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  • Plan Panel forms Committee to fix financial conditions of power companies
    Posted Date : 24-Oct-2011 , 07:17:06 pm | Posted By CASANSAAR

    The Planning Commission has set up a Committee headed by its Member B K Chaturvedi to improve the financial health of power distribution companies in the country which is reeling under huge losses.The Committee also includes representatives from the Union Finance Ministry, the Reserve Bank of In...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 218

  • Monetary policy review: RBI Governor D Subbarao likely to raise repo rate
    Posted Date : 24-Oct-2011 , 08:51:24 am | Posted By CASANSAAR

    A sliding rupee, the government's deteriorating finances and the persistence of a cheap money policy in the West may prompt Reserve Bank of India (RBI) governor Duvvuri Subbarao to toughen his stance against the call for a pause in raising interest rates on Tuesday, despite a dozen increases sinc...

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  • Revenue Department takes notice of 9 lakh entities stop filing returns
    Posted Date : 23-Oct-2011 , 03:44:30 pm | Posted By CASANSAAR

    The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing.According to...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 449

  • EU leaders meet in Brussels to prevent financial crisis
    Posted Date : 23-Oct-2011 , 03:43:22 pm | Posted By CASANSAAR

    All the 27 European Union leaders are meeting in Brussels today to decide measures to prevent Europe's financial crisis from spiraling out of control. British Prime Minister is set to join the EU leaders. Ahead of the meeting in Brussels, German Chancellor Angela Merkel said she believed the leaders...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 259

  • Swan Telecom was just a mask for Reliance Telecom: court
    Posted Date : 23-Oct-2011 , 03:41:35 pm | Posted By CASANSAAR

    Anil Dhirubhai Ambani Group (ADAG)-led Reliance Telecom Ltd (RTL) was today put on trial in 2G spectrum allocation scam case by a Delhi court which said Shahid Balwa-promoted Swan Telecom Pvt Ltd (STPL) was "just a mask" for RTL. Special CBI Judge O P Saini dismissed the contention of RTL that S...

    Continue Reading... Category : General | Comments : 0 | Hits : 261

  • EU debt crisis, US slowdown impacting India: Pranab Mukherjee
    Posted Date : 23-Oct-2011 , 08:13:19 am | Posted By CASANSAAR

    Debt crisis in Europe and slowdown in the US are having an adverse impact on India, but the fundamentals of the country's economy remain intact, Finance Minister Pranab Mukherjee said today. Addressing the National Development Council (NDC) meeting here, he said "while there may be some moderati...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 309

  • UK anti-monopoly agency to investigate ‘Big 4’ auditors who dominate market
    Posted Date : 22-Oct-2011 , 09:35:38 am | Posted By CASANSAAR

    Britain’s Office of Fair Trading has ordered a full-scale competition review of the four big auditing companies which dominate the market.   PricewaterhouseCoopers, KPMG, Deloitte, and Ernst & Young last year collectively earned 99 percent of the audit fees paid by FT...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 791

  • I-T dept sends fresh notice to Kejriwal to clear dues
    Posted Date : 22-Oct-2011 , 08:25:52 am | Posted By CASANSAAR

    Team Anna member Arvind Kejriwal has been slapped with a fresh notice by the Income Tax department, asking him to pay dues of Rs 9.50 lakh by October 27. The notice says his resignation from the service will be accepted only if the dues are cleared.Kejriwal, currently campaigning for the J...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 291

  • Govt working to make pvt sector bribery criminal: PM
    Posted Date : 21-Oct-2011 , 05:28:11 pm | Posted By CASANSAAR

    Prime Minister Dr Manmohan Singh has said government is considering changes in law to make private sector bribery a criminal offence.Speaking at the Biennial Conference of CBI and state anti-corruption bureaux, the Prime Minister said India has ratified UN Conventions against corruption and to meet ...

