News - (Get Professional Updates on Whatsapp, Msg on 8285393786)
  • Women empowerment will bring socio-economic change : Pranab
    Posted Date : 04-Sep-2011 , 04:26:31 pm | Posted By CASANSAAR

    Union Finance Minister Pranab Mukherjee while addressing a gathering in Kolkata stated that women empowerment at the grass root level would bring the desired social economic change in the country.   He was addressing the audience on the launch of 'Sukanya' project on Saturday. Mukherjee reit...

    Continue Reading... Category : General | Comments : 0 | Hits : 504

  • CA aspirants await Centre nod to skip proficiency test
    Posted Date : 04-Sep-2011 , 08:31:50 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI), which had asked the Centre to exempt graduates securing more than 55% marks from writing the Common Proficiency Test (CPT), is still awaiting a response. "The Centre's delay has created confusion," said Archana Ravi, a ...

    Continue Reading... Category : Students Zone | Comments : 0 | Hits : 679

  • Cabinet ministers declare assets; Kamal Nath richest with Rs 263 crore
    Posted Date : 03-Sep-2011 , 03:59:58 pm | Posted By CASANSAAR

    Prime Minister Manmohan Singh, who had taken strong exception to a remark last month by a senior member of parliament on his personal integrity, led his council of ministers in declaring their personal assets on the official web site. His wealth is estimated at Rs.5 crore and he owns a Maruti 80...

    Continue Reading... Category : General | Comments : 0 | Hits : 446

  • Instructions to examiners can be made public post exam: SC
    Posted Date : 03-Sep-2011 , 10:04:17 am | Posted By CASANSAAR

    The Supreme Court (SC) on Friday ruled that instructions issued to examiners in competitive examinations by the agency conducting the exam could be disclosed under the right to information (RTI) law, once the test is held.   The court pronounced the decision in the case between the Institute ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 579

  • Direct Taxes Code may come into force from April next year, says Pranab Mukherjee
    Posted Date : 03-Sep-2011 , 10:01:38 am | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. "If we have it (the report of Standing Committee) in the Winter Session (of Parliament), I will have no problem in effecting...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 571

  • I-T dept attempts to unlock direct tax worth Rs2 lakh crore
    Posted Date : 03-Sep-2011 , 10:00:10 am | Posted By CASANSAAR

    Income tax officials in Mumbai have been instructed by top authorities to recover tax blocked as arrears and locked in dispute, in order to achieve their revised targets. The motivation behind this is a whopping Rs 2 lakh crore of revenue. According to income tax (I-T) officials, the city has 2.1&nb...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 408

  • I-T dept asks Kejriwal to pay dues of Rs 9 lakh
    Posted Date : 02-Sep-2011 , 01:23:50 pm | Posted By CASANSAAR

    In more embarrassment coming for Team Anna, reports have emerged that Anna Hazare's aide Arvind Kejriwal was slapped a notice by the Income Tax department last month. The Income-Tax notice slapped on the Magsaysay Award winner asked him to pay dues of more than Rs 9 lakh. The notice was served a w...

    Continue Reading... Category : Income Tax | Comments : 2 | Hits : 590

  • Wife can seek maintenance for adult offsprings, rules HC
    Posted Date : 02-Sep-2011 , 07:53:14 am | Posted By CASANSAAR

        The Bombay High Court has held that an estranged wife can seek maintenance from her husband for and on behalf of her adult daughter or son as long as the offspring is dependent on her.     "A daughter may have attained majority but so long as she is unmarried and depe...

    Continue Reading... Category : General | Comments : 0 | Hits : 518

  • Payment for copyrighted goods not royalty: ITAT
    Posted Date : 02-Sep-2011 , 07:22:40 am | Posted By CASANSAAR

    The over 3 crore paid by erstwhile Reliance Infocomm, now Reliance Communications, for software sold by an Israel-based company does not amount to royalty fees and cannot be taxed in India, according to a ruling of the Income-tax Appellate Tribunal (ITAT), Mumbai.   The income tax depart...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 400

  • Independent auditing of cooperatives, NGOs needed: ICAI
    Posted Date : 02-Sep-2011 , 07:21:49 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI President G Ramaswamy said revenue of NGOs, cooperatives and educa...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 516

  • Govt's choice of sectors exempt from service tax is wrong
    Posted Date : 02-Sep-2011 , 07:15:15 am | Posted By CASANSAAR

