First meeting of SEBI’s International Advisory Board-Securities and Exchange Board of India (SEBI)’s International Advisory Board (IAB) held its first meeting in New Delhi today. SEBI constituted the IAB in September, 2011. The role of the IAB will be to guide SEBI and, in doing so, bring in the global experiences and emerging developments and challenges. The IAB will meet twice in a year.
Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March. In order to discourage consumption of subsidised diesel by personal vehicle owners, the Petroleum Ministry had suggested the imposition of higher duty on the purchase of diesel cars to the Finance Ministry.
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 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.
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.
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 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 …
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.
Download Income Tax Calculator for salaried For A.Y. 2011-12, 10-11, 09-10, 08-09, 07-08 for Male, Female, Senior Citizens. The calculator also calculate interest U/s. 234A, 234B and 234C, Automatically. Calculator for those having Income from Salaries.
Alpine Electronics Asia Pte Ltd Vs. DGIT (Delhi HC)- Draft order is not the final assessment order and does not result in completion of assessment. Under sub-section (2) to Section 143, the assessee has a right to accept, within 30 days, the draft assessment order or has right to file objections with the Dispute Resolution Panel and the Assessing Officer. Under Section 144C(3), the Assessing Officer shall complete assessment proceedings on the basis of the draft order only if the assessee files his acceptance to the variations or if no objections are received within 30 days.
