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The Finance Ministry today ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February. The move is likely to benefit about 4.71 crore EPFO subscribers on their depo...

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Category : Finance | Comments : 0 | Hits : 254

The Union Cabinet today approved a long-pending bill, which is aimed at giving statutory power to the pension regulator PFRDA, paving way for introduction of the same in the current session of Parliament. The draft legislation is aimed at upgrading the status o...

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Category : Finance | Comments : 0 | Hits : 275

The finance ministry on Wednesday moved a step closer to the proposed Goods and Services Tax (GST) by taking the President’s approval for introducing a Constitution Amendment Bill in Parliament. Even as some government departments have raised concerns on the Bill in its p...

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Category : GST | Comments : 0 | Hits : 308

In one of the biggest claims distributions in nearly two decades since the securities scam hit the market, Satish Loomba, custodian of Big Bull Harshad Mehta group (HMG), handed over a cheque for Rs 1,995.66 crore to the Income Tax department and Rs 200 crore to the SBI from th...

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Category : Income Tax | Comments : 0 | Hits : 259

The Supreme Court today asked the Centre as to why the tax payers' money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. "We don't understand the logic as to why a person...

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Category : Income Tax | Comments : 0 | Hits : 276

The Government today gave green signal to the Constitution Amendment Bill indicating a strong desire to push the Goods and Services Tax, despite lack of consensus among states for implementing the new regime on indirect taxes.   It will try to introduce...

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Category : GST | Comments : 0 | Hits : 430

The Income Tax department today said the tax returns filed by senior citizens, who are above 60 years, and small taxpayers having a gross total income of less than Rs. 10 lakh, will not attract the routine scrutiny by the department.   “In order t...

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Category : Income Tax | Comments : 0 | Hits : 282

Advance tax outflows worth Rs 80,000 - 90,000 crore, coupled with year-end pressures to shore up their books, forced banks to borrow up to Rs 94,250 crore from the Reserve Bank of India on the first day after the reporting Friday. Banks are always looking at strengthening their...

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Category : Banking | Comments : 0 | Hits : 360

Call Center To assist taxpayers a call center with 20 agents provides customer service and support for resolution of taxpayers queries. It provides information and updates on the following:   1. Status of receipt of ITR-V at CPC 2. Processing status...

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Category : Income Tax | Comments : 0 | Hits : 907

Ministry has reviewed the processes involved in delivery of important services to stakeholders, with a view to identify and improve the components causing delay in disposal of applications. Payment confirmation is found to be a major bottleneck in delivery of serv...

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Category : Corporate Law | Comments : 1 | Hits : 377

Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen. Replying to the discussion on the ...

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

Finding it difficult for Punjab to service rising debt liabilities in future, the Comptroller and Auditor General has asked the state government to restrict borrowings and further restrained it from using borrowed funds for paying past debts. CAG has also asked...

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Category : Finance | Comments : 0 | Hits : 269

In view of the Election to the West Bengal State Legislative Assembly, Paper-1, `Advanced Accounting’ of Professional Competence Examination and Paper-1, `Accounting’ of Integrated Professional Competence Examination scheduled to be held on Tuesday, the 3rd May, 201...

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Category : Students Zone | Comments : 0 | Hits : 890

The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...

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Category : Corporate Law | Comments : 0 | Hits : 289

The government today said the provision of collateral security for getting loans from banks has been waived for SC/ST as part of measures to grant them easier access to credit. "There is no need for collateral security for these sections for getting bank l...

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Category : Finance | Comments : 0 | Hits : 294

The Ministry has got the issue examined by Business Process Re-engineering Group under MCA-21 and in order to speed up and simplify the process of incorporation of Companies and establishment of principal place of business in India by Foreign Companies for reduction in time tak...

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Category : Corporate Law | Comments : 0 | Hits : 278

The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said.   The matter came before SAT yesterday.   The case relates to the multi-crore rupee Satyam a...

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Category : Auditing | Comments : 0 | Hits : 343

An estimated Rs 1,360 crore is lying unclaimed dein foreign and national banks in India. Data provided by RBI in response to Right to Information queries said that the apex bank had asked banks to redouble their efforts in tracking down customers and their legal heirs. ...

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Category : Banking | Comments : 0 | Hits : 299

Net direct tax collections during the period April-February 2011 stood at Rs.3,36,177 crore, up from Rs.2,78,411 crore in the same period during last fiscal, The collections thereby registered a growth of 20.75 percent. Growth in Corporate Income Tax during thi...

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Category : Income Tax | Comments : 0 | Hits : 265

The government today said it would come out with the guidelines on independent directors to improve the quality of representation on the boards of the state-run companies. Heavy Industries and Public Sector Enterprises Minister Praful Patel said the quality of ...

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Category : Corporate Law | Comments : 0 | Hits : 312

All companies will have to reserve at least one seat in a board of directors for women candidates if the board comprises five or more independent directors.   The government would make the presence of women directors in a board mandatory by including a ...

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Category : Corporate Law | Comments : 0 | Hits : 300

Furnishing of income tax returns has been made mandatory for all candidates entering the poll fray and details of inherited property will also have to be provided under a new nomination affidavit brought out by the Election Commission (EC).   Candidates...

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Category : General | Comments : 0 | Hits : 286

Suspecting the use of black money to finance deals in the country's booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers' lucrative projects. "The focus of the Income Tax Department is...

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Category : Income Tax | Comments : 0 | Hits : 299

The quantum of money locked up in income tax disputes decreased in 2010 as compared to the previous year despite increase in number of cases, Parliament was informed today. The amount stuck in I-T cases actually declined to Rs 2,42,377 crore as on December 31, ...

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Category : Income Tax | Comments : 0 | Hits : 297

The Reserve Bank of India may further tighten the regulatory screws on non-banking finance companies. The reason: it appears that the stiff regulation for banks has increased the incentive for exploiting regulatory arbitrage by moving business to NBFCs.   ...

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Category : Income Tax | Comments : 0 | Hits : 406

The Delhi High Court Monday directed the Comptroller and Auditor General (CAG) to submit its audit report on 25 elite private schools that had complained of facing a financial burden because of having to pay teachers higher salaries recommended by the 6th Pay Commission. ...

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Category : Auditing | Comments : 0 | Hits : 689

Insurance Regulatory and Development Authority, or Irda, plans to permit insurers to trade in equity futures and options contracts , which will help the companies protect returns from equity-linked products against sharp stock market declines. "The rules w...

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Category : Finance | Comments : 0 | Hits : 300

Accounting regulator ICAI has formed an advisory committee of chartered accountants to help corporates identify social sector projects on which they would be required to spend two% of their net profit.   The Public Advisory Committee, of the Institute o...

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Category : ICAI | Comments : 0 | Hits : 363

The Institute entered into an MOU with United Stock Exchange of India Ltd.on March 07, 2011United Stock Exchange of India Limited (USE) is India’s newest stock exchange and has been promoted by 21 Indian public sector banks, private banks and corporate houses. The...

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Category : ICSI | Comments : 0 | Hits : 344

Ministry’s has re-examined the process of allotment of Directors Identification Number (DIN) to be obtained u/s 266B of the Companies Act, 1956. The present process is cumbersome and time consuming. Representations have been received in the Ministry that the documents req...

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Category : Corporate Law | Comments : 0 | Hits : 327