The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09.
In reply to an unstarred question in the Lok Sabha today, Minister of Corporate Affairs, Shri Salman Khurshid said that generally, the cases referred to the SFIO for investigation are characterized by having substantial involvement of public interest either in terms of monetary misappropriation or in terms of persons affected, and are complex and having inter-departmental and multi-disciplinary ramifications. However, the exact amount of funds in each investigation has not been quantified.
“Entertainment industry is anticipated to grow at a rate of nearly 10 per cent for the next five years and would reach a level of Rs 1,000 billion…(however) uneven entertainment tax which is already in excess would curb its growth,” the industry body said. While entertainment is one of the basic needs of life, the entertainment tax levied on release of films in cinema halls is highly uneven across various states and is in excess of 30-40 per cent, the chamber said.
The government is considering expanding the scope of the existing tax refund scheme to include exports sectors that have been hit by demand slowdown in the developed markets. The finance ministry is soon likely to issue a notification in this regard. The government will also not lower the existing tax credit rates till the time these sectors show improvement, a government official.
Threshold:Different thresholds have been proposed, Rs 10 lakh for SGST (lower for some underdeveloped states), Rs 1.5 crore for CGST for goods and a lesser amount (not indicated as yet) for services. Thus, there will be four thresholds which has been criticised by several analysts but one must remember it is different in many developed countries as well.
The Central Bureau of Investigation (CBI) today arrested Satyam’s Internal Auditor V S Prabhakar Gupta for his alleged role in fudging of books of accounts of the software major for several years. The CBI, which had filed its charge sheet within 90 days of taking over the case, arrested him after his role came to light, CBI sources said.
As you are aware, the ICAI elections are scheduled in the first week of December, 2009. The BCAS once again exhorts you to cast your vote and make a difference in these elections. The future of our profession is at stake. Please do not miss this opportunity.
This Exposure Draft on Financial Instruments: Amortised Cost and Impairment, has been issued by the International Accounting Standards Board with the objective to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard, to be known as IFRS 9 Financial Instruments. To achieve this, the Board divided its project to replace IAS 39 into three main phases.
It has been brought to our notice that while some voters from the Eastern India Regional Constituency have received the correct Election Circular, meant for the forthcoming elections to be held in December, 2009, containing the details of Polling Booth allotted to them, however, they have received along with that Circular letter, the wrong bio-data of candidates meant for the Western India Regional Constituency.
In a major operation against alleged tax evasion, officials of the Department of Income Tax carried out simultaneous raids at 20 offices and residences of four industrialists, including a Congress leader, and scrutinised their property details here on Friday. Income Tax department unearthed several cases of Income Tax evasion by them. They also seized many documents pertaining to illegal property documents and unaccounted cash among others.
