For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the prescribed rate of exchange.
The provisions of sub-section (3) of Section 192 allow the deductor to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in subsequent deductions for that employee within that financial year itself.
References were received that divergent practices were being followed by field formations regarding classification of Chlorinated Paraffins/Chloroparaffins. It was stated that against the long and & existing practice of classification of the said goods under Chapter 38 of Central Excise Tariff, some field officers were classifying them under Chapter 27 during the period prior to Budget 2010.
Names of chronic income tax defaulters would be made public as part of government’s crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed Sunday that the government was working on a number of strategic initiatives to curb generation of black money and for its detection, including the feasibility and methodology of putting the names of chronic tax defaulters in public domain.
The Supreme Court today directed accounting regulator ICAI to initiate disciplinary proceedings against Talluri Srinivas, auditor embroiled in the multi-crore Satyam accounting fraud, only after October 3. A bench of Justices D K Jain and A K Ganguly asked the Institute of Chartered Accountants of India (ICAI) to proceed against Srinivas only after October 3 as the criminal trail of the special court, set up for the Satyam scam case, may conclude its hearing by then.
The Commerce Secretary, Shri Rahul Khullar has said that India and Japan Comprehensive Economic Partnership Agreement (CEPA) is a major step in the direction of larger vision of an East Asia partnership. He was speaking after co-Charing the first meeting of Joint Committee of India Japan CEPA with Mr. Akitaka Saiki Ambassador of Japan in India, here today. The CEPA enters into force today.
Provisions shall include expenses for brokerage and transaction cost, NPA, Fund Management Charges (FMC) and any other charges approved by the Authority.
Please find enclosed herewith a copy of judgement dated 15/6/2011 delivered by Honourable Division Bench of Gujarat High Court in the matter of EPFO Vs. Roll well Forge Ltd. on the issue of initiating recovery action before expiry of limitation period of appeal prescribed under Sec.7-1 of the Act. While overturning the decision of Single Bench
In each case the OL will file an application praying to the Court to direct the management of the company to submit following information duly verified by a Chartered Accountant/a Company Secretary/a Cost Accountant in practice: Now in case of winding up, the CS, ICWA may also verify the information
CBEC solicits views, comments and suggestions on draft ‘On-site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011’ from the trade and industry associations, departmental officers and others. The views, comments and suggestions to the draft Regulations may please be sent, latest by 16th August, 2011, to Director (Customs), Ministry of Finance, Department of Revenue, Central Board of Excise & Customs, Room No.227-B, North Block, New Delhi – 110001 or at Fax No. (011) 23092173 or at e-mail I.D.: dircus@nic.in
