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Finance minister P Chidambaram has told top income tax officials to keep a close tab on those not filing tax returns and ensure that the tax collection target for the current financial year is met.Inaugurating the annual conference of chief commissioners and director generals of income tax...

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Category : Income Tax | Comments : 0 | Hits : 303

Prime Minister Manmohan Singh said on Tuesday that the much-awaited goods and services tax (GST) will become a reality by 2014 regardless of who forms the government after the next Lok Sabha elections, even as he counseled the foreign investors to come to terms with pro...

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Category : GST | Comments : 0 | Hits : 397

You may end up saving more in the months ahead with the Employees Provident Fund Organization(EPFO) readying to re-notify a new definition of "compensation" that will include all your allowances, amid intense lobbying against the move by industry bodies.   Currently, employ...

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Category : General | Comments : 0 | Hits : 773

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Premier professional body set up by an Act of Parliament)ICAI Bhavan, Indraprastha Marg, Post Box No. 7100, New Delhi 110 002. Advt. No. ICAI/Rectt./06/2013 ICAI invites applications from highly competent candidates for the positions of...

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Category : ICAI | Comments : 0 | Hits : 977

Income tax Department has released e-Filing Utility for ITR-  2 for Assessment year 2013-14 / Financial Year 2012-13. We have placed link for the same as the bottom of the article. We also discussed Who can use this Return Form?,Who cannot use this Return Form?,Manner of filing this Return...

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Category : Income Tax | Comments : 0 | Hits : 780

The Economic Offences Wing of the Crime Branch, Kozhikode, which arrested the CEO of Amway India and two of its directors on Monday, had also registered cases against Amway India directors Pahlavi Suresh Shraff and Shabdul Suresh Shraff, who reside in New Delhi, based on a complaint filed on Novembe...

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Category : Income Tax | Comments : 0 | Hits : 298

We would like to inform all the stakeholders that the Institute is signing a Memorandum of Understanding (MoU) with Avinashilingam Institute for Home Science and Higher Education for Women, Coimbatore. The MoU would enable Women Chartered Accountants to pursue the Ph.D programme from the above Unive...

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Category : ICAI | Comments : 0 | Hits : 257

If India Inc does not deposit provident fund or employee state insurance contributions collected from its employees promptly, as per the due dates under these legislation, it will have to pay tax on the same.   In a recently heard tax appeal, in the case of LKP Securities, the M...

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Category : Income Tax | Comments : 0 | Hits : 451

Finance Minister P. Chidambaram will inaugurate the 29th annual conference of Chief Commissioners and Directors General of Income Tax here on Tuesday.   The two-day conference is being organised by the Central Board of Direct Taxes (CBDT) at Vigyan Bhawan here on May 28th ...

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Category : Income Tax | Comments : 0 | Hits : 154

In a bid to curb demand for gold, the Reserve Bank on Monday imposed restrictions on banks and NBFCs for providing loans against gold coins as well as units of gold ETFs and mutual funds. "...it is advised that while granting advance against the security of specially minted gold coins sold by ...

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Category : RBI | Comments : 0 | Hits : 292

Network marketing firm Amway’s India Chairman and CEO William S Pinckney and two company Directors were arrested in Kozhikode on Monday on charges of financial irregularities.   The two directors are Sanjay Malhotra and Anshu Budhraja, crime branch sources said.   The arrests wer...

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Category : General | Comments : 0 | Hits : 1271

Continuing its drive against non-filers, the income tax department on Monday sent letters to another 35,000 such assessess for not filing tax returns, taking the total number of these letters to 1.75 lakh. The I-T Departmenthas identified around 12 lakh assessees who have not filed th...

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Category : Income Tax | Comments : 0 | Hits : 277

Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central Board of Direct Taxes (CBDT).     Its current chairperson Poonam Kishore Saxena will retire on May 31.     "Sudha Sharma's appointment as the next CBDT c...

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Category : Income Tax | Comments : 0 | Hits : 325

Seeking to avoid transfer pricing taxation dispute, about 146 multi national companies (MNCs) have sought advance ruling under APA (Advance Pricing Agreements) mechanism.   "We have received 146 applications from companies for advance pricing agreement mechanism which would allow co...

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Category : Income Tax | Comments : 0 | Hits : 206

Nearly 87 actively-traded companies, including 75 private entities and 12 state-run units, are yet to comply with the minimum public shareholding (MPS) norms stipulated by the Securities and Exchange Board of India (Sebi). The Indian market has seen 44 OFSs (offer-for-sale) and eight IPPs (institut...

