"26 August 2009" Archive

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

Notification No. LAD-NRO/GN/2009-10/15/174471 26/08/2009

All other words and expressions used but not defined in these regulations, but defined in the Act or the Companies Act, 1956, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 and/or the rules and regulations made thereunder shall have the same meaning as respectively assigned to them in such Acts or rules or re...

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Place of performance of service is decisive for determining event of taxability as well as incidence of tax

Microsoft Corporation (I) (P) Ltd. Vs Commissioner of Service Tax (CESTAT New Delhi)

The appellant appears to have performed service in India for ultimate consumption thereof in India by its clients/customers in India. The service is destined to exhaust in India and extinct soon after performance thereof. Post performance liability only remains to be discharged by foreign principal through the appellant in India. Thus the...

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Notification on Compulsory E- Filing of Form-101 related to MVAT registration

Notification No. VAT/AMD-1009/ IB/Adm-6 26/08/2009

In exercise of the powers conferred by sub-rule (1) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, the Commissioner of Sales Tax, Maharashtra State hereby provides that on or after 1st October 2009, the dealers, who are liable to...

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MCA proposed to prosecute audit firms also for wrong doing of its partner

The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants. The proposal, being pushed by government agencies, has found favour with MCA and the amendments could be made...

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Posted Under: SEBI |

ICAI finally acted against PWC partner S. Gopalakrishnan ; withdrawn from its non-standing committees

Seven months after the arrest of two Price Waterhouse auditors in the scam at Satyam Computer Services Ltd, the accounting regulator has finally acted against one of them. The executive committe of the Institute of Chartered Accountants of India, or Icai, has decided to withdraw S. Gopalakrishnan from 11 of its committees....

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Posted Under: SEBI |

CVC launches prosecution against officers in CBDT, CBEC, DDA etc and advised penalty on several company officers

In the month of July the Central Vigilance Commission disposed of 522 cases referred to it for advice and launched prosecution against 22 officers. Of these, seven were from CBDT & MHA and two each from M/o Environment & Forest and MCD....

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Posted Under: SEBI |

Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . ...

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Posted Under: SEBI |

DTC will not provide deduction for donation to relegious trust and may tax NGOs

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per...

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Posted Under: SEBI |

ICAI considering proposal to prohibit use of identical firm name

Accounting regulator Institute of Chartered Accountants of India (ICAI) is contemplating prohibiting chartered accountant firms from using identical names, a decision which may have implications for accountancy firms like PwC and Deloitte....

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Posted Under: SEBI |

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