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Following is the extract (Page 63) from the “white paper on black money” issued by Govt. in Parliament on 21-05-2012. This is the part of Supportive measures which Govt. intends to take.   D.2 Enhancing the Accountability of Auditors   5.2.75 Unlike many developed...

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Category : Auditing | Comments : 0 | Hits : 376

The Income Tax department has reportedly carried out surveys at the offices of Indian Premier League (IPL) teams the Sahara Pune Warriors India, and Royal Challengers Bangalore in Mumbai and Bangalore. Sources said the surveys were in connection with allegations of the use of black money in the cash...

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Category : Income Tax | Comments : 0 | Hits : 215

The government is set to pave the way for an end to mobile roaming within the country and usher in a country-wide number portability scheme along with faster broadband speed proposed in the New Telecom Policy.  The Union Cabinet is scheduled to discuss the New Telecom Policy, which w...

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Category : Income Tax | Comments : 0 | Hits : 186

The Corporate Affairs Ministry today ordered a scrutiny of the books of accounts ofsportswear maker Reebok's Indian arm over complaints of an alleged Rs 870-crore fraud. "We have ordered an enquiry under section 234 of the Companies Act, which is a non-invasive scrutiny. The Regi...

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Category : Corporate Law | Comments : 0 | Hits : 403

The petrol price was hiked today by a record Rs 7.54 per litre as rupee had a free fall, an unpopular decision that was attacked by allies of UPA government who demanded its immediate rollback holding it as unacceptable.   The hike, the third in one year, came a day after end of the Budget se...

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Category : Income Tax | Comments : 0 | Hits : 194

In a move which will benefit millions of employees, the government has hiked interest rate on contributions to general provident fund (GPF) and other similar funds to 8.8 per cent for 2012-13.      The benefit of increased interest rate will be available to subscribers of &nb...

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Category : General | Comments : 0 | Hits : 190

The Delhi Police on Tuesday told a court here that it had written to the Income Tax Department and the Enforcement Directorate, asking them to audit the accounts, and examine funding from abroad, of India Against Corruption, the NGO behind Anna Hazare's anti-corruption crusade.   “Lette...

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Category : Income Tax | Comments : 0 | Hits : 353

The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. ...

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Category : GST | Comments : 0 | Hits : 257

Reserve Bank of India (RBI) has informed that they have formulated an action plan to adopt the Basel III norms and have issued final guidelines on Basel III Capital Regulations to all scheduled commercial banks on May 2, 2012 which is available at RBI website www.rbi.org.in. RBI further informed tha...

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Category : Income Tax | Comments : 0 | Hits : 437

The government today said the incometax department has detected concealed income of Rs 19,938 crore in the last two fiscals. In 2010-11, the investigation wing of the Central Board of Direct Taxes ( CBDT) has detected concealed income of Rs 10,649.16 crore. This figure came down...

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Category : Income Tax | Comments : 0 | Hits : 212

  The Institute of Chartered Accountants of India has proposed the state government to set up a Centre of Excellence in Bhubaneswar. A team of ICAI members led by the ICAI All India President Jaydeep Narendra Shah met Chief Minister Naveen Patnaik at the State Secretariat here today and had a ...

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Category : ICAI | Comments : 0 | Hits : 258

The rupee breached the Rs 55 mark to the US dollar amid speculation a state-run company was buying greenback to repay overseas loans, and because of demand for oil imports.The central bank said capital inflows will determine the direction of the rupee and stepped in to arrest volatility in currency ...

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Category : RBI | Comments : 0 | Hits : 242

Sports Ministry has asked the Finance Ministry to order an expeditious probe into charges of black money playing a part in the IPL cricket matches. Sports Minister Ajay Maken told the Lok Sabha today that the Sports Secretary has written a letter last week in this regard to the Revenue Secretary and...

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Category : Income Tax | Comments : 0 | Hits : 212

No scheme has been formulated by the Government of India for revival of closed companies.                                 The number of com...

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Category : Income Tax | Comments : 0 | Hits : 225

The government today said huge foreign direct investments are routed through Mauritius and Singapore into the country to avoid taxes as well as conceal identities of real investors, who could actually be Indian residents. Official data show that Mauritius accounted for 41.80...

