"15 January 2010" Archive

Recounting of Central Council Election from central region to be held on 18th Jan 2010

Pursuant to the Orders dated 13th January, 2010 of the Hon'ble High Court of Judicature for Rajasthan at Jaipur in the matters of T. Karthikeyan, Returning Officer and Secretary -vs- Prakash Sharma and Ors.[DB Special Appeal (Writ No. 35/2010)] and T. Karthikeyan, Returning Officer and Secretary, -vs- Ganesh Sharma and Ors....

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Posted Under: CA, CS, CMA |

Custom duty notification amending Notification No.152/2009-Customs, dated the 31st December, 2009

Notification No. 04/2010-Customs 15/01/2010

Notification No. 04 / 2010 - Customs, - In the said notification, in the Table, in column (4),-1. for the entry “4.69%”, wherever it occurs, the entry “4.75%” shall be substituted;ntry “7.03%”, wherever it occurs, the entry “7.13%” shall be substituted. 3. for the entry “9.37%”, wherever it occurs, the entry “9.5%...

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Summary of Recommendations made by ICAI on Goods and Services Tax (GST) in India

It is a well known fact that a single GST, all over the country, is the ideal structure for taxation of goods and services. But looking into the Constitutional framework of our country we understand that, at present, dual GST is the most acceptable structure to begin with. It may lead to introductions of a single GST at a later stage. We ...

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Posted Under: CA, CS, CMA |

Government signs revised Double Tax Avoidance Agreement with Finland

A revised Agreement and Protocol between India and Finland for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA) was signed by Sh. S.S.N.Moorthy, Chairman, CBDT on behalf of Government of India and Ms Terhi Hakala, the Ambassador of Finland to India, on behalf of Government of Finland...

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Posted Under: CA, CS, CMA |

Working Group on Foreign Investments in India, Govt invites comments on issues involved

01/01/1970

With a view to rationalising the present arrangements relating to foreign portfolio investments by Foreign Institutional Investors (FIIs)/ Non Resident Indians (NRIs) and other foreign investments like Foreign Venture Capital Investor (FVCI) and Private Equity entities etc., the Government has decided to set up a working group to look at ...

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Posted Under: CA, CS, CMA |

IASB Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37

The International Accounting Standards Board (IASB) has issued Exposure Draft on Measurement of Liabilities in IAS 37: Proposed amendments to IAS 37 with the following objectives: * To align the criteria in IAS 37 for recognising a liability with those in other IFRSs. * To eliminate some differences between IAS 37 and US generally a...

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Posted Under: CA, CS, CMA |

Application of certain provisions of Companies Act, 1956 to LLP

Through the Notification No. G.S.R.6(E) dated 6th January, 2010, the Central Government in exercise of powers conferred by sub-section (1) of section 67 of Limited Liability Partnership Act 2008 (6 of 2009), made applicable the provisions of sections 441, 443, 445, 446, 448, 450, 451, 453, 454, 455, 456, 457, 458, 458A, 460, 463, 464, 465...

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Posted Under: CA, CS, CMA |

Assignee liable for deficiency in service for insurance policy lapsed as a result of non-payment of premium in time

Assignee of a policy holder would be liable for deficiency in service if an insurance policy lapsed as a result of non-payment of premium in time, the National Consumer Commission has held. The apex consumer body held the Employment Provident Fund Commissioner (EPFC) responsible for deficient service for failing to deposit the premium of ...

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Posted Under: CA, CS, CMA |

State Govt. PSUs do not need COD approval

M/s. Shivshahi Punarvasan Prakalp Ltd. Vs. Union of India & Ors. (Bombay High Court)

The assessee is a State Govt. undertaking. Its appeal was dismissed by the Tribunal on the ground that the approval of the Committee on Disputes (“COD”) had not been obtained. In a writ petition filed by the assessee, the Additional Solicitor General appearing for the revenue stated that it was not the contention of the revenue that C...

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FDI hub in China

China has been the first nation to come out of the dark clouds of recession. In my past articles I have tried to depict a picture of the Chinese economy as well as draw correlation with our Indian economic growth. We have seen Chinese economic growth from all sectors some correlated with Indian economic growth....

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Posted Under: CA, CS, CMA |

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