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  • Govt bets on new tax code to bring back black money
    Posted Date : 07-Jun-2011 , 08:26:19 pm | Posted By CASANSAAR

    The DTC is proposed to be implemented from April next year With the growing pressure for steps to tackle unaccounted income hidden abroad, the government has identified the proposed Direct Taxes Code (DTC) as a significant tool in this regard.   The DTC is proposed to be implemented from Apr...

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  • Banks may get to sell products of 4 insurance companies
    Posted Date : 07-Jun-2011 , 08:16:36 pm | Posted By CASANSAAR

    Banks may soon be allowed to sell products of four insurance companies. According to a report of the Committee on Bancassurance, banks may be allowed to tie up with any two sets of insurers - two in the life insurance sector , two in non-life, two in health, ECGC and AIC. Bancassurance, a distributi...

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  • Committee on black money likely to hold 1st meet on June 9
    Posted Date : 06-Jun-2011 , 09:46:15 pm | Posted By CASANSAAR

    The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues re...

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  • Swings in banks' earnings is not reflective of best practices: RBI
    Posted Date : 06-Jun-2011 , 09:43:14 pm | Posted By CASANSAAR

    Violent swings in banks' earnings whenever there is a change of guard, known as the new broom syndrome, is not reflective of best practices, said a central banker in a veiled caution to local lenders to end accounting jugglery to dress up performance. "Financial reporting should not be as per the mi...

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  • Companies can register in 24 hrs from first week of July
    Posted Date : 06-Jun-2011 , 09:36:54 pm | Posted By CASANSAAR

    Corporate affairs ministry to launch digitised service in July.   Come July, you can register a company in India in 24 hours! The Union ministry of corporate affairs has set the first week of July as the target date for launching a completely digitised service that will allow anyone with all ...

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  • India on IATA's 'Wall of Shame' for imposing high service tax
    Posted Date : 06-Jun-2011 , 09:29:33 pm | Posted By CASANSAAR

    India was on Monday put on the 'Wall of Shame' by the IATA for imposing high service tax on air tickets when aviation sector was growing at a high pace, with the world airlines' body warning the country not to kill the "goose that lays golden eggs". The government was put on the Wall of Shame at the...

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  • No filing of tax return for salary and interest income up to Rs 5 lakh
    Posted Date : 06-Jun-2011 , 09:26:33 pm | Posted By CASANSAAR

    As many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards. "No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest...

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  • Gross Direct Tax Collections up by 37.34 per cent while Net Direct Tax Collections Decline by 47.93 per cent during First Two Months of Current Financial Year
    Posted Date : 06-Jun-2011 , 11:03:50 am | Posted By CASANSAAR

    Gross direct tax collections during the first two months of the current financial year (April & May 2011) are up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore in the same period during the last fiscal. Net direct tax collections were, however, down by 47.93 per cent at Rs.12,954...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 324

  • RBI monitoring economy, liquidity before policy action
    Posted Date : 06-Jun-2011 , 10:57:22 am | Posted By CASANSAAR

    Ahead of its mid-quarterly policy review, the Reserve Bank today said it is monitoring the economic data and also the liquidity situation, and would take a forward-looking view while deciding on the policy action."We would monitor various data...and take a forward- looking view and take action", RBI...

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  • SC issues notice to government on eviction of Baba Ramdev
    Posted Date : 06-Jun-2011 , 03:37:41 am | Posted By CASANSAAR

    The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba's eviction by the government the apex court gave the government two-week notice to respond. An advocate on Sunday approached the Supreme Court seekin...

    Continue Reading... Category : General | Comments : 1 | Hits : 402

  • SEBI plans independent auditor for IPOs
    Posted Date : 05-Jun-2011 , 09:07:07 pm | Posted By CASANSAAR

    The Securities and Exchange Board of India (SEBI) is contemplating introducing a process audit — to be carried out by an independent auditor— of initial public offerings or IPOs.   The auditor would examine the procedures followed by registrar & transfer agents responsible for...

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  • Capital inflows not sensitive to interest rate changes: RBI
    Posted Date : 05-Jun-2011 , 09:00:12 pm | Posted By CASANSAAR

    Foreign capital inflows are insensitive to interest rate changes in the country, according to a Reserve Bank of India (RBI) study. It said that a percentage point rise in interest rate results in just about 0.05 percentage points increase in net capital flows to India. The RBI said domestic industri...

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  • CBI to hire bankers, chartered accountants
    Posted Date : 05-Jun-2011 , 08:57:51 pm | Posted By CASANSAAR

    With the graph of economic crimes on the rise, the Central Bureau of Investigation (CBI) plans to recruit more chartered accountants and bankers.   “Specialist investigators will be inducted for cases of banking and other economic frauds,” CBI sources said, adding that newer kinds...

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  • CBI, I-T on Ramdev trail
    Posted Date : 05-Jun-2011 , 08:49:46 pm | Posted By CASANSAAR

    After the midnight purge, Baba Ramdev now faces CBI and income tax department scrutiny. The government activated the two agencies to look into the companies, properties and audit accounts of the yoga guru and his aides on Sunday, the day it broke up his fast,evicting him and his supporters from the ...

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  • Baba Ramdev evicted after lathicharge, tear gas shells
    Posted Date : 04-Jun-2011 , 09:18:24 pm | Posted By CASANSAAR

    Baba Ramdev's hunger fast and protest against corruption ended with scenes of violence and drama after the Delhi police used a lathicharge and tear gas shells on the Baba's supporters before detaining him at Ramlila Maidan which had served all day as a sort of capital city for the yoga icon and his ...

