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Posted Date : 05-Nov-2012 , 08:20:40 am | Posted By CASANSAAR
Deputy Chief Minister Sukhbir Singh Badal recently announced that the Excise and Taxation department will be introducing a star rating system for industrial units based on their track record of tax payment. Sukhbir explained the system to industries in the second edition of &lsqu...
Continue Reading... Category : VAT | Comments : 0 | Hits : 386
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Posted Date : 05-Nov-2012 , 08:16:48 am | Posted By CASANSAAR
Market regulator Sebi has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about 3 crore investors in the high-profile Sahara case. Sebi (Securities and Exchange Board of India) is already in...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 242
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Posted Date : 05-Nov-2012 , 08:12:05 am | Posted By CASANSAAR
The Corporate Affairs Ministry has asked the Finance Ministry for strong measures to keep a tab on utilisation of money coming through foreign direct investment (FDI) route, amid instances of possible misuse. The development comes at a time when the gover...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 223
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Posted Date : 05-Nov-2012 , 08:09:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has said it will not implement the Goods and Services Tax(GST) in the state unless consulting the stakeholders, including the traders community. "The proposed Goods and Service Tax (GST) will not be implemented in the state unl...
Continue Reading... Category : GST | Comments : 0 | Hits : 256
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Posted Date : 05-Nov-2012 , 08:06:13 am | Posted By CASANSAAR
The Central Vigilance Commission has detected tax evasion of about Rs 1,000 crore by government departments and private companies in carrying out Commonwealth Games-related works. Vigilance Commissioner R Srikumar said Rs 1,000 crore evasion was detected with the help of a multi-jurisdiction investi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 211
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Posted Date : 05-Nov-2012 , 08:04:58 am | Posted By CASANSAAR
Confectionery firm Cadbury India Limited has come under the scanner of financial intelligence sleuths for alleged excise duty evasion of about Rs 100 crore. In an inquiry being conducted by the Department of Revenue, the firm was allegedly found to have wrongfully claimed 'ar...
Continue Reading... Category : Excise | Comments : 0 | Hits : 303
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Posted Date : 03-Nov-2012 , 08:11:28 pm | Posted By CASANSAAR
Dr. Rakesh Mohan has assumed charge as Executive Director on the Board of the International Monetary Fund (IMF). In addition to India, Dr. Mohan will also be representing three other countries in the constituency, viz. Bangladesh, Sri Lanka and Bhutan on the Board of the IMF. Dr. Mohan was earl...
Continue Reading... Category : International Business | Comments : 0 | Hits : 300
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Posted Date : 03-Nov-2012 , 08:53:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has modified the definition of sickness and a procedure for assessing the viability of sick micro and small enterprises (MSEs). According to a notification issued by RBI on Thursday, “An MSE is considered sick when any of the borrowal account of the en...
Continue Reading... Category : RBI | Comments : 0 | Hits : 264
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Posted Date : 03-Nov-2012 , 08:47:55 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has objected to the government's move to narrow the scope of audit of Reliance Industries-operated KG-D6 block, official sources said, keeping alive the controversy over alleged malpractices by the company.Government sources familiar with the matter sai...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 379
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Posted Date : 03-Nov-2012 , 08:47:03 am | Posted By CASANSAAR
Market regulator Sebi on Friday filed a contempt petition against theSahara Group in the Supreme Court for not complying with the apex court’s directions relating to refund of around Rs 24,000 crore raised by two of the Group’s firms from investors through optionally fully...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 236
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Posted Date : 02-Nov-2012 , 08:52:53 pm | Posted By CASANSAAR
In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation. Under the new e-filing set-up not o...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 741
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Posted Date : 02-Nov-2012 , 08:50:34 pm | Posted By CASANSAAR
The Supreme Court today said a criminal case cannot be dismissed merely because of delay in lodging a complaint if the delay has been reasonably explained.A bench of justices P Sathasivam and Ranjan Gogoi said, the prosecution case cannot be rejected merely on the ground of delay since the...
Continue Reading... Category : General | Comments : 0 | Hits : 264
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Posted Date : 02-Nov-2012 , 10:27:52 am | Posted By CASANSAAR
Government sources have indicated that the MCA has written to the FIPB on possible violations of FDI norms by foreign companies, reports Ronojoy Banerjee of CNBC-TV18. An opinion from the MCA is sought when a matter is about to be put up before the FIPB for approval. It is known that in the...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 234
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Posted Date : 02-Nov-2012 , 10:23:22 am | Posted By CASANSAAR
A female Income Tax official has been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting bribe of Rs 6 lakh for not scrutinising income tax returns of a private firm. The CBI's anti-corruption bureau arrested M M Chouhan, Income Tax Officer M M Chouhan of Thane fo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 549
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Posted Date : 02-Nov-2012 , 10:20:12 am | Posted By CASANSAAR
The Securities and Exchange Board of India, SEBI, has simplified procedure for change of name in individual Beneficial Owner's account. In a circular issued on Thursday, SEBI has said that in case there is a change of name after marriage, the individual investor can submit either...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 338
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Posted Date : 01-Nov-2012 , 08:43:09 am | Posted By CASANSAAR
The recent landmark ruling by the Canadian Supreme Court on transfer pricing in the pharma sector is likely to have far reaching implications on the Indian pharma space too. The court’sjudgment overruled the order of the tax court and has stated that busi...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 379
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Posted Date : 01-Nov-2012 , 08:42:18 am | Posted By CASANSAAR
Most of us have filed our tax returns electronicallybefore the August 31 deadline. However, what many of us didn't realise was that the process would be complete only after the central processing centre (CPC) of the income-tax department sends an email or SMS acknowledging the receipt of the&nb...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 977
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Posted Date : 01-Nov-2012 , 08:40:54 am | Posted By CASANSAAR
The Bombay High Court today dismissed a bunch of petitions filed by builders against two circulars of the Maharashtra Sales Tax department which levied VAT on all property transactions between 2006 and 2010. The division bench of Justices D Y Chandrachud and R G Ketkar upheld the circulars ...
