The Reserve Bank of India has decided to put on its website on a monthly basis from July 2011 onwards the outflows on account of Overseas Direct Investment by Indian Companies / Parties as reported by the Authorized Dealers in Form ODI. The report will consist of the following fields, viz., the name of the Indian Company / Party, name of the Joint Venture / Wholly Owned Subsidiary (JV / WOS), name of the country where the investment is made, major activity of the JV / WOS, financial commitment of the parent company in the JV / WOS comprising equity, loan and guarantee issued in USD million. The data in respect of previous period from July 2007 till May 2011 is also being released.
NSDL on its website on 21/06/2011 posted a message by which it asked to Quote updated e-mail ID and contact details including mobile no. in our Quarterly TDS/TCS statement so that it can send updates on developments/ changes at TIN on our email address and via sms on our mobile phone.
Government has vide notification No. G.S.R. 442(E) dated 09.06.2011 exempted CBI from thr purview of RTI Act, 2005. This has been done by inserting the CBI Name in Second Schedule of the RTI Act. The Second Schedule of the RTI Act exempts certain Public Authorities under the Central Government from disclosure of information under the RTI Act 2005. However, these Public Authorities have to respond to RTI Applications which pertain to subjects of Human Rights and Corruption. As per Section 5(1) of the RTI Act and the instructions of DoPT, they are also supposed to have a PIO and a AA.
Online filing of tax returns in India jumped 80 per cent to 91.57 lakh in 2010-11 and is projected to zoom to to 7.5 crore in five years, according to an online service portal. NK ETax Solutions Chairman Sanjay N Kapadiaa said in 2010-11, the number of tax returns filed was 4.4 crore, compared to 3.40 crore in the previous fiscal.
Under intense pressure from the Opposition and the civil society on the issue of black money, the government on Monday said it has proposed re-negotiation by August of double tax avoidance pact with Mauritius, a route often said to be used to bring illegal wealth back to India.
Every employer other than an employer of an establishment belonging to, or under the control of, the Central Government or a State Government, shall subject to provisions of sub section (2) under section 4A of the Act, obtain an insurance in the manner prescribed under sub-section (4) of section 4A of the Act for his liability for payment towards the gratuity under this Act, from the Life Insurance Corporation of India or any other Insurance Company incorporated under the Company’s Act, 1950.
M/s. PCBL Industrial Ltd. Vs. CIT, Kolkata & Anr. (High Court of Calcutta)- Whether the Explanation to section 73 which creates a legal fiction by which the purchase and sale of shares specified in the said Explanation which is specifically used for the purpose of section 73 as deemed speculation business can be applied to sections 70, 71 and 72 and in determining the gross total income the said Explanation to section 73 can at all be applied while considering the set off of loss under sections 70 and 71 and carry forward of such loss under sections 70 and 71 and carry forward of such loss under Section 72 of the Act? HELD- In favour of the assessee
Fraudsters go undetected for a longer duration in Asia, with a survey revealing that frauds in the region sometimes do not come into the light for ten years or more. In Asia, it takes longer to detect frauds than any other region in the world, says a global consultancy KPMG report, released today.
All South Korean companies hiring foreign manual workers will be required from later this year to subscribe to the departure-expiration insurance to pay their retirement benefits, the labor ministry said today. Owners of smaller firms hiring at least five foreigners with E-9 or H-2 visas are currently required to subscribe to the departure-expiration insurance to ensure that retirement benefits are paid before the departure of a worker.
The Finance Minister Shri Pranab Mukherjee has said that a robust comprehensive and transparent accounting system is a must for any government. He was inaugurating a day- long national conference of the State Finance Ministers on ‘Accrual Based Financial Reporting in Government’, here today. Shri Mukherjee stated that accrual based financial reporting in the Government is an important initiative in the reform of the system of accounts and financial reporting in the public domain.
