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Posted Date : 03-Mar-2012 , 08:42:12 am | Posted By CASANSAAR
The Parliamentary standing committee on finance has recommended an increase in basic tax exemption limit to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending in its report on the direct taxes code, or DTC. The panel is not for any relief for corporate tax pa...
Continue Reading... Category : Budget | Comments : 0 | Hits : 796
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Posted Date : 03-Mar-2012 , 08:37:16 am | Posted By CASANSAAR
The stock market regulator SEBI has brought loan facilities provided by banks under its purview. These facilities would be instruments such as “other securities/ instruments, loans and facilities” provided by banks that are appraised by credit rating agencies. This has been done after ...
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Posted Date : 03-Mar-2012 , 08:34:38 am | Posted By CASANSAAR
A fresh row has broken out between states and the centre over the compensation to the states for phasing out the central sales tax that could jeopardize the ongoing deliberations on the proposed goods and services tax (GST). In a strongly worded letter to Union Finance Minister Pranab Mukherjee, ...
Continue Reading... Category : GST | Comments : 0 | Hits : 248
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Posted Date : 02-Mar-2012 , 10:41:51 pm | Posted By CASANSAAR
The Tokyo Sky Tree, the world's tallest self-supported tower, has been completed. The structure is 634 metres high, and now dominates the Sumida ward skyline in northeastern Tokyo. It beats out the 600m tall Canton Tower in China, and Canada's 553m tall CN Tower. It's also the planet's second&...
Continue Reading... Category : International Business | Comments : 0 | Hits : 349
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Posted Date : 02-Mar-2012 , 08:59:18 am | Posted By CASANSAAR
Microsoft Corp has unveiled the first widely available test version of Windows 8, giving the public the first chance to try out the slick, new-look operating system it hopes will restore the company's fading tech supremacy. Windows 8, as the first Microsoft operating system compatible with low-powe...
Continue Reading... Category : International Business | Comments : 0 | Hits : 507
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Posted Date : 02-Mar-2012 , 08:12:38 am | Posted By CASANSAAR
The Corporate Affairs Ministry has ordered inspection into the books of accounts of realty major DLF in view of complaints received from investors regarding company's accounts."We have ordered the Regional Director (North) to carry out inspection under Section 209 of the Companies Act. There were se...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 465
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Posted Date : 02-Mar-2012 , 08:09:59 am | Posted By CASANSAAR
In the wake of rising global prices of precious metals, the government on Thursday hiked the tariff value of gold and silver to $573 per ten gram and $1145 per kg, respectively. The tariff value, which is released fortnigthly, is the base price on which the customs duty is determined to pre...
Continue Reading... Category : Excise | Comments : 0 | Hits : 318
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Posted Date : 02-Mar-2012 , 08:04:17 am | Posted By CASANSAAR
Life Insurance Corporation of India has launched a limited-offer single-premium policy which promises to nearly double the premium amount at the end of 10 years. The policy, which works like a bond, also provides life insurance of up to five times the premium paid. Similar policies offere...
Continue Reading... Category : General | Comments : 0 | Hits : 492
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Posted Date : 01-Mar-2012 , 05:34:13 pm | Posted By CASANSAAR
The Trade and Taxes department of Delhi Government has collected over Rs 15 crore as penalty from various VAT tax evaders between April to December this fiscal against around Rs 3.5 crore in the corresponding period of 2010-11.Tax officials said the four-fold increase in collection of tax penalty co...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 273
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Posted Date : 01-Mar-2012 , 01:57:26 pm | Posted By CASANSAAR
Hard pressed for funds, the government on Thursday approved the proposal for expediting disinvestment through the buyback route under which blue chip state-owned companies will buy its stake. The decision to allow Public Sector Undertakings (PSUs) to buyback shares was taken by the Ca...
Continue Reading... Category : Finance | Comments : 0 | Hits : 350
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Posted Date : 01-Mar-2012 , 01:55:31 pm | Posted By CASANSAAR
Soon, traffic rule violators will have to cough up hefty penalties - almost 10 times more than what they pay now - for offences such as overspeeding and drunk driving. The Union cabinet has approved the proposed Motor Vehicle Amendment Bill, the legislation that regulates road transport in the count...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 495
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Posted Date : 01-Mar-2012 , 07:39:42 am | Posted By CASANSAAR
A chartered accountant who knocked at the doors of the Madras high court to reopen his sealed unauthorized building found himself at the receiving end with the court ordering initiation of criminal proceedings against him.M R Badrinarayana, a resident of Shanthi Colony in Anna Nagar, first...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 575
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Posted Date : 29-Feb-2012 , 06:59:00 pm | Posted By CASANSAAR
The Reserve Bank of India has asked Indian banks to focus on recoveries, bankers said after a Wednesday meeting with the central bank. However, the consensus was that non-performing assets are at manageable levels, bankers said after the meeting which also covered implications of Basel-III norms on...
Continue Reading... Category : Banking | Comments : 0 | Hits : 547
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Posted Date : 29-Feb-2012 , 06:55:18 pm | Posted By CASANSAAR
Auditors can play an important role in helping countries deal with economic crises by suggesting mid-course corrections, Comptroller and Auditor General (CAG) of India Vinod Rai said Wednesday."These are momentous times in the histories of many nations. New paradigms are evolving in the political sy...
Continue Reading... Category : CAG | Comments : 0 | Hits : 350
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Posted Date : 29-Feb-2012 , 08:48:26 am | Posted By CASANSAAR
These are exciting yet challenging times for Indian chartered accountants. The year 2012 will be an eventful year for Indian accountantcy profession if both external and internal developments are any indication. World economy is in turmoil and is casting its shadow on India, thereby puttin...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 812
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Posted Date : 29-Feb-2012 , 08:33:58 am | Posted By CASANSAAR
A former woman sales tax officer and a chartered accountant, who gave her Rs 1,500 in bribe to settle a case, were sentenced to upto three years in jail by a Delhi court which said professionals like doctors and CAs are held in high esteem and should not indulge in corruption. Special Judge B R...
