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Archive: August, 2008

Posts in August, 2008

SC’s blanket stay on retailers service tax cases in HCs

August 26, 2008 279 Views 0 comment Print

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.

Chartered accountants to help CBI in economic offences

August 26, 2008 435 Views 0 comment Print

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.

ICAI has decided that Indian Accounting Standards will converge with IFRS by April 2011

August 26, 2008 2942 Views 0 comment Print

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.

Process to ensure faster I-T refunds in more cities

August 26, 2008 324 Views 0 comment Print

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,

Penalty u/s. 11AC r.w. Rule 25 cannot be imposed for suppression or contravention of facts unless it was made intentionally

August 25, 2008 3344 Views 0 comment Print

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 thereunder “with intent to evade payment of duty”. Even if a case of suppression of facts or contravention of any provision were made out, it is clear that suppression or contravention per se would not justify imposition of penalty unless it was made intentionally in order to evade payment of duty.

Savings Bonds-Extending the Collateral Facility

August 24, 2008 186 Views 0 comment Print

Government of India have amended the notifications relating to 7% Savings Bonds, 2002, 6.5% Savings (Non-Taxable) Bonds, 2003, and 8% Savings (Taxable) Bonds, 2003 Schemes, to allow for pledge/lien/ hypothecation of the said Bonds as collateral for obtaining loans from Scheduled Banks. Accordingly, the holders of the said Bonds will be entitled to create pledge or hypothecation or lien in favour of scheduled banks in accordance with section 28 of the Government Securities Act, 2006 and regulations 21 and 22 of the Government Securities Regulations, 2007.

Announcement Regarding Articled Assistants – (22-08-2008)

August 24, 2008 210 Views 0 comment Print

In partial modification of the announcement dated 31st March, 2008 regarding submission of Form No. 112, it is hereby notified that articled assistants registered and undergoing graduation or any other course on or before 31st March, 2008 need not submit Form No.112.

Last Professional Education (Examination- II) extended to May 2009

August 24, 2008 312 Views 0 comment Print

In order to mitigate the hardship being faced by the students who were registered for Professional Education (Course-II) after passing Professional Education (Examination- I) / Foundation Examination / Entrance Examination as the case may be and have exhausted five consecutive attempts (after having been eligible for admission to the said examination) , the Council of the Institute has further decided to hold two more Professional Education (Examination- II) in November, 2008 and May, 2009 as well.

Internal Audit for Stock Brokers/Clearing Members

August 22, 2008 1334 Views 0 comment Print

In continuation with the Circular No.F.1/5/SE/ 83 dated May 31, 1984 of Government of India, Ministry of Finance, Department of Economics Affairs, Stock Exchange Division, you are advised to direct your stock brokers/clearing members to carry out complete internal audit on a half yearly basis by independent qualified Chartered Accountants.

Public Notice No. 68 (RE-2008)/2004-2009, Dated: 21.08.2008

August 21, 2008 472 Views 0 comment Print

Only such products under product code 09.1 to 09.24 shall be entitled for benefits under the scheme which are either exported by KVIC / KVIB registered units or such exports are sourced from KVIC / KVIB registered units.” shall not apply to VKGUY entries 09.10 & 09.11, for exports made w.e.f 1.4.2006.

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