The Registrar of Companies (ROC) of Punjab, Haryana, Himachal Pradesh and Chandigarh has served a showcause notice on 11,888 companies for violating company laws for several years. The companies had not filed balance sheets with the ROC for three years. Out of the total, 35 companies are listed and 22 are government undertakings. Those issued notice were 6,112 from Punjab, 4,002 from Chandigarh and 1,774 from Himachal Pradesh.
In a rare instance, the Central Information Commission (CIC) has agreed with the Supreme Court and said that its Registry could not be asked under the Right to Information (RTI) Act to provide details of the income tax returns filed by its judges.
The Parliamentary Standing Committee on Finance will meet on Wednesday to discuss issues linked to possible tax evasion by organisers and teams of the Indian Premier League (IPL). There are indications that the Department of Revenue has unearthed strong evidence of tax evasion, particularly on the service tax front, by several service providers to the popular cricket.
“The imposition of stamp duty by states has become a problem. The concept was to validate a trade; it has been converted into a tax. Within the next few months, almost all states will impose it. An easy source of revenue, it’s mindless application of law,” said a member of the Association of NSE Members of India (Anmi), an association of stock brokers.
The online filing of income tax returns could touch one crore-mark in the current financial year from 55 lakh in the last fiscal with the government making it mandatory for certain professionals and business entities as well apart from corporates.The finance ministry said that professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically.
The Securities and Exchange Board of India (Sebi) does not want the proposed apex financial stability council to set itself up as an arbiter in disputes between regulatory bodies, bringing into sharp focus regulators’ concerns about the government intruding into their domain.
The Securities and Exchange Board of India (Sebi) is planning a standard set of disclosures for mutual fund fact sheets, advertisements and scheme information documents (SID), a person familiar with the matter told us. This will not only give a clearer picture about the performance of the schemes, but will also help investors compare similar schemes of different fund houses.
Opportunity for Skilled Translators (Hindi) to translate all Converged Accounting Standards (ASs) in Hindi in the project of the Accounting Standards Board (ASB). The Institute of Chartered Accountants of India (ICAI), an apex premier Accounting professional body set up by an Act of Parliament, has set up the Accounting Standards Board (ASB) for formulating the Accounting Standards.
The employees of the Income-Tax Department will strike work on Thursday to stress the various demands including filling up vacancy and stop outsourcing at the Central Processing centre in Bangalore.The two major employees associations Income-Tax Gazetted Officers Association and Income-Tax Employees Federation will participate in the strike.
There is no major cause for worry on the imposition of heavy penalties by the U.S. capital market regulator on the erstwhile Satyam Computers, Union Minister of State for Corporate Affairs Salman Khurshid said here on Tuesday. Replying to a query, Mr. Khurshid said he would not comment on this issue as there was no formal communication, but there were indications that “things were on track”.
