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Posted Date : 21-Jun-2012 , 08:28:07 am | Posted By CASANSAAR
STEP CLOSER TO THE GOODS AND SERVICE TAX (GST) PRESS RELEASE, dated 20-6-2012 1. In a function held today (20-6-2012) in North Block, Hon’ble Finance Minister released the Guidance Paper on the new approach to service tax. The public release of the Guidance Paper marks the culminatio...
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Posted Date : 21-Jun-2012 , 08:21:11 am | Posted By CASANSAAR
The Income Tax department has launched a probe against a number of political parties as well as charitable and religious trusts after it found that they were receiving "huge funds" beyond the exemption cap for filing tax returns. The department has compiled a list of those non-filers of I-T returns ...
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Posted Date : 21-Jun-2012 , 08:18:23 am | Posted By CASANSAAR
In a major RBI move to spread ATM network, non-banking entities with a minimum networth of Rs 100 crore have been allowed to set up, own and operate money dispensing machines on behalf of banks. The Reserve Bank of India (RBI) in a notification said the automatic teller machines (ATMs...
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Posted Date : 20-Jun-2012 , 07:11:58 am | Posted By CASANSAAR
A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework. Under the new regime, service tax will be levied on all but 17 services -- lottery, betting and gamblin...
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Posted Date : 20-Jun-2012 , 07:09:43 am | Posted By CASANSAAR
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive&nb...
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Posted Date : 19-Jun-2012 , 10:25:28 pm | Posted By CASANSAAR
The Reserve Bank today said it will pump in Rs 12,000 crore into the market through Open Market Operations on June 22 by buying government securities to ease the liquidity situation. "Consistent with the stance of monetary policy and based on the current assessment of prevailing ...
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Posted Date : 19-Jun-2012 , 05:57:43 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has placed the New Guidelines for the Stake holders on its newly launched LLP Portal. Hence forth, any user willing to avail any LLP related service for which payment of fees is required need to register on MCA21 system. For reg...
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Posted Date : 19-Jun-2012 , 08:02:36 am | Posted By CASANSAAR
Auditors in Hong Kong are mounting an increasingly vocal campaign against a proposed new law that would make them face criminal sanctions for shoddy audit work. The city's lawmakers are in the final stages of considering the new Companies Bill, which includes a clause that would make auditors c...
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Posted Date : 19-Jun-2012 , 07:59:52 am | Posted By CASANSAAR
Two of the most pervasive and dangerous types of software for stealing money from bank accounts have been improved and can now transfer money out automatically, without a hacker's supervision, researchers said. The latest variants of the widespread SpyEye and Zeus programmes have already stolen as ...
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Posted Date : 19-Jun-2012 , 07:55:37 am | Posted By CASANSAAR
A dispute between the income tax department and banks over how to go about writing off bad loans appears to have been resolved in the latters' favour. The income tax department is refunding Rs 191 crore to four Kerala-based private banks following the Supreme Court ruling in February that t...
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Posted Date : 19-Jun-2012 , 07:53:21 am | Posted By CASANSAAR
The government has exempted refiners from paying withholding tax on the purchase of crude oil from Iran. This would reduce costs for Indian refiners, while facilitating payments to Iran in rupees. The finance ministry issued a notification under the Income tax Act to exempt “in the na...
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Posted Date : 18-Jun-2012 , 03:19:10 pm | Posted By CASANSAAR
The Reserve Bank Monday decided to enhance the Export Credit Refinance (ECR) limit to 50 percent of the outstanding rupee export credit for banks, from 15 percent, a move that will inject Rs 30,000 crore into the system."With a view to enhancing the credit flow to the export sector, it has been deci...
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Posted Date : 18-Jun-2012 , 12:35:30 pm | Posted By CASANSAAR
Reserve Bank of India left interest rates and the cash reserve ratio for banks unchanged on Monday, defying widespread expectations for a rate cut as it warned that doing so could worsen inflation, disappointing markets. The Reserve Bank of India kept its policy repo rate unchanged at 8% and le...
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Posted Date : 18-Jun-2012 , 08:56:44 am | Posted By CASANSAAR
A parliamentary panel has recommended that the ministry of corporate affairs (MCA) define the concept of private placement in the proposed Companies Bill. The ministry has refrained from defining the term as it believes that the concept of public offer is already provided for in the law. Ho...
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Posted Date : 18-Jun-2012 , 08:53:01 am | Posted By CASANSAAR
Consultancy services taken from the elite IIMs and IITs and cash payments made to surgeons of large multi-speciality hospitals have come under the tax scanner as a country-wide Income Tax department probe has found that these transactions are largely escaping the tax net. An elaborate 'anal...
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Posted Date : 18-Jun-2012 , 08:38:12 am | Posted By CASANSAAR
Tamil Nadu VAT (Third Amendment) Act, 2012, which received the assent of the Governor on 31st May, 2012 recognizes Cost Accountants for VAT Audit under the Act TAMIL NADU GOVERNMENT GAZETTE EXTRAORDINARY The following Act of the Tamil Nadu Legislative Assembly r...
