News - (Get Professional Updates on Whatsapp, Msg on 8285393786)
  • Sunil Mitra takes charge as Finance Secy; replaces Nath
    Posted Date : 01-Jun-2011 , 08:19:09 am | Posted By CASANSAAR

    Sunil Mitra has been appointed as the Finanace Secretary with effect from today, replacing Sushama Nath, who superannuated yesterday.Mitra, a 1975-batch IAS officer from the West Bengal cadre, retains the charge of Revenue Secretary as well, according to an official statement.Sumit Bose is the ne...

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

  • Revised Schedule VI not to apply for Nov.11 CA Exams
    Posted Date : 01-Jun-2011 , 07:12:30 am | Posted By CASANSAAR

    ICAI has announced that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will Not be Applicable for the PCC, IPCC and Final examinations to be held in November, 2011. This Notification overrules the notification pu...

    Continue Reading... Category : Students Zone | Comments : 1 | Hits : 1103

  • To retrieve tax arrears, I-T to unleash power to arrest
    Posted Date : 01-Jun-2011 , 06:09:06 am | Posted By CASANSAAR

    The Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders.The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and a...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 315

  • I-T aims at over Rs 1 lkh cr refunds this fiscal: CBDT
    Posted Date : 31-May-2011 , 09:39:30 pm | Posted By CASANSAAR

    The Income Tax Department today said it aims to disburse refunds of over Rs 1 lakh crore this fiscal, against Rs 73,000 crore given in the previous fiscal. "We intend to refund approximately Rs 1 lakh crore this fiscal," the outgoing Chairman of Central Board of Direct Taxes (CBDT) Sudhir Chandra sa...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 290

  • Bank of India raises deposit rate by up to 2.5 per cent
    Posted Date : 31-May-2011 , 09:35:33 pm | Posted By CASANSAAR

    State-owned Bank of India (BoI) today raised fixed deposit rates on various maturities by up to 2.5 per cent.The bank increased the interest rate by 250 basis points (2.5 per cent) to 5.50 per cent for term deposits of 31-45 days' tenor. The deposit rate increase is the maximum in this slab, the ban...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 402

  • JPC questions CAG on presumptive loss
    Posted Date : 31-May-2011 , 09:32:50 pm | Posted By CASANSAAR

    The Joint Parliamentary Committee (JPC) probing the 2G scam on Monday questioned Comptroller and Auditor General of India (CAG) Vinod Rai on how the department estimated the presumptive loss at Rs 1.76 lakh crore, and also whether it had the mandate to look into a policy decision.     S...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 378

  • Montek favours introducing inheritance tax
    Posted Date : 31-May-2011 , 09:12:17 pm | Posted By CASANSAAR

    Planning Commission Deputy Chairman Montek Singh Ahluwalia today favoured imposition of inheritance tax as part of overall direct tax reforms. "I think in any comprehensive reform of the direct tax system, if somebody were to say that we should have an inheritance tax, it should be considered as pa...

    Continue Reading... Category : Income Tax | Comments : 1 | Hits : 260

  • CBDT retains right to snoop on tax evaders
    Posted Date : 31-May-2011 , 09:10:34 pm | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT), the controlling authority of Income Tax department, will continue to have the right to tap phones of tax evaders on specific information, outgoing CBDT chairman Sudhir Chandra said on Tuesday. "The power of interception stays with CBDT as there is no change...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 262

  • Prakash Chandra takes over as Chairman CBDT
    Posted Date : 31-May-2011 , 11:14:04 am | Posted By CASANSAAR

    Shri Prakash Chandra, an IRS (IT) Officer of the 1973 batch, took over as Chairman of Central Board of Direct Taxes (CBDT) today afternoon. He will also continue to look after the work relating to Personnel and Vigilance matters. Shri Chandra was Director General of Income Tax (Investigation) in Ra...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 297

  • Banks' NPAs may rise due to rate hikes: Central Bank of India
    Posted Date : 31-May-2011 , 11:11:33 am | Posted By CASANSAAR

