Kalpesh Ratilal Kalathia v CIT- Following the course of action adopted by the Supreme Court in the aforesaid decision, having held that the petitioner is not entitled to the benefit of the Scheme since the payment was not made in terms of the Scheme, the respondent authority is directed to either refund or adjust the amount of Rs.4,74,584/- already deposited by the assessee in purported compliance of the provisions of the Scheme, in accordance with law.
Highlights of e-filing in F.Y.10-11 – 80% Growth in e-filing from last year. 91.56 lac e-returns received in current year as against 50.73 lacs last year. 77.8 % i.e 71.24 lac returns are from category i.e non-compulsory assessees. 31% returns have been filed after office hours. More than 3.08 lac e-returns filed on 31st March alone. More than 1 cr taxpayers are registered with e-filing portal. Returns received from all parts of the country.
Making a strong plea to entrust the audit of Indian corporate with Indian Accounting firms, the Indian Institute of Chartered Accountants of India (ICAI) President G Ramaswamy, said this would help prevent massive frauds. It is time to entrust the audit of Indian corporates with the Indian Accountants firms, Ramaswamy told reporters here last night.
The Reserve Bank of India has released the April 2011 issue of its monthly RBI Bulletin. The April issue carries two special articles: (i) Inflation Expectations Survey of Households: December 2010 (Round 22) and (ii) International Banking Statistics for June and September 2010.
Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with Secretary, Shri D.K. Mittal Ministry of Corporate Affairs Shri D.K. Mittal and Chairman, Competition Commission of India, Shri Dhanendra Kumar on concerns raised by Corporate India on regulations of merger and acquisition by the Competition Commission of India w.ef. 1st June, 2011.
The government has set a revenue target of Rs nine lakh crore during the current financial year, a top official said here today. “We have set a target to collect Rs nine lakh crore through direct and indirect taxes during 2011-12”, Revenue Secretary Sunil Mitra said.
Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. “We are in consultation process. Probably we will get it (Takeover Code) through in the next Board meeting,” Sebi Executive Director Usha Narayanan told reporters on the sidelines of an Assocham event here.
In a bid to bring in greater transparency and enhance accountability of India Inc, market regulator Securities and Exchange Board of India (SEBI) today said it is working on an alternative model of corporate governance.
The Ministry of Corporate Affairs has notified vide NOTIFICATION [F.NO. 17/75/2011-C.L.V], DATED 6-4-2011 enhancement in previous limit of Rs. Fifty thousand per month given under Rule 3 of Director’s Relative (Office or Place of Profit) Rules, 2003 to Rs. Two lakh fifty thousand per month for payment remuneration to relatives or partners of the directors of the Company falling under Section 314(1B) of the Companies Act 1956. By such notification, the amended rules may be called as Director’s Relative (Office or Place of Profit) Amendment Rules, 2011.
The effect of the notification shall require the Companies including Government Companies to include a statement showing the name of every specified employee of the Company in their Board Report pursuant to Section 217 (2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Amendment Rules, 2011 which provides:
