Feb 9, 2010 Goods and service Tax
The Supreme Court has decided to examine the plea of Punjab government pertaining to the provision of its VAT law which according to the government provides no exemption to the assessees from the mandatory deposit of 25% of the tax, penalty and interest for entertaining their appeal by the appellate authority. Read More..
Feb 9, 2010 Government Policy
Two weeks after it sought applications for granting the ‘Maharatna’ status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. “We are awaiting response from the ministries concerned. Read More..
Feb 9, 2010 Goods and service Tax
The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor states suffer any revenue loss. Read More..
Feb 9, 2010 Chartered Accountant
The country’s apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was “prudent’’ that the fees paid to auditors should be raised. Read More..
Feb 9, 2010 Income Tax
A Rajasthan High Court ruling, giving retrospective effect of the special provision for assessing arrears of rent provided under section 25 B of the Income Tax Act, has irked the Supreme Court. A bench comprising Justice SH Kapadia and Justice Swatanter Kumar on Friday took strong exception to the high court ruling on the issue. Read More..
Feb 9, 2010 ICAI
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE):
An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards. Read More..
Feb 9, 2010 Accounting
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India Read More..
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