In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes following amendments to Notification No. 80 (RE-2008)/2004-09 dated 16th January, 2009.
DLF, the country’s biggest real estate developer, said the Income Tax (I-T) Department, had raised an additional demand of Rs 300-400 crore for understating its income for the fiscal year ended March 31, 2006. The tax demand comes at a time when DLF’s profit has shrunk by 41 per cent to Rs 4,629 crore for […]
A peer review of statutory auditors of listed companies may have become mandatory from April this year, but the Securities Exchange Board of India (Sebi) is yet to come out with a notification on the same. This is essential as listed companies are regulated by Sebi. Both the Institute of Chartered Accountants of India (ICAI), […]
The government plans to impose anti-dumping duty on imports of front axle beam and steering knuckles used in the production of commercial vehicles to guard the domestic industry from cheap Chinese shipments into the country. The provisional anti-dumping duty to be imposed would be in range of $ 0.50 per kg to $0.69 per kg, […]
The Reserve Bank of India (RBI) has asked banks to review their existing policies for lending to micro and small enterprises (MSEs) and frame norms for restructuring sick units that are potentially viable. RBI also said that banks should frame policies on extension of credit facilities and non-discretionary One-Time Settlement (OTS) schemes for recovery of non-performing […]
Filing that service tax or excise duty for small and medium businesses on time are about to become easier, considering the developments at the Central Board of Excise and Customs. The announcement of a new ‘E-payment service’ and ‘Automated Central Excise and Services’ was made today at the FAPCCI Bhavan, where the National Academy of […]
A number of representations have been received from BSNL/MTNL and field formations regarding raising of / pending demands for non-deduction of tax at source on commission payments to the franchisees/ PCO owners by MTNL and BSNL prior to 1/6/2007.
CORRIGENDUM TO INSTRUCTION NO. 2/2009 “The matter regarding validity of approvals given by Development Commissioners has been examined in the Board it has been decided that an approval granted by the Development Commissioner in the case of an hundred percent export oriented unit will be considered valid once such an approval is ratified by the Board of Approval for EOU scheme.”
The Institute of Chartered Accountants of India (ICAI) has raised apprehensions about the accuracy of the audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India, saying the statutory auditors were under pressure from these banks to complete the audits within unreasonable deadlines. The accounting rule-maker, which is facing flak after […]
THE Comptroller and Auditor General of India (CAG) plans to move from cash to accrual basis accounting in government within a five year time frame. A National Round Table Conference on Accrual Basis Accounting was held in CAG office yesterday. The Conference, convened by Government Accounting Standards Advisory Board (GASAB) of CAG of India, deliberated […]
