The Centre has amended as many as four laws to take the controversial unit-linked insurance plans (ULIPs) out of an ugly courtroom spat between the stock market regulator and the insurance regulator.And now, the Insurance Regulatory and Development Authority (IRDA) appears set to overhaul ULIP guidelines, industry sources said on Sunday.
The Centre may drop the idea of granting states equal powers to levy indirect taxes as part of roll-out of a single tax rate regime. The Finance Ministry had in April sought the Law Ministry’s opinion on granting states such a power, but the idea seems to have been shot down.
The Income Tax Department is likely to slap a demand of Rs 8,500 crore on foreign companies and their domestic subsidiaries which allegedly transferred profits to other countries to reduce tax liability. “Income Tax Department is likely to raise over Rs 8,500 crore from transfer pricing audits. There has been scrutiny of 8,105 such cases,” Finance Ministry sources told PTI.
The assessee, a charitable trust claimed exemption u/s 10(23C)(vi). The return was processed u/s 143(1)(a). No assessment order u/s 143(3) was passed. Subsequently, the AO issued a notice u/s 147 on the ground that as the assessee had not invested a sum of Rs. 1.02 crores in investments u/s 11(5), the said sum of Rs. 1.02 crores was chargeable to tax. The reopening was upheld by the CIT(A). On appeal by the assessee, HELD allowing the appeal:
The government is mulling a comprehensive code of conduct for financial analysts and investment bankers to make them more accountable to the companies and retail investors they serve. A proposal in this regard from a high-powered committee of Institute of Chartered Accountants of India (ICAI) that investigated the financial scandal at the erstwhile Satyam Computer Services is under the consideration of the ministry of corporate affairs.
As the row over investment-cum-insurance product came to an end, life insurers got another big relief on pension plans, which now would come with minimum guarantee. Recently, the Insurance Regulatory and Development Authority (IRDA) had proposed a mandatory life cover with pension products, which had created an uproar in the industry.
The Centre has formulated a National Litigation Policy to reduce the cases pending in various courts in India under the National Legal Mission to reduce average pendency time from 15 years to 3 years. This was announced by Dr.M.Veerappa Moily, Minister of Law and Justice while announcing the National Litigation Policy here today. Following is the full text of the National Litigation Policy.
Asked if the annual exercise of the CAG was futile considering the little action taken on the anomalies pointed out by it, Rai said, “The Constitutional mandate of the CAG is to prepare the report and hand it over to the legislature. If the matter concerns any public undertaking, it is referred to the Committee on Public Undertaking and if it concerns any department, it is referred to the Public Accounts Committee.”
Finance Minister Pranab Mukherjee on Friday said the government will take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC).
New facility added in My Account allows registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the Department. This is crucial to ensure that you receive complete and accurate tax credit for tax payments and TDS reported by you in the I-T return. Please immediately contact the bank or deductor in case of any discrepancy or missing entries.
