The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters.
Direct Entry to the CA Course: The Ministry of Corporate Affairs has given its final approval to the Amendments to Chartered Accountants Regulations, 1988 which have been notified on 1st August, 2012. Amongst other provisions, the amendments also stipulate Direct Entry Scheme to CA Course.
In the current economic scenario the members of the Institute are required to emerge as true friends of the Consumers by correctly pricing the natural resources, product and services on one side and assisting the Regulators on the other. The responsibility cast upon the members of the institute is a challenging one and we are taking it as an opportunity to prove our worth to the society.
The Special Judge for CBI Cases, Bangalore, Shri M.S. Biradar, has convicted M.A.Raghuraman, the then Superintendent of Service Tax, Commissionerate of Service Tax, Bangalore to undergo 1 ½ years simple Imprisonment with fine of Rs.10,000/- in a bribery case.
At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax.
SEBI has extended its toll free helpline service (1800 22 7575 / 1800 266 7575) to Saturday and Sunday from the existing Monday to Friday. The service on Saturday and Sunday would be available initially to investors from all over India in English, Hindi, Marathi and Gujarati from 9:30 a.m. to 5:30 p.m.
No. of times Form 26AS viewed 5.69 cr . No. Of distinct PANs for which Form 26AS viewed 1.38 cr . Statistics as on 23/08/2012
The SC has extended the deadline for builders to pay VAT from August 31 to October 31. If they do so, they are not entitled to pay penalty and 15% interest on delayed payment of VAT, according to the SC interim order. The builders must register with the sales tax department by October 15 before paying VAT. The VAT money will be collected and kept in a separate account of the state government. If the state loses the case, the developers will get back their money along with interest. The date for the final SC ruling is not known as yet.
ICAI has arranged the ‘Tax Cloud software: Cloud based ITR & TDS Return Preparation for CAs’ enables Income Tax Return and TDS Return preparation, provides all types of assesses support including Individuals, HUFs, Firms and Companies, calculates Income Tax under all heads such as Salary, House Property, Capital Gain, Business and Profession, Other and Exempt Income Heads,
Central Bank of India, Zonal Office, Pune invites applications for empanelment of CA firms for conducting of Stock Audit of our clients/borrowers enjoying credit facilities from branches situated in our Pune, Ahmednagar, Nasik and Aurangabad Regions. The eligibility criteria are as under:-
