Archive for July, 2010

Market regulator the Securities and Exchanges Board of India (Sebi) today allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternative to corporates for hedging against currency fluctuations. Full Article

India has not agreed to a “one size fits all” solution in the European Union Plan of taxing banks and has emphasized that such a tax is not appropriate for India, even though it may be appropriate for other countries e.g. in some European countries. Full Article

The Pune Income-Tax office has made elaborate arrangements to reduce inconvenience of tax payers whose last date of filing of return is July 31. As part of this, a ‘return mela’ has been launched on the campus of Income-Tax Lane on Karve Road. Full Article

Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot of trouble at the time of filing tax returns and claiming refunds, as these organisations often issue incomplete or incorrect certificat.. Full Article

The Income Tax (IT) department in Hyderabad is sitting on a huge pile of cash that it should have returned long ago to those whom the money legitimately belongs: the tax payers. But hiding behind technicalities the department has not bothered to return the money which runs into a whopping Rs 1000 crore. Full Article

In order to ensure better compliance with the Know Your Client (KYC) norms it has been decided that with effect from August 16, 2010 such PAN non-compliant demat accounts shall also be "suspended for credit" other than the credits arising out of automatic corporate actions. It is clarified that other credits including credits from IPO/FPO/Rights issue, off-market transactions or any secondary market transactions shall not be allowed into such accounts. Full Article

In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test ( Paper- Pencil Mode) will be held on Sunday, 19th December, 2010 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre. Full Article

Students registered for the Professional Education – II Course (PE-II) are hereby informed that the said course has been discontinued by the Institute of Chartered Accountants of India with the culmination of the May, 2010 examination. Full Article