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F. No. A-12023(1)/01/2013-Admn.III(LA)GOVERNMENT OF INDIAMINISTRY OF LAW AND JUSTICEDEPARTMENT OF LEGAL AFFAIRS   Dated : April 17, 2013   CIRCULAR   Subject: Applications for appointment to the posts of Member (Judicial/ Accountant), Income TaxAppellate Tribunal.   ...

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Category : Income Tax | Comments : 0 | Hits : 1599

Despite the political deadlock over the coal scam, the key Finance Bill is likely to be passed in Lok Sabha on Tuesday. A temporary truce has been achieved between the government and the opposition to pass the money bills.   The crucial Finance Bill can't be delayed beyond Tuesday as per the ...

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Category : Income Tax | Comments : 0 | Hits : 255

The Income Tax Department failed to recover tax revenue of about Rs 1.9 lakh crore in 379 cases as on December 31, 2012, as there were no or insufficient assets in these cases. The unrecovered sum and was almost equal to that collected as personal income tax during 2012-13. Also, according to Centra...

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Category : Income Tax | Comments : 0 | Hits : 387

Honda Motor Company's endeavour to garner market share in India by offering discounts on models such as the Brio and Jazz has run afoul of tax authorities. The Central Board of Excise & Customs(CBEC) has served a show-cause notice on the Japanese auto major demanding that it pay 1...

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Category : Excise | Comments : 0 | Hits : 356

Finance Minister P Chidambaram has assured party MPs from the north that there will be no levy of wealth tax on agricultural land, Haryana Chief Minister Bhupinder Singh Hooda said today.Hooda led a delegation of Congress MPs from Punjab, Haryana, Rajasthan and Uttar Pr...

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Category : Income Tax | Comments : 0 | Hits : 256

Further to para 8 of the Press Release dated March 25, 2013, wherein it was stated that decision of the 6 (Six) proposals will be communicated separately, the Central Government has approved two (2)Proposals of Foreign Direct Investment (FDI) amounting to Rs. 89.33 crore app...

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Category : Finance | Comments : 0 | Hits : 199

Amid rising instances of common man being duped by illegal money-pooling activities, Ministry of Corporate Affairs has started tapping various platforms, including visual media, to sensitise investors from falling prey to fraudulent investment schemes. To reach out to larger number of...

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Category : Corporate Law | Comments : 0 | Hits : 233

The Reserve Bank is looking into sale of gold coins and gold-related investment products by about 30 banks to find out whether their employees are mis-selling such products to customers.   The RBI move follows complaints of customers being induced by bank employees and non-staff members withi...

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Category : Banking | Comments : 0 | Hits : 286

The Delhi High Court has quashed the Centre's notification to levy service tax on chit-fund business, saying the act of a foreman, who conducts auction of chit amount among contributors, does not fall under the definition of "service" provided in the Finance Act. "We have come to the conclusion tha...

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Category : Service Tax | Comments : 0 | Hits : 410

The Supreme Court has askedSEBI to deal sternly with companies indulging in manipulative and deceptive practises to send a clear message that market abuse will not be tolerated in the country. "SEBI, the market regulator, has to deal sternly with companies and their Directors ind...

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Category : SEBI | Comments : 0 | Hits : 1299

In a multi-agency crackdown against alleged duping of public investors through Ponzi schemes, the governmenttoday said the entities suspected to be engaged in such activities are being probed by Sebi, RBI and the Corporate Affairs Ministry, among others. Besides, the Income ...

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Category : General | Comments : 0 | Hits : 150

The Vodafone Group has challenged an Income tax Department’s transfer pricing order that sought to bring Rs 1,300 crore to tax for undervaluation in the shares issued by Vodafone India Services to a Mauritius-based group company.   A writ petition challenging the jurisdiction of the tra...

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Category : Income Tax | Comments : 0 | Hits : 338

The Reserve Bank of India (RBI) has approved the merger of Surat Nagrik Sahkari Bank with Mehsana Urban Cooperative Bank, giving relief to former's 44,000 account holders and depositors in the city. The account holders and depositors of Surat Nagrik Sahkari Bank were on the tenterhoo...

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Category : Income Tax | Comments : 0 | Hits : 227

The salient features of the Tax Forgone Statement issued by the Government are as under: • This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. • This Statement attempts to estimate so...

