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...
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Auditing |
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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...
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Income Tax |
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1 | Hits : 260
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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...
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Income Tax |
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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...
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Income Tax |
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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 ...
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Banking |
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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...
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Income Tax |
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0 | Hits : 324
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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...
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Income Tax |
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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 ...
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Income Tax |
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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...
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SEBI |
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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...
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ICAI |
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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...
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Income Tax |
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0 | Hits : 393
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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...
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Income Tax |
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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...
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Finance |
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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...
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Banking |
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0 | Hits : 609
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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.
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Corporate Law |
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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...
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Corporate Law |
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0 | Hits : 631
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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...
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RBI |
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0 | Hits : 364
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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...
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Category :
Income Tax |
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0 | Hits : 837
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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...
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Income Tax |
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0 | Hits : 424
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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 ...
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Category :
Banking |
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3 | Hits : 1184
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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...
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Banking |
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1 | Hits : 371
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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...
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Income Tax |
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0 | Hits : 316
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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 ...
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Category :
General |
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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...
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RBI |
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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...
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Corporate Law |
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0 | Hits : 476
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Income below Rs 5 lakh? You need not file returns
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...
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Income Tax |
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3 | Hits : 4470
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Finance ministry may delay income-tax refunds
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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Income Tax |
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0 | Hits : 465
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CBDT plans to use third parties to recover tax dues
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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Income Tax |
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0 | Hits : 441
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FM prods I-T dept to strive hard to achieve tax collection target
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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Income Tax |
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0 | Hits : 329
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Govt cautious in allowing FDI in LLPs: Experts
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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Finance |
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