Archive for June, 2010

Applications for admission to these examinations are required to be made either online at http://icaiexam.icai.org free of cost ( i.e, Rs.100/- for application form shall not be charged if applications are filled in online) or in the relevant prescribed form, copies of which may be obtained from the Additional Secretary (Examinations), The Institute of Chartered Accountants of India, ICAI BHAWAN, Indraprastha Marg, New Delhi – 110 002 on payment of Rs.100/- per applica.. Full Article

Prime Minister Manmohan Singh today ruled out imposition of Tobin tax on capital inflows in the country, saying the situation in India has not not reached a problem stage. Full Article

Subsuming purchase tax—a tax levied by some states on the sale of agricultural products—in GST is next on the Centre’s agenda. The finance ministry is hopeful that states will agree to subsume purchase tax in GST after a long drawn battle to keep it out of the purview of the proposed indirect tax regime. Full Article

Entities required to deduct tax while making payments could face a close scrutiny of their returns by the income-tax department as it gears to check payment defaults and boost collections.The I-T department is contemplating scrutinising TDS returns on the lines of income tax and corporate tax returns to ensure that those required to deduct tax at source are complying with the rules and depositing due taxes. Full Article

Introduction:IRDA has, from time to time, taken various initiatives for protecting the interests of policyholders by bringing out Regulations, Guidelines, Circulars etc applicable to insurers and intermediaries covering the various stages in the lifecycle of an insurance product, commencing from solicitation, sale, policy servicing, to claims servicing and grievance redressal. Full Article

Indian has become a full-fledged member of Financial Action Task Force (FATF), an inter-governmental body, responsible for setting global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). Full Article

The Income-Tax (I-T) department in its reply to Vodafone International Holdings BV’s petition, filed in the Bombay High Court, contended that the latter acquired a business interest in India and hence is liable to pay tax on the transaction. Full Article

In order to streamline the system of Issue / Renewal of License to Corporate Agents, the Authority has, in addition to the Regulations and Guidelines already in force, decided to issue the following instructions under Section 14 of the IRDA Act, Full Article