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Posted Date : 26-Mar-2011 , 10:23:31 pm | Posted By CASANSAAR
Parliament completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance Bill 2011 and Appropri...
Continue Reading... Category : Budget | Comments : 1 | Hits : 673
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Posted Date : 26-Mar-2011 , 10:21:46 pm | Posted By CASANSAAR
Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister Pranab Mukherjee, provides f...
Continue Reading... Category : General | Comments : 0 | Hits : 322
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Posted Date : 26-Mar-2011 , 10:20:34 pm | Posted By CASANSAAR
Improper evaluations by ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) while investing in assets abroad has resulted in a losses of nearly Rs 2,300 crore, the government auditor CAG said today. The Comptroller and Auditor General CAG conducted ...
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Posted Date : 26-Mar-2011 , 10:18:59 pm | Posted By CASANSAAR
The finance ministry has opposed the Reserve Bank of India's suggestion to restrict foreign direct investment in new banks to 49%, saying the change in norms will hurt investor sentiment. It has also asked the central bank to bar real estate firms from seeking banking licences and a...
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Posted Date : 26-Mar-2011 , 10:17:59 pm | Posted By CASANSAAR
India's government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition's most ambitious reforms of its second term. In a sign of how corruption scandals are hindering the governm...
Continue Reading... Category : GST | Comments : 0 | Hits : 383
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Posted Date : 26-Mar-2011 , 10:15:33 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) today announced a new code of conduct, which restricts access to internet forums for employees of market intermediaries, to ensure that unsubstantiated news, which could distort normal functioning and prices of stocks, do not circulate. ...
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Posted Date : 26-Mar-2011 , 10:14:51 pm | Posted By CASANSAAR
The Government today approved 14 proposals of foreign direct investment (FDI),including that of Mauritius based Ghir Investments, totalling Rs 1,289.85 crore. The Foreign Investment Promotion Board (FIPB), however, deferred decisions on 27 proposals, including that of Essar Capital Hold...
Continue Reading... Category : Finance | Comments : 0 | Hits : 312
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Posted Date : 22-Mar-2011 , 12:20:36 pm | Posted By CASANSAAR
The department issued notice to Mahindra Satyam (formerly Satyam Computer) to pay Rs 616.53 crore in taxes, the company said. Mahindra Satyam has now moved the Andhra Pradesh high court seeking a stay challenging the I-T department’s claim. A company source said that the demand was raised on t...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 477
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Posted Date : 22-Mar-2011 , 12:20:07 pm | Posted By CASANSAAR
The Institute of Chartered Accountants of Pakistan (ICAP) is celebrating year 2011 as the Golden Jubilee Year of their Institute. To commemorate the occasion, they are organizing an International Conference on 26th July -27th July 2011 at DAC&GC Karachi, Pakistan. ...
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Posted Date : 22-Mar-2011 , 12:19:37 pm | Posted By CASANSAAR
Giving interim relief to Delhi residents, Parliament today passed a Bill seeking to prevent sealing of unauthorised commercial constructions in the city till December 31. The National Capital Territory of Delhi Laws (Special Provision) Bill, moved by Urban Development Minister ...
Continue Reading... Category : General | Comments : 0 | Hits : 332
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Posted Date : 22-Mar-2011 , 12:18:33 pm | Posted By CASANSAAR
The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system. The Bill that was tabled in th...
Continue Reading... Category : GST | Comments : 0 | Hits : 351
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Posted Date : 22-Mar-2011 , 12:18:01 pm | Posted By CASANSAAR
Bowing to demand from all quarters, finance minister Pranab Mukherjee announced withdrawal of the proposed 5% service tax on airconditioned hospitals with more than 25 beds and on diagonistic services. He also provided some relief to readymade garment manufacturers by raising t...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 377
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Posted Date : 22-Mar-2011 , 12:16:30 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) has expressed serious concern over sharp rise in accumulation of direct tax refund cases saying pendency of refund claims results in outflow of revenue from the government by way of interest. For instance, pendency of direct t...
Continue Reading... Category : CAG | Comments : 0 | Hits : 533
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Posted Date : 22-Mar-2011 , 12:15:47 pm | Posted By CASANSAAR
Union Heavy Industries Minister Praful Patel today batted in favour of making CSR (corporate social responsibility) spends mandatory for private companies , saying it is necessary for the upliftment of people. “I think the corporate sector cannot avoid the respo...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 356
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Posted Date : 22-Mar-2011 , 12:15:12 pm | Posted By CASANSAAR
As per the terms of appointment of Kurien, salary is in the range of minimum of Rs 3 crore to a maximum of Rs 10 crore a year, Wipro said in a filing to the Bombay Stock Exchange. This would include periodic increments, variable pay (based on performance criteria), leave travel allowance, h...
