The Reserve bank of India (RBI) has penalised a number of banks—both government-run and private—in the last three years for violating its guidelines. The alleged violations include “non-adherence of know-your-customer (KYC) norms, failure of internal controls in initial public offerings, violation of foreign exchange management guidelines and non-maintenance of prescribed cash reserve ratio (CRR) and […]
As you aware the Ministry of Corporate Affairs has notified Companies (Issue of Indian Depository Receipts) Rules, 2004 and subsequently there were amendments on the subject matter and SEBI vide its Circular No. SEBI / CFD / DIL / DIP / 20 /2006 / 3 / 4 dated April 3, 2006 issued by the Securities […]
The Lok Sabha was informed, on Friday that the new direct tax code will be released for public discussion by August 20. The new code will be released along with a discussion paper, the Minister of State for Finance, Mr S. S. Palanimanickam, said in a written reply in the Lok Sabha. On July 6, […]
Limited liability partnerships (LLPs) have been the flavour of corporate jurists all over the world in the past 15 years. The concept looked attractive. India passed the Limited Liability Partnership Act in 2008, providing the legal framework for the formation of LLPs. The Act came into force on April 1, 2009. The tax aspect has been sorted out by Finance Bill, 2009. LLPs will be taxed in the same way as ordinary partnership firms.
The Central Bureau of Investigation has registered a case against a Commissioner of Income Tax for accumulating huge assets worth crores of rupees in his name as well as in the name of his family members, which are disproportionate to his known sources of income.
The Bombay High Court, in a recent order, came down heavily on the Income-Tax Department, which unilaterally injected an application for exemption for scientific and industrial research, without seeking guidance of experts on the matter. Tax authorities do not have the jurisdiction to decide on the issues pertaining to scientific research, according to a division bench of the HC comprising FI Rebello and JH Bhatia.
The Insurance Regulatory and Development Authority has made PAN card mandatory for all policies where annual premium is more than Rs 1 lakh. It has issued a circular to all life insurance companies in this regard, said a life insurance council official.
A chartered accountant working for Himanshu Sabharwal, son of Ujjain Professor H.S. Sabharwal who died after a fracas between students on the campus three years ago, was found stabbed to death under mysterious circumstances at the Delhi University’s North Campus on Thursday. Thirty-two-year- old Parminder Singh was found in a pool of blood by a […]
The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department.
The Government proposes to set up a Centralised Processing Centre (CPC) during 2009-10 only at Bengaluru, for processing of all Income-tax returns received in the State of Karnataka and for processing of all e-returns received in the country. It will provide speedy processing of returns and issue of refunds to all taxpayers irrespective of whether […]