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  • India's forex reserves rise by $1.68 billion to $310.21 billion
    Posted Date : 04-Jun-2011 , 08:03:41 am | Posted By CASANSAAR

    India's foreign exchange (forex) reserves rose by $1.68 billion to $310.21 billion for the week ended May 27 on the back of a sharp increase in foreign currency assets. This is the second consecutive weekly jump in the country's forex reserves kitty. The forex reserves had increased by $1.04 bil...

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  • PAN to be must for all high-value spendings, overseas travels and new debit cards to come under lens
    Posted Date : 03-Jun-2011 , 08:30:00 pm | Posted By CASANSAAR

    All high-value jewellery purchases, debit card requests, overseas travels, and life insurance premiums over Rs 50,000 will soon be tagged, with the Central Board of Direct Taxes making it mandatory to quote permanent account numbers (PAN) in such transactions. The Income-Tax department has amended r...

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  • Govt amends guidelines, allows tax relief for infrastructure funding companies
    Posted Date : 03-Jun-2011 , 11:28:25 am | Posted By CASANSAAR

    The government today amended guidelines for Public Financial Institutions (PFIs) permitting private companies, primarily engaged in infrastructure funding , to attain the status of a PFI and, seek tax and other benefits. Under the new norms notified by the Ministry of Corporate Affairs, any company ...

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  • RIL to become debt-free this year: Mukesh Ambani
    Posted Date : 03-Jun-2011 , 04:05:50 am | Posted By CASANSAAR

    Corporate giant Reliance Industries' Chief Mukesh Ambani today announced that the company would become debt-free in the current financial year.Announcing a bullish stance on the company's financial position, the Chairman and MD said that RIL would become debt-free on a net basis in the current 2011-...

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  • Draft norms on new bank licences soon
    Posted Date : 02-Jun-2011 , 09:00:07 pm | Posted By CASANSAAR

    The Finance Ministry on Thursday said the Reserve Bank will come out with the draft guidelines on new bank licences soon.   “The RBI has given it (recommendations) to the Finance Ministry and is also consulting other stakeholders. Based on this, they will come out with draft guidelines ...

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  • Income-tax department to seek details of Hasan Ali Khan's Swiss Bank accounts
    Posted Date : 02-Jun-2011 , 08:51:56 pm | Posted By CASANSAAR

    The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan...

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  • CAG’s Online National Level Essay Competition Begins Today
    Posted Date : 02-Jun-2011 , 12:12:47 pm | Posted By CASANSAAR

    As part of the 150 years’ celebrations of the Institution of the CA&G of India, a national level on-line essay competition for the graduate and post graduate students in all the disciplines has been organized from today. The subject is “Role of CAG in Meeting Challenges of Good Gover...

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  • Allotment Of Director Identification Number (Din) Under Companies Act, 1956
    Posted Date : 02-Jun-2011 , 12:08:35 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the appl...

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  • RBI panel calls for secure systems to check credit card frauds
    Posted Date : 02-Jun-2011 , 12:03:11 pm | Posted By CASANSAAR

    Amid rising instances of debit and credit card frauds, a RBI panel has recommended that banks should put in place secure systems to check such cases within a year's time."All acquirers and issuers may put in place adequate fraud risk management systems and processes (within) 12 months," said the pan...

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  • Govt committed to achieve 2011-12 fiscal targets:Pranab
    Posted Date : 02-Jun-2011 , 11:59:40 am | Posted By CASANSAAR

    Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre today said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved."Efforts to get the economy on the path of fiscal prudence are on track... The government...

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  • Now UK council offshores jobs to India
    Posted Date : 02-Jun-2011 , 04:44:47 am | Posted By CASANSAAR

    The Birmingham City Council led by the Conservative party has become the first council or local authority in Britain to cut jobs and outsource them to India, sparking protests from employee unions.Reacting to the council's move, Unite union national officer Peter Allenson said: "This is an outrag...

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  • Compliance of Provision of the Companies Act,1956 and Rules made there under.
    Posted Date : 02-Jun-2011 , 04:41:57 am | Posted By CASANSAAR

    In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided that from 3rd July, 2011 all the Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Regist...

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  • HC rejects Shanti Bhushan''s plea seeking IT waiver for surgery
    Posted Date : 01-Jun-2011 , 09:08:08 pm | Posted By CASANSAAR

    Shanti Bhushan, former Union Minister and member of Lokpal Bill drafting committee, the Delhi High Court today dismissed his plea seeking waiver in the levy of income tax on expenses incurred for his heart surgery at Houston in the USA.   "We are of the opinion that concerning judgements and ...

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  • Satyam auditor wins rights
    Posted Date : 01-Jun-2011 , 09:05:33 pm | Posted By CASANSAAR

    The Securities Appellate Tribunal (SAT) today directed the capital market watchdog to allow audit firm Price Waterhouse to cross-examine certain individuals, including Satyam Computer Services founder B. Ramalinga Raju, who had given statements to Sebi during its inquiry into the country’s big...

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  • Govt overdrive to check black money yielding results
    Posted Date : 01-Jun-2011 , 08:20:15 am | Posted By CASANSAAR

    Amid the threat of Yoga Guru Baba Ramdev to go on hunger strike on the issue of black money from June 4, the government today said the series of steps taken by it to unearth unaccounted wealth have started yielding results.The income tax department, sources said, has detected unaccounted income o...

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