    The finance ministry has proposed a list of service providers who will be not be taxed under the goods and services tax regime. A negative list - where some services will be exempt and others will be taxed - is a good idea. It will bring many untapped sectors under the net, reduce disputes and ...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 435

  • Good news for kidnappers -Ransom money is tax deductible says Court‎
    Posted Date : 02-Sep-2011 , 07:11:41 am | Posted By CASANSAAR

    If you are kidnapped while on a business trip and pay a ransom to your abductors, you can show the amount as "business expenditure" and get a tax exemption on it. This according to an August 23 Jabalpur high court order, which upheld the local tax tribunal’s decision to allow a Madhya pradesh ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 743

  • Supreme Court directs 10 Delhi hospitals to treat poor free
    Posted Date : 01-Sep-2011 , 08:17:39 pm | Posted By CASANSAAR

    The Supreme Court Thursday directed 10 multi-specialty private hospitals in the national capital to provide free treatment to poor patients and recover the cost from sponsorship and endowments. An apex court bench of JusticeR V Narendran and Justice A K Patnaik said the hospitals w...

    Continue Reading... Category : General | Comments : 0 | Hits : 385

  • RBI cautions public against investing in unregistered NBFIs
    Posted Date : 01-Sep-2011 , 08:12:56 pm | Posted By CASANSAAR

    The Reserve Bank on Thursday cautioned public against investing in non-banking finance institutions (NBFI), including Forex Achievements, which are not registered with the central bank. "Public are hereby cautioned not to deposit money with such unincorporated bodies. Persons depositing money w...

    Continue Reading... Category : RBI | Comments : 0 | Hits : 319

  • ED registers case against Baba Ramdev
    Posted Date : 01-Sep-2011 , 02:12:32 pm | Posted By CASANSAAR

    Yoga guru Ramdev and his Haridwar-based trusts have been booked by the Enforcement Directorate in a case of alleged foreign exchange violation, official sources said today. The ED registered the case on the basis of a report from the RBI and inputs from abroad on "suspicious" financia...

    Continue Reading... Category : FEMA | Comments : 0 | Hits : 612

  • Different transfer pricing method no ground for penalty: Income Tax Appellate Tribunal
    Posted Date : 01-Sep-2011 , 07:34:17 am | Posted By CASANSAAR

    In a first of its kind ruling on transfer pricing, a Mumbai bench of Income Tax Appellate Tribunal said that the I-T department cannot levy penalty on charges of concealment of income merely because it does not agree with the method adopted by the taxpayer to compute its income arising from cross...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 355

  • ICAI to offer course in forensic accounting
    Posted Date : 01-Sep-2011 , 07:32:19 am | Posted By CASANSAAR

    In a month's time, the Institute of Chartered Accountants of India (ICAI) will launch a 100-hour certified course in ‘Forensic Accounting and Fraud Detection' using IT and Computer Aided Audit Tools, said its president G. Ramaswamy on Tuesday. Talking to reporters, he said that the importance...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 706

  • No deal on GST, state FMs head to study European model
    Posted Date : 01-Sep-2011 , 07:25:35 am | Posted By CASANSAAR

    It's going to be a tough September for finance departments across the country with finance ministers from around 20 states - despite all of them not agreeing with the proposed Goods and Services Tax (GST) rollout - going to Europe to study the indirect tax regime. On September 7, the 20-od...

    Continue Reading... Category : GST | Comments : 0 | Hits : 408

  • Anna Hazare movement might become a case study for XLRI
    Posted Date : 01-Sep-2011 , 07:21:26 am | Posted By CASANSAAR

    Anna Hazare's success with his anti-corruption movement might soon become a case study for management students at the famed XLRI School of Business and Human Resources. "The movement is fit as case study for budding management students here and we are seriously contemplating to look into various...

    Continue Reading... Category : General | Comments : 0 | Hits : 290

  • Foreign IT firms use transfer-pricing provisions, double taxation treaties to minimise taxes in India
    Posted Date : 01-Sep-2011 , 07:19:28 am | Posted By CASANSAAR

    These are differences that are increasingly drawing the inquisitive and corrective eye of the income-tax department. In 2009-10, TCS, the largest home-grown IT company, recorded a net profit per employee of Rs 4.3 lakh. By comparison, Capgemini, a foreign IT firm with operations in India, record...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 287

  • Eid Mubarak & Appeal to All CA's (Jobs for newly qualified CA's).
    Posted Date : 31-Aug-2011 , 08:32:40 am | Posted By CASANSAAR

    All of us are aware that this time result of our ICAI was awesome but campus was not so Good. Most of our  new members have not got any opportunity in campus. So they are still unemployed and searching for good opportunities. So being the noble professionals don’t you think its our d...

