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Showing posts from October 14, 2015

New I-T tool to check PAN history

The government is set to unveil PAN activitymonitoring and analysis software to enable the Income Tax Department to check transaction histories and help sleuths track black money trails. The platform is called the Income Tax Business Application- Permanent Account Number. Buisness Standard, New Delhi, 14th Oct. 2015

State-run Banks Directed to Tighten Vigil Against Frauds

Finmin asks PSBs to strengthen internal mechanisms to raise red flags for suspicious deals Within days of an alleged black money scam running into Rs 6,000 crore hitting state-run Bank of Baroda, finance ministry has dashed off a letter to all public sector lenders, asking them to review their processes and step up the vigil against potential frauds. A senior finance ministry official said the ministry has asked all state-run banks to strengthen their internal mechanisms, so that red flags are raised when there are suspicious transactions. “Stringent processes are already in place...We want banks to take stock of their effectiveness in the backdrop of this incident,“ the official, who did not wish to be named, told ET. Bank of Baroda has submitted an internal investigation report. Public sector banks have been asked to remain vigilant, the official said. “If we feel there are lacunae in the system, PSBs will be asked to plug them,“ the official added. On Tuesday, Bank of Baroda notified …

India Inc Will Get Tax Refunds to Ensure Fair Start to GST

EASE OF DOING BIZ CBEC will issue a directive to speed up refunds of service tax to BPO, IT &ITES sectors; buoyant tax mopup has given finmin room to clean up process For many years, muted revenue collections meant delayed or no tax refunds for India Inc., especially exporters. Facing a revenue shortfall in the first half of every financial year, North Block would issue an unwritten instruction to field officials to hold back refunds. This year, there will be a break from the past, with a directive going out to the field to release all refunds amid preparations to start on a clean slate for the goods and services tax, which the government hopes to implement from April 1, 2016. The Central Board of Excise and Customs, the apex indi rect taxes body, is also working on a comprehensive overhaul of the refund mechanism for the BPO, IT and ITES sectors. “We want to ensure there are no pending refunds in the system,“ a senior finance ministry official said, adding that the idea is to clean …

List by December Sebi to start-ups

Asks exchanges to speed up efforts in attracting new- age companies The Securities and Exchange Board of India ( Sebi) is keen on having companies list under the new start- up regulations before the end of the calendar year. The market regulator has asked stock exchanges to speed up their efforts in attracting new- age companies to the stock markets for their funding requirements. Exchanges have also been tasked to spread awareness and get market feedback on the new regulations. Given the regulatory push, the exchanges have already started their drive. BSE has already launched an institutional trading platform (ITP) — BSE Hi- Tech for start- up listings. The exchange, which had achieved considerable success in SME listings, has set up an office in Bengaluru, where most of the technology start- ups are based. “We have announced a hitech platform for start- ups. Tomorrow ( on Wednesday), we are opening our branch office in Bengaluru. We already have offices in Chennai, Hyderabad and Delhi, w…