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  • CBDT Clarification Regarding Information Received Under the DTAA With Germany
    Posted Date : 05-Dec-2011 , 10:02:52 pm | Posted By CASANSAAR

    It has been reported in some sections of the press that the Central Board of Direct Taxes (CBDT) has shared details of 18 individuals found to have stashed illegal funds abroad in LGT bank accounts. In this connection, it is clarified that the CBDT has not shared any information received under ...

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  • Banks, Hospitals can't run from residential plots in Noida: SC
    Posted Date : 05-Dec-2011 , 10:02:18 pm | Posted By CASANSAAR

    The Supreme Court today ruled that banks, hospitals and other commercial activities cannot be carried out from plots in Noida developed for residential purpose and ordered 21 banks and nursing homes in Sector 19 to immediately close their operations.   "That banking or nursing homes or any o...

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  • India to Host Fourth International Tax Dialogue Conference
    Posted Date : 05-Dec-2011 , 10:00:06 pm | Posted By CASANSAAR

    India is hosting the 4th International Tax Dialogue Conference (ITD) Global Conference on Tax and Inequality. More than 250 foreign delegates are expected to take part in this three day conference being held at Vigyan Bhawan from 7th to 9th December. The conference would be inaugurated by the Union ...

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  • Ministry steps in to reduce transfer pricing disputes
    Posted Date : 05-Dec-2011 , 08:34:20 am | Posted By CASANSAAR

    After the hue and cry by corporate India over huge transfer pricing orders slapped by the tax department running into thousands of crores, the government has stepped in with a key reform. The finance ministry has directed the Central Board of Direct Taxes (CBDT) to put in place a framework for an Ad...

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  • SEBI notifies guidelines for KYC Registration Agencies
    Posted Date : 04-Dec-2011 , 07:29:55 pm | Posted By CASANSAAR

    To prevent duplication in customer identification process, market regulator SEBI today issued guidelines for KYC Registration Agencies and said wholly-owned subsidiaries of stock exchanges and depositories would be eligible able to act in such a role. The Securities and Exchange Board of India...

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  • IT officials to go on nationwide strike‎
    Posted Date : 04-Dec-2011 , 09:11:12 am | Posted By CASANSAAR

    Over 8,000 income tax officials in the country including 1,000 from Mumbai will go on an indefinite strike from Monday against the pending promotions of officials from the rank of income tax officer (ITO) up to the rank of assistant commissioner of income tax (ACIT)/deputy commissioner of income&nbs...

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  • ICAI condemns threat to member
    Posted Date : 04-Dec-2011 , 09:08:42 am | Posted By CASANSAAR

    hairman of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI), Shriniwas Joshi, categorically denounced threats of physical violence made against one of the members of the chartered accountant community. Joshi was speaking at the inaugural function o...

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  • Veteran actor Dev Anand no more
    Posted Date : 04-Dec-2011 , 08:50:49 am | Posted By CASANSAAR

    Hindi Cinema’s evergreen hero Dev Anand passed away early Sunday morning in London. The 88 year old legendary film personality suffered cardiac arrest.  In a career spanning over 65 years, Anand worked in films like `Kala Pani`, Guide`, `Hum Dono`, `Tere Ghar Ke Samne`, `Ga...

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  • Facebook to hire 'thousands' over next year
    Posted Date : 03-Dec-2011 , 02:02:38 pm | Posted By CASANSAAR

    Facebook has said it plans to hire thousands of employees over the next year and add an engineering team to its office in New York. "We will hire as many high quality engineers as we can here in New York," Facebook chief operating officer Sheryl Sandberg told reporters at an event also attended ...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 429

  • ICWAI sign MOU with CISI, UK
    Posted Date : 03-Dec-2011 , 08:45:25 am | Posted By CASANSAAR

    The Institute of Cost and Works Accountants of India (ICWAI) has signed a memorandum of understanding with the Chartered Institute for Securities and Investment (CISI), UK on awarding the membership of CISI to ICWAI members and concessional fee for ICWAI students. The MOU was signed by M. Gopalakris...

