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Posted Date : 05-Oct-2012 , 08:25:23 am | Posted By CASANSAAR
IN a much-awaited big ticket announcement that hopes to boost the financial sector, the Reserve Bank of India is set to allow the opening of new banks and invite applications for licences this month. A top government source said the central bank will issue the final guidelines for setting u...
Continue Reading... Category : Banking | Comments : 0 | Hits : 716
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Posted Date : 05-Oct-2012 , 08:23:55 am | Posted By CASANSAAR
The Union Cabinet has approved the proposal of the Ministry of Corporate Affairs to further amend the Competition Act, 2002, with a view to fine tune it and to meet the present day needs in the field of competition, in the light of the experiences gained in the actual working of the Competition Comm...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 288
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Posted Date : 05-Oct-2012 , 08:23:23 am | Posted By CASANSAAR
The Union Cabinet today approved the proposal to make official amendments to the Companies Bill, 2011. The Companies Bill, 2011, on its enactment, would allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of ...
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Posted Date : 05-Oct-2012 , 08:22:30 am | Posted By CASANSAAR
Delhi resident Madan Kumari Jain is a conscientious citizen. She earns a steady income and pays her taxes religiously. In 2010-11, she paid Rs 2.01 lakh in tax. A year before that, she enriched the IT department by Rs 2.05 lakh. In fact she has made the exchequer richer by a million rupees...
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Posted Date : 05-Oct-2012 , 08:17:23 am | Posted By CASANSAAR
The Union Cabinet today approved necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill and the Companies Bill. Briefing newsmen on the cabinet decisions in New Delhi this evening, Finance Minister, Mr. P.Chidambaram said the foreign equity ...
Continue Reading... Category : General | Comments : 0 | Hits : 255
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Posted Date : 04-Oct-2012 , 07:54:04 am | Posted By CASANSAAR
Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA)on Saturday the 10th November, 2012 Last Date for Online Form Submission 31st October, 2012 till 5:30 PM 1. The next Eligibility Test for ISA PQC is s...
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Posted Date : 04-Oct-2012 , 07:51:17 am | Posted By CASANSAAR
In a bid to remove problems faced by students in obtaining education loans, government was working on a scheme under which it would extend guarantee for advances upto Rs 7.5 lakh, RBI Governor D Subba Rao said on Wednesday. "There are grievances of students not getting loans or encountering...
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Posted Date : 04-Oct-2012 , 07:46:31 am | Posted By CASANSAAR
Rail parcel except personal baggage,agriculture produce and few other commodities has also been included under the ambit of service tax of 3.708 per cent from October 1, Railways said today. "Service tax will be applicable for transportation of all leased and non-l...
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Posted Date : 04-Oct-2012 , 07:43:46 am | Posted By CASANSAAR
Kotak Mahindra Bank has got the mandate to collect VAT (value-added tax) in four States, according to an executive. Addressing presspersons here on Wednesday, Puneet Kapoor, Executive Vice-President, Consumer Banking, Kotak Mahindra Bank, said that in a recent development the Government has...
Continue Reading... Category : VAT | Comments : 0 | Hits : 440
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Posted Date : 03-Oct-2012 , 11:10:56 pm | Posted By CASANSAAR
As a Taxpayer friendly initiative, a facility to view details of Arrear Demand of taxpayers as communicated by their Jurisdictional Assessing Officers (A.O.) to the Central Processing Centre (CPC) is now enabled on the e-filing website i.e. https://incometaxindiaefiling.gov.i...
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Posted Date : 03-Oct-2012 , 11:05:53 pm | Posted By CASANSAAR
GOVERNMENT OF INDIAMINISTRY OF CORPORATE AFFAIRS DEAR CORPORATES, The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) a...
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Posted Date : 03-Oct-2012 , 10:59:04 pm | Posted By CASANSAAR
The government is likely to take a decision tomorrow on a bill that seeks to provide more powers to commodity market regulator Forward Markets Commission (FMC) and introduction of products like options."The Cabinet is likely to take up the Forward Contract Regulation Act (Am...
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Posted Date : 03-Oct-2012 , 08:18:27 am | Posted By CASANSAAR
Accounting regulator has urged the government to let the Reserve Bank of India appoint auditors of private banks, citing the inherent conflict of interest when auditors are chosen by the bank management. The Institute of Chartered Accountants of India (ICAI) has in a letter to th...
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Posted Date : 03-Oct-2012 , 08:16:36 am | Posted By CASANSAAR
The Securities and Exchange Board of India's (Sebi) proposal for a mandatory safety net mechanism forinitial public offerings (IPOs) is a classic example of the remedy being worse than the disease. Nothing could be more misguided. It is a fact that the IPO market has been in the doldrums for th...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 269
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Posted Date : 03-Oct-2012 , 08:12:11 am | Posted By CASANSAAR
Public sector lenders, Punjab National Bank(PNB), Union Bank of India (UBI) and Oriental Bank of Commerce (OBC) revised their deposit rates on FCNRaccounts (foreign currency non-deposit accounts) with maturity of one-five years from today. As per the revised ra...