    Central Bank of India chief S Sridhar today said the industry's non-performing assets (NPAs) are likely to increase, as some smaller companies that borrowed during the low rates regime would find it difficult to service their loans due to the hike in rates."Some increase in NPAs cannot be ruled out ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 356

  • Delhi HC directs ICAI to put Satyam scam on fast track
    Posted Date : 30-May-2011 , 08:36:37 pm | Posted By CASANSAAR

    The Delhi High Court has allowed proceedings by the Institute of Chartered Accountants of India (ICAI) against two Satyam auditors.   Furthermore, ICAI can now take disciplinary actions against two former PricewaterhouseCoopers auditors Subramani Gopalakrishnan and Srinivas Talluri. "The cour...

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

  • Govt committee to probe tax-related criminal offences
    Posted Date : 30-May-2011 , 11:14:47 am | Posted By CASANSAAR

    The government today announced setting up of a special wing -- Directorate of Income Tax (Criminal Investigation) -- to investigate criminal offences under direct tax laws.The DCI, to be set up with immediate effect, would collect information about persons and transactions connected with criminal ac...

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

  • I-T dept to publish & expose names of tax defaulters
    Posted Date : 30-May-2011 , 05:48:36 am | Posted By CASANSAAR

    With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers.The problem has been further compounded with several of the tax defaulters having ...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 319

  • Delhi Court fines plantation firm for flouting SEBI norms
    Posted Date : 30-May-2011 , 05:47:25 am | Posted By CASANSAAR

    A plantation firm and its three directors have been slapped with a fine of Rs two lakhs by a Delhi court for raising huge fund from the public after promising them high returns without prior approval from market watchdog Securities and Exchange Board of India (SEBI).Additional Sessions Judge (ASJ) P...

    Continue Reading... Category : SEBI | Comments : 0 | Hits : 348

  • Political parties to go corporate as EC mulls accounting rules
    Posted Date : 29-May-2011 , 08:36:32 pm | Posted By CASANSAAR

    In an effort to curb the use of black money in the electoral process, the Election Commission now plans to ask political parties to conduct their finances in a corporate fashion by getting their accounts audited and publishing their audited finance sheets annually.   The EC has received a hos...

    Continue Reading... Category : ICAI | Comments : 0 | Hits : 402

  • I-T dept hits transparency button
    Posted Date : 29-May-2011 , 08:31:35 pm | Posted By CASANSAAR

    To bring in more transparency in Income Tax (I-T) search and survey operations, the Central Board of Direct Taxes has asked all officials attached to its investigation and assessment wings to compulsorily provide phone numbers of their seniors to taxpayers during an operation. The move is intended...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 393

  • FinMin sets up panel to suggest framework to seize black money
    Posted Date : 28-May-2011 , 08:42:59 am | Posted By CASANSAAR

    Facing flak from different quarters for not doing enough to deal with the black money menace, the Government of India on Saturday constituted a high-level committee of taxmen to suggest a legal framework for confiscating such wealth by declaring it as "national assets".The Government is under imm...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 399

  • Haryana attracts investment of Rs 1 lakh cr: Hooda
    Posted Date : 28-May-2011 , 08:41:14 am | Posted By CASANSAAR

    With its land acquisition policy acclaimed outside the state, Haryana has attracted investment commitments worth Rs 1 lakh crore, Chief Minister Bhupinder Singh Hooda said today.With just about 1.6 per cent geographical area of the country and 1.9 per cent of its population, Haryana has been able...

    Continue Reading... Category : Finance | Comments : 0 | Hits : 404

  • Finance ministry okays norms for new bank licences
    Posted Date : 27-May-2011 , 09:27:26 pm | Posted By CASANSAAR

    The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidel...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 609

  • Clarification Regarding Body Corporate for the Purpose of Section 226 (3) (A) of the Companies Act, 1956
    Posted Date : 27-May-2011 , 09:25:07 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs has clarified that Limited Liability Partnership of Chartered Accountants will not be treated as body corporate for the limited purpose of section226 (3) (a) under the Companies Act, 1956. Accordingly, a notification has been sent for publication by the Ministry. ...