Continue Reading... Category : VAT | Comments : 0 | Hits : 458
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Posted Date : 01-Nov-2012 , 08:36:29 am | Posted By CASANSAAR
The following enhancements have been released in the validation tool. These enhancements do not impact the instancedocuments which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below ment...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 312
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Posted Date : 01-Nov-2012 , 08:27:50 am | Posted By CASANSAAR
A tax advocates' forum has approached finance minister P Chidambaramseeking clarity on the definition of "works contract services" as well as simplification of procedures for determining valuation of such services for calculation of service tax. The All-India Tax Advocates Forum (AITAF) has sa...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 548
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Posted Date : 31-Oct-2012 , 07:03:28 pm | Posted By CASANSAAR
Concerned over a large number of people and entities evading payment of penalties imposed on them, market regulator Sebi has asked the government to amend regulations to provide it with stronger recovery powers. "We need the support of the gov...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 249
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Posted Date : 31-Oct-2012 , 06:58:42 pm | Posted By CASANSAAR
Dear Friends, Accountancy profession in India has grown big not because it has come across a multitude of decades, but because it has had a glorious eventful past that we can take pride on while reflecting on its curve of growth. Our first Prime Minister Jawaharlal Nehru had said:&n...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 649
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Posted Date : 31-Oct-2012 , 08:32:20 am | Posted By CASANSAAR
The Appellate Authority for chartered accountants has upheld the ICAI's decision to bar two auditors -- P Sivaprasad and Chintapatla Ravindernath -- for professional misconduct in auditing the books of erstwhile Satyam Computer Services. The founder chairman of Satyam Computer B Ramalinga R...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 600
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Posted Date : 31-Oct-2012 , 08:20:14 am | Posted By CASANSAAR
A chartered accountant was sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun. "The accused Jitender Kumar Mohla is awarded life imprisonment und...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 564
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Posted Date : 31-Oct-2012 , 08:18:26 am | Posted By CASANSAAR
The Securities Appellate Tribunal (SAT) has set aside Securities and Exchange Board of India (SEBI)'s order that restrained merchant bank Chartered Capital and Investment and its two senior executives from taking up new assignments related to public offers, reports PTI. It also directed t...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 264
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Posted Date : 31-Oct-2012 , 08:14:09 am | Posted By CASANSAAR
French tax authorities have made a billion-euro ($1.3 billion) claim against Google to pressure the US Internet giant to compromise in a dispute over compensation to media websites, a French newspaper reported. The weekly Canard Enchaine said in its edition to hit newstands today that the tax c...
Continue Reading... Category : International Business | Comments : 0 | Hits : 208
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Posted Date : 30-Oct-2012 , 09:30:54 pm | Posted By CASANSAAR
Struggling IT outsourcer Satyam Computer Services(SCCL), now controlled by Mahindra Group, has decided to contest the attachment of Rs 822 crore of bank deposits by the Enforcement Directorate (ED). Addressing media persons in Hyderabad on Tuesday to announce the financial results, th...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 175
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Posted Date : 30-Oct-2012 , 11:47:10 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday cut the cash reserve ratio (CRR)by 25 basis points to 4.25%, but kept the key policy rates including the repo rate unchanged. The CRR cut is meant to inject Rs 17500 crore into the banking system. It is intended to pre-empt prospective liquidity c...
Continue Reading... Category : RBI | Comments : 0 | Hits : 252
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Posted Date : 30-Oct-2012 , 08:09:04 am | Posted By CASANSAAR
Raising hopes of a rate cut, the Reserve Bank of India has slashed growth estimates forecasts from 6.5% projected in the second quarter to 5.7% in a report on Monday. While terming the government's reform measures as positive, RBI's review of macro economic and monetary developments for the second q...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 292
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Posted Date : 30-Oct-2012 , 08:08:01 am | Posted By CASANSAAR
As allegations over corruption against some stalwarts in political arena fly thick and fast, newly appointed Corporate Affairs Minister Sachin Pilot today said his ministry will deal firmly against all irregularities and wrongdoings without any prejudice. However, he maintained that he does...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 255
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
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- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
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- 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
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- 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
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