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Category : Income Tax | Comments : 0 | Hits : 316

The rupee continued its downward spiral on Monday and breached the record low of the 55 mark against the American dollar, according to reports. Finance minister Pranab Mukherjee on Sunday had said the steep fall in the rupee was a matter of great concern and the centre was trying  to ...

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Category : International Business | Comments : 0 | Hits : 186

The government today tabled a White Paper on black money in Parliament as promised by the Finance Minister at the beginning of the Budget session. Tabled by Finance Minister Pranab Mukherjee in the Lok Sabha,the White Paper, made a strong case for setting up Lokpal and Lokayuktas to deal with the me...

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Category : General | Comments : 0 | Hits : 216

The Muscat Chapter of the Institute of Chartered Accountants of India (formed under the sponsorship of the College of Banking and Financial Studies) will host a seminar on the theme ‘Economic Growth & Need for Sustainability — Role of Financial Management’, at Shangri-La&rsqu...

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Category : ICAI | Comments : 0 | Hits : 456

The Income Tax department has created a special audit team to bring together the scattered assessment and investigation proceedings of the BCCI and the IPL spread across the country.   Tax assessment of the BCCI for the financial years 2010-11, 2011-12, computation of exemption income as enjo...

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Category : Income Tax | Comments : 0 | Hits : 205

Finance minister Pranab Mukherjee will move an amended Banking Laws (Amendment) Bill in Parliament on Monday. The Bill is likely to cap shareholders’ voting rights in private banks at 26% irrespective of their total holding, diluting the provisions of the original bill which had proposed to al...

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Category : Banking | Comments : 1 | Hits : 400

Foreign investors may be relieved over the controversial GAAR tax proposals being pushed back by a year but another new taxation framework could make their India investments riskier and expensive. The proposals that are a part of the Finance Bill. They state that capital gains arising from the t...

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Category : Income Tax | Comments : 0 | Hits : 237

 Foreign exchange reserves declined by $1.37 billion to $291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed. The forex reserves has dropped sharply for the second consecutive week. It had declined b...

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Category : Finance | Comments : 0 | Hits : 233

Social networking site Facebook, whose 900 million user strength is only behind China and India's populations, went public on Friday as its much sought- after shares got listed at Nasdaq and the stock is trading at $41.10, much above its IPO price of $38 in early trade.  Facebook IPO...

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Category : Shares & Stock | Comments : 0 | Hits : 350

An investors group today moved the Delhi High Court seeking a direction to market regulator SEBI to take action against over 2,000 firms, barred from trading through NSE and BSE for allegedly not complying with the listing terms and leading to blockage of investors' fund worth Rs 1,00,000 crore. Jus...

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Category : SEBI | Comments : 0 | Hits : 187

The government cannot levyservice tax on land valuers because they are not necessarily consulting engineers, the Gujarat high court said while exempting the property assessors from paying service tax.   After the service tax was introduced in 1994 through an amendment in the Finance...

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Category : Service Tax | Comments : 0 | Hits : 434

 Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday. Kingfisher Airlines was found to have deducted tax at source (TDS) on sala...

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Category : Income Tax | Comments : 0 | Hits : 271

Worried over a spurt in gold imports, the RBI today asked banks to reduce exposure to NBFCs, which give loan against the precious metal, at the earliest and bring it under the prescribed limit within six months.   "Banks which are currently having exposures to such NBFC's (giving gold loans...

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Category : RBI | Comments : 0 | Hits : 288

The rupee on Friday hit a new low of 54.91 to the dollar in afternoon trade, hitting the third consecutive record low in three days, but recovered shortly to trade at 54.71.The tumble came on increased capital outflows and strong demand from importers for the American currency. Traders said tha...

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Category : International Business | Comments : 0 | Hits : 219

  The General Anti-Avoidance Rule (GAAR), approved under the Finance Act, will be part of the Direct Taxes Code (DTC) Bill to be tabled in the monsoon session of Parliament. The finance ministry plans to implement both GAAR and DTC from April 1, 2013. However, if the implementation of DTC is a...

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Category : Income Tax | Comments : 0 | Hits : 391

 Reliance Power has requested theComptroller and Auditor General (CAG) that the audit report on coal blocks should not refer to 'undue benefits' to the company due to surplus coal from Sasan and Tilaiya power projects as a panel of ministers had already reviewed the matter based on the adv...

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Category : Auditing | Comments : 0 | Hits : 326