Gross direct tax collections during April-March of the F.Y. 2011-12 was up by 13.02 percent and stood at Rs.5,90,077 crore as against Rs.5,22,104 crore in the same period in F.Y.2010-11. While gross collection of corporate taxes was up by 11.52 percent. The gross collections on this account stood at Rs.3,96,208 crore as against Rs.3,55,267 crore during the F.Y. 2010-11.
The Union Finance Minister Shri Pranab Mukherjee asked the Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) to suggest ways and means to expedite the unlocking of resources of various banks locked in the form of Non Performing Assets (NPAs) etc. The Finance Minister Shri Mukherjee said that there can be no lending unless there is recovery.
Recognizing the efficacy of the market diversification scheme, this year we are adding 7 new markets to Focus Market Scheme (FMS). These countries are Aruba, Algeria, Austria, Cambodia, Myanmar, Netherland Antilles, and Ukraine. 7 new markets are being added to the Special Focus Market Scheme (Spl FMS)- Belize, Chile, El Salvador, Guatemala, Honduras, Morocco, and Uruguay. 46 new items are being added to Market Linked Focus Product Scheme (MLFPS). This would have the effect of including 12 new markets for the first time.
Under the online Application Tracking System (ATS), customers can submit applications online and also track the status of an already filed / submitted application. The applicant would be required to login with email id and password as registered with the RBI website. In respect of those applications, being submitted physically at the counters of the Foreign Exchange Department, a valid email id is required to be indicated in the letter / application. An auto generated information will be sent to the email id given upon receipt of an application and also at the time of disposal of an application by the Department. Status of all letters / applications (other than statements and returns) requiring a reply from the Foreign Exchange Department can be tracked by accessing the ATS. ATS can easily be accessed on the homepage of RBI (www.rbi.org.in).
A ‘Negative List’ approach for taxation of services is being introduced in the current fiscal. Under the new approach, all services except those in the ‘Negative List’ or otherwise exempted, would come into the tax net. The new system will come into effect from 1st July, 2012.
It was alleged that the Investigation Wing of income Tax Department at Kanpur conducted survey on the allegation of IT evasion by the said private group of companies. The senior level officials of the private company along with a Chartered Accountant based in Kanpur contacted several officials of IT Department to settle their IT evasion matter by illegal means and allegedly paid huge amount of bribe to the said officials of Income Tax. The IT officials, during the locker operation of the private company, also allowed the MD & his family to illegally take away major portion of huge cash and gold stored in the said locker.
All concerned may please note that due to administrative reasons beyond our control, the examination of ‘Elements of Business Laws and Management’ Paper of CS Foundation Programme scheduled to be held on 5th June, 2012 has been postponed. Fresh date for conducting the examinations of the above mentioned paper will be intimated separately. For any clarification/information in this regard, please contact the Student Services Section of the Institute at Tel.No. 0120-4522081/ 86 or at E-Mail id enroll@icsi.edu
I am also pleased to inform the members that the Institute has brought out Guidance Note on Maintenance of Cost Accounting Records. Since the Ministry of Corporate Affairs – Cost Audit Branch has extended to all companies engaged in production, processing manufacturing and mining activities and regulated industries, through a series of notifications, it was necessary for the Institute to explain the extent, scope and methodology of preparation and maintenance of requisite cost accounting records by the companies.
Aviva Life Insurance today announced the launch of its online health plan – Aviva Health Secure. The plan provides the policyholder with a lump sum amount on diagnoses of any critical illness covered by the policy thereby ensuring that the family has adequate funds to meet the unplanned medical expenses and get the best possible treatment. Available exclusively on the online platform, Aviva Health Secure can be bought for a nominal premium starting Rs 2000 per year from www.avivaindia.com. While the minimum sum assured is Rs 5 lakh, the maximum is Rs 50 lakh. The plan can be bought by a person from 18 years to 55 years of age for a minimum policy term of 10 years and a maximum term of 30 years.
The Income Tax Department, Shri Pranab Mukherjee, Honorable Finance Minister, Govt. of India inaugurated the ‘Aayakar Seva Kendra’ at Central Revenue Building, Bamboo Villa, Kolkata on 27.05.2012 in the august presence of Shri Laxman Das, Honorable Chairman, CBDT and Shri D. Dasgupta, Chief Commissioner of Income Tax (CCA), West Bengal.
