Medical developments from around the world
To avoid the hassle of sending a hard copy of e-filed return by post, the income-tax department has decided to introduce the facility of electronic signature for taxpayers. The Central Board of Direct Taxes (CBDT) has decided to implement the new mechanism by the end of the next financial year in March 2015.
CBDT will contact the Union ministries of law and communications and information technology to establish the legal position and technology requirements before the new protocols for e-returns—ITRV—are operationalised.
A digital signature verifies the identity of the sender and is created by paying a fee which requires regular renewal. Hence, this is perceived as another burden on the salaried class and other small taxpayers.
Securities Exchange Board of India (SEBI) has barred Karvy Stock Broking Ltd (KSBL) from taking up new assignments, contracts and new clients or customers for its business as a stockbroker for six months for being involved in initial public offering (IPO) irregularities.
SEBI found that KSBL was involved in irregularities in as many as 21 IPOs during 2003-2005. A few entities had opened demat accounts in fictitious (benami) names and acquired the shares of IPOs in the category of retail investors using these accounts. Pursuant to the allotment, these shares were transferred to the demat accounts of these key operators and to ultimate beneficiaries, who were the financiers in the process.