Saddled with huge tax arrears of Rs 2,50,000 crore — more than half of the total tax collection projected for 2010-11 — finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that co
Investigating agencies probing alleged financial irregularities in the 2G spectrum allocation have now ordered scrutiny of all cash transaction reports related to the funding of payments by telecom players, banks and individuals involved
But health services offered by the private doctors, lab testing and diagnostic services are out of the ambit of service tax. The Centre is likely to target these services to complete the chain in the health sector. Similar services attract tax in sev
Looking to speed up the transfer of funds electronically, banks will henceforth only take into account customers’ account numbers for such transactions, ignoring other details like names. The new mechanism is intended to reduce the possibility of any
RBI has given banks one more month to put in place an extra layer of security — one-time user password — for credit card transactions over phone. The banks would now be required to comply with the new guidelines by February 1, after which the custo
Foreign Investment Promotion Board (FIPB), which is mandated to consider and recommend proposals relating to Foreign Direct Investment (FDI) under the government route in terms of extant FDI policy held 14 meetings during the calendar year.
Every company (Public or Private) being inoperative since formation or has not carried out any business activities since 1st April 2008 is eligible for winding up under the scheme. The company having following items in the balance sheet will not be eligible under the Scheme.
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
Capital market regulator the Securities and Exchange Board of India (Sebi) has imposed a fine of Rs 25 lakh on local investment bank Enam Securities saying the firm failed to exercise due diligence and did not ensure adequate disclosures in the publi
The audits of government schemes like the national rural employment guarantee act by professional auditors will be subject to peer review, accounting regulator the Institute of Chartered Accountants of India (ICAI) has said. The government is in the