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Posted Date : 16-Jun-2012 , 11:51:18 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed state and central co-operative banks to stop levying penalty on pre-payment of home loans on floating interest rates with immediate effect.In a notification, it said though many banks had in the recent past voluntarily abolished pre-payment penalties on f...
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Posted Date : 16-Jun-2012 , 08:27:34 am | Posted By CASANSAAR
RBI's flip-flop on supporting growth has tempered the market perception of a sharp cut in the repo rate on Monday. Most bankers expect that RBI may cut rates by 25 basis points, if at all it chooses to reduce them.On Thursday night, RBI deputy governor D Subbarao said inflation cannot be controlled ...
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Posted Date : 15-Jun-2012 , 07:33:19 am | Posted By CASANSAAR
ANNOUNCEMENTStatus of Intervening Holidays during CA Examination The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period actuall...
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Posted Date : 14-Jun-2012 , 11:40:32 pm | Posted By CASANSAAR
Switzerland today said the quantum of money held by Indians in Swiss banks stood at 2.18 billion Swiss francs (about Rs 12,740 crore) at the end of 2011, rising for the first time in the past five years. The total funds held by Indian individuals and entities include 2.025 billion Swiss ...
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Posted Date : 14-Jun-2012 , 11:36:59 pm | Posted By CASANSAAR
The Income Tax department is planning to start internal audits for its various tax collection arms after it was rapped by the CAG recently for non-recovery of tax arrears worth over Rs 4,500 crore from various entities.The tax department's idea through these audits is to plug any leakages owing ...
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Posted Date : 14-Jun-2012 , 08:16:45 am | Posted By CASANSAAR
The Income-Tax (I-T) Department has started looking at new areas in revenue mobilisation to substantially augment revenue collections in 2012-13. As part of this plan, the I-T Department is set to closely scrutinise tax deducted at source (TDS) on foreign remittances. A senior finance minis...
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Posted Date : 14-Jun-2012 , 07:37:46 am | Posted By CASANSAAR
In a new twist to the almost six-year-old dispute between the Tatas and the Aditya Birla Group over Idea Cellular Ltd, the ministry of corporate affairs (MCA) has issued fresh notices to three Tata group companies, asking them to furnish their shareholding details by June 13, according to a ministry...
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Posted Date : 14-Jun-2012 , 07:28:35 am | Posted By CASANSAAR
The Bombay high court on Wednesday admitted a petition that has challenged an order of the Reserve Bank of India cancelling the Non Banking Financial Company (NBFC) licence of Alternative Investment and Credits Limited. The company is a ten year old NBFC operating on "Islami...
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Posted Date : 13-Jun-2012 , 02:52:44 pm | Posted By CASANSAAR
India-born Ghazal legend Mehdi Hassan, the melodious voice behind evergreen hits like 'Patta patta, boota boota' and 'Kab ke Bichhare', died today following multiple organ failure at the age of 84.Hassan, who had millions of fans in India and Pakistan, had been admitted to the Agha Khan Hospita...
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Posted Date : 13-Jun-2012 , 09:17:45 am | Posted By CASANSAAR
The Reserve Bank of India has approved the proposal to allow mobile phone companies to mortgage airwaves, a move that will allow telcos to use spectrum as collateral and raise funds from banks for the upcoming auctions. The RBI has said that banks will be allowed to seize airwaves in ...
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Posted Date : 13-Jun-2012 , 09:01:49 am | Posted By CASANSAAR
If Facebook wants to open its doors to kids under 13 - as well as acknowledge the millions that are already there - it's going to need to tread cautiously.The social network is testing technologies that would link children's pages to those of their parents and enable parents to approv...
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Posted Date : 13-Jun-2012 , 08:58:47 am | Posted By CASANSAAR
The Gujarat high court has kept its order reserved till Thursday on the CBI application demanding further remand of Avarjeet Singh, a senior official of Securities and Exchange Bureau of India (SEBI). Working as deputy general manager with SEBI, Singh was allegedly...
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Posted Date : 12-Jun-2012 , 02:31:10 pm | Posted By CASANSAAR
Maruti Suzuki today said its Japanese parent Suzuki Motor Corporation's stake in the company will go up to 56.2 per cent following merger of Suzuki Powertrain with India's largest carmaker."The Board of Directors of Maruti Suzuki India (MSI) today approved a proposal to merge Suz...
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Posted Date : 12-Jun-2012 , 07:17:33 am | Posted By CASANSAAR
With slowing economic growth impacting tax revenue collections, the finance ministry is proposing to make good the shortfall by shifting its focus to companies operating in the still rapidly growing consumer economy and a closer scrutiny of the top 100 assessees to check for any tax evasion. ...
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