NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT

Press Information Bureau Government of India Tuesday, October 06, 2009 Ministry of Finance NO MAILS FOR REFUNDS ISSUED FROM INCOME TAX DEPARTMENT ____________ _________ _________ __ 18:14 IST Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. The e-mail is sent from the [...]

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SINGLE AUTHORITY FOR AUDITING, ACCOUNTING STANDARDS SOON

The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS. NACAS was constituted in 2001 to examine only ICAI’s accounting standards for companies in the country, but not for [...]

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LIFE INSURERS DEMANDS CHANGES IN TAX CODE

Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured. At present, there is no tax if the sum assured is five times the premium on all maturities. In a presentation to the [...]

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BUSINESSES WILL GAIN FROM UNIQUE ID PROJECT

Businesses will benefit from using the Unique Identification Number that the Unique Identification Authority of India (UIDAI) hopes to issue to all residents of India, the Chairman of the Authority, Mr Nandan Nilekani, said on Wednesday. For example, a telecom company could save costs of verification of the identity of each new mobile subscriber, Mr Nilekani said. Another example: the State governments typically sp [...]

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HC PUTS SOFTWARE FROM GLOBAL VENDORS IN TDS NET

THE Karnataka High Court has ruled that technology firms are subject to withholding taxdeduction of tax at sourceon purchase of software from global vendors such as Microsoft. This would push technology firms and branded software distributors into a corner as they will be required to withhold 10-20 % of their software purchase payments in the future. The division bench of Justice DV Shylendra Kumar and Justice Arvi [...]

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MF AGENTS MUST DISCLOSE FEES: SEBI

The Securities and Exchange Board of India (Sebi) is trying to ensure that mutual fund (MF) investors get the best deal from distributors. The regulator, in a circular on Wednesday amending the code of conduct for MF intermediaries, directed distributors to disclose to clients all information, involving commissions received for competing schemes of various MFs, of which the scheme was recommended. The move is an ex [...]

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Refund delayed in case of online return filing

Income tax department  has recently issued a circular that preference will be given to person who has filed their returns online .With this assurance the voluntary e filing of returns has been increased many fold.But before giving this assurance department has not done any home work.The software for processing the returns filed online is not fully operationalize so refund for the ay 2008-09 may take time up to [...]

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