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  • ICAI committee to decide on Satyam fraud case soon
    Posted Date : 03-Dec-2011 , 08:44:27 am | Posted By CASANSAAR

    Institute of Chartered Accountants of India president G. Ramaswami said that the department enquiry was continuing against the auditors facing trial in the Satyam fraud case and the ICAI Disciplinary Committee would meet on December 18 to take the final decision. Addressing a press conference here ...

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  • Sebi clears system to facilitate single KYC for all trades
    Posted Date : 03-Dec-2011 , 08:43:17 am | Posted By CASANSAAR

    Investors will no longer need to go through the know-your-customer (KYC) scrutiny process multiple times to invest in stock markets. This process will be done through a single knowyour-customer clearance window soon, Sebi said on Friday. At present, if an investor intends to open accounts with d...

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  • RBI starts a new lender clan — NBFC-MFIs
    Posted Date : 03-Dec-2011 , 08:41:31 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has put out guidelines for a new category of non-banking finance companies (NBFCs), which would be involved only in micro lending. NBFCs which have minimum net owned funds of up to `5 crore and over 85% of their net assets in the nature of ‘qualifying assets&rs...

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  • Forex reserves plunge to 9-month low; may continue slide through June 2012
    Posted Date : 03-Dec-2011 , 08:34:38 am | Posted By CASANSAAR

    India's forex reserves fell to a nine-month low despite a temporary reprieve to the rupee which, if inflows don't revive, may resume its slide through June 2012 as more than a $100 billion of debt repayments begin to unfold. Currency strategists HSBC to CLSA are forecasting the Indian rupee to t...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 302

  • Tata Steel partly shuts Wales strip mill, cuts 115 jobs
    Posted Date : 03-Dec-2011 , 08:32:41 am | Posted By CASANSAAR

    Tata Steel on Friday said it has temporarily shut down its hot strip mill partly in South Wales and has cut 115 jobs at the plant due to poor demand from within Britain.     "Tata Steel is temporarily to mothball the hot strip mill at its Llanwern site in Newport, South Wales, wi...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 291

  • Mandatory Publication of Central Government and Public Sector Tender Enquiries on the Central Public Procurement Portal
    Posted Date : 03-Dec-2011 , 08:30:21 am | Posted By CASANSAAR

    In pursuance of the recommendations of the Committee on Public Procurement headed by Shri Vinod Dhall and the decisions thereon of the Group of Ministers constituted to consider measures to tackle corruption and ensure transparency, the Department of Expenditure, Ministry of Finance has on 30th Nove...

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  • Do not to process over 3-month old cheques: RBI
    Posted Date : 02-Dec-2011 , 06:32:07 pm | Posted By CASANSAAR

    The Reserve Bank of India on Friday directed primary urban cooperative banks not to make payments on cheques and other financial instruments that are over three months old, with effect from April next year. "RBI directs that with effect from April 1, 2012, banks should not make payment of chequ...

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  • Companies worried about transfer pricing, says KPMG survey
    Posted Date : 02-Dec-2011 , 08:38:38 am | Posted By CASANSAAR

    India's bureaucratic tax system, more than tax rate, impacts investment decisions by foreign companies planning to set shop in the country. Unclear tax policies coupled with lengthy filing processes have made the country's tax regime moderately conducive for business, according to a survey conduc...

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  • Govt hopeful of House panel report on DTC in winter session
    Posted Date : 02-Dec-2011 , 08:36:52 am | Posted By CASANSAAR

    The Government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. "Right now, the Bill is before the standing commit...

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  • ICAI to sign deal with New Zealand body
    Posted Date : 02-Dec-2011 , 08:35:35 am | Posted By CASANSAAR

      The CA institute plans to ink a mutual recognition agreement (MRA) with the New Zealand Institute ofChartered Accountants (NZICA) in January next year.   “We are in the final stages. The agreement may be signed during an international con...

