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Rs 30,000 cr black money recovered by CBDT
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 Directo...

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Category : Income Tax | Comments : 0 | Hits : 400

SBI Q4 Net dips 99%; rights issue round the corner
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...

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Category : Finance | Comments : 0 | Hits : 378

CBDT Circular No-03/2011, Dated: May 13, 2011
Posted Date : 17-May-2011 , 09:35:02 pm | Posted By CASANSAAR

Issuance of TDS Certificates in Form No. 16A downloaded from TIN Website and option to authenticate the same by way of digital signature – Circular under section 119 of the Income-tax Act 1961. http://casansaar.com/notification_details.php?id=135...

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Category : Income Tax | Comments : 0 | Hits : 3019

RBI may have to sacrifice growth to tame inflation: RBI governor
Posted Date : 17-May-2011 , 09:27:58 pm | Posted By CASANSAAR

RBI governor D Subbarao has said the central bank may have to sacrifice growth to manage inflation. "High inflation negates prospects of growth," said Mr Subbarao, speaking at the Indira Gandhi Institute of Development Research in Mumbai on Monday. "For faster growth, we need to manage the growth-in...

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Category : RBI | Comments : 0 | Hits : 286

Tax arrears are zooming: CAG
Posted Date : 17-May-2011 , 09:16:33 pm | Posted By CASANSAAR

Comptroller and Auditor General of India (CAG) has expressed concern over a huge build-up of tax arrears due to a poor recovery mechanism and lack of staff in the income tax (I-T) department. According to a latest CAG's audit finding report, which is yet to be tabled in Parliament, shows due to lack...

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Category : Income Tax | Comments : 0 | Hits : 314

Tax board targets Rs 5,30,000 crore collection in 2011-12
Posted Date : 17-May-2011 , 09:14:02 pm | Posted By CASANSAAR

Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday. "In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 ...

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Category : Income Tax | Comments : 0 | Hits : 266

Trai may get more teeth; likely to be on par with Sebi
Posted Date : 17-May-2011 , 11:38:58 am | Posted By CASANSAAR

Telecom regulator Trai may soon get powers to summon persons and penalise operators for violating licence conditions, if the amended Act, which has proposed to give more teeth to the regulator, comes into effect.The Telecom Ministry is looking to give more powers to Trai, which will bring it on par ...

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Category : General | Comments : 0 | Hits : 279

Foreign cos to pay tax on all rev from seismic data contracts
Posted Date : 17-May-2011 , 05:30:16 am | Posted By CASANSAAR

Foreign firms operating in the country will have to pay tax at the existing rate of 4.223 per cent on revenue earned under seismic data acquisition and processing contracts, says a tribunal.In a ruling, the Authority of Advanced Rulings (AAR) held that foreign firms would not enjoy any leeway even i...

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Category : Income Tax | Comments : 0 | Hits : 494

Happy Buddha Purnima
Posted Date : 16-May-2011 , 09:11:00 pm | Posted By CASANSAAR

Buddham Sharanam GachamiOm Mani Padme HumMay Lord Buddha enlighten you on the path of love, peace and truth.Happy Buddha Purnima...

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Category : General | Comments : 1 | Hits : 353

2G scam: SC pulls up I-T dept for slow pace of probe
Posted Date : 16-May-2011 , 08:58:50 pm | Posted By CASANSAAR

The Supreme Court on Monday castigated the Income Tax Department for its inertia in dealing with telecom companies involved in 2G spectrum allocation scam. The I-T department, however, said that it has issued notices to the companies that have sold their controlling stakes after getting the allotmen...

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Category : Income Tax | Comments : 0 | Hits : 309

Stock brokers get Sebi relaxation on access to investor accounts
Posted Date : 16-May-2011 , 08:55:39 pm | Posted By CASANSAAR

Sebi has allowed brokers an uninterrupted access to their clients' accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking 'running account authorisation' from their clients at leas...

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Category : SEBI | Comments : 0 | Hits : 416

Govt signs up USD 150 mn loan with WB for e-gov
Posted Date : 16-May-2011 , 11:02:01 am | Posted By CASANSAAR

The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps."This loan will support critical policy measures within Government's overall e-Governance reform agenda leading to more robust implementation of NeGP, w...

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Category : Finance | Comments : 0 | Hits : 326

Income Tax notices to Bhave routine affair: CBDT
Posted Date : 16-May-2011 , 11:00:29 am | Posted By CASANSAAR

The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year.The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Se...

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Category : Income Tax | Comments : 0 | Hits : 361

Tax exemption on 9.5% interest on PF for 2010-11
Posted Date : 16-May-2011 , 10:58:41 am | Posted By CASANSAAR

Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5 per cent interest income on PF deposits for 2010-11.The Finance Ministry notification last week raises the income tax exemption to 9.5 per cent interest income from 8.5 per cent.The decision clears t...

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Category : Income Tax | Comments : 0 | Hits : 415

SC grants 4 weeks to Skoda to pay Rs 30 cr to customs dept
Posted Date : 15-May-2011 , 09:01:34 pm | Posted By CASANSAAR

Skoda India has agreed before the Supreme Court to pay within four weeks Rs 30 crore to the Customs Department as pre-deposit money for initiating adjudication before the tax tribunal where it has challenged the imposition of duty of Rs 194 crore. A bench comprising justices D K Jain and H L Dattu a...

