As regards the requirement of the Customs EDI Systems under Regulation 5(1)(j), the infrastructure required to be provided by the custodian shall include the Civil and electrical infrastructure including properly air-conditioned office space……. shall also be provided. (last line modified is as follows) In addition to the above, the custodian would be required to undertake site preparation including civil works, electrical works, electrical fittings, air-conditioning, etc. they would also provide DG Set for power back up and link to the EDI Server. The networking, communication equipments, Uninterrupted Power Supply System, Computers/Personal Computers/Thin Clients, servers, printers and other computer peripherals as may be specified by the Directorate General of Systems shall also be provided by the custodian.
the situation of domestic industry continues to be fragile. Further, should the present anti dumping duties be revoked, injury to the domestic industry is likely to continue and intensify
The Principal Notification was published in the Gazette of India vide Notification No. 62/94-Customs (NT), dated the 21st November, 1994 (S.O. 828(E), dated the 21st November, 1994) and lastly amended by Notification No.09/2009(N.T.)-Customs, dated 16th January, 2009 (No.S.O. 190(E), dated 16th January, 2009.
In a first, the government is considering a revamp of the legal system by giving more powers and responsibilities to the Securities Appellate Tribunal (SAT), a quasi-judicial body, which currently only settles disputes in capital market transactions. The thinking within the government is that SAT’s role needs to be widened and should deal with appeals against insurance […]
Board’s right to inspect and investigation The Board may appoint one or more persons as inspecting officer to undertake the inspection of the books of accounts, records, documents and infrastructure, systems and procedures or to investigate the affairs of a mutual fund, the trustees and asset management company for any of the following purposes, namely:
It is not just Indian accounting standards, which would converge fully with the International Financial Reporting Standards by 2011, but cost accounting standards, would also need to be in tune with the global model. The Institute of Cost and Works Accountants of India, the apex body to regulate the profession of cost accountants, is working out the […]
Suppose Firms A & Co, B& Co. merge in C & Co during the year (a) All three firms are empanelled in bank branch auditor’s panel and audit is allotted to M/s B& Co. only. In the above case, B& Co. will be allowed to take up the audit assignment in the name of C […]
The government has withdrawn tax benefits enjoyed by consortia of foreign and Indian engineering firms undertaking infrastructure projects, in a move that may hit the sector plagued by severe capacity deficit. The Central Board of Direct Taxes (CBDT) has withdrawn a 20-year-old instruction that provided tax exemption and lower tax rates to foreign firms setting up […]
The Competition Act, 2002 inter-alia provides for regulation of combinations in accordance with the provisions contained therein. However, the provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and amalgamations have not yet come into force as the same have not been notified. This information was given today by Shri Salman Khurshid, […]
Government is considering the inclusion of new provisions in the existing tax laws, called Controlled Foreign Corporation (CFC) laws, as suggested by the Kelkar Task Force on tax reforms.In view of a spurt in overseas investment by Indian companies, it has become necessary to frame CFC laws to prevent loss to the exchequer, the official […]
