The ministry of corporate affairs, or MCA, is drawing up an amnesty scheme for companies that haven’t been able to file their annual returns and balance sheets in the 2008-09 fiscal and before that with the Registrar of Companies (RoC) and liable to penalties for missing the deadline.
Although the Income Tax Department is going all out to nab tax evaders in the high profile IPL-related cases, its past record shows that the agency managed to secure prosecution in barely 15 per cent of the cases. Going by this low prosecution rate, suspended IPL commissioner Lalit Modi and the franchisees he is said to have favoured, may not have much to worry about in the immediate future. That is assuming all the investigations against them result in chargesheets prosecutable in court.
Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it. Parliament on Wednesday approved enhancing the gratuity limit for employees from Rs3.5 lakh to Rs10 lakh as also the exemption threshold from income tax on it.
Did National Congress Party (NCP) chief Sharad Pawar influence the government not to levy entertainment tax on the Indian Premier League (IPL) T20 cricket matches played in the state? Shiv Sena MLA Subhash Desai has so alleged in a public interest litigation (PIL) filed in the Bombay high court, seeking that entertainment tax be levied on the IPL games.
Officials of the anti-corruption bureau (ACB) on Tuesday night recovered unaccounted cash to the tune of Rs 1.68 crore, gold ornaments worth Rs 9.70 lakh and silver ornaments worth Rs 44,462 from the house of PWD executive engineer Vikram Parshuram Jadhav (45).
ICAI wants the government to bring in a provision to bar tainted firms from taking up new assignments for a fixed period, in case any of its partners has been held responsible in a fraud. Currently, if a partner of any firm is held responsible in a fraud, the firm disassociates itself from him and later counts him as a consultant. The government needs to take a stand.
The Institute of Chartered Accountants of India (ICAI), the accounting regulator, is looking to consult with the finance ministry to simplify the structure of service tax on construction activities and push three methods of calculating the tax.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect “the interests of the (tax) department”. “Sometimes, retrospective effect is to be made in order to protect the interests of the department. Otherwise, instead of collecting taxes, we shall have to refund the amount due from them,” the minister said during debate on the Finance Bill in the Rajya Sabha. He said the government would look into these legal aspects.
As you are aware, in terms of provisions contained in Rule 10(g) of the Uniform Regulations and Rules for Bankers’ Clearing Houses (URRBCH), for unauthorised overdrafts on account of adverse clearing position, defaulting banks are required to pay penal interest at the rate applicable to clean overdrafts plus 2% from the following working day till the position is regularised.
As you are aware, a Working Group was constituted by the Reserve Bank of India to review the Credit Guarantee Scheme (CGS) of the Credit Guarantee Fund Trust for Micro and Small Enterprises (Chairman: Shri V.K. Sharma, Executive Director, RBI) and suggest measures to enhance its usage. The Report of the Working Group was released on March 6, 2010, which is available on our website (www.rbi.org.in). The Working Group has, inter alia, recommended that
