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Archive: 17 March 2010

Posts in 17 March 2010

International Air Transport Association asked for rollback of service tax on Air Travel

March 17, 2010 213 Views 0 comment Print

The Geneva-based International Air Transport Association (IATA) has written to the Finance Minister, Mr Pranab Mukherjee, calling for a relook at the Budget 2010-11 proposal to levy a service tax on domestic and international air transport.

SFIO completed investigation of 49 Companies

March 17, 2010 402 Views 0 comment Print

The Government has informed the Parliament that the Serious Fraud Investigation Office (SFIO) has so far investigated cases relating to 49 companies. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister for Corporate Affairs, said that the SFIO has no power to convict the companies as powers to convict are vested with the Courts only. SFIO files cases in the appropriate judicial court for penal action after investigation.

ICAI released revised AS-10 and AS- 11 for Comments

March 17, 2010 1765 Views 0 comment Print

Accounting Standard (AS) 10 (Revised 20XX) (Corresponding to IAS 16) Property, Plant and Equipment (Comments to be received by 19 April 2010). Accounting Standard (AS) 11 (Revised 20XX) (Corresponding to IAS 21) The Effects of Changes in Foreign Exchange Rates (Comments to be received by 19 April 2010)

Tax-treatment of receipt of immovable property for inadequate consideration Amendment, vide Finance Bill, 2010

March 17, 2010 1290 Views 0 comment Print

A number of clients have raised a query whether any amendment of section 50C of the Income-Tax Act, 1961 (the Act), has been proposed by the Finance Bill, 2010. The aforesaid query, has got its genesis in the amendment of sub-clause (b) of section 56(2)(vii) of the Act, as proposed by the Finance Bill, 2010. As per the aforesaid amendment, the stipulation regarding transactions involving cases of consideration lower than its stamp duty value

ICAI report on surrogate practice and opening of multiple firms having similar names by Big 4

March 17, 2010 1903 Views 15 comments Print

The central council of accounting regulator Institute of Chartered Accountants of India (ICAI) met on March 13 to consider a second report submitted by its high power committee on Satyam. The committee, set up in the aftermath of Satyam audit failure, has come down heavily on the functioning of Big 4 firms – Deloitte, PwC, KPMG and Ernst and Young.

Minister asked big 4 CA firms, if they intend to start full-fledged operations in India?

March 17, 2010 351 Views 0 comment Print

Turning the table on the Big Four audit firms about their India plans, corporate affairs minister Salman Khurshid has asked them to spell out unambiguously if they intend to start full-fledged operations in India, and be fully accountable for their operations in the country if permits are given.

Relaxation in pre-condition of deposit of 25% of tax, penalty, and interest before filing appeal under PVAT when goods/ Assets are seized

March 17, 2010 1403 Views 0 comment Print

Section 62(5) of the PVAT Act 2005 provides for the precondition of deposit of 25% of total amount of tax, penalty and interest, if any before entertaining any appeal. Such condition was also imposed even on those appellant whose entire goods are detained by the department u/s 51 even if the value of such detained goods exceed the total amount of tax, penalty, interest. In such cases it results in burdening the assessee with another liability.

Download new Form 16A for Assessment Year 2010-11 / Financial Year 2009-10

March 17, 2010 10702 Views 0 comment Print

These persons are required to furnish within prescribed time certificates for tax deduction to payees and also to file returns with tax authorities. In case of defaults or non-compliance with the provisions, huge burdens of penalty are laid and/or substantial mandatory interest is levied over the shoulders of the deductor. These persons are also liable to be prosecuted in criminal courts and or imprisonment for failure to deduct or deposit the tax so deducted at source.

Made In China: Devalued Currency

March 17, 2010 552 Views 0 comment Print

The matches between two countries have fuelled the fire and as a result every one is on the sidelines to watch out the final over of the match. I am not neither making a live telecast nor writing up a report on any final cricket match to be held between two countries. I am talking about the battle between economies firing up the stadium of currency.

Silently proposed VAT on Fabrics by Maharashtra Government

March 17, 2010 4516 Views 0 comment Print

At present the entry 45 in Schedule-A provides NIL % of MVAT in respect of items covered under “The Additional Duties of Excise (Goods of Special Importance) Act, 1957. Fabric, being a tariff item is covered under Chapter 50 to Chapter 60 of the Central Excise Tariff Act and thus enjoys the exemption from MVAT from the whole of the VAT. The entry 45 reads as under:

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