Data Covers Figures of 1. Direct Tax Collection 2. State and U.T. Wise Break-Up of Collection 3. Contribution of Direct Taxes to Total Tax Revenue 4. Direct-Tax GDP Ratio 5. Pre-Assessment and Post-Assessment Collections 6. Cost of Collection 7. Number of Effective Assessees 8. Workload and Disposal of Income tax Cases
Income Tax Department has released Time Series Data for Financial Year 2000-01 to 2014-15 based on internal reporting/ MIS of the Income Tax Department or figures reported by Controller General of Accounts or data published by other Government agencies along with PAN Allotment Statistics pertaining to Financial Year 2013-14 and Income Tax Return Statistics for Assessment Year 2012-13 (FY 2011-12).
As per the guidelines, the Competent Authority may grant reward not exceeding 10% of the extra income-tax and wealth-tax levied and actually realized, but subject to a ceiling of Rs. 15,00,000/- (rupees fifteen lakhs only) if the aforesaid taxes are directly attributable to the information, including documents, supplied by the informant.
The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows:
The Indian accountancy profession has consolidated itself internationally to register its wise, strong and empowering global presence. Today, Th e Institute of Chartered Accountants of India produces world-class professionals who along with the desired IT and soft skills are professionally competent and fi t to work in and for international economies in multicultural environment.
Institute of Company Secretaries of India Suggested format(s) for Certificates under SEBI Listing Regulations Attention Members! Sub. : Suggested format(s) under Regulation 7(3) and Regulation 40(9) of SEBI Listing Regulations, 2015 The Institute has developed the following formats under Regulation 40(9) and Regulation 7(3) of SEBI Listing Regulations 2015 in consultation with the Stock Exchanges […]
A case was registered U/s 120-B of IPC and Section 13(2) r/w 13(1)(d) of the Prevention of Corruption Act, 1988 against Income Tax Officer (TDS), Ward No.1, Income Tax Department, Belagavi (Karnataka) on the allegations that he had demanded Rs.Four lakh from the complainant as a motive or reward for dropping the prosecution proceedings initiated by the Income Tax Department U/s 276-B of IT Act.
On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereaf
Under the provisions of the Minimum Wages Act, 1948, the wages fixed by the appropriate government are equally payable to both male and female workers and the Act does not discriminate on the basis of gender.
The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the subscriber covered under NPS has been made tax exempt.
