New ITR Filing Procedure The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns […]
Steps to Check Inflow of Illegal Money Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002. Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system […]
ICAI has released today its Guidance Note on Statutory Audit of Banks for FY 2012-13. The 2013 edition of the Guidance Note has been updated to give effect to the changes brought in by the various Master and Other circulars of the Reserve Bank of India which affect critical aspects of banking operations, generally, and the […]
Government of India is negotiating new Double Taxation Avoidance Agreements (DTAAs) and has also taken steps to update the article concerning Exchange of Information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest. India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries/jurisdictions. On […]
The Financial Year 2012-13 closes on 31-3-2013. In view of holidays on 27th and 29th of March and thereafter, on 30th and 31st March, being Saturday and Sunday it is directed that all the Income-tax Offices through out India shall remain open and the receipts counters shall also work during normal office hours on 30th and 31st of March 2013.
IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 […]
Advisory from The Institute of Cost Accountants of India The members of the Institute are undertaking Valuation Audit under Section 14A of Central Excise Act,1944. The basic objective of the Section 14A is toensure correct determination of value for themanufacture of excisable goods produced or manufactured for correct realisation of revenue.
Government has constituted a four-member committee headed by Economic Affairs Secretary Arvind Mayaram for giving clear definitions to Foreign Direct Investment, FDI and foreign institutional investment , FII, with an aim to remove ambiguity over the two types of foreign investments. The DIPP Secretary, an RBI Deputy Governor and a SEBI Wholetime Member are the […]
The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore.
The Central Bureau of Investigation has arrested a Superintendent working in the Office of Commissioner of Central Excise, Thane-II, Mumbai, for demanding & accepting a bribe of Rs. 45,000/- from the Complainant.
