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Posted Date : 26-Mar-2012 , 08:30:58 pm | Posted By CASANSAAR
Some persons with accounts in a Swiss bank have paid taxes amounting to about Rs 180 crore so far, Finance Minister Pranab Mukherjee has said in Parliament. He did not disclose any name. Mukherjee said the government has received information from France and Germany under Double Taxation Avoidanc...
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Posted Date : 26-Mar-2012 , 08:04:44 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabhathat the Ministry has set up a committee in November 2011 comprising of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered...
Continue Reading... Category : Corporate Law | Comments : 1 | Hits : 746
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Posted Date : 26-Mar-2012 , 07:59:56 pm | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Indian Chartered Accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act, 1949 and the Ru...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 506
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Posted Date : 26-Mar-2012 , 06:13:10 pm | Posted By CASANSAAR
Dear Members, The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing t...
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Posted Date : 26-Mar-2012 , 09:39:44 am | Posted By CASANSAAR
Startling revelations came from the Indian Army Chief. General VK Singh said that he was offered a bribe worth Rs 14 crore by an equipment lobbyist in order to have a tranche of 600 sub-standard vehicles of a particular made cleared for purchase. General Singh also said that 7,000 of those of which...
Continue Reading... Category : General | Comments : 0 | Hits : 365
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Posted Date : 26-Mar-2012 , 07:30:31 am | Posted By CASANSAAR
ICICI Bank has been ordered by a consumer forum here to pay over Rs 2.14 lakh to one of its account holders for causing him financial loss by selling his shares pledged with it at lower price without his consent. The District Consumer Disputes Redressal Forum gave the order on the plea by Janakpuri...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 336
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Posted Date : 25-Mar-2012 , 09:53:31 pm | Posted By CASANSAAR
The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a large number of old cases, while assuring India Inc that the I-T department will not act like a "policeman". Interacting with industry leaders here...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 237
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Posted Date : 25-Mar-2012 , 11:06:08 am | Posted By CASANSAAR
Union Finance Minister PranabMukherjee on Saturday said the Direct Tax Code (DTC) would be made operational by next year. Speaking at the post-budget interactive session organised by Federation of Indian Chambers of Commerce and Industries (FICCI),Mukherjee said, “To mop up add...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 436
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Posted Date : 25-Mar-2012 , 11:05:00 am | Posted By CASANSAAR
With anti-corruption activist Anna Hazare all set to observe a day-long fast at Jantar Mantar on Sunday to press for strong Lokpal and whistle-blower protection bills, all eyes are on Delhiites as to whether they will come forward in huge numbers to support the fight for Lokpal Bill. Before lea...
Continue Reading... Category : General | Comments : 0 | Hits : 267
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Posted Date : 24-Mar-2012 , 08:10:52 am | Posted By CASANSAAR
Cheques and bank drafts will be valid only for 3 months with effect from 1st April. The step taken by Reserve Bank of India, RBI, will help mitigate frauds related to such instruments. The RBI has directed that with effect from April 1, 2012, banks should not make payments against cheques, draf...
Continue Reading... Category : Banking | Comments : 0 | Hits : 980
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Posted Date : 24-Mar-2012 , 07:37:16 am | Posted By CASANSAAR
The Reserve Bank of India will send its officials to thoroughly inspect the fast growing overseas operations of Indian banks as they do for the local business to ensure that events outside the nation do not rock the domestic business. State Bank of India, ICICI Bank and Bank of Baroda are amon...
Continue Reading... Category : Banking | Comments : 0 | Hits : 423
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Posted Date : 24-Mar-2012 , 07:30:35 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Dr. Manmohan Singh on Friday approved a Bill seeking to give a woman a share in her husband's property . Apart from giving women the right to their husband's property, the Marriage Laws (Amendment) Bill, 2010, also aims at giving rights to adopted chil...
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Posted Date : 23-Mar-2012 , 09:45:40 pm | Posted By CASANSAAR
Giving relief to its employees and pensioners from inflation, the central government on Friday announced a seven percentage point increase in dearness allowance (DA) which will cost the exchequer an additional Rs 7,500 crore.The new DA rate of 65 per cent of basic pay against 58 per cent earlier wil...
Continue Reading... Category : General | Comments : 0 | Hits : 459
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Posted Date : 23-Mar-2012 , 09:44:29 pm | Posted By CASANSAAR
Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No.24/2012-Customs (N.T.) dated March 22, 2012 and thereby notifying change in tariff value of Gold as shown in the tables below: &nb...
Continue Reading... Category : Custom | Comments : 0 | Hits : 482
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Posted Date : 23-Mar-2012 , 04:32:40 pm | Posted By CASANSAAR
Public sector lender IDBI Bank today said it has collected Rs 1 lakh crore of central tax through its network in the current fiscal. The bank has also collected more than 16 percent of the government's revised target of direct taxes during the period. "IDBI Bank has achieved the landmark of Rs 1...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 245
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Posted Date : 23-Mar-2012 , 04:16:05 pm | Posted By CASANSAAR
The Reserve Bank said that the minimum capital requirements for cooperative banks will soon go up to as much as 3 crore rupees from the present 15 lakh rupees. RBI Executive Director S Karuppasamy gave this information in Mumbai on Thursday. He said that depending on the location and area RBI is com...
