Amid their widening investigation into banks suspected of facilitating offshore tax evasion by wealthy Americans, the federal authorities are contemplating a novel punishment: a severe monetary penalty normally reserved for individual Americans. The penalty stems from the violation of a rule known as Foreign Bank and Financial Accounts, or Fbar(pronounced EF-bar), that requires American taxpayers with overseas bank accounts and foreign assets to file a special disclosure with the Treasury Department each year. The top penalty for failing to file the disclosure is 50 percent of the account balance for each year of violation, a level that can leave tax evaders owing multiples of what their accounts hold.
he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. “We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds,” chairman CBDT Sudhir Chandra said.
Students having any query with regard to their appearance in the ensuing examination are welcome to contact the Help Line Desk on the above telephone numbers. The query could be non -receipt of Admit Card or any other matter related thereto. Students who have not received their admit cards can downloa d it from website www.icai.nic.in
a dedicated “Help Line Desk” to attend to the queries of the students appearing in MAY, 2011 examinations has become functional w.e.f. 13th April, 2011 and will continue till 10th MAY, 2011. The telephone/ fax numbers are: 1. Telephone Numbers – 0120-3054851/3054852/3054853/3054835 (from Delhi dial 0120 instead of 95120) 2. FAX No.- 0120-3054841 Students can download the copy of Admit Card from www.icai.nic.in.
An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. “Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities,” Tax Payers Protection & Welfare Society, said in a release.
A local court trying Satyam Computers multi-crore accounting scam today recorded the version of Company Secretary of Mahindra Satyam G Jayaraman. Incidentally, Serious Fraud Investigation Office (SFIO) has named Jayaraman as an accused in the Satyam scam. The case is separately being tried in another court.
Global software major SAP plans to develop and localise its enterprise applications in Hindi, the most widely-spoken Indian language, to enable its domestic customers leverage technology for speedy delivery, the company said Wednesday. ‘The Hindi version of various applications such as human capital management, employee self-service, enterprise resource planning (ERP) financials and logistics solutions will be made available soon to Indian customers familiar with the popular language,’ SAP globalisation services vice-president Yueting Zhou said in a statement here.
In a first-of- its-kind step, Brazil, Russia, India, China and South Africa (BRICS) will be signing an agreement on Thursday under which they would be able to give credit and grants to each other in their own currency instead of dollars. The Summit, to be attended by Prime Minister Manmohan Singh in Chinese resort city of Sanya, will discuss a whole range of issues related to global financial and economic situation besides matters related to energy security, food security and challenges posed by terrorism.
Capital markets regulator Sebi has called for greater regulatory authority in the governance of listed companies. It has asked the ministry of corporate affairs to expand its ambit on all matters of regulating listed companies in the amendments to the Companies Act. In particular, it wants power to regulate matters related to issue and transfer of securities and non-payment of dividends by listed companies, said a senior official in the regulator.
The Reserve Bank has imposed penalties of Rs 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank Niyanit, are based in Karnataka, while Salal Sarvoday Nagrik Sahakari Bank is a Gujarat-based lender, RBI said.
