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Archive: 04 November 2011

Posts in 04 November 2011

Amendment in Employees’ Pension Scheme, 1995 and in EDLI, 1976 for submission of E-returns

November 4, 2011 4158 Views 0 comment Print

Amendment in Employees’ Pension Scheme, 1995 and in Employees’ Deposit Linked Insurance Scheme, 1976 for submission of E-returns – HO No. Coord./40(1)2011/claim settlement/33462 dated 04/11/2011

ICAI's reply to RTI application filed regarding 'Empanelment for Centralised Allotment of Tax Audit'

November 4, 2011 943 Views 0 comment Print

It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 and council decided ” It was decided that existing system of appointment of tax auditor by the respective assessee was satisfactory and there was no reason for any complain particularly in view of the fact that the government has been entrusting more and more responsibilities in the field of Direct Taxes to the Chartered Accountants.

India pitching for consensus among G-20 nations on sharing of tax and banking information with retrospective effect

November 4, 2011 507 Views 0 comment Print

India is pitching for a consensus among G-20 nations on sharing of tax and banking information with retrospective effect, arguing that it was essential to deal with past cases of tax evasion.Stressing that the era of banking secrecy laws was over, Department of Economic Affairs Secretary R Gopalan said it was vital to build a consensus on sharing of past banking data as it would help in investigation of earlier cases of tax evasion.

Penalty for concealment of Income not leviable for Voluntary disclosure without detection by dept.

November 4, 2011 2886 Views 0 comment Print

CIT Vs. Harnarai (Delhi High Court) – In the absence of any material on record to suggest that it was bogus or untrue. It is further evident that there was neither any detection nor any information in the possession of the Revenue which might lead to a conclusion that there was a detection by the Revenue of concealment. Accordingly, the question of law framed is answered against the Revenue and in favour of the Assessee.

Travel Without E-Ticket Printout but with Copy on Laptop, Mobile etc. is acceptable by Railways

November 4, 2011 11045 Views 6 comments Print

Rail passengers needn’t carry a printout of their e-ticket anymore. They can travel by showing an SMS message of the ticket on their mobile phone or a screenshot of it on a laptop/iPad along with original identity proof to be shown to the ticket examiners.

Two Income Tax officers suspended from service on graft charges

November 4, 2011 847 Views 0 comment Print

Two Income Tax officers, who were arrested on graft charges, have been suspended from service, officials said here today. I-T officer Kurdaram Verma was arrested last month by anti-corruption bureau while he was accepting Rs 50,000 bribe from a hotel owner in Hanumangarh district. His colleague H K Fulwaria was also found to be involved in the matter following which he was also arrested by the ACB. Both the officers have been suspended some days back and the report has been sent to Chief Income Tax Commissioner office, the officials said.

Women Chartered Accountant's Diamond Jubilee Conference at Pune

November 4, 2011 986 Views 0 comment Print

PUNE branch of WIRC of ICAI and Women’s Cell of Pune Branch has organized ‘ WOMEN CHARTERED ACCOUNTANT’S DIAMOND JUBILEE CONFERENCE’ on 13th November, 2011 at Pune. The Programme will also have CPE credit of 6 Hours and fees for Participation is Rs. 1,200 but the same make the female participants to attend any other programme organised by PUNE branch of WIRC of ICAI where 6 Hour CPE limit is applicable without paying any fees.

Gross direct tax collection up by 20.28 per cent during April-October 2011

November 4, 2011 549 Views 0 comment Print

The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross tax collection in the first seven months of the fiscal is only about 48.5 per cent of the Rs 5.85 lakh crore target for the entire fiscal.

Varun Gandhi files RTI to get info on MPs and other people having swiss bank account

November 4, 2011 754 Views 0 comment Print

BJP MP Varun Gandhi on Friday sought names of Members of Parliament and others who have allegedly stashed black money in the accounts of HSBC, Geneva, the details of which have recently been shared with the Finance Ministry. The young MP from Pilibhit in Uttar Pradesh has shot off a six-point RTI application seeking names […]

Govt likely to make it mandatory for all micro-finance institutions to be registered with RBI

November 4, 2011 489 Views 0 comment Print

The government is likely to introduce a Bill that seeks to make it mandatory for all micro-finance institutions to be registered with the Reserve Bank of India and entrusts the task of regulating the sector to the central bank in the Winter Session of Parliament. The Finance Ministry is in discussion with all concerned stakeholders for fine-tuning the draft Micro Financial Sector (Development and Regulation) Bill, 2011, official sources said.

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