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Posted Date : 11-Oct-2012 , 07:35:25 am | Posted By CASANSAAR
Relaxing norms for foreign-owned NBFCs to open subsidiaries, the RBI today said such entities can now set up arms even if the overseas investment is less than 100 per cent. "NBFCs having foreign investment more than 75 per cent and up to 100 per cent and with a minimum capit...
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Posted Date : 11-Oct-2012 , 07:33:32 am | Posted By CASANSAAR
The government is likely to take a final view by November 15 on the Shome panel report, which had favoured prospective application of tax laws in its report on retrospective amendments relating to taxation of indirect transfers, a Finance Ministry official said."The Finance Ministry will take final ...
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Posted Date : 11-Oct-2012 , 07:30:09 am | Posted By CASANSAAR
MCA Front offices situated at Delhi , Chennai , Mumbai and Kolkata are being discontinued with effect from Monday, the 8th of October, 2012 , and hence, will not be available to offer any assistance to MCA stakeholders. Kindly plan your activities accordingly. Helpdesk Services are ...
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Posted Date : 11-Oct-2012 , 07:26:43 am | Posted By CASANSAAR
The Prime Minister has said that the Government is considering amendments to the Prevention of Corruption Act to make it more stringent.Dr. Manmohan Singh said that Government proposes to include corporate failure to prevent bribery as a new offence. Dr. Singh said that his Government is examining h...
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Posted Date : 10-Oct-2012 , 09:21:53 pm | Posted By CASANSAAR
Gross direct tax collection during April-September of the F.Y. 2012-13 was up by 5.87 percent at Rs. 2,72,133 crore as against Rs. 2,57,042 crore in the same period last year. While gross collection of corporate taxes showed an increase of 1.60 percent (Rs. 1,78,173 crore as against Rs. 1,75,360 cro...
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Posted Date : 10-Oct-2012 , 09:21:17 pm | Posted By CASANSAAR
The Financial Advisors and key Government officers handling the procurement aspects in the Govt. have been advised to encourage competitive practices in public procurement and framing competitive coherent govt. policies. Inaugurating a Conference on “Curbing Deficit through Effective Competiti...
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Posted Date : 10-Oct-2012 , 08:36:33 am | Posted By CASANSAAR
Auditors and chartered accountants that Business Standard has spoken to are not convinced with real estate company DLF’s clarification that it had given a ‘business advance’ to Robert Vadra, son-in-law of Congress President Sonia Gandhi, and that there was no quid pro quo between t...
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Posted Date : 10-Oct-2012 , 08:33:00 am | Posted By CASANSAAR
Market regulator Sebi has exempted Kannan Krishnan Naiker, an individual shareholder, from complying with certain regulatory procedures while making an open offer to acquire an additional 45% stake in Hemakuta Industrial Investment. The exemption for Naiker has been given on the basis that ...
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Posted Date : 10-Oct-2012 , 08:29:39 am | Posted By CASANSAAR
For the first time, the Enforcement Directorate (ED) has been able to convince Switzerland to give it access to attach the accounts of an Indian company, City Limouzines, under the Prevention of Money Laundering Act (PMLA). The company was allegedly involved in running a racket of ponzi schemes in v...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 272
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Posted Date : 10-Oct-2012 , 08:27:00 am | Posted By CASANSAAR
A 63-year-old retired income tax officer has been sentenced to three years imprisonment by a Delhi court for extorting money from a jeweller here by threatening to implicate him in a false case. Special CBI Judge Pradeep Chaddah, however, granted him bail as the punishment was not exceeding...
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Posted Date : 10-Oct-2012 , 08:23:53 am | Posted By CASANSAAR
The Reserve Bank of India has slapped a fine of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank for violations in know your customer (KYC) guidelines. “The RBI imposed monetary penalties of Rs 55 lakh on ING Vysya Bank and Rs 30 lakh on ICICI Bank in exercise of the powers v...
Continue Reading... Category : Banking | Comments : 0 | Hits : 445
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Posted Date : 09-Oct-2012 , 09:06:45 pm | Posted By CASANSAAR
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 91/2012-CUSTOMS (N.T.) date...
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Posted Date : 09-Oct-2012 , 09:04:25 pm | Posted By CASANSAAR
Union Minister of Corporate Affairs Dr. M.Veerappa Moily today detailed the recent initiatives taken by his ministry for attaining an all – inclusive role of addressing a vide sweep of functions – Corporate Governance Reforms and the Emerging Legal Framework with a vision to facilitate c...
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Posted Date : 09-Oct-2012 , 08:25:14 am | Posted By CASANSAAR
Dear Professional Colleagues, This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and ...
