A report says number of PAN cards far exceeds the number of tax payers. This raises concern that tax dodgers may be using multiple cards to hide income. The Income Tax ( I- T) department has issued close to 10 crore permanent account number ( PAN) cards but the number of taxpayers in the country is only one- third of this number, giving rise to serious concern that many tax dodgers are using two or more cards to conceal income.
Amendment of section 40A – (i) New clause 7A of the Finance Bill,2011 7A. In section 40A of the Income Tax Act, in sub-section (9), after the words, brackets and figures “under clause (iv)”, the words, brackets, figures and letter “or clause (iva)” shall be inserted with effect from the 1st day of April, 2012. (ii) Amended section 40A(9).
Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts.
Shri Kapil Sibal, Union Minister for Human Resource Development inaugurated, here today, a new web-based application for the All India Council for Technical Education (AICTE) that will provide for the information and data as filled in by the institutions to be available in the Public Domain. This is a bid to promote transparency and accountability in its functioning. Interested stake holders can thus view the information pertaining to any institution in the Public Domain.
1. The Institute is pleased to announce that the Part –I examination of the Post Membership Qualification (PMQ) in ‘Corporate Governance’ will be held from Sunday, June 5, 2011 to Thursday, June 9, 2011 at the centres where the company secretaries June 2011 examination would be held.
A Mumbai Sessions court has sent Pune-based stud farm owner Hasan Ali, who is alleged to have stashed away over eight billion dollars in Swiss banks, to judicial custody till April 8. The Enforcement Directorate (ED) had produced Ali before a magistrate last night after his three-days custody with the probe agency ended.
Maharashtra government on Wednesday exempted transfer of copyrights of a film — relating to the exhibition in theatres — from VAT. This was announced in the Legislative assembly during the State budget presentation, Deputy Chief Minister and Finance Minister Ajit Pawar. He said VAT was currently levied on transfer of copyright of films for the purpose of exhibition in theatres.
The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be “ineligible” for getting them. Based on the report of the CAG, the Department of Telecom (DoT) has “issued show cause notices to 13 companies for termination of the 85 new licences issued in 2008. The companies have given their replies which are under examination,” DoT said in its reply to PAC’s questionnaire.
Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance Bill 2011 and Appropriation Bills to the Lok Sabha, thus signalling the completion of the Budgetary exercise.
The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in his budget speech of 2010-11 to rewrite and harmonise financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India’s financial sector was built over a century.