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Category : SEBI | Comments : 0 | Hits : 218

After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of $132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10.   iGate, which was in news for sacking of its chief executive Phaneesh Mur...

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Category : Income Tax | Comments : 0 | Hits : 145

Service tax, customs and excise duty defaulters will get "polite letters" seeking information about their pending liability and any suspicious dealings carried out by them possibly with black money.   The novel method of non-intrusive letters will be sent to seek clarifications from an entity...

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Category : Service Tax | Comments : 0 | Hits : 285

The special Judge for CBI Cases, Bangalore has convicted Sri A. Vanangamudi, then Superintendent ofService Tax, Service TaxCommissionerate, Bangalore to undergo two years Simple Imprisonment with fine Rs.20,000/- in a bribery case.   The investigation revealed that Sri A. Vanangamudi, Su...

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Category : Service Tax | Comments : 0 | Hits : 498

The Reserve Bank of India (RBI) has decided to relax norms forexporters. “The facility of rebooking of cancelled contracts is being increased from the present limit of 25 per cent to 50 per cent and made symmetrical for both exporters and importers,” said RBI executive director G Padmana...

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Category : RBI | Comments : 0 | Hits : 93

The Telecom Regulatory Authority of India (Trai) issued a new norm on Friday, of a  five paise termination charge on each transactional short message service (SMS) and two paise on each normal SMS, on the operators from whose networks the message originates. Also, if any subscriber is found us...

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Category : General | Comments : 0 | Hits : 593

Committing to strengthen Sebi, Prime Minister Manamohan Singh Friday asked the capital market regulator to eliminate insider trading and take steps to encourage small investors to invest in equities. "... Regulation should be guided by the need to increase transparency and lead to higher investment...

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Category : SEBI | Comments : 0 | Hits : 144

Finance Minister P. Chidambaram said on Friday he would introduce a bill for a direct tax code (DTC) during the monsoon session of parliament.   The code, which will replace the existing Indian Income Tax Act 1961, is intended among other things to rationalise tax rates to bring more peop...

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Category : Income Tax | Comments : 0 | Hits : 382

Bharti Infotel Ltd has been directed by a consumer forum here to pay Rs 50,000 as compensation to a customer for making threatening calls to pay Internet billswhich were raised despite his request for disconnection of the service.The South West District Consumer Disputes Redressal For...

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Category : General | Comments : 1 | Hits : 471

The Securities and Exchange Board of India (SEBI) celebrates its silver jubilee Friday amid calls that the capital market regulator needs to follow global standards and improve market intelligence, technology and talent pool to beef up the enforcement processes, protect investors and allow the launc...

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Category : SEBI | Comments : 0 | Hits : 229

The Cabinet on Thursday approved the proposal for creation of 20,751 additional posts in the Income Tax Department in various cadres. Of them, 1349 posts will be in the Indian Revenue Services (IRS) cadre and 19,402 posts in the non-IRS cadres. A decision in this regard was taken at the cabinet...

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Category : Income Tax | Comments : 0 | Hits : 770

The ministry of corporate affairs is examining the role of auditors of the chit fund companies that are under its scanner for allegedly duping depositors even as theInstitute of Chartered Accountants of India (ICAI), the accounting regulator, has called for audit records of all the deposit taki...

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Category : ICAI | Comments : 2 | Hits : 624

The Delhi high court on Wednesday asked the Centre to come out with some law or methodology to prevent persons aged below 13 years from opening Facebook accounts.   “We have to save our children. It is seen that adults are luring innocent children online and luring them into activities ...

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Category : General | Comments : 0 | Hits : 486

ICSI Admit Cards June 2013 SessionThe Institute of Company Secretaries of India (ICSI) ADMIT CARDS DOWNLOAD WILL START ON MAY 23, 2013FOR FOUNDATION (NEW SYLLABUS) STUDENTS! DOWNLOAD ADMIT CARDS JUNE 2013 SESSION FORFOUNDATION (OLD), EXECUTIVE & PROFESSIONAL STUDENTSEnter Your complete 17-di...

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Category : Students Zone | Comments : 0 | Hits : 2772

Union Finance Minister, Shri P. Chidambaram, here today inaugurated a National Seminar on the Indian Financial Code as recommended by the Financial Sector Legislative Reforms Commission. The Seminar was organized by the Institute of Company Secretaries of India (ICSI) which functions under the aegis...

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Category : ICSI | Comments : 0 | Hits : 269

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Ind...

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Category : Custom | Comments : 0 | Hits : 366