A joint team of officers of customs, central excise and service tax from commissionerates of Lucknow, Kanpur and Allahabad along with officers of income tax raided the premises of certain commercial coachings and security agencies and carried out search and seizure operations recently and detected evasion of service tax to the tune of more than Rs 1 crore.
Hit hard by the Satyam scam and the damage it dealt to the auditing profession, regulator ICAI is considering a proposal to penalise audit firms while also looking at radical steps like rotation of audit firms every five years, a measure also favoured by the government.
As Chairman, Professional Development Committee, I am receiving a lot of queries/inquiries from not only the members but also the Council Members of the Institute; I felt it expedient to apprise you of the procedure being adopted this year for allotment of branch statutory auditors of public sector banks for the year 2009-10.
I personally feel that an application under section 397/398 of the Companies Act, 1956 is a serious thing exposing serious misunderstandings between majority and minority group in the Company. We see this groupism in private limited companies and closely held public companies too at times.
AAR Ruling: The amount received on account of assignment of rights, title, interest, obligations and duties in connection with the supply of products is not taxable in India in the absence of a Permanent Establishment and therefore, tax is not required to be withheld under section 195 of the Income tax Act while making remittance outside India [Laird Technologies India Pvt. Ltd. (AAR No. 793/ 2008)(2010-TIOL-06-ARA-IT)].
An individual who resides in India for a period of less than 182 days during the previous year and is residing outside India for the purpose of employment, then irrespective of the fact of his presence in India for the period of 365 days or more during the preceding 4 previous years, he cannot be treated as a resident of India for the purpose of taxing his salary income
Dr. C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister released the document ‘Review of the Economy-2009-10’ at a Press Conference in New Delhi today. Following are the highlights of the document: Strong rebound in the second half of 2009-10 drives growth rate upwards
The Commissioner Co-operation has issued circular dated 27th January, 2010 and all of sudden changed the procedure for allotment of State Level Urban Co-operative Banks and Credit Co-operative Societies. This circular has also expanded the scope coverage of audit by the Certified Auditors and Government Auditors, by increase the limit (UCBs/Credit Societies having certain amount of deposit) upto that, they can audit.
Big four watch out. The audit profession regulator, the Institute of Chartered Accountants of India (ICAI), plans to delve into some of the surrogate advertising practices of international firms with presence in India. In particular, awards given by them for entrepreneurial excellence and the promotions for such events are likely to come under the ICAI scanner, Mr Amarjit Chopra, new President of the CA institute, has said.
CUSTOMS Notification No 14/2010, Regarding anti dumping duty on Cold Rolled Flat Products of Stainless Steel, originating in, or exported from the People’s Republic of China (China PR), Korea, European Union, South Africa, Taiwan (Chinese Taipei), Japan, Thailand and United States of America (USA).
