Individuals who tip-off the government on tax evaders can get to keep up to 20 per cent of the sum recovered, the government informed Parliament. There are guidelines for ‘Grant of Awards’ to informants who provide information on tax evasion,” Minister of State for Finance S S Palanimanickam informed the Lok Sabha on Friday.
The income-tax department has proposed a national e-management system for quick disposal of tax disputes, with more than Rs 75,000 crore, an amount close to a fifth of the government’s annual direct tax collections, locked in litigations.
The Supreme Court on Friday admitted a petition, filed by a retired chief commissioner of income-tax, which suggests that a legislation be made to make it mandatory for taxpayers to declare offshore bank accounts while filing annual returns. The premise behind the suggestion is to enable the government to take effective measures to seize wealth parked in Swiss and other offshore bank accounts by Indian residents.
A probe by the country’s leading accounts body may throw up warts on the business side of the country’s hottest sporting event. The Institute of Chartered Accountants of India (ICAI) will shortly submit a report on the balance sheets of all the eight Indian Premier League (IPL) franchises amid indications that the accounting regulator has come across violations of auditing norms by some of the teams.
A day after two former Satyam Computer auditors denied their role in the multi-crore accounting scam at the IT firm, another accused told a court that CBI had no substantial evidence against him. D Venkatapathi Raju, a former Satyam employee, argued that he cannot be clubbed as a co-conspirator in the corporate fraud which came to light in January last year.
Primer on Public company limited by shares, Private Company limited by shares, Unlimited company, Government company, Mutual benefit company, Company limited by guarantee, section 25 company, Registration of Partnership and co-operatives as companies A. What is a public company limited by shares? In terms of section 3(1)(iv) of the Companies Act, 1956 a public company […]
The Authority is in receipt of complaints from policyholders relating to agency identification and servicing, especially when they have approached insurers directly and are serviced through an agency allotted by the insurer. In particular, there are complaints that there are instances of agency codes that are dummy, with the agent being non-existent.
Sr. No. Nature of Payment Rates of TDS where deductee is a resident Remarks The present rates Proposed rates under the Code 1. Salary paid to employees Rates as per the slabs and rates prescribed by the Finance Act Average rate of tax on salary paid during the financial year
CBI has registered a case against two officials of Bank of India in Khunti district of Jharkhand for their alleged involvement in corrupt practices. A case under different Sections of IPC and the Prevention of Corruption Act has been registered against Patras Sanga, Manager and Dev Kant Jha, Assistant Manager, Bank of India, Karra Branch of the district.
During the inspection of several broker and insurers, it was found that audit trial of many transactions with regard to reinsurance placements and coinsurance was very difficult to track. The trial started going cold after the money reaches the broker and cash flows to and from the reinsurer were not available for monitoring, either with the broker or the insurer. In this context, it is becoming difficult to verify the genuineness of the placements.
