The Central Bureau of Investigation has registered a case against an Addl. Commissioner (IRS-90) of Income Tax, working in the office of Commissioner of Income Tax Guntur for allegedly amassing disproportionate assets approx Rs.4.56 crore. It was alleged that the Addl. Commissioner of Income Tax while working as public servant during the period 2000-2007 acquired assets in his name and in the name of his family members which were disproportionate to his known sources of income to the tune of Rs.4,56,63,105/-(approx).
In a bid to tackle tax evasion and check generation of illicit money, the government is considering classifying earnings from illegitimate sources like bribery and corruption as criminal offences under the income tax laws. ‘The income earned from illegitimate means could be classified as a criminal offence in the Income Tax Act’, said a senior Finance Ministry official.
All the stakeholders are hereby informed that Ministry of Corporate Affairs has opened all the work items filed prior to coming into force the amended Regulation 17 of The Companies Regulation, 1956 i.e. 15.02.2009 and are pending for user clarification / re-submission / under regulation 17(6). All ROCs have been directed to disposed off pending work […]
The Union Finance Minister Shri Pranab Mukherjee said that core inflation in May,2011 is higher at 8.71 per cent in comparison to 7.93 per cent in April,2011 and 10.34 per cent in March 2011. Finance Minister Shri Mukherjee said that we would keep a close watch on developments, both domestic as well as international, in the coming months and make appropriate adjustments as we go along.
The Federation of Indian Exports Organisations (FIEO) today suggested that the 14-year-old Duty Entitlement Pass Book (DEPB) scheme be extended till the Goods and Services Tax (GST) is introduced in the country. The DEPB scheme should continue till GST is introduced as it will not possible to fix the drawback rates for all the products for which DEPB rates exist in the short span of three months, FIEO President Ramu S Deora said in press statement.
Various taxes relating to real estate should be rationalised for affordable housing projects in order to tackle the rapid pace of urbanisation in the Indian cities, according to a survey conducted by accountancy firm Grant Thornton and CII. In view of the phenomenal pace of urbanisation, residential real estate ought to be made affordable to accommodate the ever-increasing immigration into our urban centres, Grant Thornton India National Managing Partner Vishesh C Chandiok said in a statement.
The Reserve Bank of India presented its assessment of the health of India’s financial sector in its Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank’s continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The first FSR was released in March 2010 and the second in December 2010. Going forward, FSRs will be released bi-annually in June and December every year.
Acting on a specific intelligence, the DRI officers of Siliguri under Kolkata Zonal Unit effected a seizure of Red Sanders Wood weighing 6360 kg. valued at ` 63.60 lakh from a truck bearing registration no. NL-05D-6192 on 13.06.2011 at Leuchipokhri, P.S.- Phansidewa, Dist-Darjeeling. The logs were kept concealed under 235 pcs. of Indian style sanitary pans & 104 pcs. of small pipes.
E-Governance cell has decided to hold a meeting with IT vendors and Accounting Consultancy firms on 20.06.2011 at 3.00 pm at Conference Hall, MCA, 5th Floor, Shastri Bhawan, New Delhi. The agenda of the meeting is to comprehend and accommodate the experiences, issues, etc of the accounting consultancy and accounting software development firms for strengthening of the XBRL initiative of the Ministry. Firms interested to participate in the said meeting are requested to contact Dr Pankaj Srivastava, Joint Director on 011-23063067/ pankaj.srivastava@nic.in
The Ministry of Corporate Affairs (MCA) has proposed vide notification dated 06.06.2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (demat) form. The Companies (Dematerialization of Certificates) Rules, 2011, are proposed to come into force from October 1. All new issuances will also have to be in demat form. MCA has also proposed to make this mandatory for all existing paper certificates by September 30.
