"14 February 2009" Archive

Foreign investment in Print Media dealing with news and current affairs

Press Note No. 1 (2009) 14/02/2009

Publication of facsimile edition of foreign newspaper would also be subject to the Guidelines for publication of newspapers and periodicals dealing with news and current affairs and publication of facsimile edition of foreign newspapers issued by Ministry of Information & Broadcasting on 31.3.2006, as amended from time to time....

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IT inspection finds Rs 37 crore default by private airline

In a path-breaking investigation, with all-India ramifications, sleuths from the Income Tax department (Bangalore circle) have found that a private airline had not remitted to the government a part of the tax it has been deducting at source for over the past eight years. The TDS default and the interest on it amounts to around […]...

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Posted Under: Fema / RBI |

Indian Premier League (IPL) -II brings rich pickings for I-T dept

It’s not just cricketers who made a fortune at last week’s Indian Premier League (IPL) auction. The income tax (I-T) department is set to get richer too, with franchisees owners who splurged record sums of money on cricketers last weekend, having to fork out at least 10% (TDS) to the IT department. The cash-rich cricketers […]...

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Posted Under: Fema / RBI |

Inside the secret world of auditing : Business Today

PwC’s unqualified opinions of Satyam’s financial statements were materially false and misleading… as an accounting expert which consented to the use of its unqualified audit opinions, PwC is liable for the material misrepresentations or omissions… Excerpt from a Class Action Complaint against Satyam, Ramalinga Raju, Rama Raju, Sri...

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Posted Under: Fema / RBI |

New companies bill likely to see stronger auditing regulations

In the wake of the Satyam accounting fraud, the ministry of corporate affairs has woken up to the need of stronger auditing standards and feels that the new Companies Bill would provide a stronger regulatory platform since the Centre would notify the same as part of the bill....

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Posted Under: Fema / RBI |

Report of the meeting with Ms. Parveen Tripathi, Dy. C&AG & Decision Taken Regarding Empanelment – ICAI

A meeting with Ms. Parveen Tripathi, Dy. C&AG was held on 9th February, 2009. The meeting was attended by the President CA. Uttam P. Agarwal, Vice-President CA. Amarjit Chopra and CA. Anuj Goel, Chairman, PDC. In this meeting, Shri K. P. Sasidharan, Principal Director (Commercial) and nominee of the C&AG of the Central Council was...

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Posted Under: Fema / RBI |

Compensation Received In Exchange For Technical Know-How Is Not Exigible Under Engineering Consultancy.

BE. GELB Consultancy Services v. CCE (CESTAT Chennai)

A transaction in intellectual property (IP) along with the right to manufacture the licensed product is totally different from the technical assistance rendered by an engineer or a firm of engineers; when IP services are brought under the tax net without altering the scope of "Consulting Engineer Service" the new impost covers an activity...

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Taxability Of Income Earned By A Resident Assessee From Russia Through Its PE

DCIT Vs. Mideast India Ltd. (ITAT Delhi)

9. We have considered the rival submissions and also perused the relevant material on record. It is observed that a similar issue was involved in assessee's own case for the earlier years i.e. AY 1991-92, 92-93 & 93-94 and the Tribunal vide its consolidated order dated 12.6.1998 has decided the same in favour of the assessee for the said ...

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Some thoughts for self-improvement and enlightenment

1. When you emit noble and positive energy in the form of good thoughts, good speech and good deeds into the Cosmos, you attract high frequency, noble and protective Cosmic energy into your life. 2. What you focus upon, you empower and what you empower, you attract. Therefore, if you are normally in a complaint mode, you emit and empower ...

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Posted Under: Fema / RBI |

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