Continue Reading... Category : VAT | Comments : 1 | Hits : 1536
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Posted Date : 29-Feb-2012 , 08:25:14 am | Posted By CASANSAAR
Income Tax (I-T) officials should ensure no harassment is caused to the family during raids. Patna high court recently issued an order to this effect while upholding Bihar’s human rights commission's direction. The court also instructed the tax authority (income tax in this ...
Continue Reading... Category : Income Tax | Comments : 1 | Hits : 273
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Posted Date : 29-Feb-2012 , 08:20:00 am | Posted By CASANSAAR
The Karnataka High Court, in a recent judgement, passed strictures on Income-Tax (I-T) department for filing repeated appeals and wasting taxpayers’ money. “It seems that the (I-T) department is filing these appeals mechanically—either for the purpose of statistics or to save their...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 499
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Posted Date : 29-Feb-2012 , 08:16:37 am | Posted By CASANSAAR
The 'Big Four' international audit firms face a major re-organisation in China as they are forced to abandon their foreign joint venture arrangements. Following are facts about the Big Four accounting firms' China practices. Deloitte Touche Tohmatsu Deloitte opened its first office in Shanghai in...
Continue Reading... Category : Auditing | Comments : 2 | Hits : 990
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Posted Date : 29-Feb-2012 , 08:13:54 am | Posted By CASANSAAR
Market regulator Sebi has allowed fund managers to manage both domestic and overseas money across all their activities, including mutual funds, offshore and portfolio management service. Last year, the regulator, while allowing asset management companies to share back-end resources, had said th...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 203
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Posted Date : 28-Feb-2012 , 08:00:03 am | Posted By CASANSAAR
State Bank of India (SBI) has announced waiver of service charge for non-maintenance of minimum balance stipulations with respect to savings accounts. A circular addressed to Chief General Managers of all circles dated February 14 said that the waiver is being looked upon as a ‘major step for...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1158
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Posted Date : 28-Feb-2012 , 07:58:47 am | Posted By CASANSAAR
As countdown begins for the Budget 2012-13, the Finance Ministry asked all the financial advisors to stay in Delhi till its presentation by Finance Minister Pranab Mukherjee on March 16. "In view of the fact that the Union Budget for 2012-13 is to be presented on March 16, 2012, the financial ad...
Continue Reading... Category : Budget | Comments : 0 | Hits : 335
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Posted Date : 28-Feb-2012 , 07:56:35 am | Posted By CASANSAAR
Norwegian firm Telenor and its Indian partner Unitech have moved the Company Law Board (CLB) separately, trading charges against each other over control of their joint venture, Uninor.While Telenor said it wants to prevent any "wrongful obstruction" of its effort to secure its investments in the cou...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 208
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Posted Date : 28-Feb-2012 , 07:52:11 am | Posted By CASANSAAR
India may grind to a halt for the next 24 hours as a nationwide strike by trade unions and government employees has been planned for Tuesday. In all, 11 trade unions across party lines along with 8 lakh public sector employees with the exception of those in the Railways are expected to partici...
Continue Reading... Category : General | Comments : 0 | Hits : 222
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Posted Date : 28-Feb-2012 , 07:50:19 am | Posted By CASANSAAR
Dear friends, The only thing that is never-changing is the change itself. And every change offers a new beginning. This is the eternal phenomenon that encompasses everything - our profession and the ICAI included. As the ICAI enters a new Council Year, the baton of profession’s leadersh...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 677
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Posted Date : 27-Feb-2012 , 09:13:44 pm | Posted By CASANSAAR
Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week. State-owned oil companies are losing about Rs 4 per litre on petrol, industry officials said. Oil firms had last revised petrol pr...
Continue Reading... Category : General | Comments : 0 | Hits : 281
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Posted Date : 27-Feb-2012 , 03:46:55 pm | Posted By CASANSAAR
State Bank of India, the country's largest lender by assets, Monday cut interest rates on education loans in the first such move by a local bank after the central bank said the interest rate cycle has peaked. Loans of up to 400,000 rupees will now be charged an interest rate of 13.50%, down from 13...
Continue Reading... Category : Banking | Comments : 0 | Hits : 333
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Posted Date : 27-Feb-2012 , 08:30:14 am | Posted By CASANSAAR
The Maharashtra government has made it mandatory for the co-operative sugar industry to perform cost and energy audits. This, if implemented seriously, is expected to save crores of rupees of the co-operatives. Maharashtra is the country's top sugar producer, having a turnover of about Rs 25,000...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 566
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Posted Date : 26-Feb-2012 , 10:05:57 pm | Posted By CASANSAAR
Indian men's hockey team qualified for 2012 London Olympics as they thrashed France 8-1 in the final of the Olympic qualifying tournament at the Major Dhyanchand National Stadium in New Delhi on Sunday. Ace drag-flicker Sandeep Singh scored five goals to almost sin...
Continue Reading... Category : General | Comments : 0 | Hits : 259
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Posted Date : 26-Feb-2012 , 01:37:56 pm | Posted By CASANSAAR
As many as seven employees' unions of banks have given a call for strike on Tuesday, demanding stringent measures to recover bad loans and opposing outsourcing of non-core activities to the private sector."Seven bank unions of nine have given strike call for stringent and effective measures to re...
Continue Reading... Category : Banking | Comments : 0 | Hits : 451
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
