The ICAI has issued on 22.5.2012 a document titled “Frequently Asked Questions (FAQs) on Revised Schedule VI to the Companies Act” to aid professionals to comply with the new regulations. Given the importance of Schedule VI to the Companies Act, the FAQ is of great relevance to auditors and tax professionals

Undisclosed Income of Rs.565 Crore Detected and Tax Rs.181 Crore Realized pursuant to the amended India-Swiss DTAA

PRANAB MUKHERJEE FINANCE MINISTER 16 May 2012 In the past year the public discourse on the issue of corruption and black money has come in the forefront with the active participation of the civil society and our Parliamentary institutions. Two …

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We regret to announce the tragic and untimely demise of Hon’ble Justice B. P. Saraf (Retd) on 15.5.2012

Vide Order No. 20 of 2012 dated 7.5.2012, the Chief Commissioner of Income-tax, Kolkata, has transferred several Income-tax Officers & Tax Recovery Officers with immediate effect

The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012

Vide Order No. 18 of 2012 dated 7.5.2012, the Chief Commissioner of Income-tax, Kolkata, has transferred several Deputy & Assistant Commissioners of Income-tax with immediate effect

Vodafone’s invocation of the BIPA (“Bilateral Investment Promotion and Protection Agreement”) between India and the Netherlands to challenge the proposed retrospective amendments to nullify the verdict of the Supreme Court has met with hostile reaction from the Inter-Ministerial Group which has been set up to draft an appropriate reply to Vodafone’s notice. The group is headed by Finance Secretary R S Gujral and comprises secretaries of the department of economic affairs, the law ministry, the telecom ministry and the external affairs ministry

The Chief Commissioner of Income Tax, Pune invites applications from qualified Chartered Accountants/firms of CAs for empanelment to carryout Special Audit u/s 142(2A) of the I.T.Act, 1961. The remuneration for the Special Audit is governed by Rule 14B of the I.T.Rules, 1962