A GOVERNMENT proposal to constitute a supervisory mechanism above the country’s three statutory institutes for accounting, company secretaryship and cost accounting and allowing their members to provide services in each other’s fields has been opposed by these regulators. Floated by the corporate affairs ministry, the proposal seeks to create an oversight mechanism that will oversee […]
Even as income-tax payers grapple with non-acceptance of their returns, it’s surely not a good time to expect refunds. Refunds across the country will be enormously delayed as the software at the new Centralised Processing Centre (CPC) of the I-T department is yet to be rid of bugs. The net result is that processing tax returns […]
Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested. “The possibility of introducing quarterly limited review of cost details, in case of listed companies, may be examined in consultation with SEBI,” […]
THE Income-tax department has unearthed a major scam involving duping of 60,000 customers by an Orissa-based real estate company through a multi-level marketing cum incentive scheme. The tax sleuths under the direction of the Central Board of Direct Taxes’ (CBDT) investigation wing have frozen several accounts of the company and recovered about Rs 6.5 crore.
The new centralised system for processing excise and service tax which would the save tax payer’s time and money would be rolled out across the country by the end of this year, CBEC Additional Director General of Systems D P Dash said here. The new system– Automation of Central Excise and Service Tax (ACES) – […]
IN A first, the Central Vigilance Commission has disclosed the names of 123 government officials, which includes three IPS officers, against whom it has suggested sanction for prosecution or imposition of penalty for alleged corruption.
Announcement regarding Submission of Nomination Forms ELECTION – 2009 September 17, 2009. In view of the three consecutive holidays falling on Saturday, the 19th, Sunday, the 20th and Monday, the 21st September, 2009, it has been decided to accept, as a special case, the nomination forms for
Insurance regulator IRDA proposes to come out with disclosure norms for initial public offering (IPO) by insurance companies by this month end, its chairman J Hari Narayan said on Friday. “We will be ready with the disclosure norms by the end of this month,” Narayan, the chairman of the Insurance Regulatory and Development Authority, said.
Citing serious fiscal situation, Union Commerce Secretary Rahul Khullar said that no new incentives and sops could be provided to exporters in the next fiscal in view of significant resource crunch faced by Centre. Khullar tersely told a meeting of exporters last night that the current fiscal situation was so serious that it was not going to be a temporary problem in terms of resource-crunch.
The Securities and Exchange Board of India today asked all mutual fund companies to get their systems audited at least once in two years and submit the reports to the market regulator. Also for the financial years April 2008 to March 2010 the audit should be completed by September 2010, the regulator in a statement […]
