Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today.
Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these reports in XBRL Format. The Software Tool can be downloaded from the Institute website.
It has been observed that buy back through open market has failed to achieve its objectives in spirit, due to the following reasons: a) Section 77A(4) of the Companies Act, 1956 specifies that every buy back shall be completed within a period of 12 months. Companies, instead of fixing a definitive period for buyback, usually keep the buyback offer open for the entire period of 12 months.
Government urged all tax assessees to make timely and correct payment of customs and central excise duties and service tax for continued trade facilitations. In a statement, Revenue Secretary, Sumit Bose said that the government is making all out efforts to felicitate trade and industry but a number of tax payers and assessees are not making timely payment of their due taxes.
The Reserve Bank of India (RBI) today placed on its website, the Draft Report of the Working Group to Study the Issues Related to Gold and Gold Loans by Non-Banking Finance Companies (NBFCs) in India (Chairman: Shri K.U.B.Rao, Adviser, Department of Economic and Policy Research). The Reserve Bank has sought comments on the draft report […]
In exercise of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, as amended from time to time, the Central Government hereby notifies the following amendment in the Foreign Trade Policy, 2009-2014.
NOTIFICATION NO 1/2013 CBEC hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 4th January, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
Regarding submission of information in Form T- 2, shall in partial modification to the said notification, come into force with effect from the 01st February, 2013.
The State of Gujarat has shown significant interest in developing e-platform for Commercial Taxes (VAT) since last 2 years. Since December 2011, the e-Registration facility has been enabled and the procedure designed for online registration is absolutely clear and systematic approach. Not only that forms like 402-403, permissions for paying lump sum taxes under WCT Rules, WCT returns etc. have been made online and improvements in e-services is remarkable.
