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.
Banks in India might soon face caps on charges for basic services, such as drafts and remittances, as the Reserve Bank of India addresses rising customer complaints. The Indian Banks Association has been tasked with creating guidelines on reasonable charges for services. A sub-committee, including representatives from State Bank of India, Corporation Bank, Citibank, and ICICI Bank, will focus on 27 basic transaction services and is expected to submit recommendations to the regulator by next month. If accepted, the guidelines could come into effect from April 1, 2020.
In consultation with Stock Exchanges and based on the recommendations of the Secondary Market Advisory Committee of SEBI, it has been decided to streamline the operationalisation of Market Wide Position Limits (MWPL) of the derivative contracts on individual securities traded across Stock Exchanges as under:
Format for the quarterly report on venture capital activity to be submitted by Venture Capital Funds has been revised as per enclosed Annexure. In accordance with Regulation 22 of SEBI (Venture Capital Funds) Regulations, 1996, all venture capital funds are directed to submit the report on venture capital activity to SEBI, complete in all respects in the new format with effect from the quarter ended 31st March, 2010.
Every individual or nominee of a body corporate who is intending to be appointed as designated partner of a limited liability partnership shall submit an application electronically to the Central Government for allotment of Designated Partner Identification Number ( DPIN) in the manner as provided in Form 7 along with fee as mentioned in Annexure ‘A’.
The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2009-2010 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department-
Whether the Department is entitled to treat the ‘Provision for NPA, which in terms of RBI Directions 1998 is debited to the P&L Account, as income under Section 2(24) of the Income Tax Act, 1961 , while computing the profits and gains of the business under Sections 28 to 43D of the IT Act
The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer pricing refers to the price at which one arm of a company, usually a multinational corporation, transfer goods or services to another division of the same organisation in order to calculate each arm’s profit and loss separately.
The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are publicly traded. “Our searches have significantly improved collection of corporate taxes in Mumbai. More and more firms are voluntarily disclosing their income and paying up tax,” an income-tax official told on Friday.
