Over Rs 4,000 crore will flow into the bonds of joint ventures promoted by public sector undertakings every year following the decision of the provident fund authorities to relax investment norms.
The decision of the CBT, the apex policy-making body of the EPFO, will allow the EPFO that manages a corpus of Rs 2.5 lakh crore to park up to 10 per cent of accruals annually in bonds of PSU joint ventures like LIC Housing Finance and ONGC Videsh.
I-T raid on a Delhi-based infrastructure and power major with a turnover of over $2.5 billion led to the disclosure of unaccounted income worth Rs 212 cr.
Assuming a profit rate of 10%, the disclosure also amounted to an admission that the businessman had withheld disclosing a turnover worth Rs 2,000 crwhich, had it been accounted for, would have spelt big gains for other tax dept’s such as service tax, central excise, VAT.
Filing of Income Tax returns is a legal obligation of every Firm/AoP/BoI under the provisions of the I.T Act, 1961.
Income Tax Department has introduced a convenient way to file these returns online using the Internet.
The finance ministry may exclude land value from the ambit of a new tax on under-construction houses, potentially taking the sting out of the proposed levy after it ran into a storm of protests from the real estate sector and exposed fissures within the govt.
The 2010-11 budget has proposed a 10% service tax on 33% of the total cost of under-construction houses, which could increase the price tag of such properties by 3.3%.
The big four global accountancy firms — PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte — are circumventing laws to provide auditing services in the country, says the report of an ICAI committee.
The big four international accounting firms were operating in India through their domestic affiliates, it said.
A five-day conference to discuss the role and responsibilities of the CAG will kick off here on Monday.
According to an official release, “the 25th Conference of Accountants General is being held for five days from April 5 to 9. Conference of Accountants General is held almost every two years to discuss contemporary issues in relation to fulfilling the role and responsibilities of the CAG and transforming the audit as an effective tool for good governance.”
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