No increase in Income Tax raid and survey in current Financial Year – Govt

PSU oil companies starts showing components of petrol prices on their websites Posted: 24 Dec 2011 04:38 AM PST The Public Sector Oil Marketing Companies have started placing details of the components of petrol prices on their websites. The measure will help the people in understanding mechanism of the pricing of petroleum products. The companies include... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RTO clerk owns property worth R 40 crore Posted: 24 Dec 2011 02:31 AM PST A clerk employed with the State Road Transport Authority here was found to own property worth over Rs 40 crore. This came to light during a raid by sleuths of the Madhya Pradesh's Economic Offences Wing (EOW) on Sunday. [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI to take action action against ex-CFO in Satyam case within a week Posted: 24 Dec 2011 02:12 AM PST Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. The disciplinary committee of ICAI will take a decision based on the available documents... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI recommends that companies be allowed to account for losses arising from foreign exchange derivative trade over several years Posted: 24 Dec 2011 02:04 AM PST Apex accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years. The measure, according to sources, would prevent the companies from showing huge... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Deferment in the date of effect for implementation of bar-coding on Primary and Secondary level packaging on export consignment of pharmaceuticals and drugs Posted: 24 Dec 2011 01:46 AM PST Public Notice No. 87 (RE-2010)/2009-2014 - In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, as amended from time to time, Director General of Foreign Trade hereby makes following amendments in Public... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Amends Notification No. 15/2008-Customs, dated the 5th February, 2008 Posted: 23 Dec 2011 08:20 PM PST Notification No.112/2011-Customs- G.S.R. 890 (E). -In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 18 and 20 of the Customs Tariff... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Corrigendum to Notification 110/2010 – Customs, dated October 19, 2010 Posted: 23 Dec 2011 08:10 PM PST In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 110/2010-Customs, dated the 19th October, 2010 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] No increase in Income Tax raid and survey in current Financial Year – Govt Posted: 23 Dec 2011 08:00 PM PST It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS,... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]