    Continue Reading... Category : Corporate Law | Comments : 1 | Hits : 799

  • Modification in the instruction regarding payment of MCA fees in electronic mode
    Posted Date : 27-May-2011 , 09:24:09 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs has instructed that from Monday next, i.e. May 29th, 2011 the payment of less than Rs. 50,000/- through electronic mode will be permissible in the “Investor Education and Protection Fund” through “Pay Misc. Fee functionality”. This facility w...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 631

  • RBI asks banks to reimburse failed ATM transactions in 7 days
    Posted Date : 27-May-2011 , 06:54:42 am | Posted By CASANSAAR

    The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation."The time limit for resolution of customer complaints by the issuing...

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

  • India inks DTAA with Ethiopia to check tax evasion
    Posted Date : 26-May-2011 , 09:19:43 pm | Posted By CASANSAAR

     India has signed a Double Taxation Avoidance Agreement (DTAA) with Ethiopia to check tax evasion and facilitate exchange of banking information.The agreement was signed by External Affairs minister S M Krishna and Ethiopia's minister of Finance and Economic Development Sufian Ahmed, in the pre...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 838

  • EPFO to contest tax demand on PF from CBDT, CBEC
    Posted Date : 26-May-2011 , 09:15:17 pm | Posted By CASANSAAR

    The Employees Provident Fund Organisation (EPFO) is ready to take on the tax departments over the issue of income tax and service tax demands raised on the organisation.   The EPFO had approached the finance ministry for help, which advised it to go through the legal procedure. Accordingly, E...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 424

  • Pay savings a/c interest quarterly: RBI to banks
    Posted Date : 26-May-2011 , 11:36:15 am | Posted By CASANSAAR

    After asking banks to calculate the savings deposit rates on day to day basis at 4%, the Reserve Bank of India wants banks to pay the interest to depositors at a uniform period of three months.     At present, each bank follows its own schedule including monthly, quarterly and and half ...

    Continue Reading... Category : Banking | Comments : 3 | Hits : 1184

  • RBI to soon release guidelines on new bank branches
    Posted Date : 26-May-2011 , 11:31:03 am | Posted By CASANSAAR

     The Reserve Bank will soon release guidelines for implementing its proposal to locate at least a quarter of the new bank branches in the unbanked areas, which generally fall in the rural areas."RBI will issue guidelines for 25 per cent rural branches soon," said a banker present at the central...

    Continue Reading... Category : Banking | Comments : 1 | Hits : 371

  • DLF gets Rs 1,700 crore tax notice
    Posted Date : 25-May-2011 , 08:48:46 pm | Posted By CASANSAAR

    Realty major DLF has said income tax authorities have slapped additional tax notices for over Rs 1,700 crore pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects. The company said it is challenging the orders with appropriate authorities and hopes that these deman...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 316

  • NSE pronounced guilty by CCI for unfair trade practices
    Posted Date : 25-May-2011 , 11:26:21 am | Posted By CASANSAAR

    Competition watchdog CCI today pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading.However, the quantum of fine to be levied on NSE is yet to be ascertained."The Commission has ...

    Continue Reading... Category : General | Comments : 1 | Hits : 433

  • RBI panel for tighter reporting norms for derivatives
    Posted Date : 25-May-2011 , 11:20:37 am | Posted By CASANSAAR

     In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives.The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of In...

    Continue Reading... Category : RBI | Comments : 1 | Hits : 425

  • Clarification on Applicability of Provisions of Section 108 A to 108 I of the Companies Act, 1956
    Posted Date : 25-May-2011 , 11:17:01 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs has issued following clarification on applicability of provisions of Section 108A to 108 I of the Companies Act, 1956: “Sections 108A to 108 I of the Companies Act, 1956 were inserted in the Companies Act, 1956 through Monopolies and Restrictive Trade Practic...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 476

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