"04 August 2009" Archive

Provisions relating to EDI infrastructure under the "Handling of Cargo in Customs Areas Regulations, 2009"- regarding.

Circular No. 21/2009-Custom Duty (04/09/2009)

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 c...

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Notification No. 85/2009 – Customs, dated 04-08-2009

Notification No. 85/2009-Customs (04/08/2009)

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...

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Amends Notification No. 62/94-Customs Duty (N.T.), dated 21st November, 1994

Notification No. 104/2009-Customs (N.T.) (04/08/2009)

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....

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SAT may be renamed as FSAT and all financial regulators may come under it

  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...

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Posted Under: Custom Duty |

Slab of Auditors fees for inspection of Mutual Funds for the year 2008-09

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 foll...

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Posted Under: Custom Duty |

Cost Accounting Slandered to converge with the International Financial Reporting Standards

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 wo...

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Posted Under: Custom Duty |

Policy in respect of Merger of Firms in allocation of bank branch statutory auditors for the year 2008-09

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 […]...

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Posted Under: Custom Duty |

CBDT withdrawn tax exemption and lower tax rates to foreign firms setting up consortia with domestic companies for engineering, procurement and construction

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 ...

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Posted Under: Custom Duty |

Provisions of the Competition Act, 2002 relating to regulation of combinations, including mergers and amalgamations have not yet come into force

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 informatio...

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Posted Under: Custom Duty |

Govt considering laws to tax domestic companies which deliberately route their overseas investments through tax havens to avoid paying taxes

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...

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Posted Under: Custom Duty |
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