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Posted Date : 24-May-2011 , 09:51:46 pm | Posted By CASANSAAR
The government has exempt salaried people earning up to Rs 500,000 annually from filing income tax returns. A move that will bring relief to about 80 lakh people was announced by the Finance Minister Pranab Mukherjee when he presented the Budget in February. On Tuesday, Pranab M...
Continue Reading... Category : Income Tax | Comments : 3 | Hits : 4470
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Posted Date : 24-May-2011 , 09:32:45 pm | Posted By CASANSAAR
The finance ministry may delay income-tax refunds to cushion strained resources as it fears a drop in revenue collection because of rising inflation and moderation in growth. "I would like to sound a note of caution in respect of targets for direct taxes that have been set for this year at Rs 5.32 l...
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Posted Date : 24-May-2011 , 09:28:30 pm | Posted By CASANSAAR
Agencies to help get data on assets of taxpayers. The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears. The plan has been envisaged because insufficient information on assets of taxpayers is ...
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Posted Date : 24-May-2011 , 09:22:54 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee has asked income tax officials to strive hard to achieve the collection target for the financial year 2011-12 that may be difficult due to slowing economy. "International economic situation is not very conducive and highly uncertain... The targets are very steep and...
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Posted Date : 24-May-2011 , 06:44:22 am | Posted By CASANSAAR
The government has taken a cautious approach towards allowing FDI in the hitherto untried LLP format of business, mostly preferred by professionals, experts said today.The government has allowed FDI in Limited Liability Partnership (LLPs) only in sectors where 100 per cent FDI is allowed under th...
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Posted Date : 24-May-2011 , 05:18:34 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee Tuesday exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money."Income Tax Department is engaged in ways to tackle with black money," he told reporter...
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Posted Date : 23-May-2011 , 09:05:55 pm | Posted By CASANSAAR
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them. The banking regulator has partially modified the format of ‘Declaration a...
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Posted Date : 23-May-2011 , 09:01:37 pm | Posted By CASANSAAR
The non-profit sector is expected to face tough scrutiny from the taxman in the coming days as the income tax department suspects that charitable institutions are being used to avoid tax payment. A senior official said the focus would specifically be on educational institutions, considering that sev...
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Posted Date : 23-May-2011 , 08:59:21 pm | Posted By CASANSAAR
The Central Board of Direct Taxes has begun a crackdown on those found to have undislcosed foreign bank accounts, intensifying its drive against black money. The apex direct taxes body has asked income tax officials to initiate prosecution if a taxpayer is found to have assets overseas but has not d...
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Posted Date : 23-May-2011 , 08:57:46 pm | Posted By CASANSAAR
An Income Tax tribunal has allowed ace cricketer Sachin Tendulkar to claim deductions from his taxable income pertaining to earnings from modelling in advertisements. The two-member tribunal, which gave its order on May 20, upheld the cricket legend's argument that he was an 'actor' while appearin...
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Posted Date : 23-May-2011 , 08:53:55 pm | Posted By CASANSAAR
Conglomerates like ICICI Bank, SBI and HDFC will find it easier to raise capital for new financial activities with the Reserve Bank of India favouring a holding company structure for both banking and non-banking financial groups. The central bank in its proposed norms for holding companies has said ...
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Posted Date : 23-May-2011 , 11:46:25 am | Posted By CASANSAAR
Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying "the gravity of offence itself is sufficient to deny bail". Besides Chandra and Doshi,...
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Posted Date : 23-May-2011 , 11:35:43 am | Posted By CASANSAAR
In order to save trees and environment by cutting down the consumption of costly paper habits, the Ministry of Corporate Affairs has taken a “Green Initiative in the Corporate Governance” by allowing paperless compliances by the companies under the provisions of the Companies Act, ...
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Posted Date : 23-May-2011 , 11:30:33 am | Posted By CASANSAAR
The government today eased rules for incorporating not-for-profit companies, by giving the Registrar of companies the power to directly issue licences.Besides, it has reduced the time taken for setting up Section 25 companies by doing away with some mandatory provisions, Ministry of Corporate Affair...
