Recent global financial crisis has revealed that financial systems around the world rely on safety nets to reduce the adverse impact of financial crisis as also to prevent the re-occurrence of the crisis. During the global crisis, uncertainty triggered panic reactions and collapse of banks. Under these circumstances, deposit insurance emerged as an important part of financial safety net in arresting panic reaction. Governments across the globe took measures such as raising the deposit insurance coverage limits, providing blanket guarantees, etc. These measures restored the public confidence in banking systems. Thus, the importance of deposit insurance as a tool for preventing and mitigating the impact of financial crises as also for the smooth running of financial systems and maintaining financial stability has been fully appreciated.
The C&AG’s role in the audit of social sector spending is particularly crucial. While the Government is committed to allocate the required resources for socio-economic development programmes for creating improved employment opportunities, better health and education capacities, improved water supply and sanitation, agriculture self-sufficiency and food security, we have to ensure that every rupee that is spent on these initiatives gets the best returns.
Key features of NSDL Return Preparation Utility (RPU) version 2.6- Unmatched challan: On import of consolidated file in the NSDL RPU (version 2.6), an alert message “Statement contains unmatched challan. The same has been highlighted in red colour” will be provided if the consolidated file imported contains unmatched challan. Deductee/ Salary details records with invalid PAN: On import of consolidated file in the NSDL RPU (version 2.6), an alert message will be provided ‘Statement contains invalid PANs. The same has been highlighted in red colour’ if the statement contains invalid PAN in deductee/ salary detail records.
The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy, president of ICAI — the regulatory body of chartered accountants — told this newspaper that the institute had started an inquiry based on media reports and had sought an explanation from the CA in question. “The preliminary inquiry is on,” he said, refusing to div-ulge more information.
As per the data provided, the total number of tax audit returns filed in respect of the financial year 2010-11 was 16, 16,096 which were conducted by 59,472 auditors. The data so provided is being further processed with regard to fake membership numbers, membership numbers which exceeded the specified number (ceiling) of tax audit assignments, etc. In order to prevent misuse of membership numbers of tax auditors, we have been given assurance that from next year onwards the uploading of tax audit report along with digital signatures would be made mandatory.
The Special Judge, CBI cases, Jabalpur has convicted Shri Y. Brahmane, the then Income Tax Inspector, Income Tax Office, Balaghat (MP) and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs. 3,000/- in a bribery case. Another accused Shri Sunil Hattele, Daily Wages Employee of Income Tax Office, Balaghat (MP) was also convicted and sentenced to undergo one year Rigorous Imprisonment in the same case.
Ministry of Finance, Department of Economic Affairs (Budget Division)Government has vide its office memorandum No. No. 6-1/2011-NS.II (Pt.) Dated 11th November, 2011 announced increase in interest Rates on small saving schemes which includes interest rate on Public Provident Fund and other schemes. To address the issue of asset-liability mismatch in the National Small Savings Fund (NSSF), the central government has moved towards making returns from small savings instruments benchmarked against the government securities of similar maturities.
The day after the CBFC office at Walkeshwar Road in Mumbai was ransacked allegedly by the MNS supporters, the CEO, CBFC has clarified that its Advisory Panel of 123 members has 47 members, whose mother tongue is Marathi. Almost all the films are certified at the local level by the Advisory Panel, which consist of members drawn from various fields. Only those films, where the producer is not satisfied with the certification granted by the Advisory Panel are referred to the Central Board for screening. Even in its Board, the CBFC has three members –Deepesh Mehta, Arundhati Nag, as wells as the Chairperson, Ms. Leela Samson, who are familiar with Marathi.
The crucial survey operations conducted by the Income Tax department to detect tax evasion have been severely hit due to a long drawn employees agitation in the national capital. I-T employees and officials, except those of the Indian Revenue Service (IRS), have been agitating to press their demands including to review their cadre and promote senior ranks of Income Tax Officers (ITOs) to the rank of Assistant Commissioners.
Eligibility criteria for appearing in the Assessment Test- 1. Members who had registered for the Certificate Course and attended the same but not yet appeared for the Assessment Test. 2. Members who had appeared for the Assessment Test but not declared successful. Such members may reappear by paying the fees of Rs. 1000/. The fees may be paid through Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India” payable at New Delhi only and forward the same to the following address:
