Archive for June, 2010

The RBI directive to banks, asking them not to honour cheques with overwriting, will come into effect from December 1 instead of the earlier scheduled date of July 1, the apex bank said in its latest circular. The new rule is intended to prevent fraudulent withdrawal of money and expedite clearance of cheques. Full Article

Accounting Codes for the taxable services introduced vide the Finance (No. 14) Act, 2010.Circular No. 124/6/2010-TRU, dated 29-6-2010. Heads of Account under the Major Head “0044-Service Tax” in respect of the new taxable services have been allotted by the Office of the Principal Chief Controller of Accounts, CBEC. Full Article

In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2010- Service Tax, dated the 28th June, 2010 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 557 (E), dated the 28th June, 2010,for the words “in excess of ”, read “equal to”. Full Article

The provisions of Companies Act, 1956 makes it very clear that every company should maintain proper books of accounts and should record all the transactions of the Company pertaining to sales, purchases, expenses, receipts, liabilities and Assets. Not only recording the transactions, every Company is also supposed to maintain the documentary proof in support of the transactions as per law. Full Article

21st June is observed as the World Music Day (WMD) to commemorate contribution of music to human life. It coincides with the longest day of the year. Idea of celebrating this day first occurred to American musician Joel Cohen in 1976. Cohen proposed an all-night music jamboree on the summer solstice. Full Article

The CBI has asked the revenue department of the finance ministry to conduct an inquiry to determine if orders issued by income tax appellate authorities in 75 cases, where private parties benefited at the expense of the government, were in accordance with law. Full Article

The Board of Control for Cricket in India (BCCI) may have to stump up more than Rs 500 crore in taxes, with tax authorities not in favour of granting exemption requests sought by the board for the past two tax years. The board, widely regarded as one of the richest sporting bodies on the planet, has claimed exemption of Rs 421 crore and Rs 145 crore for assessment years 2008-09 and 2009-10 , respectively, under Section 11 of the Income-Tax Act. Full Article

The next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examinations of the Institute will be held from 8th November-2010 to 22nd November-2010 at the following centres : Full Article