Half of HNIs globally wish they had more self control over their investment habits
Despite their wealth, 41 per cent of high net-worth individuals (HNWIs) across the globe wish they had more self-control over their investment habits, a report has revealed. The Barclays Wealth Insights series said that a need for increased financial discipline is likely to be felt most by those at the wealthiest end of the scale… Read More
Liberalisation of FDI policy likely to allow multi brand retail
Amid suggestions for opening up of multi-brand retail for foreign investments, Finance Minister Pranab Mukherjee today said discussions were on to further liberalise the FDI policy. "Discussions are underway to further liberalise the FDI (foreign direct investment) policy," he said at the annual conference of chief commissioners and directors general of Central Board of Excise… Read More
Finmin to bring Intelligence and Criminal Invetigation of IT under single umbrella
The Finance Ministry is bringing under one umbrella the intelligence and criminal investigation units of the Income Tax department to enhance prosecution powers to counter terror financing and check transactions that pose threat to national security. The department will now train and designate its officials in the rank of Inspectors as 'Special Agents' and 'Agents'… Read More
Extra efforts required to sustain Indirect Tax targets
Amid fears of moderation in growth, Indian Finance Minister Pranab Mukherjee Wednesday said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15 per cent more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of Central Board of… Read More
Roadmap for IT application and e-governance for Haryana for the next 10 years
Haryana would develop a roadmap for IT application and e-governance for the next 10 years. The state government wants to achieve efficiency, transparency and accountability in governance by providing Information and Communication Technology (ICT) enabled access and opportunity for all, anytime anywhere, state Chief Secretary, Urvashi Gulati said here. It has been decided to set… Read More
Chidambaram™s Statement on Events Concerning Ramdev™s Protest
The Union Home Minister, Shri P. Chidambaram briefed media in New Delhi today regarding the events since the first of this month concerning the protests organised by Baba Ramdev. Following is the text of his opening statement: I wish to make a brief statement on the events since June 1, 2011 concerning the protest organised… Read More
CBDT Sets-up a Committee to Examine And Suggest Ways to Recover Income Tax Demand Classified Under the Categories Assessees not Traceable and No Assets/Inadequate Assets for Recovery
In order to examine certain suggestions on Income tax Demand classified under the categoriesAssessees not traceable and No assets/inadequate assets for Recovery, a Committee has been constituted by the Central Board of Direct Taxes (CBDT) with following constitution: i) DGIT (Admn) - Smt. Anita Kapur - Chairperson ii) DIT (Recovery) Smt. Sheba Bhattacharya - Member iii) DIT(Systems)-III - Shri Harish Kumar - Member… Read More
FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets
FM Urges CBEC Officers to Make Sustained and Strategic Efforts to Achieve Revenue Targets for Current Fiscal Year; Inaugurates Two Day Annual Conference of Chief Commissioners and Directors General of CBEC Union Finance Minister, Shri Pranab Mukherjee has urged the officers of Central Board of Excise & Customs (CBEC) to make sustained and strategic efforts… Read More
FM sets up another panel to control Black money transits
Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the… Read More
Revised Notification and FAQs for filing Balance Sheet & Profit & Loss in XBRL mode
Gen. Circular 37/2011 dated 7th June, 2011, GOI; MCA CLR Note: MCA has issued a circular with regard to the filing of Balance Sheet and Profit & Loss Account in the extensible Business Reporting Language (XBRL) mode, framing a FAQs (Frequently Asked Questions) for easy understanding of the shareholders. All Regional Directors; All Registrar of… Read More
Service Tax applicability for Professionals like CA, CS, CWA in Limbo
The Department of Revenue, Ministry of Finance vide notification no. 25/2006 dated 13 July 2006 had exempted the professionals ,viz., CS, CWA & CA from taxable services provided by them in their professional capacity to a client relating to representation services before any statutory authority in the course of proceedings initiated under any law for… Read More
A Committe is a group of unfit, made by the unwilling to do the unnecessary
"More studies or committees or new special investigating wing and treaties with foreign governments are only to stall action," said Arun Kumar, the head of the Centre for Economic Studies and Planning in Jawaharlal Nehru University. Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen… Read More
Govt allows flour export to Maldives till FY14
The government today allowed export of over 1 lakh tonnes of wheat flour to Maldives till 2013-2014 fiscal, under the bilateral trade pact. "Now, the quantity of wheat flour is permitted to be exported for the years 2011-12, 2012-13 and 2013-14 to Maldives under the Bilateral Trade Agreement between India and the Republic of Maldives… Read More
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