Discontinuation of ranks in Common Proficiency Test (CPT)

Discontinuation of ranks in Common Proficiency Test (CPT) 8th January 2016 It is hereby informed that in terms of decision taken by the Examination Committee, declaration of ranks in respect of Common Proficiency Test(CPT), has been discontinued with effect from CPT held in December, 2015 onwards. Candidates are requested to take note of the above. …

Clarifications on Swachh Bharat Cess

Press Information Bureau Government of India Ministry of Finance 12-November-2015 20:00 IST Clarifications on Swachh Bharat Cess Swachh Bharat Cess will come into effect from 15th November 2015, at the rate of 0.5% on all services, which are presently liable to service tax. This will translate into a tax of 50 paisa only on every …

CCI imposes Rs 671 crore penalty on four state-run insurance companies

The Competition Commission of India (CCI) has imposed a penalty of Rs 671 crore on four public sector insurance companies-National Insurance Co, New India Insurance Co, Oriental Insurance Co and United India insurance company for indulging in anti-competitive practices. Companies would have to deposit the penalty amount within 60 days of receipt of this order. …

THE COMPANIES (AMENDMENT) ACT, 2015

THE COMPANIES (AMENDMENT) ACT, 2015 NO. 21 OF 2015 [25th May, 2015.] An Act to amend the Companies Act, 2013. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. (1) This Act may be called the Companies (Amendment) Act, 2015. (2) It shall come into force on …

Revised Estimates and actual collections of Direct Taxes for the last three years

Direct Taxes worth Rs. 6,95,988 Collected Druing 2014-15; Direct Taxes Contribute more than 56% to total Central Taxes During 2013-14 and 2014-15 The Revised Estimates and actual collections of Direct Taxes for the last three years are as under: Financial year Revised Estimates Direct Taxes collections 2012-13 5,65,835 5,58,658 2013-14 6,36,318 6,38,543 2014-15* 7,05,628 6,95,988 …

SIT Recommends making Tax Evasion a Crime

In Chapter III of Second SIT report, the SIT has recommended as under: “Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more than 25 countries in the world which have made …