The labour ministry has opposed the finance ministry’s suggestion that there should be checks on early withdrawals from the employees provident fund accounts, as it sought to defend the right of subscribers to use their own money.
Certain have been using fake hawala bills to inflate their turnover, a sales tax department investigation has found. Achievement of a certain level of turnover is an entry-level criterion for companies to bid for such big-ticket (multicrore) projects
A tax evasion racket involving over 400 firms, most of which are based in the city, has come to light. The state sales tax department, which busted the racket, claimed that its initial assessment showed that the racket involved transactions worth Rs
The sub-section (1) of section 20 has been amended to provide for appeal to the Central Sales Tax Appellate Authority against the Tribunal order in respect of issues relating to stock transfer or consignment of goods in so far as it involves a dispute of inter-state nature.
This circular is issued in exercise of the powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, read with section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Even as India has been cited as an example of prudential banking norms, the Reserve Bank of India (RBI) today said some lenders are not monitoring effectively use of loans by borrowers, which is facilitating diversion of funds. This came to light whe
In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank, RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts. The initial probe by the banking regul
Sealed Tenders are invited from Registered Chartered Accountant Firms having minimum 10 years experience to be empanelled for internal audit work of Jawahar Navodaya Vidyalayas located in the State of Uttar Pradesh and Uttarakhand. Tender forms with
Pursuant to the insertion of the concept of “block of assets” w.e.f. 1.04.1988, depreciation is allowable on the WDV of the “block of assets” and individual assets lose their identity upon introduction into the block. The department’s argument that user of each and every asset is essential is not acceptable because it would mean that the assessee has to maintain the details of each asset separately and this would frustrate the very purpose for which the amendment was brought about.
The fact that the international transactions are at ALP does not mean that no addition can be made on the funds kept by the assessee with the AE. If the assessee had received funds within the normal period, it could have earned interest on the same. The potential loss is a factor to be considered while evaluating the financial impact of the international transactions between the assessee and the AE. However, a reasonable period has to be provided as interest-free period;
