The Institute has already issued Three Frequently Asked Questions providing clarifications on questions raised by members and Industry in connection with the Companies (Cost Accounting Records) Rules 2011 and Companies (Cost Audit Report) Rules 2011. Some of the clarifications issued in the first two FAQs have undergone changes in view of the Master Circular No. 2/2011 dated 11th November 2011, General Circular Nos. 67/2011 and 68/2011 dated 30th November 2011.
The union government was asked today by the Delhi High Court to explain its stand on a plea challenging a statutory regulation limiting the number of short messages ( SMs) sent through a SIM a day to a maximum of 200. A bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw issued notices to the Ministry of Telecommunication and Telecom Regulatory Authority of India (TRAI) seeking their replies to the plea seeking the quashing of the curbs on sending more than 200 SMSs per SIM in a day.
Union Finance Minister, Shri Pranab Mukherjee has said that it is desirable to have a periodic international dialogue on economic concerns that affects lives in all our countries. He was inaugurating the 4th International Tax Dialogue Global Conference on “Tax and Inequality”. Shri Mukherjee said that the present phase of globalization has brought us closer to each other, than any point in the history of human civilization. Our opportunities are getting increasingly tied together and so are solutions to many of our common problems, he said. The Finance Minister said that the multifaceted integration of societies has created a collective destiny, unifying many of our development concerns.
Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year, he said while addressing an international conference on Tax and Equality’.
In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of Section 10 of the Income Tax Act, 1961 (43 of 1961) the Central Government has authorised Power Finance Corporation Ltd. to issue during the FY 2011-12, Tax Free Secured Redeemable Non-Convertible Bonds of face value of Rs. 1,000 each aggregating upto Rs 5,000 crores. The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act.
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 14,85,923 33,83,904 127.73% 2 ITR-2 5,91,305 11,08,047 87.39% 3 ITR-3 1,52,845 2,43,307 59.19% 4 ITR-4 […]
In a developing nation’s economy, it’s the small and micro enterprises which play a vital role. If India has to have a growth rate of 8-10 percent for the next couple of decades, it needs a strong micro and small sector and micro entrepreneurs need to be nurtured. They not only give employment to a large number of people but also support bigger industries by supplying raw material, basic goods, finished parts and components, etc.
IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders’ interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significance for IRDA as the rural population is either totally illiterate or financially illiterate. The role of the agent becomes crucial in educating the rural policyholders about the features of the product and the consequences of taking certain protection and not taking certain protections from the insurance. Further, the agents are supposed to educate the policyholders about the risks involved in complex products like ULIPs.
This paper examined the operation of credit channel of monetary policy rate transmission in India during the post-LAF period of 2001:3 to 2011:3. Drawing on the literature, two reduced form equations, one representing nominal bank credit and the other real bank credit was estimated. The regression estimates were carried out after transforming the variables to stationary form and following an approach similar to Hendry’s general-to-specific method. Stability and structural break tests were performed, and rolling regressions were estimated to confirmed robustness of the results.
The recommendations of the Pension Implementation Committee (PIC) of the Employees’ Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund {(CBT(EPF)} in its ensuing meeting for its consideration.
