The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information. Contractor, Nayak & Kishnadwada, the chosen audit agency, has told DoT in a letter that Bharti has started providing some of the pending information, which is being verified.
The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India. The trademark action filed by ITC was based on the registration and use of its wellknown W-namaste logo
Nutritionist Dr Sarita Davare, recently caught in the tax net (the income tax department recovered Rs 7.5 crore from her), is the city’s best kept secret. We spent the best part of the day trying to get a picture of the lady, but failed. However, the recent IT raid on her brings the spotlight on big bucks that the fitness industry rides on.
We read a host of data and information on merger and acquisition in 2009. We found global data regarding merger and acquisition and many cases every economy data too. But I am not going to repeat the same old data for any type of analysis. I will try to bring forth the upcoming trend and foresight of the merger and acquisition in 2010 which will derive the growth as well as consolidation of industries across the nations.
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.
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%” shall be substituted.
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 believe that with harmonious principles of taxation, it is possible to attain the benefits of Single GST even though it may be called Dual GST.
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, here today.
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 various types of foreign flows, which are taking advantage of arbitrage across the respective stand-alone regulations and generate recommendations to Government.
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 accepted accounting principles (GAAP)—in particular, differences in the time at which entities recognise costs of restructuring their businesses.