    Continue Reading... Category : General | Comments : 0 | Hits : 388

  • CBDT Makes Discussion Paper on Tax Accounting Standards Public
    Posted Date : 21-Oct-2011 , 08:20:36 am | Posted By CASANSAAR

      The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned.  The discussion paper is available on the following web-sites:   finmin.nic.in ; &...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 319

  • Sebi to probe allegations against DLF, Sudipti Estates
    Posted Date : 21-Oct-2011 , 08:17:27 am | Posted By CASANSAAR

    Market regulator Sebi today said it will probe allegations by a Delhi-based businessman that he was duped of Rs 34 crore by DLF Limited and Sudipti Estates. The probe order follows a Delhi High Court ruling on a complaint filed by Kimsuk Krishna Sinha in 2007 against the DLF Group and Sudipti Est...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 265

  • I-T dept to make names of defaulters owing over Rs 10cr public
    Posted Date : 21-Oct-2011 , 08:14:31 am | Posted By CASANSAAR

    The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently.The department has decided to send show cause notices to such assessees, who have reported "no assets/inadequate assets for rec...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 600

  • Finance ministry suggests reconciling accounting standards
    Posted Date : 21-Oct-2011 , 08:11:27 am | Posted By CASANSAAR

    In a move that can help solve corporate litigation with the tax departments and mark a step forward in India’s commitment to implement International Financial Reporting Standards (IFRS), the finance ministry has suggested reconciliation of...

    Continue Reading... Category : Accounts | Comments : 0 | Hits : 776

  • Govt to set up agency to take suo-motto action against mis-leading ads
    Posted Date : 21-Oct-2011 , 08:06:24 am | Posted By CASANSAAR

    An independent agency is being set up to take suo-motto action against mis-leading advertisements. Consumer Affairs Minister K V Thomas told AIR that the agency will have experts from various fields to check the exaggerated claims about their products and services in their advertisements.Mr. Thomas ...

    Continue Reading... Category : General | Comments : 0 | Hits : 205

  • Ashok Chawla takes oath as New Chairman of CCI
    Posted Date : 21-Oct-2011 , 08:03:35 am | Posted By CASANSAAR

    Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 283

  • Extension of date of submission of service tax half yearly returns
    Posted Date : 20-Oct-2011 , 06:09:01 pm | Posted By CASANSAAR

    In exercise of the powers conferred by Rule 7(4) of the Service Tax Rules 1994 read withnotification No. 48/2011-Service Tax dated 19th October 2011, Central Board of Excise and Customs hereby extends the date of submission of half yearly return for the period April 2011 to ...

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  • Reserve Bank of India warns of another global financial crisis
    Posted Date : 20-Oct-2011 , 12:00:06 pm | Posted By CASANSAAR

    Reserve Bank of India (RBI) has warned of another financial crisis brewing, as global liquidity becomes a concern amidst central banks pegging their lending rates at near zero levels, leaving scope for another asset bubble to take down the global financial system. "There is, thus, incontrovertib...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 497

  • Prepay loan without fine to housing finance companies
    Posted Date : 20-Oct-2011 , 08:18:37 am | Posted By CASANSAAR

    In a development that will cheer thousands of home owners who have availed of loans from any of the 54 housing finance companies (HFCs), the National Husing Bank (NHB) has banned the levy of pre-payment penalty.The NHB, which is the housing finance regulator, has also asked HFCs to ensure ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 665

  • Govt to complete capital infusion in public sector banks by March end
    Posted Date : 20-Oct-2011 , 08:15:03 am | Posted By CASANSAAR

    The government on Wednesday said public sector banks including, State Bank of India, requires about 20,000 crore rupees in the current fiscal and the capital infusion would be completed by the end of March.Replying questions on the sidelines of a function in New Delhi the Financial Services Secretar...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 245

  • Sustained efforts being made to unearth Black Money: FM
    Posted Date : 20-Oct-2011 , 08:13:28 am | Posted By CASANSAAR

    The government said it has started investigations into black money transactions by Indians. Inaugurating the Economic Editors' Conference in New Delhi on Wednesday, the Finance Minister Mr. Pranab Mukherjee said about ten thousand pieces of information have been received from different parts of the ...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 214

  • Direct Taxes Code will come next year: Finmin
    Posted Date : 20-Oct-2011 , 08:10:55 am | Posted By CASANSAAR

      The government on Wednesday expressed optimism that the Direct Taxes Code (DTC) would come into force from the next financial year.   Finance minister Pranab Mukherjee said he was confident of the DTC being recommended by the standing committee in the coming (winter) Parliament sessio...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 470

  • NRIs can hold accounts in any currency now: RBI
    Posted Date : 19-Oct-2011 , 07:08:40 pm | Posted By CASANSAAR

    The Reserve Bank on Wednesday said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible. The move is likely to help NRIs/Persons of India Origin as it will give them more options in the holding of accounts, and lessen the risk from  ...

