Companies may have to provide detailed information including details of financial assets, the complete list of shareholders and directors to the Institute of Chartered Accountants of India (ICAI) if the government accepts the amendments to Chartered Accountants (CA) Act 1949 suggested by the institute.
Starting next month, there will be no service tax on construction of some low-cost housing, power distribution, foreign travelers in transit, those flying to and from the Northeast, services within ports and airports, and certain tournaments and championships.
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
The top brass of the Rs8 trillion Indian mutual fund industry will soon meet officials of the Central Board of Direct Taxes (CBDT), seeking parity in tax treatment with life insurance products. The industry, facing outflow of funds and migration of agents to insurers following regulatory changes, is unhappy with proposals in the new draft of the Direct Taxes Code (DTC) that seeks to withdraw tax benefits.
Women fighting legal battles to re-enter the shared household can enforce their right to cohabit against estranged spouses and not against in-laws under the Domestic Violence Act, a court has said. If the interpretation (that the Act provides right to share house with husband’s relatives) is accepted, all houses of the husband’s relatives will be shared households and the wife can well insist in living in them merely because she had stayed there with her husband for some time in the past.
Finance ministry on Thursday ruled out any profit-linked tax benefit to special economic zones (SEZs) under the proposed Direct Taxes Code (DTC), aimed at reforming tax structure in the country. “There will be no profit-linked deductions for special economic zones under Direct Taxes Code. But SEZ developers and units may still get investment-linked tax deductions,” revenue secretary Sunil Mitra said in an interview.
Being ready with the required IT infrastructure to usher in goods and services tax (GST) is high on the government’s agenda. The Nandan Nilekani-led seven-member Technology Advisory Group for Unique Projects (TAGUP) will meet here for the first time on June 28 to review IT preparedness for the proposed indirect tax regime.
The Income Tax Department has carried out search operations at companies engaged in real estate business, I-T department sources said here today. Over 50 premises including business and residence of five builders are being searched by more than 250 I-T sleuths, sources said, adding some of the business premises in Ahmedabad are also being searched.
The Parliamentary Standing Committee on Finance has sought details of the financial dealings of the Indian Premier League from the UPA government. It has also questioned finance ministry and corporate affairs ministry officials on why no enquiry was conducted during the first two years of the the T20 extravaganza.
Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS). According to a RBI notification, this has been introduced to curtail cheque frauds on account of alterations in cheques and protect customers as well as banks.
