Direct to Home [DTH] operators will have to cough up five per cent of their gross receipt as entertainment tax to Orissa government’s coffer. This was decided in the cabinet meeting chaired by chief minister, Naveen Patnaik on Thursday. State finance minister Prafulla Chandra Ghadei said the government will amend the entertainment tax laws to bring DTH operators under its fold.
Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It clearly states that the firm shall have a Past President of ICAI for the last twelve years as active partner of the Firm.
The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33 per cent to 38.5 per cent of the net direct tax collection with an annual average growth of around 25 per cent.
The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view of the roadmap for achieving convergence, there will be two separate sets of Accounting Standards u/s Section 211(3C) of the Companies Act, 1956.
The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported “income- tax refund scam” in that jurisdiction. “The Government has called for a report. We are monitoring the situation,” sources in the CBDT told today.
The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of Assistance to Training Institutions , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new training Institutions for establishment of Entrepreneurship Development Institute (EDI) and strengthening of their training infrastructure on a matching basis, not exceeding 50 percent of the project cost or Rs. 150 lakh whichever is less
The Electronic Clearing System (ECS) of the Income Tax (I-T) Department has been hacked into, jeopardising the functioning of department across Mumbai. On Wednesday, three days after the incident, the I-T department handed over the investigation to the Central Bureau of Investigation (CBI).
Reliance Communications (RCOM), India’s second-largest telecom company by subscribers, has asked the communications ministry to reject the special audit on it by Parakh & Co and alleged that the report `was issued for malafide purpose, based on uncorroborated facts and done without any discussions with it (RCOM)’. The telco has also told the Department of Telecom (DoT) that `the entire report was drafted for the purpose on sensationalising irrelevant matters’.
The government is exploring an increase in the income-tax exemption limit for individuals to compensate for the high recent inflation, but revenue considerations and the fact that the limit was hiked sharply in 2008-09 could force it to maintain status quo or give just a token hike. The proposal has figured in the preliminary discussions , as the policymakers debate ways to give some relief to households from high inflation.
The Comptroller & Auditor General of India, country’s statutory auditor, has sought government intervention to access financial records of Cairn India-operated Rajasthan oil fields. It has not yet received records of Cairn’s Barmer oil fields (RJ-ON-90 /1) for auditing, a senior CAG official said.
