In terms of rule 3 (2) (a) of the Export of Services Rules 2005, a taxable service shall be treated as export of service if “such service is provided from India and used outside India” Instances have come to notice that certain activities, illustrations of which are given below, are denied the benefit of export of services and the refund of service tax under rule 5 of the Cenvat Credit Rules, 2004 [notification No. 5/2006-CE (NT) dated 14.03.2006] on the ground that these activities do not satisfy the condition ‘used outside India’
Banking and market regulators are considering a proposal authorising auditors to directly verify financial information of their clients with banks where they hold accounts, a person familiar with the situation told. Currently, rules of the Institute of Chartered Accounts of India require auditors to physically verify the cash and bank balances of companies they audit, […]
Clearing shareholders‘ confusion over returns they get from equities, market regulator SEBI on Friday made it mandatory for companies to declare dividend on per share basis, besides prescribing a uniform procedure for dealing with unclaimed shares. “It has been decided to mandate that listed companies shall declare their dividend on per share basis only,” SEBI said while issuing […]
In exercise of the powers conferred by sub-section (1) of section 642 read with section 61013 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely.
Notification No. 38/2009 – Income Tax It is hereby notified for general information that the organization Beach Candy Medical Research Centre, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2003 in the category of
The Institute of Chartered Accountants of India (ICAI), the apex body to regulate the profession of chartered accountancy in the country, has selected 1,240 listed firms for peer review. According to ICAI President Uttam Prakash Agarwal, the peer review of these firms will be completed on a fast track basis and till now 4,000 firms […]
Two PricewaterhouseCoopers auditors were aware that accounts of Satyam, the IT outsourcer at the centre of India’s biggest corporate fraud, were being misstated but signed them off in return for an “exorbitant audit fee”, Indian investigators have alleged. The Central Bureau of Investigation (CBI), which looks into India’s most serious and complex crimes, has filed […]
Uniformity in dividend declaration – Insertion of clause 20A It has been decided to mandate that listed companies shall declare their dividend on per share basis only.
The Insurance Regulatory and Development Authority (IRDA) has refrained from directly appointing statutory auditors, by retaining the practice of prescribing eligibility criteria for appointment of auditors by insurers. IRDA would not have a panel of auditors and would not appoint auditors, as demanded by accounting regulator ICAI. The regulator has not been maintaining panel of auditors since 2005 and instead […]
It is an admitted fact that the donor had agricultural land in question in her possession and she had been showing agriculture income also from the land. She has been staying with her husband who is a well known architect. For her livelihood, she was not depending on the agriculture land gifted but only on her husband. As long she was not living alone and independent, capacity of her family cannot be ignored.
