Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to implement GST as it would take away state’s autonomy in taxation and inflict revenue-loss of over Rs 3,000 crore.
Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. “The inflation rate continues to remain high and therefore, monetary policy will have to remain tight in order to ensure that the inflation rate is brought down,” Rangarajan told reporters on the sidelines of the Skoch summit here.
It has been stated in Para 31 of the Budget Speech 2011-12 that to make the FDI policy more user-friendly, all prior regulations and guidelines have been consolidated into one comprehensive document, which is reviewed every six months. The last review has been released in September 2010. This has been done with the specific intent of enhancing clarity and predictability of our FDI policy to foreign investors. Discussions are underway to further liberalize the FDI policy. The status of FDI Policy in respect of Multi-Brand Retail Trading is as under
Government auditor CAG today recommended tighter tax norms, including mandatory TDS, for the Indian cinema and television industry, which is estimated at over Rs 36,000 crore. Concerned over tax evasion and the need to widen tax base, the Comptroller and Auditor General (CAG) in its report tabled in Parliament, suggested that payments for sale of distribution rights of films and time slots to television channels should be subject to the provisions of Tax Deduction at Source (TDS).
A report says number of PAN cards far exceeds the number of tax payers. This raises concern that tax dodgers may be using multiple cards to hide income. The Income Tax ( I- T) department has issued close to 10 crore permanent account number ( PAN) cards but the number of taxpayers in the country is only one- third of this number, giving rise to serious concern that many tax dodgers are using two or more cards to conceal income.
Amendment of section 40A – (i) New clause 7A of the Finance Bill,2011 7A. In section 40A of the Income Tax Act, in sub-section (9), after the words, brackets and figures “under clause (iv)”, the words, brackets, figures and letter “or clause (iva)” shall be inserted with effect from the 1st day of April, 2012. (ii) Amended section 40A(9).
Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts.
Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the institutions to be available in the Public Domain. This is a bid to promote transparency and accountability in its functioning. Interested stake holders can thus view the information pertaining to any institution in the Public Domain.
1. The Institute is pleased to announce that the Part –I examination of the Post Membership Qualification (PMQ) in ‘Corporate Governance’ will be held from Sunday, June 5, 2011 to Thursday, June 9, 2011 at the centres where the company secretaries June 2011 examination would be held.
Vide Order No. 2/FT&TR/2011 dated 24th March 2011, the CBDT has revised the territorial jurisdiction of the Dispute Resolution Panels across the Country. dispute resolution panel w.e.f 24.02.2011. ection 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel (DRP) – Powers, functions and jurisdiction of DRP at Headquarters Delhi and Mumbai – Supersession of Order No. 3/JS (FT & TR-II)/2010, dated 8-3-2010
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