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01/06/2015

Tightening of corporate governance laws to keep managerial personnel on their toes:-

Key managerial personnel of India Inc will be on their toes before finalising the financial and secretarial reports for 2014-15, the first year for new and stricter corporate governance laws roll-out in the country.

Atul H Mehta, President of the Institute of Company Secretaries of India (ICSI), said company secretaries, chief financial officers and the managing directors were mandated to report serious irregularities or fraud directly to the Ministry of Corporate Affairs by the Companies Act, 2013. The Ministry is shortly expected to notify the nature of reportable irregularities or non-compliance. Moreover, secretarial audit in around 9,000 companies would also be mandatory this time around, he added.

01/06/2015

Income-tax forms ITR 1, 2 & 4 simplified; date for filing returns extended to August 31:-

The finance ministry on Sunday came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31.

01/06/2015

From today, the higher service tax rate of 14 per cent comes into effect:-

25/05/2015

I-T Dept to scan tier-II cities to bring more people in tax net:-

The Income-Tax Department has decided to focus on tier—II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these “progressive” cities under the tax net.

The new plan is expected to be set in action as early as next month and is part of the governments’ recent directive to the taxman and its apex policy making body CBDT to bring in at least 25 lakh new assessees under the tax ambit every month.

The department, senior officials privy to the development said, “will unleash the power of its smart—technical intelligence and business computation databases to tap on these potential entities and ensure that the overall tax regime remains non—adversarial and non—intrusive while undertaking this task“.

25/05/2015

CBDT told to work on elimination of tax exemptions for corporates:-

Revenue Secretary Shaktikanta Das on Monday asked the central board of direct taxes (CBDT) to put together a "strategy paper" for elimination of tax exemptions provided to corporates.

This strategy paper will help the Government prepare a roadmap for elimination--in a phased manner--of income tax exemptions provided to corporates, Shaktikanta Das said at the annual conference of chief commissioners and directors' general of income tax here.

The main reason for tax disputes between corporates and the income tax department is the issue of "exempions", Das highlighted.

25/05/2015

Sufficient scope exists to increase tax base: Jaitley

Finance Minister Arun Jaitley on Monday asked the income-tax department to take steps to increase tax base while "squeezing out" parallel economy.

There is sufficient scope to increase tax base, Jaitley said after inaugurating annual conference of income tax department here.

Jaitley however said that the "parallel economy" should be squeezed in a "fair" and not in a harsh manner.

The Government will in the next Parliament session take all steps to enact the domestic anti-black money law, he said.

25/05/2015

28/12/2014

Govt to pay 8.75% interest on PF for 2014-15:-

Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.

The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees Provident Fund Organisation, sources said.

As per the practice, EPFO trustees' decision gets implemented after the concurrence of the Finance Ministry.

Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department

28/12/2014

India will soon return to high economic growth, says Raghuram Rajan:

The Reserve Bank of India Governor Raghuram Rajan on Friday said that India will soon return to the high economic growth like in the past.
In an interview with the NDTV Profit, Rajan admitted that the year was gloomy because of the surge in gold imports and widening of current account deficit, still, he expressed his faith in nation getting back to the path of growth very soon.
The Indian economy saw its worst growth in the current fiscal in a decade, even six months after Narendra Modi took charge of the country in May.
While data indicate that project clearances have become quicker, no new investments are coming through, given the high debt levels of companies

14/12/2014

busy work.........

12/09/2014

May this day bring countless happiness and endless joy....................