    Continue Reading... Category : General | Comments : 16 | Hits : 6332

  • CBDT warns foreign bank account holders
    Posted Date : 31-Aug-2011 , 08:21:19 am | Posted By CASANSAAR

    The Ministry of Finance recently issued strict guidelines for Indians holding foreign bank accounts. In an internal order the CBDT has cleared a proposal on Sensitisation of Investigation Wing of Income Tax Department on action to be taken regarding undisclosed bank accounts and other asse...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 287

  • Tax Worth Rs.249 Crore Recovered from BCCI
    Posted Date : 31-Aug-2011 , 08:19:32 am | Posted By CASANSAAR

    As the income of BCCI was entirely exempt from tax under section 12A of the Income Tax Act 1961, the question of disclosing low earnings to avoid paying taxes did not arise. Gross receipt disclosed by BCCI in its tax returns for the assessment years 2007-08 to 2010-11, are Rs.651.82 crore, Rs.1,000....

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 286

  • CBI arrests an Additional Commissioner of Income Tax Andasu Ravindra and two others in a bribery case of Rs.50 lakh
    Posted Date : 31-Aug-2011 , 08:17:28 am | Posted By CASANSAAR

    CBI traps additional commissioner of Income Tax Andasu Ravindra and two private persons for receipt of Rs 50 lakh bribe today. The officials seized one crore rupees during the seizure, the CBI officer said. CBI officials continuing their raids simultaneously in Chennai, Vizag, Hyderab...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1006

  • Economic growth to dip below 8 pc after slow first quarter: Industry
    Posted Date : 30-Aug-2011 , 04:53:51 pm | Posted By CASANSAAR

    The Indian economy is expected to grow at a lower rate than projected by the government in the current fiscal, industry lobbies said Tuesday, after official data showed the economy expanded at a slow 7.7 percent in the quarter ending June. The fresh data released by the Central Statistical Organ...

    Continue Reading... Category : General | Comments : 0 | Hits : 217

  • Auditors should be paid from a pool of funds
    Posted Date : 30-Aug-2011 , 07:46:40 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India's ( ICAI) move to write a new code of ethics is welcome, but it can be effective only if it compels auditors to raise their standard of ethics and values. No large corporate fraud has been exposed by eagle-eyed accountants, but by insiders or thro...

    Continue Reading... Category : ICAI | Comments : 2 | Hits : 1201

  • RBI opening doors for corporates to enter banking industry but with conditions
    Posted Date : 30-Aug-2011 , 07:44:23 am | Posted By CASANSAAR

    After years of intense lobbying, business houses wanting to set up banks are spotting a ray of hope. The Reserve Bank of India is slowly opening the doors for corporates to enter the highly-regulated industry, but with caution, conditions and caveats. In draft guidelines issued on Monday, the ba...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 608

  • Train travel, passport fee, capitation fee may come under service tax net
    Posted Date : 30-Aug-2011 , 07:42:43 am | Posted By CASANSAAR

    Travel by train, passport fee, capitation fees to education institutions and non-compete fees given by companies may come under tax net as the government considers a 'negative list' model to tax services, which will boost its tax revenues significantly. Most countries follow the negative list mo...

    Continue Reading... Category : Service Tax | Comments : 0 | Hits : 473

  • I-T commissioner held for taking Rs 2 lakh bribe
    Posted Date : 30-Aug-2011 , 07:33:55 am | Posted By CASANSAAR

    Income tax commissioner Dayashankar was arrested on Monday by the anti-corruption branch of the Central Bureau of Investigation (CBI) for accepting a bribe of Rs 2 lakh from a Daman-based businessman. Dayashankar, I-T commissioner (appeals-34 ), was caught red-handed in his office at Bandra-Kur...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 592

  • Service tax norms part of GST roadmap
    Posted Date : 30-Aug-2011 , 07:30:10 am | Posted By CASANSAAR

    The government has prepared a concept note to provide clarity on which services would be taxed and the ones that would be excluded. The move is part of the preparation being made for implementing a comprehensive Goods and Service Tax regime, which will shift the entire indirect tax levy to 16%....

    Continue Reading... Category : GST | Comments : 0 | Hits : 364

Search News
News By Categories More Categories

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