Archive for February, 2009

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II SECTION 3, SUB-SECTION (i) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 17/2009-CUSTOMS New Delhi, the 19th February, 2009. 30 Magha, 1930 SAKA G.S.R (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, [...] Full Article

Many Indian companies have not made adequate provisions for employee provident fund (PF) and pension, as per a survey by consulting firm Mercer.  The survey showed that 88% of top Indian companies have not made required provisions for defined benefit PF scheme which is mandatory as per accounting standards laid down by ICAI. Put simply, [...] Full Article

Prosecutions have been filed in 110 cases for violations of various provisions of the Companies Act, 1956," the minister said in a written reply to a question on the issue of vanishing companies. A Coordination and Monitoring Committee (CMC), co-chaired by MCA Secretary and Securities and Exchange Board of India Chairman, is looking into the issue of vanishing companies, their promoters and monitoring the progress of action taken against them. Full Article

The Central Board of Excise and Customs has already amended its Service Tax Act to enable TRPs to prepare and furnish service tax returns on behalf of the tax payers. The training programme for TRPs will be started by the Central Board of Direct Taxes, CBDT said in a release. While the first batch of income tax and TDS training module for the TRPs will be conducted from March 4 to 9 and the second batch from March 13 to 18, training for TRPs on Service Tax will be comple.. Full Article

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year i.. Full Article

Notification No. 16/2009-CUSTOMS Provided that the authorizations issued on the basis of self declaration where Standard Input Output Norms are not fixed, shall also be valid for import of inputs required for the manufacture of export products provided the authorization holder shall prove to the satisfaction of the jurisdictional Assistant Commissioner of Customs or Deputy Commissioner of Customs, as the case may be, that an application in Aayat Niryat form along with do.. Full Article

Notwithstanding the introduction and continuation of the scheme of channelising of the gas stoves traders / manufacturers through the respondents, the basic right of a customer of making an independent choice of the purchase of stoves for its requirement from a source not limited to the dealers of the respondents shall continue to be upheld and the respondents would renew their instructions to the dealers in appropriate and expeditious form and ensure that the prominent .. Full Article

Financial independence is important when you are planning for retirement. But, you should also plan for the free time that you will get. Many people have no idea what life's going to be like once they retire. It can be the most rewarding experience or the most disastrous one. You need to think about the financial side of retirement, but mental and emotional changes can be far more devastating than monetary issues. Full Article