B M Sharma new ICWAI prez, M Gopalakrishnan elected VP. The Institute of Cost and Works Accountants of India (ICWAI) today said that B M Sharma has been elected as its president for the year 2010-2011. Sharma, who replaces G N Venkataraman, was earlier the vice president of the cost accounting regulator, it said in a statement.
Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee has asked the Income Tax Department to reexamine the way it handles tax disputes. He said, the Department is filing appeals in a routine manner without careful thought and examination leading to the Income Tax Department earning the dubious distinction of being the biggest litigant in the Government of India.
As the last date for filing tax returns nears, those who earned income abroad (‘global income’) may have to make some extra effort while computing their tax liability. In case of employees on deputation abroad, the Income Tax (I-T) Department computes the tax on the basis of their residence status over a certain period of time.
The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises here for the past two days. They said Varadharajan has been remanded to 15 days judicial custody.
Revised Citizens’ Charter Released. I-T Department Celebrates 150 Years of Income Tax in India. The Finance Minister Shri Pranab Mukherjee has asked the income tax department to make double digit contribution to GDP by collecting high revenues and help in building strong nation. He was addressing the senior officials of the Department on the occasion of 150 years of income tax in India, here today.
The results of the Chartered Accountants Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in May, 2010 are likely to be declared tentatively on Wednesday, the 4th August, 2010 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank) on all India basis will be available on the following website:
The Reserve Bank of India has constituted up a Working Group under the Chairmanship of Shri P R Ravi Mohan, Chief General Manager, Department of Banking Operations & Development (DBOD), Reserve Bank of India, to address the implementation issues and facilitate formulation of operational guidelines in the context of International Financial Reporting Standards (IFRSs) convergence for the Indian banking system.
The Government has set a deadline of December 2011 for major telecom operators to adopt the next generation protocol for Internet services in the country.Called Internet Protocol version 6 (IPv6), the new standard will offer improved address space, quality of service and data security capabilities.
Mumbai : Nowadays Income Tax Department is issuing letters to taxpayers demanding them to pay tax which they already paid. These letters being sent out as a result of the income-tax department moving on to a computerised system, wherein taxes cut by your employer and those with whom you share a business relationship get listed under your name. The problem arises at the last link — where tax deducted by any organisation against your name has to appear. The system is not being able to connect the two fields, and hence, thinks you have not paid tax.
THE CBDT is truly excited and fully geared up to celebrate 150 years of income tax in India. The Governor General of India accorded to the bill levying the tax, introduced by James Wilson, the first Finance Member in Council, on 24th July 1860. The 150 years of income tax, spanning 3 centuries, have witnessed tremendous global changes.