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Posted Date : 23-May-2011 , 11:29:07 am | Posted By CASANSAAR
The government will soon finalise the roadmap to raise a whopping Rs 40,000 crore through disinvestment during the current fiscal.It will include sale of equity in blue chip companies like SAIL and ONGC."Cabinet has so far given approval for the disinvestment of four state-run firms - PFC, SAI...
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Posted Date : 22-May-2011 , 08:52:08 pm | Posted By CASANSAAR
US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again. "We have received a voluntary document request from the SEC's Division of Enforcement. The document re...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 513
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Posted Date : 22-May-2011 , 10:23:09 am | Posted By CASANSAAR
The Income Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts."Investigation and intelligence wings have started looking into the frozen accounts with...
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Posted Date : 22-May-2011 , 10:17:43 am | Posted By CASANSAAR
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month."A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black ...
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Posted Date : 21-May-2011 , 09:38:55 am | Posted By CASANSAAR
The country will continue to face inflationary pressures due to the high global commodity and oil prices, Finance Minister Pranab Mukherjee today said."We are told that there could be pressure on commodity prices because of shortage in production of certain essential food items," Mukherjee told repo...
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Posted Date : 21-May-2011 , 09:36:31 am | Posted By CASANSAAR
Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators nee...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 366
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Posted Date : 20-May-2011 , 12:05:11 pm | Posted By CASANSAAR
The government today allowed companies to hold annual general meetings through video conferencing, with a view to provide larger participation and for curbing costs, borne by the shareholders to attend AGMs.Accordingly, a company would have to send a notice informing shareholders about "the availabi...
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Posted Date : 20-May-2011 , 04:17:58 am | Posted By CASANSAAR
DMK MP Kanimozhi, who was named co-conspirator in the 2G scam case was arrested today. CBI special court heard her bail plea, which was subsequently rejected earlier this afternoon. Kanimozhi and Kalaignar TV managing director Sharad Kumar will be taken into custody. CBI has charged Karunanidhi's ...
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Posted Date : 19-May-2011 , 10:42:16 am | Posted By CASANSAAR
The International Accounting Standards Board (IASB) on Wednesday flayed India's dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country's global standing. "New Delhi needs to curb its anxiety to be different and stop mongering about the many u...
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Posted Date : 19-May-2011 , 10:30:21 am | Posted By CASANSAAR
Tax sleuths unearthed central excise and service tax evasion amounting to over Rs 5,500 crore in the 2010-11 financial year, even as pressure mounted on the government to crack down on black money.Unravelling the trail of the ill-gotten wealth, taxmen was able to recover Rs 431 crore in search-and-s...
Continue Reading... Category : Excise | Comments : 1 | Hits : 461
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Posted Date : 18-May-2011 , 09:07:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday tightened the prudential norms for banks and raised provisioning requirement for bad loans by up to 10 per cent, a development that would impact bottom lines of banks. Advances classified as sub-standard will attract a provision of 15 per cent ag...
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Posted Date : 18-May-2011 , 09:02:01 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior ap...
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Posted Date : 18-May-2011 , 09:00:08 pm | Posted By CASANSAAR
The government today said that SEZ unit and developers would require the sanction of Unit Approval Committee for availing benefits of service tax refund.Besides, developers and units would also have to furnish original invoices for claiming benefits, the Department of Revenue said in a circular.SEZ ...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 494
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Posted Date : 18-May-2011 , 07:02:29 am | Posted By CASANSAAR
Reserve Bank today asked public to exchange 25 paise coins and those with lower denominations with banks before June 30, the day from which they would be demonetised or cease to be a legal tender for payment."Coins of denomination of 25 paise and below will cease to be legal tender from June 30, ...
Continue Reading... Category : General | Comments : 0 | Hits : 535
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Posted Date : 18-May-2011 , 05:09:49 am | Posted By CASANSAAR
Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers. The CBDT is in the process of creating a Directora...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 403
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Posted Date : 17-May-2011 , 09:43:49 pm | Posted By CASANSAAR
Hit by higher provisioning for bad loans and increased tax outgo, the net profit of the country's largest lender State Bank of India (SBI) tanked by about 99 per cent to Rs 20.8 crore for the fourth quarter ended March, 2011.SBI's profit plunged for the March quarter of the last fiscal from Rs 1,866...
Continue Reading... Category : Finance | Comments : 0 | Hits : 381
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