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  • Oil Minister Reddy meets PM to push for diesel, LPG price hike
    Posted Date : 15-Jun-2011 , 07:44:41 am | Posted By CASANSAAR

    With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee , which decide...

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  • Maruti Suzuki agrees to new union
    Posted Date : 15-Jun-2011 , 07:35:25 am | Posted By CASANSAAR

    Maruti Suzuki on Tuesday agreed to a separate union at Manesar plant even as it took a "liberal view" on the sacking of 11 employees whose jobs were terminated for alleged indiscipline. The company, which has suffered huge losses due to the 11-day strike at the Manesar plant, said it looks at re-sta...

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  • RBI interest rate increase worries CBDT
    Posted Date : 15-Jun-2011 , 07:14:14 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) is worried over interest rate rises by the Reserve Bank of India (RBI) to curb inflation impacting direct tax collections in this financial year.   CBDT officials told Business Standard that companies had indicated the rate rise was raising their cost ...

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  • Facebook likely to file IPO by 1st quarter of 2012
    Posted Date : 14-Jun-2011 , 12:35:01 pm | Posted By CASANSAAR

    Social networking site Facebook is likely to file an IPO by the first quarter of 2012, with a valuation of over USD 100 billion, a media report said.Facebook is likely to go public by next spring, CNBC quoted people familiar with the matter as saying."The company's IPO, were it to happen by next...

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  • Pranab calls for immediate end to secrecy at banks
    Posted Date : 14-Jun-2011 , 07:21:59 am | Posted By CASANSAAR

    India on Monday made a strong pitch to end banking secrecy and sought more teeth in multilateral measures to deal with abusive transfer pricing. "We cannot say with certainty that bank secrecy is over in all cases," Finance Minister Pranab Mukherjee said at a tax conference jointly organised by his ...

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  • Earnings from bribe may be made criminal offence under IT Act
    Posted Date : 14-Jun-2011 , 07:20:28 am | Posted By CASANSAAR

    In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. "The income earned from illegitimate means could be classified as a criminal ...

    Continue Reading... Category : Income Tax | Comments : 1 | Hits : 481

  • Transactions by cheques up marginally in April: RBI
    Posted Date : 14-Jun-2011 , 07:14:47 am | Posted By CASANSAAR

    Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank . However, the tota...

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  • 'Have toolbox to deal with tax havens not sharing info'
    Posted Date : 14-Jun-2011 , 06:59:25 am | Posted By CASANSAAR

     Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary."We have developed a toolbox... We have enabled ourselves to ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 264

  • Inflation crosses 9%,RBI could further hike interest rates
    Posted Date : 14-Jun-2011 , 05:56:03 am | Posted By CASANSAAR

    Resuming its upward climb, the headline inflation in May rose to 9.06 per cent on costlier fruits, petrol and manufactured goods and heightened fears of another hike in interest rates by the RBI on Thursday.Even as the increasing prices of essential items pushed up the inflation rate during the repo...

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  • CA aspirants need not clear CPT, Removing extra 15 mnts ..
    Posted Date : 13-Jun-2011 , 07:03:03 am | Posted By CASANSAAR

    ICAI president G Ramaswamy told the media on Saturday that students who have completed two years of graduation can directly appear for Intermediate Proficiency Competency Course (IPCC) - which is the final step in becoming a CA - after doing apprenticeship. Even those students who have not appeared ...

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  • DEPB to stay for 3 more months, but no more extensions: Finmin
    Posted Date : 12-Jun-2011 , 09:38:59 am | Posted By CASANSAAR

    The finance ministry has given a three-month extension to the popular export incentive scheme , the Duty Entitlement Passbook or DEPB, offering solace to its beneficiaries such as Bajaj Auto, TVS Suzuki , Reliance Industries and Bharat Forge . The ministry has, however, made it clear that it would n...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 384

  • 73,000 villages to have banking facility by 2012: FM
    Posted Date : 12-Jun-2011 , 09:36:17 am | Posted By CASANSAAR

    Union Finance Minister Pranab Mukherjee today said 73,000 villages in the country would have banking facility by next year."By March 31, 2012, banking facility will be available in 73,000 villages across the country going by the current pace of work," Mukherjee said after inaugurating a Punjab Natio...

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  • 'Tax offences can be criminal only in cases of illegal income'
    Posted Date : 11-Jun-2011 , 08:26:56 am | Posted By CASANSAAR

    Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But "if it is a tax evasion alone, it is a civil offence," the official said He, however, asserted that "if there is a...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 335

  • ICAI wants SBI to explain clean-up act
    Posted Date : 11-Jun-2011 , 08:25:49 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) will write to State Bank of India (SBI) in a week asking the country’s largest commercial bank to explain the high provisioning it made in the fourth quarter of the fiscal 2010-11. SBI’s huge provisioning resulted in a plunge in its ...

