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  • Satyam case: CBI seeks more time to complete trial
    Posted Date : 19-Sep-2011 , 08:45:45 am | Posted By CASANSAAR

    Unable to stick to the time frame to complete proceedings in the trial against former Satyam chief B Ramalinga Raju and nine others accused in the multi-crore Satyam accounting fraud case, CBI has approached the Supreme Court seeking more time to complete the task.   In an interim applic...

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  • GST: Empowered Committee to decide on rate soon
    Posted Date : 19-Sep-2011 , 08:35:58 am | Posted By CASANSAAR

    Kerala Finance Minister K. M. Mani said here on Sunday that the Empowered Committee on Goods and Services Tax (GST) would soon decide on whether to go in for one or two rates of GST in the country. Mr. Mani, who is a member of the Committee comprising of State finance ministers, said in an article ...

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  • SEBI wants a self-regulatory body to supervise financial advisers
    Posted Date : 19-Sep-2011 , 08:33:48 am | Posted By CASANSAAR

    The Securities and Exchange Board of India, or Sebi, has finalised new rules for regulating investment advisers on the lines of the structure in the mutual fund industry to prevent growing complaints from investors about being short-changed. The securities market regulator wants a self-regulatory...

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  • Govt unveils new duty draw back scheme to give incentives to exporters
    Posted Date : 19-Sep-2011 , 08:30:20 am | Posted By CASANSAAR

    The government has announced a new duty draw back scheme to give incentives to exporters. Speaking to media in New Delhi, Finance Secretary R S Gujral said the Duty Entitlement Pass Book (DEPB) Scheme for exporters will end after 30th of this month. The new scheme comes into force from 1st October.&...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 507

  • Income tax raids against Chinar, Manmohan groups yield Rs 4.34 cr
    Posted Date : 18-Sep-2011 , 07:23:32 am | Posted By CASANSAAR

    The Income Tax ( Investigations), Panchkula, today disclosed that in search operations being carried out at the Chinar Group and Manmohan Singh & Company premises on September 8 and 9, there has been a seizure of Rs 4.34 crore. “It includes Rs 3.36 crore in cash and jewellery worth Rs 98 l...

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  • No TDS on compensation for farmland, clarifies government
    Posted Date : 17-Sep-2011 , 08:07:28 am | Posted By CASANSAAR

    Farmers will not have to cough up any tax upfront on the compensation money they receive for their land acquired by the government. The rural development ministry has clarified after complaints that in absence of clear rules the harshest provisions were being imposed. "We have issued orders that ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 377

  • India slashes tax incentives for exporters
    Posted Date : 17-Sep-2011 , 08:05:21 am | Posted By CASANSAAR

    Tax incentives for exporters will be lowered from Oct 1 as the government said Friday it will do away with the popular tax refund scheme, Duty Entitlement Pass Book (DEPB), and bring them under an existing duty drawback scheme from the beginning of next month. At the same time, the number of ite...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 334

  • NRIs can now open joint accounts with resident Indians
    Posted Date : 16-Sep-2011 , 05:39:57 pm | Posted By CASANSAAR

    Liberalising the foreign exchange rules, the Reserve Bank today allowed NRIs to hold joint account with Indian residents, a move that would help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax deduct...

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  • Repo rate, reverse repo rate hiked by RBI; home, auto loan EMIs to go up
    Posted Date : 16-Sep-2011 , 03:03:45 pm | Posted By CASANSAAR

    All loans are set to become costlier, with the Reserve Bank on Friday hiking the key interest rate for the 12th time since March, 2010, by 25 basis points to rein in high inflation. With today's decision, the short-term lending (or repo) rate at which banks borrow from the RBI stands increased t...

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  • Advance tax nos show confidence
    Posted Date : 16-Sep-2011 , 07:48:54 am | Posted By CASANSAAR

    A cursory look at the advance tax payments by leading corporates during the July-September quarter showed most of them are sanguine about raking in handsome profits despite fears of a slowdown. However, the overall tax collection target for this fiscal might not be met.     Led by Relia...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 297

  • Petrol prices hiked by Rs 3.14 per litre effective midnight
    Posted Date : 15-Sep-2011 , 06:47:45 pm | Posted By CASANSAAR

    State-owned oil firms raised petrol prices by Rs 3.14 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil. The hike will be effective from midningt. "Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Toge...