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Posted Date : 09-Oct-2012 , 08:19:26 am | Posted By CASANSAAR
Government has amended the rules governing Indian Depository Receipts issued here by foreign companies, after financial regulators RBI and Sebi allowed part-conversion of securities into equity shares by investors. The amendment, notified by the Ministry of Corporate Affairs (MCA) in the Co...
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Posted Date : 09-Oct-2012 , 08:18:03 am | Posted By CASANSAAR
India’s national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his senior officers on Monday to say “we cannot don the role of cheerleaders. We strive to prov...
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Posted Date : 09-Oct-2012 , 08:14:57 am | Posted By CASANSAAR
Tax defaults by nearly 29,000 taxpayers aggregate to Rs 3,770 crore, according to a tax department's analysis of e-returns filed in 2012-13.Asking these tax-payers to voluntarily come forward and pay their dues immediately, the Central Board of Direct Taxes (CBDT) said the failure to ...
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Posted Date : 08-Oct-2012 , 09:16:37 pm | Posted By CASANSAAR
Indian Oil Corporation and oil marketing companies will cut petrol prices by 56 paise per litre efective from midnight tonight. The new retail prices of petrol in Delhi will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre. Country's three state-run fuel re...
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Posted Date : 08-Oct-2012 , 09:14:15 pm | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 18, 2012, the Central Government has approved fourteen (14) proposals of Foreign Direct Investment amounting to Rs.113.35&...
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Posted Date : 08-Oct-2012 , 08:25:32 am | Posted By CASANSAAR
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months. Besides facilitating better audit, this move will give the government monthly data on service tax collections. This will also be a step towards harmonisation of s...
Continue Reading... Category : Service Tax | Comments : 1 | Hits : 1850
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Posted Date : 08-Oct-2012 , 08:22:01 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has entered into an agreement with a private realtor M/s Luxora Infrastructure, coming up with a township at Pipla on the outskirts of the NAGPUR city. The regulator of accounting professionals in the country has registered an...
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Posted Date : 08-Oct-2012 , 08:04:46 am | Posted By CASANSAAR
Tax authorities have sought to recover service tax of around Rs 300 crore from several insurance companies alleging that there have been disguised commission payments by life companies and no levy has been paid on it. Life insurers have confirmed that there have been enquiries aro...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 264
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Posted Date : 07-Oct-2012 , 11:44:21 am | Posted By CASANSAAR
Emkay Global Financial Services, whose erroneous Rs 650-crore sell order in the cash market caused a massive fall of 900 points on the Nifty, the benchmark index of the National Stock Exchange, on Friday, is expected to request the exchange for annulment of its orders. Source close to the E...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 247
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Posted Date : 07-Oct-2012 , 11:39:13 am | Posted By CASANSAAR
The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs. 300 crore by them. firms includ...
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Posted Date : 07-Oct-2012 , 11:37:49 am | Posted By CASANSAAR
Indian Railways has decided to levy service tax on transportation of parcel traffic. Since an abatement of 70 per cent has been permitted on freight for the taxable commodities by the Ministry of Finance, the Service Tax will be charged on 30 per centof the total freight inclusive...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 270
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Posted Date : 07-Oct-2012 , 11:34:11 am | Posted By CASANSAAR
Market regulator Sebi on Friday said that e-IPO facility, which would allow retail investors to submit their bids electronically for initial public offer shares, would be implemented in two phases, with 400 locations to be covered in the first phase by Januuary 1, 2013; the remaining 600 locations w...
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Posted Date : 06-Oct-2012 , 09:56:41 pm | Posted By CASANSAAR
The price of Cooking gas, LPG price has gone up by 11 rupees 42 paise per cylinder with the Government increasing the Dealers' commission. The Commission has been increased from 25 rupee 83 paise to 37 rupees 25 paise for a 14.2-kg LPG cylinder. According to a release by Petroleum and Natural Gas Mi...
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Posted Date : 06-Oct-2012 , 10:07:05 am | Posted By CASANSAAR
Finance Minister P Chidambaram will be meeting key regulators and institutional investors, including FIIs and mutual funds, here on Saturday.Chidambaram is visiting the financial capital for the first time after taking over as Finance Minister on August 1.The meeting follows a series of big-ticket r...
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Posted Date : 05-Oct-2012 , 08:29:31 am | Posted By CASANSAAR
The Supreme Court has ruled that the details of a person's income tax returns and performance of an employee are "personal information" which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved. The apex court added that under ...
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Posted Date : 05-Oct-2012 , 08:27:33 am | Posted By CASANSAAR
Finance Minister P Chidambaram is likely to address the board of the Securities and Exchange Board of India (Sebi) on Saturday, when some stock-market-friendly measures could be announced. “The Sebi board is likely to announce measures towards lowering transaction costs, relaxing coll...
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