"13 August 2011" Archive

ICAI to submit its report to CBDT next month with its recommendations on tackling issues related to black money

The Institute of Chartered Accountants of India (ICAI) will submit a report to the Central Board of Direct Taxes (CBDT) next month with its recommendations on tackling issues related to black money. A nine-member committee is looking into India's Double Taxation Avoidance Treaty Agreements (DTAAs) with various countries and a report is ex...

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Posted Under: Income Tax |

Only 6.74 lakh claims for refund of income-tax pending with I-T Department, Tax refunds pull down net direct tax collection by 8 percent

Only 6.74 lakh claims for refund of income-tax are pending with the I-T Department after it launched a special drive to clear the pendencies, Parliament was informed today. Responding to a query in the Lok Sabha, the Finance Minister, Mr Pranab Mukherjee, said while the department does not maintain records on the quantum of income-tax ref...

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Posted Under: Income Tax |

IRDA makes it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions

Circular No. Ref:517/1/F&A/RTS/90/Aug./2011-12 12/08/2011

Insurance regulator IRDA today made it mandatory for insurers to seek prior approval in case of stake transfer to domestic entities or financial institutions and set guidelines for seeking approval. As per a IRDA circular, the regulator will carry out the requisite due diligence of the proposed transferee or shareholder prior to grant of ...

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Reference to Special Bench cannot be withdrawn merely for the reason that HC has admitted identical question of law in another case

DCIT Vs Summit Securities Limited (ITAT Mumbai)

DCIT Vs Summit Securities Limited (ITAT Mumbai Special Bench)- Notwithstanding the fact that the substantial question of law raised in the order of the earlier Bench has been admitted by the Honourable High Court, there are no fetters on the Tribunal in hearing the case in Special Bench and rendering the decision which would prevail upon ...

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Europe…Who is Next

If some one has done mistake in early then it does not make sense that every time it will repeat the mistake. S&P has done the perfect thing that this time it has went ahead and declared the most vulnerable danger awaiting for the world market. In other words what the 12000 Dow Jones and Mr.Obama administration was trying to hide was reve...

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Posted Under: Income Tax |

No more tax-free zones in country – Pranab Mukherjee

Union Finance minister Pranab Mukherjee said there would be no more tax-free zones in the country. Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states, Mukherjee said. Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the ...

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Posted Under: Income Tax |

Banks Cry, Mortgage Rating, Q3 & Q4

With recent fraught of Europe the US banks are very much on the verge of peril. Three US banks are having great numbers of exposure in European debts. Citigroup ,JPMorgan Chase and Bank of America are having have billions of dollars exposed to European banks and debt. U.S. banks are most at risk in Europe because of the gyrations of the o...

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Posted Under: Income Tax |

Application invited from Students pursuing ICWAI Final Course for being considered eligible to receive Compendiums

Application in prescribed format is invited from Students presently pursuing ICWAI Final Course, for being considered as an eligible student, to receive 'Compendiums', free of cost, on the following subjects: Group III: Paper 11: Capital Market Analysis & Corporate Laws Paper 12: Financial Management & International Finance Paper 13: ...

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Posted Under: Income Tax |

Sebi proposes to frame strict rules for research analysts and wants an independent oversight body for auditors

With an aim to shielding investors from vested interests and potential corporate scams, market regulator the Securities and Exchange Board of India (Sebi) has proposed to frame a strict set of rules for research analysts and wants an independent oversight body for auditors. At the same time, the market watchdog is planning to prescribe a ...

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Posted Under: Income Tax |

Revised Press Release on Gross Direct Tax Collections- up by 26.63 Percent and Stood at Rs.1,32,542 Crore during April-July,2011

Gross direct tax collections during the first four months of the current fiscal (April - July 2011) were up by 26.63 percent and stood at Rs.1,32,542 crore as against Rs.1,04,668 crore during the same period in last fiscal. Gross collection of corporate taxes in this period was up by 29.56 percent to Rs.85,222 crore as against Rs.65,776 c...

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Posted Under: Income Tax |

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