"April, 2009" Archive - Page 5

Notification No. 5/2009-Central Excise; dated: 27.04.2009

Notification No. 05/2009-Central Excise (27/04/2009)

In the said notification, in the preamble, for the brackets, letters and words "(b) Bongaigaon Refineries and Petrochemicals Limited, or" , the brackets, letters and words "(b) Indian Oil Corporation Ltd., Bongaigaon Refinery, or" shall be substituted....

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ICAI planning to change syllabus to include CAAT, IFRS, VAT, Management accountancy and internal auditing

Institute of Chartered Accountants of India (ICAI) is mulling over bringing about some changes in the chartered accountancy course syllabus, ICAI President Uttamprakash Agrawal said on Wednesday. “Indian chartered accountants are capable enough not just to fight the economic downturn, but also guide the world on how to come out of ...

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Posted Under: Excise Duty |

Income Tax department asked to pay cost for retaining the books of Assessee for more then 15 days

The Income-Tax department routinely imposes cost on assesses for late filing of returns or delayed tax payment. For a change, it was at the receiving end when the high court imposed a cost of Rs 25,000 for retaining books of accounts impounded from a city builder for almost five years. Justice D V Shylendra Kumar, […]...

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Posted Under: Excise Duty |

Satyam auditors played key role in scam: CBI

Despite the auditors of the fraud-hit Satyam Computer Services pleading ignorance, the Central Bureau of Investigation (CBI) has accused them of colluding with the company’s erstwhile management. “It is revealed that as per the records maintained by the Institute of Chartered Accountants of India, S Gopalakrishnan and Talluri ...

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Posted Under: Excise Duty |

Election Commission blocks service tax sops for SEZ units & Developers

Developers of special economic zones (SEZ) and units operating in them will have to wait until a new government is formed to get a keenly-awaited exemption on service tax payments for services availed inside the zones. The Election Commission (EC) has refused to allow the finance ministry to pass a notification allowing the exempt...

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Posted Under: Excise Duty |

Applicability of the provisions of the Export of Services Rules, 2005 in certain situations

Circular No.111/05/2009-ST (24/02/2009)

In terms of rule 3 (2) (a) of the Export of Services Rules 2005, a taxable service shall be treated as export of service if "such service is provided from India and used outside India" Instances have come to notice that certain activities, illustrations of which are given below, are denied the benefit of export of services and the...

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Auditors may get power to directly verify financial information of their clients with banks

Banking and market regulators are considering a proposal authorising auditors to directly verify financial information of their clients with banks where they hold accounts, a person familiar with the situation told. Currently, rules of the Institute of Chartered Accounts of India require auditors to physically verify the cash and bank bal...

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Posted Under: Excise Duty |

SEBI asks companies to declare dividend on per share basis instead of Percent basis

Clearing shareholders‘ confusion over returns they get from equities, market regulator SEBI on Friday made it mandatory for companies to declare dividend on per share basis, besides prescribing a uniform procedure for dealing with unclaimed shares.   “It has been decided to mandate that listed companies shall declare thei...

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Posted Under: Excise Duty |

Notification No. G.S.R 284(E), dated 24/04/2009

Notification No. G.S.R. 284(E) (24/04/2009)

In exercise of the powers conferred by sub-section (1) of section 642 read with section 61013 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, 1956, namely....

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Notification No. 38/2009 – Income Tax Dated 28/4/2009

Notification No. 38/2009 - Income Tax (28/04/2009)

Notification No. 38/2009 - Income Tax It is hereby notified for general information that the organization Beach Candy Medical Research Centre, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-t...

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