Notification No. 2/2010-Income Tax at page 20 of the Gazette Notification, in sixth line of clause (B) of sub-rule 2, for “amount attributable to official use of the vehicle provided that the following conditions are fulfilled”, read “amount of charges met or reimbursed by the employer as reduced by such higher amount attributable to official use of the vehicle provided that the following conditions are fulfilled ”,
To help special economic zones (SEZs) absorb global economic shocks, the government plans to allow them to make available their excess installed capacities for the use of industrial consumers in the domestic tariff area (DTA). The idea is to ensure that industrial capacities built up in SEZs don’t remain idle in case another global slowdown occurs and dry up export demand. Of course, such contract manufacturing by SEZs would be bereft of any tax relief.
The tribunal has set a wrong precedent by arrogating to itself the power vested in it, said Sebi. The tribunal had directed the Bombay Stock Exchange (BSE) to grant in-principle approval to the issue, allotment and listing of shares issued by a market participant to its promoters on a preferential basis. It was, however, rejected by BSE.
The annual budget date is being advanced from the normal practice of being presented on February 28, because February 27 is a government holiday on account of Prophet Mohammad’s birthday and February 28 is a Sunday. The Cabinet is expected to approve the date soon.
The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered Accountants of India (ICAI) on January 11, said MCA minister Salman Khurshid.
This seems to be the message of the I-T department, which has undertaken a sensitisation drive to make the DDOs aware of their responsibilities. As part of this, the I-T’s TDS wing organised a seminar on Friday for officers of nationalised banks’ branches, except those of the State Bank of India, in Patna in which about 90 bankers took part.
Also, there have been incidents where mortgaged properties were auctioned off at “undervalued” prices, the sources said. The meeting is to find out whether there was any actual mischief or if it was due to practical difficulties in finding a buyer to pay a higher value for the property as the registered value shown on paper would have been lesser than its actual value, they added.
The directive was issued in December in the wake of mounting “indefinitely adjourned” cases, which stood at 150,000 in March 2009. On the heels of a key amendment that brings India’s intellectual property laws in line with international standards, the screws are being tightened on corrupt and inefficient officials who deal with trademarks.
Explore the concept of internal audit and its evolving social accountability. Understand the World Banks definition of accountability and how internal audit, with its societal power, can contribute to effective risk management, control, and governance processes. Recent developments in regulations and guidelines reflect an increasing expectation for internal audit, emphasizing the need to recognize it as a distinct profession for improved enterprise governance in India.
The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. “We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April 2011”, Mr Mukherjee said in his address at Pravasi Bharatiya Divas, an annual conference for overseas Indians.
