Following the Prime Minister’s reported call to his Cabinet colleagues to stay away from any business interest, Corporate Affairs Minister Salman Khurshid today suggested that ministers could hand over their businesses to a trust, as is being practised in the US.
Big corporations will now find it difficult to defer their advance tax payments. In a bid to meet its revenue collection targets, the Central Board of Direct Taxes (CBDT) has decided to monitor advance tax payments by top companies and persuade them not to defer such payment as self-assessment tax for the next financial year.
The ‘Shield Panel’, a sub-committee of the Research Committee of the Institute, conducts the competition for the ‘ICAI Awards for Excellence in Financial Reporting’ annually, with a view to promote better standards in the presentation of information in the financial statements. The Panel evaluates the Annual Reports and other documents pertaining to the participant organisations.
The Supreme Court has held principles of natural justice is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a quasi-judicial authority and not as a representative of government while inquiry into the charges of misconduct against them.
The Supreme Court has ruled that it is mandatory for the Income Tax Department to issue notice within the prescribed time limit of one year where the assessing officer in repudiation of the block return filed by the assessee proceeds for an inquiry.
With just three weeks to go for India’s national budget for next fiscal, the finance ministry has called for urgent steps to fill top-level vacancies in the direct tax administration as delays were affecting the realisation of targets. Central Board of Direct Taxes (CBDT) Chairman S.S.N. Moorthy has even written to the chairman of Union Public Service Commission requesting an urgent meeting of what is called the departmental promotion committee for filling up the vacancies.
Alimony cannot be decided on the basis of the husband’s income-tax returns as the I-T document is not the “gospel truth”, the Gujarat high court has ruled. The HC gave the ruling while rejecting the plea of a Vadodara doctor, who moved the court against the maintenance sought by his wife.
The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax here today to discuss strategies for achieving the revenue collection target budgeted at Rs.3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs.4,00,000 crore (Rs.4 trillion). The meeting was addressed by the Member (Revenue) and the Chairman, CBDT. The Revenue Secretary also attended the meeting.
THE ministry of corporate affairs has asked the Institute of Company Secretaries of India (ICSI) to suggest changes to make the limited liability partnership (LLP) model more suitable for the small and medium sector enterprises in the country.
The Ministry of Company Affairs is now functioning under a Cabinet Minister, after its up-gradation with effect from January 29, 2006. The Ministry is continuing its initiatives to meet the expectations of the corporate sector and its stakeholders in the changing national and global business environment. The Ministry is constantly working towards improvement in the legislative framework and administrative set up to enable easy incorporation and exit of the companies, convenient compliance of regulations with transparency and accountability in corporate governance.
