After the income tax (I-T) department raising a demand of over Rs 600 crore from the Board of Control for Cricket in India (BCCI), the service tax department, another arm of the finance ministry, has slapped as many as 32 show cause notices on Indian Premier League (IPL) franchises for alleged duty evasion to the tune of nearly Rs 64 crore.
SBI Life (“the Company”) seeks to invite proposals from interested parties for conducting the audit of corporate agents of the Company. The work involves carrying out on site/ off site inspection based on the defined checklist provided by the Company. This request for proposal is an invitation to the Chartered Accountant Firms who have substantial experience in carrying out inspection of Insurance Companies. The expected number of corporate agents (including banks who are corporate agents) is around 140 spread across the country.
India’s apex audit and accounting body wants more regulatory powers to prevent frauds such as the one perpetrated by B. Ramalinga Raju, the founder of Satyam Computer Services Ltd. The Institute of Chartered Accountants of India (Icai), in a report to the ministry of corporate affairs (MCA), has asked that its committees be given the power to summon witnesses and ask for production of records of companies when it is investigating corporate and accounting frauds perpetrated by audit firms.
The Mahindra group and the various enforcement agencies appear to have different viewpoints on the treatment of the Rs 1,230-crore, which Mr Ramalinga Raju had personally invested in the erstwhile Satyam Computer Services between 2007 and 2009.
Effective July 1, 2010, the Government of India has levied a Service Tax that will be applicable on domestic air travel. Kindly note, the applicable Service Tax will be INR 103 per passenger, per sector inclusive of cess.
Citizens across the 28 states will be able to avail of all government services, including payment of utility bills and applying for a driving licence, through common Internet portals being developed as part of a Rs 2,000-crore state portal project, senior government officials told.
The tax structure is designed in a manner that the Russian government retains most of the revenues generated for crude prices above $30 resulting in low revenue for Imperial Energy, which is ONGC Videsh Ltd’s wholly-owned UK-based subsidiary.
The Union finance ministry has agreed to states’ demand that tobacco be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it. Besides GST, the Centre would levy an excise duty on tobacco. At present, states collect tax on alcohol, while the Centre levies duty on tobacco.
The cost of doing business in India could come down if the dividend distribution tax (DDT) levied on foreign shareholders is replaced with a withholding tax as under the current system, apex chamber Ficci has said. According to the chamber, foreign shareholders are unable to claim credit in the home country for DDT paid in India, resulting in a higher effective tax rate.
The RBI directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent fraudulent withdrawal of money and expedite clearance of cheques.
