SEBI has initiated the second tranche of distribution of amount to 4.63 lakh investors from the disgorged amount in the matter of Initial Public Offerings (IPOs) irregularities. An amount of Rs.18.06 crore, which includes Rs.7.35 crore recovered by SEBI in exercise of the newly conferred recovery powers under the Securities Laws (Amendment) Act, 2014, would […]
The Government of India has reviewed the extant FDI policy on various sectors and made following amendments in the Consolidated FDI Policy Circular of 2015 (FDI Policy), effective from May 12, 2015, and as amended from time to time.
The Hon’ble Finance Minister, Government of India is inaugurating PAN camp for receiving PAN applications at remote locations at 4:00 P.M. on 27-10-2015 through video conferencing. All the Pr.CCsIT/CCsIT/Pr.DGsIT/DGsIT are requested to attend video conference at their respective places. The Pr.CsIT/CsIT(Appeal) posted at the station may also attend the video conference.
There have been some reports in the media yesterday and today that the Income tax Department has issued fresh demand notice to Nokia India. These reports are erroneous. An assessment order was passed in the case of Nokia India Pvt Ltd for Assessment Year 2010-11 in August 2015. The tax demand raised by this order was primarily based on issues arising from earlier orders.
The Officers of DGCEI, Bangalore Zonal Unit, Bengaluru arrested Shri. Sagar B. Muthappa, Managing Director of M/s. Vasoo Builders Pvt. Ltd. on 09.10.2015. M/ s. Vasoo Builders Pvt. Ltd is a company providing Works Contract Service, which had collected Service Tax to the tune of Rs.3.24 Crores and not remitted the same to the Government Account. Even though the assessee was collecting the Service Tax from his customers/clients, they had failed to remit the same to the Government Account.
It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit report under section 119 of the Income-tax Act to 15 October 2015.
In connection with the declarations made by persons resident in India under the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act), it is clarified that: No proceedings shall lie under the Foreign Exchange Management Act, 1999 (FEMA) against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid.
Officers of the Directorate General of Central Excise Intelligence (DGCEI), Chennai Zonal Unit, Chennai arrested the Director of a Limited Company based at Chennai providing Information Technology Software Service and Internet Communication Service, for collecting Service Tax of Rs.2.94 crores from 2010-2011 to 2014-2015 and not remitting the same to the Government Exchequer.
Review of existing Foreign Direct Investment policy on Partly Paid Shares and Warrants Press Note No. 9 (2015 Series) Dated- 15.09.2015
To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS on AEOI was presented to G20 Leaders in Brisbane on 16th November, 2014.
