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Posted Date : 06-Sep-2012 , 07:50:30 am | Posted By CASANSAAR
Income-tax Overseas Units (ITOUs) manned by tax officers at the level of First Secretary have been established in Mauritius and Singapore. Further, posting orders in respect of officers to be posted to newly created ITOUs in Indian missions at Cyprus, France, Germany, Japan, Netherlands, UAE, UK and...
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Posted Date : 06-Sep-2012 , 07:48:40 am | Posted By CASANSAAR
In view of the problems being faced by NBFC in complying with the extant this criteria on account of their existing portfolio, the RBI modified its directions on August 03, 2012 to include within the definition of ‘qualifying asset’ only those assets which originated on or after 1st Janu...
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Posted Date : 05-Sep-2012 , 08:50:15 am | Posted By CASANSAAR
ICAI Election to the Twenty Second Council and Twenty First Regional Councils to be held on 7th and 8th December, 2012. Nomination Form for election to Council Nomination Form for election to Regional Councils Election Related Notifications Election Code of Conduct Notification regarding...
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Posted Date : 05-Sep-2012 , 08:45:01 am | Posted By CASANSAAR
To fulfil the capital requirements under Basel III, the government will have to infuse up to Rs90,000 crore into state-owned banks by March 2018, RBI governor D Subbarao said on Tuesday. The capital infusion will keep the government’s shareholding at current levels, he said. “Pr...
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Posted Date : 05-Sep-2012 , 08:42:00 am | Posted By CASANSAAR
If a company files an Income-tax return it would lose the right to seek a ruling from the Authority for Advance Ruling (AAR), a quasi judicial body which gives advance rulings on tax implications of transactions involving foreign companies, the Delhi High Court ruled re...
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Posted Date : 04-Sep-2012 , 05:57:46 pm | Posted By CASANSAAR
The petroleum ministry plans to raisediesel rates by Rs 4-5 per litre after the parliament session ends on September 7 as oil firms' revenue loss has soared to almost half the retail price, but it expects stiff resistance from the ruling coalition, having tough time defending the government on ...
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Posted Date : 04-Sep-2012 , 04:34:29 pm | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) has expanded its teaching facilities in the UAE, buoyed by a higher demand for such facilities among chartered accountant hopefuls. The expanded campus of the ICAI was inaugurated here recently by Jaydeep Narain Shah, President of ICAI, in the pres...
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Posted Date : 04-Sep-2012 , 04:31:41 pm | Posted By CASANSAAR
The Union Cabinet today approved the proposed Bill to provide quota for Scheduled Castes and Scheduled Tribes, SCs and STs, in promotions, which would require certain changes in the Constitution. The proposed Bill seeks to amend at least four articles of the Constitution to enable the gove...
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Posted Date : 04-Sep-2012 , 08:43:08 am | Posted By CASANSAAR
The Finance Ministry has sought an exemption for mergers and acquisitions of “loss-making and failing” banks as well as insurers that are being vetted by the Competition Commission, the Corporate Affairs Ministry said today. However, no banks have themselves sought any exemption...
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Posted Date : 04-Sep-2012 , 08:40:07 am | Posted By CASANSAAR
Terming payment of taxes as a 'mark of civilisation',Finance Minister P Chidambaram has assured that authorities will not "rashly" implement controversialretrospective tax rules while once again promising a non-adversarial tax regime for all taxpayers.This is the second time in less t...
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Posted Date : 04-Sep-2012 , 08:36:40 am | Posted By CASANSAAR
This is to bring to your kind notice that the Council has decided that the General Management & Communication Skills (GMCS) Course, presently being organized for 15 days for the CA students shall be organized twice during the period of articled training as under: (i) GMCS-I&...
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Posted Date : 03-Sep-2012 , 07:10:16 pm | Posted By CASANSAAR
Under the umbrella of Indo German bilateral development cooperation, the Small Industries Development Bank of India(SIDBI) and the German Government’s Development Bank KfW, today signed an agreement for financial assistance totaling EURO 54 million (approximately Rs. 375 crore) ...
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Posted Date : 03-Sep-2012 , 01:55:21 pm | Posted By CASANSAAR
ATM cash withdrawals at international locations by ICICI Bank customers are set to get dearer by nearly 17 per cent by the middle of this month. "With effect from September 15, 2012 ATM cash withdrawal fee at international location will be increased from Rs 107 to Rs 125," the country's largest...
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Posted Date : 03-Sep-2012 , 01:48:19 pm | Posted By CASANSAAR
A. EXPORTS (including re-exports) Exports during July, 2012 were valued at US $ 22442.96 million (Rs. 124546.75 crore) which was 14.80 per cent lower in Dollar terms (6.45 per cent higher in Rupee terms) than ...
