Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management
Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the Finance Ministry said today. Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax returns in the electronic format, the ministry said.
A new 10.3% service tax has been introduced on all cashless mediclaim transactions from July 1, to be paid by Third Party Administrators (TPA) to hospitals later. What does this mean for consumers? According to lawyer and consumer activist Jehangir Gai, “Consider that a patient with a cover of Rs 1 lakh has been allowed a claim of the full sum.
Students under PCC stream are sent Student’s Journal, free of cost, for a total continuous period of three & half years (42 months) from the date of commencement of articleship. They will continue to receive the Student’s Journal even after joining final course, provided the period of 42 months is not over.
The changes to the original draft of the direct taxes code are going to cost taxpayers, with the government planning to significantly alter the slabs. While the slabs are yet to be reworked, officials indicated the highest one could be in the range of Rs 10-15 lakhs (Rs 1-1.5 million), instead of the Rs 25 lakhs (Rs 2.5 million) proposed when the first draft was released last August.
B Ramalinga Raju, the disgraced founder of the erstwhile Satyam Computer Services , and his family members wrongfully gained Rs 2,743 crore (Rs 27.43 billion), the Central Bureau of Investigation (CBI) said.For the first time, the premier investigating agency, as a part of its media workshop, discussed Satyam fraud as a case study.
Income Tax department has decided to celebrate 24th July, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy. “Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as the Income Tax Investiture Day,” a finance ministry official said.
Taiwan’s ongoing negotiations with India on a Double Taxation Agreement (“DTA”) look set to be concluded in the near future. “I can only say that things are moving very well. We are finalizing the details in the very, very near future,” said Pradeep Kumar Rawat, the director-general of the India-Taipei Association. He did not say when a more detailed announcement may be expected.
A former chief commissioner of the income-tax department, who was instrumental in preparing the revenue department’s case for levying a tax on the $11-billion Vodafone-Hutch Essar deal, has resigned from professional services firm KPMG that has Vodafone as its client. Girish Dave, the former chief commissioner, had joined KPMG after his retirement, a move that was looked at askance by the higher echelons of the Indian Revenue Service.
An infrastructure finance company can issue only 25 percent of its incremental investment as tax-free infra bonds in a year, says the finance ministry. “The volume of issuance (of tax free bonds) during this financial year will be restricted to 25 percent of the incremental infrastructure investments made by the issuer during the fiscal 2009-10,” a senior finance ministry official said.