Continue Reading... Category : Banking | Comments : 0 | Hits : 308
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Posted Date : 03-Oct-2012 , 08:10:00 am | Posted By CASANSAAR
If your income is not taxable and you are getting interest income, then you may get some relief from the paperwork for non-deduction of tax at source. According to a highly-placed government source, “CBDT is to examine the possibility of getting Form 15G/15H once in a life time from v...
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Posted Date : 02-Oct-2012 , 08:54:23 am | Posted By CASANSAAR
Small individual investors will be able to get no-frills demat accounts for trading in stocks, mutual funds and other securities from Monday without any annual maintenance charges for holdings up to Rs 50,000.Also, the charges would be capped at a maximum of Rs 100 a year if the value of their portf...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 407
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Posted Date : 02-Oct-2012 , 08:53:56 am | Posted By CASANSAAR
In what could turn out to be a 'game-changer' for the life insurance industry, Finance Minister P Chidambaram on Monday urged the income-tax department to lower tax rates on life insurance policies and the insurance regulator to speed up approval for products.Life insurers will now be able...
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Posted Date : 02-Oct-2012 , 08:47:18 am | Posted By CASANSAAR
The Centre said that the guidelines for implementation of General Anti Avoidance Rules (GAAR) will be finalised by the Income Tax department by the end of this month. Talking to reporters in New Delhi today the Finance Minister P Chidambaram said GAAR rules will be first vetted by the Law Ministry. ...
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Posted Date : 01-Oct-2012 , 08:11:37 pm | Posted By CASANSAAR
Observing that the "CAG is not a munim (accountant)" the Supreme Court on Monday dismissed a plea challenging the Comptroller and Auditor General's power to conduct performance audit of controversial allocation of coal blocks by the UPA government. A bench of justices R M Lodha and A R dave said the...
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Posted Date : 01-Oct-2012 , 08:33:52 am | Posted By CASANSAAR
The Punjab government on Sunday approved “Mission Ludhiana” — a Rs 3,651-crore integrated development plan for the industrial city and its adjoining areas. In a meeting here on Saturday, Deputy Chief Minister Sukhbir Singh Badal also tied up the financial resources for the...
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Posted Date : 30-Sep-2012 , 08:17:40 pm | Posted By CASANSAAR
Levy of Service Tax on Railway Passengers Travelling in AC Classes/First Class from tomorrow i.e. 1st October 2012 No Service Tax to be Levied on Tickets Issued Prior to 1st October 2012 In Case of Cancellation of Tickets Issued on or after 1st October 2012, the Applicable Amount Including...
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Posted Date : 29-Sep-2012 , 09:47:14 pm | Posted By CASANSAAR
For any query relating to e-filing of Income Tax Return, please call 18001801961 or 08026500025. For any query regarding status of e-filed return and ITR-V please call 18004252229....
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 488
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Posted Date : 29-Sep-2012 , 06:29:12 pm | Posted By CASANSAAR
eBay International AG, a Swiss tax resident, need not fork out any income-tax on the profits earned from its two India-specific Web sites. This ruling of the Mumbai Income Tax Appellate Tribunal is a significant one in the context of e-commerce transactions, say tax experts. The Tr...
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Posted Date : 29-Sep-2012 , 06:16:01 pm | Posted By CASANSAAR
CBDT has decided that the Income-tax Offices all over India shall make special arrangements by opening receipt counters on 29th and 30th September, 2012 for the convenience of taxpayers. Click here for CBDT Order...
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Posted Date : 29-Sep-2012 , 11:14:02 am | Posted By CASANSAAR
Justice Altamas Kabir, the senior-most judge of the Supreme Court will be sworn in as the next Chief Justice of India today. Justice Kabir, 64, who will succeed Justice Sarosh Homi Kapadia, will serve a tenure of nine months till July next year. The new appointee has delivered several...
Continue Reading... Category : General | Comments : 0 | Hits : 299
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Posted Date : 29-Sep-2012 , 11:05:15 am | Posted By CASANSAAR
General Circular No.30/2012, Dated: – 28th September, 2012 The Ministry has issued general circulars No. 21/2012 dated 28/09/12 and No. 28/2012 dated 03/09/12 extending time for filing e-form 23AC (Non-XBRL) and 23ACA (Non-XBRL) up to 15/10/12 or within 30 days from the date o...
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Posted Date : 29-Sep-2012 , 09:00:48 am | Posted By CASANSAAR
The government appointed panel to suggest a roadmap for fiscal consolidation has recommended a comprehensive review of the Direct Taxes Code Bill and bringing in more services in the tax net.The Kelkar Committee also recommended amendment to the law to make quoting PAN or the UID...
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Posted Date : 29-Sep-2012 , 08:54:52 am | Posted By CASANSAAR
All India Federation of Tax Petitioners (AIFTP) has urged the Central Board of Direct Taxes for extension of income tax return filing date this year. It pointed out that the due date on September 30 is a Sunday. AIFTP said CBDT should issue a clarification as it did in 1992. The half-yearl...
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Posted Date : 29-Sep-2012 , 08:52:25 am | Posted By CASANSAAR
Passengers who have booked AC train tickets before October 1 will not have to pay service tax imposed by the finance ministry, the railways clarified on Friday. Also, in case of cancellation of tickets booked on or after October 1, the refundable amount will include service tax. After a public out...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 340
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