Cases of fraudulent companies selling insurance products in India without a licence from the sector regulator, Insurance Regulatory and Development Authority (Irda), are on the rise. Several such incidents have come to Irda’s attention in the last eight to ten months.
Internet-based money transfer service Paypal has resumed remittances to small-time exporters who will now have to report them as export revenue to Indian authorities. “Customers who rely on PayPal are now able to sell their goods and services around the world and withdraw money to their local bank accounts,” explained Anuj Nayar, director of global communications, PayPal.
The Supreme Court has dismissed the appeal of the income tax authorities who had insisted on imposing penalty on Reliance Petroproducts Ltd for alleged concealment of income and furnishing inaccurate particulars. The firm had claimed expenditure made for paying interest on loans incurred by it by which amount it bought IPL shares by way of its business policies.
However, there may be several other issues over which you would like the Committee to make a suitable representation to the CBDT/ITAT etc. The Committee proposes to submit a separate memorandum to the government addressing the various hardships faced by the assesssees in respect of matters relating to direct taxes. In this regard, suggestions are invited on various aspects related to hardships faced by your goodself in the area of direct taxation.
To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has unearthed links to more than Rs 1,000 crore money in the last few searches with the help of cyber forensics, according to sources.
Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the Confederation of Indian Industry (CII), Mr Khurshid said, in the context of making the audit function effective, that there had emerged an idea of dual audit so that there are two companies (firms) in a sense keeping a check on each other.
A computer error in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty for deferment of tax payment. Officials admit it is a mistake and have set up a counter at the Bandra-Kurla Complex office to redress the issue.
THE new companies bill 2009 will take a special approach to second and third generation family members joining the family run companies after their studies, the union minister of state for corporate affairs, Salman Khurshid said here on Saturday.
The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF) website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said.
Even as the Union Cabinet on Thursday made it mandatory for public sector undertakings (PSUs) to follow corporate governance norms, senior executives of blue chip PSUs point out that it is the government itself that has been posing hurdles in the implementation of these rules.
