Archive for September, 2010

Following is the Exposure Draft of the Schedule XIV to the Companies Act, 1956, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. This Exposure Draft is in accordance with the IFRS converged Accounting Standards being formulated by the ICAI. The Board invites comments on any aspect of [...] Full Article

Assessee has not made out a case for total waiver of pre-deposit and keeping in view the total facts and circumstances of the case, we direct the assessee to deposit an amount of Rs.1,00,000/- (one lakh) within a period of four weeks from today and on such deposit, pre-deposit of the balance amount of Service Tax and penalty shall stand waived and recovery thereof stayed pending the appeal. Failure to comply with this direction shall result in vacation of stay and dismis.. Full Article

Dispute Resolution Mechanism under the Payment and Settlement Systems Act, 2007 RBI/2010-11/213 DPSS.CO.CHD.No.654/ 03.01.03 / 2010-2011 September 24, 2010 The Chairman and Managing Director / Chief Executive Officer System Providers and System Participants of All Authorised Payment Systems Madam / Dear Sir Dispute Resolution Mechanism under the Payment and Settlement Systems Act, 2007 References are being [...] Full Article

The government is considering changes in laws to make multinational audit firms responsible for professional wrongdoings by their Indian affiliates. Currently, domestic laws do not allow regulatory action against the global network of such firms, eve Full Article

The assessee, a co-op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application u/s 119(2)(b) with the CBDT requesting condonation of delay and for being allowed carry forward of loss. The principal ground on which condonation was sought was that there was a delay in appointment of the statutory auditor by the Registrar and a consequent delay in preparing the s. 44AB tax audit report. The CBDT rej.. Full Article

On 29th September 2010, Prime Minister Dr. Manmohan Singh and UPA Chairperson Smt. Sonia Gandhi will launch the issue of Unique Identification Numbers (Aadhaar) nationally by distributing the first set of numbers among the villagers. This launch will Full Article

The Bombay High Court has asked Maharashtra government's Principal Secretary (Finance) to file an affidavit by October 8 in reply to a PIL alleging scam in refund of Sales Tax to the tune of crores of rupees in Palghar division in nearby Thane distri Full Article

The Reserve Bank of India (RBI) has decided to permit banks to engage companies excluding non-banking financial companies to act as business correspondents (BCs) for the purpose of financial inclusion. These companies will be in addition to the indiv Full Article