The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing. According to the official sources, […]
SEVOTTAM symbolizes the Government’s intent to move from ‘administration’ mind set to ‘service orientation’ in delivery of public services. It emphasizes the relationship between service provider and service receivers. It is a standardized Services Delivery Excellence Model whose main features are to identify the services provided by the organization, to set norms for each service, to ensure delivery as per norms, to assess quality of delivery on a continuous basis and to proactively redress public grievances.
The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route. FIPB comprises of Secretaries drawn from different ministries with Secretary, Department of Economic Affairs, MoF in the chair. This inter-ministerial body examines and discusses proposals for foreign investments in the country for sectors with caps, sources and instruments that require approval under the extant FDI Policy (prescribed vide Circular 1 of 2011) on a regular basis.
The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The TAS, applicable only to computation of taxable income under the Income Tax Act 1961, will be different from accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and notified by the Ministry of Corporate Affairs under the Companies Act 1956. However, separate books of account are not required to be maintained under TAS, thus reducing compliance burden on businesses.
2. The CVC during its consultative meeting with the CBDT on 18.10.2011 has conveyed that the Vigilance Awareness Week 2011 should also be observed as Grievance Redressal week. Hence in addition to the various activities suggested in the earlier communication , the week long celebration should be combined with the whole hearted effort to redress pending grievances of the tax payers in the areas like Rectifications , Appeal effects , issuance of Refunds , Requests for PAN Migrations etc .
Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri Dhanendra Kumar who […]
The Income Tax department has decided to publish the names of defaulters who owe more than Rs 10 crore as unpaid taxes after it unearthed details of such assessees recently. The department has decided to send show cause notices to such assessees, who have reported “no assets/inadequate assets for recovery”, by the end of this month, asking why their names should not be published and put in the public domain.
Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 107, Financial Instruments: Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 1, Presentation of Financial Statements, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
Following is the Exposure Draft of the Amendments to Indian Accounting Standard (Ind AS) 101, First-time Adoption of Indian Accounting Standards, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
