The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered Accountants of India (ICAI) on January 11, said MCA minister Salman Khurshid.
This seems to be the message of the I-T department, which has undertaken a sensitisation drive to make the DDOs aware of their responsibilities. As part of this, the I-T’s TDS wing organised a seminar on Friday for officers of nationalised banks’ branches, except those of the State Bank of India, in Patna in which about 90 bankers took part.
Also, there have been incidents where mortgaged properties were auctioned off at “undervalued” prices, the sources said. The meeting is to find out whether there was any actual mischief or if it was due to practical difficulties in finding a buyer to pay a higher value for the property as the registered value shown on paper would have been lesser than its actual value, they added.
The directive was issued in December in the wake of mounting “indefinitely adjourned” cases, which stood at 150,000 in March 2009. On the heels of a key amendment that brings India’s intellectual property laws in line with international standards, the screws are being tightened on corrupt and inefficient officials who deal with trademarks.
The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. “We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April 2011”, Mr Mukherjee said in his address at Pravasi Bharatiya Divas, an annual conference for overseas Indians.
Banks in India might soon face caps on charges for basic services, such as drafts and remittances, as the Reserve Bank of India addresses rising customer complaints. The Indian Banks Association has been tasked with creating guidelines on reasonable charges for services. A sub-committee, including representatives from State Bank of India, Corporation Bank, Citibank, and ICICI Bank, will focus on 27 basic transaction services and is expected to submit recommendations to the regulator by next month. If accepted, the guidelines could come into effect from April 1, 2020.
The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rules that would enable the income tax (I-T) authorities to accept the transfer pricing returns without scrutiny. Transfer pricing refers to the price at which one arm of a company, usually a multinational corporation, transfer goods or services to another division of the same organisation in order to calculate each arm’s profit and loss separately.
The investigation wing of the income tax (I-T) department in Mumbai has unearthed a record Rs1,315 crore in undisclosed income in the first nine months of the fiscal year, I-T officials said. The cases involve 16 companies, including 10 that are publicly traded. “Our searches have significantly improved collection of corporate taxes in Mumbai. More and more firms are voluntarily disclosing their income and paying up tax,” an income-tax official told on Friday.
Finance Minister, Shri Pranab Mukherjee has directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs.4 lakh crores. Addressing the All India Conference on Tax Deduction at Source (TDS) here today, Shri Mukherjee congratulated the department on reaching tax collection figure of Rs.2.50 lakh crore by December 2009 showing a growth rate of around 8.5%.
Workmen’s Compensation (Amendment) act, 2009 – amendment in long title, preamble, section 1, 2, 4, 20, schedule II, insertion of section 25a and Substitution of references to certain expressions by certain other expressions
