday, a bench headed by Justice G S Singhvi stayed the tribunal's order a...
Continue Reading... Category : General | Comments : 0 | Hits : 342
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Posted Date : 04-Dec-2012 , 07:19:50 am | Posted By CASANSAAR
The Supreme Court on Monday gave two Sahara companies 24 hours to decide whether they would comply with the apexcourt's three-month-old directive to refund Rs 24,000 crore to nearly 3 crore investors throughmarket regulator Sebi or face the consequences. "Tell us by tomorrow (T...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 274
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Posted Date : 03-Dec-2012 , 05:57:51 am | Posted By CASANSAAR
A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.The Parliamentary Standing Committee on Fin...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 278
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Posted Date : 03-Dec-2012 , 05:40:33 am | Posted By CASANSAAR
The Parliamentary Affairs Minister, Mr. Kamal Nath has expressed confidence that the Government will be able to carry through the Federal Emergency Management Agency (FEMA) notification dealing with the FDI in retail in both Houses of Parliament. He said he is confident of his numbers and has good r...
Continue Reading... Category : FEMA | Comments : 0 | Hits : 274
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Posted Date : 03-Dec-2012 , 05:39:43 am | Posted By CASANSAAR
Add one more item — get a new cheque book — to your list of 'things to do' before the New Year. You may not be able to use your old cheques from next year with the implementation of the new Cheque Truncation System (CTS-2010), which will eliminate physical movement of cheques f...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1551
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Posted Date : 02-Dec-2012 , 09:04:56 am | Posted By CASANSAAR
The architectural novel stood tall on an industrial plot in the township with no sand or bricks used in the process. After two days of relentless effort by nearly 200 technicians, skilled workers and 25 engineers, the red and grey building has a become the centre of attraction. Work on the bu...
Continue Reading... Category : General | Comments : 0 | Hits : 341
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Posted Date : 02-Dec-2012 , 09:03:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has issued circular dated November 5, 2012, permitting Scheduled Commercial Banks (SCBs) to become members of the stock exchanges recognized by Securities and Exchange Board of India (SEBI) for the purpose of undertaking proprietary transactions in the corporate bond ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 169
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Posted Date : 01-Dec-2012 , 08:15:24 am | Posted By CASANSAAR
In a move aimed at attracting greater capital flows to help fund the current account deficit, the government has allowed foreign institutional investors to invest an additional $10 billion in government and corporate bonds, raising the overall window to $ 75 billion annually. ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 488
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Posted Date : 01-Dec-2012 , 08:06:35 am | Posted By CASANSAAR
On a day the three-month deadline ended for two Sahara group companies to refund Rs 24,000 crore to investors through market regulator Sebi, Sahara approached theSupreme Court on Friday with a Rs 5,126-crore offer as repay ment to investors and, in the process, prove its bonafides as ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 391
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Posted Date : 01-Dec-2012 , 08:00:19 am | Posted By CASANSAAR
Dear Friends, To begin with, let me first convey, on behalf of our accounting fraternity, heartiest congratulations to the Hon’ble Shri Sachin Pilot for taking over as new Union Minister of Corporate Affairs (Independent Charge). Known for his youthful, energetic and dynamic w...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 1097
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Posted Date : 01-Dec-2012 , 07:53:05 am | Posted By CASANSAAR
Britain and Germany may have missed out on a combined $1 billion in sales tax since online marketplace eBay picked a tiny Luxembourg office as its base for EU sales, a shift that lawmakers say should now be investigated. EBay's nomination of Luxembourg unit eBay Europe Sarl ...
Continue Reading... Category : International Business | Comments : 0 | Hits : 401
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Posted Date : 01-Dec-2012 , 07:50:30 am | Posted By CASANSAAR
Over 50 million PF subscribers can now access their accounts online asretirement fund body EPFO launched its e-Passbook service today. Active subscribers whose electronic challan-cum-return is already uploaded, candownload their e-Passbook every month under the service launched by the EPFO...
Continue Reading... Category : General | Comments : 0 | Hits : 805
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Posted Date : 30-Nov-2012 , 08:59:30 am | Posted By CASANSAAR
Dear friends! Nothing is permanent except change! the time for Change has come for ICAI...Chnage in policy...in leadership...in thought..in system..., This time we all members to be very careful and elect the true & mature leaders for the central and regional council. We appeal all the CAs n...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 868
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Posted Date : 30-Nov-2012 , 08:32:34 am | Posted By CASANSAAR
In a landmark judgment the Mumbai bench of the Income Tax Appellate Tribunal has said that non-compete fees paid by an acquiring company to exiting promoters can be treated as an expense if the fees are not central to the deal. In the past the income tax department considered suc...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 369
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Posted Date : 30-Nov-2012 , 08:07:21 am | Posted By CASANSAAR
A total of 87 companies have come under the government scanner for allegedly running illegal multi-level marketing (MLM) investment schemes and seven of them are being probed for possibly serious frauds. The government has ordered inspection of accounts of remaining 80 companies f...
