The Finance Ministry has suspended the facility of e-filing of income tax returns, as security certification for the Income Tax Department’s website is not yet in place. In an official statement here on Monday, the Central Board of Direct Taxes (CBDT) said: “Pending completion of the certification procedure,
Securities and Exchange Board of India has been dragged to the court by one of its employees for the first time in its history. Nagendar Parakh, the senior-most chief general manager of Sebi, filed a petition in the Mumbai High Court on May 3 challenging Sebi’s decision of denying him a promotion as an executive director even while junior officers were being elevated.
Addressing the Members of the Consultative Committee of the Ministry of Commerce and Industry here today, Shri Anand Sharma, Union Minister of Commerce and Industry, has said that “I am confident that in partnership with industry, academia and all stakeholders, we will be able to create a conducive environment, which would sustain the momentum of our economy and manufacturing in particular”.
The Income Tax department is looking to bring rural traders and others into the tax net. The department which is attempting to expand the taxpayer base in the country will now focus their attention on a large swathe of rural businesses that have so far remained untouched.
Last week, Finance Act, 2010 came into effect. A few days earlier, Finance Minister Pranab Mukherjee had spelt out his response to several representations regarding his Budget proposals. Apparently, there were hardly any representation about the changes that will create tax liability for taxpayers with retrospective effect, or he decided not to yield to the representations.
The Central Board of Direct Taxes (CBDT) has come out with a new income tax Form – Saral-II . The new form aims at making the process of filing tax returns easier for individual taxpayers. The form is to be used to file the income tax returns for the financial year 2009-10 (assessment year 2010-11 ).
The Comptroller and Auditor General of India (CAG) has highlighted glaring lapses in the recovery of service tax being administered by the Union Government, while the number of cases and amount entailed in demands for service tax outstanding for adjudication/recovery keep escalating.
A 28-year-old chartered accountant, who had come to Ryan International School in Beta-I sector for auditing, was found dead inside the school on Thursday. Ajay Sharma, originally from Koderma in Jharkhand, allegedly scaled a four-feet high wall around 7.15pm on Thursday evening to reach the swimming pool where he was found drowned.
As members may be aware that recently, the ICAI has made an announcement regarding certain procedure to be followed while signing audit reports. This announcement affects all audit reports that would be signed by a Chartered Accountants on or after 1st April, 2010. Since the matter is very important and affects any auditor, we would like to draw your attention to the same.
Shri Salman Khurshid, Minister of Corporate Affairs, has said that in order to increase awareness in investors , an ‘India Investor Week’ will be organized in the 2nd week of July, 2010. Presiding over the meeting of the Governing Council of the National Foundation for Corporate Governance (NFCG), Shri Khurshid said that during that Week, 5 major events in the metros, regional events in the states and a large number of investor awareness camps will be organized all over the country.