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  • Video conference mandatory for AGM from next fiscal - MCA
    Posted Date : 11-Jun-2011 , 08:21:03 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs on Thursday said it would be mandatory for listed companies to provide the option of video conferencing for shareholders to participate in the annual general meeting from next fiscal.   “In respect of shareholders' meetings to be held during 2011-12, th...

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  • MCA has initiated enquiry against 12 Practicing Professionals for wrong eForm filing
    Posted Date : 11-Jun-2011 , 08:18:39 am | Posted By CASANSAAR

    MCA Directs Regional Directors to Initiate Inquiry Against Those Practicing Professionals Who Certified the Particulars Furnished by Listed Companies   The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had cert...

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  • Panel on tackling black money to seek public views
    Posted Date : 09-Jun-2011 , 09:27:37 pm | Posted By CASANSAAR

    Criminal charges on tax evaders and modification in existing laws to tackle the menace of black money topped the agenda of the first meeting of the high level committee appointed by the Finance Ministry . The panel would also seek public comments on ways to unearth black money. "The committee held i...

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  • Clarification Regarding Participation by Shareholders or Directors in Meetings Under the Companies Act, 1956 Through Electronic Mode
    Posted Date : 09-Jun-2011 , 09:24:46 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs has clarified that : (i) It is not mandatory for companies to provide its directors, the facility to attend meetings through video conferencing. (ii) In respect of shareholders meetings to be held during financial year 2011-12, video conferencing facility for sh...

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  • Difficult to recover taxes from Hasan Ali: I-T official
    Posted Date : 09-Jun-2011 , 12:01:35 pm | Posted By CASANSAAR

    The Income Tax Department today expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets."Hasan Ali does not have enough assets to meet the tax liability," an I-T department official said.Khan, who is accused ...

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  • Bank FDs still attractive than proposed rates of small savings
    Posted Date : 09-Jun-2011 , 11:55:39 am | Posted By CASANSAAR

     Bank fixed deposits would continue to remain more attractive for savers than long-term deposits under small savings schemes of post office despite the hike in interest rates proposed by the government panel.At the current market condition, the term deposit rates are as much as 50 basis points ...

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  • Sebi begins search for four new executive directors
    Posted Date : 09-Jun-2011 , 11:53:15 am | Posted By CASANSAAR

     Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets.Starting the process for hiring new directors, Sebi today invited applications for four posts ...

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  • 'MCA cannot investigate irregularities in Speak Asia'
    Posted Date : 09-Jun-2011 , 11:47:07 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs today said it cannot investigate alleged irregularities in multi-level marketing company Speak Asia as the company is not registered with it."Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the co...

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  • Online PF account details from July 1
    Posted Date : 08-Jun-2011 , 09:27:03 pm | Posted By CASANSAAR

    The Employees Provident Fund Organisation (EPFO) today said account details would be available online from July 1. "You can watch the account balance of your PF online from July 1," Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Indust...

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  • SEBI launches complaints redress system
    Posted Date : 08-Jun-2011 , 08:51:10 pm | Posted By CASANSAAR

    The Securities and Exchange Board of India (SEBI) launched a centralised web-based complaints redress system (SCORES) on Wednesday.   “This would enable investors to lodge and follow up their complaints and track the status of redressal of such complaints from anywhere. This would also ...

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  • Ad agencies versus govt: War on service tax deadline
    Posted Date : 08-Jun-2011 , 08:48:24 pm | Posted By CASANSAAR

    The advertising industry has hit out against the government. An advertisement in major newspapers appealed against the new rule that compels agencies to pay service tax before payment is received, reports CNBC-TV18's Nikita Rana.   As per the rule, the deadline for ad companies to pay service...

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  • Finance Ministry sets up another panel on black money
    Posted Date : 08-Jun-2011 , 11:44:56 am | Posted By CASANSAAR

     Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.The committee, set up by Central Board of Direct...

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  • Extra efforts would be required to achieve tax targets: Pranab
    Posted Date : 08-Jun-2011 , 11:43:20 am | Posted By CASANSAAR

    Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal.The Minister, while addressing the annual conference of chief com...

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  • FinMin overhauls intel mechanism to begin criminal prosecution
    Posted Date : 08-Jun-2011 , 11:42:44 am | Posted By CASANSAAR

    The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security.The department will now train and designate its of...

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  • SBI to hire over 5,000 officers
    Posted Date : 08-Jun-2011 , 11:41:19 am | Posted By CASANSAAR

    The country's largest lender State Bank of India plans to hire over 5,000 officers, the vast majority of whom would be for its associate banks.While a total of 4,987 officers would be recruited for associate banks of SBI, as many as 206 officers would be hired for State Bank of India itself.The asso...

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  • Govt approves 16 FDI proposals worth Rs 924 crore
    Posted Date : 07-Jun-2011 , 08:37:40 pm | Posted By CASANSAAR

     The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings. A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but ...

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