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Archive: 27 January 2012

Posts in 27 January 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7173 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

IT official convicted in bribary case

January 27, 2012 982 Views 0 comment Print

Chennai- An Income Tax official was today convicted for bribery charges in a case filed by the CBI. P K Chandrasekaran, Income Tax officer in the Office of Joint Commissioner of Income Tax, Tambaram range, was trapped in 2008 while demanding and accepting a bribe of Rs 1500 from one V Manikandan for releasing a refund of Rs 20,346. Upon completion of trial, a special judge convicted him and sentenced him to three years of rigorous imprisonment and imposed a fine of Rs 1000, a release said.

India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

January 27, 2012 1074 Views 0 comment Print

India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Secretary-General of OECD, Mr. Rintaro Tamaki. This instrument hitherto available for the members of OECD and Council of Europe was amended in 2010 and open for all countries in June 2011. The Convention was amended to respond to the 2009 G20 Summit call for developing a broader multilateral approach to improve the effectiveness of exchange of information, co-operation between the countries in the assessment and collection of taxes, with a view to combating tax avoidance and evasion.

India must have independent regulator for auditors – PwC

January 27, 2012 880 Views 0 comment Print

Supporting the capital market regulator Sebi’s proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business.

Comments invited on the XBRL filings for Financial Year 2010-11

January 27, 2012 586 Views 0 comment Print

Dear Professional Colleague, The mode of  filing of the Financial Statements have undergone a sea change. Earlier from the physical filing of the records to e-filing and now to a totally new language of reporting called, XBRL. In the first phase of implementation, the scope of XBRL filing has been restricted to a limited number of […]

Insurance – AML/CFT guidelines – CIRCULAR NO. IRDA/F&I/CIR/AML/028/01/2012, DATED 27-01-2012

January 27, 2012 1819 Views 0 comment Print

Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individuals/entities connected with countries identified by FATF as having deficiencies in their AML/CFT regime …

Additional Repo Operations under Liquidity Adjustment Facility (LAF) on Reporting Fridays

January 27, 2012 798 Views 0 comment Print

At present, Reserve Bank of India operates Liquidity Adjustment Facility (LAF) to inject/absorb liquidity through daily Repo/Reverse Repo auctions. While the LAF Repo operations are conducted in the forenoon between 9.30 A.M. and 10.30 A.M., the LAF Reverse Repo operations are conducted in the afternoon between 4.30 P.M. and 5.00 P.M., along with the Marginal Standing Facility.

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