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Category : Custom | Comments : 0 | Hits : 504

Decision on diesel price hike next week
Posted Date : 15-May-2011 , 08:56:12 pm | Posted By CASANSAAR

Finance minister Pranab Mukherjee on Sunday said the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week. "A decision will be taken on raising prices of these items when the EGoM meets next week," Mukherjee told reporters here...

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Category : General | Comments : 0 | Hits : 318

Sebi mulls new incentive structure for MF agents
Posted Date : 15-May-2011 , 11:19:16 am | Posted By CASANSAAR

A panel set up by Sebi to boost mutual fund investments through distributors is considering a new incentive model, wherein investors could be asked to pay a service fee and commissions would be borne by fund houses.The proposals also involve a single-cheque payment for the combined amount of the agr...

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Category : SEBI | Comments : 0 | Hits : 325

SEBI to strengthen market surveillance mechanism
Posted Date : 15-May-2011 , 11:17:28 am | Posted By CASANSAAR

Capital market regulator Securities and Exchange Board of India (SEBI) has proposed to put in place a business intelligence gathering mechanism with an aim to enhance its surveillance and protect investors' interest."Surveillance is a vital link in the chain of activities performed by the regulator ...

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Category : SEBI | Comments : 0 | Hits : 278

Oil companies hike petrol price by Rs 5/litre
Posted Date : 14-May-2011 , 09:26:26 am | Posted By CASANSAAR

In the steepest hike ever, state- owned oil companies today increased petrol price by about Rs 5 per litre with effect from midnight tonight.The increase in petrol price, which the oil firms had been holding since January even though crude oil had touched a two-and-a-half-year high, came a day after...

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Category : General | Comments : 3 | Hits : 432

India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income
Posted Date : 13-May-2011 , 09:16:04 pm | Posted By CASANSAAR

India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir Chandra, Chairman, Central Board of Direct Taxes on beh...

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Category : Income Tax | Comments : 0 | Hits : 321

MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode
Posted Date : 13-May-2011 , 11:11:14 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been re...

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Category : Income Tax | Comments : 0 | Hits : 407

Haryana asks I-T sleuths to curb pilferage of tax
Posted Date : 13-May-2011 , 11:10:02 am | Posted By CASANSAAR

Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release.The Governor was speaking at a function to give away completion certificates of the On-the-Job-Training Course to the 64t...

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Category : Income Tax | Comments : 0 | Hits : 346

Result of Assembly Elections
Posted Date : 13-May-2011 , 10:57:47 am | Posted By CASANSAAR

Assembly Elections West Bengal Tamil Nadu Party Lead Won AITC + INC 2 223 Left Front 1 60 Others 0 8 Party Lead Won DMK 3 27 AIADMK 16 187 Others 1 1 ...

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Category : General | Comments : 0 | Hits : 294

'Harshad Mehta's assets likely to fetch 800-1000 cr'
Posted Date : 12-May-2011 , 09:34:49 pm | Posted By CASANSAAR

Government today said it expected Rs 800-1000 crore to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.The amount will be used to meet a large portion of the liability of the stock broker towards taxes and banks."With...

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Category : General | Comments : 0 | Hits : 369

Murli Deora Stresses to expedite the Process of Liquidation Of Companies
Posted Date : 12-May-2011 , 09:29:29 pm | Posted By CASANSAAR

Union Minister for Corporate Affairs Shri Murli Deora has desired that concerted action to be taken to expedite the process of liquidation of companies which is currently taking inordinately long. In the conference of Official Liquidators organised by the Ministry recently to discuss ways for expedi...

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Category : Corporate Law | Comments : 0 | Hits : 389

Investors feel cheated like in Harshad scam: SC to Sahara
Posted Date : 12-May-2011 , 09:22:18 pm | Posted By CASANSAAR

The Supreme Court asked the Security and Exchange Board of India to proceed with its probe into Sahara group’s OFCD scheme. The apex court said that it will wait for the market regulator to come up with its findings while observing that it does not want investors to feel “cheated” ...

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Category : SEBI | Comments : 0 | Hits : 346

Transfer/Termination of Articleship
Posted Date : 12-May-2011 , 07:24:46 am | Posted By CASANSAAR

ANNOUNCEMENT Transfer/Termination of Articleship[Regulation 56(1)] As informed earlier vide announcement dated 2nd July 2010, ICAI is allowing the articled assistants to seek transfer/termination of articleship only on permissible grounds and the articled assistants are advised to get the conse...

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Category : Students Zone | Comments : 4 | Hits : 3250

CAG to review transfer pricing case, says I-T dept
Posted Date : 12-May-2011 , 06:49:13 am | Posted By CASANSAAR

The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of I...

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Category : Income Tax | Comments : 0 | Hits : 641

Funding to parties may come under CAG scanner
Posted Date : 11-May-2011 , 09:03:33 pm | Posted By CASANSAAR

The commission, which wants all such transactions to be done through cheques and demand drafts and audited by those in the CAG list, will take up the matter with all the political parties soon, sources  said.   “There should be complete transparency in political funding. Payment sh...

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Category : Auditing | Comments : 0 | Hits : 353

Govt collects 'unprecedented' 7.90 lakh cr in taxes: FM
Posted Date : 11-May-2011 , 08:58:59 pm | Posted By CASANSAAR

The government has collected an "unprecedented" Rs 7.90 lakh crore in taxes in 2010-11 while refunds worth Rs 74,000 crore have been issued during the fiscal, Finance Minister Pranab Mukherjee said today.   "There has been an unprecedented collection of tax revenues in the financial year 2010...

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Category : Income Tax | Comments : 0 | Hits : 257

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