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  • Kerala's Sri Padmanabhaswamy temple could well be richest in country
    Posted Date : 03-Jul-2011 , 10:10:04 pm | Posted By CASANSAAR

    The Sri Padmanabhaswamy temple in Kerala could well be the richest in the country as unofficial estimates Saturday, the sixth day of preparing an inventory of treasures in its six chambers, suggested the value of its gold, diamond and other precious metals at close to Rs 1 lakh crore. The inventory ...

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  • Govt allows FIIs to buy domestic shares; boost for capital markets
    Posted Date : 03-Jul-2011 , 10:05:02 pm | Posted By CASANSAAR

    There is some good news for the capital markets . The government has allowed foreign individual investors to buy up to USD 10 billion worth of domestic shares cumulatively through domestic mutual funds. This has been initiated as a response to the recent decline in foreign direct investments.  ...

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

  • Service tax on rail freight deferred again
    Posted Date : 03-Jul-2011 , 09:58:59 pm | Posted By CASANSAAR

    The finance ministry, for the fifth time, has deferred service tax on rail freight by another six months. The cash-strapped government is likely to take a hit of Rs 1,000 crore in a year due to this.   The deferment has come as a surprise since the ministry was expected to give effect to the ...

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  • Mutual funds may face Sebi fury over casual voting
    Posted Date : 03-Jul-2011 , 09:50:35 pm | Posted By CASANSAAR

    Mutual funds may soon face some tough questions from market regulator Sebi regarding the exercise of their vote on key business proposals of the companies in whose shares they have put in investors' money.    The market watchdog is irked by the casual approach adopted by most of the fund...

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  • Facebook may launch Skype-powered video chat
    Posted Date : 03-Jul-2011 , 06:44:20 pm | Posted By CASANSAAR

    Social networking site Facebook is planning to launch a video chat function next week for its millions of users in association with Skype, says a report. "Facebook will launch a new video chat product, powered by Skype, that works in browser," technology blog TechCrunch said citing a source. Fac...

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  • Major PSU banks may raise lending rates soon
    Posted Date : 03-Jul-2011 , 06:43:02 pm | Posted By CASANSAAR

    Major public sector banks, including State Bank of India, Punjab National Bank and Bank of Baroda, are likely to soon raise lending rates making home, auto and commercial loans expensive.   As many as a dozen banks, including private sector leader ICICI Bank have already hiked their lending r...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 300

  • Firm or individual/HUF covered under section 44AB are mandatorily required to file ITR-5 or ITR-4 electronically using digital signature
    Posted Date : 02-Jul-2011 , 09:09:14 pm | Posted By CASANSAAR

    Income-Tax (Sixth Amendment) Rules, 2011 – Amendment in Rule 12 Notification No. 37/2011 [F. No. 149/68/2011-So (Tpl)], Dated 1-7-2011 In exercise of the powers conferred by section 295, read with section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby ...

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  • BSE hopes to kickstart SME exchange Sep onwards
    Posted Date : 02-Jul-2011 , 08:28:18 pm | Posted By CASANSAAR

    The country's premier bourse Bombay Stock Exchange (BSE) is hopeful of launching its dedicated small-and-medium-enterprises (SME) exchange by September, 2011 onwards, a senior official said today.   "BSE SME platform is expected to be operational September 2011 onwards," BSE CEO (SME Exchange...

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  • Ambiguous tax treaties could hit FDI inflows: Ruia
    Posted Date : 02-Jul-2011 , 08:26:07 pm | Posted By CASANSAAR

    Leading industrialist and Essar Group Chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain "ambiguous". "The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the t...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 297

  • CA institute asked to define ‘presumptive loss'
    Posted Date : 02-Jul-2011 , 07:27:26 am | Posted By CASANSAAR

    The CA institute must delve deep into the concept of “presumptive loss” and look at defining it, Mr K. Rahman Khan, Deputy Chairman of the Rajya Sabha, has suggested.   “Now that the CAG has said that calculating presumptive loss and reporting it was very much within its dom...

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  • TCS has not received any tax scrutiny notice: Ratan Tata
    Posted Date : 02-Jul-2011 , 07:23:09 am | Posted By CASANSAAR

    IT major TCS's Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services. "We have not received any such notice. I am not too sure of the veracity of that report. Unfortunately, people read these r...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 369

  • Round 2 of rate hikes; ICICI Bank loans 25 bps dearer
    Posted Date : 02-Jul-2011 , 07:21:42 am | Posted By CASANSAAR

    Banks have started hiking interest rates again following the recent Reserve Bank decision to hike key short-term rates by 25 basis points. After Canara Bank, Dena Bank, Indian Overseas Bank, ICICI Bank hiked its lending rates on Friday, making home, auto and personal loans costlier for customers. &...

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  • Essar to exit Vodafone JV for $5.46 billion, deal value up by $460 mn
    Posted Date : 02-Jul-2011 , 07:20:03 am | Posted By CASANSAAR

    The Essar Group on Friday decided to sell its entire 33 per cent stake in the country’s second-largest GSM mobile operator Vodafone-Essar to the Vodafone Group for $5.46 billion. Essar will also pay a withholding tax of $880 million to the government, under protest. The deal will be completed ...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 380

  • 63rd foundation day of the Institute of Chartered Accountants of India (ICAI)
    Posted Date : 01-Jul-2011 , 10:14:51 am | Posted By CASANSAAR

      The Institute of Chartered Accountants of India (ICAI) today celebrated its 63rd foundation day. It was on this day in 1949  the Chartered Accountants Act was passed by the Parliament.  At a function organised in Vigyan Bhawan, New Delhi Shri  Rameshwar Thakur, Past Pres...

