The Protocol provides for internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest. It is further provided that the information received from Israel in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the Competent Authority of Israel and vice versa.
The Central Bureau of Investigation has filed a chargesheet against then Commissioner of Customs, ICD, Tughlakabad, Delhi; then Deputy Commissioner(DBK), ICD, Tughlakabad, Delhi and an Exporter (Private person) of Delhi for causing an alleged loss of Rs.74.50 crore (approx) to government exchequer.
The Government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken. The monitoring regime of the income tax has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhanced.
REPORT OF THE HIGH LEVEL COMMITTEE (to suggest measures for improved monitoring of the implementation of Corporate Social Responsibility policies) Content of the Report- Chapters 1- Introduction Chapters 2 – Discussion on Terms of Reference Chapters 3- Issues Relating to CSR provisions of the Act Chapters 4- Summary of Recommendations Annexure-I- Section 135 of the […]
Admit cards- 6th October 2015 Admit cards in respect of candidates admitted to the Intermediate (IPC) and Final November 2015 examination, with their photographs and signatures on them, are hosted on www.icai.nic.in. Candidates may print their admit cards from the said website. For downloading/printing of the admit cards, candidates will have to enter the following […]
Attention of Stakeholders: The Institute of Cost Accountants of India is getting several queries relating to filing of CRA-4 on MCA 21 portal. These queries generated by MCA System may be: Attached Instance Document is not prescrutinised for the CIN as entered in the form or Fill all the fields in the form appropriately, etc.
The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ruled otherwise.
CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary, Ministry of Finance, Government of India on 01.09.2015 has tweeted on his twitter handle that Because of so many legal verdicts by different courts, we have extended time of filing of audited tax […]
CII has noted that the current corporate tax rate is around 34% (including surcharge and education cess). The proposed corporate tax rate as stated by the Finance Minister is 25% which will effectively mean around 29% (inclusive of surcharge and education cess). The intent of the Finance Minister in the Budget Speech clearly highlighted (a) to bring down the corporate tax rate to a level which is not more than the current effective tax burden
The Income Tax Department is in the process of upgrading software applications. It is for information of PAN applicants that PAN allotment by Income Tax Department will remain suspended between 05.10.2015 to 09.10.2015 due to PAN data migration activity. However, PAN applications, through online and offline modes, will continue to be received by PAN service […]
