Discover the irregularities in the VAT department in Punjab, where the violation of rules of natural justice is prevalent. Learn about the importance of show cause notices and fair play in administrative actions to avoid arbitrariness and protect citizens fundamental rights. Legal expert Amit Bajaj sheds light on the violations and implications in the taxation laws.
Explore the issue of recently issued assessment notices for the year 2005-06 under section 29 of Punjab Value Added Tax Act (PVAT) in Punjab. Discover the legal intricacies, including the validity of notices and the extension granted by the Commissioner. Legal expert Amit Bajaj sheds light on the potential implications for affected dealers and the concerns regarding the legality of assessment orders.
Explore the concept of internal audit and its evolving social accountability. Understand the World Banks definition of accountability and how internal audit, with its societal power, can contribute to effective risk management, control, and governance processes. Recent developments in regulations and guidelines reflect an increasing expectation for internal audit, emphasizing the need to recognize it as a distinct profession for improved enterprise governance in India.
Banks in India might soon face caps on charges for basic services, such as drafts and remittances, as the Reserve Bank of India addresses rising customer complaints. The Indian Banks Association has been tasked with creating guidelines on reasonable charges for services. A sub-committee, including representatives from State Bank of India, Corporation Bank, Citibank, and ICICI Bank, will focus on 27 basic transaction services and is expected to submit recommendations to the regulator by next month. If accepted, the guidelines could come into effect from April 1, 2020.
Whether the Department is entitled to treat the ‘Provision for NPA, which in terms of RBI Directions 1998 is debited to the P&L Account, as income under Section 2(24) of the Income Tax Act, 1961 , while computing the profits and gains of the business under Sections 28 to 43D of the IT Act
In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out that disclosure of information would lead to unwarranted invasion of the privacy of the individual
Infrastructure is the back bone of every economy. Infrastructure contributes a great deal too sustained economic development. Country with good infrastructure can be classified as a developed country whereas the other countries have little finance to spend on such luxuries and hence, keep struggling in the developing class of nations. Indian infrastructure growth started with much delay but when it started its journey it made a remarkable growth. If we make an analysis of the 5 years trend of infrastructure growth in Indian economy we find a remarkable growth prospect led by huge untapped demand.
When Satyam collapsed and the buzz in the word was that this will be another winding up of the company as the situation demand. Moreover no one was there to remove the stains of corporate default and the broken corporate governance. The world economy was merged in to the problems of recession and India was struggling to make a come out from the cold breeze of cash crunch.
When the Obama administration is launching a broad push for action on financial regulatory reform China is making a big leap towards changing its financial structure of its economy. They have planned to bring new reforms which will crown their financial market to new heights.
The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 and 258th Meeting held on 14th December 2009 decided as below: Mandatory application of Cost Accounting Standards “RESOLVED THAT the following Cost Accounting Standards shall be mandatory with effect from period commencing on or after 1st April 2010 for being applied for the preparation and certification of General Purpose Cost Accounting Statements.
