consultation

The Government on Friday said there was “near unanimity” among all stakeholders to raise the ceiling of payment on gratuity for private sector employees from Rs 3.5 lakh to Rs 10 lakh and hoped a decision in this regard will be taken before the forthcoming Budget session. “We have already prepared legislation and it remains to be approved by the Cabinet,” Labour Minister Mallikarjun Kharge said. Full Article

If there is default on the part of the assessee to comply with the original demand notice, the provisions of the Taxation Laws (Continuation & Validation of Recovery Proceedings) Act, 1964 shall apply. Full Article

At the beginning of each calendar year i.e. in the month of January, the Range Head in consultation with the concerned Assessing Officer would identify at least 5 pending time-barring assessment cases in respect of each Assessing Officer of his Range for monitoring. These should normally include cases taken up for scrutiny with the permission of CCIT. The selection should be done jointly by the Range Head and the concerned Assessing Officer. Cases of PSUs and loss-making.. Full Article

For past sometime the Board has been concerned about the need for improving general quality of scrutiny assessments on a sustainable basis. In this connection, reference is invited to Board's instruction No. 2/2006 dated 27.04.2006 which required monitoring of scrutiny assessments by Range Heads under the powers available to them under section 144A of Income tax Act. Instructions have also been issued from time to time for strengthening the machinery for review of assess.. Full Article

An IPO is when a company which is presently not listed at any stock exchange makes either a fresh issue of shares or makes an offer for sale of its existing shares or both for the first time to the public. Through a public offering, the issuer makes an offer for new investors to enter its shareholding family. Full Article

Insurance regulator IRDA proposes to come out with disclosure norms for initial public offering (IPO) by insurance companies by this month end, its chairman J Hari Narayan said on Friday. ”We will be ready with the disclosure norms by the end of this month,” Narayan, the chairman of the Insurance Regulatory and Development Authority, said. Full Article