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Category : Income Tax | Comments : 0 | Hits : 309

The cases of service tax evasion have increased during the recent time. The details are as under:   Year No. of cases detected Service tax evasion involved (Rs. in crores) 2010-11 8399 14291 2011-12 8710 14608 2012-13 (upto...

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Category : Service Tax | Comments : 0 | Hits : 569

The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabli...

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Category : Income Tax | Comments : 0 | Hits : 327

In its efforts to protect the interest of investors, the Corporate AffairsMinistry plans to analyse data on unpaid and unclaimed money lying with various companies. "The Ministry has decided to analyse the data uploaded on MCA 21 portal by companies about unpaid and unclaimed amounts of mo...

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Category : Corporate Law | Comments : 0 | Hits : 785

In a set back for the state government, Gujarat high court on Thursday ruled that it cannot levy property tax on mobile towers and struck down the amendment made in the local laws.  Granting petitions filed by telecom companies, the HC quashed section 145 of Guja...

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Category : General | Comments : 0 | Hits : 802

LETTER FROM DIT (SYSTEMS) – MEMBERS TO BE CAUTIOUS WHILEE-FILING INCOME-TAX RETURNS   CA Members may note that ICAI has received a letter from Directorate of Income-tax (Systems) requesting it to impart information regarding correctprocedure of e-filing of ...

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Category : Income Tax | Comments : 0 | Hits : 2399

The Delhi High Court has asked the Centre to respond to a petition that asks how children less than 18 years of age are allowed to open an account on social networking sites including Facebook, even though Indian laws do not permit it.   Facebook allows 13-year-olds to open accounts. ...

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Category : General | Comments : 1 | Hits : 1236

The Reserve Bank today warned foreign companies not to use directinvestments to set up entities in India so as to facilitate trading in currencies, securities and commodities without its approval. Any incidence of such product facilitation would be treated as a contravention of theforeign ...

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Category : RBI | Comments : 0 | Hits : 762

Railways has reduced advance booking period from four months to two months from May 1 as part of its efforts to prevent touts from cornering bulk of tickets.   The advance reservation period (ARP) for booking reserved train tickets will be reduced from existing 120 days to 60 days (excluding ...

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Category : General | Comments : 0 | Hits : 439

Before he was arrested from a hotel in Kashmir, Sudipta Sen, head of the Saradha Group, sent a letter to the CBI in which he listed 22 people who he accuses of blackmailing or "using" him to make money.     Among them are senior leaders of the ruling party in Bengal, the Trinamo...

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Category : General | Comments : 0 | Hits : 462

The eclipse will occur on the intervening night of April 25-26-beginning at 11:31 pm and ending at 3:43 am and would be visible from all parts of India.   Sky gazers can look forward to a partial lunar eclipse that will take place Thursday and will be first of the three eclipses of 2013, offi...

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Category : General | Comments : 0 | Hits : 263

Saradha group, which is under fire for allegedly defrauding investors, has more than 100 firms registered with the RoC (Registrar of Companies) for businesses across sectors including real estate, automobile, education and entertainment. Most of these companies are registered with the starting name...

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Category : Corporate Law | Comments : 0 | Hits : 378

Shell India has moved dispute resolution panel (DRP) challenging a notice by the income tax department alleging tax evasion by underpricing share transfer between member companies on the ground that the order was based on incorrect interpretation of regulations, NDTV has learned. The income tax dep...

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Category : Income Tax | Comments : 0 | Hits : 165

LAST DATE FOR PAYMENT OF FEES:30TH SEPTEMBER,2013 ...

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Category : ICAI | Comments : 0 | Hits : 3181

Amidst growing protests outside a Kolkata court against an alleged chit fund scam, the Corporate Affairs Ministry on Thursday decided to conduct a probe into Saradha group companies. The Chairman of the Saradha Group Sudipta Sen, was produced before a Kolkata court in the wake of...

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Category : General | Comments : 0 | Hits : 132

Though the jail in Patiala has quite a line-up of VIP inmates - a former deputy commissioner, senior superintendent of police, former MLA and powerful Akali leaders, besides a top taxman - the one whose special treatment overshadows others' is Ashwani Gupta, a Chartered Accountant arrested by the CB...

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Category : Income Tax | Comments : 0 | Hits : 1349

The Securities and Exchange Board of India (Sebi) will introduce rules for wealth management and foreign broking firms, which intend to sell financial products to Indian citizens. The fresh set of regulations, to be in addition to those from the Reserve Bank of India (RBI), are being considered to b...

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Category : SEBI | Comments : 0 | Hits : 157