With an aim to shielding investors from vested interests and potential corporate scams, market regulator the Securities and Exchange Board of India (Sebi) has proposed to frame a strict set of rules for research analysts and wants an independent oversight body for auditors. At the same time, the market watchdog is planning to prescribe a fresh set of guidelines for dealing with conflict of interest of associated persons in the market. It would also set up a separate unit for monitoring ‘Systemically Important Financial Institutions’ or very-large market entities.
Gross direct tax collections during the first four months of the current fiscal (April – July 2011) were up by 26.63 percent and stood at Rs.1,32,542 crore as against Rs.1,04,668 crore during the same period in last fiscal. Gross collection of corporate taxes in this period was up by 29.56 percent to Rs.85,222 crore as against Rs.65,776 crore during the same period in last year while gross collections of personal income tax rises by 21.64 percent during this period and stood at Rs.47,214 crore as against Rs.38,816 crore during the same period in last year.
Section 253 Of The Income-Tax Act, 1961 – Appellate Tribunal – Appeals To – Instructions Regarding Standard Operating Procedure On Filing Of Appeals To ITAT Under Section 253 And Related Matters. INSTRUCTION NO. 08/2011 [F NO. 279/MISC./M- 43/2011-ITJ], DATED 11-8-2011 With a view to streamline the process of filing appeals to ITAT and in suppression of the existing Instructions on the subject in general, and Instruction No. 1274 dated 10-8-1979, Instruction No. 1353 dated 9-9-1980, Instruction No. 1387 dated 3-3-1981, Instruction No. 1493 dated 18-11-1982, Instruction No. 1570 dated 4-7-1984, Instruction No. 1894 dated 16-6-1992, and Instruction No. 1921 dated 23-1-1995, in particular, the following Instructions are issued herewith for compliance by all concerned:
Statistics are displayed only for the software vendor where number of correction statements uploaded is more than 100. Software vendor wise percentages are computed on the total statements prepared using that software. Statistics of TANs registered at TIN website to download consolidated file, Form 16A, etc. are indicated in column % TAN registered at TIN. Correction statements with provisional receipt date greater than the date of request for TDS/TCS consolidated file from TIN, which are rejected at TIN central system are considered. The name of software vendor is in alphabetical order.
The upheaval in domestic markets that followed the US economic downgrade notwithstanding, RBI on Friday said the liquidity in the Indian banking system was not under stress and the central bank was monitoring the situation closely.
The government on Friday said that tax information received from overseas authorities is subject to confidentiality and cannot be made public or used for prosecution purposes without prior permission. Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
1. What is meant by verification of marks? The process of verification of marks covers the following: Checking: Whether the answer book(s) compilation is complete Whether any question or part thereof has remained unvalued Whether there is any totaling error in any question or total marks on the cover page Whether there is any discrepancy between the marks for each question and or/part thereof and marks for each question indicated on the cover page of the answer book Whether the handwriting of the candidate in all the answer books is the same. However, revaluation of the answer book is not permitted under the Chartered Accountants Regulations, 1988.
The Ministry of Corporate Affairs, in exercise of the powers under Section 611(2) and 637B (b) of the Companies Act, 1956 has decided to introduce a Scheme namely, ‘Company Law Settlement Scheme, 2011,’condoning the delay in filing documents with the Registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act, 1956 and the rules made there under. The orders issued to this effect vide the ministry’s General Circular No. 59 of August 05, 2011 are in order to give an opportunity to the defaulting companies to enable them to make their default good by filing such belated documents and to become a regular compliant in future. This scheme is effective from today and will remain in force up to 31st Oct, 2011.
Union Corporate Affairs Minister Dr. M. Veerappa Moily has thrust upon a Corporate culture that must be familiar to the universally accepted values of good governance – accountability, transparency, responsibility and responsiveness to stakeholders. Inaugurating a Corporate Governance Conclave organised by the Institute of Company Secretaries of India ( ICSI) in New Delhi today Dr. Moily said ICSI is playing a pivotal role in promoting good governance among the corporates.
The International Accounting Standards Board (IASB) published today for public comment an exposure draft of proposals to adjust the mandatory effective date of IFRS 9 Financial Instruments. The exposure draft proposes an effective date of 1 January 2015 (currently 1 January 2013) for IFRS 9.
