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Posted Date : 14-Mar-2011 , 12:26:59 pm | Posted By CASANSAAR
The government has collected over Rs 300 crore in penalties from new telecom service providers that failed to roll-out their networks within the stipulated timeframe after getting licences and spectrum. "As of last Friday, we have received Rs 300.04 crore penalties, as against total cla...
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Posted Date : 14-Mar-2011 , 12:25:50 pm | Posted By CASANSAAR
The Institute of Company Secretaries of India welcomed the Budget for the year 2011-12 placed before the Parliament by Finance Minister Pranab Mukherjee. Institutional initiatives to deal with corruption and black money proposed in the budget would go a long way in providing cl...
Continue Reading... Category : ICSI | Comments : 0 | Hits : 404
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Posted Date : 14-Mar-2011 , 12:25:05 pm | Posted By CASANSAAR
The New President of the Institute of Chartered Accountants of India, G Ramaswamy has said a special bench has been constituted to look into the Satyam matter. The special bench includes nominees from the central bureau of investigation and the comptroller and auditor general of India. ...
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Posted Date : 14-Mar-2011 , 12:24:13 pm | Posted By CASANSAAR
Former Telecom Regulatory Authority of India (TRAI) chairman Nripendra Misra was today questioned by the CBI in connection with the 2G spectrum allocation scam. Misra, who was also the Secretary in the Telecom Ministry, had taken over the chairmanship of TRAI from Pradip ...
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Posted Date : 14-Mar-2011 , 12:22:58 pm | Posted By CASANSAAR
Salary earners having an income of less than Rs 5 lakhs will not have to file tax returns from this year, a finance ministry official said. "Salaried people, may be up to Rs 5 lakh...they need not file the (income tax) return," CBDT chairman Sudhir Chandra told report...
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Posted Date : 14-Mar-2011 , 12:20:17 pm | Posted By CASANSAAR
Various tax initiatives have been taken in the Union Budget 2011-12 for efficient tax administration. Presenting the Budget in the Lok Sabha, Finance Minister Pranab Mukherjee highlighted the initiatives including e-filing and e-payment of taxes, adoption of ‘Sevottam’ concept by CBEC an...
Continue Reading... Category : Service Tax | Comments : 0 | Hits : 470
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Posted Date : 14-Mar-2011 , 12:19:02 pm | Posted By CASANSAAR
The comptroller & auditor general of India (CAG) will undertake a comprehensive audit of the country’s total available spectrum, as well as its strategic and commercial use. It will also determine whether the government has received fair value from the commercial use of spectrum. ...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 455
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Posted Date : 14-Mar-2011 , 12:18:13 pm | Posted By CASANSAAR
The finance ministry has refuted a media report that Income Tax officials were behind the leak of a corporate lobbyist's taped conversations. "This is to clarify that no official of the Income Tax department has ever communicated any recording of telephonic intercepts to any unauthoris...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 869
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Posted Date : 14-Mar-2011 , 12:17:33 pm | Posted By CASANSAAR
Private sector Axis Bank today announced the launch of the facility to pay income tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press release issued. ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 539
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Posted Date : 14-Mar-2011 , 12:16:54 pm | Posted By CASANSAAR
Sectoral regulator Sebi on Friday barred six market intermediaries from trading in securities for allegedly carrying out manipulations in various IPO issues and also slapped a penalty of Rs 36.09 crore. "Roopalben N Panchal, Devangi Panchal, Dipak Jashvantlal Panchal, Hina Bhargav Panchal,...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 449
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Posted Date : 14-Mar-2011 , 12:16:20 pm | Posted By CASANSAAR
Reliable, consistent and uniform financial reporting is important part of good corporate governance practices worldwide in order to enhance the credibility of the businesses in the eyes of investors to take informed investment decisions. In pursuance of G-20 commitment given by India, the process of...
Continue Reading... Category : IFRS | Comments : 0 | Hits : 733
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Posted Date : 14-Mar-2011 , 12:15:57 pm | Posted By CASANSAAR
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is the practice wherein Ind...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2655
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Posted Date : 14-Mar-2011 , 12:14:15 pm | Posted By CASANSAAR
The Income Tax Department has slapped a tax demand of over Rs 450 crore on software giant Infosys Technologies for wrongfully claiming tax exemption on onshore services by declaring them as software exports, Parliament was informed today. Onshore software development is the practice wherein Ind...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2652
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Posted Date : 14-Mar-2011 , 08:49:42 am | Posted By CASANSAAR
In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30th April, 2011. 2. All the terms of circular no. 6/2010 dated 03.12.2010 will remain the same....
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 490
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Posted Date : 14-Mar-2011 , 08:48:39 am | Posted By CASANSAAR
Country's largest lender State Bank of India (SBI) plans consolidation of remaining 5 associate banks with itself in the next 12-18 months. "... the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months," Finance M...
Continue Reading... Category : General | Comments : 0 | Hits : 445
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Posted Date : 14-Mar-2011 , 08:46:39 am | Posted By CASANSAAR
The Reserve Bank on Wednesday said it has put off implementation of its guidelines on compensation including salary for CEOs and other top executives in private and foreign banks till 2012-13. The guidelines had been due to be implemented in 2011/12 but the Reserve Bank of...
Continue Reading... Category : RBI | Comments : 0 | Hits : 451
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Posted Date : 14-Mar-2011 , 08:45:25 am | Posted By CASANSAAR
The process of appointing auditors for cooperatives is expected to become more transparent. So far the chartered accountants taking up the audit of an urban cooperative bank or a cooperative society would directly get empanelled with the state's cooperation department. It has now been d...
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Posted Date : 14-Mar-2011 , 08:44:36 am | Posted By CASANSAAR
Tax refund benefits relating to domestic transactions, considered as deemed exports, will now be processed electronically, the government said today. The Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, has asked its regional authorities to disburse Deemed E...
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Posted Date : 14-Mar-2011 , 08:39:46 am | Posted By CASANSAAR
As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs. The market regulator is also considering a common IPO application form for both ASBA a...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 472
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Posted Date : 14-Mar-2011 , 08:38:53 am | Posted By CASANSAAR
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money. Mukherjee, who is spearheading the figh...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 434
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Posted Date : 14-Mar-2011 , 08:37:59 am | Posted By CASANSAAR
Chief executives of private firms will be able to join PSU boards as independent directors if the proposal of the Department of Public Enterprises is accepted by the Department of Personnel and Training. At present, only retired CEOs of the private sector are allowed as independent dire...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 468
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