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  • Centre asks Haryana govt to take steps to end Maruti strike
    Posted Date : 19-Oct-2011 , 07:05:15 pm | Posted By CASANSAAR

    The Centre on Wednesday asked the Haryana government to take steps to ensure that the strike at the Manesar plant of Maruti Suzuki India ends soon.Talking to reporters on the sidelines of a function in New Delhi, Union Labour Minister Mallikarjun Kharge, however, ruled out making a direct interventi...

    Continue Reading... Category : General | Comments : 0 | Hits : 308

  • CA.Y.H. Malegam joined RBI Board
    Posted Date : 19-Oct-2011 , 08:31:24 am | Posted By CASANSAAR

    The Government of India has appointed two more members on the Central Board of Directors of the Reserve Bank of India. The new Directors are:   Shri Y.H. Malegam, who has been re-appointed from October 7, 2011 vice Shri H. P Ranina.   Prof. M.V. Rajeev Gowda who has been appoin...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 620

  • Now, ICAI to turn transparency spotlight on itself
    Posted Date : 19-Oct-2011 , 08:27:07 am | Posted By CASANSAAR

    Like charity, scrutiny too, it seems, begins at home. After pitching for more disclosure norms for corporates, the Institute of Chartered Accountants of India (ICAI) now wants to usher in more transparency in its own functioning.   The accounting regulator i...

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  • TDSAT asks Bharti Airtel deposit Rs 25 Cr penalty with DoT
    Posted Date : 19-Oct-2011 , 08:24:33 am | Posted By CASANSAAR

    Telecom tribunal TDSAT on Tuesday directed Bharti Airtel to pay 50 per cent of the Rs 50 crore penalty imposed by theTelecom Ministry in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections.   Passing an interim ...

    Continue Reading... Category : General | Comments : 0 | Hits : 232

  • Finance ministry favours extending trading hours for currency futures till 7pm
    Posted Date : 19-Oct-2011 , 08:21:42 am | Posted By CASANSAAR

    Currency traders may be in for longer working hours if the government has its way. The ministry of finance is understood to be backing a proposal to extend trading hours for currency futures, even though exchanges and brokerages are divided on the subject. The issue cropped up at a recent meeting...

    Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 231

  • SAT tells Sahara firms to pay Rs 24k cr in six weeks
    Posted Date : 19-Oct-2011 , 08:14:10 am | Posted By CASANSAAR

      Group says ‘shocked’, to move Supreme Court.   The Securities Appellate Tribunal (SAT) on Tuesday directed two Sahara group firms to refund a sum of Rs 24,029 crore to 29.6 million investors who had subscribed to its optionally fully convertible debentures (OFCDs).  ...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 235

  • Formula 1 : SC notice to UP govt on tax exemption
    Posted Date : 18-Oct-2011 , 05:14:57 pm | Posted By CASANSAAR

    India's Formula One ambition has hit its first hurdle just two weeks ahead of the first Indian Grand Prix. The Supreme Court sought explanation from the Uttar Pradesh government for granting tax exemption to Jaypee group, the company organising Formula 1 event in Greater Noida. A bench headed by J...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 506

  • Cos need not maintain 2 account books: FinMin proposal
    Posted Date : 18-Oct-2011 , 08:09:58 am | Posted By CASANSAAR

    Companies wanting to migrate to international auditing norms, IFRS, may be spared from maintaining two books of accounts - one under the Companies Act and the other for taxation purposes, if a Finance Ministry proposal gets implemented. The proposal, which was floated in a Discussion Paper on Tax A...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 359

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