The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has gathered voluminous data on suspicious transactions, the department informed a global Organisation for Economic Cooperation and Development, OECD conference held in New Delhi recently.
It has been observed during the processing of vigilance complaints wherein Assessing Officers have claimed that the particular action/decisions were taken after discussion with and as per the directions of their controlling Range Head, though, no such written directions were found on the record. In a few cases, an office note was found to be recorded stating, that issues involved in the order were discussed with the Range Head but the office note was not found to have been ratified by the controlling Range Head.
The professionals like Company Secretaries have been playing an important role in shaping modern Corporate India .He appreciated the efforts of the Institute of Company Secretaries of India and said that the ICSI and its members have made a name for themselves in economic development of the country through evolving standards of corporate governance and compliances.
IFCI is in the process of raising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to the offer document, the issue comprises of Rs 100 crore plus unspecified green shoe option. These bonds are of two maturities – 10 years with coupon of 9.09% and 15 years with coupon of 9.16%, it said.
The Central Board of Directors of the Reserve Bank of India met today at Kolkata. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors Sarva Shri Dr. Anil Kakodkar, Kiran Karnik, M.V.Rajeev Gowda, Y.H.Malegam, Azim Premji, Dipankar Gupta, G. M. Rao, Ms. Ela Bhatt and Dr. Indira Rajaraman attended the meeting. The Government nominee, Shri R.Gopalan, Secretary, Department of Economic Affairs also attended the meeting. Deputy Governors Dr. K.C.Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri H.R. Khan were also present.
The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another proposed I-T return processing centre at Kolkota was supposed to become operational in 2012-13.
Stock market investors would not have to pay any service tax on any late payment charges paid by them to their brokers, provided such fines are shown separately in the account statement. The Ministry of Finance has clarified the matter to the capital market regulator Sebi (Securities and Exchange Board of India), which in turn has informed the stock exchanges about the same.
Since the submission by the CAG of the Performance Audit Report on “Issue of Licences and Allocation of 2G spectrum”, there have been intense debate and criticism on the issue. The debate has taken a perverse turn and the NDA, besides some individuals, is making an attempt to malign and defame Shri P Chidambaram, Home Minister.
A letter of authority works for simple tasks. It can be used for getting routine work done. But when there are big transactions, it is better to get a power of attorney because it sets out the manner in which the activity is to be done. A letter of authority may or may not specify how an activity is to be carried out. A power of attorney is a notarised document and has an additional edge. A letter of authority is not an authenticated document.
