Rising litigation with the tax payers and amount locked-up in appeal before Commissioners of Income Tax (Appeals)/CIT (A), Income Tax Appellate Tribunals (ITATs), High Courts and the Supreme Court has been a matter of serious concern. I am informed that a total amount of Rs. 4,36,741 Crore was locked-up in 2,59,523 cases as on 31st December, 2011. Out of this Rs. 2,52,846 Crore is locked-up in 1,93,525 cases which are pending before CIT(A). The main reason for pendency of cases before CIT(A) appears to slower disposal rate vis-à-vis the pace of cases being filed. I am told that on an average it takes one and a half years to dispose off a case. The Department needs to ensure that after proposed cadre restructuring sufficient manpower is deployed to reduce the time taken for disposal of appeals and that it is not more than six months.
The overall growth in indirect tax revenue collection during the month of May, 2012 is about 16.1% which is 5.7% higher than last month’s position. Further, the progressive growth of indirect taxes during April-May of current financial year 2012-13 is 13.3%, and in terms actual amount is Rs. 8256 crore higher than the corresponding period of last financial year.
The Union Finance Minister Shri Pranab Mukherjee said that the Government is fully seized of the current situation and he is confident that there will be a turnaround in our growth prospects in the coming months. The Finance Minister Shri Mukherjee was reacting to the S&P recent report suggesting that India could be the first BRIC country to falter. The Finance Minister Shri Mukherjee said that this is not based on a fresh rating action. S&P had issued India’s sovereign credit rating on April 25, 2012 reaffirming India’s long-term sovereign credit rating at BBB(-). It had, however, revised India’s outlook to negative from stable.
Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight the achievements of his Ministry here in New Delhi today. The minister said a systematic plan has been chalked out to increase engagement with the industry associations and chambers in crucial issues of corporate administration and governace. On this occasion He also released a the compendium entitled, Innovative March to New Horizons of Corporate Growth.
Corporate Affairs Minister Dr. M.Veerappa Moily had said the Competition Commission of India compliments Sectoral Regulators and there is no question of encroachment on the jurisdiction of Sectoral Regulators. Dr. Moily stated this today while interacting with the Press on the occasion of releasing a compendium titled “Innovative March to New Horizon of Corporate Growth” to highlight the achievements of the Ministry of Corporate Affairs. The Minister observed that Competition Commission of India is a Market Regulator whose mandate is to foster competition and protect the markets from anti competitive practices.
LLP Registry is Now Merged with MCA-21 and Decentralization of LLP Approval to Various ROCs – The Ministry of Corporate Affairs, has achieved a new milestone by integrating e-Governance project for Limited Liability Partnership (LLP) under the platform of MCA21. This initiative has been taken on the advice of Union Corporate Affairs Minster Dr. M.Veerappa Moily.
The documents already filed by the LLPs (i.e. pre 11th June’2012) are in the process of being transferred to the MCA21 electronic record room. This may take a few days time. The View Public Document and Get Certified Copies facility for these would be available as soon as this activity is complete.
NEW LLP PORTAL – GUIDELINES FOR STAKE HOLDERS – USER REGISTRATION & LOGIN Any user willing to avail any LLP related service for which payment of fees is required need to register on MCA21 system. For registration, users have been categorised into following two categories: a) Registered User b) Business User – these are further categorised into following roles · Designated partner · Practicing Professional · Authorised representative of a Foreign LLP
A news item appeared in the Media yesterday and today which states that CBI Team has arrested Income Tax department officials and a Chartered Accountant Anil Jaiswal at Kanpur. In this regard, the Institute of Chartered Accountants of India (ICAI) wishes to clarify that as per the ICAI records, the above said person ‘Anil Jaiswal ‘ is not a Chartered Accountant. ICAI has no connection whatsoever with the above mentioned person.
Due to unavoidable circumstances, the examination Centre of 200 candidates bearing Roll No. from 218290 to 218489 for CPT (Common Proficiency Test – Examination) to be held on 17th June, 2012 has been changed to DOON PUBLIC SCHOOL, B-2, PASCHIM VIHAR, BEHIND LAXMI NARAYAN MANDIR, NEW DELHI-110 063 ( in place of St. Mathew’s Public School, A-6 Paschim Vihar, New Delhi-110 063).