Continue Reading... Category : Banking | Comments : 0 | Hits : 293
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Posted Date : 23-Mar-2012 , 08:33:14 am | Posted By CASANSAAR
Dear Member, It has been learnt that RBI has received communication regarding Bank Branch Audit allotment. All Bank Branches having advances of Rupees six crores and above and one third of the branches below six crores of advances will be audited. CA. Jaydeep N. Shah Pres...
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Posted Date : 23-Mar-2012 , 08:16:00 am | Posted By CASANSAAR
The economic offences wing (EOW) has arrested two persons-a 60-year-old chartered accountant and the accountant of an infrastructure firm-for selling transfer of development rights (TDR) valued at Rs 4.61 crore to four companies.The FIR was lodged by Dhiren Mehta, director of Bharat Insulation ...
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Posted Date : 23-Mar-2012 , 08:12:02 am | Posted By CASANSAAR
The Finance Ministry has constituted a 12-member advisory group headed by the Revenue Secretary on the controversial amendments in the Income Tax Act that seek to tax overseas deals with retrospective effect.The group, which will also have representatives from the industry chambers, will suggest to ...
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Posted Date : 23-Mar-2012 , 08:10:07 am | Posted By CASANSAAR
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 2, 2012, the CentralGovernment has approved sixteen (16) proposals of Foreign Direct Investment amounting to Rs. ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 535
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Posted Date : 23-Mar-2012 , 08:08:52 am | Posted By CASANSAAR
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the LokSabha that it is mandatory, under the Companies Act, 1956 for all companies to submit Annual Returns, Balance Sheet etc to the Government. &nbs...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 470
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Posted Date : 23-Mar-2012 , 08:06:56 am | Posted By CASANSAAR
The CAG has told the Prime Minister that the media reports on alleged coal scam published in a newspaper is exceedingly misleading. Quoting CAG, the daily claimed that the government has lost 10.7 lakh crore rupees by not auctioning coal blocks.Rejecting the claim, the CAG in a letter to Dr Manmohan...
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Posted Date : 22-Mar-2012 , 02:23:02 pm | Posted By CASANSAAR
Newly appointed railway minister Mukul Roy announced a rollback in some of the rail fares that were announced last week in the Rail Budget. Mukul Roy told Parliament that fares for first and second class passengers in air-conditioned carriages would still go up, but there would be no increase for...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 387
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Posted Date : 22-Mar-2012 , 10:52:33 am | Posted By CASANSAAR
The CAG is at it again. About 16 months after it rocked the UPA government with its explosive report on allocation of 2G spectrum and licences, the Comptroller & Auditor General's draft report titled 'Performance Audit Of Coal Block Allocations' says the government has extended "undue benefi...
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Posted Date : 22-Mar-2012 , 08:30:00 am | Posted By CASANSAAR
The government is working to make laws friendlier to help unhappy couples get divorce faster. The government wants changes in the Hindu Marriage Act of 1955 and Special Marriage Act of 1954 to provide ‘irretrievable breakdown of marriage’ as a new ground for parting ways. As a now a mini...
Continue Reading... Category : General | Comments : 0 | Hits : 720
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Posted Date : 22-Mar-2012 , 08:25:55 am | Posted By CASANSAAR
Market regulator Sebi is exploring the option of low-cost, no-frills demat accounts, hoping it will encourage more investors to take a plunge into equities. Annual depository account maintenance charges can be as high as Rs 1,000, discouraging retail investors who may want to invest small sums ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 310
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Posted Date : 21-Mar-2012 , 10:28:05 pm | Posted By CASANSAAR
British telecom major Vodafone will have to pay over Rs 11,000 crore tax, once the amendment to change the Income Tax Act is approved by Parliament, a Finance Ministry official said today. "They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill b...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 610
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Posted Date : 21-Mar-2012 , 05:05:14 pm | Posted By CASANSAAR
All the regional offices of the Reserve Bank of India and the branches of agency banks will remain open on March 31, Saturday, for special clearings of government transactions for 2011-12. "With a view to facilitating accounting of all government transactions of the current ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 382
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Posted Date : 21-Mar-2012 , 04:54:04 pm | Posted By CASANSAAR
The boards of Satyam Computer Services Ltd and Tech Mahindra Ltd, IT services providers of the Mahindra group, approved the merger of two companies, according to TV reports. The exchange ratio for the merger was pegged at 2:17 ratio i.e. 2 shares of Tech Mahindra will be given for 17 shares of ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 537
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Posted Date : 21-Mar-2012 , 08:26:51 am | Posted By CASANSAAR
A debate is on over the move to up the minimum advance limit for making statutory audit compulsory in a public sector bank branch. All PSU bank branches having advances of over Rs.5 crore are now subject to statutory audit. The minimum advance limit is now sought to be increased to Rs.20 cr...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1959
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