General Circular No: 32/2011 dated 31 /05/2011 read with 66/2011 Dated 4/10/2011, Ministry of Corporate Affairs has mandated providing Income-tax Permanent Account Number (Income-tax PAN) for obtaining Director Identification Number (DIN) in case of Indian nationals. All existing DIN holders who have not furnished their PAN earlier at time of obtaining DIN are also required to furnish PAN details by filing DIN-4 form on MCA21 by 15th December, 2011.
The Minister of State in the Ministry of Communication and Information Technology Shri Sachin Pilot today informed the Rajya Sabha that Government is not proposing to amend the Indian Post Office Act 1898. It is proposed to replace the existing Act and a Draft Post Office Bill is under consideration of the Government.
The government today said it paid Rs 68,994 crore as income tax refunds till November this fiscal as compared to Rs 75,160 crore for the entire 2010-11. In a written reply to Lok Sabha, Minister of State for Finance S S Palanimanickam also said the number of refund claims pending as on October 1 stood at 19.41 lakh.
The raging topic in the global economic forum is the sovereign debt crisis which is being faced by the European union. The stronger economies in that region are trying to salvage the situation by various interim as well as long-term measures. All these show the close connect between the international and the national issues.
The Health Insurance Policy Holder can at the time of Renewal of his/her policies can shift to another Insurance Company for a similar product, if he is not satisfied with the present Insurance Company for any reason, without losing the Credits gained, if renewed with the existing company. This was not the case earlier; because change in insurance company or plans amounted to loss of these credits and the policies started as new, carrying all time limitations afresh.
India successfully hosted the three day 4th International Tax Dialogue Conference on Tax and Inequality. The conference was inaugurated by the Finance Minister of India Mr Pranab Mukherjee on 7th December.
Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today. In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs 500.65 crore, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.
The Ministry of Corporate Affairs introduced an Early Warning System” (EWS) in 2009 based on certain financial and non-financial indictors to ensure, as far as possible, that there is no recurrence of cases similar to Satyam Case. The criteria of EWS are used for online examination of Balance Sheets and other records of all listed companies and unlisted companies [(a) with a turnover of Rs. 100 crore or more, (b) with a paid up capital of Rs. 50 crore or more, and (c) having 1000 or more shareholders.] to generate early alerts of possible violations which could lead to commitment of frauds.
A former Los Angeles resident drew an 18-month federal prison sentence Monday for filing fraudulent income tax returns involving 20 nonexistent children, all with the same birthday. Norma Coronel, 40, an illegal immigrant who now lives in Livermore, was ordered by U.S. District Judge Manuel Real to pay $302,186 in restitution to the Internal Revenue Service.
Cost Accounting Standards Board, the standard-setting body of the Institute, has approved the release of Exposure Draft of Cost Accounting Standard – 14 on Pollution Control Cost (CAS – 14). The proposed standard may be modified in light of comments received before being issued as a standard in final form.