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  • SBI raises deposit rates on NRE and FCNR accounts
    Posted Date : 02-Dec-2011 , 08:34:22 am | Posted By CASANSAAR

    The country's largest lender SBI has raised interest rates on Foreign Currency Non-Resident (FCNR) accounts and Non Resident-External rupee term deposits accounts by 5-15 basis points in order attract higher foreign deposit. While the public sector lender has raised interest rates by 12-15 basis...

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  • Panel on curbing black money gets 2-month extension
    Posted Date : 02-Dec-2011 , 08:29:13 am | Posted By CASANSAAR

    The government has given a two-month extension to the term of the Central Board of Direct Taxes (CBDT) committee that is examining ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.   The panel was originally given time ...

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  • Life insurers with 10 years of operations can go public: IRDA
    Posted Date : 02-Dec-2011 , 08:25:52 am | Posted By CASANSAAR

    The much-awaited norms for public issues of life insurance companies have been notified in the Gazette by the Insurance Regulatory and Development Authority. As per the norms, only those companies which completed 10 years of operations can apply for permission to go for public issues. Before filin...

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  • Parliament adjourned for 8th day on FDI, PM meets UPA allies
    Posted Date : 01-Dec-2011 , 02:42:19 pm | Posted By CASANSAAR

    The stalemate in Parliament over FDI in retail and other issues led to adjournment of both Lok Sabha and the Rajya Sabha for the eighth consecutive day today. When the Houses re-assembled at 12.00 Noon, similar noisy situation prevailed. Lok Sabha was adjourned following uproar over the issue o...

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  • PPF to earn higher returns from Dec 1
    Posted Date : 01-Dec-2011 , 08:16:52 am | Posted By CASANSAAR

    The finance ministry has notified rules which will pave the way for small savings account holders to earn higher returns from December 1. Earlier this month, the government had accepted the recommendations of a panel which would help investors earn higher interest on sm...

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  • FDI in retail: 5 crore traders to down shutters today
    Posted Date : 01-Dec-2011 , 08:11:50 am | Posted By CASANSAAR

    Several Bharti-Walmart storeswill remain closed on Thursday as a precautionary measure due to the bandh called by traders across the country, sources said.World's second largest retailer Carrefour, which is present in the wholesale segment in the country, also beefed up security at its stores i...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 496

  • IRDA's guidelines on web aggregators
    Posted Date : 01-Dec-2011 , 08:08:43 am | Posted By CASANSAAR

    Recently, the Insurance Regulatory and Development Authority (Irda) announced two online initiatives that could be of interest to insurance-seekers. The first one is the extensive guidelines pertainining to web aggregators and the other is the launch of a mobile application to compare unitlinked...

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  • Draft Public Procurement Bill, 2011 ; Comments and Suggestions Sought by 24th December, 2011
    Posted Date : 01-Dec-2011 , 08:05:15 am | Posted By CASANSAAR

    urrently there is no overarching legislation governing public procurement by the Central Government and Central Public Sector Enterprises (CPSEs).  The General Financial Rules, 2005 govern procurements made by the Central Government.  Some Ministries/ Departments have specific Pr...

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  • ‘Foreign healthcare services companies not liable for tax’
    Posted Date : 01-Dec-2011 , 07:55:40 am | Posted By CASANSAAR

    Foreign healthcare services firms are not liable for tax in India as payments for such services cannot be construed as royalty, according to a ruling by a Mumbai tax tribunal. The order by the Income Tax Appellate Tribunal (ITAT) was in response to the income tax department's position that forei...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 633

  • Vodafone broke FDI cap in Hutch deal, breach continues, says CBDT
    Posted Date : 01-Dec-2011 , 07:52:30 am | Posted By CASANSAAR

    A new controversy is set to cloud the telecom sector and queer the pitch for Vodafone in the R11,000 crore tax appeal before the Supreme Court. According to a note prepared by the Central Board of Direct Tax for the Foreign Investment Promotion Board, which has the approval of the finance secreta...

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