Continue Reading... Category : General | Comments : 0 | Hits : 369
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Posted Date : 30-Nov-2012 , 08:01:31 am | Posted By CASANSAAR
Service tax collection during the first seven months of this fiscal stood at Rs 69,465 crore, Parliament was informed today. "During the period from the month of April to October 2012, total amount of service tax collected was Rs 69,465 crore," Finance MinisterP Chidambaram said i...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 300
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Posted Date : 30-Nov-2012 , 07:55:33 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) on Thursday refused to accept custody of Sahara Group’s Rs 17,400 crore plus interest with the SAT registry, instead of SEBI. Dismissing the appeal, the tribunal said, “We fail to understand how this tribunal gets the jurisdictio...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 267
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Posted Date : 30-Nov-2012 , 07:48:50 am | Posted By CASANSAAR
The details of Bank Group-wise ratio of Gross Non-Performing Assets (GNPAs) to Gross Advances as on 31st March, 2012 and as on 30th September, 2012 are as under: Banks 31st March, 2012 *30th Sept., 2012 Nationalised Banks 2.67% 3.50% Sta...
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Posted Date : 30-Nov-2012 , 07:48:00 am | Posted By CASANSAAR
General Anti-Avoidance Rules The GAAR (General Anti-Avoidance Rule) provisions have not been put on hold.The Finance Act, 2012 had provided that these provisions shall be effective from the 1st day of April, 2014 and apply to Assessment year 2014-15 onwards. One of the r...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 272
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Posted Date : 29-Nov-2012 , 10:53:59 pm | Posted By CASANSAAR
It will be mandatory for sleeper- class train passengers to carry identity proof from December 1, this year as Railways firmed up steps to prevent misuse of tickets by touts and facilitate hassle-free travel by bonafide people.From Saturday (December 1), passengers failing ...
Continue Reading... Category : General | Comments : 0 | Hits : 316
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Posted Date : 29-Nov-2012 , 10:51:15 pm | Posted By CASANSAAR
RBI has informed that to prevent unhealthy practices surrounding securitization and assignment of loans and to allow for redistribution of credit risk to a wide spectrum of institutions, it has issued revised guidelines on ‘securitization transactions’ on August 21, 2012 which inter-alia...
Continue Reading... Category : Finance | Comments : 0 | Hits : 289
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Posted Date : 29-Nov-2012 , 10:50:08 pm | Posted By CASANSAAR
Yielding to public protests on the recent controversial arrest of some persons for their Facebook posts, Government today came out with guidelines where a police officer no less than the rank of DCP can sanction prosecution. In metropolitan cities, such an approval would have to be given by...
Continue Reading... Category : General | Comments : 0 | Hits : 248
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Posted Date : 29-Nov-2012 , 08:40:32 am | Posted By CASANSAAR
FMCG major Nestle India Ltd has moved the Gujarat high court questioning the decision of the state commercial tax department of levying value added tax (VAT) on sale of its noodles 'Maggi' in the state. The company has contended that levying VAT on its noodles is a deviation from an earlie...
Continue Reading... Category : VAT | Comments : 0 | Hits : 925
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Posted Date : 29-Nov-2012 , 08:38:55 am | Posted By CASANSAAR
Worried over rising bad loans, the government has asked state-owned banks to crack the whip on wilful defaulters and initiate penal proceedings against them. The issue of initiating penal action figured in meetings of the bankers with Finance Minister P Chidambaram. "It i...
Continue Reading... Category : Banking | Comments : 0 | Hits : 354
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Posted Date : 29-Nov-2012 , 08:37:01 am | Posted By CASANSAAR
The finance ministry is considering a proposal to raise excise duty and service tax by two per cent to 14 per cent each in the Union Budget for 2013-14. The move is likely to help the ministry collect about Rs 30,000 crore. Certain exemptions may also be rolled back. &ld...
Continue Reading... Category : Excise | Comments : 0 | Hits : 637
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Posted Date : 29-Nov-2012 , 08:34:20 am | Posted By CASANSAAR
India has the highest number of fraud-hit companies after Africa, according to a report by global advisory firm Kroll. Fraud risks in India remain above the global average and, outside Africa (77 per cent), the country has seen the highest number of companies affected by frauds at 68 per ce...
Continue Reading... Category : International Business | Comments : 0 | Hits : 382
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Posted Date : 29-Nov-2012 , 08:30:56 am | Posted By CASANSAAR
The income tax (I-T) department has decided to begin prosecution against those having “substantial” amounts in their bank accounts in HSBC’s Geneva branch. The department has written to the finance ministry to suggest a benchmark for funds held on the basis of wh...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 268
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Posted Date : 29-Nov-2012 , 08:28:09 am | Posted By CASANSAAR
A demand notice has been sent by the authorities to trusts run by Yoga guru Ramdev, for alleged service tax evasion on about Rs 1 crore received from a private TV broadcaster for airing his programme. Official sources said a demand notice was sent to Patanjali Yoga Peeth and Divya Yoga Trus...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 364
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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