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  • Tamil Nadu govt imposes tax on IPL, DTH
    Posted Date : 15-Sep-2011 , 09:28:20 am | Posted By CASANSAAR

    The Tamil Nadu government on Wednesday decided to impose entertainment tax on direct-to-home (DTH) service providers and the Indian Premier League (IPL) cricket matches. A Bill, which was passed unanimously in the assembly, said DTH services will attract 30% entertainment tax, while 25% ta...

    Continue Reading... Category : VAT | Comments : 0 | Hits : 558

  • Govt announces series of measures to expedite corruption cases
    Posted Date : 14-Sep-2011 , 10:03:08 pm | Posted By CASANSAAR

    The government today announced a series of measures to expedite the process to deal with corruption cases against public servants. Out of 71 fast-track special CBI courts being set up, 44 have already started are already working. Government has also fixed a limit of three months to grant sanction fo...

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  • RBI not interferes in foreign exchange market: Gopalan
    Posted Date : 14-Sep-2011 , 06:12:59 pm | Posted By CASANSAAR

    Government on Wednesday said that Reserve Bank of India's policy of not interfering in the foreign exchange market is the proper way of correcting international imbalances. Speaking to reporters on the sidelines of a function in New Delhi, Secretary, Economics Affairs, R Gopalan said that exchange r...

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  • VDIS scheme on disclosure of blackmoney in the offing
    Posted Date : 14-Sep-2011 , 05:58:50 pm | Posted By CASANSAAR

    A special voluntary disclosure scheme for bringing back blackmoney stashed away in tax havens abroad may be in the offing. The CBDT is understood to be "seriously considering" recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in 199...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 347

  • ICAI to probe Everonn auditors
    Posted Date : 14-Sep-2011 , 07:36:45 am | Posted By CASANSAAR

    Chartered accountants' regulatory body, the Institute of Chartered Accountants of India (ICAI), has asked Everonn Education for its books, after the company got embroiled in a tax evasion and bribery case. The CBI arrested Everonn's founder and managing director P Kishore fo...

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  • Finmin, SEBI push for e-IPO facility for cutting cost of funds and reduce listing time to 3-4 days
    Posted Date : 14-Sep-2011 , 07:34:41 am | Posted By CASANSAAR

    Investors will soon be able to avail of an e-IPO facility, with the finance ministry and market regulator Sebi pushing for a complete paperless system to raise capital. "We are actively looking at this...," a senior finance ministry told ET. The finance ministry has begun discussions with the co...

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  • Rs 650 crore released from Harshad Mehta's assets
    Posted Date : 14-Sep-2011 , 07:30:56 am | Posted By CASANSAAR

    A Mumbai special court Tuesday ordered the release of Rs 650 crore to the Income Tax department and banks from the liquidated assets of late scamster Harshad Mehta's group, an official said. Special court's Justice D.K. Deshmukh, based on a distribution proposal submitted by the finance ministry-...

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  • MCX gets regulator`s approval for IPO
    Posted Date : 12-Sep-2011 , 07:15:20 pm | Posted By CASANSAAR

    India's Multi Commodity Exchange (MCX), the country's biggest commodity bourse by turnover, plans to list "sooner rather than later," after it got a regulatory nod for an initial share sale, a top executive said on Monday. "We will try to do it sooner rather than later. At the same time there is no...

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  • Cabinet to take up new Companies Bill soon: Moily
    Posted Date : 12-Sep-2011 , 07:11:48 pm | Posted By CASANSAAR

      Corporate Affairs Minister Veerappa Moily today said the Union Cabinet will take up the New Companies Bill for approval within the next fortnight and expressed hope that it will be passed by Parliament before the end of this year. "The final draft of the New Companies Bill is ready and it h...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 320

  • ICAI will train companies on new software
    Posted Date : 12-Sep-2011 , 07:49:34 am | Posted By CASANSAAR

    Move over HTML, welcome XBRL (eXtensible Business Reporting Language). This is the mantra that The Institute of Chartered Accountants of India (ICAI) is pushing for, given that the last date for filing of company's balance sheet and annual return for current fiscal is falling due during October and ...

