Amid their widening investigation into banks suspected of facilitating offshore tax evasion by wealthy Americans, the federal authorities are contemplating a novel punishment: a severe monetary penalty normally reserved for individual Americans. The penalty stems from the violation of a rule known as Foreign Bank and Financial Accounts, or Fbar(pronounced EF-bar), that requires American taxpayers with overseas bank accounts and foreign assets to file a special disclosure with the Treasury Department each year. The top penalty for failing to file the disclosure is 50 percent of the account balance for each year of violation, a level that can leave tax evaders owing multiples of what their accounts hold.
he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. “We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds,” chairman CBDT Sudhir Chandra said.
IRDA/NL/NTFN/MOTP/066/04/2011 – By virtue of the power vested in the Authority under Section 14(2) (i) of the IRDA Act, 1999, it is hereby notified that with effect from 25.04.2011, the rates of premium applicable to Motor Third Party Liability Insurance business shall be as set out in Annexure-I to this notification. The Authority has noted that Motor Third Party premiums were revised in the past at 4/5 year intervals. Such long intervals between rate revisions cast an avoidable strain on policyholders as well as on the insurance companies. Premiums need to be reviewed regularly depending upon the average claims which have been awarded by the various courts, frequency of claims for each class of vehicle and inflation amongst other factors. During the consultation process, certain stakeholders had also suggested that an annual review would ease the burden of adjusting to changes in premia consequent to changes in these financial parameters.
DPSS.CO.OSD. No. 2374/06.11.001/2010-2011 – In partial modification of the instructions contained therein, it is advised that the system audit may be conducted by a Certified Information Systems Auditor (CISA) and registered with Information Systems Audit and Control Association (ISACA) or by a holder of a Diploma in Information System Audit (DISA) qualification of the Institute of Chartered Accountants of India (ICAI).
Students having any query with regard to their appearance in the ensuing examination are welcome to contact the Help Line Desk on the above telephone numbers. The query could be non -receipt of Admit Card or any other matter related thereto. Students who have not received their admit cards can downloa d it from website www.icai.nic.in
a dedicated “Help Line Desk” to attend to the queries of the students appearing in MAY, 2011 examinations has become functional w.e.f. 13th April, 2011 and will continue till 10th MAY, 2011. The telephone/ fax numbers are: 1. Telephone Numbers – 0120-3054851/3054852/3054853/3054835 (from Delhi dial 0120 instead of 95120) 2. FAX No.- 0120-3054841 Students can download the copy of Admit Card from www.icai.nic.in.
Notification No. 312011-CUSTOMS (N. T.) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
Section 560 of the Companies Act, 1956 – Power of Registrar to strike defunct company off register – Easy Exit Scheme, 2011 – Monitoring of Compliance Report with regard to action taken for filing of prosecution against defaulting companies through MCA 21
Bidhi Chand Singhal vs. ITO (ITAT Delhi)- In our opinion, in the absence of definition of “eco-tourism” the hotel as added into the Item No.15 of Part C is to be construed to be hotel situated in the State of Himachal Pradesh or the State of Uttaranchal having a valid licence on the basis of No Objection from Pollution Department which can be treated to be a hotel eligible for deduction u/s 80IC as per provisions of Section 80IC. Therefore, we allow the claim of deduction u/s 80-IC to the assessee and the appeal of the assessee is allowed.
Henceforth all Show Cause Notices under Section 28 of the Customs Act, 1962 in respect of cases investigated DRI/Customs Preventive formations are required to be issued by jurisdictional Commissioners from where imports have taken place. Board also desires the field formations to examine the pending show cause notices and wherever the cases are not hit by limitation, show cause notices may be got issued afresh by jurisdictional Commissionerates in supersession of the earlier show cause notices and in the light of the Hon’ble Supreme Court judgement in the matter.
