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In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, following amendments to the Notification No. 4 (RE-2008)/2004-2009.
The Institute of Chartered Accountants of India (ICAI) said on Thursday it will launch a course of accounting technicians from April 22 for undergraduate students. “We are launching this course considering that there is a need for second tier of accountants, with so many accounting jobs coming up in the country,” ICAI president Ved Jain told reporters here.
Following an agreement between the Central Government and the State Governments, the rate of Central Sales Tax was reduced from 4 per cent to 3 per cent in this financial year. It is now proposed to reduce the rate to 2 per cent from April 1, 2008. Consultations are underway on the compensation for losses, if any, and once agreement is reached the new rate will be notified. I am also happy to report that there is considerable progress in preparing a roadmap for introducing the Goods and Services Tax with effect from April 1, 2010.
DEPB Scheme Extended Till May 2009. Income Tax Benefit To 100% EOUs Under Section 10-B Of It Act Being Extended For One Year Beyond 31stmarch 2009. New Export Promotion Council For Telecom Sector . 5% Additional Duty Credit For Export Of Toys And Sports Goods
Compliance Calendar under Direct Tax Laws. Compliance Calendar under Indirect/Corporate & Labour Laws. Payment of monthly dues of Provident Fund. Monthly return in Form 5 for employees joining Provident Fund during previous month along with declaration in Form 2 furnished by the employees. Monthly return of PF in Form 10 of employees leaving the service during preceding month. Quarterly Corporate Governance Compliance Certificate by listed companies to stock exchanges under clause 49(VI)(ii) of Listing Agreement
No need to report if transaction is not speculative. Companies may get to avoid reporting losses on derivative contracts provided they can prove that the transaction was a hedge and not speculative in nature. A recent clarification by the Institute of Chartered Accountants of India (ICAI) regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
