The Reserve Bank of India should ask all commercial banks to send their confirmation letters of bank account balances only to the statutory auditors and not to the company concerned. This recommendation forms part of the second report of the ICAI’s High Power Committee on Satyam fraud, the CA Institute President, Mr Amarjit Chopra, told Business Line here.
Our tax laws are replete with instances where taxpayers are required to do acts which are near impossible, which are beyond their powers, or for which they have to go to extraordinary lengths. Not only that, failure to comply with such provisions attracts additional taxes, interest or penalties.
Notification No. 42/2010-Income Tax It is hereby notified for general information that the organization Kashba Youth, Egra, Purba Medinipur, West Bengal has been approved by the Central Government for the purpose of clause (iii) of sub-section (5) of section 35 of the Income-tax Act,
The industry ministry today said it will come out with a definition of ”group company” soon, a clarification that would help global companies like Wal-Mart to begin operations without violating norms. “We are working on a clarification.
Government ordered SFIO investigation into Global Trust Bank case
State-owned insurer LIC has written a letter to the Securities & Exchange Board of India (SEBI) recently, asking for price secrecy in the bidding process for IPOs and FPOs, a source said. “LIC wrote a letter to SEBI after the Follow-on Public Offer (FPO) of the Rural Electrification Corporation in March this year, asking the regulator for price secrecy in the French Auction bids of institutional investors,” the source closely connected to the development told PTI here.
Government of India has been keen to provide a suitable mechanism for resolution of tax disputes between the tax department and foreign companies operating in India. In this direction government inserted provisions relating to Advance Rulings vide Finance Act, 1993. For this purpose, government has constituted an Authority for Advance Rulings which is headed by a retired judge of Supreme Court.
Finance Minister Pranab Mukherjee today said that after Bangalore, two more centres that handle I-T returns digitally would be set up at Pune and Maneasar. The Finance Minister also asked the Income Tax Department to partner with the corporate sector to automatise its non-core processes, so as to achieve economy of scale.
Notification No. S.O. 1296(E), dated 1-6-2010. In exercise of the powers conferred by sub-section (2) of Section 1 of the Employees’ State Insurance (Amendment) Act, 2010 (18 of 2010), the Central Government hereby appoints the 1st day of June, 2010, as the date on which the said Act, except Section 18 thereof, shall come into force.
Brushing aside the plea of New India Assurance Company that the IRDA (Insurance Regulatory and Development Authority) had no jurisdiction to entertain petition when the claim was solely denied by it, the court said the order appointing surveyors was “clearly pursuant to the mandate” of the Insurance Act and it was immaterial whether claim was admitted or rejected.
