Our commitment to issue all refunds before March 31 2011 – CBDT’s requests / instructions / advice made on Feb 24, March 5 & again on March 8 2011. At the moment we are issuing around 30,000 refunds every day. Around 2,000 refunds cases are being approved every day by Jt / Addl CITs. Though there is a definite progress in the issue of refunds, it is still far short of desired output.
Inoperative EPF Accounts The Finance Ministry while recommending adoption of investment pattern notified by them on 14.08.2008 for Employees’ Provident Fund and “Exempt Funds” suggested that liberal advances and withdrawals from Employees’ Provident Fund (EPF) should be shunned to achieve old age income security for employees because by not adhering to “one instrument one policy objective” most employees retire with as little as less than Rs. 35,000/- in their accounts. Ministry of Labour and Employment has replied to the Ministry of Finance mentioning the need for continuation of the provision for partial withdrawal from provident fund account of the subscribers.
If Sebi has its way, wealth managers will have a tough time going forward as the capital markets watchdog is in the process of coming out with stern measures to regulate the relationship managers in particular and wealth management firms in general.
Swiss banks have asked their government to reject any “mass-requests” for account details, even as the European nation plans to relax its norms for sharing banking information with countries such as India. Known for providing utmost secrecy to their customers and their assets, Swiss banks have also warned the Switzerland government against signing any automatic information exchange agreement with any foreign country.
Unearthing major tax evasion, Delhi Government has detected swindling of tax to the tune of staggering Rs 230 crore by mobile phone dealers who imported handsets from China and sold them “illegally”. Top officials in the tax department said apart from evasion of tax, the dealers were found selling Chinese mobile phones not having the mandatory International Mobile Equipment Identity (IMEI) number, which could pose a major security threat.
The IRDA had conducted an audit of the Third Party Motor Insurance Pool and has established that the pool reserves have to be significantly augmented in order to meet the higher compensation to be paid to the unfortunate victims of road accidents. Such augmenting of reserves will strengthen the insurance companies and will enable them to meet all claim obligations at all times expeditiously and without fail, The IRDA has required all general insurance companies to increase these reserves in a phased manner over a period of three years and till the reserves are augmented to a satisfactory level, companies have also been required to restrict theft expenditure in terms of bonuses. incentives etc., besides bringing in additional capital as might be necessitated.
Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 09/3/2011 it has processed over 38.42 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 10.44 lakh cases.
Update on CPC – Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following: 1. Status of receipt of ITR-V at CPC 2. Processing status of e-filed returns 3. Refund issues 4. Any other information related to processing of returns at CPC
Mines and Minerals (Development and Regulation) Act. The draft Mines and Minerals (Development and Regulation) Act, 2010 was hosted on the website of Ministry of Mines (http://mines.nic.in) on 3rd June, 2010. The proposals received from the State Governments with reference to new legislation being framed pursuant to the National Mineral Policy, 2008 are presently under consideration of a Group of Ministers (GoM). Final reaction of the Government will be known on receipt of recommendations of GoM. Since the process involves taking the approval of Parliament, the time by which such legislation would be available cannot be stated.
The Institute has received overwhelming response from the members and corporates for the Campus Placement scheduled to be held on 15th March 2011 at NIRO of ICSI. The following Companies have already sent their confirmation for participation in the Campus Placement:-
