"15 February 2010" Archive

Ex-Ernst & Young LLP partner sentenced to a year and a day in prison

NEW YORK—A former Ernst & Young LLP partner was sentenced to a year and a day in prison on Monday after he was convicted last year of fraud charges in an insider-trading scheme where he allegedly tipped a Pennsylvania broker about pending corporate takeovers....

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Posted Under: CA, CS, CMA |

CII demands simplification of tax procedures, rationalisation of direct taxes and reduction in Minimum Alternative Tax

Ahead of Budget, an industry body has suggested government a slew of measures to boost industrial growth, including simplification of tax procedures, rationalisation of direct taxes and reduction in Minimum Alternative Tax (MAT). ‘Rationalisation in direct taxes is among the critical policy instruments with which government can help ma...

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Posted Under: CA, CS, CMA |

ICAI will propose time line to dispose of the complaints that arise against its members

The Institute of Chartered Accountants of India (ICAI), the apex regulator of accountancy profession in the country, will propose a time line to dispose of the complaints that arise against its members. The institute had recently recommended disciplinary action against two of its member chartered accountants after they were charged with p...

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Posted Under: CA, CS, CMA | ,

Issue of FCCBs and Ordinary shares (through Depository Receipt Mechanism) scheme, 1993 amended

(15/02/2010)

A scheme for issue of Foreign Currency Convertible Bonds and Ordinary shares (through Depository Receipts Mechanism) was notified in 1993 to allow the Indian Corporate sector to access global capital markets through issue of Foreign currency Convertible Bonds (FCCBs) / Equity Shares under the Global Depository Receipt Mechanism (GDR) and...

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Posted Under: CA, CS, CMA |

Things to do now for Income tax return of financial year 2009-2010

Financial year 2009-10 is coming to an end but this does not mean one can take things easy in the last few weeks. Several other essentials on the tax front have to be completed.Here are a few areas where one needs to pay attention to ensure that there are fewer headaches in the next financial year....

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Posted Under: CA, CS, CMA |

CBEC circular on Carriage of domestic cargo on international flights

Circular No. 04/2010-Custom Duty (15/02/2010)

Reference is invited to the Board’s Circular No.15/99-Customs dated 22.3.1999, whereby the facility of carriage of domestic cargo between domestic airports on international flights was extended to M/s. Air India. In this regard, the Board had received certain requests for providing such a facility by other private airlines also....

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Public Notice No. 41/2009-2014, Dated: 15.02.2010

Public Notice No. 41/2009-14 (15/02/2010)

This refers to HS Code No. 1701 00 00 in the Schedule-2 of ITC(HS) Classification of Export and Import Items, 2009-2014 under which M/s Indian Sugar Exim Corporation Limited, New Delhi is the designated agency for export of Sugar to EU under Preferential Quota...

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Income Tax Press Note [F. NO. 9/3/2009-ECB], dated 15-2-2010

PRESS NOTE [F. NO. 9/3/2009-ECB] (15/02/2010)

A scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipts Mechanism) was notified in 1993 (hereinafter referred to as "the scheme") to allow the Indian Corporate sector to access global capital markets through issue of Foreign Currency Convertible Bonds (FCCBs)/Equity Shares under the Global...

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Recent judgement of Punjab & Haryana HC on disallowance U/s. 14A of I.T. Act, 1961

It was held in this case that where it is found that for earning exempted income no expenditure has been incurred, disallowance under section 14A cannot stand. In view of the finding of the Tribunal, it is clear that the expenditure on interest was set-off against the income from interest and the investment in the share and funds was out ...

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Posted Under: CA, CS, CMA |

IGST – Innovative way of handling Inter State Transactions

The Empowered Committee of State Finance Ministers unveiled the First Discussion paper on Goods and Service Tax in India on 10th November 2009. This discussion paper provides us with broad contours of dual GST to be implemented in India....

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Posted Under: CA, CS, CMA |

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