Client Information as well as due diligence on clients has become a necessity for professionals in today’s complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals can freely exercise and deliver their professional services in the best suited way.
Union Finance Minister, Shri Pranab Mukherjee released the Guidance Paper on the new approach to service tax, here today. The release of the Guidance Paper marks the culmination of the year long efforts made by the Government to introduce a negative list based comprehensive approach to taxation of services as a part of the Budget exercise. The new approach to taxation of services is intended to take the country and the economy a step closer towards the introduction of Goods and Service Tax (GST).
Modification in Switchover Date to Digital Cable TV System The Cable Television Networks (Regulation) Amendment Act, 2011 has made it mandatory for switchover of the existing analogue Cable TV networks to Digital Addressable System (DAS) by December 2014, in a phased manner. In respect of four metros of Delhi, Mumbai, Kolkata and Chennai, the digital […]
A CBEC panel wants the new service tax regime, which is scheduled for implementation from July 1, be deferred by 3-4 months as more time is needed to put in place the required framework.
Attention of SEBI has been drawn to news items appearing in a section of press wherein certain comments have been made about the pace of investigations completed during the year 2011-12. From the news items, it is noted that the data of entire years in the past has been compared with a part of the year 2011-12 and distorted inferences have been drawn. The correct position for the last three years is as under:-
With increase in transactions taking place in the e-world, the Income Tax department is keeping a vigil on online shopping stores and messenger services like BBM, Ovi to keep a tab on deals that could have ramifications of international taxation. Subscription-based interactive websites and online payment terminals have been placed under the scanner to develop actionable intelligence on cross-border transactions.
The HLSC was mandated to suggest measures for making the supervisory processes for commercial banks more effective and useful to the supervised entities as well. The terms of reference for the Committee included a mandate for reviewing the extant approach, methodology, processes/tools for onsite and off-site supervision, supervisory rating and stress testing frameworks and recommending measures for a gradual progression to a risk based supervision framework. The Committee has since submitted its Report to the Governor on June 11, 2012.
Vexed over the delay in getting a birth certificate, a man in Virudhunagar hit upon a bizarre idea of sending a demand draft for Rs 100 as bribe to a local body, stunning the municipality authorities who made amends for the lapse and home delivered the document.
On the basis of an assessment of the current macroeconomic situation, it has been decided to: keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.75 per cent of their net demand and time liabilities; and keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent.
Today, Fitch Ratings have issued a press release on India’s sovereign credit rating. Fitch has reaffirmed India’s long-term Foreign and Local Currency Issuer Default Rating (IDR) at BBB(-). It has, however, revised India’s outlook to Negative from Stable.
