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  • FinMin resumes tax treaty talks with Mauritius
    Posted Date : 21-Jun-2011 , 03:47:24 am | Posted By CASANSAAR

    Finance Minister Pranab Mukherjee said on Tuesday India has resumed talks with Mauritius on a double taxation avoidance agreement.   "So far as the Mauritius double taxation avoidance agreement negotiations are concerned, it is an old one. For some time the talks were suspended; now it has re...

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  • Taxman pins hope on TDS to meet target: first target Interest income and Salary to be next...
    Posted Date : 20-Jun-2011 , 10:18:03 am | Posted By CASANSAAR

    CBDT to keep an eye on interest earned from bank fixed deposits.   Amid apprehension over slowing corporation tax collections, the Central Board of Direct Taxes (CBDT) plans to increase the contribution of tax deducted at source (TDS) in the direct tax kitty from 37 per cent to 40 per cent. ...

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  • 2G scam: MP Kanimozhi back in jail after SC rejects bail plea
    Posted Date : 20-Jun-2011 , 01:28:15 am | Posted By CASANSAAR

    In a major setback to DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar, the Supreme Court today dismissed their bail pleas in the 2G spectrum case.A special bench of justices G S Singhvi and B S Chauhan asked the two accused to wait till framing of charges before approaching the special CBI court f...

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  • I-T Dept probes tax violations by charitable, religious trusts
    Posted Date : 19-Jun-2011 , 05:03:49 am | Posted By CASANSAAR

    Leaving no stone unturned to check tax evasion, the Income Tax department has begun a countrywide investigation of charitable and religious trusts that have been found violating tax exemption rules and are using donation funds for business purposes.   A classified report prepared by the depar...

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  • Annual medical check-ups' expenses to be exempt from I-T
    Posted Date : 19-Jun-2011 , 04:58:49 am | Posted By CASANSAAR

     In a major relief to employees, the Government has said they would no longer have to pay income tax on money drawn from welfare funds for annual medical check-ups.The Central Board of Direct Taxes (CBDT) has issued a notification in this regard.As per the notification, no income tax will be le...

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  • Swiss banks' foreign assets fall by about Rs 5 lakh cr
    Posted Date : 19-Jun-2011 , 04:58:06 am | Posted By CASANSAAR

    The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India.The securities kept by foreign entities in Swiss banks were valued at 2.39...

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  • FDI in retail: State to have final say in opening stores
    Posted Date : 19-Jun-2011 , 04:56:43 am | Posted By CASANSAAR

     In what could be a dampener to the global retail chains, the Centre is considering allowing 51 per cent FDI in the politically sensitive sector with a rider that permission of the states would be a must to open stores, sources said."The states' permission would be required, since the trade is ...

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  • DPE asks FinMin to make banks compete for PSUs' deposits
    Posted Date : 19-Jun-2011 , 04:55:14 am | Posted By CASANSAAR

     PSU banks should be made to bid for surplus funds with the state-owned firms, rather than getting them through a common rate of interest, the Department of Public Enterprises (DPE) has said.In a communication to the Finance Ministry, the DPE has written to the Finance Ministry arguing that the...

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  • Access to info on Swiss accounts made easier
    Posted Date : 18-Jun-2011 , 07:50:28 am | Posted By CASANSAAR

    The Swiss Parliament today gave approval to amendments to tax treaties with countries, including India, that makes it easier for them to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss Parliament endorsed amendments to double-ta...

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  • Shares in demat form must for promoters
    Posted Date : 18-Jun-2011 , 07:46:19 am | Posted By CASANSAAR

    Market regulator Sebi on Friday said that the promoters of all the listed companies in India should dematerialize their holdings fully by September 30, 2011. Failing which, a Sebi notice said, the scrip will be shifted to tarde-to-trade segments of the bourses. "In order to further promote demater...

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  • Fund raising case:MCA denies intervention in Sebi-Sahara
    Posted Date : 18-Jun-2011 , 07:42:12 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs (MCA) today washed off its hands from the ongoing dispute between Sebi and Sahara Group companies, which has been restrained by the market regulator from mobilising funds from the public.In a statement, the MCA has clarified that Sahara Prime City intended to go...

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  • Pranab asks banks to improve asset quality
    Posted Date : 17-Jun-2011 , 09:29:53 am | Posted By CASANSAAR

    Expressing concern over the rising non-performing assets (NPAs), finance minister Pranab Mukherjee on Friday asked banks to adopt better risk management practices and improve the quality of their assets. "It is important for banks to constantly monitor and bring down the non-performing assets to t...

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  • RBI imposes monetary penalty on Kheda-based bank
    Posted Date : 17-Jun-2011 , 09:21:37 am | Posted By CASANSAAR

    The Reserve Bank has imposed a monetary penalty of Rs 1 lakh on Kheda-based Pij People's Cooperative Bank for violation of anti-money laundering guidelines."RBI has imposed a monetary penalty of Rs 1 lakh on the Pij People's Cooperative Bank Ltd... for not reporting cash transactions in excess of Rs...

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  • Slowdown in corporate tax collection worries finance secretary
    Posted Date : 17-Jun-2011 , 07:19:26 am | Posted By CASANSAAR

     Finance secretary Sunil Mitra on Thursday expressed concern about slowdown in corporate tax collection. He said the rise in RBI policy rate has further compounded the problem.   "I am worried about the likelihood of a slight slowdown in the corporate tax growth rate. Now again, the RBI ...

