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Archive: 05 December 2009

Posts in 05 December 2009

MCA decided to put implementation of early-warning system on hold due to technical problems

December 5, 2009 504 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) has decided to put the early-warning system on the backburner due to technical snags.Sources close to the development said the software-based system incorporated ten financial parameters for diagnosing problems in a company which was not giving the desired results.

Maharashtra taxman wants GST to be implemented from April 2011 instead of April 2010

December 5, 2009 711 Views 0 comment Print

He said that the white paper proposes that the Central GST and State GST, that is CGST and SGST, will be concurrently administered by the centre and the state. Mr. Bhatia seems to believe that this will lead to immense confusion because it means that for every transaction, every dealer has to go to two authorities. And in some way that sort of subverts the intent of simplicity for which GST is being put in place in the first place.

Cost accountants may not be treated at par with chartered Accountants

December 5, 2009 1276 Views 0 comment Print

Officials at Icwai have been lobbying the government to include cost accountants under the definition accountant as defined in the subsection 2 of Section 288 of the Income-tax Act. The finance ministry has ignored calls by cost accountants that they be treated at par with chartered accountants and be allowed to sign off on the financial statements of companies.

SEBI's income from fees and other charges dropped by 46 per cent

December 5, 2009 639 Views 0 comment Print

SEBI’s income from fees and other charges dropped by 46 per cent to Rs 213 crore in the fiscal 2008-09 as against Rs 397 crore recorded during the previous fiscal, SEBI’s annual report released on Wednesday said.

Government sanctioned 116 posts for the Central Information Commission

December 5, 2009 699 Views 0 comment Print

THE Central Government has sanctioned 116 posts for the Central Information Commission. The Commission has constituted a Committee to assess its staff requirement. The Government shall examine the report of the Committee as and when received. The Commission has been allotted a plot of land in Delhi for construction of a building of the Commission.

Potential Voting Rights: Impact on Consolidated Financial Statements

December 5, 2009 9816 Views 1 comment Print

Consolidated Financial Statements shall be prepared by an entity if it has control over another entity. ‘Control’ under IFRS, being power to govern the financial and operating policies, covers within its purview even those entities that have been excluded under Indian GAAP. This article attempts to analyse the meaning and scope of the term — Potential Voting Rights — when determining control.

Interest on central excise duty refund is taxable under the Income Tax Provisions

December 5, 2009 1518 Views 0 comment Print

Income-tax Appellate Tribunal (ITAT), Amritsar, stated that companies with operations in the north-east, Jammu & Kashmir and Himachal Pradesh, will be legally responsible to pay tax on Central excise duty refunds. Companies, such as Balaji Alloys, Raven Bhel and Pee Ell Alloys, moved the income tax appellate tribunal (ITAT) against an income-tax department notice that required them to give the tax.

Government may get banks audited to check if they passed on Interest subvention benefit to exporters

December 5, 2009 621 Views 0 comment Print

The government may soon ask for an audit of banks to check if they are passing on to exporters the interest rate discounts on loans, given as a part of the stimulus packages, following complaints from exporters that some banks were not crediting to their accounts the rebate.Government is planning to ask the comptroller and auditor general to carry out an audit of banks to find out on a test check basis whether the subvention amount is getting credited to the account of exporters.

Registration of political parties U/s. 29A of Representation of People Act, 1951

December 5, 2009 6622 Views 0 comment Print

For the purpose of registration of any association or body of individual citizens of India as a political party, the association or body is required to make an application to the Election Commission of India giving therein full particulars required under sub-section (4) of Section 29A of the Representation of the People Act, 1951 and additional particulars required under the Registration of political parties (Furnishing of Additional Particulars) Order, 1992.

RBI allowed foreign nationals working in India to take home entire post-tax salaries

December 5, 2009 1339 Views 0 comment Print

Christmas cheer has come early for foreign nationals working in India. They can now take their entire post-tax salaries home, following a change in rules to this effect by the Reserve Bank of India (RBI). This will benefit sectors such as aviation, telecom and infrastructure, which employ a large number of expats, making it easier for them to attract talent from abroad. Earlier, expats could take only 75% of their salaries abroad.

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