At present, a foreign national coming to work in India is required to obtain an Employment Visa (“EV”) from the Indian Mission in his / her home country or country of residence. The accompanying spouse is required to obtain an Entry visa (“X” visa) to stay in India. A spouse who is on an X visa cannot undertake employment in India. To undertake employment in this case, the spouse is required to go back to his / her home country to obtain an EV. The Ministry of Home Affairs (“MHA”) has recently relaxed the visa norms and a spouse is now permitted to convert his / her X visa into an EV in India subject to the fulfillment of following conditions.
The Comptroller and Auditor General (CAG) in its report has pulled up Securities and Exchange Board of India (Sebi), Insurance regulatory and Development Authority (Irda), Pension Fund Regulatory Development Authority (PFRDA), Central Electricity Regulatory Commission (CERC) and Petroleum and Natural Gas Regulatory Board (PNGRB) for “contravention of constitutional provision”.
The Government of Maharashtra has issued Trade Circular No. 4-T of 2011 dated 19-03-2011 regarding relaxation of due date for the filing of E-Return of Maharashtra Profession Tax for the month of February 2011 till 31st March 2011 provided tax is paid on or before due date i.e 28-02-2011.
Rapidly growing Indian economy and the strides taken by Indian firms to go global have thrown up the need for”globalisation of Indian accountants”to tap into growing opportunities, the President of the Indian Chartered Accountants of India (ICAI) said today.
India is sitting on unused foreign aid of over Rs. 1 lakh crore reflecting inadequate planning by ministries like urban development, water resources and energy, a report by government auditor Comptroller and Auditor-General of India (CAG) has said. “As on March 31, 2010, unutilised committed external assistance was of the order of Rs.1,05,339 crore,” the CAG said in its report tabled in Parliament on Friday.
India’s foreign exchange reserves declined by $755 million to $301.84 billion on the back of a reduction in foreign currency assets (FCAs) for the week ended March 11. The reserves had surged $1.8 billion the week before to $302.59 billion. FCAs, the biggest component of the foreign reserves, declined by $705 million for the week ended March 11, the Reserve Bank of India (RBI) said in its weekly data released this evening.
From the desk of Chairman,CBDT S.N. 23 /March 19 ,2011 . Our COMMITMENT to issue all refunds. CONFIDENT THAT THE FIELD DOES NOT WANT CBDT TO FAIL? Progress of issue of refunds is far below expectations. All officers are once again advised to necessarily issue all pending refunds of AYs 09-10 & 10-11 by March 28 2011. This is going to be one of the significant criterion’s in judging the performance of the CCITs & CITsduring the FY 10-11.
India’s tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 and for the year the trend is likely to be maintained, Revenue Secretary Sunil Mitra said here today at CII annual regional meet.
“Vodafone Group’s position has not changed with regard to the tax case and we continue to believe that there is no tax to pay on this transaction…Vodafone will continue to defend its position vigorously and will look forward to the matter being reviewed in full by the Supreme Court on July 19,” Vodafone said in a statement.
Asserting that the new healthcare levy is not new and will not hurt the common man, the Central Board of Excise and Customs (CBEC) today said the idea was mooted because insurance companies’ tactics resulted in lower collection. Finance Minister Pranab Mukherjee in Budget 2011-12 proposed levying 5 per cent tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests.