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  • Now, lawyers can practise in all courts
    Posted Date : 17-Jun-2011 , 07:17:40 am | Posted By CASANSAAR

    Now, lawyers can practise, as a matter of right, in all courts and forums, including tribunals or any quasi-judicial authority.   Fifty years after the Advocates Act, 1961, came into force, the Centre has notified Section 30 of the Act — with effect from Wednesday — to enable advo...

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  • I-T Dept to provide political parties'' tax return details
    Posted Date : 16-Jun-2011 , 10:11:17 am | Posted By CASANSAAR

    The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard. The department, according to sources, used to restrict such information, citing section 138 of t...

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  • Post Office savings accounts to be taxed from current fiscal
    Posted Date : 16-Jun-2011 , 10:09:58 am | Posted By CASANSAAR

    The government has decided to levy tax on the interest obtained on Post Office savings schemes from the current financial year. The Central Board of Direct Taxes ( CBDT )) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of in...

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  • RBI by Raising Repo Rate by 25 Basis Points Seeks to Maintain an Interest Rate Environment That Moderates Inflation : FM
    Posted Date : 16-Jun-2011 , 09:26:08 am | Posted By CASANSAAR

    Union Finance Minister Shri Pranab Mukherjee has said that by announcing an increase of 25 basis points in repo rate, from the existing 7.25 per cent to 7.50 per cent, RBI has sought to maintain an interest rate environment that moderates inflation and checks inflationary expectations. The Finance M...

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  • SEBI relaxes norms on changing names by listed firms
    Posted Date : 16-Jun-2011 , 09:24:30 am | Posted By CASANSAAR

    Relaxing provisions for change in names by companies, regulator SEBI today said any listed firm seeking to undertake such an exercise can do so provided that the amount invested in new projects associated with change of profile is at least 50 per cent of their assets.As per the earlier rule, at leas...

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  • RBI’s non-performing asset projections for march ’12
    Posted Date : 16-Jun-2011 , 08:02:32 am | Posted By CASANSAAR

    The June Financial Stability Report of the Reserve Bank of India (RBI) has a section on stress testing of banks. RBI projected banks’ balance sheets for 2011-12 and finds that at end-March 2012, the level of gross non-performing assets (NPAs) will rise to 2.92% of advances, assuming the tighte...

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  • Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) — should be merged for tackling black money effectively.
    Posted Date : 16-Jun-2011 , 08:00:13 am | Posted By CASANSAAR

    Amid the growing chorus against black money and the government’s efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration. In a letter to Mukherjee, Moily said the two wings for tax collections in...

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  • Government to launch portal for suggestions on black money
    Posted Date : 16-Jun-2011 , 07:57:08 am | Posted By CASANSAAR

    With the difference in stance between opposition and experts on the government's plan to make tax evasion a criminal offence, the finance ministry has decided to launch a dedicated portal inviting suggestions on the issue from the public and all other stakeholders through email.   A formal an...

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  • India Inc continues good show, Q1 advance tax payment up 15%
    Posted Date : 16-Jun-2011 , 07:55:25 am | Posted By CASANSAAR

    Indian companies paid about 15% higher advance tax in April-June compared to a year ago, belying apprehensions of a slowdown and indicating better corporate earnings ahead. Companies across sectors - manufacturing, FMCG, banking and finance - have paid higher advance tax in the first installment. "T...

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  • Cost Accounting Rules for Industry Steamlined...
    Posted Date : 16-Jun-2011 , 04:17:54 am | Posted By CASANSAAR

    The ministry of corporate affairs (MCA) has done away with a 46-year system of prescribing sector-specific cost accounting record maintenance rules for 36 industrial segments. Instead, it has notified a common rule that outlines the broad principles companies need to follow.     The pra...

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  • RBI rate hikes: 10 times in 15 months
    Posted Date : 16-Jun-2011 , 02:07:38 am | Posted By CASANSAAR

    Be prepared to pay more every month on your home, auto and other loans, as the Reserve Bank today, for the 10th time since March, 2010, raised key interest rates by 25 basis points in its effort to control spiralling inflation.The RBI has raised the short-term lending (repo) rate by 25 basis points ...

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  • MCA to probe shareholding pattern of 12 listed firms
    Posted Date : 15-Jun-2011 , 10:12:48 am | Posted By CASANSAAR

    MCA will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern."Ministry of Corporate Affairs (MCA) believes the 12 companies under scanner furnished false info r...

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  • India and ADB Sign $132 Million Loan Agreement for Strengthening Bihar’s Power Sector
    Posted Date : 15-Jun-2011 , 10:08:39 am | Posted By CASANSAAR

    The Government of India and Asian Development Bank (ADB) today signed a $132 million loan agreement for strengthening Bihar’s power sector. The signatories to the loan were Shri Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, on ...

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  • Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified
    Posted Date : 15-Jun-2011 , 10:06:54 am | Posted By CASANSAAR

    Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.38/2011-Customs (N.T.) dated June 15, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.      “T A B L E...

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  • Sebi asks rating agencies to adopt standard symbols
    Posted Date : 15-Jun-2011 , 10:05:07 am | Posted By CASANSAAR

     Market regulator Sebi today asked credit rating agencies (CRAs) to adopt standard symbols and definitions devised by it within four months, a move that will help investors to better understand financial health of firms."It has been felt that there need to be common rating symbols and definitio...

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  • Rising interest rates to hurt bank profitability: RBI
    Posted Date : 15-Jun-2011 , 07:47:27 am | Posted By CASANSAAR

    The Reserve Bank today cautioned rising interest rate and high cost of funds could hurt the profitability of the banking sector."Going ahead, with hardening interest rates and the imminent increase in cost of funds, the credit growth is expected to slow down, which could adversely affect the profita...

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