"November, 2009" Archive - Page 30

After Jaipur tragedy IOC started safety audit of all its operating depots, terminals and plants in country

With lessons from the devastating fire that gutted the IOC depot here at the Sitapura industrial area, the company has decided to begin a safety audit of all its operating depots, terminals and plants in the country. According to N Srikumar, executive director, corporate communication, IOC, the safety and security audit would cover all t...

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Posted Under: Finance |

Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person

DNBS(PD). CC 163/03.10.042/ 2009- 10 01/01/1970

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit ...

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Posted Under: Finance | ,

Major highlights of draft guideline on Goods and service tax

1. Central and state GST will apply on all transaction of goods and services.2. Tax paid as central GST will be allowed to taken as input tax credit.3. State GST will also be allowed to be taken as input tax credit....

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Posted Under: Finance |

RBI circular on embossing of bank / branch name on locker keys

Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to facilitate Authorities in identifying the ownership of the locker keys....

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Business Visa- Employment visa and Frequently asked question and answers on the same

The Ministry of Commerce and Industry (MCI) had issued a letter dated 20 August 2009 requiring all foreign nationals in India holding Business Visa (BV) and working on project/ contract based assignments in India to return to their home countries on expiry of their BV or by 30 September 2009, whichever is earlier. This deadline was subseq...

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Posted Under: Finance |

Taxability of LLP and Income tax provisions governing them

The Budget 2009-10 has introduced the provisions regarding taxation aspect of the newly introduced form of business Limited Liability Partnership. As per the Budget 2009-10 a limited liability partnership (LLP) will be taxed on the same lines as partnership firms — this would mean taxation of profit in the hands of the entity; the partn...

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Posted Under: Finance |

Frequently asked question and answers on Automation of Central Excise and Service Tax (ACES)

ACES stands for Automation of Central Excise and Service Tax. It is a centralized, web based software application which automates various processes of Central Excise and Service Tax for Assessees and Department, and gives complete end to end solution. Any Assessee can register with Department using ACES application, can file tax return, c...

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Posted Under: Finance |

Service tax exemption to manufacturers of parts of cycles or sewing machines

Notification No. 42/2009-Service Tax 12/11/2009

Notification No. 42/2009-Service Tax Govt. exempts the taxable service specified in sub-clause (zzb) of clause (105) of section 65 of the Finance Act, provided by a person (hereinafter called the 'service provider'), to any other person (hereinafter called the 'service receiver'), in relation to one or more of the specified process durin...

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Coordination between internal and external auditors

Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation's system of internal control and its scope includes ALL aspects of internal control, not just financial control.. The scope of internal audit is much wider t...

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Posted Under: Finance |

Electronic filing of service tax returns will be compulsory in next two months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC). Electronic filing of service tax will be made compulsory in the next two months, CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar. ...

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Posted Under: Finance |

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