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Posted Date : 07-Nov-2011 , 08:57:49 am | Posted By CASANSAAR
Noting that the BSE not only provides physical infrastructure, but also renders managerial services to its members, the Bombay High Court has held that transaction charges paid to the bourse are taxable at the source. "It is obvious that the stock exchange has to manage the entire trading a...
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Posted Date : 07-Nov-2011 , 08:49:44 am | Posted By CASANSAAR
Bank lending to the priority sector grew at a lower rate of 11.1 percent in September 2011, against the growth of 19.1 percent inthe same month last year, on account of lower offtake by agriculture and housing segments and fall in micro credit. According to the Reserve Bank of India data, credit dis...
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Posted Date : 07-Nov-2011 , 08:49:01 am | Posted By CASANSAAR
India and the US have joined hands to crack down tax evaders and bring to book those who have stashed black money in tax havens abroad. In a first of series of engagements between the two nations, a team of investigators drawn form investigation units in the Union Finance Ministry and the recen...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 217
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Posted Date : 05-Nov-2011 , 04:02:02 pm | Posted By CASANSAAR
The central government on Friday told the Supreme Court that it was confident of being able to defend the appointment of UK Sinha as chairman of the market watchdog Sebi. The court was hearing a public interest litigation filed by a number of prominent individuals, including a former chief of the...
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ICAI’s reply to RTI application filed regarding ‘Empanelment for Centralised Allotment of Tax Audit’Posted Date : 05-Nov-2011 , 08:59:37 am | Posted By CASANSAAR
In reply to the RTI application dated 21.09.2011 filed by Mr. Suresh Wadhwa, ICAI has held as follows:- It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 an...
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Posted Date : 05-Nov-2011 , 08:42:37 am | Posted By CASANSAAR
An old tax case has come back to haunt Infosys, the country's second-largest software company. In a ruling that backs the Income-Tax Department's claim of Rs 100 crore, the Karnataka High Court has upheld the view of tax authorities that the work carried out by Infosys for clients overseas, from ...
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Posted Date : 05-Nov-2011 , 08:40:46 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) will now scrutinise all the schemes of Rural Development Ministry and Ministry of Drinking Water and Sanitation, Union Minister Jairam Ramesh said on Friday. Announcing the decision, Mr. Ramesh said the two Ministries annually spend Rs 88,000 crore which is...
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Posted Date : 05-Nov-2011 , 08:35:23 am | Posted By CASANSAAR
Liberalising and rationalising the procedures and policies governing foreign direct investment (FDI) in India, the Reserve Bank of India (RBI) has said transfer of shares between Indians and non-residents will not require its permission in several key areas such as financial services....
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Posted Date : 05-Nov-2011 , 08:33:25 am | Posted By CASANSAAR
The sixth G20 Summit at cannes has taken on board the concerns raised by India to combat black money. Prime Minister Dr. Manmohan Singh said the Canes Summit Communiqué has also endorsed India's call to ensure transparency in Banking sector, exchange of information to combat tax fraud and ill...
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Posted Date : 05-Nov-2011 , 08:32:40 am | Posted By CASANSAAR
As a part of the Vigilance Awareness Week being observed from 31st October to 5th November, 2011, the Central Board of Excise and Customs (CBEC),Ministry of Finance, organized an interaction with officers and staff, here today. This was presided over by Shri. S.K.Goel, Chairman, CBEC, who addressed ...
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Posted Date : 04-Nov-2011 , 09:37:34 pm | Posted By CASANSAAR
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross tax collection in the first seven months ...
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Posted Date : 04-Nov-2011 , 01:17:49 pm | Posted By CASANSAAR
Close on the heels of granting bail to four former employees of Satyam, the Supreme Court today granted bail to Satyam founder B Ramalinga Raju and his brother B Rama Raju. Former Chief Financial Officer Srinivas Vadlamani has also been granted bail.Mr Raju and his brother B Rama Raju had earlier ap...
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Posted Date : 04-Nov-2011 , 09:02:19 am | Posted By CASANSAAR
The Central Information Commission has directed the Reserve Bank to make public audit reports of co-operative banks, rejecting the arguments of the Bank that such disclosure could "lead to loss of faith in some banks" and adversely affect economic interests of the ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 441
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Posted Date : 04-Nov-2011 , 08:48:43 am | Posted By CASANSAAR
The apex body of accounting professionals, Institute of Chartered Accountants of India (ICAI), has renewed its call to abolish the tax accounting standards, saying only its standards should be accepted. The need to keep two sets of accounting records, one as per the requirements of the C...
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Posted Date : 04-Nov-2011 , 08:42:55 am | Posted By CASANSAAR
India told the G20 Summit that it has been an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb this menace. "Tax evasion and illicit flows are serious problem and over the last two years, in ord...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 315
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Posted Date : 04-Nov-2011 , 08:41:26 am | Posted By CASANSAAR
The income tax (I-T) department raided 15 locations, including residential and industrial premises of Raymond group head Gautam Singhania, spread across nine cities on Thursday. The raids were conducted after the department received "reliable" information of under-representati...