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  • Report fraud cases of Rs 1 cr and above to CBI: RBI to banks
    Posted Date : 01-Jul-2011 , 10:09:11 am | Posted By CASANSAAR

    In order to check banking frauds, the Reserve Bank of India (RBI) today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police.   "Incidence of frauds, dacoities, robberies, etc, in banks is a matter o...

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  • Liberalise FDI policy in financial services sector: US
    Posted Date : 01-Jul-2011 , 09:59:48 am | Posted By CASANSAAR

    Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5 per cent to the country's economic growth. "India imposes substantial FDI caps in the financial services sector particularly in t...

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  • Amendments in Tariff Policy
    Posted Date : 01-Jul-2011 , 01:11:59 am | Posted By CASANSAAR

    The Union Cabinet on 30th June  approved amendments in the existing provisions of the Tariff Policy for providing specific exemptions in the Hydro and Transmission Sectors from the mandatory tariff based competitive bidding which came into effect from 6.1.2011. The Cabinet also approved the pro...

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  • CBDT plans 11 more directorates for tax exemption cases
    Posted Date : 30-Jun-2011 , 10:11:00 am | Posted By CASANSAAR

    To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country.   "CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates," a revenue official ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 327

  • PAN mandatory for Rs 5 lakh and above jewellery purchases, for issuing debit cards ,LIP of more than 50k from tomorrow.
    Posted Date : 30-Jun-2011 , 09:50:32 am | Posted By CASANSAAR

    Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.    As per the amendments in the income tax rules, coming into effect from July 1, ...

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  • Centralised system to identify tax defaults soon
    Posted Date : 30-Jun-2011 , 09:17:50 am | Posted By CASANSAAR

    In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government.   "This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at so...

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  • Petrol, diesel prices hiked again
    Posted Date : 30-Jun-2011 , 09:11:39 am | Posted By CASANSAAR

    The government has hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers. The government approved raising dealer's commission paid on petrol from Rs 1.218 per kilolitre to Rs 1,499 per kl, res...

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  • India-Malaysia free trade agreement to be effective from tomorrow
    Posted Date : 30-Jun-2011 , 09:07:10 am | Posted By CASANSAAR

    The free trade agreement between India and Malaysia will come into force from Friday, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, truc...

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  • Sebi may cap fund licence to one year
    Posted Date : 30-Jun-2011 , 07:44:47 am | Posted By CASANSAAR

    Market regulator Sebi plans to cap the life of a mutual fund licence to just one year from the date of issue as it aims to avoid a firm with deteriorated finances to begin operations with a time lag which may put investors' money at risk, two people familiar with the development said. Any company i...

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  • FB to launch Facebook Credits for Indian users from July 1
    Posted Date : 30-Jun-2011 , 01:53:57 am | Posted By CASANSAAR

    Social networking site Facebook will next month introduce a payment system 'Facebook Credits' for Indian users who could spend the virtual currency across various games or applications they use on the popular website.   A virtual currency, Facebook Credits is already popular among gaming e...

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  • Got mechanisms to correct irregularity: PM on CAG report on gas
    Posted Date : 29-Jun-2011 , 11:03:44 am | Posted By CASANSAAR

    Amid the raging controversy that the Oil Ministry and its technical arm DGH favoured Reliance Industries (RIL), as pointed out by CAG, Prime Minister Manmohan Singh today said there were mechanisms to correct irregularities, if any.   Interacting with a group of editors here, Singh, however, ...

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  • Maharashtra govt. reduces VAT on diesel, kerosene
    Posted Date : 29-Jun-2011 , 10:53:31 am | Posted By CASANSAAR

    In a bid to minimise the impact of recent fuel price hike on consumers, the Maharashtra government today reduced Value Added Tax (VAT) on diesel and kerosene by two per cent.   Chief Minister Prithviraj Chavan told reporters here after the cabinet meeting that the new rates of VAT on diesel i...

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  • India negotiating changes in Mauritius tax treaty: Pranab Mukherjee
    Posted Date : 29-Jun-2011 , 10:46:24 am | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. "So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double t...

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  • French Finance Minister Christine Lagarde to head IMF
    Posted Date : 29-Jun-2011 , 10:33:59 am | Posted By CASANSAAR

    French Finance Minister Christine Lagarde has become the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens. Lagarde, who succeeds Dominique Strauss-Kahn, is the first woman named to the top IMF post since the ...

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  • fone CFO says $2.6bn tax on deal with Hutchison unfair
    Posted Date : 29-Jun-2011 , 10:29:17 am | Posted By CASANSAAR

    Terming the USD 2.6 billion tax liability on the company as "inequitable", UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake.   Vodafone exuded confidence that there was no tax payable on its...

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  • IT & BPO see maximum employment in first quarter
    Posted Date : 29-Jun-2011 , 10:24:11 am | Posted By CASANSAAR

    IT and BPO sectors saw the maximum increase in employment opportunities at about 3 lakh during the first quarter of this year, a government survey said today.   "The maximum increase of 2.87 lakh in employment was in the IT/BPO sector during January-March 2011 over September-December quarter ...

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