Recent major initiatives of the Government in this regard include Enactment of a comprehensive new law – The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f. 01.07.2015 to specifically and more effectively deal with the issue of black money stashed away abroad,
It should not be assumed that everyone who appears in the Panama Papers is involved in tax avoidance or evasion and there are legitimate reasons to create a company in an offshore jurisdiction and many people declare them to their tax authorities when that is required.
Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks.
A proposal for comprehensive amendment to the Employees’ Provident Funds and Miscellaneous Provisions (EPF & MP) Act, 1952 is under consideration of the Government which, inter alia, includes reducing threshold limit for coverage from 20 to 10 employees under the Act.
The contribution payable under Employees” State Insurance (ESI) Act, 1948 is not an interest-bearing deposit. The Central Board of Trustees (CBT), Employees’ Provident Fund (EPF) in its 211th meeting held on 16.02.2016 has proposed an interim rate of interest at 8.80 per cent to be credited to the accounts of Employees’ Provident Fund (EPF) subscribers for the year 2015-16. Ministry of Finance has, however, ratified an interest rate of 8.70 per cent.
The Provident Fund (PF) subscribers whose details like AADHAR Number and Bank Account Number have been seeded in their Universal Account Number (UAN) and whose UAN have been activated may submit claim forms directly to the Employees’ Provident Fund Organisation (EPFO) without attestation of their employers.
A UK exit from the EU would immediately hit confidence and raise uncertainty which would result in GDP being 3% lower by 2020, which equates to GBP 2200 per household. The OECD states that such costs are already piling up in a new study released today.
Government has taken various measures to deal with the issue of Non Performing Assets (NPAs) in Banking Sector especially in case of Public Sector Banks (PSBs). The Finance Minister said that there are two categories of defaulters, viz. those who are unable to pay back due to economic slowdown both in domestic and global market and other reasons outside their control as well as wilful defaulters including loans sanctioned without due diligence by the banks.
Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016 1. The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come into force on the […]
Receding green space of the earth is a serious environmental issue today. As responsible community, we need to address this concern—and sooner the better. Let us not underestimate the power of a group of thoughtful and committed professionals. British architect Richard Rogers says: The only way forward if we are going to improve the quality […]
