"04 November 2009" Archive

Issuance of Licenses to manufacture cigarettes by Central Excise Department – reg.

Circular No. 905/25/2009-CX (04/11/2009)

I am directed to say that Board has received various references from the trade association and field formations regarding issue of licenses to cigarette manufacturing units....

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CAG will do special audit of Reliance Industries expenses on eastern offshore KG D-6 fields

The nation's premier audit body Comptroller and Auditor General (CAG) has constituted a high-level team for auditing Reliance Industries' (RIL) expenses on eastern offshore KG D-6 fields and the exercise will begin this month. The CAG, which has been asked to do special audit of not only RIL but also Cairn India's Rajasthan block and Brit...

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Posted Under: Excise Duty |

Former Jharkhand CM Madhu Koda in Hospital, raids continued at his premises for the fourth consecutive day

Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises for the fourth consecutive day Tuesday. Income Tax (IT) officials were questioning Koda at hi...

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Posted Under: Excise Duty |

Corporate Affairs Ministry may soon introduce the concept of ‘knowledge test’ for directors

The Corporate Affairs Ministry wants to introduce a new concept called the ‘knowledge test’ to find out if directors had previous knowledge of a company’s wrongful acts. As a first step, it would be ensured that the board processes are totally transparent. If it is found that the board papers had a mention of any wrongful act, and a...

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Posted Under: Excise Duty |

MCA’s new mantra: Be a facilitator in corporate growth instead of just another regulator

The Ministry of Corporate Affairs (MCA) wants to shed its stern regulatory image and acquire a gentler, corporate-friendly reputation. The new mantra is to be a facilitator in corporate growth instead of just another regulator. The mantra is now being translated into action. For example, to cut out subjectivity in decisions, MCA has decid...

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Posted Under: Excise Duty |

ICAI and audit firms against the power given to public sector banks to choose there own statutory auditor

The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive. They have approached the Union finance ministry and the Prime Minister’s Office to say that the decision will affect the quality of audits....

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Posted Under: Excise Duty |

Profit may be the key condition for levying MAT in the final draft of the DTC

The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being considered by the government include tax exemptions for asset-heavy infrastructure compani...

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Posted Under: Excise Duty |