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Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR
A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 323
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Posted Date : 17-Oct-2012 , 07:38:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is working with the government to set aside funds for buying illiquid gilts from the market. “Over a period of time we will have some budget where we will try to repair some of those securities in which volumes are low, and create volumes for those securities wh...
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Posted Date : 17-Oct-2012 , 07:35:10 am | Posted By CASANSAAR
MCA has released final version of the MCA XBRL Validation Tool and XBRL Filing Manual V2.0. Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 have been enabled on MCA website with effect from 14.10.2012. Based on the feedback received from various stakeh...
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Posted Date : 16-Oct-2012 , 10:43:07 pm | Posted By CASANSAAR
In an abrupt exit, Citigroup's India-born CEO Vikram Pandit resigned on Tuesday after nearly a five-year tenure during which he steered US’s third-biggest bank through the difficult years after the 2008 financial crisis.Nagpur-born Columbia University graduate Pandit (55), who had been the CEO...
Continue Reading... Category : International Business | Comments : 0 | Hits : 276
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Posted Date : 16-Oct-2012 , 10:41:26 pm | Posted By CASANSAAR
SEBI has decided to empower depositories to take penal action against companies that do not properly reconcile their demat and physical shares and thus expose the equity market and investors to possible frauds. A senior official said the depositories have the mandate to help the companies ...
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Posted Date : 16-Oct-2012 , 10:39:37 pm | Posted By CASANSAAR
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Ind...
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Posted Date : 16-Oct-2012 , 07:55:32 am | Posted By CASANSAAR
Taking a leaf out of the Sahara case, the Corporate Affairs Ministry is contemplating to tighten fund raising norms from the public by unlisted companies. The Ministry, according to an official, is of the view that an unlisted company should not be allowed to raise funds either through priv...
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Posted Date : 16-Oct-2012 , 07:53:04 am | Posted By CASANSAAR
Market regulator Sebi today notified wide-ranging reforms in IPO market, including a strict vigil on usage of issue proceeds, greater disclosure by companies and their bankers and allotment of a minimum number of shares to retail investors. As per the notification issued by ...
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Posted Date : 16-Oct-2012 , 07:50:14 am | Posted By CASANSAAR
Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity. Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at R...
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Posted Date : 16-Oct-2012 , 07:48:20 am | Posted By CASANSAAR
The Centre may have to defer till November 5 implementation of its decision allowing FDI in retail trading with the Supreme Court on Monday pointing to a technical glitch. A bench comprising Justices R M Lodha and A R Dave agreed with PIL petitioner M L Sharma that the decisions relating to 51% FDI...
Continue Reading... Category : International Business | Comments : 0 | Hits : 281
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Posted Date : 16-Oct-2012 , 07:45:36 am | Posted By CASANSAAR
15th October, 2012 63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 – 2012. In accordance with the provisions as contained in sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and ...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 444
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Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR
Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...
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Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR
Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty. The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...
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Posted Date : 15-Oct-2012 , 10:58:21 am | Posted By CASANSAAR
Expressing concern over complaints of corruption in the Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA) projects, Union Rural Development Minister Jairam Ramesh yesterday said that the government has decided to conduct audit of ten per cent of villages on a random basis every yea...
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Posted Date : 13-Oct-2012 , 08:17:34 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Friday cautioned against the “frivolous” and “vexatious” use of the RTI Act, saying that the citizens’ right to know should be circumscribed if it encroaches on an individual’s privacy. He also warned against blanket exten...
Continue Reading... Category : General | Comments : 0 | Hits : 262
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Posted Date : 13-Oct-2012 , 08:14:45 am | Posted By CASANSAAR
The Comptroller and Auditor-General has pointed to malpractices in a trust controlled by law minister Salman Khurshid and asked the government to recover Rs71.50 lakh with interest.A sting operation conducted by a TV channel too had alleged irregularities by the Dr Zakir Hus...
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Posted Date : 13-Oct-2012 , 07:55:39 am | Posted By CASANSAAR
Infosys CFO V Balakrishnan will step down from his current role at the end of this month to focus on three areas which the company said are strategic to it - the India business, the BPO business and the banking software product Finacle. He will remain on the board of the company. Balakrishnan, ...
