Filing of Balance Sheet and P&L Account in XBRL XBRL filing is mandated for select class of companies vide “Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011”. For details visit, Ministry website http://www.mca.gov.in under the head “Notifications” Requisite eForms 23AC-XBRL and 23ACA-XBRL are now available on the MCA portal. For XBRL Taxonomy, Business rules, Filing Manual and Validation Tool, visit http://www.mca.gov.in/XBRL
he Union Finance Minister Shri Pranab Mukherjee is likely to raise the issue of exchange of information among different countries to fight against the menace of blackmoney and terror financing. Tax evasion and illicit flows have posed serious challenges to the world economy. Shri Mukherjee may impress on G-20 member countries to start exchanging information automatically for tax purposes on a voluntary basis including exchange of past banking information.
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. “The Central Board of Direct Taxes (CBDT) will verify all high-value transactions. Directorate of Revenue Intelligence has been given all powers under various sections of the Income Tax Act to collect information”, a senior Income Tax official said.
The Union Cabinet today approved the proposals to bring India Infrastructure Finance Company Ltd. (IIFCL) under regulatory oversight of Reserve Bank of India, to enhance its professional capability and to increase its capital base.
India’s exports for the month of April- September 2011 have registered a growth of 52%, at US $ 160 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-September 2011, the imports were US $ 233.5 billion with a growth of 32.4% and a Balance of Trade stood at US $ (-)73.5 billion, during the same period. Shri Khullar also informed that India’s imports in September 2011 were US $ 34.6 billion and export stood at US$ 24.6 bn Balance of trade for the month of September 2011 stood at (-) 9.8 billion US $.
The sleuths of Income Tax Commissionerate have detected an income-tax evasion of over Rs 21 crore after they conducted raids at the premises of prominent city-based businessmen, including jewellery showrooms, a Press Information Bureau official said today.
The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursement to retail investors, home loan borrowers, etc. without fearing for recovery, thus bringing about equity. Further, mandatory registration of subsisting security interest (equitable mortgages) would promote innovation in credit information.
Two sets of data to be released this week – industrial output growth for August and consolidated monthly inflation for September – would largely determine the Reserve Bank of India’s (RBI’s) next move on interest rate hikes. Policy makers are facing a harsh dilemma: a slew of fiscal and monetary measures to cure inflation has not tamed prices but cast side effects on growth.
Following the recent downgrade of the country’s largest lender State Bank of India by credit rating agency Moody’s Investor Services, the Reserve Bank of India (RBI) has asked banks to focus on recovery and follow a stringent credit appraisal procedure. The RBI has asked banks to remain cautious in the wake of a higher-than-expected rate hike that could have an adverse impact on the asset quality of banks.
Pressure built up on RBI over interest rates on Wednesday as India’s industrial output grew by 4.1% year-on-year in August. Factory output had grown by 3.8% in July and 4.5% in the year-ago period, with rising input costs and costlier loans forcing firms to defer investments. The manufacturing sector, which accounts for 80% of India’s industrial production, grew by 4.5% during the month. A slower manufacturing sector growth will hurt corporate profitability and employment prospects in factories.
