The Ministry of Corporate Affairs has decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications has to be digitally signed by the practicing Chartered Accountants, Company Secretaries or Cost Accountants who shall also verify the particulars of the applicant given in the applications. All these applications will be approved online.
The Department of Revenue, Ministry of Finance vide notification no. 25/2006 dated 13 July 2006 had exempted the professionals ,viz., CS, CWA ,CA from taxable services provided by them in their professional capacity to a client relating to representation services before any statutory authority in the course of proceedings initiated under any law for the time being in force. Accordingly, PCS were exempted not to charge service tax on representation services before RoC, RD, CLB, MCA, etc.
Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the Finance Ministry, will also look into the possibility of putting the list of “chronic defaulters” in public domain.
The finance ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security. The department will now train and designate its officials in the rank of Inspectors as ‘Special Agents’ and ‘Agents’ (Criminal Investigation) while the newly-created Directorate of Criminal Investigation will be headed by the Director-General of Intelligence (Income Tax).
Union Finance Minister, Shri Pranab Mukherjee has urged the officers of Central Board of Excise & Customs (CBEC) to make sustained and strategic efforts throughout the year for the realisation of the challenging revenue target of Rs. 3,92, 908 crore for indirect taxes for 2011-12. He was addressing the Annual Conference of Chief Commissioners and Directors General of the Central Board of Excise and Customs at Vigyan Bhawan, here today.
The French Finance Minister, Ms. Christine Lagarde called on the Union Finance Minister Shri Pranab Mukherjee today as part of her effort to seek support for her candidature to the post of Managing Director, IMF. During her talks, she outlined her vision for reforms that IMF needs to undertake and the role it can play in addressing the current challenges confronting the world economy including G-20 matters.
Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called upon the tax officials to work towards reducing the tax litigations. Noting that doubts were being raised over growth projection of 9% for the current fiscal, Mukherjee said, it would be possible to achieve a growth rate of 8.75% (plus-minus 0.25%) with hard work.
The process of organizing the 11th ICSI National Award for Excellence in Corporate Governance 2011 which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit. The award is based on the outcome of concerted and comprehensive process which includes the evaluation of responses of the participating companies to questionnaires designed by the Institute.
A.P. (DIR Series) Circular No. 70 Attention of the AD Category-I banks is invited to paragraph 8 of Schedule 3 to the Notification No. FEMA 5 /2000-RB dated 3rd May 2000, viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, in terms of which when a person resident in India leaves India for a country (other than Nepal or Bhutan) for taking up employment, or for carrying on business or vocation outside India or for any other purpose indicating her / his stay outside India for an uncertain period, her / his existing account should be designated as a Non-Resident (Ordinary) [NRO] Account.
