"22 December 2009" Archive

SEBI : Delivery Period for Interest Rate Futures

SEBI/DNPD/Cir- 49/2009 (22/12/2009)

Based on feedback received from Exchanges, it has been decided to allow Exchanges to set any period of time during the delivery month as the delivery period for the deliverable grade securities....

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GST got certain structural defects which need to be corrected before second Paper comes out

The Discussion Paper has envisaged a model of dual GST which has got certain structural defects that need to be pointed out for correction before the second Paper comes out. The proposed GST is an under achievement compared to the professed idea of a conceptually correct GST. It is an imperfect GST which has four rates with probably numer...

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Posted Under: SEBI |

ICAI revised internal audit standards to strengthen internal audit practices

The Institute of Chartered Accountants of India (ICAI) has revised its internal audit standards to strengthen internal audit practices in the country. The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for complia...

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Posted Under: SEBI |

Special Auditor for Bharti Airtel sought extension from the government

Auditors Nayak and Kishnadwala, who are doing special audit for telecom major Bharti Airtel, have sought extension from the government by one-and- a-half months to submit the report. In April, DoT had ordered a special audit on five telecom companies --- Bharti Airtel, Vodafone-Essar, Tata Teleservices, Idea Cellular and Reliance Communi...

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Posted Under: SEBI |

Finance ministry decided to keep the issue of taxing participatory notes on the back burner to encourage foreign inflows

This follows a renewed effort by CBDT to seek clarification on the issue. The finance ministry has decided to keep the issue of taxing participatory notes (P-Notes) on the back burner to encourage foreign inflows. These views follow a renewed effort by the Central Board of Direct Taxes (CBDT) to seek a clarification on the taxation of the...

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Posted Under: SEBI |

Valuation of Perquisites other then accommodation, motor car and ESOP for financial year 2009-2010

For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 except the valuation of perquisites in respect of accommodation, motor car and ESOP which are mentioned separately by us and link for the same is been given below . It may be noted that for most perquisites the...

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Posted Under: SEBI |

Valuation of perquisites in respect of employee stock option (ESOP) for the financial year 2009-2010

The valuation of shares and specified securities in relation to employee stock option have been brought under Rule 3 itself, and Rules 40C and 40D of the Income-tax Rules will no longer be apply. Consistent with the change in law as regards the point of time (exercise) when such liability has to be determined, the rule now prescribes that...

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Posted Under: SEBI |

Asian Steel Industry-Series 2 India

Indian demand for steel consumption is increasing in the coming days. We get proof of the putting when we analyzed and found that steel players like JSW Steel and Essar Steel are increasing their focus on opening up more retail outlets pan India with growth in domestic demand. JSW Steel currently has 50 such steel retail outlets called JS...

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Posted Under: SEBI |

Asian Steel Industry-Series 1 China

The world economic recovery has finally started taking new baby steps. This has lead to increase of demand of commodities. Infrastructure will be the prime reason for the recovery journey. This is the only sector which will lead the path of global economic recovery. When share views on infrastructure we get many sectors being clubbed to t...

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Posted Under: SEBI |

New rules for valuation of perquisites for use of motor car by staff for personal use – provided by employer

The perquisites value of a motor car provided by an employer both for official and personal use has been enhanced by Rs. 600 to 800 per month depending on the engine capacity of the car. Also, the perquisites valuation for employer-provided chauffeur in such cases has been increased from Rs. 600 per month to Rs. 900 per month....

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Posted Under: SEBI |