In the last two decades, Indian economy has witnessed a transformational change and has emerged as one of the fastest growing economies of the world. Industrial development in Independent India was catalysed by three major industrial policy resolutions of Government of India in 1948, 1956 and 1991, which provided a strong industrial base. Economic reforms unveiled in 1991, have brought about a structural shift enabling the private sector to assume a much larger role in all sectors of economy. However, the growth of GDP in India has largely been enabled by a dynamic growth in the services sector.
Exposure Draft of Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (Comments to be received by December 05, 2011) – (04-11-2011) Following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 113 Fair Value Measurement, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The […]
The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas. An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from the facts of the case and considering the totality of the circumstances, it was appropriate to […]
The new procedure will come into effect from December 1, said Minister of State for Finance, Saurabh Patel. Under the new procedure, a provisional VAT number will be generated and issued within three days of receiving the application, an official release said. Patel said that Permanent VAT number will be issued after physical verification of the workplace within 60 days of issuing the provisional number.
It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 and council decided ” It was decided that existing system of appointment of tax auditor by the respective assessee was satisfactory and there was no reason for any complain particularly in view of the fact that the government has been entrusting more and more responsibilities in the field of Direct Taxes to the Chartered Accountants.
India is pitching for a consensus among G-20 nations on sharing of tax and banking information with retrospective effect, arguing that it was essential to deal with past cases of tax evasion.Stressing that the era of banking secrecy laws was over, Department of Economic Affairs Secretary R Gopalan said it was vital to build a consensus on sharing of past banking data as it would help in investigation of earlier cases of tax evasion.
Rail passengers needn’t carry a printout of their e-ticket anymore. They can travel by showing an SMS message of the ticket on their mobile phone or a screenshot of it on a laptop/iPad along with original identity proof to be shown to the ticket examiners.
Two Income Tax officers, who were arrested on graft charges, have been suspended from service, officials said here today. I-T officer Kurdaram Verma was arrested last month by anti-corruption bureau while he was accepting Rs 50,000 bribe from a hotel owner in Hanumangarh district. His colleague H K Fulwaria was also found to be involved in the matter following which he was also arrested by the ACB. Both the officers have been suspended some days back and the report has been sent to Chief Income Tax Commissioner office, the officials said.
PUNE branch of WIRC of ICAI and Women’s Cell of Pune Branch has organized ‘ WOMEN CHARTERED ACCOUNTANT’S DIAMOND JUBILEE CONFERENCE’ on 13th November, 2011 at Pune. The Programme will also have CPE credit of 6 Hours and fees for Participation is Rs. 1,200 but the same make the female participants to attend any other programme organised by PUNE branch of WIRC of ICAI where 6 Hour CPE limit is applicable without paying any fees.
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross tax collection in the first seven months of the fiscal is only about 48.5 per cent of the Rs 5.85 lakh crore target for the entire fiscal.