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  • CAG seeks powers to audit Sebi, Trai
    Posted Date : 12-Sep-2011 , 07:47:06 am | Posted By CASANSAAR

    Government auditor CAG is seeking to widen the scope of its powers to audit the performance of regulators such as Sebi, Trai and Irda as part of the new legislation that will replace the CAG Act, 1971. The proposed CAG Bill, now under consideration of the finance ministry, i...

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  • IPL T20 2009 had plunged BCCI's profits to Rs 21.2 crore
    Posted Date : 12-Sep-2011 , 07:45:08 am | Posted By CASANSAAR

    The Indian Premier League T20 tournament has not exactly turned out to be the money spinner for the Board of Control for Cricket in India (BCCI) as everyone believes. The second edition of the widely followed IPL in 2009 that was held in South Africa made a Rs 41.9-crore loss for the BCCI, plu...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 250

  • CAG raps Delhi govt for loss in tax collection
    Posted Date : 12-Sep-2011 , 07:41:39 am | Posted By CASANSAAR

    Inefficiency, under assessment, irregular claim of tax exemption and other lacunae in revenue collection system of Delhi government may have caused a whopping Rs 3,000 crore loss to the exchequer in 2009-10, according to the CAG. Rapping the government for the shortcomings, the national auditor said...

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  • Gold price pushes foreign exchange reserves to $320.78 billion high
    Posted Date : 11-Sep-2011 , 07:41:40 am | Posted By CASANSAAR

    Foreign exchange (forex) reserves rose by $1.61 billion to hit an all-time high of $320.78 billion for the week ended Sep 2 on the back of nearly $3 billion jump in the value of gold reserves, official data showed. The forex reserves kitty has risen for the third consecutive week. The reserves h...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 369

  • 'ICAI studying effects of GST regime'
    Posted Date : 10-Sep-2011 , 09:07:16 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) is serious on its role as India prepares to usher in the goods and services tax (GST). Apart from seeking inputs from various users such as traders, commerce organisations and associations, ICAI has also asked its chartered accountant ...

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  • Centre to move ahead with Companies Bill
    Posted Date : 10-Sep-2011 , 09:04:34 am | Posted By CASANSAAR

    As part of its effort to showcase its commitment to transparency and accountability, the government has decided to move forward with the Companies Bill, 2011. The Prime Minister's Office has stepped in asking the corporate affairs ministry to move ahead with the proposed legislation. The governme...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 381

  • ICICI Bank to hire 6,000 people this fiscal for biz expansion: Chanda Kochhar
    Posted Date : 09-Sep-2011 , 04:21:33 pm | Posted By CASANSAAR

    Country's largest private lender ICICI Bank will recruit up to 6,000 people this fiscal to help its business growth and expansion, a top official said today. "Our business is growing between 18 to 20 per cent and we are also adding branches...its expected that we would hire between five to six t...

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  • Auditor to face disciplinary action after Oct 3 in Satyam scam
    Posted Date : 09-Sep-2011 , 08:16:55 am | Posted By CASANSAAR

    The clock is ticking for Talluri Srinivas, an auditor caught up in the multi-crore Satyam accounting fraud. The Institute of Chartered Accountants of India (ICAI), the apex body for accounting professionals in India, is all set to initiate disciplinary action against Srinivas, post October...

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  • Sales tax on mobiles, not on SIM cards: HC
    Posted Date : 09-Sep-2011 , 08:14:08 am | Posted By CASANSAAR

    he state can collect sales tax on mobile phones but cannot collect the same on SIM cards because a phone piece is considered part of goods while a SIM is considered a service. The AP High Court pronounced a judgment to this effect on Thursday holding that imposition of sales tax ...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 597

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