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Archive: 15 February 2010

Posts in 15 February 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

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

February 15, 2010 1251 Views 0 comment Print

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.

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

February 15, 2010 399 Views 0 comment Print

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 manufacturing sector consolidate its positions not only to mitigate the effects of global slowdown, but also to facilitate its transition to next level of growth,’ the Confederation of Indian Industry (CII) said in statement .

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

February 15, 2010 342 Views 0 comment Print

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 professional misconduct while conducting the audit of Global Trust Bank for the year 2000-01.

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

February 15, 2010 5441 Views 0 comment Print

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 American Depository Receipt Mechanism (ADR). The scheme has been amended from time to time since then.

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

February 15, 2010 915 Views 0 comment Print

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.

CBEC circular on Carriage of domestic cargo on international flights

February 15, 2010 624 Views 0 comment Print

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.

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

February 15, 2010 304 Views 0 comment Print

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

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

February 15, 2010 357 Views 0 comment Print

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 Depository Receipt Mechanism (GDR) and American Depository Receipt Mechanism (ADR).

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

February 15, 2010 578 Views 0 comment Print

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 of the dividend proceeds. In view of this finding of fact, disallowance under section 14A was not sustainable.

IGST – Innovative way of handling Inter State Transactions

February 15, 2010 1311 Views 0 comment Print

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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