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Archive: 12 March 2009

Posts in 12 March 2009

Clarification on levy of National Calamity Contingent Duty (NCCD) on Cellular / mobile Phones on the basis of MRP / Retail Sale Price – regarding

March 12, 2009 3016 Views 0 comment Print

It has been brought to the notice of the Board that some of the Customs field formations are not charging the levy of National Calamity Contingent Duty (NCCD) on the basis of Maximum Retail Price (MRP) / Retail Sale Price (RSP) of the Cellular / Mobile phones.

ICAI tightens auditing norms to prevent frauds

March 12, 2009 336 Views 0 comment Print

To prevent recurrence of Satyam-like frauds, the ICAI on Monday tightened the auditing standards by introducing new guidelines which will enable auditors interlink information and reports of other stakeholders and evaluate them. The two new standards on auditing, said Atul Kumar Gupta, member of the regional council of Institute of Chartered Accountants of India (ICAI), […]

SC upholds sacking for delay in payment of taxes

March 12, 2009 265 Views 0 comment Print

If you are in the armed forces, pay your taxes on time or you may be asked to hang up your boots. The Supreme Court has upheld a decision of the Indian Air Force (IAF) to retire an officer for delayed payment of property tax. A bench headed by Justice Arijit Pasayat did not find […]

Income Tax Dept. accused Telecom companies of deducting TDS at lower rates

March 12, 2009 3197 Views 0 comment Print

Some of country’s top telecom companies are being accused of deducting lower amounts of tax at source on payments made to each other for roaming and interconnection charges, but the companies deny any wrongdoing. Interconnect charges, which include call termination fees, port charges and carriage fees, account for about 30% of the tariff charged to […]

ICAI wants more powers to wash off Satyam stain

March 12, 2009 351 Views 0 comment Print

In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself. “The institute needs to have more teeth and there is need to make changes […]

Applicability of Service tax on billing and data processing done by CA firm for Power Distribution Company

March 12, 2009 1259 Views 0 comment Print

In terms of the Board’s clarification dated 28-2-2006, the service rendered namely outsourcing of spot billing work by APCPDCL would come within the ambit of business support service which is liable to service tax only with effect from 2006.

ICAI approached Finance Ministery & RBI to Reverse decision on bank auditors

March 12, 2009 231 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) has approached the Finance Ministry and the Reserve Bank of India (RBI), seeking a reversal of their decision to liberalise the system for appointment of statutory branch auditors by public sector banks (PSBs). Until three years ago, RBI allotted such branch auditors, based on a panel of […]

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