Continue Reading... Category : Finance | Comments : 0 | Hits : 378
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Posted Date : 22-Mar-2011 , 12:14:37 pm | Posted By CASANSAAR
"The amount locked up in appeal cases with CIT (A) was Rs 2.2 lakh crore in 2009-10...", said the report of Comptroller and Auditor General (CAG). It added that Rs 2.2 lakh crore locked up in appeals with CIT (A) is equivalent to 66.9 per cent of the revised revenue ...
Continue Reading... Category : CAG | Comments : 0 | Hits : 402
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Posted Date : 22-Mar-2011 , 12:13:55 pm | Posted By CASANSAAR
Submission of e-TDS/TCS statement has been enabled in Pen Drive in addition to the existing option of CD. Deductors /Collectors are advised to check the feasibility of acceptance of statement in pen drive with TIN Facilitation centers before submission. &nb...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 370
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Posted Date : 18-Mar-2011 , 10:44:02 am | Posted By CASANSAAR
India is sitting on unused foreign aid of over Rs. 1 lakh crore reflecting inadequate planning by ministries like urban development, water resources and energy, a report by government auditor Comptroller and Auditor-General of India (CAG) has said. “As on March 31, 2...
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Posted Date : 18-Mar-2011 , 10:42:18 am | Posted By CASANSAAR
The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). "DTC will be rolled out in April 2012 but for GST I think the date seems 'optimistic' under the present circumstances," Revenue ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 430
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Posted Date : 18-Mar-2011 , 10:41:39 am | Posted By CASANSAAR
India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current f...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 332
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Posted Date : 18-Mar-2011 , 10:41:02 am | Posted By CASANSAAR
Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 crore penalty on Agrawal ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 327
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Posted Date : 18-Mar-2011 , 10:40:10 am | Posted By CASANSAAR
It is hereby informed that the Council has decided to enhance the fees for issue of duplicate mark sheets ( for various examinations conducted by the Institute of Chartered Accountants of India, including those relating to post qualification courses) from Rs 10/-(Rupees ten only) per duplicate mark ...
Continue Reading... Category : Students Zone | Comments : 0 | Hits : 745
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Posted Date : 18-Mar-2011 , 10:38:31 am | Posted By CASANSAAR
The Reserve Bank of India raised policy rates for the eighth time in a year by the expected 25 basis points to tackle inflation that is running disproportionately higher with a potential to whittle down the government's cherished 9% economic growth. Come April, borrowers will pa...
Continue Reading... Category : RBI | Comments : 0 | Hits : 367
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Posted Date : 18-Mar-2011 , 10:37:40 am | Posted By CASANSAAR
The Finance Ministry today ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February. The move is likely to benefit about 4.71 crore EPFO subscribers on their deposits for 2010-11. ...
Continue Reading... Category : Finance | Comments : 0 | Hits : 322
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Posted Date : 18-Mar-2011 , 10:35:26 am | Posted By CASANSAAR
The Union Cabinet today approved a long-pending bill, which is aimed at giving statutory power to the pension regulator PFRDA, paving way for introduction of the same in the current session of Parliament. The draft legislation is aimed at upgrading the status of the Pension Fund Reg...
Continue Reading... Category : Finance | Comments : 0 | Hits : 344
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Posted Date : 18-Mar-2011 , 10:33:46 am | Posted By CASANSAAR
The finance ministry on Wednesday moved a step closer to the proposed Goods and Services Tax (GST) by taking the President’s approval for introducing a Constitution Amendment Bill in Parliament. Even as some government departments have raised concerns on the Bill in its present form, the finan...
Continue Reading... Category : GST | Comments : 0 | Hits : 388
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Posted Date : 18-Mar-2011 , 10:33:03 am | Posted By CASANSAAR
In one of the biggest claims distributions in nearly two decades since the securities scam hit the market, Satish Loomba, custodian of Big Bull Harshad Mehta group (HMG), handed over a cheque for Rs 1,995.66 crore to the Income Tax department and Rs 200 crore to the SBI from the group's liquidat...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 345
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Posted Date : 18-Mar-2011 , 10:25:38 am | Posted By CASANSAAR
The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. "We don't understand the logic as to why a person, let us say earning a...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 363
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Posted Date : 15-Mar-2011 , 11:34:25 am | Posted By CASANSAAR
The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes. It will try to introduce the Bill in the ongoi...
Continue Reading... Category : GST | Comments : 0 | Hits : 506
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Posted Date : 15-Mar-2011 , 11:33:18 am | Posted By CASANSAAR
The Income Tax department today said the tax returns filed by senior citizens, who are above 60 years, and small taxpayers having a gross total income of less than Rs. 10 lakh, will not attract the routine scrutiny by the department. “In order to redress the grievanc...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 362
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