The Lok Sabha was informed, on Friday that the new direct tax code will be released for public discussion by August 20. The new code will be released along with a discussion paper, the Minister of State for Finance, Mr S. S. Palanimanickam, said in a written reply in the Lok Sabha. On July 6, […]
The Central Bureau of Investigation has registered a case against a Commissioner of Income Tax for accumulating huge assets worth crores of rupees in his name as well as in the name of his family members, which are disproportionate to his known sources of income.
The Insurance Regulatory and Development Authority has made PAN card mandatory for all policies where annual premium is more than Rs 1 lakh. It has issued a circular to all life insurance companies in this regard, said a life insurance council official.
The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department.
The Government proposes to set up a Centralised Processing Centre (CPC) during 2009-10 only at Bengaluru, for processing of all Income-tax returns received in the State of Karnataka and for processing of all e-returns received in the country. It will provide speedy processing of returns and issue of refunds to all taxpayers irrespective of whether […]
The Nasdaq-listed Corporate Executive Board (CEB), a business advisory platform, has come up with an online resource — IFRSPortal.in — to help Indian companies make a smooth transition to International Financial Reporting Standards (IFRS) at lower costs. Through the portal, companies can access the CEB’s practical guidance, best practices research, execution tools and benchmarks to […]
A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co has sought an extension for three months from mid-July.The government has, however, asked the auditor for progress report before deciding on giving the extension and in case more time was given, the auditors would have to […]
In order to make online transactions Safe & Secure, Reserve Bank of India (RBI) has passed a new mandate with effect from 1st August 2009, wherein online credit card based transactions will include a new verification process. From the 1st of August 2009, every time you make an online payment, you will be directed to your bank’s website where you […]
The Income Tax department (I- T department) had more than 2.35 crore tax returns pending for processing at the beginning of this financial year; the Rajya Sabha was informed today. “There was a pendency of 2,35,74,618 income-tax returns for processing u/s 143(1) of the Income Tax Act 1961, as on April 1, 2009,” Finance Minister […]
The electronic database, which would also be accessible to trade through the Internet soon, covers 11,000 tariff codes, import policy, non-tariff barriers, country preferences and import and export values and quantity for the two years 2006-07 and 2007-08. However, the online access of the database would come only at a price for trade and industry.
