In order to enhance the quality of financial reporting done by listed entities, it has been decided to put in place, a mechanism to process qualified annual audit reports filed by the listed entities with stock exchanges and Annual Audit Reports where accounting irregularities have been pointed out by Financial Reporting Review Board of the Institute of Chartered Accountants of India (ICAI-FRRB). It has been, inter-alia, decided that:
PRESS RELEASE As a taxpayer friendly initiative, the Department has decided to set up Tax Kiosks at various places within CCIT regions. The Tax Kiosk would be a temporary structure set up for 1-2 days in a residential area such as apartment blocks in association with RWAs, large offices and other central locations of the cities.
SEBI, is in the process of formulating the following:- a. Minimum listing standards:- SEBI shall separately prescribe minimum listing standards for listing of companies on stock exchanges. However, the stock exchanges can prescribe more stringent norms, if they so desire.
AIFs Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection. Salient features of the AIF Regulations, inter alia, include the following:
A draft circular containing details of proposed amendments to harmonize the ER-1, ER-3 and ST-3 returns so that a single common return can be prescribed instead of these three returns as measure of simplification of the Business Processes in respect of filing the Return by assesses. The draft is being placed in public domain for widest possible circulation and an extensive debate from all stakeholders in trade and industry as also from all the field formations of the department.
It is proposed to prescribe a common application format (as per Annexure 1) for seeking registration under Central Excise as well as Service Tax. It is also proposed to revisit the process of registration under both Central Excise and Service Tax to amend procedures prescribed in respect of registration. The changes proposed in respect of Registration processes are as follows:
Networth and Ownership Norms for MIIs: The Stock Exchanges will have minimum net worth of Rs.100 crores and the Existing Stock Exchanges will be given 3 years to achieve this networth of Rs.100 crores. The minimum networth for the Clearing Corporation(CC) and the Depository will be Rs. 300 crores and Rs.100 crores respectively. All existing clearing corporations shall be mandated to build up to the prescribed networth of Rs. 300 crores over a period of three years from the date of notification/ circular.
In course of an investigation conducted by the Officers of Headquarter Anti Evasion Unit, Siliguri Commissionerate, it revealed that M/s D.K.ENTERPRISE, Nutan Bazar, P.O. + Dist. Cooch Behar, West Bengal, PIN – 736 101 was engaged in providing ‘Management, Maintenance or Repair’ services to National Highway and Public Works (Roads) department in the District of Cooch Behar. They had been providing the service without taking any Service Tax registration and without paying any Service Tax.
The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. “It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
. Deficiencies which were witnessed in liquidity risk management during the recent crisis included inadequate liquidity risk management governance, failure to address funding concentrations, lack of meaningful cash flow projections to assess the liquidity position, insufficient holdings of high quality liquid assets, gaps in stress testing and inappropriate linkage of the contingency plans with stress tests, etc. The crisis, thus, highlighted the need for banks to have adequate levels of liquidity and robust liquidity risk management systems.
