The Reserve Bank today allowed domestic companies to issue shares against import of capital goods and machineries, making it easier for them to expand. However, companies will have to get prior approval of the government to trade equities for imports.
In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government. ‘This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at source) statements and to identify the defaults and PAN errors…,’ the Central Board of Direct Taxes (CBDT) said.
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country. CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates, a revenue official said.However, the official did not specify any timeframe for creation of the specialised offices (directorates).
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery. High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions.
The Central government proposed to give investment subsidies to the tune of Rs 1 lakh crore to give a big boost to the country’s electronics industry in the next ten years, a key official said today. This push is expected to generate Rs 4 lakh crore of investment in the sector and also create 20 million jobs in this decade, Joint Secretary in the Department of Information Technology Ajay Kumar said here.
The free trade agreement (FTA) between India and Malaysia will come into force from July 1, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation. In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, will attract lower or no duty in Malaysia with the implementation of the Comprehensive Economic Cooperation Agreement (CECA), according to a statement of the Commerce Ministry issued today.
Amid a debate within the government on allowing foreign direct investment in multi- brand retail, the nodal Consumer Affairs Ministry is insisting on a FDI cap of 49% in the sensitive sector, sources said.
In just nine months since the launch of the Aadhaar project in Maharashtra, UIDAI has issued one crore Aadhaar numbers. 52 year old, NK Chheda from Maharashtra has the distinction of being the resident whose Aadhaar number was generated on reaching this milestone. Coincidentally, the first resident to get the Aadhaar number, Ranjana Sonawane, is also a resident of Maharashtra. She received her number on 29th September, 2010 in Tembhli village of Nandurbar district.
Sub: Master Circular on AML/CFT – Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 (PMLA) was brought into force with effect from 1st July 2005. Necessary […]
All the members of the Canadian Institute of Chartered Accountants who are interested in applying for ICAI Membership under the terms of the MoU executed between ICAI and CICA, can apply in the prescribed format after 25th July 2011. The expected date of 1st examination being organized by ICAI for CICA members is January 2012.