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Posted Date : 03-Sep-2012 , 08:57:53 am | Posted By CASANSAAR
The Income Tax Department has detected Rs 230 crore unaccounted income from the well known Chhajalani group in arguably the biggest ever income tax evasion in India. The 3 -day long income tax surveys concluded on Saturday. The group owners agreed to surrender unaccounted income of Rs 230 c...
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Posted Date : 01-Sep-2012 , 04:30:18 pm | Posted By CASANSAAR
The government on Saturday expanded the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include all non-resident tax payers, even as the Committee submitted its draft report to the Ministry.The announcement to increase the scope of GAAR committee , which i...
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Posted Date : 01-Sep-2012 , 08:28:18 am | Posted By CASANSAAR
India has allowed multinationals to ascertain in advance their potential tax liability relating to transactions with their Indian arms, a mechanism that can help address the frequent transfer pricingdisputes.The Central Board of Direct Taxes, the apex direct taxes body, has announced ...
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Posted Date : 01-Sep-2012 , 08:26:21 am | Posted By CASANSAAR
"When a VEC is offered by an institution of the government or a local authority, question ofservice tax does not arise," the Central Board of Excise and Customs (CBEC) said in a circular. The CBEC has issued the circular in view of the doubts expressed in respect of levy of s...
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Posted Date : 01-Sep-2012 , 08:24:54 am | Posted By CASANSAAR
Senior income tax officer K V Chowdaryhas been appointed as the new member of Central Board of Direct Taxes (CBDT) in the Finance Ministry. A 1978-batch Indian Revenue Service (IRS) officer, Chowdary will look after Audit and Judicial charge in CBDT. He was ti...
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Posted Date : 01-Sep-2012 , 08:22:35 am | Posted By CASANSAAR
National Stock Exchange today issued detailed guidelines for its new trading platform for shares of small and medium enterprises (SMEs), where the first Initial Public Offer by a company would begin on September 4. As per a circular issued by NSE, all members eligible for its main capital m...
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Posted Date : 01-Sep-2012 , 08:17:03 am | Posted By CASANSAAR
Unlisted conglomerate Sahara, one of India's biggest groups and a household name through its cricket sponsorship, must refund 174 billion rupees raised by "dubious" means from 22 million small investors, India's top court has ruled. Friday's judgment underscored an increasing assert...
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Posted Date : 01-Sep-2012 , 08:13:19 am | Posted By CASANSAAR
The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advanc...
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Posted Date : 01-Sep-2012 , 08:12:41 am | Posted By CASANSAAR
Union Corporate affairs Minister Dr. M. Veerappa Moily has underlined the need to bring in such a good corporate Governance that is essentially about effective and responsive leadership which calls for integrity, transparency and accountability. Dr. Moily was addressing the 2nd ICSI CORPORATE GOVERN...
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Posted Date : 31-Aug-2012 , 07:14:51 am | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it has initiated action against 107 companies in the past three financial years with regard to investor complaints against them. Replying to a query, Minister of Corporate Affairs (MCA) Veerappa Moily, said the in Lok Sabha that his ministry has ...
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Posted Date : 31-Aug-2012 , 07:12:37 am | Posted By CASANSAAR
More than 4,600 public grievances are pending with the Income Tax department, the government said today. As many as 4,618 public grievances are pending with the IT department under the Central Board of Direct Taxes, 4,158 with Ministry of Home Affairs (MHA), 2,161 with Ministry o...
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Posted Date : 31-Aug-2012 , 07:10:08 am | Posted By CASANSAAR
Banks have about Rs 2,481 crore as unclaimed deposits and the government has proposed to credit unclaimed funds of more than 10 years to a new fund."Reserve Bank of India (RBI) has informed that as of December 31, 2011, total amount of around Rs 2,481.40 crore in 1,12,49,844 acco...
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Posted Date : 30-Aug-2012 , 09:56:05 pm | Posted By CASANSAAR
Investors can access Sebi's toll-free helpline service for guidance and assistance on various matters on Saturdays and Sundays as well. Earlier, the service was accessible from Monday to Friday. "SEBI has extended its toll-free helpline service (1800 22 7575 / 1800 266 7575) ...
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Posted Date : 30-Aug-2012 , 09:35:47 pm | Posted By CASANSAAR
At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax. They are: Transport of goods by inland waterways...
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Posted Date : 30-Aug-2012 , 06:43:28 am | Posted By CASANSAAR
CA.Vivek Khurana, Founder of casansaar.com a Graduate in Commerce and a Fellow Member of the Institute of Chartered Accountants of India.Mr. Khurana is born and brought up in Rohtak (Haryana). He is a Sr. Partner of VGM & Associates, Chartered Accountants having offices in De...
Continue Reading... Category : General | Comments : 0 | Hits : 6083
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Posted Date : 30-Aug-2012 , 06:30:15 am | Posted By CASANSAAR
The Income Tax department has announced a mascot contest for the public that would carry a cash reward of Rs one lakh for the winning entry.The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be "captivating" and "ins...
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