Archive for August, 2008

Who will be covered by the Pension Scheme? Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment. Full Article

Short title, extent and application.- (1) This Act may be called the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) Subject to the provisions contained in section 16, it applies - (a) to every establishment which is a factory engaged in any industry specified in Schedule I and in which twenty or more persons are employed and Full Article

State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 10800 branches and a staff strength of around 1,80,000 employees, is interested in engaging an Auditing firm of repute and proven track record to carry out the concurrent audit of its Derivative portfolio on an on going basis. Initially for a period of 6 months, subject to extension. Full Article

THE Supreme Court on Monday stayed the proceedings challenging the legality of imposition of 12.36% service tax on renting out premises. Various multiplexes, members of the Retailers Association of India, Confederation of Real Estates Developers Association of India and others had moved various high courts against levy of such tax. Full Article

With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes. "The CBI has already written to ICAI to provide expertise as and when required," says the new CBI Director Ashwani Kumar. Full Article

India's apex accounting standards body is convinced that 80 hours is all it will take for the country's accountants to learn the nuances of an international standard that could soon become the way the world writes its books. Full Article

Refund Banker is a scheme wherein a scheduled bank is authorised to issuerefund instruments, either in paper form or electronically, on behalf of theIncome-Tax department. Under this scheme, assessees benefit from faster tax refunds and direct credit into their bank accounts on the lines of dividend payments made bycorporates to shareholders. State Bank of India (SBI) is already operating as the 'Refund Bank' for the Income-Tax department in Delhi, Patna, Chennai, Full Article

CC&CE Vs. Beekay Enterprises (CESTAT Delhi) - Penalty can be imposed within the framework of Section 11AC of the Act. Rule 25 of the Central Excise Rules which deals with penalty also can be applied subject to provisions of Section 11AC. As indicated above, penalty can be imposed when non payment or short payment of duty etc. was actuated by fraud, collusion, wilful mis-statement or suppression of facts or contravention of any of the provisions of the Act or rules made.. Full Article