"February, 2010" Archive - Page 28

FIEO want stimulus to continue for another one and half year

FIEO said that sectors like tobacco, man-made yarns, tea and coffee have shown growth due to stimulus provided by the government and 'in case of abrupt withdrawal of stimulus these sectors may again enter into negative territory'. In the wake of the contraction in exports, the government had provided incentives like two per cent interest ...

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Posted Under: Finance |

FM should simplify custom tariff and unify the central excise and service tax rates in coming budget

Budget 2010-11, to be presented on 26th of this month, Finance Minister Pranab Mukherjee should aim for rationalisation of the Customs tariff, unification of the central excise and service tax rates and simplification of the indirect tax laws....

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Posted Under: Finance |

Base Rate System and Its role in transparency

RBI guidelines describe base rate as follows: 'The Base Rate system will replace the BPLR system with effect from April 1, 2010. Banks may determine their actual lending rates on loans and advances with reference to the Base Rate. Base Rate shall include all those elements of the lending rates that are common across all categories of borr...

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Posted Under: Finance |

Students from SAARC countries to pay lesser fee in Indian universities

In a major step to attract students from the SAARC countries, Indian universities will now slash their fee to level them with that of Indian students. The University Grants Commission(UGC) has taken a decision in this regard and asked the Central Universities, State Universities and Deemed Universities to implement it immediately....

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Posted Under: Finance |

Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)

RBI/2009-10/318, A.P. (DIR Series) Circular No. 35 (17/02/2010)

Attention of Authorised Dealer Category-I (AD Category – I) banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through Asian Clearing Union (ACU) (Memorandum ACM) issued in April, 2003 and other relevant instructions issued from time to time....

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Haryana VAT – Enhancement in basic rate of tax from 4% to 5%

Notification No. S.O. /H.A. 6/2003/S. 7/2010 (15/02/2010)

In exercise of the powers conferred by sub-clause (iii) of clause (a) sub-section (1) of section 7 of the Haryana Value Added Tax Act, 2003 (Act 6 of 2003), the Governor of Haryana hereby directs that tax payable by a Value Added Tax dealer on sale of goods specified in Schedules ‘C’ from Serial No. 1 to 101 shall be calculated at the...

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Extension of last date for online submission of form with the office of C&AG

We would like to inform that the last date for online submission of form with the O/o C&AG of India for getting empanelled for appointment as auditors of Government Companies/Corporati ons for the year 2010-2011 has been extended upto 18th February 2010 (05.30 PM)....

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Posted Under: Finance |

Mismanagement of Company Properties – Company Law in India – A Case Study

Company Law is very interesting and complicated. A shareholder having a substantial stake in the Company should be very careful as to how the Company functions and as to whether there is any chance for oppression and mismanagement. A substantial shareholder in a Company should always have an eye on the functioning of the Company and shou...

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Posted Under: Finance |

Some views on Penal Provisions u/s 29(8) of MVAT Act

It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are welfare laws i.e they are for the welfare of the general public at large....

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Posted Under: Finance | ,

DGFT notification on amendment in paragraph 4.1.6 related to Value Addition under Advance

Notification No. 31/2009-14 (16/02/2010)

Advance Authorisation necessitates exports with a minimum value addition of 15%, except for items specified in Appendix 11B of HBP v1 and for items in Gems & Jewellery Sector, for which value addition would be as per paragraph 4A.2.1 of HBP v1....

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