All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the term ‘relative’ for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements when there is substantial interest) will have the same meaning as assigned to it in AS-18.
Direct Taxes Committee of ICAI by providing a handbook on the PROCESS OF E-FILING OF INCOME TAX RETURNS. This handbook would act as a ready referencer for our members for e-filing the income tax returns. The same can be downloaded from the link given below:-
The committee that was set up to strengthen ways to curb black money in the country and is headed by CBDT chairman, will hold its second meeting tomorrow. According to official sources, the committee will review the mandate and discuss several issues, including the responses that the government has received from the general public to tackle the black money menace.
In furtherance of Income Tax Department’s commitment towards providing better tax payer services, the Income Tax Department, New Delhi has organized a special camp to facilitate filing of returns of salaried and pensioner assessees at Hall no. 12 & 12A, Pragati Maidan from 28th to 31st July. The camp was today inaugurated by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes.
The Union Cabinet today approved the proposal for the enactment of a new legislation in the form of the Lokpal Bill, 2011. The Bill provides for the establishment of the institution of Lokpal to inquire into allegations of corruption against certain public functionaries and for matters connected therewith or incidental thereto. The Bill envisages setting up the institution of Lokpal consisting of Chairperson and eight Members with the stipulation that half of the Members shall be Judicial Members. It will have its own Investigation Wing and Prosecution Wing with such officers and staff as are necessary to carry out its functions.
Allaying fears of sluggish economic growth impacting tax collections, Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. We have got no indication (of slowdown impacting revenue collections). I am confident that direct tax collection target for the current fiscal would be achieved,” Chandra told reporters here when asked whether decelerating economic growth would impact tax collections.
European Union has proposed a settlement of the dispute by confirming the detailed principles agreed in the Understanding to guide border enforcement of intellectual property in the EU. In addition, EU agreed to India’s request for adoption of guidelines which would confirm the principles agreed to in the Understanding with a view to give greater and immediate legal certainty for producers and traders. EU also agreed to reflect the principles contained in the Understanding in its proposal for a new Regulation to replace Regulation 1383/2003. In return the EU sought an assurance that India would refrain from further steps in the ongoing dispute. Mr. Jean-Luc Demarty, Director General, European Commission sent a letter to this effect on 17 June 2011 to Commerce Secretary Shri Rahul Khullar.
The result of the Insurance and Risk Management [IRM] Examination held in May, 2011 is likely to be declared on 8th August, 2011 around 2 P.M. at the Institute’s office at New Delhi.
The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment year 2011-12 is July 31.
FSDC decides to take steps to make Corporate Bond Market more vibrant – On the issue of Sovereign Credit Rating of India, it was decided that it would be necessary for the government to strengthen its interaction with the rating agencies. The Council noted the recent structure that has been put in place in the Ministry of Finance for the exchange of information with the credit rating agencies. For better interaction with the agencies, it was decided to further broad base the process and present India’s case for higher rating by studying the methodologies adopted by the rating agencies.