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Posted Date : 04-Nov-2011 , 08:39:11 am | Posted By CASANSAAR
The government is likely to introduce a Bill that seeks to make it mandatory for all microfinance institutions to be registered with the Reserve Bank of India (RBI) and entrusts the task of regulating the sector to the central bank in the Winter Session of Parliament. The Finance Ministry i...
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Posted Date : 03-Nov-2011 , 09:31:48 pm | Posted By CASANSAAR
Oil companies today yet again hiked petrol prices by Rs 1.80 per litre to offset the fall in rupee that has made imports of crude costlier. After today's increase, petrol in Delhi will cost Rs 68.64 a litre. The rates will vary in other cities according to local levies. This is the se...
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Posted Date : 03-Nov-2011 , 04:23:36 pm | Posted By CASANSAAR
Key Team Anna member Arvind Kejriwal, Thursday, sent a cheque of Rs 9.27 lakh – to clear his dues - to Prime Minister Manmohan Singh so that his resignation from the Indian Revenue Service is accepted. In a letter enclosed with the cheque, Kejriwal said that his move to clear the du...
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Posted Date : 03-Nov-2011 , 08:06:14 am | Posted By CASANSAAR
The IIMs will face an external social audit and peer review of their performance every three years, so that the government can “identify aberrations and take corrective measures”, HRD Minister Kapil Sibal said after a meeting of the heads of all 13 IIMs here on Wednesday. This would mea...
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Posted Date : 03-Nov-2011 , 08:03:59 am | Posted By CASANSAAR
Deputy chief minister Sushil Kumar Modi here on Wednesday told the members of trade and industry at the Bihar Industries Association (BIA) office that the Goods and Services Tax-Network (GST-N) being created under information technology network by a committee headed by ...
Continue Reading... Category : GST | Comments : 0 | Hits : 433
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Posted Date : 03-Nov-2011 , 07:57:34 am | Posted By CASANSAAR
Market regulator Sebi has asked fund houses to publicly display the commission they pay distributors for selling mutual funds, a move aimed at bringing in transparency in fee structure. The regulator has asked asset management companies to disclose commission paid to distributors between April 1...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 293
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Posted Date : 03-Nov-2011 , 07:56:23 am | Posted By CASANSAAR
The Reserve Bank of India has allowed authorised money changers (AMCs), including banks, to open additional branches in metros without adhering to the old criteria of maintaining a ratio in number of branches in metro and non-metros cities. "In order to provide more flexibility to authorised per...
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Posted Date : 02-Nov-2011 , 05:41:53 pm | Posted By CASANSAAR
The Task Force on an IT strategy for PDS submitted its report to the Finance Minister today. Following the announcement by the Finance Minister in his Budget Speech for 2011-12, the Task Force on Direct Transfer of Subsidies on Kerosene, LPG and Fertiliser was constituted by the...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 217
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Posted Date : 02-Nov-2011 , 08:47:20 am | Posted By CASANSAAR
The Joint Action Council, Delhi Circle, comprising Income Tax Employees' Federation and Income Tax Gazetted Officers' Association, said on Tuesday that it had launched Protests from October 25 demanding filling up of 700 posts of assistant commissioners. A statement from the Joint Council ...
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Posted Date : 02-Nov-2011 , 08:43:53 am | Posted By CASANSAAR
Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance:“A section of the press has reported today that some investigations relating to banking information received from overseas have been referred to the Directorate of Cri...
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Posted Date : 01-Nov-2011 , 07:38:46 pm | Posted By CASANSAAR
Telecom Regulatory Authority of India, TRAI, has extended the 100 sms per day limit to 200 sms per day, per sim. Earlier, TRAI had restricted the number of commercial non-commercial sms that can be send from a sim, to 100. TRAI received representations from some of the service providers and con...
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Posted Date : 01-Nov-2011 , 07:36:47 pm | Posted By CASANSAAR
State-owned oil companies are considering a Rs 1.82 per litre hike in petrol prices, as a fall in rupee has increased the cost of imports of the raw material (crude oil). Indian Oil, Hindustan Petroleum and Bharat Petroleum last hiked petrol prices by Rs 3.14 a litre on Septe...
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Posted Date : 01-Nov-2011 , 03:14:02 pm | Posted By CASANSAAR
The Cabinet today approved the public procurement policy to boost micro, small and medium enterprises. The policy aims at purchasing 20 percent of their products by Government agencies.Briefing reporters after the Cabinet meeting, the Information and Broadcasting Minister Mrs. Ambika Soni said that ...
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Posted Date : 01-Nov-2011 , 08:30:41 am | Posted By CASANSAAR
Shri. S.K.Goel (IRS:1975) today took charge as the Chairman, Central Board of Excise & Customs (CBEC) on 31st October, 2011. He took charge from Shri S.Majumdar who demitted the office today on his superannuation. Shri Goel joined Indian Revenue Service (IRS) (Customs & Central Excise) in th...
Continue Reading... Category : Excise | Comments : 1 | Hits : 407
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