"02 January 2011" Archive

Budget 2011- Pranab Mukherjee likely to bring Major change in direct tax laws

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...

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Posted Under: Income Tax |

Cash transaction reports on 2G spectrum allocation issue under scrutiny

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 ...

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Posted Under: Income Tax |

Centre plans to bring in five to eight new services under service tax net from next year

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...

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Posted Under: Income Tax |

Bank account number is sole criteria to process all inward electronic transactions

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...

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Posted Under: Income Tax |

RBI gives more time to Banks for extra security layer in phone banking

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...

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Posted Under: Income Tax |

FIPB Recommended Proposals Entailing FDI Inflow of 23700 Crore for approval by Finance Minister During 2010

(02/01/2011)

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....

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Posted Under: Income Tax |

Easy Exit Scheme 2011- Salient features

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....

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Posted Under: Income Tax |

RBI asks Banks to cap cash deposit charges at Rs 5

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. ...

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Posted Under: Income Tax |

Sebi imposes fine of Rs 25 lakh on Enam Securities

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...

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Posted Under: Income Tax | ,

Audits of government schemes for Public welfare will be subject to peer review

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...

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Posted Under: Income Tax |