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Posted Date : 13-Oct-2012 , 07:49:21 am | Posted By CASANSAAR
The telecom disputes tribunal on Friday dismissed the government's plans to charge internet service providers or ISPs a fee of 8% of their annual revenue from April, 2013. The tribunal upheld an Internet Services Providers Association of India (Ispai) petition challenging the governm...
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Posted Date : 13-Oct-2012 , 07:46:56 am | Posted By CASANSAAR
Reebok India’s sacked managing director Subhinder Singh Prem and former COO Vishnu Bhagat had fudged company accounts books by double discounting and preparing fake invoices, said Ernst & Young (E&Y) in the forensic analysis report on the company’s accounts. E&Y has ...
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Posted Date : 13-Oct-2012 , 07:45:00 am | Posted By CASANSAAR
In the light of the recent flash crash on NSE due to an erroneous trade, market regulator Sebi would look into the possibility of putting in place rules to reverse such trades. On Friday, Sebi chairman U K Sinha assured some representatives of the broking community...
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Posted Date : 13-Oct-2012 , 07:43:48 am | Posted By CASANSAAR
A special magistrate court here on Friday issued a non-bailable arrest warrant (NBW) against the Chairman of Kingfisher Airlines, Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL)...
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Posted Date : 12-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
In a move to check unauthorised stock market trades through investor accounts, leading bourse BSE today said it will commence the service of sending SMS to all investors from today. "In order to check unauthorised stock market trades through investor accounts, as per SEBI ci...
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Posted Date : 12-Oct-2012 , 07:51:08 am | Posted By CASANSAAR
PUBLIC NOTICE No. 22(RE-2012)/2009-14 NEW DELHI THE 11TH October, 2012 Subject:- Certification of various documents by Cost Accountants under Handbook of Procedure Vol.I and Appendices under ForeignTrade Policy. In exercise&...
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Posted Date : 12-Oct-2012 , 07:49:50 am | Posted By CASANSAAR
Tax authorities have finally woken up to pending transfer pricing litigation in India. The Income Tax Appellate Tribunal has decided to constitute separate benches in Mumbai, Delhi, Bangalore and Hyderabad to hasten the disposal of transfer pricing and international taxation cases. Transfer...
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Posted Date : 12-Oct-2012 , 07:48:27 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday issued a framework for the rejection of draft offer documents filed with it before issue of securities. In the future, Sebi will reject offer documents if it believes investor safety is compromised or the qu...
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Posted Date : 12-Oct-2012 , 07:46:08 am | Posted By CASANSAAR
There was a need to look again at the provisions of the proposed direct taxes code (DTC) and the goods and services tax (GST), said Parthasarathi Shome, director and chief executive, Indian Council for Research on International Economic Relations. There should be fresh consultation over DTC...
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Posted Date : 12-Oct-2012 , 07:44:12 am | Posted By CASANSAAR
Goldman Sachs chief executive, Lloyd Blankfein, became the latest big-name business leader to pledge to pay steeper tax - 5 percent, he said - in exchange for a long-term bipartisan deal in Congress to keep the country from falling off the "fiscal cliff." Blankfein is part of a group ...
Continue Reading... Category : International Business | Comments : 0 | Hits : 212
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Posted Date : 11-Oct-2012 , 09:24:26 pm | Posted By CASANSAAR
Rahul Gandhi today claimed seven out of 10 youths in Punjab have a drug problem, triggering a controversy with ruling Akali Dal asking how the Congress leader came to this "mathematical conclusion" on drug addiction in the state. Winding up his two-day visit to Punjab, Rahul also said that ...
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Posted Date : 11-Oct-2012 , 09:06:29 pm | Posted By CASANSAAR
Following requests from bourses National Stock Exchange and BSE, market regulator Sebi is investigating the affairs of some Vijay Mallya-controlled UB Group firms for alleged non-compliance with disclosure norms. The stock exchanges have raised various concerns mainly about two UB Group fir...
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Posted Date : 11-Oct-2012 , 08:53:13 pm | Posted By CASANSAAR
The Direct & Indirect Taxes Committees of ICAI are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes- 2013 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Taxes, Central Excise D...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 231
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