A reshuffle of charge of three members of the Central Board of Direct Taxes (CBDT) was effected today. In today’s reshuffle K Madhavan Nair got Investigations in place of Legislation and Computerisation (L and C) while S S Rana was shifted from Investigations to Income Tax and Poonam Kishore Saxena got L and C. She earlier held the charge of Audit and Judicial.
Centre has moved the Supreme Court seeking review of its verdict on the Income Tax issue of Vodophone . The court had earlier held that the Indian Income Tax Department does not have jurisdiction to levy 11,000 crore as tax on the overseas deal between Vodafone International Holdings and Hutchison Group.
The Council of the Institute of Company Secretaries of India in exercise of the powers vested under clause (a) of sub¬section (2) of Section 15 of the Company Secretaries Act, 1980, as amended by the Company Secretaries (Amendment) Act, 2006 has approved, on the recommendations of its Syllabus Review Committee, the detailed contents for the four papers of 100 marks each for Foundation Programme under the new syllabus.
Financial Action Task Force (FATF) Approved the Revised Recommendations for Combating Money Laundering and Financing of Terrorism in its Plenary meeting in Paris The Plenary Meeting of Financial Action Task Force (FATF) being held in Paris approved the revised recommendations for combating money laundering and financing of terrorism. The plenary also discussed the fourth follow-up report on India’s progress with reference to the Action Plan that it had committed to in June 2010. The plenary appreciated the actions taken by India and the commitment of India to the international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.
An issue that arises in accounting for carbon credits is that whether the carbon credits generated under the Clean Development Mechanism, i.e., CERs, can be considered as assets of the generating entity.
There are several basic methods for rate regulation and in each case, the application of a particular methodology may vary with the regulator, the entity being regulated and the circumstances faced. Some of the forms of rate regulation are cost of service regulation, price-cap mechanisms or a hybrid methodology featuring combinations of price cap and cost-of-service approaches.
In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students’ Association Rules (as contained in Appendix No. (5) to the Chartered Accountants Regulation 1988), the Council of the Institute of Chartered Accountants of India is pleased to announce the setting up of Branch of Western India Chartered Accountants Students’ Association (WICASA) at Navi Mumbai with effect from February 1 , 2012.
it is high time we should realize the fallout of corruption. He said the fight against corruption is incomplete unless we recover the illegal assets and wealth amassed by corrupt persons. Shri Misra said the corrupt should be not only brought to book but their illegally amassed wealth should also be recovered & attached, as such property and wealth which is created through corrupt & illegal means is basically a fruit of crime. Secretary(Personnel) said that in his view, no fight against corruption is complete unless we recover and attach these illegal assets. Shri Misra commended the joint effort of INTERPOL and the Central Bureau of Investigation in organising this course.
The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.
Cash Worth Rs 2.03 Crore, Jewellery and Ornaments worth the Value of Rs.5.18 Crore, Fixed Deposits of Rs. 4.4 Crore, and Large Number of Documents Seized During the Search Operations by Income Tax Department. It has been reported in certain section of the media that there has been a leak in a search case conducted recently by the Income Tax department on a ‘liquor baron’. It is also being reported in the media that CBDT has instituted an inquiry into the matter.
