Vide above referred Trade Circular, the Sales Tax Department (“the S.T.D.”) barred the unregistered dealers/ persons/employers from directly paying their tax/ interest/ penalty/composition money/fees/fine/ amount forfeited/ amount of TDS into the Government Treasury. The S.T.D advised the authorized banks not to accept tax/ interest/ penalty/composition money/fees/fine/ amount forfeited/ amount of TDS from the unregistered dealers/ persons/employers.
A special court has acquitted former income tax commissioner Ashok Purwar in a sensational corruption case for lack of sufficient evidence against him. Purwar was charged with taking money from a government contractor in 2001 to pass an order in his favour. According to the CBI, the complainant Kripashankar Chaturvedi’s chartered accountant, demanded money on […]
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART II, SECTION 3, SUB-SECTION (ii) ] MINISTRY OF FINANCE (Department of Revenue) (Central Board of Excise and Customs) New Delhi, the 3rd February,2009 Notification No. 7/2009-ST G.S.R. …. (E). In exercise of the powers conferred by sub-section (1) of section 71 of the Finance Act, […]
Finally some good news for buyers of residential property as well as the slacking real estate mart. The Central Board of Excise and Customs (CBEC) has done away with service tax on sale of new residential units. A notification to this effect has been issued by CBEC on Thursday. This means that a house priced […]
Even as the Centre has launched a damage control exercise over the Satyam Computer Services scandal, in a startling disclosure, India’s stock exchanges have revealed that as many as 1,317 listed companies have not filed their corporate governance report for the quarter ended September 30, 2008.
In the wake of the Satyam fiasco, the Income-Tax department now wants more manpower and technical assistance for its investigation wing and closer scrutiny for TDS returns. The department, in its recent report being prepared for cadre review and restructuring, being done after eight years, will submit these suggestions to the government. “With the recent […]
Amid speculation of engineering giant L&T’s, which has raised its stake in Satyam Computer to 12 per cent, bid to take over the IT major, market regulator SEBI on Wednesday said anyone can approach it to seek relaxation in the open offer pricing norms. “Anybody can approach SEBI (with regard to relaxation in the open […]
Reserve Bank of India (RBI) made it clear that the maximum value of any prepaid payment instrument, where specific limits have not been prescribed, should not exceed Rs 50,000. The central bank has also laid down certain exceptions in KYC requirements available only in cases wherein semi-closed system payment instruments up to Rs 1,000 may […]
The government is likely to examine a proposal to mandate listed companies to appoint more than one audit firm in the wake of the Satyam accounting fraud which has adversely affected the image of Corporate India. In addition, stock market regulator Securities and Exchange Board of India (Sebi) may also be asked to appoint audit […]
In order to plug tax evasion worth crores of rupees and also to stop the bogus VAT refunds, the Department of Excise and Taxation has issued new instructions to the iron and steel industry. According to the new notification, which was implemented on Wednesday, input tax credit on iron and steel goods will be available […]
