The high court had said that the provision of Section 25B of the Income Tax Act is clarificatory in nature and should be given retrospective effect. The apex court, however, said, such findings of the high court was uncalled for after hearing the plea of Dowager Maharani Residential Accommodation Welfare Amenities Trust.
Export-Import Bank of India (Exim Bank) has concluded an agreement dated December 7, 2009 with the Bank for Development and Foreign Economic Affairs (Vnesheconombank), Russia, making available to the latter, a Line of Credit (LOC) of USD 100 million (USD one hundred million) for financing exports of equipment, technology or any goods and services from India.
The rules to enable this provision have been notified only now in December, 2009. This implies that every employer will have to rework the taxable salary for its employees for the months for which salary has already been paid (April to November) and consequent increase, if any, in the tax to be deducted at source will have to be recovered and paid immediately to avoid interest payments.
Eligibility to appear in the May, 2010 and onwards Integrated Professional Competence Examination (IPCE): An Important Announcement for Students of Erstwhile Intermediate/ Professional Education (Course – II)/ Professional Competence Course (PCC) who have mean while converted to Integrated Professional Competence Course (IPCC) – relaxation of nine months study course period to appear in the Integrated Professional Competence Course (IPCC) examination to be held in May, 2010 and onwards.
On January 22, 2010 the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of Rs 1,000 crore will prepare and present financial statements using Indian Accounting Standards converged with IFRS.
Did the restructuring of bad loans done by the Reserve Bank of India a year ago help small and medium enterprises recover and also curtail the build-up of bank’s bad loans, or did it just delay the recognition of bad loans?
Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009 to amend the Goa, Daman and Diu Civil Courts Act, 1965, as in force in the Union Territory of Daman and Diu.
The Union Cabinet today approved a proposal from the Ministry of Human Resource Development to amend the National Council for Teacher Education Act, 1993 to clarify its applicability to matters relating to norms for minimum qualification for appointment of school teachers and clarify its applicability to schools and school teachers.
I am directed to invite your attention to the Board’s Circular No. 39/2004-Customs dated 3.6.2004 and Instructions F.No.450/19/2005-Cus.IV 2nd April, 2009 regarding implementation of the provisions of Phytosanitary requirements under the Plant Quarantine (Regulation of Import into India) Order, 2003.
The Ministry of Corporate Affairs has asked the Registrar of Companies (RoC) to look into alleged accounting discrepancies in five companies, which include Grasim, Adani Exports, Vickers Systems, Gwalior Chemical Industries and Metrochem Industries, CNBC-TV18 reports quoting government sources.
